Tag Archives: China

Business/Economics, International

Global Economic War: Europe raises tariffs on Chinese products, again & again & again, now as high as 69.7%

Chinese officials say the latest round of tariff increases in Europe have essentially closed off the European market to Chinese businesses.

On September 15, the EU placed tariffs on Chinese flooring tile, as high as 69.7%!  This will directly affect more than 1,000 Chinese businesses!

Chinese officials say the Europeans are raising their tariff rates to protect European tile makers, who’ve seen a 40% drop in sales since the debt crisis began.  Europeans says it’s to make up for ‘dumping’ of Chinese products on European markets.

 

 

International, U.S.

World War 3: U.S. & Australia to join forces in countering cyber attacks from China

U.S. Secretary of State Hillary Clinton and Defense Secretary Leon Panetta met Australian Foreign Minister Kevin Rudd and defense chief Stephen Smith in San Francisco, California, for talks on September 15.

The subject was cyber attacks. Panetta called cyberspace the battlefield of the future, and most of the intensive cyber attacks in the past year are believed to have originated in China.

The new cyber war policy involves putting U.S. troops in Australia, for training purposes.

Business/Economics, International, U.S.

Not everyone in China is doing well economically, restaurants forced to use ‘gutter’ oil for cooking, blame inflation

At least 32 people are on trial in China, for collecting used cooking oil from street gutters, then selling it back to restaurants.

A company that was supposed to be creating biodiesel from used oil, instead found it cheaper to simply strain the used cooking oil and sell it back to restaurants.

Also, according to local police, the company was using a “white substance” to remove the nasty smell from the used cooking oil.  Some local media speculate that it causes cancer.

China’s fast booming economy is causing rapid inflation, many individuals, and mom & pop businesses can’t keep up.  Buying recycled cooking oil is a cheap alternative.  One report said the price of new cooking oil in China is about 10,000 yuan, or $1,560 a ton, while ‘gutter’ oil sells for around 8,000 yuan to 9,000 yuan.

This is not the first scandal relating to food safety in China.  Scandals have included melamine tainted infant formula, and pork tainted with the chemical clenbuterol.   Melamine gives false increased protein levels in dairy products.  Clenbuterol helps make meat leaner.  The Chinese government says both can be harmful to humans.

Here in the United States the FDA has approved the use of clenbuterol in animals, but not in humans.  However, the FDA is out on melamine.  Their latest studies showed that melamine was dangerous only when combined with other chemicals.  One study showed cats had kidney failure after eating 32 parts per million of cyanuric acid and 32 parts per million of melamine.

 

Business/Economics, International, U.S.

What Economic Recovery? China says you created the economic problem, you fix it!

“Countries must first put their own houses in order. Developed countries must draw up responsible fiscal and monetary policies.”-Wen Jiabao, Prime Minister of China

Despite China becoming the biggest foreign investor in the United States, they say future investments depends on how the U.S. handles economic recovery.  The same goes for Europe: “European countries are facing sovereign debt problems and we’ve expressed our willingness to give a helping hand many times. We will continue to expand our investment there…Europe and the U.S. must adopt responsible and effective fiscal and monetary policies in a bid to reduce debt pressures.”-Wen Jiabao, Prime Minister of China

Analysts from Citigroup agreed: “What he is basically saying is China wants to help, they want to invest, but we can’t help you take the proper measures to control the debt crisis, you’ve got to do that on your own.”-William Rhodes

Another analysts says the EU and U.S. must stop paying for debt with debt: “Politicians have been paying their budget deficits by selling bonds, in other words mortgaging, or charging the future. Sooner or later that catches up with you, and 2011 is the year that the debt finally catches up with several European countries like Greece and Italy. So they have got to put their houses in order. They have to spend what they have, but not spend more than they have.”-Francis Lun, Lyncean Holdings

Business/Economics, International, U.S.

