What made Japan, China, South Korea hold a summit now?
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Japan, China, and South Korea will hold their first trilateral summit in Seoul on May 26-27; The last trilateral summit was held in December 2019 with different leaders; The international situation has changed drastically since the last summit; The leaders are expected to discuss issues promoting stability and prosperity in the region.
#Japan #China #SouthKorea #Summit #TrilateralSummit
https://asia.nikkei.com/Spotlight/Comment/What-made-Japan-China-South-Korea-hold-a-summit-now
With Iran port deal, India to expand Central Asia trade, counter China
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India has signed a 10-year contract to develop and operate the Iranian port of Chabahar, which could serve as a counter to a Chinese-controlled project in Pakistan. The deal, signed between India Ports Global Ltd. (IPGL) and the Ports and Maritime Organization of Iran, involves an investment of $120 million to equip the port and a credit window of $250 million to improve project-related infrastructure. The total contract value is $370 million. The deal replaces a 2016 pact that was being renewed annually. The move aims to expand India's trade with Central Asia and counter China's influence in the region. However, the success of the deal depends on whether the U.S. imposes sanctions on India for its engagement with Iran.
#India #Iran #ChabaharPort #CentralAsia #China #Trade #Sanctions
https://asia.nikkei.com/Politics/International-relations/With-Iran-port-deal-India-to-expand-Central-Asia-trade-counter-China
Transcript: Top Japan currency diplomat speaks with Nikkei
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Masato Kanda, Japan's vice finance minister for international affairs, expressed concern over economic fragmentation ahead of a meeting of senior Group of Seven finance officials this week. He also discussed economic reform in Japan, the weakening yen, and a proposal to use frozen Russian assets to support Ukraine. Kanda emphasized the need to rely on international law for such a move. The interview highlights the importance of free and rules-based trade.
#Japan #CurrencyDiplomat #EconomicFragmentation #G7 #EconomicReform #WeakeningYen #FrozenRussianAssets #Ukraine #InternationalLaw #FreeTrade #RulesbasedTrade
https://asia.nikkei.com/Editor-s-Picks/Interview/Transcript-Top-Japan-currency-diplomat-speaks-with-Nikkei2
Taiwan opposition poised to pass controversial bills as backlash grows
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Taiwan's parliamentary crisis escalates as opposition plans to pass controversial bills; Opposition lawmakers from the Kuomintang (KMT) and Taiwan People's Party (TPP) command a majority; Former U.S. officials and academics raise concerns over the move; Lawmakers prepare for physical confrontations; Protesters gather outside the Legislative Yuan in Taipei; Opposition lawmakers have commandeered the area around the speaker's chair to ensure proceedings move forward without interruption
#Taiwan #ParliamentaryCrisis #Opposition #ControversialBills #Protests
https://asia.nikkei.com/Politics/Taiwan-opposition-poised-to-pass-controversial-bills-as-backlash-grows
China plastics probe hits EU, U.S., Japan, Taiwan: 5 things to know
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China's Ministry of Commerce has initiated an anti-dumping investigation into a chemical product called polyformaldehyde (POM) copolymer, exported by companies in the European Union, the U.S., Japan, and Taiwan. The decision has left industry players puzzled as to why this particular material was being targeted among so many exports to China and why now. POM copolymer belongs to a group of durable and heat-resistant materials known as engineering plastics. Chinese President Xi Jinping's government is thought to be protecting domestic production for economic security.
#China #Eu #Us #Japan #Taiwan #AntidumpingInvestigation #Polyformaldehyde #PomCopolymer #EngineeringPlastics
https://asia.nikkei.com/Economy/Trade-war/China-plastics-probe-hits-EU-U.S.-Japan-Taiwan-5-things-to-know
Taiwan's Lai Ching-te, coal miner's son, sworn in as president
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Lai Ching-te, the son of a coal miner, has been sworn in as the president of Taiwan. Lai, a staunch defender of Taiwanese sovereignty, will face challenges from China and opposition forces at home. China is increasing pressure on Taiwan, and an opposition coalition is rushing through laws that top lawyers have warned against. Lai's inauguration comes after the historic presidency of Tsai Ing-wen. Taiwan is urged to prepare for war, and the US has reassured Taiwan of its support against China. China aims to invade Taiwan by 2027, according to a US admiral.
#Taiwan #LaiChingte #President #China #Sovereignty #Opposition #TsaiIngwen #Inauguration #Us #Support
https://asia.nikkei.com/Politics/Taiwan-s-Lai-Ching-te-coal-miner-s-son-sworn-in-as-president
Tsai Ing-wen, Taiwan's steely promoter, wraps up historic presidency
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During her eight years in power, Taiwan's President Tsai Ing-wen positioned the democracy as a bastion of liberty in a world facing authoritarian expansionism; Tsai Ing-wen transferred power to her vice president and successor, President-elect Lai Ching-te; Taiwan hosted a major international media awards ceremony for the first time, with Tsai Ing-wen declaring Taiwan's commitment to democracy, freedom, and human rights; China increased pressure on Taiwan ahead of Lai's inauguration; Tsai Ing-wen's presidency saw the legalization of same-sex marriage in Taiwan; Tsai Ing-wen praised Taiwan as a hub for press freedom; Tsai Ing-wen recognized transnational same-sex marriage and allowed same-sex couples to adopt children in Taiwan.
#TsaiIngwen #Taiwan #Presidency #Democracy #HumanRights #China #SamesexMarriage #PressFreedom
https://asia.nikkei.com/Politics/Tsai-Ing-wen-Taiwan-s-steely-promoter-wraps-up-historic-presidency2
Tsai Ing-wen, Taiwan's steely promoter, wraps up historic presidency
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During her eight years in power, Taiwan's President Tsai Ing-wen positioned the democracy as a bastion of liberty in a world facing authoritarian expansionism; Tsai Ing-wen transferred power to her vice president and successor, President-elect Lai Ching-te; Taiwan hosted a major international media awards ceremony for the first time, with Tsai Ing-wen declaring Taiwan's commitment to democracy, freedom, and human rights; China increased pressure on Taiwan ahead of Lai's inauguration; Tsai Ing-wen's presidency saw the legalization of same-sex marriage in Taiwan; Tsai Ing-wen praised Taiwan as a hub for press freedom; Tsai Ing-wen recognized transnational same-sex marriage and allowed same-sex couples to adopt children in Taiwan.
