REUTERS
"U.S. to add over 30 Chinese companies to trade blacklist -Bloomberg News"
Reuters
December 13, 2022
Dec 13 (Reuters) - The Biden administration plans to place Chinese chip maker Yangtze Memory Technologies (YMTC) and 35 other Chinese firms on a trade blacklist that would prevent them from buying certain American components, Bloomberg News reported on Tuesday.
The U.S Department of Commerce will add the Chinese companies to a so-called Entity List as early as this week, the report said, citing a person familiar with the matter.
Once a company is added to the entity list, its U.S. suppliers must seek a special license to ship even low-tech items to it.
YMTC declined to comment, and the U.S. Department of Commerce did not immediately respond to Reuters' request for comment outside business hours.
Dozens of other Chinese entities, including YMTC, were "at risk" of being added to a trade blacklist as soon as Dec. 6, a U.S. Commerce Department official said in prepared remarks seen by Reuters last month.
In October, 31 entities, including YMTC, were added to a list of companies that U.S. officials have been unable to inspect, ratcheting up tensions with Beijing.
Reporting by Rhea Binoy in Bengaluru; Editing by Gerry Doyle
https://www.reuters.com/world/us-add-ov ... 022-12-14/
CHINA
Re: CHINA
REUTERS
"China to maintain ample liquidity in 2023 to implement proactive fiscal policy, state media report"
Reuters
December 17, 2022
SHANGHAI, Dec 17 (Reuters) - China will maintain reasonably ample liquidity in financial markets while better serving needs from the real economy next year, state media quoted a vice governor of the People's Bank of China (PBOC) as saying on Saturday.
Monetary policy in 2023 will ensure sufficient amount of liquidity and the structure will be accurate to aid key sectors, PBOC Deputy Governor Liu Guoqiang said.
"Funding cost will remain reasonably flexible, with little ups and downs," Liu was quoted by state broadcaster CCTV as saying.
At the same forum, Vice Finance Minister Xu Hongcai said China will also implement a proactive fiscal policy next year, setting a reasonable deficit ratio and the size of local government special bonds.
China will "appropriately expand the areas where special government bond funds can be invested and used as capital," CCTV reported Xu as saying.
The remarks by the senior officials came a day after the Central Economic Work Conference, an agenda-setting meeting, where Chinese leaders said they would focus on stabilising the $17-trillion economy in 2023 and step up policy adjustments to ensure targets are hit.
Reporting by Shanghai Newsroom
https://www.reuters.com/world/china/chi ... 022-12-17/
"China to maintain ample liquidity in 2023 to implement proactive fiscal policy, state media report"
Reuters
December 17, 2022
SHANGHAI, Dec 17 (Reuters) - China will maintain reasonably ample liquidity in financial markets while better serving needs from the real economy next year, state media quoted a vice governor of the People's Bank of China (PBOC) as saying on Saturday.
Monetary policy in 2023 will ensure sufficient amount of liquidity and the structure will be accurate to aid key sectors, PBOC Deputy Governor Liu Guoqiang said.
"Funding cost will remain reasonably flexible, with little ups and downs," Liu was quoted by state broadcaster CCTV as saying.
At the same forum, Vice Finance Minister Xu Hongcai said China will also implement a proactive fiscal policy next year, setting a reasonable deficit ratio and the size of local government special bonds.
China will "appropriately expand the areas where special government bond funds can be invested and used as capital," CCTV reported Xu as saying.
The remarks by the senior officials came a day after the Central Economic Work Conference, an agenda-setting meeting, where Chinese leaders said they would focus on stabilising the $17-trillion economy in 2023 and step up policy adjustments to ensure targets are hit.
Reporting by Shanghai Newsroom
https://www.reuters.com/world/china/chi ... 022-12-17/
Re: CHINA
REUTERS
"State Department launches 'China House' amid rivalry with Beijing"
Reuters
December 16, 2022
WASHINGTON, Dec 16 (Reuters) - The U.S. State Department on Friday launched its long-planned "China House" unit, an internal reorganization to help expand and sharpen its policymaking toward its top geopolitical rival.
Secretary of State Antony Blinken in May announced the creation of China House, calling it a department-wide, integrated team that would coordinate and implement U.S. policy across issues and regions.
"The scale and the scope of the challenge posed by the People's Republic of China will test American diplomacy like nothing we've seen before," Blinken said in May.
Blinken on Friday presided over the official opening of the unit, formally called the Office of China Coordination, noting that it would ensure the United States is able to "responsibly manage" competition with Beijing, according to a department statement.
China House will bring together China experts from throughout the department to coordinate with "every regional bureau and experts in international security, economics, technology, multilateral diplomacy, and strategic communications," the statement quoted Blinken as saying.
It will replace the department's China Desk, but will continue to be overseen by Rick Waters, the deputy assistant secretary of state for China, Taiwan and Mongolia in the Bureau of East Asia and Pacific Affairs, according to an official.
President Joe Biden's administration has laid out a strategy to compete with China focused on investing in U.S. competitiveness and aligning with allies and partners.
The two countries have worked to steady relations rocked by a series of recent U.S. moves to expand export controls on strategic technology, such as semiconductors, and an August visit to Taiwan by U.S. House Speaker Nancy Pelosi, to which Beijing responded with large-scale military drills.
Biden and Chinese leader Xi Jinping met in person on the Indonesian island of Bali earlier in November, and the countries have agreed to follow-up discussions, including a planned visit to China by Blinken in early 2023.
Reporting by Humeyra Pamuk and Michael Martina in Washington and Lavanya Ahire in Bengaluru; Editing by Andrea Ricci and Jonathan Oatis
https://www.reuters.com/world/us/state- ... 022-12-16/
"State Department launches 'China House' amid rivalry with Beijing"
Reuters
December 16, 2022
WASHINGTON, Dec 16 (Reuters) - The U.S. State Department on Friday launched its long-planned "China House" unit, an internal reorganization to help expand and sharpen its policymaking toward its top geopolitical rival.
Secretary of State Antony Blinken in May announced the creation of China House, calling it a department-wide, integrated team that would coordinate and implement U.S. policy across issues and regions.
