Analysis Tracking USA VS China Trade war
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GOP senator calls on China to repay $1.6T of century-old debt
Sen. Martha McSally, R-Ariz., introduced a resolution Thursday calling on China to repay U.S. bondholders more than $1.6 trillion of sovereign debt, including interest, that pre-dates the country's Communist government.
The measure is co-sponsored by Sen. Marsha Blackburn, R-Tenn., and a House measure led by Rep. Mark Green, R-Tenn., is forthcoming. Resolutions lack the force of law held by a bill, though they reflect the will of lawmakers.
“China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs,” McSally said. “Well, the abuse ends here. We are holding China accountable for their debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.”
The bonds, which are backed by gold, were issued by the Republic of China as long ago as 1912. The government’s leaders fled to Taiwan following the end of Chairman Mao Zedong’s revolution in 1949. Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors.
British Prime Minister Margaret Thatcher in 1987 ordered Beijing to pay Brits for their holdings or lose access to British capital markets, enticing then-Chinese President Li Xiannian’s government to reach a settlement of 23.5 million British pounds.
By paying some bondholders and not others, Beijing is technically in selective default, according to the ratings of bond-risk firms Moody’s, Standard & Poors and Fitch, and cannot access the international debt market until it pays the remaining holders.
“We are thrilled,” said American Bondholder Foundation President Jonna Bianco, who has power of attorney for 95% of the thousands of U.S. bondholders. “We are pleased that our Senate leadership -- and we've got one coming out of the House as well -- are expressing their support in holding China accountable, consistent with America's message to the president: Hold China accountable.”
Trump and Republican lawmakers on Capitol Hill have been looking for ways to punish Beijing for the Communist Party's handling of the COVID-19 outbreak, which they blame for a global pandemic.
The virus, which originated in Wuhan, China, has infected more than 5.2 million Americans and killed 166,600. Stay-at-home orders aimed at slowing the virus' spread inflicted trillions of dollars of economic damage and resulted in the U.S and global economy spiraling into the sharpest slowdown of the post-World War II era.
"This is not the first time China’s actions have had an outsized impact on the American people," Blackburn said. "What 2020 has made clear is that the status quo is not working when it comes to our relationship with China.”
www.foxbusiness.com
Sen. Martha McSally, R-Ariz., introduced a resolution Thursday calling on China to repay U.S. bondholders more than $1.6 trillion of sovereign debt, including interest, that pre-dates the country's Communist government.
The measure is co-sponsored by Sen. Marsha Blackburn, R-Tenn., and a House measure led by Rep. Mark Green, R-Tenn., is forthcoming. Resolutions lack the force of law held by a bill, though they reflect the will of lawmakers.
“China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs,” McSally said. “Well, the abuse ends here. We are holding China accountable for their debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.”
The bonds, which are backed by gold, were issued by the Republic of China as long ago as 1912. The government’s leaders fled to Taiwan following the end of Chairman Mao Zedong’s revolution in 1949. Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors.
British Prime Minister Margaret Thatcher in 1987 ordered Beijing to pay Brits for their holdings or lose access to British capital markets, enticing then-Chinese President Li Xiannian’s government to reach a settlement of 23.5 million British pounds.
By paying some bondholders and not others, Beijing is technically in selective default, according to the ratings of bond-risk firms Moody’s, Standard & Poors and Fitch, and cannot access the international debt market until it pays the remaining holders.
“We are thrilled,” said American Bondholder Foundation President Jonna Bianco, who has power of attorney for 95% of the thousands of U.S. bondholders. “We are pleased that our Senate leadership -- and we've got one coming out of the House as well -- are expressing their support in holding China accountable, consistent with America's message to the president: Hold China accountable.”
Trump and Republican lawmakers on Capitol Hill have been looking for ways to punish Beijing for the Communist Party's handling of the COVID-19 outbreak, which they blame for a global pandemic.