#TsaiIngwen #Taiwan #Presidency #Democracy #HumanRights #China #SamesexMarriage #PressFreedom
https://asia.nikkei.com/Politics/Tsai-Ing-wen-Taiwan-s-steely-promoter-wraps-up-historic-presidency2
Half of companies see China economy worsening this year: Japan chamber
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Half of Japanese companies operating in China predict the Chinese economy will worsen this year, according to the Japanese Chamber of Commerce and Industry. In a survey, 50% of member companies said they expect economic conditions to be worse or somewhat worse in 2024 compared to last year, up from 39% in January.
#ChinaEconomy #JapaneseCompanies #JapaneseChamberOfCommerceAndIndustry
https://asia.nikkei.com/Economy/Half-of-companies-see-China-economy-worsening-this-year-Japan-chamber
China blasts U.K. arrest of Hong Kong trade office manager in spy case
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China's representative in the United Kingdom criticizes the arrest of three individuals, including a staffer at the Hong Kong Economic and Trade Office, on allegations of spying for the Hong Kong intelligence service; The Chinese Embassy in the U.K. firmly rejects and strongly condemns the accusations against the Hong Kong government.
#China #Uk #HongKong #SpyCase #Arrest #IntelligenceService
https://asia.nikkei.com/Spotlight/Hong-Kong-security-law/China-blasts-U.K.-arrest-of-Hong-Kong-trade-office-manager-in-spy-case
Mighty dollar pushes Asian governments to boost currency protection
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Asian governments are taking action to stop the fall of their currencies due to the strong US dollar. The strength of the American economy and higher interest rates have led to weaker Asian currencies. Policymakers are responding in various ways, including issuing warnings, raising interest rates, and potentially intervening by buying their local currency. The situation has raised concerns about coordinated intervention and the credibility of central banks. The article highlights specific countries affected, such as China, Laos, Myanmar, and Japan. The focus is on buying time until the US economy slows down.
#CurrencyProtection #AsianGovernments #UsDollar #AsianCurrencies #InterestRates #CentralBanks #China #Laos #Myanmar #Japan
https://asia.nikkei.com/Spotlight/Market-Spotlight/Mighty-dollar-pushes-Asian-governments-to-boost-currency-protection
U.S. weighs sanctions on Chinese banks over Russia military support
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The U.S. is considering imposing sanctions on Chinese financial institutions believed to be helping Russia amid its invasion of Ukraine. The move is aimed at clamping down on what the U.S. sees as a lifeline for Russian military production. During a meeting with Chinese President Xi Jinping, U.S. Secretary of State Antony Blinken urged Beijing to end military support for Moscow. Russia has reportedly acquired sights for 3,000 tanks from China through Belarus since spring 2023, despite American and European sanctions.
#Us #China #Russia #Sanctions #Ukraine #MilitarySupport
https://asia.nikkei.com/Politics/Ukraine-war/U.S.-weighs-sanctions-on-Chinese-banks-over-Russia-military-support
Philippines wants Chinese diplomats expelled amid South China Sea row
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The Philippines' national security adviser is calling for the expulsion of Chinese diplomats over an alleged leak of a phone conversation with a Filipino military official. Tensions between the two countries have been escalating over territory in the South China Sea. China recently harassed and shot water cannons at a Filipino humanitarian mission headed to Scarborough Shoal. The Philippines plans to beef up its defenses against South China Sea threats. The article also mentions previous incidents such as China flexing its muscle at sea as a new aircraft carrier starts trials and the Philippines winning a breakthrough at a summit with Japan and the U.S. China claims to have a South China Sea deal with Philippines' Duterte. The Philippines wants to take action against China by expelling its diplomats.
#Philippines #China #Diplomats #SouthChinaSea #TerritorialTensions
https://asia.nikkei.com/Politics/International-relations/South-China-Sea/Philippines-wants-Chinese-diplomats-expelled-amid-South-China-Sea-row
China's territorial claims illegal, deceptive: U.S. Indo-Pacific chief
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Adm. Samuel Paparo, the new commander of the U.S. Indo-Pacific Command, stated that China's intrusive and expansionist claims in the Indo-Pacific are "illegal, coercive, aggressive and deceptive." He emphasized that China's actions go beyond the standard phrase of "gray zone." The statement was made at a change of command ceremony in Hawaii, where Adm. Paparo relieved Adm. John Aquilino.
#China #Indopacific #TerritorialClaims #AdmSamuelPaparo #UsIndopacificCommand
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/China-s-territorial-claims-illegal-deceptive-U.S.-Indo-Pacific-chief
China fires water cannons at Philippine ships in South China Sea
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Tensions flared in the South China Sea as Beijing disrupted a humanitarian mission by Manila. China Coast Guard vessels shot water cannons eight times at Philippine vessels during a morning standoff. The incident occurred amid joint drills between the Philippines and the U.S. in the South China Sea. The Philippine Bureau of Fisheries and Aquatic Resources (BFAR) confirmed the attack. The article provides links to related articles on the South China Sea dispute and the Philippines' relations with China, Japan, and the U.S.
#SouthChinaSea #China #Philippines #WaterCannons #MaritimeDispute
https://asia.nikkei.com/Politics/International-relations/South-China-Sea/China-fires-water-cannons-at-Philippine-ships-in-South-China-Sea
China wants ability to invade Taiwan by 2027, U.S. admiral says
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China aims to have the capability to invade Taiwan by 2027, according to Adm. John Aquilino, commander of the U.S. Indo-Pacific Command. Aquilino stated that Chinese President Xi Jinping has asked his military to be prepared for execution in 2027. This echoes previous warnings by senior American military officials. Despite economic challenges, China is building up its military. The U.S. admiral's comments highlight the growing tensions between China and Taiwan.