"The scale and the scope of the challenge posed by the People's Republic of China will test American diplomacy like nothing we've seen before," Blinken said in May.
Blinken on Friday presided over the official opening of the unit, formally called the Office of China Coordination, noting that it would ensure the United States is able to "responsibly manage" competition with Beijing, according to a department statement.
China House will bring together China experts from throughout the department to coordinate with "every regional bureau and experts in international security, economics, technology, multilateral diplomacy, and strategic communications," the statement quoted Blinken as saying.
It will replace the department's China Desk, but will continue to be overseen by Rick Waters, the deputy assistant secretary of state for China, Taiwan and Mongolia in the Bureau of East Asia and Pacific Affairs, according to an official.
President Joe Biden's administration has laid out a strategy to compete with China focused on investing in U.S. competitiveness and aligning with allies and partners.
The two countries have worked to steady relations rocked by a series of recent U.S. moves to expand export controls on strategic technology, such as semiconductors, and an August visit to Taiwan by U.S. House Speaker Nancy Pelosi, to which Beijing responded with large-scale military drills.
Biden and Chinese leader Xi Jinping met in person on the Indonesian island of Bali earlier in November, and the countries have agreed to follow-up discussions, including a planned visit to China by Blinken in early 2023.
Reporting by Humeyra Pamuk and Michael Martina in Washington and Lavanya Ahire in Bengaluru; Editing by Andrea Ricci and Jonathan Oatis
https://www.reuters.com/world/us/state- ... 022-12-16/
Re: CHINA
The Register
"US pressures Asian allies to join crusade against Chinese chipmakers"
Story by Tobias Mann
9 JANUARY 2023
American ambassador to Japan wants a unified front against the Middle Kingdom
US efforts to starve China's semiconductor and tech industry of chips has entered a new phase: pressuring its allies to join its cause.…
Speaking with Japanese Prime Minister Fumio Kishida Sunday, US ambassador Rahm Emanuel emphasized the importance of a unified front restricting semiconductor exports to China, Bloomberg reports.
The talks come days before President Joe Biden is scheduled to meet with Kishida during a summit on Friday.
While the two countries are expected to sign a joint statement regarding security issues, plans to restrict access to Japan's chip industry is still up in the air, Emanuel told Bloomberg.
While nowhere as big a player as it once was, Japan remains a major producer of NAND memory and CMOS image sensors.
Today Japan's involvement in the semiconductor industry largely revolves around equipment and materials used to make chips, according to the International Trade Administration.
The US may be a major source of semiconductor intellectual property and patents, but the majority of chip manufacturing remains centered in the Asia Pacific.
As such, any efforts by the US to cut off China's semiconductor industry will require the support of its allies.
In addition to Japan, the ambassador also reportedly highlighted the importance of South Korea — home to Samsung Electronics, the second-largest contract semiconductor manufacturer — and the Netherlands — home to ASML, which produces chipmaking equipment used in leading edge manufacturing.
Since the passage of the $280 billion US Chips and Science Act this summer, the Biden administration has stepped up its efforts to stifle China's semiconductor industry.
China may be the second-largest global economy behind the US, but its domestic semiconductor industry has lagged behind that of South Korea, Taiwan, and the US.
Today, China possesses the ability to produce chips as small as 7nm.
By comparison TSMC has begun mass production of 3nm and Samsung isn't far behind.
Meanwhile, Intel is ramping production of its Intel 4 process and is preparing to launch 18-angstrom — 2nm — parts late next year.
One of the barriers facing China is access to specialized extreme-ultraviolet lithography machines used to produce 7nm and smaller components.
Last fall, the US Commerce Department barred equipment vendors LAM research, KLA Corp, and Applied Materials from exporting their goods to Chinese chipmakers without explicit licensing.
In addition to denying access to chipmaking equipment, the Biden administration has also targeted Chinese chipmakers directly.
Last fall the Commerce Department added China's largest memory manufacturer Yangtze Memory Technologies Company (YMTC) along with 35 other companies to its "Entity List."
The move effectively banned the sale and export of US goods to these companies.
In response, China has filed a complaint with the World Trade Organization against the US chip export controls.
However, as we previously reported, because these restrictions were made on the basis of national security, the WTO has no authority to intervene.
The Commerce Department has had some success cutting off Chinese access to foreign fabs and equipment vendors.
Under pressure from the US, the Dutch government blocked ASML from selling both its extreme-ultraviolet (EUV) and deep ultraviolet (DUV) lithography machines in China.
It's unclear how ASML's revenues could be affected by the decision.
The company's China business accounts for roughly 15 percent of its annual revenues.
Some quick back-of-napkin math shows that cut off from the Middle Kingdom, ASML stands to lose more than $3 billion in annual revenues.
US sanctions have also hampered TSMC's ability to do business with Chinese chipmakers.
Late last year, TSMC was reportedly forced to halt production of new GPUs for Chinese Alibaba and Biren because they exceeded performance limits set by US trade restrictions.
The US trade war against China certainly hasn't been popular with TSMC.
During an industry event last month its CEO CC Wei complained that US efforts had hamstrung the company's ability to do business.
His comments echoed those of TSMC founder Morris Chang who recently claimed globalization was on its last leg.
US sanctions are also expected to cost US equipment vendors billions in revenues over the next 12 months.
Following a ban on chipmaking equipment last fall, Lam Research warned investors that lost business in China would cost the company as much as $2.5 billion in revenues in 2023.
And in November, Applied Materials told investors US sanctions could end up costing the company as much as $2.5 billion in 2023, or about 10 percent of the company's revenues in 2022.
https://www.msn.com/en-us/money/other/u ... ddeaf06962
"US pressures Asian allies to join crusade against Chinese chipmakers"
Story by Tobias Mann
9 JANUARY 2023
American ambassador to Japan wants a unified front against the Middle Kingdom
US efforts to starve China's semiconductor and tech industry of chips has entered a new phase: pressuring its allies to join its cause.…
Speaking with Japanese Prime Minister Fumio Kishida Sunday, US ambassador Rahm Emanuel emphasized the importance of a unified front restricting semiconductor exports to China, Bloomberg reports.
The talks come days before President Joe Biden is scheduled to meet with Kishida during a summit on Friday.
