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February 22 , 2017
  • Reuters：Exclusive: China finishing South China Sea buildings that could house missiles - U.S. officials
    Reuters reports: "China, in an early test of U.S. President Donald Trump, has nearly finished building almost two dozen structures on artificial islands in the South China Sea that appear designed to house long-range surface-to-air missiles, two U.S. officials told Reuters. The development is likely to raise questions about whether and how the United States will respond, given its vows to take a tough line on China in the South China Sea...Building the concrete structures with retractable roofs on Subi, Mischief and Fiery Cross reefs, part of the Spratly Islands chain where China already has built military-length airstrips, could be considered a military escalation, the U.S. officials said in recent days, speaking on condition of anonymity. 'It is not like the Chinese to build anything in the South China Sea just to build it, and these structures resemble others that house SAM batteries, so the logical conclusion is that's what they are for,' said a U.S. intelligence official, referring to surface-to-air missiles. Another official said the structures appeared to be 20 meters (66 feet) long and 10 meters (33 feet) high. A Pentagon spokesman said the United States remained committed to 'non-militarization in the South China Sea' and urged all claimants to take actions consistent with international law. In Beijing, Chinese Foreign Ministry spokesman Geng Shuang said on Wednesday he was aware of the report, though did not say if China was planning on placing missiles on the reefs."
  • Foreign Affairs：Russia and China's Enduring Alliance
    Foreign Affairs comments: "Several commentators, among them Doug Bandow of the Cato Institute and Edward Luttwak of the Center for Strategic and International Studies, have suggested that U.S. President Donald Trump should take any efforts to warm relations with Russia one step further and try to enlist Moscow's help in balancing a rising China. Trump views China and Islamist extremism as the two principal challenges to U.S. security, and he sees Russia as a potential partner in combating both. The thinking goes, then, that Trump should run a version of the diplomatic play that former U.S. President Richard Nixon and National Security Adviser Henry Kissinger followed in the early 1970s when they thawed relations with Beijing to counter the Soviet Union. This time, however, Trump would partner with Russia to balance China...The problem for Trump is that Sino-Russian ties have been improving more or less steadily since the waning years of the Cold War. The thaw between the two communist powers began in the early 1980s and was followed by normalized relations in May 1989. Beijing and Moscow established a 'strategic partnership' in 1996 and signed a Treaty of Good-Neighborliness and Friendly Cooperation in 2001. Chinese and Russian leaders now refer to the relationship as a 'comprehensive strategic partnership of coordination,' a convoluted term for a not-quite alliance. Last September, Chinese State Councilor Yang Jiechi proclaimed that 'the depth and scope of coordination between both countries are unprecedented.' Robust cooperation has accelerated since Xi Jinping became China's top leader in 2012; he reportedly has a warm personal relationship with Russian President Vladimir Putin...Trump seeks 'good deals' with Russia. Cozying up to Putin in hopes of receiving Moscow's help in balancing Beijing would not be one."
  • Bloomberg：China's $9 Trillion Moral Hazard Is Now Too Big to Ignore
    Bloomberg reports: "China may be about to embark on its most ambitious -- and perilous -- campaign to convince investors that they shouldn't depend on a bailout when markets go south. In a rare show of cooperation, the nation's main financial regulators are drafting new rules for asset-management products that aim to make clear the investments don't have government guarantees, people familiar with the matter told Bloomberg News on Tuesday. The products, which promise higher returns than bank deposits but are viewed by many investors as a form of risk-free savings, have become an integral part of the Chinese financial system after swelling in recent years to almost $9 trillion as of June 30. Policy makers face a difficult balancing act. If they fail to dispel the notion of an implicit government guarantee, riskier investments could proliferate and pose an even greater threat to the financial system when China faces its next bout of market turmoil. But if authorities act too forcefully now, they risk triggering a stampede away from products that have become a key funding source for banks. 'Rolling this back is China's biggest financial challenge,' David Loevinger, a former China specialist at the U.S. Treasury who's now an analyst TCW Group Inc. in Los Angeles, which oversees about $191 billion, said by e-mail. 'But seeing is believing. Saying investors won't get bailed out is important, but you have to show them you mean it.' "
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