#China #Taiwan #Military #Invasion #Tensions
https://asia.nikkei.com/Editor-s-Picks/Interview/China-wants-ability-to-invade-Taiwan-by-2027-U.S.-admiral-says
China wants ability to invade Taiwan by 2027, U.S. admiral says
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China aims to have the capability to invade Taiwan by 2027, according to Adm. John Aquilino, commander of the U.S. Indo-Pacific Command. Aquilino stated that Chinese President Xi Jinping has asked his military to be prepared for execution in 2027. This echoes previous warnings by senior American military officials. Despite economic challenges, China is building up its military. The U.S. admiral's comments highlight the growing tensions between China and Taiwan.
#China #Taiwan #Military #Invasion #Tensions
https://asia.nikkei.com/Editor-s-Picks/Interview/China-wants-ability-to-invade-Taiwan-by-2027-U.S.-admiral-says
China accelerates purge at state-owned companies to fight graft
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China has replaced more than three times as many top executives at state-owned companies so far this year as it did in the same period in 2023. The purge is a signal of a growing push to stamp out corruption at critical businesses. Chen Mingbo, the recently appointed chairman of China Aerospace Science and Technology Corp. (CASC), urged greater efforts to "become a space power and build a world-leading military."
#China #StateownedCompanies #Corruption #Graft
https://asia.nikkei.com/Business/Business-trends/China-accelerates-purge-at-state-owned-companies-to-fight-graft
China accelerates purge at state-owned companies to fight graft
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China has replaced more than three times as many top executives at state-owned companies so far this year as it did in the same period in 2023. The purge is a signal of a growing push to stamp out corruption at critical businesses. Chen Mingbo, the recently appointed chairman of China Aerospace Science and Technology Corp. (CASC), urged greater efforts to "become a space power and build a world-leading military."
#China #StateownedCompanies #Corruption #Graft
https://asia.nikkei.com/Business/Business-trends/China-accelerates-purge-at-state-owned-companies-to-fight-graft
China accelerates purge at state-owned companies to fight graft
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China has replaced more than three times as many top executives at state-owned companies so far this year as it did in the same period in 2023. The purge is a signal of a growing push to stamp out corruption at critical businesses. Chen Mingbo, the recently appointed chairman of China Aerospace Science and Technology Corp. (CASC), urged greater efforts to "become a space power and build a world-leading military."
#China #StateownedCompanies #Corruption #Graft
https://asia.nikkei.com/Business/Business-trends/China-accelerates-purge-at-state-owned-companies-to-fight-graft
Philippine-U.S. drills, South Korea GDP, Beijing revives auto show
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The Philippines and the U.S. commence the 39th iteration of their annual military exercises, with plans to simulate the sinking of an enemy warship and retaking territory from hostile forces. Indonesia's Constitutional Court will rule on Defense Minister Prabowo Subianto's victory in presidential elections. The Standing Committee of China's National People's Congress meets from April 23 to 26. U.S. Secretary of State Antony Blinken will visit China to meet senior officials in Shanghai and Beijing. China's capital opens the Beijing International Automotive Exhibition for the first time in four years. South Korea reports quarterly gross domestic product growth. The Bank of Japan is expected to keep its policy on hold after raising interest rates for the first time in 17 years in March.
#Philippines #Us #MilitaryExercises #Indonesia #PresidentialElections #China #NationalPeople'sCongress #AntonyBlinken #BeijingInternationalAutomotiveExhibition #SouthKorea #Gdp #BankOfJapan
https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Philippine-U.S.-drills-South-Korea-GDP-Beijing-revives-auto-show
NATO could be drawn into Taiwan conflict, affiliated report finds
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A report from the NATO Defense College suggests that NATO could become involved in a potential Taiwan conflict if fighting reaches U.S. territory in the Pacific. The report, titled 'NATO and a Taiwan contingency,' is an academic report and not the bloc's formal position. The analysis of Taiwan's situation in relation to NATO is rare and could serve as a reference in the alliance's strategic planning.
#Nato #Taiwan #Conflict #Report
https://asia.nikkei.com/Politics/International-relations/Taiwan-tensions/NATO-could-be-drawn-into-Taiwan-conflict-affiliated-report-finds
Asian currencies' plunge raises alertness over coordinated intervention
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Most Asian currencies have been hit this year by the strength of the dollar, prompting monetary officials to issue verbal warnings or even intervene. The finance chiefs of the U.S., Japan, and South Korea expressed concerns over the fall of the yen and the won. Some analysts view Washington's nod to concerns in Tokyo and Seoul over their plunging currencies as taking a step closer to market intervention.
#AsianCurrencies #Dollar #FinanceChiefs #Intervention
https://asia.nikkei.com/Business/Markets/Currencies/Asian-currencies-plunge-raises-alertness-over-coordinated-intervention
Chinese exodus leaves Cambodia boomtown with 500 'ghost buildings'
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An exodus of Chinese real estate companies has left Sihanoukville, Cambodia with 500 unfinished buildings. The seaside resort is now littered with half-finished projects due to a casino clampdown and the impact of COVID-19. The concrete skeleton of one of these buildings stands on a piece of land owned by Pan Sombo, a 51-year-old elementary school teacher. The exodus of Chinese companies has resulted in a significant number of 'ghost buildings' in Sihanoukville.
#Cambodia #Sihanoukville #ChineseRealEstateCompanies #GhostBuildings #CasinoClampdown #Covid19
https://asia.nikkei.com/Business/Markets/Property/Chinese-exodus-leaves-Cambodia-boomtown-with-500-ghost-buildings
U.S.-China fight over manufacturing subsidies just getting started
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U.S. Treasury Secretary Janet Yellen's trip to China did not achieve any significant breakthroughs on China's surplus industrial production. The visit highlighted the looming collision between the two governments over this issue. Yellen called on China to offer a level playing field for U.S. companies and to focus on bolstering domestic demand. The fight over manufacturing subsidies between the U.S. and China is just getting started.