While the two countries are expected to sign a joint statement regarding security issues, plans to restrict access to Japan's chip industry is still up in the air, Emanuel told Bloomberg.
While nowhere as big a player as it once was, Japan remains a major producer of NAND memory and CMOS image sensors.
Today Japan's involvement in the semiconductor industry largely revolves around equipment and materials used to make chips, according to the International Trade Administration.
The US may be a major source of semiconductor intellectual property and patents, but the majority of chip manufacturing remains centered in the Asia Pacific.
As such, any efforts by the US to cut off China's semiconductor industry will require the support of its allies.
In addition to Japan, the ambassador also reportedly highlighted the importance of South Korea — home to Samsung Electronics, the second-largest contract semiconductor manufacturer — and the Netherlands — home to ASML, which produces chipmaking equipment used in leading edge manufacturing.
Since the passage of the $280 billion US Chips and Science Act this summer, the Biden administration has stepped up its efforts to stifle China's semiconductor industry.
China may be the second-largest global economy behind the US, but its domestic semiconductor industry has lagged behind that of South Korea, Taiwan, and the US.
Today, China possesses the ability to produce chips as small as 7nm.
By comparison TSMC has begun mass production of 3nm and Samsung isn't far behind.
Meanwhile, Intel is ramping production of its Intel 4 process and is preparing to launch 18-angstrom — 2nm — parts late next year.
One of the barriers facing China is access to specialized extreme-ultraviolet lithography machines used to produce 7nm and smaller components.
Last fall, the US Commerce Department barred equipment vendors LAM research, KLA Corp, and Applied Materials from exporting their goods to Chinese chipmakers without explicit licensing.
In addition to denying access to chipmaking equipment, the Biden administration has also targeted Chinese chipmakers directly.
Last fall the Commerce Department added China's largest memory manufacturer Yangtze Memory Technologies Company (YMTC) along with 35 other companies to its "Entity List."
The move effectively banned the sale and export of US goods to these companies.
In response, China has filed a complaint with the World Trade Organization against the US chip export controls.
However, as we previously reported, because these restrictions were made on the basis of national security, the WTO has no authority to intervene.
The Commerce Department has had some success cutting off Chinese access to foreign fabs and equipment vendors.
Under pressure from the US, the Dutch government blocked ASML from selling both its extreme-ultraviolet (EUV) and deep ultraviolet (DUV) lithography machines in China.
It's unclear how ASML's revenues could be affected by the decision.
The company's China business accounts for roughly 15 percent of its annual revenues.
Some quick back-of-napkin math shows that cut off from the Middle Kingdom, ASML stands to lose more than $3 billion in annual revenues.
US sanctions have also hampered TSMC's ability to do business with Chinese chipmakers.
Late last year, TSMC was reportedly forced to halt production of new GPUs for Chinese Alibaba and Biren because they exceeded performance limits set by US trade restrictions.
The US trade war against China certainly hasn't been popular with TSMC.
During an industry event last month its CEO CC Wei complained that US efforts had hamstrung the company's ability to do business.
His comments echoed those of TSMC founder Morris Chang who recently claimed globalization was on its last leg.
US sanctions are also expected to cost US equipment vendors billions in revenues over the next 12 months.
Following a ban on chipmaking equipment last fall, Lam Research warned investors that lost business in China would cost the company as much as $2.5 billion in revenues in 2023.
And in November, Applied Materials told investors US sanctions could end up costing the company as much as $2.5 billion in 2023, or about 10 percent of the company's revenues in 2022.
https://www.msn.com/en-us/money/other/u ... ddeaf06962
Re: CHINA
REUTERS
"New U.S. House creates committee focused on competing with China"
By Patricia Zengerle
JANUARY 10, 2023
WASHINGTON (Reuters) - The U.S. House of Representatives voted overwhelmingly on Tuesday to create a select committee on China, using one of its first votes since Republicans took control to stress members’ desire to counter Beijing’s growing international influence.
The House voted 365 to 65 in favor of a resolution establishing the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, which will investigate the issue and make policy recommendations.
All 65 of the “no” votes came from Democrats, some of whom said they were concerned the Republican-led panel would be too partisan.
But 146 other Democrats voted in favor.
Democratic Representative Jim McGovern, a co-chair of the Congressional-Executive Commission on China, a grouping of House members and senators which studies China policy, said he would vote to create the select committee despite concerns it might be overly partisan.
“We certainly don’t want it to turn into a place that perpetuates anti-Asian hate,” McGovern said, citing past rhetoric such as Republican former President Donald Trump’s labeling of COVID-19 as “the China virus.”
House Speaker Kevin McCarthy insisted the panel would not be partisan.
“You have my word and my commitment."
"This is not a partisan committee."
"This will be a bipartisan committee,” McCarthy said in remarks urging the House to back the bill.
He said the committee would address issues such as bringing jobs back from China to the United States, securing intellectual property and bringing supply chains back to the country.
In addition to those issues, there has been friction in U.S.-China relations over the huge trade deficit with China, Chinese pressure on Taiwan, and Beijing’s transparency over its handling of COVID-19, which first surfaced in that country.
The new committee will be chaired by Republican Representative Mike Gallagher.
Reporting by Patricia Zengerle; editing by Jonathan Oatis
https://www.reuters.com/article/china-u ... SKBN2TP1Q5
"New U.S. House creates committee focused on competing with China"
By Patricia Zengerle
JANUARY 10, 2023
WASHINGTON (Reuters) - The U.S. House of Representatives voted overwhelmingly on Tuesday to create a select committee on China, using one of its first votes since Republicans took control to stress members’ desire to counter Beijing’s growing international influence.
The House voted 365 to 65 in favor of a resolution establishing the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, which will investigate the issue and make policy recommendations.
All 65 of the “no” votes came from Democrats, some of whom said they were concerned the Republican-led panel would be too partisan.
But 146 other Democrats voted in favor.
Democratic Representative Jim McGovern, a co-chair of the Congressional-Executive Commission on China, a grouping of House members and senators which studies China policy, said he would vote to create the select committee despite concerns it might be overly partisan.
