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Media Report
May 24 , 2017
  • The Washington Post: Wonkblog：Larry Summers: Trump's 'China deal' is only a good deal for China
    The Washington Post comments:"The events of the past week have crowded out reflection on economic policy.  But things have been happening. Commerce Secretary Wilbur Ross described the trade deal reached with China earlier this month as 'pretty much a herculean accomplishment. … This is more than has been done in the history of U.S.-China relations on trade.' Past a certain point, exaggeration and hype become dishonesty and deception. In economic policy, as in almost everything else, the Trump administration is way past that point. The trade deal is a 'nothing burger' that a serious administration committed to helping American workers would likely not have accepted and surely would not have hyped. On agriculture, China reiterated a promise that it has broken in the past to let in more beef. Previously, we, as reciprocity, had been withholding publication of a permissive rule on Chinese poultry, but we have now relented. Advantage China. Nothing else we 'achieved' has any meaningful nexus with U.S. jobs. China will review product applications for eight biotech products. It promises to offer increased scope for U.S. credit rating agencies, and electronic payment platforms. But it is far from clear that U.S. firms will in fact be able to compete in China — and it is clear that if they do, it will be by hiring Chinese workers in China, not American workers in America. And finally, two U.S. firms will get some enhanced ability to do bond and stock underwriting — again a benefit to shareholders and local staff rather than to U.S. employment."
  • Reuters：World stocks slip on China downgrade, ahead of Fed minutes
    Reuters reports: "World stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months. The dollar and U.S. bond yields were steady as investors awaited the minutes from the Federal Reserve's last policy meeting. An interest rate rise next month is now 75 percent priced in, according to futures market pricing. Oil wiped out earlier gains ahead of OPEC's meeting on Wednesday at which the cartel is expected to lead an output cut extending into the first quarter of next year. Europe's index of leading 300 shares was flat on the day around 1,540 points, MSCI's global share index was down 0.1 percent and U.S. stock futures pointed to a fall of up to 0.1 percent at the open on Wall Street. Markets were mostly quiet on Wednesday, lacking impetus from fresh economic or corporate drivers. Investors shrugged off the rise in Britain's terror threat level to maximum in the wake of Monday's attack in Manchester, and the slide back in market volatility helped put a floor under stocks. 'China's debt downgrade by Moody's has made investors a little less sure of themselves,' said Jasper Lawler, senior market analyst at London Capital Group. 'A little uncertainty before what could be an important update on the path of U.S. interest rates via Fed minutes is also capping some of the enthusiasm,' he said."
  • The Financial Times：China tech emerges as the global hotspot for VC capital
    The Financial Times reports: "Venture capital funding is continuing to pour into Asia, with the year-to-date run rate putting the region's tech start-ups on track to pull in $56.44bn this year, a 132 per cent annual rise. Leading the charge are China's big tech giants, who have taken the baton from the more traditional venture capital firms. Tencent outranked Sequoia as the top investor, with 19 unicorns to the venture capital firm's 13. Almost half China's 46 unicorns were backed by one of the members of China's BAT tech trinity — Baidu, Alibaba and Tencent — or ecommerce site JD.com. However, as in other parts of the globe, unicorns are a declining breed, according to CB Insights, a data intelligence platform. Just 17 were minted last year, down 26 per cent from 2015 and with no major pick-up seen so far this year. China has stabled some of the world's biggest unicorns including Xiaomi, once the biggest of all with a value of $40bn that then trumped Uber. Didi Chuxing is in the throes of raising $5bn-$6bn from investors, which would value the ride-hailing app at $50bn, making it the world's second most valuable private tech start-up after Uber. 'Venture capital funding in Shenzhen is now much more active than many other places in the US, especially for hardware,' said Bill Liu, chairman and chief executive of Shenzhen-based Royole, which makes flexible displays both for business and to use in its own branded consumer products, and was valued at $3bn at its last funding round."
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