The virus, which originated in Wuhan, China, has infected more than 5.2 million Americans and killed 166,600. Stay-at-home orders aimed at slowing the virus' spread inflicted trillions of dollars of economic damage and resulted in the U.S and global economy spiraling into the sharpest slowdown of the post-World War II era.
"This is not the first time China’s actions have had an outsized impact on the American people," Blackburn said. "What 2020 has made clear is that the status quo is not working when it comes to our relationship with China.”
GOP senator calls on China to repay $1.6T of century-old debt
Sen. Martha McSally wants to make China pay the $1.6 trillion it owes U.S. bondholders
FBI: Chinese researcher caught trying to fly to China with stolen bio-inspired computer code
A Chinese military-linked researcher was caught by U.S. authorities at the airport attempting to flee to China with highly advanced computer code he stole from a U.S. university that could be used for underwater robots and aircraft engines, according to the FBI.
U.S. Customs and Border Protection stopped Hu Haizhou, a researcher from the University of Virginia’s Department of Mechanical and Aerospace Engineering discovered to also work for a Chinese military-linked university too, before he could board a flight to Qingdao, China, from Chicago’s O’Hare International Airport on Tuesday, said an FBI special agent in an 11-page affidavit filed on Friday in federal court in Virginia.
According to the agent, Matthew Rader, CBP investigators questioned Hu and searched his electronic devices, which revealed UVA-research-related files stored on his laptop, including “bio-inspired research simulation software code” developed by “Professor 1.” Bio-inspired research relates to studying the complexities of flying and swimming creatures in nature and applying that to manned flight or submersibles — often with military applications.
Hu “did not have lawful, authorized access to this material, and he admitted that Professor 1 would not want him to have it and would be upset to learn that HU possessed it," the FBI said. The professor, who runs the multiuniversity Flow Simulations Group, has been developing this code over the last 17 years and is sponsored by the U.S. government’s National Science Foundation and the Office of Naval Research. The FBI special agent said that probable cause existed to charge Hu federally with fraud-related illicit computer intrusions and the theft of trade secrets. The Washington Examiner can confirm Hu was arrested.
Hu had worked for the professor from March 2019 through August 2019, and the professor told investigators that Hu had left the university abruptly to return to China without saying goodbye. Hu told investigators that he also works for the Chinese Key Laboratory for Fluid Dynamics at China’s Beihang University, which receives funding from the Chinese government as well as specifically from the Chinese air force. Hu had seen the professor give a lecture on “biomimics in aerodynamics” at the Chinese university in 2017 and had approached the professor to do research for him in the United States, Rader said. Hu had also attended China’s Harbin University, where he worked for its Key Laboratory for Underwater Robot Technology, which he admitted was, “of course,” funded by China’s so-called People’s Liberation Army, the affidavit said.
Hu said that “he was directed by the Chinese Scholarship Council to upload summary reports regarding his UVA research every 6 months," Rader said. Hu told investigators he was trying to take all of his UVA research with him to China.
Investigators found approximately 9,600 source code files using the FORTRAN computer language on Hu’s laptop tied to “bio-inspired learning, research, and modeling.” The professor said those codes were used in simulations tied to research funded by the NSF. The professor said that his “core code” was “proprietary.” Investigators found that Hu had absconded with 55 of the core code files, which the professor said, “constituted the entirety of his core code he had been developing over the last 17 years.”
When interviewed by investigators, the professor “described the core code as the preeminent bio-inspired research simulation software in the world” and said its uses include “underwater robotics, submersible vehicles, aircraft engines, and other marine and aerospace applications," according to the affidavit. The professor said he received many requests to use the code but “has not shared it because he wishes to maintain his — and the University of Virginia’s — unique competitive advantage in conducting research in the bio-inspired fluid mechanics field.” The professor “was extremely concerned with the prospect of his core code being taken for use outside his research lab, as it … could be exploited for various commercial, governmental and military applications by other entities, including universities, companies, or countries," the affidavit said.