“We certainly don’t want it to turn into a place that perpetuates anti-Asian hate,” McGovern said, citing past rhetoric such as Republican former President Donald Trump’s labeling of COVID-19 as “the China virus.”
House Speaker Kevin McCarthy insisted the panel would not be partisan.
“You have my word and my commitment."
"This is not a partisan committee."
"This will be a bipartisan committee,” McCarthy said in remarks urging the House to back the bill.
He said the committee would address issues such as bringing jobs back from China to the United States, securing intellectual property and bringing supply chains back to the country.
In addition to those issues, there has been friction in U.S.-China relations over the huge trade deficit with China, Chinese pressure on Taiwan, and Beijing’s transparency over its handling of COVID-19, which first surfaced in that country.
The new committee will be chaired by Republican Representative Mike Gallagher.
Reporting by Patricia Zengerle; editing by Jonathan Oatis
https://www.reuters.com/article/china-u ... SKBN2TP1Q5
Re: CHINA
REUTERS
"U.S. talks with Japanese, Dutch to yield no immediate China chip export curbs - source"
By Alexandra Alper
January 12, 2023
WASHINGTON, Jan 12 (Reuters) - The White House will discuss a recent crackdown on exports of chip-making tools to China with Japanese and Dutch officials during upcoming visits, but they will not result in "immediate" pledges from the two countries to impose similar curbs, a person familiar with U.S. officials' thinking said on Thursday.
The Biden administration in October published a sweeping set of export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, as part of a bid to slow Beijing's technological and military advances.
But it has not yet convinced key allies to put in place similar equipment curbs seen as essential to making the restrictions effective, since Japanese and Dutch firms Tokyo Electron Ltd and ASML Holding NV also are top producers of chipmaking equipment.
Upcoming meetings between U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida and Dutch Prime Minister Mark Rutte at the White House on Friday and next Tuesday, respectively, will provide forums to discuss the issue, said a person briefed on U.S. officials' thinking.
But, "these visits will not result in immediate announcements and (are) part of our ongoing consultations on these issues," the person cautioned.
A key commerce department official said in October that such agreements were coming "in the near term."
Reporting by Alexandra Alper; Editing by Leslie Adler and Lincoln Feast.
https://www.reuters.com/technology/us-t ... 023-01-12/
"U.S. talks with Japanese, Dutch to yield no immediate China chip export curbs - source"
By Alexandra Alper
January 12, 2023
WASHINGTON, Jan 12 (Reuters) - The White House will discuss a recent crackdown on exports of chip-making tools to China with Japanese and Dutch officials during upcoming visits, but they will not result in "immediate" pledges from the two countries to impose similar curbs, a person familiar with U.S. officials' thinking said on Thursday.
The Biden administration in October published a sweeping set of export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, as part of a bid to slow Beijing's technological and military advances.
But it has not yet convinced key allies to put in place similar equipment curbs seen as essential to making the restrictions effective, since Japanese and Dutch firms Tokyo Electron Ltd and ASML Holding NV also are top producers of chipmaking equipment.
Upcoming meetings between U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida and Dutch Prime Minister Mark Rutte at the White House on Friday and next Tuesday, respectively, will provide forums to discuss the issue, said a person briefed on U.S. officials' thinking.
But, "these visits will not result in immediate announcements and (are) part of our ongoing consultations on these issues," the person cautioned.
A key commerce department official said in October that such agreements were coming "in the near term."
Reporting by Alexandra Alper; Editing by Leslie Adler and Lincoln Feast.
https://www.reuters.com/technology/us-t ... 023-01-12/
Re: CHINA
REUTERS
"Exclusive: Russian oil shipped to Asia in Chinese supertankers amid ship shortage"
By Nidhi Verma and Chen Aizhu
January 13, 2023
Summary
* G7 price cap restricts ships available to Russia
* Western firms avoid Russian oil trade due to sanctions
* Crude sales for Russia's Asia-bound trade below cap
* Russia, China launched 'no-limit partnership' in 2022
NEW DELHI/SINGAPORE, Jan 13 (Reuters) - At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance.
China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine.
The sources said a fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers.
All five shipments were scheduled between Dec. 22 and Jan. 23, according to the sources and Eikon ship tracking data.
The G7 price cap introduced in December allows countries outside the European Union to import seaborne Russian oil but it prohibits shipping, insurance and re-insurance companies from handling Russian crude cargoes unless sold for below the $60 cap.
"With Urals prices well below the price cap, the business of buying and trading Urals is essentially legitimate," said an executive with a Chinese firm involved in the shipments.
As the United States and its allies tried to choke off Moscow's energy revenues to limit its ability to fund the Ukraine war, Russia quickly diverted oil exports from Europe last year, mainly to Asia.
The longer voyages, heavy discounts and record-high freight rates ate into profits but the use of supertankers on the Asian routes may now cut shipping costs.
The Russian energy and transport ministries declined to comment.
China's Foreign Ministry did not respond to a request for comment, although Beijing has previously called the Western sanctions on Russia illegal.
Indian Oil Minister Hardeep Singh Puri said at a press briefing on Thursday that India would buy oil from wherever it could secure the cheapest price.
Industry sources say Indian refiners are securing a discount of $15-$20 per barrel on Russian oil on a delivered basis compared to Brent.
RUSSIA TURNS TO ASIA
Russia is sending Urals from its Western ports for transhipment to supertankers Lauren II, Monica S, Catalina 7 and Natalina 7, all Panama-flagged ships bound for China, while the Sao Paulo is already approaching India, according to three trading sources and Eikon data.
Based on Eikon data and public maritime databases, Lauren II is managed by China's Greetee Co Ltd and owned by China's Maisie Ltd, Catalina 7 is owned by Hong Kong's Canes Venatici Ltd and Natalina 7 by Hong Kong's Astrid Menks Ltd with both managed by China's Runne Co Ltd, while Monica S is owned by China's Gabrielle Ltd and managed by Derecttor Co Ltd.
The Sao Paulo is owned and managed by Cyprus-based Rotimo Holdings Ltd.
Reuters was unable to immediately contact the owners and managers because of a lack of public information about them.