What Economic Recovery? MLK jr memorial statue made in China, due to lack of funds

There’s been a lot of praise by the main stream U.S. media for the Martin Luther King Jr memorial, but they don’t mention that the statue was outsourced to China due to lack of funds.

According to Wikipedia, the memorial needed $120 million for construction.  Only $108 million was raised, and that included taxpayer money from the Federal government.  This is the reason the memorial contractor outsourced the making of the statue to China.

Not even the stone came from the United States, it’s Chinese pink granite.  Just another sign of the times!

Business/Economics, International, U.S.

What Economic Recovery? Respected U.S. Economist says deeper recession coming, Australia no longer safest place to be

“We predicted this (current) downturn in the U.S. 20 years ago.”-Harry S. Dent Jr

September 11, U.S. economist Harry S. Dent Jr is predicting a second, deeper downturn between the beginning and the middle of next year.

Dent says the downturn will start in Europe, spread to the United States, China and eventually Australia.  He says Australia might not be the safest place to be: “Australia is probably the best place in the world to survive this, but we do think Australia will not escape as well as it did from the last crisis (in 2008).”

Dent says there are still ‘bubbles’ that need to burst.  He believes gold and silver prices are overrated, and there are still housing bubbles around the world, like in Australia, Japan and China, that need to burst.  The housing bubble that burst in the U.S. still hasn’t fully deflated.

Dent is in Australia to promote his book, The Great Crash Ahead – How to Prosper in the Debt Crisis of 2010-2012.


Business/Economics, International, Technology

Corporate Incompetence: Home juicing machines & soy milking machines contain carcinogens

A report out of China says that home juicing machines, and soybean milking machines, are being manufactured with lubricants that are known to cause cancer.

Inspectors working for the Germany company Fuchs Petrolub, discovered the malpractice: “Manufacturers of soybean milk machines, including Joyoung and Midea, are well aware that the lubricant for production is for industrial use.  It is only during product examinations from outside agencies that they purchase lubricant for food.”

Products intended for food production should use food grade lubricants, but it was revealed that the home juicing machines were put together using standard industrial grade lubricants.

However, there is apparently no law in China requiring the use of food grade lubricants for food production machines.  Staff with Fuchs Petrolub say the Chinese companies use industrial grade lubricants, for food machines, because they’re cheaper.

 

 

Business/Economics, International, Technology

Global Economic War: China accuses Europe & Japan of dumping steel products

The Chinese Ministry of Commerce is investigating claims that Europe and Japan are dumping steel tubes in China.

“Dumping can force established domestic producers out of a market and lead to monopolistic positions by the exporting nation.”-Wikipedia

China will look into the matter of “certain high-performance stainless steel seamless tubes” and calculate the loss suffered by domestic companies.

Business/Economics, International, U.S.

Global Economic War: Nike rips off Chinese customers, sells them downgraded shoes at higher prices than in the United States

Nike has admitted to false advertising in China.  This after a Chinese customer, who just happens to be a counterfeit products investigator, discovered that Nike was selling downgraded versions of their Nike Zoom Hyperdunk 2011.

The shoe sells in the United States for around $125.00, and has two air cushions in each shoe.  According to the Chinese man who filed the complaint against Nike, the Chinese versions sell for $78.00 more than the U.S. version, and have only one air cushion per shoe.

Business/Economics, International, U.S.

War on Terror cover for Global Economic War: Invasion of Afghanistan IS about oil, Afghanistan has 80 million barrels of oil, now it all goes to China

State-owned China National Petroleum Corporation won the first oil and natural gas exploration contracts in Afghanistan since the U.S. led invasion in 2001.

It’s estimated that there are 1.6 billion barrels of crude oil in Afghanistan.  The oil fields of Bazarkhami, Kashkari and Zamarudsay (areas under contract with CNPC) contain an estimated 80 million barrels.

In 2007 China got the rights to mine copper in Afghanistan.  Isn’t nice that the U.S. led War on Terror is allowing other countries to get contracts to mine minerals and oil?