China Emphasizes ‘Whole Nation’ Stance on Tech as US Curbs Bite
source link: https://finance.yahoo.com/news/china-emphasizes-whole-nation-stance-041131577.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
China Emphasizes ‘Whole Nation’ Stance on Tech as US Curbs Bite
(Bloomberg) -- China pledged to pool together all of the nation’s resources to achieve self-reliance in technology, underscoring the government’s determination to secure key breakthroughs in areas such as semiconductors as tensions with the US escalate.
Most Read from Bloomberg
In his government work report released at the start of the annual National People’s Congress on Sunday, outgoing Premier Li Keqiang reiterated the call for a “whole nation strategy” to edge out Washington on basic scientific research and advanced technologies ranging from advanced intelligence to space. His remarks come days after the Biden administration blacklisted more Chinese companies in the chip and genome industries.
“The new system for mobilizing resources nationwide should be improved,” Li said. “We should better leverage the role of the government in pooling resources to make key technological breakthroughs, and enterprises should be the principal actors in innovation.”
Li’s speech, along with recent calls from Chinese President Xi Jinping, signals the top leadership’s determination to break choke points for an upper hand in the tech war with the US. Choke points refers to key technologies to make things like chips or jet engines that China lacks and the US and other nations control.
China should encourage private capital to collaborate on major government initiatives and projects aimed at addressing areas of weakness, Li said. Having “effectively countered external attempts to suppress and contain China’s development” in the past five years, China should “pool quality resources and make concerted efforts” to achieve breakthroughs in key technology fields in the future, he said.
South China Morning PostChina's 'two sessions': Premier Li Keqiang emphasises achievements, economy in final work report
Outgoing Chinese premier Li Keqiang delivered his last work report on the opening day of the National People’s Congress in Beijing on March 5, 2023. In Li’s swan song, the report highlighted the achievements of the government. He also dedicated a significant portion of the report to addressing the Chinese economy. Li is expected to be succeeded by former Shanghai party chief Li Qiang at the end of the legislative session.
19h ago
AP FinanceChina Premier Li Keqiang bows out as Xi loyalists take reins
After a decade in Chinese President Xi Jinping’s shadow, Li Keqiang is taking his final bow as the country's premier, marking a shift away from the skilled technocrats who have helped steer the world’s second-biggest economy in favor of officials known mainly for their unquestioned loyalty to China’s most powerful leader in recent history. After exiting the ruling Communist Party’s all-powerful Politburo Standing Committee in October — despite being below retirement age — Li’s last major task was delivering the state of the nation address to the rubber-stamp parliament on Monday. Once seen as a potential top leader, Li was increasingly sidelined as Xi accumulated ever-greater powers and elevated the military and security services in aid of the "great rejuvenation of the Chinese nation."
3h ago
ReutersOil prices open lower on modest Chinese growth forecast
Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5%, lower than market expectations of 5.5% growth in the world's second- largest oil consumer. Brent crude futures were trading down 50 cents, or 0.6%, at $85.33 a barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 46 cents, or 0.6%, at $79.22 a barrel.
2h ago
AP FinanceChinese company rejects rights accusation after US sanctions
BGI Group, one of the world's biggest genetics analysis companies, said Sunday it never would be involved in human rights abuses after the U.S. government said there was a danger some of its units might contribute to Chinese surveillance. Three BGI units were among Chinese companies added to an “entity list” last week that limits access to U.S. technology on security or human rights grounds. The Commerce Department cited a risk BGI technology might contribute to surveillance.
22h ago
South China Morning PostChina’s top political advisory body kicks off annual session
China’s top political advisory body, the Chinese People's Political Consultative Conference (CPPCC), started its annual session on March 4, 2023. More than 2,000 delegates gathered amid heavy security at the Great Hall of the People in Beijing for the opening meeting.
2d ago
ReutersAnalysis-Chinese companies hang onto dollars, hedge to prepare for volatile yuan
Some Chinese companies are holding on to dollar revenues from exports, while others are turning to foreign exchange hedging in anticipation of a fall in the value of the yuan, according to executives, bankers and data analysed by Reuters. Several bankers in China told Reuters that clients are reluctant to convert export receipts, while exchange filings show more than 30 A-share listed companies have signed up to use currency derivatives for risk-hedging so far this year. Central bank data also shows a shift, with dollar deposits at China's commercial banks, which had declined over the past year, jumping by $34 billion in January to $887.8 billion.
4h ago
AP FinanceBiden expected to tighten rules on US investment in China
The Biden administration is close to tightening rules on some overseas investments by U.S. companies in an effort to limit China's ability to acquire technologies that could improve its military prowess, according to a U.S. official familiar with the deliberations. The soon-to-be-issued executive order from President Joe Biden will limit American investment in advanced technologies that have national security applications — such as next-generation military capabilities that could help China improve the speed and accuracy of military decision making, according to the official, who was not authorized to comment and spoke on the condition of anonymity. The expected action is the latest effort by the White House to target China's military and technology sectors at a time of increasingly fraught relations between the world's two biggest economies.