The executive with the Chinese firm involved in the shipments estimated a total of 18 Chinese supertankers and another 16 Aframax-sized vessels could be used for shipping Russian crude in 2023, enough to transport 15 million tonnes a year or about 10% of total Urals exports.
A VLCC can carry up to 2 million barrels, a Suezmax vessel up to 1 million barrels and Aframax up to 0.6 million barrels.
While most Russian crude is now heading to China, India and Turkey in Russian or non-western ships, G7 sanctions have led to a shortage of smaller ice-class tankers - many belonging to Greek and Norwegian companies - needed by Russia to transport its crude from Baltic Sea ports in winter.
Russia and China do not have a large fleet of ice-class vessels and using Chinese VLCCs frees them up to travel from Baltic ports to conduct ship-to-ship transfers to bigger tankers in international waters, according to traders.
This practice showed up in Eikon tracking data, including in Mediterranean international waters, with the executive highlighting operations near Ceuta, a Spanish autonomous city on the north coast of Africa, and Greece's Kalamata, a city in the Peloponnese peninsula in southern Greece.
"It's extremely expensive and doesn't make sense to use ice-class tankers for long distances," one European market trader said, explaining why VLCCs were being used.
Another trader said the Ukraine war and sanctions had pushed up demand for smaller tankers and driven down rates for large vessels, helping reduce some of the extra costs Russia faces.
Reporting by Nidhi Verma and Chen Aizhu; Editing by Kirsten Donovan and Edmund Blair
https://www.reuters.com/business/energy ... 023-01-13/
"Exclusive: Russian oil shipped to Asia in Chinese supertankers amid ship shortage"
By Nidhi Verma and Chen Aizhu
January 13, 2023
Summary
* G7 price cap restricts ships available to Russia
* Western firms avoid Russian oil trade due to sanctions
* Crude sales for Russia's Asia-bound trade below cap
* Russia, China launched 'no-limit partnership' in 2022
NEW DELHI/SINGAPORE, Jan 13 (Reuters) - At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance.
China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine.
The sources said a fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers.
All five shipments were scheduled between Dec. 22 and Jan. 23, according to the sources and Eikon ship tracking data.
The G7 price cap introduced in December allows countries outside the European Union to import seaborne Russian oil but it prohibits shipping, insurance and re-insurance companies from handling Russian crude cargoes unless sold for below the $60 cap.
"With Urals prices well below the price cap, the business of buying and trading Urals is essentially legitimate," said an executive with a Chinese firm involved in the shipments.
As the United States and its allies tried to choke off Moscow's energy revenues to limit its ability to fund the Ukraine war, Russia quickly diverted oil exports from Europe last year, mainly to Asia.
The longer voyages, heavy discounts and record-high freight rates ate into profits but the use of supertankers on the Asian routes may now cut shipping costs.
The Russian energy and transport ministries declined to comment.
China's Foreign Ministry did not respond to a request for comment, although Beijing has previously called the Western sanctions on Russia illegal.
Indian Oil Minister Hardeep Singh Puri said at a press briefing on Thursday that India would buy oil from wherever it could secure the cheapest price.
Industry sources say Indian refiners are securing a discount of $15-$20 per barrel on Russian oil on a delivered basis compared to Brent.
RUSSIA TURNS TO ASIA
Russia is sending Urals from its Western ports for transhipment to supertankers Lauren II, Monica S, Catalina 7 and Natalina 7, all Panama-flagged ships bound for China, while the Sao Paulo is already approaching India, according to three trading sources and Eikon data.
Based on Eikon data and public maritime databases, Lauren II is managed by China's Greetee Co Ltd and owned by China's Maisie Ltd, Catalina 7 is owned by Hong Kong's Canes Venatici Ltd and Natalina 7 by Hong Kong's Astrid Menks Ltd with both managed by China's Runne Co Ltd, while Monica S is owned by China's Gabrielle Ltd and managed by Derecttor Co Ltd.
The Sao Paulo is owned and managed by Cyprus-based Rotimo Holdings Ltd.
Reuters was unable to immediately contact the owners and managers because of a lack of public information about them.
The executive with the Chinese firm involved in the shipments estimated a total of 18 Chinese supertankers and another 16 Aframax-sized vessels could be used for shipping Russian crude in 2023, enough to transport 15 million tonnes a year or about 10% of total Urals exports.
A VLCC can carry up to 2 million barrels, a Suezmax vessel up to 1 million barrels and Aframax up to 0.6 million barrels.
While most Russian crude is now heading to China, India and Turkey in Russian or non-western ships, G7 sanctions have led to a shortage of smaller ice-class tankers - many belonging to Greek and Norwegian companies - needed by Russia to transport its crude from Baltic Sea ports in winter.
Russia and China do not have a large fleet of ice-class vessels and using Chinese VLCCs frees them up to travel from Baltic ports to conduct ship-to-ship transfers to bigger tankers in international waters, according to traders.
This practice showed up in Eikon tracking data, including in Mediterranean international waters, with the executive highlighting operations near Ceuta, a Spanish autonomous city on the north coast of Africa, and Greece's Kalamata, a city in the Peloponnese peninsula in southern Greece.
"It's extremely expensive and doesn't make sense to use ice-class tankers for long distances," one European market trader said, explaining why VLCCs were being used.
Another trader said the Ukraine war and sanctions had pushed up demand for smaller tankers and driven down rates for large vessels, helping reduce some of the extra costs Russia faces.
Reporting by Nidhi Verma and Chen Aizhu; Editing by Kirsten Donovan and Edmund Blair
https://www.reuters.com/business/energy ... 023-01-13/
Re: CHINA
REUTERS
"U.S. investors have plowed billions into China's AI sector, report shows"
By Alexandra Alper
February 1, 2023
WASHINGTON, Feb 1 (Reuters) - U.S. investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.
The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of U.S. investments in AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on U.S. funding of Chinese tech companies.
According to the report, 167 U.S. investors took part in 401 transactions, or roughly 17% of the investments into Chinese AI companies in the period.
Those transactions represented a total $40.2 billion in investment, or 37% of the total raised by Chinese AI companies in the 6-year period.
It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms.
Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese AI companies respectively, outpaced by GGV Capital which led U.S. firms with 43 total investments in the sector, the data showed.
