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Media Report
August 17 , 2017
  • The American Prospect：Steve Bannon, Unrepentant
    The American Prospect reports: "Bannon was in high spirits when he phoned me Tuesday afternoon to discuss the politics of taking a harder line with China, and minced no words describing his efforts to neutralize his rivals at the Departments of Defense, State, and Treasury. 'They're wetting themselves,' he said, proceeding to detail how he would oust some of his opponents at State and Defense... 'We're at economic war with China,' he added. 'It's in all their literature. They're not shy about saying what they're doing. One of us is going to be a hegemon in 25 or 30 years and it's gonna be them if we go down this path. On Korea, they're just tapping us along. It's just a sideshow.' Bannon said he might consider a deal in which China got North Korea to freeze its nuclear buildup with verifiable inspections and the United States removed its troops from the peninsula, but such a deal seemed remote. Given that China is not likely to do much more on North Korea, and that the logic of mutually assured destruction was its own source of restraint, Bannon saw no reason not to proceed with tough trade sanctions against China. Contrary to Trump's threat of fire and fury, Bannon said: 'There's no military solution [to North Korea's nuclear threats], forget it... To me, the economic war with China is everything.'" 
  • The Wall Street Journal：As China Deals Fall Through, CFOs Skimp on Legal Fees
    The Wall Street Journal comments: "As Chinese regulators clamp down on overseas deals, finance chiefs increasingly ask for big discounts from their lawyers. This helps companies limit the damage if an acquisition falls through, said Oliver Rui, finance professor at the China Europe International Business School in Shanghai. The increased regulatory hurdles are already costing Chinese companies hefty reverse break-up fees, which can run up to 10% of the agreed purchase price. Many finance chiefs therefore seek savings elsewhere, such as reduced legal fees. 'Chinese buyers increasingly demand huge rebates in case a deal fails,' said Gary Gao, a partner at Zhong Lun Law Firm in Shanghai. 'Law firms that deal with Chinese clients have become very cautious,' Mr. Gao said. Regulators last fall introduced new guidelines limiting the scope of overseas deals by Chinese buyers. Since then, prominent deals involving Chinese conglomerates like Dalian Wanda Group Co. have stalled. By mid-August, mergers and acquisitions by Chinese firms were down 42% compared to the same period last year, according to Thomson Reuters Corp."
  • The Diplomat：A New G2: China and the EU?
    The Diplomat: "Throughout the past half-century, the driving force of globalization and the creation of a rules-based order has been the North Atlantic partnership between the United States and Europe. But in the past six months, the paths of America and Europe have diverged on everything from trade and climate change to preserving an open, multilateral international system. Today, the European Union (EU) finds itself without a strong partner with a similar vision who can help shoulder the responsibilities of global governance. But the current situation also presents an opportunity for a different partnership: one between the EU and China. The EU and China already maintain a strategic partnership, yet it is one that hasn't achieved much in the past decade. But today, the stars are perfectly aligned for the EU-China partnership to reach its full potential and become the world's G2. Such a partnership might have been difficult to imagine a few years ago. But picture it now: at the ministerial G20 summit, the United States removed a pledge about opposing protectionismfrom the official communiqué. At the Hamburg G20 Summit, the United States found itself swimming against the tide, the official communiqué acknowledging the divergence between Washington and the remaining 19. At the G7 as well, the United States was the only country not joining the consensus regarding climate change, Washington having announced that it will withdraw from the Paris Agreement... Both European and Chinese leaders should sense the opportunity for real progress in their partnership and build a G2 that will advance global governance and address global issues, in a time in which globalization is under threat like never before.


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