#Uschina #ManufacturingSubsidies #JanetYellen #China'sSurplusIndustrialProduction
https://asia.nikkei.com/Opinion/U.S.-China-fight-over-manufacturing-subsidies-just-getting-started
Japan's economic house is now in much better order
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Japan's first interest-rate increase in 17 years marks the end of the world's longest zero interest-rate policy and validates a decade of structural change in the country's economy. Japan's recent GDP growth has been modest but not far below that of Australia or the U.S. Japan's nominal GDP has outgrown China's for the first time in 46 years. The Bank of Japan's next challenge will be to pull back from stocks and bonds. Japan's stock market rally can outlast negative interest rates. Japan's corporate bankruptcies have hit a 9-year high with the end of COVID lifelines. Japan's manufacturers' business mood has dropped for the first time in a year. Japan has avoided a recession as strong capital expenditure boosts Q4 GDP.
#Japan #Economy #InterestRates #Gdp #BankOfJapan #StockMarket #CorporateBankruptcies #Manufacturing #Recession
https://asia.nikkei.com/Opinion/Japan-s-economic-house-is-now-in-much-better-order
MLB Seoul Series shows promise of U.S.-Japan-South Korea cooperation
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The baseball games played in Seoul between the Los Angeles Dodgers and the San Diego Padres showcased the potential for deeper trilateral cooperation among the U.S., South Korea, and Japan. The games were used as a platform for public diplomacy. Sports diplomacy could be uniquely effective in bridging skeptical publics. Jinwan Park, a representative of South Korea, believes that the games demonstrated the promise of U.S.-Japan-South Korea cooperation. Park will be attending the U.S.-ROK-Japan Trilateral Global Leadership Youth Summit in July and is an incoming Schwarzman Scholar at Tsinghua University in Beijing.
#Baseball #Diplomacy #Us #Japan #SouthKorea
https://asia.nikkei.com/Opinion/MLB-Seoul-Series-shows-promise-of-U.S.-Japan-South-Korea-cooperation
Japan's Kishida says U.S. not alone in upholding world order
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Japanese Prime Minister Fumio Kishida addressed a joint meeting of the U.S. Congress and stated that the U.S. does not have to shoulder the responsibility of upholding the international order alone. He expressed Japan's readiness to be a "shipmate" in that endeavor. Kishida detected self-doubt among some Americans about their role in the world. The speech was delivered in English. The article also mentions Japan's National Security Council rewriting China strategy and the strengthening of bonds between Biden and Kishida to defend the global order.
#Japan #Us #FumioKishida #Congress #InternationalOrder
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/Japan-s-Kishida-says-U.S.-not-alone-in-upholding-world-order
Japan's Kishida says U.S. not alone in upholding world order
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Japanese Prime Minister Fumio Kishida addressed a joint meeting of the U.S. Congress and stated that the U.S. does not have to shoulder the responsibility of upholding the international order alone. He expressed Japan's readiness to be a "shipmate" in that endeavor. Kishida detected self-doubt among some Americans about their role in the world. The speech was delivered in English. The article also mentions Japan's National Security Council rewriting China strategy and the strengthening of bonds between Biden and Kishida to defend the global order.
#Japan #Us #FumioKishida #Congress #InternationalOrder
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/Japan-s-Kishida-says-U.S.-not-alone-in-upholding-world-order
Singapore Q1 GDP growth ticks up to 2.7% on 'strong' tourism recovery
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Singapore's economy grew 2.7% in Q1 2024, accelerating from 2.2% in the previous quarter. The growth is attributed to a 'strong' recovery in tourism. The official estimate falls short of the median forecast of 2.9% from economists polled by Reuters.
#Singapore #GdpGrowth #TourismRecovery
https://asia.nikkei.com/Economy/Singapore-Q1-GDP-growth-ticks-up-to-2.7-on-strong-tourism-recovery
Full text of Japanese Prime Minister Kishida's speech to U.S. Congress
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Japanese Prime Minister Fumio Kishida delivered a speech at the U.S. Congress, emphasizing Japan's role as a global partner. Kishida expressed gratitude for the warm welcome he received during his time in the United States and highlighted the strong bond between Japan and the U.S. He discussed the challenges facing the international order, including threats to freedom and democracy, climate change, and the COVID-19 pandemic. Kishida also addressed the strategic challenge posed by China and the importance of upholding a free and open international order. He emphasized the need for close coordination between Japan and the U.S. to ensure credible and resilient deterrence. Kishida mentioned the issue of nuclear weapons proliferation in East Asia, particularly North Korea's nuclear and missile program. He also expressed concern about Russia's aggression against Ukraine and the threat of nuclear weapons use. Kishida highlighted the growing cases of oppression through digital technologies and economic coercion. He called for the safeguarding of common values and emphasized Japan's commitment to freedom, democracy, and the rule of law. Kishida expressed Japan's support for the U.S. leadership and its belief in the U.S. economy. He discussed Japan's transformation as a global partner and its efforts to strengthen the bilateral alliance with the U.S. Kishida mentioned Japan's increased defense budget, counterstrike capabilities, and cybersecurity improvements. He also highlighted Japan's sanctions against Russia and its aid to Ukraine. Kishida emphasized the importance of multilateral cooperation, including trilateral and quadrilateral partnerships, to realize a Free and Open Indo-Pacific. He mentioned Japan's economic initiatives and its commitment to leading the world in emerging technologies. Kishida concluded by reaffirming Japan's role as the United States' closest ally and its commitment to peace, freedom, and prosperity.
#JapanesePrimeMinister #FumioKishida #UsCongress #GlobalPartner #InternationalOrder #China #NorthKorea #Russia #Freedom #Democracy #RuleOfLaw #BilateralAlliance #FreeAndOpenIndopacific
https://asia.nikkei.com/Politics/International-relations/Full-text-of-Japanese-Prime-Minister-Kishida-s-speech-to-U.S.-Congress
U.S.-Japan-Philippines summit to send 'crystal clear' signal to China
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The first-ever trilateral summit between the U.S., Japan, and the Philippines will be held on Thursday to address China's coercion in the South China Sea. The summit is intended to send a 'crystal clear' message of unity. U.S. President Joe Biden is hosting Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. for a three-way meeting at the White House. Tensions have risen in the South China Sea, with China intensifying its actions to block Philippine supply ships. The summit aims to bolster economic ties and lock in relations with the Philippines.