The Biden administration is expected to unveil an executive order this year curbing some U.S. investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities.
According to the report, U.S. investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese AI company after the speech recognition firm was added to a trade blacklist.
Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese AI firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist.
Both companies were added to the blacklist, which effectively bars them from receiving U.S. tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims.
Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an AI-enabled robotics company, as well as an investment by three U.S.-based VC firms in Geek+, an autonomous mobile robot company, the report showed.
Only one Chinese AI company that received funding from U.S. investors is involved in developing AI applications for military or public safety uses, according to CSET.
Reporting by Alexandra Alper; Editing by Stephen Coates
https://www.reuters.com/technology/us-i ... 023-02-01/
"U.S. investors have plowed billions into China's AI sector, report shows"
By Alexandra Alper
February 1, 2023
WASHINGTON, Feb 1 (Reuters) - U.S. investors including the investment arms of Intel Corp and Qualcomm Inc accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday.
The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of U.S. investments in AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on U.S. funding of Chinese tech companies.
According to the report, 167 U.S. investors took part in 401 transactions, or roughly 17% of the investments into Chinese AI companies in the period.
Those transactions represented a total $40.2 billion in investment, or 37% of the total raised by Chinese AI companies in the 6-year period.
It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms.
Qualcomm Ventures and Intel Capital were involved in 13 and 11 investments in Chinese AI companies respectively, outpaced by GGV Capital which led U.S. firms with 43 total investments in the sector, the data showed.
The Biden administration is expected to unveil an executive order this year curbing some U.S. investments in sensitive Chinese tech industries, as hawks in Washington blame American investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military capabilities.
According to the report, U.S. investor GSR Ventures invested alongside China's IFlytek Co Ltd in a Chinese AI company after the speech recognition firm was added to a trade blacklist.
Silicon Valley Bank and Wanxiang American Healthcare investments group made investments in Chinese AI firms alongside China's Sensetime before the powerhouse in facial recognition technology was added to the same trade blacklist.
Both companies were added to the blacklist, which effectively bars them from receiving U.S. tech exports, in 2019 for alleged human rights violations related to the repression of Uighur Muslims.
Some of the largest investments include Goldman Sachs' solo investment in 1KMXC, an AI-enabled robotics company, as well as an investment by three U.S.-based VC firms in Geek+, an autonomous mobile robot company, the report showed.
Only one Chinese AI company that received funding from U.S. investors is involved in developing AI applications for military or public safety uses, according to CSET.
Reporting by Alexandra Alper; Editing by Stephen Coates
https://www.reuters.com/technology/us-i ... 023-02-01/
Re: CHINA
THE ASSOCIATED PRESS
"China accuses US of indiscriminate use of force over balloon"
Story by EMILY WANG FUJIYAMA, Associated Press
5 FEBRUARY 2023
BEIJING (AP) — China on Monday accused the United States of indiscriminate use of force in shooting down a suspected Chinese spy balloon, saying it “seriously impacted and damaged both sides’ efforts and progress in stabilizing Sino-U.S. relations.”
The U.S. shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America.
China insisted the flyover was an accident involving a civilian aircraft.
Vice Foreign Minister Xie Feng said he lodged a formal complaint with the U.S. Embassy on Sunday over the “U.S. attack on a Chinese civilian unmanned airship by military force.”
“However, the United States turned a deaf ear and insisted on indiscriminate use of force against the civilian airship that was about to leave the United States airspace, obviously overreacted and seriously violated the spirit of international law and international practice,” Xie said.
The presence of the balloon in the skies above the U.S. dealt a severe blow to already strained U.S.-Chinese relations that have been in a downward spiral for years.
It prompted Secretary of State Antony Blinken to abruptly cancel a high-stakes Beijing trip aimed at easing tensions.
Xie repeated China’s insistence that the balloon was a Chinese civil unmanned airship that blew into U.S. airspace by mistake, calling it “an accidental incident caused by force majeure.”
China will “resolutely safeguard the legitimate rights and interests of Chinese companies, resolutely safeguard China’s interests and dignity and reserve the right to make further necessary responses,” he said.
U.S. President Joe Biden issued the shootdown order after he was advised that the best time for the operation would be when it was over water, U.S. officials said.
Military officials determined that bringing down the balloon over land from an altitude of 60,000 feet (18,000 meters) would pose an undue risk to people on the ground.
“What the U.S. has done has seriously impacted and damaged both sides’ efforts and progress in stabilizing Sino-U.S. relations since the Bali meeting,” Xie said, referring to a recent meeting between Biden and his Chinese counterpart, Xi Jinping, in Indonesia that many hoped would create positive momentum for improving ties that have plunged to their lowest level in years.
Foreign Ministry spokesperson Mao Ning provided no new details on Monday, repeating China's insistence that the object was a civilian balloon intended for meteorological research, had little ability to steer and entered U.S. airspace by accidentally diverging from its course.
She also did not say what additional steps China intended to take in response to Washington's handling of the issue and cancellation of Blinken's trip, which would have made him the highest-ranking U.S. official to visit since the start of the COVID-19 pandemic.
“We have stated that this is completely an isolated and accidental incident caused by force majeure, but the U.S. still hyped up the incident on purpose and even used force to attack," Mao said at a daily briefing.
“This is an unacceptable and irresponsible action."
Balloons thought or known to be Chinese have been spotted from Latin America to Japan.
Japanese Deputy Chief Cabinet Secretary Yoshihiko Isozaki told reporters Monday that a flying object similar to the one shot down by the U.S. had been spotted at least twice over northern Japan since 2020.
“We are continuing to analyze them in connection with the latest case in the United States," he said.
Mao confirmed that a balloon recently spotted over Latin American was Chinese, describing it as a civilian airship used for flight tests.
“Affected by weather and due to its limited self-control ability, the airship severely deviated from its set route and entered the space of Latin America and the Caribbean by accident,” Mao said.
Washington and Beijing are at odds over a range of issues from trade to human rights, but China is most sensitive over alleged violations by the U.S. and others of its sovereignty and territorial integrity.
