Tag: Economic Conditions and Trends

The Clock is Ticking on Improving China-U.S. Relations, Experts Say

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“There isn’t a clear message from the U. S., or the rest of us saying, ‘Here is an economic proposition. Here is why we think that working with us is going to be good for you in the long term. And here is what flows from that,’” she said. “Like who is a friend, right? Why are they a friend? What are the benefits of being a friend? What are the risks of not being a friend? “ The discussion also veered into larger geopolitical issues — mainly Taiwan and…

Xi Jinping Is Asserting Tighter Control of Finance in China

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In his decade as China’s top leader, Xi Jinping has asserted greater control for himself and the Communist Party over the country’s economy. Now, Mr. Xi has moved to extend that power more forcefully than ever over China’s financial system. The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles and pay obedience to Mr. Xi. The Qiushi paper, which was being…

China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

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In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in. After six months of work, the auditors reported that Evergrande had lost $81 billion over the prior two…

Why More Chinese Are Risking Danger in Southern Border Crossings to U.S.

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Gao Zhibin and his daughter left Beijing on Feb. 24 for a better life, a safer one. Over the next 35 days, by airplane, train, boat, bus and foot, they traveled through nine countries. By the time they touched American soil in late March, Mr. Gao had lost 30 pounds. The most harrowing part of their journey was trekking through the brutal jungle in Panama known as the Darién Gap. On the first day, said Mr. Gao, 39, he had sunstroke. The second day, his feet swelled. Dehydrated and weakened,…

Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China.

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Affluent Chinese have moved hundreds of billions of dollars out of the country this year, seizing on the end of Covid precautions that had almost completely sealed China’s borders for nearly three years. They are using their savings to buy overseas apartments, stocks and insurance policies. Able to fly again to Tokyo, London and New York, Chinese travelers have bought apartments in Japan and poured money into accounts in the United States or Europe that pay higher interest than in China, where rates are low and falling. The outbound shift…

Day After Xi Meeting, Biden Says U.S. Has ‘Real Differences’ With China

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President Biden said Thursday that the United States has “real differences with Beijing,” one day after he after he held an hourslong meeting with President Xi Jinping of China at a moment of deep tension between the two countries. Speaking to executives at the APEC summit in San Francisco, Mr. Biden noted that he and Mr. Xi had agreed to resume military to military communication to “reduce the risk of miscalculation” — a line that got a round of applause from the room. “We have real differences with Beijing,” Mr.…

China’s Xi Jinping Draws Elon Musk, Tim Cook and Other U.S. CEOs to Gala in San Francisco

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The streets outside the San Francisco hotel where the Chinese leader, Xi Jinping, addressed a crowd of American business executives Wednesday night were chaotic, echoing with police sirens and the chants of protesters. A woman had strapped herself to a pole 25 feet in the air in front of the hotel, yelling “Free Tibet!” as a cold rain fell. But inside the ballroom of the Hyatt Regency, the atmosphere was warm and friendly. More than 300 executives and officials listened attentively as Mr. Xi — the leader of a country…

The Rise and Fall of the U.S.-China Economic Partnership

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For more than a quarter century, the fortunes of the United States and China were fused in a uniquely monumental joint venture. Americans treated China like the mother of all outlet stores, purchasing staggering quantities of low-priced factory goods. Major brands exploited China as the ultimate means of cutting costs, manufacturing their products in a land where wages are low and unions are banned. As Chinese industry filled American homes with electronics and furniture, factory jobs lifted hundreds of millions of Chinese from poverty. China’s leaders used the proceeds of…

China Finance and Real Estate Sectors Threaten Economy, I.M.F. Says

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The International Monetary Fund warned on Tuesday of risks posed by China’s financial and property sectors even as it took a more optimistic view on the country’s economic growth. The I.MF. forecast that China’s economy will expand 5.4 percent this year and 4.6 percent in 2024. Each estimate was 0.4 percentage points higher than the fund had predicted four weeks earlier. Gita Gopinath, the first deputy managing director of the fund, said at a news conference in Beijing that the changes reflected stronger economic performance than expected from July through…

Janet Yellen, U.S. Treasury Secretary, Will Meet With Chinese Counterpart

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Treasury Secretary Janet L. Yellen will hold two days of high-level meetings with her Chinese counterpart, Vice Premier He Lifeng, this week, as the United States and China look to build upon an effort that started this year to improve communication between the world’s two largest economies. The meetings will take place on Thursday and Friday in San Francisco ahead of the Asia-Pacific Economic Cooperation summit, which begins on Saturday. The meetings will help lay the groundwork for expected talks at the summit between President Biden and China’s top leader,…