Tag: Communist Party of China

In Hong Kong, China’s Grip Can Feel Like ‘Death by a Thousand Cuts’

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Once one of Asia’s most high-flying cities, Hong Kong is now grappling with a deep pessimism. The stock market is in the tank, home values have tumbled and emigration is fueling a brain drain. Some of the hottest restaurants, spas and shopping malls that local residents are flocking to are across the border, in the mainland Chinese city of Shenzhen. “It pains me to say Hong Kong is over,” Stephen Roach, an economist and a former chairman of Morgan Stanley Asia long known for his optimism about the city, wrote…

Hong Kong Adopts Sweeping Security Laws, Bowing to Beijing

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Hong Kong on Tuesday passed national security laws at the behest of Beijing, thwarting decades of public resistance in a move that critics say will strike a lasting blow to the partial autonomy the city had been promised by China. The new legislation, which was passed with extraordinary speed, grants the authorities even more powers to crack down on opposition to Beijing and the Hong Kong government, establishing penalties — including life imprisonment — for political crimes like treason and insurrection, which are vaguely defined. It also targets offenses like…

The Clock Ticks for TikTok

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Another round in the TikTok fight The warnings against TikTok aren’t letting up, with U.S. security officials saying China is using the platform to meddle in elections and lawmakers calling the video app a global threat. The sharp rhetoric isn’t new, but it raises a question for policymakers and business: Is the new push to force ByteDance, the company’s Chinese owners, to divest a real step change or just political posturing? The House is barreling toward a vote on Wednesday that would force ByteDance to sell. Representative Steve Scalise, Republican…

China’s Growth Slows but Xi Jinping Keeps to His Vision

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Even with growth faltering in China, Xi Jinping appears imperiously assured that he possesses the right road map to surpass Western rivals. China’s economy has lurched into a slower gear. Its population is shrinking and aging. Its rival, the United States, has built up a lead in artificial intelligence. Mr. Xi’s pronouncement several years ago that the “East is rising and West is declining” — that his country was on the way up while American power shrank — now seems premature, if not outright hubristic. The problems have brought growing…

China Cancels a News Conference, Shutting a Window for Its People

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For more than 30 years, the Chinese premier’s annual news conference was the only time that a top leader took questions from journalists about the state of the country. It was the only occasion for members of the public to size up for themselves China’s No. 2 official. It was the only moment when some Chinese might feel a faint sense of political participation in a country without elections. On Monday, China announced that the premier’s news conference, marking the end of the country’s annual rubber-stamp legislature, will no longer…

China’s New Economic Agenda, a Lot Like the Old One: Takeaways

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Beijing was abuzz with politics on Tuesday. China’s annual legislative meeting — the National People’s Congress, when Communist Party leaders promote their solutions for national ills — opened for business. The event is a chance for the leaders to signal the direction of the economy and outline how and where the government will spend money in the coming year. Yet while aiming high, they offered little. Officials signaled that they were not ready for any showstopping moves to revive an economy battered by a property crisis, the loss of consumer…

Murder and Magic Realism: A Rising Literary Star Mines China’s Rust Belt

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For a long time during Shuang Xuetao’s early teenage years, he wondered what hidden disaster had befallen his family. His parents, proud workers at a tractor factory in the northeastern Chinese city of Shenyang, stopped going to work, and the family moved into an empty factory storage room to save money on rent. But they rarely talked about what had happened, and Mr. Shuang worried that some special shame had struck his family alone. It was not until later that he learned about the mass layoffs that swept northeastern China…

China Expands Scope of ‘State Secrets’ Law in Security Push

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China passed revisions to an already stringent state secrets law, broadening the scope of the type of information that would be considered a national security risk in the world’s second-largest economy. The changes elevate the risks for foreign businesses operating in the country. Over the last year, China has targeted consultants and business executives in espionage cases as part of a push to limit the spread of information sought by investors and foreign companies. The amendments to the state secrets law, which were passed by China’s top legislative body on…

China’s Rush to Dominate A.I. Comes With a Twist: It Depends on U.S. Technology

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In November, a year after ChatGPT’s release, a relatively unknown Chinese start-up leaped to the top of a leaderboard that judged the abilities of open-source artificial intelligence systems. The Chinese firm, 01.AI, was only eight months old but had deep-pocketed backers and a $1 billion valuation and was founded by a well-known investor and technologist, Kai-Fu Lee. In interviews, Mr. Lee presented his A.I. system as an alternative to options like Meta’s generative A.I. model, called LLaMA. There was just one twist: Some of the technology in 01.AI’s system came…

Silicon Valley Venture Capitalists Are Breaking Up With China

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DCM Ventures, a Silicon Valley venture capital firm, began investing in China’s start-ups in 1999. The move reaped such blockbuster returns that in 2021, DCM said it planned to “double down” on its strategy of investing in China, the United States and Japan. Yet when DCM set out to raise money last fall for a new fund focused on very young companies and promoted its “cross-Pacific” expertise, the firm described plans to invest in the United States, Japan and South Korea, according to a fund-raising memo that was viewed by…