Beijing strongly protests U.S. military sales to Taiwan and visits by foreign politicians to the island, which it claims as Chinese territory, to be recovered by force if necessary.
It reacted to a 2022 visit by then-U.S. House Speaker Nancy Pelosi by firing missiles over the island and staging threatening military drills seen as a rehearsal for an invasion or blockade.
Beijing also cut off discussion with the U.S. on issues including climate change that are unrelated to military tensions.
Last week, Mao warned Pelosi’s successor, House Speaker Kevin McCarthy, not to travel to Taiwan, implying that China’s response would be equally vociferous.
“China will firmly defend its sovereignty, security and development interests,” Mao said.
McCarthy said China had no right to dictate where and when he could travel.
China also objects when foreign military surveillance planes fly off its coast in international airspace and when U.S. and other foreign warships pass through the Taiwan Strait, accusing them of being actively provocative.
In 2001, a U.S. Navy plane conducting routine surveillance near the Chinese coast collided with a Chinese fighter plane, killing the Chinese fighter pilot and damaging the American plane, which was forced to make an emergency landing at a Chinese naval airbase on the southern Chinese island province of Hainan.
China detained the 24-member U.S. Navy aircrew for 10 days until the U.S. expressed regret over the Chinese pilot’s death and for landing at the base without permission.
The South China Sea is another major source of tension.
China claims the strategically key sea virtually in its entirety and protests when U.S. Navy ships sail past Chinese military features there.
At a news conference Friday with his South Korean counterpart, Blinken said “the presence of this surveillance balloon over the United States in our skies is a clear violation of our sovereignty, a clear violation of international law, and clearly unacceptable."
"And we’ve made that clear to China.”
“Any country that has its airspace violated in this way I think would respond similarly, and I can only imagine what the reaction would be in China if they were on the other end,” Blinken said.
China’s weather balloon explanation should be dismissed outright, said Oriana Skylar Mastro, an expert on Chinese military affairs and foreign policy at Stanford University.
“This is like a standard thing that countries often say about surveillance assets,” Mastro said.
China may have made a mistake and lost control of the balloon, but it was unlikely to have been a deliberate attempt to disrupt Blinken’s visit, Mastro said.
For the U.S. administration, the decision to go public and then shoot down the balloon marks a break from its usual approach of dealing with Beijing on such matters privately, possibly in hopes of changing China’s future behavior.
However, Mastro said, it was unlikely that Beijing would respond positively.
“They’re probably going to dismiss that and continue on as things have been."
"So I don’t see a really clear pathway to improved relations in the foreseeable future.”
___
AP journalists Tian Macleod Ji in Bangkok, Mari Yamaguchi in Tokyo and news assistant Caroline Chen in Beijing contributed this report.
https://www.msn.com/en-us/news/world/ch ... f3262ee8f6
"China accuses US of indiscriminate use of force over balloon"
Story by EMILY WANG FUJIYAMA, Associated Press
5 FEBRUARY 2023
BEIJING (AP) — China on Monday accused the United States of indiscriminate use of force in shooting down a suspected Chinese spy balloon, saying it “seriously impacted and damaged both sides’ efforts and progress in stabilizing Sino-U.S. relations.”
The U.S. shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America.
China insisted the flyover was an accident involving a civilian aircraft.
Vice Foreign Minister Xie Feng said he lodged a formal complaint with the U.S. Embassy on Sunday over the “U.S. attack on a Chinese civilian unmanned airship by military force.”
“However, the United States turned a deaf ear and insisted on indiscriminate use of force against the civilian airship that was about to leave the United States airspace, obviously overreacted and seriously violated the spirit of international law and international practice,” Xie said.
The presence of the balloon in the skies above the U.S. dealt a severe blow to already strained U.S.-Chinese relations that have been in a downward spiral for years.
It prompted Secretary of State Antony Blinken to abruptly cancel a high-stakes Beijing trip aimed at easing tensions.
Xie repeated China’s insistence that the balloon was a Chinese civil unmanned airship that blew into U.S. airspace by mistake, calling it “an accidental incident caused by force majeure.”
China will “resolutely safeguard the legitimate rights and interests of Chinese companies, resolutely safeguard China’s interests and dignity and reserve the right to make further necessary responses,” he said.
U.S. President Joe Biden issued the shootdown order after he was advised that the best time for the operation would be when it was over water, U.S. officials said.
Military officials determined that bringing down the balloon over land from an altitude of 60,000 feet (18,000 meters) would pose an undue risk to people on the ground.
“What the U.S. has done has seriously impacted and damaged both sides’ efforts and progress in stabilizing Sino-U.S. relations since the Bali meeting,” Xie said, referring to a recent meeting between Biden and his Chinese counterpart, Xi Jinping, in Indonesia that many hoped would create positive momentum for improving ties that have plunged to their lowest level in years.
Foreign Ministry spokesperson Mao Ning provided no new details on Monday, repeating China's insistence that the object was a civilian balloon intended for meteorological research, had little ability to steer and entered U.S. airspace by accidentally diverging from its course.
She also did not say what additional steps China intended to take in response to Washington's handling of the issue and cancellation of Blinken's trip, which would have made him the highest-ranking U.S. official to visit since the start of the COVID-19 pandemic.
“We have stated that this is completely an isolated and accidental incident caused by force majeure, but the U.S. still hyped up the incident on purpose and even used force to attack," Mao said at a daily briefing.
“This is an unacceptable and irresponsible action."
Balloons thought or known to be Chinese have been spotted from Latin America to Japan.
Japanese Deputy Chief Cabinet Secretary Yoshihiko Isozaki told reporters Monday that a flying object similar to the one shot down by the U.S. had been spotted at least twice over northern Japan since 2020.
“We are continuing to analyze them in connection with the latest case in the United States," he said.
Mao confirmed that a balloon recently spotted over Latin American was Chinese, describing it as a civilian airship used for flight tests.
“Affected by weather and due to its limited self-control ability, the airship severely deviated from its set route and entered the space of Latin America and the Caribbean by accident,” Mao said.
Washington and Beijing are at odds over a range of issues from trade to human rights, but China is most sensitive over alleged violations by the U.S. and others of its sovereignty and territorial integrity.
