Oct 2015

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Weekly US-China News-Issue: Oct 6th, 2015

 

Markets

China limits overseas cash withdrawals for its citizens – CNN

China’s yuan jumps to fourth most-used world payment currency – The Guardian

U.S. trade deficit widens as exports sag, imports from China surge – Reuters 

Now Is the Time to Buy Chinese Stocks, Says Prominent London Hedge Fund – The Wall Street Journal

The next thing to worry about in Chinese markets – CNBC

‘Medical Tourism’ Continues to Grow in China, as New Website Offers Services – Caixin Online

The brightest minds on China explain what’s really going on – Business Insider 

 Li Ka-shing shows CEOs how to deal with China – Financial Times

Foreign Company R&D: In China, For China – China Business Review

Banking

Online Financiers Banking on China’s Future – Caixin Online

China to curb yuan speculation amid reform push: central bank – Reuters 

Ecommerce/Technology

Alibaba Firm Riles Gov’t with Promotions for Credit Score Service – Caixin Online

Chinese Consumer Apps Burn Out in Price War – The Wall Street Journal

‘It Had Better Get Bloodier:’ Q&A with Xiaomi’s Lei Jun on China’s Smartphone Battle – The Wall Street Journal

Apple Music faces tough audience in China – CNBC

Zuckerberg, Sandberg Keep Up Facebook China Press – Forbes

Agriculture/ Food&Wine

Tough new law sets new regulatory system – CCTV

China’s Amended Food Safety Law Effective Oct. 1 – Food Safety Magazine 

Chinese sprout an interest in organic farming amid concerns over food safety – South China Morning Post

Large Inventories, Strong Dollar, Chinese Economy All Weighing Down on U.S. Agriculture Prices – Market Watch

China to investigate illegal domestic GMO crops: agriculture ministry – Reuters

US Agriculture Secretary on US-China agricultural cooperation – CCTV

Real Estate

White-gloved butlers a new must-have for China’s super-rich – The Washington Post

Why China Is on an L.A. Spending Spree: “It’s Just Monopoly Money to Them” – The Hollywood Reporter 

China Business Insights

Marketing in China: a five-step guide – The Guardian 

Unique China

China’s First Nobel Laureate in Science – The Wall Street Journal

A Tradition for New Mothers in China, Now $27,000 a Month – The New York Times

The fuerdai, China’s second-generation rich kids, are the most loathed group in the country. They’re also its future. –  Bloomberg

California Center President Speaks at the meeting with Governor Brown and Jiangshu Party Secretary

SACRAMENTO,CA ( October 5th, 2015) – California Center’s President/CEO Margaret Wong and Vice President of Global Operations, Gordon Hinkle attended a special meeting yesterday at the Stanford Mansion in Sacramento, California.  The meeting featured Governor Brown and China Party Secretary, Luo Zhijun of the Jiangsu Province who had gathered for a special friendship delegation meeting focused on climate change and business relations. Governor  Brown and Jiangsu Party Secretary Luo Zhijun announced that Jiangsu Province – California’s Chinese sister-state – has endorsed the Under 2 MOU climate agreement, a pact among cities, states and countries around the world to limit the increase in global average temperature to below 2 degrees Celsius – the warming threshold at which scientists say there will likely be catastrophic climate disruptions.

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Margaret Wong, President of California Center, speaks at the meeting.

Wong gave special remarks during the event detailing the engagement of California Center in the Jiangsu Province and its plans to create a special offline-to-online showroom to promote California goods and products in the city of Wuxi.  Additionally, Wong promoted the creation of the newly formed U.S. Smart Cities Alliance (USSCA) which derived from an April Presidential Trade Mission team to China, led by Secretary Penny Pritzker of the U.S. Department of Commerce and Deputy Secretary Dr. Sherwood-Randall from the U.S. Department of Energy that Wong was a part of.   The USSCA, being led by Wong’s McWong Environmental Technology company, and other top U.S. companies from the trade mission, like The Digit Group, Sensity, Xylem, Dais, Dresser-Rand and others — is focused on bringing top-down support in both China and the U.S. for U.S. smart technology and clean energy companies to engage in smart city projects all throughout China.

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Governor Brown (Right) and Jiangsu Party Secretary Luo Zhijun (Left) shake hands after signing MOU.

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Governor Brown delivers speech at the event.

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Jiangsu Party Secretary Luo Zhijun speaks at the event.

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Brian Peck, Deputy Director of International Affairs and Business Development, speaks at the event.

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Susanne T. Stirling, Vice President – International at California Chamber of Commerce, speaks at the event.