The professor said Hu had asked for access to the professor’s core code numerous times and that both he and his two authorized graduate assistants had denied Hu’s access each time. The professor and his two assistants told investigators they hadn’t given Hu access, and the FBI did not specifically reveal how he had stolen the computer code.
"The University of Virginia is aware of the arrest and charges against a former visiting scholar," Wesley Hester, the director of media relations at the University of Virginia, told the Washington Examiner. "We have been and continue to cooperate fully with law enforcement in connection with the investigation of theft of University trade secrets. Because this remains an active and ongoing criminal investigation, we will have no further comment at this time."
Director of National Intelligence John Ratcliffe recently said in a statement to the Washington Examiner that “China poses a greater national security threat to the U.S. than any other nation — economically, militarily and technologically. That includes threats of election influence and interference.”
Multiple members of the Chinese military have been charged by the Justice Department in recent weeks for concealing their ties to China's military and allegedly committing visa fraud while acting as students or researchers at U.S. universities. A number of researchers have also been arrested recently for concealing their ties to China’s Thousand Talents program while receiving U.S. government grants.
The Justice Department’s China Initiative aims to combat Chinese espionage, and the U.S. has arrested and charged a number of scientists, including Harvard’s chemistry department chairman, Charles Lieber.
www.washingtonexaminer.com
A Chinese military-linked researcher was caught by U.S. authorities at the airport attempting to flee to China with highly advanced computer code he stole from a U.S. university that could be used for underwater robots and aircraft engines, according to the FBI.
U.S. Customs and Border Protection stopped Hu Haizhou, a researcher from the University of Virginia’s Department of Mechanical and Aerospace Engineering discovered to also work for a Chinese military-linked university too, before he could board a flight to Qingdao, China, from Chicago’s O’Hare International Airport on Tuesday, said an FBI special agent in an 11-page affidavit filed on Friday in federal court in Virginia.
According to the agent, Matthew Rader, CBP investigators questioned Hu and searched his electronic devices, which revealed UVA-research-related files stored on his laptop, including “bio-inspired research simulation software code” developed by “Professor 1.” Bio-inspired research relates to studying the complexities of flying and swimming creatures in nature and applying that to manned flight or submersibles — often with military applications.
Hu “did not have lawful, authorized access to this material, and he admitted that Professor 1 would not want him to have it and would be upset to learn that HU possessed it," the FBI said. The professor, who runs the multiuniversity Flow Simulations Group, has been developing this code over the last 17 years and is sponsored by the U.S. government’s National Science Foundation and the Office of Naval Research. The FBI special agent said that probable cause existed to charge Hu federally with fraud-related illicit computer intrusions and the theft of trade secrets. The Washington Examiner can confirm Hu was arrested.
Hu had worked for the professor from March 2019 through August 2019, and the professor told investigators that Hu had left the university abruptly to return to China without saying goodbye. Hu told investigators that he also works for the Chinese Key Laboratory for Fluid Dynamics at China’s Beihang University, which receives funding from the Chinese government as well as specifically from the Chinese air force. Hu had seen the professor give a lecture on “biomimics in aerodynamics” at the Chinese university in 2017 and had approached the professor to do research for him in the United States, Rader said. Hu had also attended China’s Harbin University, where he worked for its Key Laboratory for Underwater Robot Technology, which he admitted was, “of course,” funded by China’s so-called People’s Liberation Army, the affidavit said.
Hu said that “he was directed by the Chinese Scholarship Council to upload summary reports regarding his UVA research every 6 months," Rader said. Hu told investigators he was trying to take all of his UVA research with him to China.
Investigators found approximately 9,600 source code files using the FORTRAN computer language on Hu’s laptop tied to “bio-inspired learning, research, and modeling.” The professor said those codes were used in simulations tied to research funded by the NSF. The professor said that his “core code” was “proprietary.” Investigators found that Hu had absconded with 55 of the core code files, which the professor said, “constituted the entirety of his core code he had been developing over the last 17 years.”
