Tag Archives: China

China: Regime orders Bitcoin exchanges in capital city to close

Source: BBC News [UK state media]

"China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. The move follows the Chinese central bank's decision to ban initial coin offerings in early September. Top exchange BTCC said it would stop trading at the end of the month. Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks." (09/19/17)


Is China's export success built on slavery?

Source: Cafe Hayek
by Don Boudreaux

China’s workforce today is nearly 803 million — a number that, I’ll assume to make my argument here weaker than otherwise, does not include the 15.5 million slaves. Thus, even according to figures given by the ILO, percentage of Chinese workers who are slaves is 'only' 1.9. Again, if this number is correct, that’s 1.9 percent of workers too many. But this small percentage makes unbelievable the often-repeated assertion that China’s modern export success is built on slavery. Indeed, even if we make the overly 'generous' assumption that all 25 million slaves in Asia and the Pacific are Chinese workers, the percentage of the Chinese workforce who are slaves remains tiny; it’s 3.1 percent. Bottom line: Even on assumptions most generous to those who contend that modern China’s economic success generally, and its export success specifically, is the product of slavery in China, the numbers simply do not support the contention." (09/19/17)


China: Sex doll sharing service suspended after police order "vulgar" displays to be removed

Source: South China Morning Post [Hong Kong]

"'We are sorry to announce that Touch will suspend the operation of its ‘girlfriend sharing’ service,' Xiamen HaiBao Information Technology Co, the developer of Touch, a Chinese sex-products retailer, said in a statement on Monday. The company launched the service in Beijing on Thursday. It would have allowed users to rent sex dolls, including Hong Kong, Russian, Chinese and Korean dolls as well as an Amazon-like 'Wonder Woman' with sword and shield. … The life-size silicone dolls, which usually cost over 10,000 yuan (US$1,500) each, were promoted as available for short-term companionship with a daily rental fee of 298 yuan after users paid a deposit of 8,000 yuan, local media reports said." [editor's note: Interesting business idea, but it seems like … um, cleanup … between customers would be a significant cost – TLK] (09/18/17)


India: Regime withdraws troops from disputed Himalayan region, defusing tension with China

Source: Washington Post

"India has begun withdrawing troops from a disputed Himalayan region on the border with China, foreign ministries from the two countries announced Monday, defusing a tense stand-off that had threatened to provoke armed conflict between the nuclear-armed Asian rivals. For the past two months, Indian and Chinese troops had faced off on a plateau in the Doklam area in Himalayas, after Indian troops moved in to prevent the Chinese military building a road into territory claimed by India’s close ally, Bhutan. China had repeatedly and furiously denounced the Indian move as a direct infringement of its sovereignty, demanded an immediate and unconditional withdrawal, and warned that conflict was a real possibility if that didn’t happen. On Monday, the two sides announced they had reached an agreement. But it was unclear if Beijing offered any concessions in return, such as agreeing to halt the construction of the road." (08/28/17)


China: Regime demands US immediately withdraw North Korea sanctions, warns will hit ties

Source: Washington Post

"China demanded on Wednesday that the United States immediately withdraw new sanctionson companies and individuals trading with North Korea, saying such punitive measures will damage Sino-U.S. ties. The Treasury Department imposed sanctions Tuesday on 10 companies and six individuals from China and Russia it said had conducted business with North Korea in ways that advanced the country’s missile and nuclear weapons program. But China’s Foreign Ministry insisted that its government had fully implemented U.N. Security Council resolutions on North Korea and would punish anyone caught violating the Security Council sanctions under Chinese law. It added that it opposed sanctions outside the framework of the Security Council." (08/23/17)


The Chinese economy's fatal flaws

Source: Ludwig von Mises Institute
by William Hongsong Wang

"Dr. Per Bylund’s recently published article poignantly states one of the core problems in the Chinese economy and its the state-manipulated Keynesian foundation. I do agree with his opinion. And if we dig deeper into the exact situation of Chinese economy, we will find that it’s a typical failing of the Keynesian, cronyist system. By using the perspective of Austrian business cycle theory, lets take a look at China’s real estate industry, which is suffering more and more painfully from artificial credit issued by China’s central bank, the People’s Bank of China (PBC)." (08/22/17)


Yes, China steals [sic] IP; no, that doesn't mean trade with China is a bad thing

Source: Investors Business Daily
by staff

"As the U.S. gets ready to square off with China over its unfair trade practices, a new study by a group of economists suggests that China has had a major beneficial impact on both U.S. inflation and its standard of living. Will a trade war with China undo those benefits? Everyone is angry at China right now, and perhaps with good reason. China's regime often bends trade rules to its own needs, and breaks them or ignores them when it's convenient. This is one of the big reasons why Donald Trump is pursuing an investigation into China's routine and often blatant theft of U.S. intellectual property and patents. By granting U.S. firms conditional access to its markets, China extorts or simply steals U.S. companies' technology and trade secrets." (08/21/17)


Hong Kong: Regime sentences protesters to 6-8 months in jail

Source: South China Morning Post [Hong Kong]

"Three prominent pro-democracy student leaders who stormed government buildings in the run-up to the Occupy protests of 2014 were jailed for between six and eight months on Thursday, and therefore face a five-year ban from public office, as the government won its bid for harsher punishments. The prison terms replaced the community service orders initially meted out to Demosisto leaders Joshua Wong Chi-fung and Nathan Law Kwun-chung, as well as the suspended three-week jail sentence for former student union chief Alex Chow Yong-kang." (08/17/17)


Kashmir: Chinese, Indian soldiers throw rocks at each other

Source: Charlottesville Daily Progress

"Indian and Chinese soldiers yelled and hurled stones at one another high in the Himalayas in Indian-controlled Kashmir, Indian officials said Wednesday, potentially escalating tensions between two nations already engaged in a lengthy border standoff elsewhere. The Chinese soldiers hurled stones while attempting to enter Ladakh region near Pangong Lake on Tuesday but were confronted by Indian soldiers, said a top police officer. The officer said Indian soldiers retaliated but neither side used guns." (08/16/17)


China: Regime bans North Korean iron, lead, coal imports as part of UN sanctions

Source: Washington Post

"China announced a ban on imports of iron ore, iron, lead and coal from North Korea on Monday, increasing the economic pressure on the Pyongyang regime, as it moved to implement a package of sanctions put together by the U.N. Security Council. The ban will take effect from Tuesday, the Ministry of Commerce announced, although China will continue to clear goods that have already arrived in port until Sept. 5. But at the same time, Beijing warned the Trump administration not to split the international coalition over North Korea by provoking a trade war between China and the United States. The warning comes as President Trump is expected to sign an executive memorandum Monday afternoon instructing his top trade negotiator to launch an investigation into Chinese intellectual property violations, a move that could eventually result in severe trade penalties." (08/14/17)