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Media Report
March 08 , 2017
  • The Washington Post：China wants to avert 'head-on collision' in the Koreas, but will Trump sign on?
    The Washington Post reports: "China's foreign minister has a plan to ease tensions in East Asia: North Korea should stop testing missiles, and the United States and South Korea should stop joint military exercises, he said Wednesday. The comment was delivered at a news conference in Beijing two days after North Korea test-fired four missiles and the United States and South Korea began deploying a new missile defense system that Beijing opposes, raising regional tension and renewing questions about Asia policy under President Trump. 'China's suggestion is, as a first step, for North Korea to suspend nuclear activity, and for the U.S. and South Korea to also suspend large-scale military drills,' Chinese Foreign Minister Wang Yi said. The plan, he said, could get all sides back to the negotiating table. Wang warned that the United States and North Korea appear headed for a collision. 'The two sides are like two accelerating trains coming toward each other with neither side willing to give way,' he said. 'The question is: Are the two sides really ready for a head-on collision? Our priority now is to flash the red light and apply the brakes on both trains.' "
  • The Wall Street Journal：China's Three-Year Run of Monthly Trade Surpluses Hits Surprising Wall
    The Wall Street Journal reports: "China posted its first trade deficit in three years last month, driven by higher commodity prices, an unexpected drop in exports and the effect of the Lunar New Year holiday. February's $9.15 billion deficit surprised analysts and market watchers, many of whom had expected China's usual run of trade surpluses to continue. The country's previous monthly trade gap was in February 2014, totaling nearly $23 billion. Imports surged 38.1% last month in dollar terms from a year ago, compared with 16.7% growth in January, China's customs administration reported Wednesday. Economists attributed the bump to rising prices for oil, ores and other commodities...The Shanghai Composite Index fell after the release of the data before recovering to end the day flat. Adding to the confusing signals was that a day earlier China reported its foreign-exchange reserves rose back above $3 trillion after having fallen for more than half a year...Behind February's surge in imports was a combination of higher commodity prices and stronger domestic demand, economists said. China is in the midst of an infrastructure-building spree and prices of oil, copper, steel and other raw materials have shot up in recent months. Iron-ore prices have increased 84% and crude oil is up 60% year to date."
  • The National Interest：China May Already Be Losing the Trade War
    The National Interest comments: "[China's] terms of trade have deteriorated significantly over the past two decades. This is not simply a function of the appreciation of the yuan, but a more basic change in the cost of doing business in China...China was rapidly losing its comparative advantage to nations such as South Korea, Vietnam and Mexico due to rising wages and steady internal inflation. Today, China's labor costs are only 4 percent cheaper than those in the United States when productivity is factored in, according to Oxford Economics...As the new government of Donald Trump engages with Beijing in areas such as trade and economics, Washington needs to appreciate that the economic situation in China is changing rapidly and has significant political ramifications. Rising wages and prices are eliminating China's relative advantage in the global competition for investment and production, while higher productivity nations, such as the United States, are actually becoming more alluring. One need only observe the growing flow of direct investment from China to other nations in Europe, Latin America and North America to understand that the People's Republic is no longer as attractive a destination for capital as it was two and three decades ago."
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