#Us #Japan #Philippines #China #SouthChinaSea #Summit #Unity #JoeBiden #FumioKishida #FerdinandMarcosJr
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-Japan-Philippines-summit-to-send-crystal-clear-signal-to-China
Yen tumbles to 153 against dollar on U.S. inflation, raising intervention risk
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The yen sold off against the dollar in New York trading Wednesday after the latest U.S. inflation data, weakening to more than 153 yen versus the dollar, a level not seen since 1990. Analysts say a dollar might soon cost 155 yen if the Japanese government does not intervene as it did in 2022 to halt the decline.
#Yen #Dollar #UsInflation #InterventionRisk
https://asia.nikkei.com/Business/Markets/Currencies/Yen-tumbles-to-153-against-dollar-on-U.S.-inflation-raising-intervention-risk
Analysis: Xi Jinping's latest purge hints property crisis has reached inner circle
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The recent "purge" of a former Chinese justice minister might offer a keyhole glimpse into the Xi Jinping regime regarding the country's deepening property crisis. It might even be a clue that the crisis is impacting Xi's powerful faction of political aides.
#XiJinping #PropertyCrisis #Purge #JusticeMinister #CorruptionInvestigation
https://asia.nikkei.com/Editor-s-Picks/China-up-close/Analysis-Xi-Jinping-s-latest-purge-hints-property-crisis-has-reached-inner-circle
Kishida: Japan ready to step up as U.S. 'global partner' ahead of Biden summit
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Japanese Prime Minister Fumio Kishida is scheduled to meet U.S. President Joe Biden at the White House on April 11. Kishida aims to become the eighth Japanese Prime Minister to serve for 1,000 days. He dismissed rumors of an early general election. The U.S. election season awaits him in Washington, with Biden and Donald Trump in a dead heat. Kishida plans to focus on deeper defense integration and economic ties with the U.S.
#Japan #UnitedStates #FumioKishida #JoeBiden #WhiteHouse #GeneralElection #DefenseIntegration #EconomicTies
https://asia.nikkei.com/Spotlight/The-Big-Story/Kishida-Japan-ready-to-step-up-as-U.S.-global-partner-ahead-of-Biden-summit
U.S. rate cut doubts are a headache for Asian central banks
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Asian central banks are concerned about the uncertainty surrounding U.S. rate cuts. Policymakers expected the U.S. Federal Reserve to cut its benchmark interest rate multiple times in 2024. However, some observers now believe that the Fed will keep rates unchanged this year. Asian central banks are worried that preempting the Fed's decision could lead to depreciation pressure and capital outflows. The weak yen has sparked speculation of further rate hikes, while the bond market remains calm. The Bank of Thailand has resisted calls for rate cuts, and Malaysia has maintained its key rate at 3.0% amid a falling ringgit. China has cut its 5-year mortgage rate by a record margin to support the property sector. However, China's deflation problem persists. Asian central banks are navigating these uncertainties and their potential impact on their respective economies.
#UsFederalReserve #AsianCentralBanks #InterestRates #YenDepreciation #CapitalOutflows #BankOfThailand #Malaysia #China #PropertySector #Deflation
https://asia.nikkei.com/Opinion/U.S.-rate-cut-doubts-are-a-headache-for-Asian-central-banks
Japan's GDP down annualized 0.8% in February: JCER
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The Japanese economy shrank for the second consecutive month in February, falling by an annualized 0.8% from the previous month, according to estimates by the Japan Center for Economic Research. Shipments of consumer goods, particularly durables, continued to decline, with new car sales volume falling 4.4% from the previous month.
#Japan #Gdp #Economy #February #Jcer
https://asia.nikkei.com/Economy/Japan-s-GDP-down-annualized-0.8-in-February-JCER
China central bank to set up $70 bln tech re-lending programme
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China's central bank will establish a 500 billion yuan ($70 billion) re-lending program to support the country's science and technology sectors. The program will offer loans through 21 banks to small and midsize technology companies at an interest rate of 1.75%. The one-year loans can be extended twice, for up to a year each time.
#ChinaCentralBank #TechRelendingProgram #Loans #TechnologyCompanies
https://asia.nikkei.com/Economy/China-central-bank-to-set-up-70-bln-tech-re-lending-programme
Japan's Kishida visits Washington, Uniqlo parent earnings, China data
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Japanese Prime Minister Fumio Kishida will visit Washington for talks with U.S. President Joe Biden and Philippine President Ferdinand Marcos Jr., their first trilateral meeting. Chinese President Xi Jinping is expected to meet with former Taiwanese President Ma Ying-jeou. U.S. Treasury Secretary Janet Yellen will brief reporters in Beijing. South Korea will hold legislative elections. Uniqlo parent Fast Retailing will report earnings. Japan, the Philippines, and the U.S. will hold trilateral talks in Washington. Kishida will speak to a joint session of the U.S. Congress. Chinese economic data, including the consumer price index, will be released. U.S. Steel will hold a stakeholders meeting over the planned takeover by Japan's Nippon Steel. China will hold its biggest consumer products fair in Hainan. Yellen calls on China to offer a level playing field for U.S. companies. The U.S.-Japan-Philippine summit will advance a shared Indo-Pacific vision. Japan, the U.S., and the Philippines will cooperate in clean energy and chips. South Korea's working class is unmoved by the election campaign. China economists flag a GDP slowdown despite Beijing's positive outlook.
#Japan #Us #Philippines #China #Taiwan #SouthKorea #Uniqlo #FastRetailing #EconomicData #TrilateralMeeting #Elections
https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Japan-s-Kishida-visits-Washington-Uniqlo-parent-earnings-China-data
U.S.-Japan-Philippine summit will advance shared Indo-Pacific vision
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The U.S.-Japan-Philippine summit, led by Japanese Prime Minister Fumio Kishida, aims to advance a shared vision for the Indo-Pacific region. The summit will address China's 'gray zone' tactics and focus on cooperation in clean energy and chips. The summit follows Japanese Prime Minister Shinzo Abe's historic address to the U.S. Congress nine years ago, emphasizing Japan's commitment to peace and freedom in the region. Ami Bera, a ranking Democratic Party member, highlights the importance of the summit in showcasing Tokyo's commitment to enhanced security. The summit is seen as an opportunity to strike a balance between the U.S. and China, but there are concerns about the sustainability of this balance. The article also mentions discussions between U.S. President Joe Biden and Chinese President Xi Jinping on topics such as TikTok and the South China Sea. The summit is part of efforts to strengthen cooperation and address challenges in the Indo-Pacific region.
