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TOPIC: chinese economy


How A Xi Jinping Dinner In San Francisco May Have Sealed Mastercard's Arrival In China

The credit giant becomes only the second player after American Express to be allowed to set up a bank card-clearing RMB operation in mainland China.


It appears that one of the biggest beneficiaries from Chinese President Xi Jinping's visit to San Francisco was Mastercard.

The U.S. credit card giant has since secured eagerly anticipated approval to expand in China's massive financial sector, having finally obtained long sought approval from China's central bank and financial regulatory authorities to initiate a bank card business in China through its joint venture with its new Chinese partner.

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Through a joint venture in China between Mastercard and China's NetsUnion Clearing Corporation, dubbed Mastercard NUCC, it has officially entered mainland China as an RMB currency clearing organization. It's only the second foreign business of its kind to do so following American Express in 2020.

The Wall Street Journal has reported that the development is linked to Chinese President Xi Jinping's meeting on Nov. 15 with U.S. President Joe Biden in San Francisco, part of a two-day visit that also included dinner that Xi had with U.S. business executives.

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Why China's Faltering Economy Is Such Bad News For The Global South

China's economy is struggling, partly driven by a deepening economic rift with the U.S. That does not bode well for the rest of the world, particularly countries in the Global South, writes Argentine daily Clarín.


BUENOS AIRES — Mired in a persistent crisis of growth, the world may be moving toward two unnerving scenarios. One is that the West, and especially the United States, may have resigned itself to China absorbing Russia into its orbit on the back of the Ukraine war. A less dramatic version would be the consolidation of an Eastern front, characterized nonetheless by a strategic divide between those two powers.

The other, more disturbing possibility is of two fronts already decided on the need to eliminate, rather than interact with, the competition.

This could explain the United States' constant ratcheting up of protectionist measures against China, no matter what these measures are called by the White House. The Biden administration recently moved to curb Chinese access to sophisticated chips (with an order restricting U.S. investments in China in that sector), even as banking institutions like Goldman Sachs are advising businesses to disinvest in China — and fast. The pretext given for such moves is national security, as Treasury Secretary Janet Yellen observed on a recent visit to Beijing.

Yellen insists the United States is not trying to obstruct China's commercial development, but block those developments that could harm U.S. national security. Whatever the labels, the United States does want to dampen communist China's technological development, seeing as its ambition is nothing less than global primacy by the middle of the century or before.

The U.S. is presently targeting all high-tech products and components that may have military applications or give China a cutting edge, and pressuring allies in Europe and Asia to adopt a similar approach, even if the EU is reluctant to follow suit.

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Serious Risks Of Trump Presidency For The Asian Economy

HONG KONG — Just when China's economy seemed to be stabilizing, Donald Trump's election as U.S. president poses significant new risks. Not just for Chinese growth, but the entire Asia region.

That's because the president-elect campaigned on a policy platform with protectionism at its center. Trump wants to slap punitive tariffs on Chinese goods and label the world's No. 2 economy a currency manipulator.

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Why Hong Kong Is Still A Model For Mainland China


HONG KONG — Lately there have been snarky voices and Internet taunting directed at Hong Kong. This mostly comes from Chinese mainlanders declaring that Hong Kong's economy is doddering and unprogressive, and that from both an entrepreneurial and infrastructure point of view, it is lagging behind the world and mainland China.

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China 2.0
Chen Yongjie

The Only Way To End China's Pollution Disaster Is To Slow Down The Economy

Look at the numbers, both environmental and economic, and the solution is clear: slower growth.

BEIJING - Recently the haze that lies over much of China's eastern region, including the capital, has been fodder for the newspapers, both here and abroad. And there is no doubt that the impact of the pollution on the economy, society, and public health is immense.

But it is worth asking whether the smog we live under is a necessity for China's development?

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Zhu Xiaochun

Why China Is Still So Far From A Free-Market Economy


BEIJING - Most agree that state-owned enterprises, which have long been at the core of China's economy, must be reformed. That begins with fundamental changes in the way that such entities are managed, both by increasing the separation between state oversight and individual management, and the separation between management and ownership.

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Tourist Shoppers Abroad Demonstrate China's Economic Might



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