Beijing strongly protests U.S. military sales to Taiwan and visits by foreign politicians to the island, which it claims as Chinese territory, to be recovered by force if necessary.
It reacted to a 2022 visit by then-U.S. House Speaker Nancy Pelosi by firing missiles over the island and staging threatening military drills seen as a rehearsal for an invasion or blockade.
Beijing also cut off discussion with the U.S. on issues including climate change that are unrelated to military tensions.
Last week, Mao warned Pelosi’s successor, House Speaker Kevin McCarthy, not to travel to Taiwan, implying that China’s response would be equally vociferous.
“China will firmly defend its sovereignty, security and development interests,” Mao said.
McCarthy said China had no right to dictate where and when he could travel.
China also objects when foreign military surveillance planes fly off its coast in international airspace and when U.S. and other foreign warships pass through the Taiwan Strait, accusing them of being actively provocative.
In 2001, a U.S. Navy plane conducting routine surveillance near the Chinese coast collided with a Chinese fighter plane, killing the Chinese fighter pilot and damaging the American plane, which was forced to make an emergency landing at a Chinese naval airbase on the southern Chinese island province of Hainan.
China detained the 24-member U.S. Navy aircrew for 10 days until the U.S. expressed regret over the Chinese pilot’s death and for landing at the base without permission.
The South China Sea is another major source of tension.
China claims the strategically key sea virtually in its entirety and protests when U.S. Navy ships sail past Chinese military features there.
At a news conference Friday with his South Korean counterpart, Blinken said “the presence of this surveillance balloon over the United States in our skies is a clear violation of our sovereignty, a clear violation of international law, and clearly unacceptable."
"And we’ve made that clear to China.”
“Any country that has its airspace violated in this way I think would respond similarly, and I can only imagine what the reaction would be in China if they were on the other end,” Blinken said.
China’s weather balloon explanation should be dismissed outright, said Oriana Skylar Mastro, an expert on Chinese military affairs and foreign policy at Stanford University.
“This is like a standard thing that countries often say about surveillance assets,” Mastro said.
China may have made a mistake and lost control of the balloon, but it was unlikely to have been a deliberate attempt to disrupt Blinken’s visit, Mastro said.
For the U.S. administration, the decision to go public and then shoot down the balloon marks a break from its usual approach of dealing with Beijing on such matters privately, possibly in hopes of changing China’s future behavior.
However, Mastro said, it was unlikely that Beijing would respond positively.
“They’re probably going to dismiss that and continue on as things have been."
"So I don’t see a really clear pathway to improved relations in the foreseeable future.”
___
AP journalists Tian Macleod Ji in Bangkok, Mari Yamaguchi in Tokyo and news assistant Caroline Chen in Beijing contributed this report.
https://www.msn.com/en-us/news/world/ch ... f3262ee8f6
Re: CHINA
THE WASHINGTON EXAMINER
"Biden bows to China one week after it invades our borders"
Opinion by Tiana Lowe
7 FEBRUARY 2023
Now that we know the Biden administration planned on allowing Secretary of State Antony Blinken to head to Beijing despite a Chinese surveillance balloon invading U.S. airspace, it comes as little surprise that the president essentially bowed to Beijing during his second State of the Union address.
Rather than blast the Chinese Communist Party for its attempts to surveil American citizens, its responsibility for unleashing the coronavirus pandemic on the rest of the world, or even its ongoing human rights abuses and genocide, Biden spoke like it was still 1994.
"I’ve made clear with President Xi that we seek competition, not conflict," Biden said.
"I will make no apologies that we are investing to make America strong."
"Investing in American innovation, in industries that will define the future, and that China’s government is intent on dominating."
Biden's only mention of the balloon came when he said, "If China threatens our sovereignty, we will act to protect our country."
"And we did."
But did he?
Biden reportedly first responded to finding out about the balloon by calling for its immediate destruction, but the Pentagon talked him out of this until it had traversed half of the continental United States.
Furthermore, Blinken postponed his visit to Beijing — not after the administration discovered the balloon, but rather after the public did.
The belated reaction would imply that Biden is concerned about relations with the Chinese because of public opinion stateside, not the danger of the Chinese dictator and Communist Party.
That Biden thinks our relationship is a competition — a quest for market dominance between two equal partners with at least some common values — explains the entire problem.
The People's Republic of China is not a competitor.
It is a terror, a genocidal dictatorship that seeks not to best the U.S. but to unseat our dominance and undo the entire democratic world order.
https://www.msn.com/en-us/news/world/bi ... f73facd926
"Biden bows to China one week after it invades our borders"
Opinion by Tiana Lowe
7 FEBRUARY 2023
Now that we know the Biden administration planned on allowing Secretary of State Antony Blinken to head to Beijing despite a Chinese surveillance balloon invading U.S. airspace, it comes as little surprise that the president essentially bowed to Beijing during his second State of the Union address.
Rather than blast the Chinese Communist Party for its attempts to surveil American citizens, its responsibility for unleashing the coronavirus pandemic on the rest of the world, or even its ongoing human rights abuses and genocide, Biden spoke like it was still 1994.
"I’ve made clear with President Xi that we seek competition, not conflict," Biden said.
"I will make no apologies that we are investing to make America strong."
"Investing in American innovation, in industries that will define the future, and that China’s government is intent on dominating."
Biden's only mention of the balloon came when he said, "If China threatens our sovereignty, we will act to protect our country."
"And we did."
But did he?
Biden reportedly first responded to finding out about the balloon by calling for its immediate destruction, but the Pentagon talked him out of this until it had traversed half of the continental United States.
Furthermore, Blinken postponed his visit to Beijing — not after the administration discovered the balloon, but rather after the public did.
The belated reaction would imply that Biden is concerned about relations with the Chinese because of public opinion stateside, not the danger of the Chinese dictator and Communist Party.
That Biden thinks our relationship is a competition — a quest for market dominance between two equal partners with at least some common values — explains the entire problem.
The People's Republic of China is not a competitor.
It is a terror, a genocidal dictatorship that seeks not to best the U.S. but to unseat our dominance and undo the entire democratic world order.
https://www.msn.com/en-us/news/world/bi ... f73facd926