#UsjapanphilippineSummit #Indopacific #FumioKishida #China #CleanEnergy #Chips #ShinzoAbe #JoeBiden #XiJinping
https://asia.nikkei.com/Opinion/U.S.-Japan-Philippine-summit-will-advance-shared-Indo-Pacific-vision
TSMC to partner with Kyushu University on chip personnel, research
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Taiwan Semiconductor Manufacturing Co. (TSMC) is expected to reach a preliminary agreement with Kyushu University for a partnership focused on semiconductors. TSMC will send staff as instructors to the university's Education Center for Semiconductors and Value Creation to address a talent shortage in the field. The partners will also consider joint research in the future.
#Tsmc #KyushuUniversity #Partnership #Semiconductors #TalentShortage #JointResearch
https://asia.nikkei.com/Business/Tech/Semiconductors/TSMC-to-partner-with-Kyushu-University-on-chip-personnel-research
TSMC to partner with Kyushu University on chip personnel, research
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Taiwan Semiconductor Manufacturing Co. (TSMC) is expected to reach a preliminary agreement with Kyushu University for a partnership focused on semiconductors. TSMC will send staff as instructors to the university's Education Center for Semiconductors and Value Creation to address a talent shortage in the field. The partners will also consider joint research in the future.
#Tsmc #KyushuUniversity #Partnership #Semiconductors #TalentShortage #JointResearch
https://asia.nikkei.com/Business/Tech/Semiconductors/TSMC-to-partner-with-Kyushu-University-on-chip-personnel-research
First U.S.-Japan-Philippines trilateral to address China's 'gray zone' tactics
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U.S. President Joe Biden will host the first trilateral summit with Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. on April 11. The trilateral aims to address China's 'gray zone' tactics in the South China Sea. Unlike the Quad and AUKUS groupings, the trilateral does not have an announced name or acronym. The summit seeks to deepen economic ties and discuss American treaty commitments in the face of Beijing's actions.
#Us #Japan #Philippines #China #SouthChinaSea #TrilateralSummit
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/First-U.S.-Japan-Philippines-trilateral-to-address-China-s-gray-zone-tactics
China's Indian land grab has become a strategic disaster
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The military standoff along the long Himalayan frontier between China and India may not be grabbing international headlines these days given the open warfare raging elsewhere in the world, but the threat of the confrontation returning to armed conflict cannot be discounted. China's Indian land grab has become a strategic disaster. Xi Jinping faces dilemma in resolving crisis without losing face.
#China #India #LandGrab #StrategicDisaster #HimalayanFrontier
https://asia.nikkei.com/Opinion/China-s-Indian-land-grab-has-become-a-strategic-disaster
'Trust deficit' between China and Myanmar's military, report says
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China has refused to provide significant diplomatic backing and full recognition of the Burmese generals, according to a report by the International Crisis Group. The report highlights China's displeasure with the Myanmar regime and its muted response to a major offensive by the Three Brotherhood Alliance in northern Shan state. Myanmar's military is losing grip near the Chinese border. The trust deficit between China and Myanmar's military has widened, leaving room for international consensus.
#China #Myanmar #Diplomacy #Military #InternationalCrisisGroup
https://asia.nikkei.com/Spotlight/Myanmar-Crisis/Trust-deficit-between-China-and-Myanmar-s-military-report-says
U.S. protectionism lurks behind yen's stubborn weakness
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The yen is experiencing a historic stretch of weakening against the dollar, driven by protectionist U.S. policies. This weakness persists even after the Bank of Japan's first interest rate hike in 17 years. The strong dollar is backed by U.S. protectionism, including the 'Buy American' push, which is attracting foreign money and bolstering the dollar. The yen's weakness is not reflecting its fundamentals, according to Japan's top currency diplomat. The yen is the worst-performing G10 currency for the third consecutive year. The article was published on March 27, 2024.
#Yen #Dollar #BankOfJapan #Protectionism #BuyAmerican
https://asia.nikkei.com/Business/Markets/Currencies/U.S.-protectionism-lurks-behind-yen-s-stubborn-weakness
Hong Kong activist Joey Siu describes 'transnational repression' by China
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Joey Siu, a prominent pro-democracy Hong Kong activist, continues to face "worsening harassment and also threats" from China even after moving to the U.S. Siu, who holds U.S. citizenship and was born in North Carolina in 1999, became a core figure in Hong Kong's pro-democracy movement as a student. She left Hong Kong in response to China's draconian security legislation in June 2020 and now continues her activism from Washington. Siu is among the five overseas activists for whom Hong Kong issued arrest warrants in December.
#JoeySiu #HongKong #China #Pro-democracyMovement #TransnationalRepression
https://asia.nikkei.com/Editor-s-Picks/Interview/Hong-Kong-activist-Joey-Siu-describes-transnational-repression-by-China
Russian performers find fans in China amid tensions with West
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Russian performing arts groups, including the chorus and orchestra of St. Petersburg's Mariinsky Theatre, have found eager audiences in China after being shut out of Western countries due to tensions over the invasion of Ukraine. The groups have been tapping into China's growing interest in the arts, with renowned conductor Valery Gergiev leading the Mariinsky Theatre's performances in Beijing. This shift towards China comes as economic growth in the country has fueled interest in cultural exchanges.
#Russia #China #PerformingArts #CulturalExchanges #MariinskyTheatre #ValeryGergiev
https://asia.nikkei.com/Life-Arts/Arts/Russian-performers-find-fans-in-China-amid-tensions-with-West
U.S. urges Japan and Netherlands to tighten China chip tech curbs
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The U.S. is pushing Japan and the Netherlands to expand their restrictions on semiconductor-related exports to China, seeking to cover equipment for older-generation chips as well as chipmaking chemicals. The U.S. imposed sweeping export curbs in October 2022 to limit China's access to semiconductors seen as key for technologies such as artificial intelligence and self-driving vehicles, as well as high-tech weapons.
