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China Times: Two Major US Stock Indexes Remove Dozens of Chinese Companies

Major Taiwanese newspaper China Times recently reported that two major U.S. stock indexes, the S&P and the Dow Jones Indices and FTSE Russell, decided to remove dozens of Chinese companies from their indexes. This will take effect at the end of July and in early August, respectively. This is the latest move by the U.S. stock market in response to the Biden administration’s executive order against China, which prohibits domestic investments in companies suspected of being affiliated with the Chinese military. In the past decade, the US capital market has always been a source of funds for Chinese companies, especially in the technology sector. At the same time, in the past couple of weeks, China has cracked down on several Chinese companies that wanted to list in the U.S. stock markets. Also, some of the stocks removed earlier based on Trump’s order now can return under Biden’s new Presidential Decree.

Source: China Times, July 9, 2021
https://www.chinatimes.com/cn/realtimenews/20210709003053-260409?chdtv

Briefings | | |   US-China Relations

China’s One-Cent Masks Are Driving U.S. Manufacturers Nuts

Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that many U.S. small personal protection equipment (PPE) vendors are having a hard time because of heavy competition. An example is mask manufacturer Premium-PPE. its mask sales dropped by 90 percent since last year, and only 50 of its 280 employees still remain employed. According to the American Mask Manufacturer’s Association (AMMA), all of its 26 member companies are expected to close down in the next 60 to 90 days. AMMA said this is the result of unfair trade competition from Chinese mask makers They are dumping one-cent masks into the U.S. market. Thousands of U.S. jobs will be at risk over the next two months. AMMA wrote to the Biden administration asking for the government to support “buy America” and for a ban on federal purchases of masks that do not meet American standards. AMMA plans to file an appeal to the WTO. However, the U.S. International Trade Administration refused to reveal whether the Administration will support this appeal or not.

Source: Sina, June 19, 2021
https://news.sina.com.cn/c/2021-06-29/doc-ikqciyzk2567453.shtml

Briefings | | |   Economy/Resources US-China Relations

NASA Administrator: Support Permanent Exclusion of China from International Space Station

Global Times recently reported that, on June 23, at a U.S. House of Representatives hearing, NASA Administrator Bill Nelson said that he supported the permanent “Wolf Clause” that excludes China from participating in the International Space Station. This means that China will never be allowed to participate in the Space Station’s research. Nelsen testified categorically that “America should be number one” in space technology. He also asked the House Science, Space and Technology Committee for a larger budget in order to produce greater results. In April 2011, on the grounds of so-called “national security,” the U.S. Congress approved the “Wolf Clause,” which banned any joint scientific research activities between China and the United States that were related to NASA or which the White House Office of Science and Technology Policy coordinated. With the recent space achievements China had, the EU and the U.S. started to worry. The European Space Agency (ESA) has already announced its 15 billion Euro new space program. The U.S. Biden administration just rushed a $24.8 billion 2022 NASA budget to Congress. Nelson seems to be familiar with the process of pumping more money into the Trump’s Artemis Program: play the “Watch the Chinese” card.

Source: Global Times, June 25, 2021
https://mp.weixin.qq.com/s/3UGUbf5IV1ks2OWVLcfHhg

Briefings | | |   Information/Technology US-China Relations

China Strictly Bans Bitcoin Mining

Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that the Chinese central government required a ban on bitcoin mining across all provinces. Some provinces are leading the implementation of the policy. Xinjiang, Inner Mongolia, Qinghai, Yunnan and Sichuan issued local detailed requirements to power suppliers to cut off power to the miners. So far, large scale bitcoin mining has been brought to a full halt in China. Surprisingly, at the same time, some U.S. states are welcoming bitcoin miners. At the moment, there are at least five bitcoin mining companies being publicly traded in U.S. capital markets. For example, this year Marathon Digital Holdings acquired the Hardin Power Station in Montana to supply power for bitcoin mining. Emiliano Grodski, CEO of Bitfarms, said that, thanks to the Chinese government’s intervention, his company is seeing the most rapid growth in its history. In the U.S., The low cost of energy in Texas has attracted many bitcoin miners. In early 2019, Wyoming passed a bill to recognize virtual currency as an intangible personal asset. Last month, Miami had the world’s largest bitcoin conference. The mayor even welcomed Chinese bitcoin miners to come and offered a low-cost nuclear power supply. The Americans may bring China some enlightenment on this matter.

Source: Sina, June 23, 2021
https://www.163.com/dy/article/GD5V3H970552A0PE.html

Briefings | | |   Economy/Resources Information/Technology US-China Relations

Departing Ambassador: Chinese Americans Have a “Great Responsibility to Defend China’s National Dignity”

Chinese Ambassador to the United States Cui Tiankai announced on Monday June 21 that he would be leaving his post to return to China. In his farewell letter, Cui described that “Sino-U.S. relations are at a critical crossroads.” He told the Chinese people in the U.S. that they have a major responsibility to “promote the unification of the motherland” and national rejuvenation.

Cui said that the U.S. policy towards China is at a “crossroads” of “dialogue and cooperation vs confrontation and conflict,” and that Chinese Americans need to contribute to the “Chinese dream of the great rejuvenation of the Chinese nation.” In addition to mentioning the ongoing “restructuring” of U.S.-China relations, he also recalled that Chinese Americans have always stood up when China was in “crisis” and “spoken out firmly in defense of national dignity.”

In his farewell letter, on the 100th anniversary of the founding of the Chinese Communist Party, he called for Chinese Americans to continue their contribution to the “new journey of building a comprehensive socialist modern state of China.”

Since 2013, Cui, 69, has served as China’s ambassador to the United States for eight years.