When interviewed by investigators, the professor “described the core code as the preeminent bio-inspired research simulation software in the world” and said its uses include “underwater robotics, submersible vehicles, aircraft engines, and other marine and aerospace applications," according to the affidavit. The professor said he received many requests to use the code but “has not shared it because he wishes to maintain his — and the University of Virginia’s — unique competitive advantage in conducting research in the bio-inspired fluid mechanics field.” The professor “was extremely concerned with the prospect of his core code being taken for use outside his research lab, as it … could be exploited for various commercial, governmental and military applications by other entities, including universities, companies, or countries," the affidavit said.
The professor said Hu had asked for access to the professor’s core code numerous times and that both he and his two authorized graduate assistants had denied Hu’s access each time. The professor and his two assistants told investigators they hadn’t given Hu access, and the FBI did not specifically reveal how he had stolen the computer code.
"The University of Virginia is aware of the arrest and charges against a former visiting scholar," Wesley Hester, the director of media relations at the University of Virginia, told the Washington Examiner. "We have been and continue to cooperate fully with law enforcement in connection with the investigation of theft of University trade secrets. Because this remains an active and ongoing criminal investigation, we will have no further comment at this time."
Director of National Intelligence John Ratcliffe recently said in a statement to the Washington Examiner that “China poses a greater national security threat to the U.S. than any other nation — economically, militarily and technologically. That includes threats of election influence and interference.”
Multiple members of the Chinese military have been charged by the Justice Department in recent weeks for concealing their ties to China's military and allegedly committing visa fraud while acting as students or researchers at U.S. universities. A number of researchers have also been arrested recently for concealing their ties to China’s Thousand Talents program while receiving U.S. government grants.
The Justice Department’s China Initiative aims to combat Chinese espionage, and the U.S. has arrested and charged a number of scientists, including Harvard’s chemistry department chairman, Charles Lieber.
FBI: Chinese researcher caught trying to fly to China with stolen bio-inspired computer code - Washington Examiner
A Chinese military-linked researcher was caught by U.S. authorities at the airport attempting to flee to China with highly advanced computer code he stole from a U.S. university that could be used for underwater robots and aircraft engines, according to the FBI. U.S. Customs and Border...
www.washingtonexaminer.com
US imposes sanctions on Chinese defense firms over maritime dispute
Some of the Chinese enterprises caught up in the latest U.S. sanctions were on the Defense News Top 100 list this year, which ranks defense companies around the world based on their defense-related revenue.
TikTok and WeChat will be banned from US app stores on Sunday
TikTok and WeChat will be banned from US app stores starting on Sunday, September 20th, the US Department of Commerce has announced.
China launches counter-mechanism to US sanctions list
China said Saturday it had launched a mechanism enabling it to restrict foreign entities, a much-anticipated move seen as retaliation to US penalties against Chinese companies such as telecom giant Huawei.
China’s Empty Promises in the South China Sea
Five years ago on September 25, 2015, General Secretary Xi Jinping stood in the White House Rose Garden and stated “China does not intend to pursue militarization” of the Spratly Islands, and China’s outposts would not “target or impact any country.” China has instead pursued a reckless and provocative militarization of those disputed outposts, they have deployed anti-ship cruise missiles, expanded military radar and signal intelligence capabilities, constructed dozens of fighter jet hangars, and have built runways capable of accommodating combat aircraft.
The Chinese Communist Party (CCP) uses these militarized outposts as platforms of coercion to assert control over waters to which Beijing has no lawful maritime claim. They serve as staging grounds for the hundreds of maritime militia vessels and China Coast Guard ships that regularly harass civilian craft and impede legitimate law enforcement activities, offshore fishing, and hydrocarbon development by neighboring states.