#U.s. #Japan #Netherlands #China #Semiconductors #ChipTechCurbs
https://asia.nikkei.com/Business/Tech/Semiconductors/U.S.-urges-Japan-and-Netherlands-to-tighten-China-chip-tech-curbs
U.S. urges Japan and Netherlands to tighten China chip tech curbs
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The U.S. is pushing Japan and the Netherlands to expand their restrictions on semiconductor-related exports to China, seeking to cover equipment for older-generation chips as well as chipmaking chemicals. The U.S. imposed sweeping export curbs in October 2022 to limit China's access to semiconductors seen as key for technologies such as artificial intelligence and self-driving vehicles, as well as high-tech weapons.
#U.s. #Japan #Netherlands #China #Semiconductors #ChipTechCurbs
https://asia.nikkei.com/Business/Tech/Semiconductors/U.S.-urges-Japan-and-Netherlands-to-tighten-China-chip-tech-curbs
Biden unveils $7.3tn budget as campaign pitch for spending, tax goals
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U.S. President Joe Biden has unveiled a $7.3 trillion budget as part of his campaign pitch for spending and tax goals. The budget includes proposals for child care, housing, and law enforcement, which would be aided by tax hikes for the rich and businesses. Biden aims to cut the deficit and pay for new programs to assist those with high housing and child-care costs. However, Congress is unlikely to adopt the measures as proposed.
#JoeBiden #Budget #Campaign #Spending #TaxGoals
https://asia.nikkei.com/Politics/U.S.-elections-2024/Biden-unveils-7.3tn-budget-as-campaign-pitch-for-spending-tax-goals
China bottled water giant Nongfu Spring under fire from nationalists
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Nongfu Spring, a Hangzhou-based bottled water and soft drinks company founded by Zhong Shanshan, China's wealthiest person, is facing criticism from Chinese online nationalists. The company's Hong Kong shares have plunged for three consecutive days, resulting in a loss of around 30 billion yuan ($4 billion) in market cap. Internet users have accused the company of being 'pro-Japan.'
#China #NongfuSpring #Nationalists #BottledWater #SoftDrinks #ZhongShanshan
https://asia.nikkei.com/Business/Retail/China-bottled-water-giant-Nongfu-Spring-under-fire-from-nationalists
China rate cut shows lack of options for boosting economy
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China's move to slash borrowing rates for homebuyers underscores how authorities are trying to prop up a weak housing market with few tools at their disposal. The People's Bank of China lowered the five-year loan prime rate, a mortgage benchmark, by 25 basis points on Tuesday to 3.95% from 4.2%. Shanghai-listed stocks rose in response to the move.
#China #Economy #HousingMarket #InterestRates
https://asia.nikkei.com/Economy/China-rate-cut-shows-lack-of-options-for-boosting-economy
Singapore eyes corporate tax rise, AI investment in 2024 budget
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Singapore is set to raise corporate taxes on multinationals from the start of next year. Finance Minister Lawrence Wong announced the city-state's 2024 budget, stating that the government will boost spending over the next decade. The current financial year is expected to have a bill of SG$111.76 billion ($83 billion), about SG$5 billion more than in 2023. Singapore aims to become an artificial intelligence hub and will invest in AI initiatives. The budget also includes efforts to drive innovation through a carbon tax hike. The article was published on February 16, 2024.
#Singapore #CorporateTax #AiInvestment #Budget
https://asia.nikkei.com/Economy/Singapore-eyes-corporate-tax-rise-AI-investment-in-2024-budget
Harvard, Oxford graduates power Vietnam's tech startup scene
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Vietnam sends more students abroad than the next three ASEAN countries combined, nurturing scientists and engineers who return to run startups like gaming and messaging giant VNG. Tran Tuan Anh, an entrepreneur reshaping Vietnam's image, left the communist country to study at Oxford. Vietnam is offering chip incentives to draw foreign companies and is a top target for CHIPS Act aid funds from the US. Apple is moving key iPad engineering resources to Vietnam. Vietnam is also betting on new airports to boost tourism and supply chains. Samsung's smartphone slump is casting a shadow over Vietnam. Duolingo is tapping Blackpink and GPT in the Southeast Asian edtech battle.
#Vietnam #TechStartup #Harvard #Oxford #Vng #ChipIncentives #ChipsAct #Apple #Samsung #Duolingo
https://asia.nikkei.com/Business/Business-Spotlight/Harvard-Oxford-graduates-power-Vietnam-s-tech-startup-scene
Yen weakens past 150 against dollar on strong U.S. inflation
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The yen weakened past 150 to the dollar on Tuesday following higher-than-expected inflation data for the U.S. economy in January. The Japanese currency touched 150.55, hitting its weakest point against the dollar since it last broke the 150 threshold in November.
#Yen #Dollar #Inflation #U.s.Economy
https://asia.nikkei.com/Business/Markets/Currencies/Yen-weakens-past-150-against-dollar-on-strong-U.S.-inflation
Is China seeking a submarine presence in the Sea of Japan?
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China may be seeking a submarine presence in the Sea of Japan, which could serve as a hiding place for Chinese ballistic missile submarines. In December, two Chinese H-6 bombers entered the airspace above the Sea of Japan to rendezvous with Russian Tu-95 bombers. They were accompanied by fighter jets, patrol planes, and other aircraft from both countries, flying from the Sea of Japan to the East China Sea. This poses a security risk for Japan as it could be a launching point for nuclear weapons aimed at the U.S.
#China #SeaOfJapan #SubmarinePresence #SecurityRisk #NuclearWeapons
https://asia.nikkei.com/Spotlight/Comment/Is-China-seeking-a-submarine-presence-in-the-Sea-of-Japan
Toyota to invest in TSMC arm for 2nd Kumamoto chip plant in Japan
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Toyota Motor will invest in Taiwan Semiconductor Manufacturing Co.'s Japanese subsidiary, Japan Advanced Semiconductor Manufacturing, to fund the construction of a second chip plant in Japan's Kumamoto prefecture. Existing investors including Sony and Denso will also make additional investments into the unit. TSMC will retain an 86.5% stake in the subsidiary, while Sony, Denso, and Toyota will hold 6.0%, 5.5%, and 2.0% respectively.
