china

Chinese Women Aren’t Taking Buffett’s Advice on Gold

"In China, where gold has long been a national obsession, a mid-April record crash in global gold prices has been seen as an unprecedented buying opportunity. According to reports in China, Chinese have purchased 300 tons of gold worth more than $16 billion since the crash. Photos of crowds packing jewelry shops and emptying their shelves are now regular features in the news media. China’s voracious appetite for gold is long-standing. At Chinese jewelry stores, the spot price for gold is always prominently displayed. Calculators and scales are never out of a customer’s reach." Continue reading →

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China Opens New Front in Currency War as Yuan Speculation Distorts Export Data

"The move came as April exports blew past expectations, which appeared on the surface to indicate that both China's economy and global demand were on the mend. But economists were quick to suspect the figures were artificially inflated by investors who were disguising speculative bets on the yuan currency as trade payments. Faced with the risk that such inflows could cause the yuan to appreciate so quickly that it destabilizes exports and the broader economy, the People's Bank of China (PBOC) has begun intervening heavily in the domestic currency market this year, buying up dollars and selling yuan." Continue reading →

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Policy battle rages in China as slowdown feeds ‘sense of crisis’

"China's Caixin Magazine reports that there is a growing 'sense of crisis' not felt since the depths of the global banking crash in 2008-2009. The State-owned Assets Supervision and Administration Commission (SASAC) has assembled a team to 'protect economic growth' and pressure state companies to boost jobs at all costs. SASAC is the bastion of vested interests and controller of 115 state behemoths with assets above $6 trillion and lock on much of the economy. The move comes amid further signs that growth is faltering across all fronts. HSBC's gauge of Chinese services fell three points to 51.1 in April, the lowest in almost two years." Continue reading →

Continue ReadingPolicy battle rages in China as slowdown feeds ‘sense of crisis’

New Travel Accessory for Beijing: Gas Masks

"As I prepare for an upcoming trip to Beijing, both expat and Chinese friends have been sending me suggestions of the best gas mask to buy. An item considered rare or unnecessary as of late 2012 is now highly recommended for outdoor commutes during Beijing’s smoggiest days. But which mask should I use? In addition to buying face masks, people in China who can afford them are also picking up indoor air filters. Most office workers spend 80 percent of their time indoors, but Beijing’s poorly insulated buildings can’t fully keep the smog outside." Continue reading →

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China hits back with report on U.S. human rights record

"China on Sunday retorted the U.S. criticism and distortions of its human rights situation by publishing a report of the U.S. human rights record. The Human Rights Record of the United States in 2012 was released by the Information Office of China's State Council, or the Cabinet, in response to the Country Reports on Human Rights Practices for 2012 issued by the U.S. State Department. China in the report argued that there are serious human rights problems in the U.S. which incur extensive criticism in the world, as it has posed as 'the world judge of human rights' again." Continue reading →

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Wary of China, Companies Head to Cambodia

"Foreign companies are flocking to Cambodia for a simple reason. They want to limit their overwhelming reliance on factories in China. Problems are multiplying fast for foreign investors in China. Blue-collar wages have surged, quadrupling in the last decade as a factory construction boom has coincided with waning numbers of young people interested in factory jobs. Starting last year, the labor force has actually begun shrinking because of the “one child” policy and an aging population. Foreign investment in China slipped 3.5 percent last year, after rising every year since 1980 except 1999, during the Asian financial crisis, and 2009, during the global financial crisis." Continue reading →

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Chinese Soldiers March Into Indian Territory, Pitch Tents, Declare Land For China

"An equally plausible explanation is that ambiguity and an unwillingness to retreat was the cause of all the fuss. Troops from both the Chinese and Indian militaries cross the unmarked border on a regular basis, sometimes unaware of having done so. 'This sort of situation happens easily because the two sides have different understandings of the Line of Actual Control,' said Zhang Li, a professor at Sichuan University. Indian politicians disagree, saying that Chinese troops deliberately crossed into Indian territory and have since refused to leave. The government has promised to defend Indian interests, while opposition parties accuse it of cowardice and inaction." Continue reading →

Continue ReadingChinese Soldiers March Into Indian Territory, Pitch Tents, Declare Land For China

Chinese Way of Doing Business: In Cash We Trust

"Lugging nearly $130,000 in cash into a dealership might sound bizarre, but it’s not exactly uncommon in China, where hotel bills, jewelry purchases and even the lecture fees for visiting scholars are routinely settled with thick wads of renminbi, China’s currency. This is a country, after all, where home buyers make down payments with trunks filled with cash. And big-city law firms have been known to hire armored cars to deliver the cash needed to pay monthly salaries. Many experts say it is not a refusal to enter the 21st century as much as wariness, of the government toward its citizens and vice versa." Continue reading →

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China Goes Gold Crazy. Why Now?

"Mainland Chinese purchasers have been ferocious. First, they emptied stores in their own country. Caibai, Beijing’s largest gold merchant, had a queue 30 feet out the door on the morning of the 19th. 'So many people in line,' remarked a customer in Nanjing, where one person splashed out 2.9 million yuan on ten gold bars each weighing a kilogram. Retailers ran out of stock in Guangzhou. The China Gold Association reported that on the 15th and 16th retail sales of gold tripled across China. Daily sales soared to five times the usual level at one retail chain. As Chinese emptied the shelves in their own country, they also went south and swarmed shops in Hong Kong." Continue reading →

Continue ReadingChina Goes Gold Crazy. Why Now?

U.S. Government Forbids Ammo-Making Equipment from China

"I just spoke to a good entrepreneurial friend. When he read about the ammo shortage he saw a business opportunity. He began researching what is involved in opening and operating ammo manufacturing. He found out that since he is not a felon he just needs a $30 license from the ATF. He contacted that department. He has waited over 2 weeks with no reply. In the meantime he found the manufacturing equipment in China. He contacted them. He heard back through their broker and was informed that just 3 days before, our government made it illegal to export that equipment to US citizens. I’ve not read anything about this in any news source." Continue reading →

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