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China Eclipses U.S. as Biggest Trading Nation Measured in Goods
China surpassed the U.S. to become the world’s biggest trading nation last year as measured by the sum of exports and imports of goods, official figures from both countries show.
U.S. exports and imports of goods last year totaled $3.82 trillion, the U.S. Commerce Department said last week. China’s customs administration reported last month that the country’s trade in goods in 2012 amounted to $3.87 trillion.
A man takes a photograph of commercial buildings at dusk in the Pudong area of Shanghai. Photographer: Tomohiro Ohsumi/BloombergPhotographer: Tomohiro Ohsumi/Bloomberg
China’s growing influence in global commerce threatens to disrupt regional trading blocs as it becomes the most important commercial partner for some countries. Germany may export twice as much to China by the end of the decade as it does to France, estimated Goldman Sachs Group Inc.’s Jim O’Neill.
“For so many countries around the world, China is becoming rapidly the most Read more…
China Test Flies Heavy Air Force Freight Plane
China’s new jumbo air freighter, the Y-20, prepares to take off from an unidentified airport for a test run on Jan. 26. (Photo: People’s Daily)
BEIJING — China said it successfully tested a heavy air force freighter that could be a mostly home-grown substitute for the older Russian planes it now uses while substantially boosting the Chinese military’s global reach.
The Y-20 flew took off from its development base near the northwestern city of Xi’an on Saturday, the China Daily and other newspapers reported on Monday. The plane can fly 44,000 km with 66 tons of freight, and is designed to fill the need for a stronger, long-range heavy lift capacity.
China now uses Russian IL-76 freighters, including for communications roles, but those planes were first built in Read more…
China May Now Have World’s 2nd Largest Gold Reserves
Today acclaimed money manager Stephen Leeb stunned King World News when he said the Chinese may already have the world’s second largest gold reserves, eclipsing Germany to grab the number two spot. Leeb knows China is incredibly secretive about its insatiable accumulation of gold, and believes they are not fully disclosing their entire gold position to the world at this point. Here is what Leeb had to say: “I’m focused on precious metals and this fascinating battle between the East and the West, Eric, especially China and the United States. There is an economic ‘Battle Royale’ going on right now, and I think the Chinese definitely have the upper hand.”
Stephen Leeb continues:
“They have a stronger economy and a clear plan as to what they want to accomplish. They have a much longer-term perspective, and this spells very, very tough times for the United States.
I wish it weren’t true, and I wish this country would wake up. But everywhere I look right now I see limited Read more…
Rising China-US Tensions: Heading Towards Military Confrontation?
China’s priority is to maintain our attitude toward the Diaoyu Islands. We have to help other sides properly understand us. There should be no ambiguity when it comes to China’s willingness to counterattack in the event of a military provocation. As long as there is understanding, the words of the US won’t seem so important.
Outgoing Secretary of State Hillary Clinton said on Friday that the US has no position on the Diaoyu Islands dispute. She did however, claim that the islands are under the administrative jurisdiction of Japan and that the US opposes any unilateral moves to encroach on Japan’s area of jurisdiction. This demonstrates that the US has admitted its bias in the Diaoyu Islands dispute.
This doesn’t come as a surprise. If further escalation of the confrontation between China and Japan occurs, such signs of bias may also be demonstrated by the Read more…
Obama lets Chinese own U.S. energy resources
NEW YORK – The Obama administration is quietly allowing China to acquire major ownership interests in oil and natural gas resources across the U.S.
The decision to allow China to compete for U.S. oil and natural gas resources appears to stem from a need to keep Beijing economically interested in lending to the U.S. The Obama administration has run $1-trillion-plus annual federal budget deficits since taking office that likely will continue in the second term.
Allowing China to have equity interests in U.S. energy production is a reversal of the Bush administration’s policy. In 2005, the Bush administration blocked China on grounds of national security from an $18.4 billion deal to purchase California-based Unocal Corp.
As WND reported Monday, Beijing has been developing a proposal in which real estate on American soil owned by China would be Read more…
US to borrow Chinese cash to arm military vs… China
Top Japan General Calls for Beefed-Up Defenses
TOKYO—When a Japanese coast guard cutter spotted a small Chinese aircraft flying above disputed East China Sea islands in December, Japan’s air force scrambled eight F-15 fighter jets, but they reached the scene only after the intruder had left. Japan’s radar or surveillance planes had missed the low-flying aircraft entering what the nation considers its airspace, causing a delay in scrambling.
The embarrassing incident underscores the need for Japan to beef up the defense of air, sea and land in its southwest, said Gen. Shigeru Iwasaki, the top uniformed official of Japan’s military, known as the Self-Defense Forces. He said China’s navy and air force have been gradually shifting activities closer to the waters and skies near Japan’s southwestern islands and “establishing a tenacious presence” in what’s becoming an Read more…
Chart Of The Day: Chinese November Gold Imports Soar To 91 Tons; 2012 Total 720 Tons
Regular readers are familiar with our monthly series showing the inexorable surge in Chinese gold imports. It is time for the November update, and it’s a doozy: at 90.8 tons, this was the second highest gross import number of 2012, double the 47 tons imported in October (which many saw, incorrectly, as an indication of China’s waning interest in the yellow metal), and brings the Year to Date total to a massive 720 tons of gold through November. If last year is any indication, the December total will be roughly the same amount, and will bring the total 2012 import amount to over 800 tons, double the 392.6 tons imported in 2011.
Indicatively, should the full year total import number indeed print in the 800 tons range, it will mean that in one year China, Read more…
China, Russia Eye Enhanced Antimissile Collaboration
The United States’ enhanced missile defense efforts are leading China and Russia to step up joint work on their own antimissile efforts, RIA Novosti reported on Wednesday.
“We are concerned about U.S. plans to build a global missile defense system, including in the Asia-Pacific region,” Russian Security Council Secretary Nikolai Patrushev said while in Beijing for strategic talks with Chinese officials.
“Our Chinese partners share our concerns and we have agreed to coordinate our actions in that respect,” he added.
Moscow has long expressed concern that U.S. missile defense deployments in Europe might undermine Russia’s strategic security. The Obama administration has also sought to increase missile defense cooperation with Asian allies, including fielding a second X-band radar in Japan.
There are indications that a another X-band system could be deployed in the Philippines or a nearby state, and the United States is moving to increase the number of ships with Aegis antimissile technology deployed in the sector, according to the report.
China, Russia pledge closer security ties ahead of BRICS meet
Ahead of the key BRICS security meet in New Delhi tomorrow, China and Russia today pledged to deepen security cooperation and make new contributions to their comprehensive strategic partnership.
China’s State Councilor Dai Bingguo, who would be attending the two-day BRICS senior representatives on security issues, held talks with Russian Security Council Secretary Nikolai Patrushev here.
They held in-depth discussions on China-Russia relations, as well as the current international and regional situation, according a statement issued for the 8th China-Russia strategic security consultation.
“Both countries should maintain frequent high-level interactions and deepen pragmatic cooperation,” the statement said, according to state-run Xinhua news agency.
The two sides pledged to support each Read more…
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