#Toyota #Tsmc #Japan #Kumamoto #Semiconductors
https://asia.nikkei.com/Business/Business-deals/Toyota-to-invest-in-TSMC-arm-for-2nd-Kumamoto-chip-plant-in-Japan
China's favored state-owned companies squeeze private sector
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China's state-owned enterprises have put pressure on the country's private sector, with the combined market capitalization of big private companies falling by about 60% in the two and a half years to the end of 2023. Many attribute this slump to China's tightening controls, including the zero-COVID policy and the clampdown on the tech industry.
#China #State-ownedEnterprises #PrivateSector #MarketCapitalization #TighteningControls #Zero-covidPolicy #TechIndustry
https://asia.nikkei.com/Business/Markets/China-s-favored-state-owned-companies-squeeze-private-sector
U.S. politics turn against trade, leaving IPEF talks in limbo
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The trade section of the U.S.-led Indo-Pacific Economic Framework is facing challenges as American politicians cater to voters skeptical of free trade ahead of the presidential election. This poses a barrier to the U.S.-led effort to counter Chinese economic influence in the Indo-Pacific region.
#U.s.Politics #Trade #Indo-pacificEconomicFramework #China
https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-politics-turn-against-trade-leaving-IPEF-talks-in-limbo
Chinese companies close R&D spending gap with U.S., led by Huawei
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Chinese companies, led by Huawei Technologies, have closed the gap in research and development (R&D) spending with the U.S. According to a European Commission report, Chinese companies accounted for 17.8% of the total R&D spending by 2,500 leading companies worldwide in 2022, surpassing Europe's ratio of 17.5% and trailing only the U.S. at 42.1%. Huawei is allocating 10% to 20% of its sales to R&D despite U.S. sanctions.
#R&dSpending #ChineseCompanies #Huawei #U.s. #Europe
https://asia.nikkei.com/Business/Business-trends/Chinese-companies-close-R-D-spending-gap-with-U.S.-led-by-Huawei
Housing glut leaves China with excess homes for 150m people
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China is facing a housing glut with an equivalent of 50 million excess homes at the end of 2023. Weak sales and an inventory build-up in the sector are expected to take more than five years for the country to shed excess stock. China's housing demand is likely to fall further due to a shrinking population and rising living standards. The world is bracing for a surge in exports of cheap building materials from China as a result.
#China #HousingMarket #ExcessHomes #BuildingMaterials
https://asia.nikkei.com/Spotlight/Datawatch/Housing-glut-leaves-China-with-excess-homes-for-150m-people
Under China scrutiny Hong Kong media slips into self-censorship
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References to 'Hong Kong people' and other phrases indicating an identity distinct from mainland China are disappearing from Hong Kong's media. This is highlighted by an analysis of language used in editorial pieces published by major Hong Kong Chinese-language newspapers since 2014. The change in the media landscape is attributed to the introduction of a sweeping security law that has curtailed Hong Kong's autonomy. The founder of pro-democracy newspaper Apple Daily, Jimmy Lai, is currently standing trial in the city for alleged crimes under the national security law.
#HongKongSecurityLaw #MediaCensorship #HongKongAutonomy #JimmyLai
https://asia.nikkei.com/Spotlight/Hong-Kong-security-law/Under-China-scrutiny-Hong-Kong-media-slips-into-self-censorship2
Chinese EV leader BYD makes aggressive push in ASEAN
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Chinese electric vehicle (EV) maker BYD plans to double its sales outlets in Singapore and the Philippines this year. The company aims to open more than a dozen sales outlets for passenger cars in both countries. BYD recently launched in Indonesia and is aggressively expanding in the ASEAN region. BYD has become a top EV manufacturer, rivaling Tesla. The managing director for Singapore and the Philippines, James Ng, is leading the expansion efforts.
#Byd #ElectricVehicles #Singapore #Philippines #Asean #Expansion #Tesla
https://asia.nikkei.com/Spotlight/Electric-cars-in-China/Chinese-EV-leader-BYD-makes-aggressive-push-in-ASEAN
U.S. job growth surges in January, while wages climb 4.5%
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U.S. job growth accelerated in January, with nonfarm payrolls increasing by 353,000 jobs, higher than the forecasted 180,000. The data for December was revised higher to show 333,000 jobs added. Average hourly earnings increased by 0.6% in January, and wages increased by 4.5% in the 12 months through January. The unemployment rate in January was 3.7%. The strong job growth and wage increase support the view that the Federal Reserve is unlikely to cut rates in March.
#U.s.JobGrowth #Wages #Economy #FederalReserve
https://asia.nikkei.com/Economy/U.S.-job-growth-surges-in-January-while-wages-climb-4.5
Japan to introduce six-month residency visa for 'digital nomads'
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Japan will establish a new visa status that will make it easier for IT engineers and other workers for overseas companies to reside in the country. The planned status will allow highly skilled workers to work in Japan on a teleworking basis for up to six months while enjoying sightseeing trips. Japan hopes its new visa status will attract workers and owners of consulting companies abroad and YouTubers earning advertising fees from overseas companies.
#JapanImmigration #Visa #DigitalNomads #ItEngineers #Teleworking
https://asia.nikkei.com/Spotlight/Japan-immigration/Japan-to-introduce-six-month-residency-visa-for-digital-nomads
Bilateral tensions top woes of American businesses in China
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American businesses in China and Hong Kong continue to worry about strained diplomatic relations between the two countries, according to an annual survey by the American Chamber of Commerce in China. Despite the concerns, members of the commerce chamber are slightly more positive about the business climate over the next two years, expecting improvements in domestic market growth and economic recovery.
#AmericanBusinesses #China #HongKong #DiplomaticRelations #BusinessClimate #EconomicGrowth
https://asia.nikkei.com/Business/Business-trends/Bilateral-tensions-top-woes-of-American-businesses-in-China
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