The CCP does not honor its words or commitments. In recent months, we have seen an unprecedented number of states express their formal opposition at the United Nations to China’s unlawful maritime claims in the South China Sea. We urge the international community to continue to raise its opposition to this unacceptable and dangerous behavior, and to make clear to the CCP that we will hold it to account. The United States will continue to stand with our Southeast Asian allies and partners in resisting China’s coercive efforts to establish dominion over the South China Sea.
www.state.gov
Five years ago on September 25, 2015, General Secretary Xi Jinping stood in the White House Rose Garden and stated “China does not intend to pursue militarization” of the Spratly Islands, and China’s outposts would not “target or impact any country.” China has instead pursued a reckless and provocative militarization of those disputed outposts, they have deployed anti-ship cruise missiles, expanded military radar and signal intelligence capabilities, constructed dozens of fighter jet hangars, and have built runways capable of accommodating combat aircraft.
The Chinese Communist Party (CCP) uses these militarized outposts as platforms of coercion to assert control over waters to which Beijing has no lawful maritime claim. They serve as staging grounds for the hundreds of maritime militia vessels and China Coast Guard ships that regularly harass civilian craft and impede legitimate law enforcement activities, offshore fishing, and hydrocarbon development by neighboring states.
The CCP does not honor its words or commitments. In recent months, we have seen an unprecedented number of states express their formal opposition at the United Nations to China’s unlawful maritime claims in the South China Sea. We urge the international community to continue to raise its opposition to this unacceptable and dangerous behavior, and to make clear to the CCP that we will hold it to account. The United States will continue to stand with our Southeast Asian allies and partners in resisting China’s coercive efforts to establish dominion over the South China Sea.
China’s Empty Promises in the South China Sea - United States Department of State
China has deployed anti-ship cruise missiles, expanded military radar and signal intelligence capabilities, constructed dozens of fighter jet hangars, and built runways capable of accommodating combat aircraft.
www.state.gov
THREAD!!
Excellent thread on how Trump & Pompeo turned the screws on China.
This was precisely why GoI was rooting for Trump given what's transpired this summer.
Whether Biden / Harris will continue in China's footsteps or let them off the hook is the trillion dollar question? China certainly would greet Biden's ascension to the WH with more than a few hundred sighs of relief.
Let's hope Biden doesn't justify China's relief & glee though I've my doubts he will, to some degree, unlike Trump, who would have initiated Cold War -2. 0. What remains to be seen is the extent to which he goes to tighten the screws or relax them.While on Biden, I'm guessing Putin wouldn't be too happy to see Biden in the WH.
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Britain joins US in attack on China’s trade subsidies
Britain will court the new administration in Washington by stepping up its attack on the Chinese state’s warping of global markets with subsidies. Liz Truss, the Trade Secretary, is to push the case for reform of the global trading system in an address to the virtual Davos summit next week and...
@Gautam, @Bon Plan, @vstol Jockey, @randomradio, @Picdelamirand-oil
Things on the ground dont look so rosy for US. China has exported so much more to US while it is opposite for US , their exports have not risen. Things have got so much worse that containers are returning back to china empty. check out what has happened to shipping cost for china to US.
Bloomberg - Are you a robot?
www.bloomberg.com
China Exports Boom to Record Year, While Covid-19 Ravages Global Economy
Strong export momentum, together with the industrial recovery that underpinned it, formed a pillar of China’s economic rebound.
www.wsj.com
The chinese are nearly there in semi conductors as well, just a matter of time they catch up with US technically. Unless they are denied market and growth overseas, US monopoly is going to get stiff competition.
New Chinese 7nm GPU rivals Nvidia and AMD for performance
But it’s only for data centres, for now…
US should have taken these steps 5 years back, now its too late. Instead of political or military support (which will never come) we need to go for technology & trade if not we will end up being on losing side. The Quad group or keeping out chinese companies will not help us much, it simply maintains the status quo for us while they keep growing.