Source: Radio Free Asia, June 22, 2021
https://www.rfa.org/mandarin/Xinwen/wul0622b-06222021053049.html

Briefings | | |   US-China Relations

Chinese CCTV: China Asked the U.S. to Drop “Completely” All Sanctions against Iran

Chinese Central Television (CCTV) recently reported that, not long ago, the Iran Nuclear Deal joint committee resumed the negotiations in Vienna. Wang Qun, the Chinese Representative to the negotiations and the Chinese Permanent Representative to the United Nations in Vienna, attended the meeting and explained the Chinese position. Wang said this new round of negotiations had dragged on for 11 weeks already, yet the topic of dropping the sanctions went nowhere. The United States should drop all of its single-sided sanctions against Iran, as well as all of the long-arm sanctions against other countries involved. The U.S. embargo on conventional weapons against Iran should also be discontinued. Since the U.S. has made the political choice of returning to the Iran Deal, the discontinuation of the sanctions should be comprehensive, clean and thorough on all fronts. China also asked all parties to engage deeply and to prevent future random departures. Wang called for “hard work” to reach the resumption of the Iran Nuclear Deal as early as possible.

Source: CCTV, June 13, 2021
http://m.news.cctv.com/2021/06/13/ARTI4RVhrry0ybVpTdxOy4TP210613.shtml

Briefings | | |   Geo-Strategic Trend US-China Relations

Xinhua’s One-Sided Report on US China Diplomatic Phone Call

On June 11, 2021, Yang Jiechi, China’s top diplomat, had a telephone call with U.S. Secretary of State Blinken.

An AP report, published on June 12, summarized that the phone call was another “sharply worded exchange” between Yang and Blinken. The call revealed a wide clash on a number of contentious issues, including freedom in Hong Kong and Xinjiang.

However, the news article Xinhua published presented a one-sided report to its Chinese readers. Below is the summary of the Xinhua article.

The mainstream of Sino-US relations should be dialogue and cooperation. Cooperation should be mutually beneficial to both sides and resolve each other’s concerns in a balanced manner. China urges the U.S. to work with China to bring Sino-US relations back on track.

As to Taiwan, China urges the US to abide by the one-China principle, keep its promises, handle Taiwan-related issues in a prudent and proper manner, and take concrete actions to maintain the overall situation of China-US relations and peace and stability across the Taiwan Strait.

There is one international system and one type of multilateralism.  They are based on the purposes and principles of the United Nation’s Charter. It is not up to a few countries to advocate their version of the system and order. Respect for sovereignty is a prerequisite for human rights. The U.S. should fix its own serious domestic human rights violations and not use any so-called human rights issues as an excuse to interfere in the internal affairs of other countries.

China actively participates in and supports the international effort to combat COVID 19 and firmly opposes any despicable acts that use the epidemic as an excuse to slander China and to shift blame. Some people in the United States have fabricated and peddled absurd stories claiming there was a Wuhan lab leak, which China is gravely concerned about. China urges the United States to respect facts and science, refrain from politicizing the tracing of COVID-19’s origin and concentrate on international anti-pandemic cooperation.

China will soon celebrate the 100th anniversary of the founding of the Chinese Communist Party. The Chinese people have made great achievements under the strong leadership of the Communist Party. They will unite more closely, work harder and unswervingly follow the path of socialism with Chinese characteristics. They will continue to build a more prosperous China and achieve the realization of the great rejuvenation of the Chinese nation.

Sources:
1. Xinhua, June 11, 2021
http://www.xinhuanet.com/2021-06/11/c_1127556040.htm
2. US News, June 12, 2021
https://www.usnews.com/news/world/articles/2021-06-12/china-us-diplomats-clash-over-human-rights-pandemic-origin
3. Department of State, June 11, 2021
https://www.state.gov/secretary-blinkens-call-with-politburo-member-yang/

Briefings | | |   US-China Relations

CNA: Three U.S. Senators Visited Taiwan

Primary Taiwanese news agency Central News Agency (CNA) recently reported that, according to the American Institute in Taiwan (AIT, the de facto Embassy of the United States in Taiwan), three U.S. Senators will be visiting Taiwan on June 6. The visit intends to discuss topics on the U.S.-Taiwan relationship and regional security. Senator Ladda Tammy Duckworth (D), Senator Daniel Scott Sullivan (R) are members of the Senate Armed Services Committee, and Senator Christopher Andrew Coons (D) is a member of the Senate Foreign Affairs Committee, the Chairman of the Senate Ethics Committee, a member of Senate Committee on Appropriations, and a co-sponsor of the Taiwan Assurance Act (also known as the Taipei Act).  The Taiwan Ministry of Foreign Affairs said these U.S. senators are all long-term supporters of Taiwan, and they are prioritizing the visit to Taiwan to demonstrate their firm bi-partisan support of Taiwan in the U.S. Senate. This is the first international visit that the Senate Armed Services Committee planned to have, after the breakout of the Covid-19 Pandemic last year. The whole U.S. Senate visiting group includes ten people. A meeting with Taiwanese President Tsai Ing-wen is part of the schedule. [Editors Note: According to DW, the U.S. was expected to give 750,000 doses of COVID vaccine to the island. Taipei had accused China of blocking it from making a deal to procure doses from a German firm, but Beijing denied the accusation.]

Source: CNA, June 5, 2021
https://www.cna.com.tw/news/firstnews/202106055008.aspx
DW: June 6, 2021
https://www.dw.com/en/us-senators-visit-taiwan-in-trip-that-may-irk-china/a-57790467

Briefings | | |   Geo-Strategic Trend US-China Relations