1d ago
BloombergStock Market’s Fate Comes Down to the Next 13 Trading Sessions
(Bloomberg) -- Four major events over the next 13 trading sessions will be the key catalysts in determining whether this year’s stock-market revival gets derailed or starts rolling again after a February slump.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst
12h ago
MoneyWise'The only people that are going to save us, is us’: Suze Orman is one of many experts warning Social Security is in trouble — here’s what you can do to take control of your retirement
A critical Social Security fund is projected to run out by 2035 — but that could happen even sooner.
13h ago
MarketWatchStock market faces crucial test this week: 3 questions that could decide rally’s fate
Investors await a marquee report on the state of the U.S. labor market, along with testimony by Fed Chair Jerome Powell amid rising Treasury yields.
11h ago
BloombergWorld’s Riskiest Markets Stumble Into Crisis With Dollars Scarce
(Bloomberg) -- Hospitals delaying surgery in Sri Lanka. International flights suspended in Nigeria. Car factories shuttered in Pakistan.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst for Barrels Puts $100 in ViewIn some of the world’s most vulnerable develo
15h ago
FortuneMarc Andreessen: We’re heading into a world where a flat-screen TV that covers your entire wall costs $100 and a 4-year degree costs $1M
The cofounder of venture capital giant Andreessen Horowitz laid out his thoughts in his newsletter this weekend.
10h ago
Fox BusinessApple investor day, Powell testimony, jobs report top week ahead
Retail earnings, jobs data, Disney CEO Bob Iger speaking and Apple's investor day lead a busy week ahead for investors.
9h ago
FortuneThe U.S. housing market just took another hit
This week's seasonally adjusted Mortgage Purchase Application Index came in at the lowest level since 1995.
1d ago
AP FinancePaid express lanes grow more popular in once-reluctant South
Trucker Tim Chelette has been making the same twice-daily drive for 16 years hauling empty whiskey barrels from Louisville, Kentucky, to the Jack Daniels distillery in Tennessee, yet his workday keeps getting longer due to time lost in Nashville traffic. Although trucks wouldn't be eligible for the pay-to-use express lanes Republican Gov. Bill Lee is advocating for some of Tennessee's most-congested highways, Chelette supports them because he thinks enough drivers in the fast-growing state capital would take advantage to benefit everyone. “They're going to have to do something,” said Chelette, of Murfreesboro, Tennessee, who gets paid by distance, not time — even when his 245-mile (394-kilometer) return trip to the Lynchburg distillery spikes by an hour or more during afternoon rush.
2d ago
Barrons.comStocks Poised for Slightly Lower Open
The Bureau of Labor Statistics will release the January Job Openings and Labor Turnover Survey on Wednesday, and the February jobs report on Friday.
4h ago
BloombergUS Jobs Report and Powell Testimony Take Center Stage
(Bloomberg) -- US job growth probably moderated last month after a blistering January pace, while the unemployment rate likely held at a 53-year low, illustrating a labor market that’s proved mostly impervious to the Federal Reserve’s massive interest-rate hikes.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis
12h ago
TheStreet.comLas Vegas, Casinos, Gamblers May Get a Surprise IRS Jackpot
Congress may change an outdated rule that would set a higher threshold for what slot winnings need to be reported to the IRS (which Caesars, MGM, and others should love.)
6h ago
BloombergBiden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy
(Bloomberg) -- Alaska’s congressional delegation personally appealed to President Joe Biden to approve a proposed ConocoPhillips oil development in the state, joining a last-minute lobbying frenzy around the project that’s being cast as a test of his commitment to combating climate change. Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest
1d ago
The TelegraphHS2 is an emblem of failing Britain
How apt. On the same day that new figures emerged showing Britain’s woeful train services have never been worse, the boss of HS2 was back on the BBC desperately trying to make the case for the country’s biggest white elephant – again.
2d ago
BloombergCanada’s Crackdown on Chinese Funding Is Hurting Miners, Friedland Says
(Bloomberg) -- Canada’s crackdown on Chinese investment in critical minerals will make it harder for miners to produce the metals needed for the global energy transition, according to Ivanhoe Mines Ltd. founder Robert Friedland.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil
3h ago
BloombergJill Biden Says Testing President’s Mental Fitness ‘Ridiculous’
(Bloomberg) -- President Joe Biden would “never even discuss” taking a mental competency test suggested by Republican presidential candidate Nikki Haley for politicians older than 75, first lady Jill Biden said.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst
10h ago
ReutersMiners grow anxious as Canada tightens foreign investment rules
Junior mining companies hoping to produce lithium, nickel and other green energy metals are worried that Canada's crackdown on some overseas investors may limit their ability to raise funds for mines and related facilities. Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. The changes would essentially give the government greater control over companies listed on the Toronto Stock Exchange and are expected to be finalized this spring.
11h ago
The TelegraphDozens of US companies shun Britain over high taxes and no growth plan
Dozens of US multinational companies are shunning Britain because of Jeremy Hunt's tax raid and a lack of economic ambition, KPMG has warned.
1d ago
MarketWatchWhat are the implications of Walgreens’ decision on abortion pills?
Walgreens says it will not start selling an abortion pill in 20 states that had warned of legal consequences if it did so.
2d ago
The Wall Street JournalRussia’s Wagner Troops Exhaust Ukrainian Forces in Bakhmut
With a disregard for losses, the paramilitary group’s penal battalions have advanced at the time when the regular Russian military remains largely stalled.
8h ago
BloombergImran Khan Barred From Pakistan TV Channels as He Faces Arrest
(Bloomberg) -- Pakistan authorities moved to arrest opposition leader Imran Khan for not showing up to a court hearing and banned him from television, raising political tensions as the nation struggles to shore up its finances and avoid a default.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars Sc
3h ago
BloombergHere’s What You Need to Know After Day One of China’s NPC
(Bloomberg) -- China’s National People’s Congress kicked off its annual gathering in Beijing on Sunday, with a speech from outgoing Premier Li Keqiang outlining key economic targets for the year. Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst for Barrels Pu
5h ago
BloombergChina’s GDP Goal, Defense Budget, Disorderly Capital: NPC Update
(Bloomberg) -- China will target gross domestic product expansion of around 5% for 2023, Premier Li Keqiang said in his final government work report to the National People’s Congress — the annual parliamentary gathering. Economists said the target is a conservative goal.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Int
16h ago
BloombergFed’s Daly Says More Rate Hikes Likely Needed to Cool Inflation
(Bloomberg) -- Federal Reserve Bank of San Francisco President Mary Daly said policymakers will likely need to raise interest rates higher and maintain them at elevated levels for a longer period of time.Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst for Ba
1d ago
AP FinanceParty of Estonian PM, strong Ukraine backer, gains big win
Voters in Estonia elected a new parliament Sunday with initial results suggesting the center-right Reform Party of Prime Minister Kaja Kallas. Kallas faced a challenge from the far-right populist EKRE party, which seeks to limit the Baltic nation's exposure to the Ukraine crisis and blames the current government for Estonia's high inflation rate.
20h ago
AP FinancePot vote has Oklahoma hungry to rake in green from Texas
Tens of thousands of Texans from the bustling Dallas-Fort Worth area routinely drive across the Red River to gamble in glitzy, Las Vegas-style tribal casinos or to relax at cabins or swim and ski in lakes that dot southern Oklahoma. Oklahoma voters will decide Tuesday whether to approve a ballot measure that legalizes consuming the plant for adults 21 and older. The conservative state already has one of the nation's most robust medical marijuana programs, and industry proponents hope an influx of Texas consumers will be a boon for a market that's become saturated.
2d ago
BloombergFrench Strikes Over Pension Reform Hit Power Utility, Trucking
(Bloomberg) -- Most Read from BloombergStock Market’s Fate Comes Down to the Next 13 Trading SessionsMortgage Lenders Are Selling Homebuyers a LieChina’s Cautious Growth Target Gives World Economy Little HelpWorld’s Riskiest Markets Stumble Into Crisis With Dollars ScarceForget Peak Oil Demand: A Thirst for Barrels Puts $100 in ViewStrikes in France to protest against government pension reforms hit power giant Electricite de France SA for a third consecutive day after workers cut output at a num
15h ago
MarketWatchIn Ukraine, battle for Bakhmut rages as Russia seeks rare victory
The Institute for the Study of War, a Washington-based think tank, assessed last week that Kyiv’s actions may point to a looming pullout from parts of the city.
5h ago
The Wall Street JournalEffort to Ban Stock Trading Among Executive Branch Officials Renewed
Republican Sen. Josh Hawley is expected to introduce a new bill on Monday that would ban senior executive branch officials from owning or trading individual stocks.
15h ago
EngadgetBiden administration bars CHIPS Act funding recipients from expanding in China
Chipmakers hoping to tap into the Biden administration’s $39 billion semiconductor manufacturing subsidy program will need to sign agreements promising they won’t expand production capacity in China, the Commerce Department announced this week.
1d ago
AP FinanceUkraine ally Kallas fights for reelection in Estonia vote
Estonia, which is providing Ukraine with more weapons than any other country relative to its economic might, is preparing to hold a general election Sunday that will determine whether it can sustain that high level of support. Prime Minister Kaja Kallas, 45, has emerged in the past year of war as one of Europe's most outspoken supporters of Ukraine. A Baltic nation of 1.3 million people that borders Russia to the east, Estonia broke away from the Soviet Union in 1991 and has taken a clear Western course, joining NATO and the European Union.
2d ago
Yahoo FinanceHow to take stock of Corporate America’s ‘Risk Factors’
Publicly traded companies provide lengthy lists of “Risk Factors” that affect their businesses in their 10-Q and 10-K filings. Here's how to think about them.
9h ago
The EconomistCan the West’s perplexing employment miracle continue?
There is little sign of more job losses, which may be bad news for economic vitality
12h ago
MarketWatch‘We don’t treat humanitarian crises the same way’: Donating to Syrian-earthquake victims is challenging, despite easing of U.S. sanctions
Even with the relaxation of U.S. sanctions, some activists and aid groups are finding it hard to quickly get relief funds to where they are needed in Syria.
8h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK