China wants to track and grade each citizen’s actions — it’s in the testing phase

Since the push to build a social credit system kicked off in earnest five years ago, a few dozen pilot programs have emerged with varying tracking metrics, and consequences for violations. Worries about misuseThe overarching concern, whether or not a social credit system reaches national scale, is the potential for abuse. Especially as technology develops, a social credit system has the potential to be far more invasive, with few checks on its power in authoritarian China. He is a co-author of t


Since the push to build a social credit system kicked off in earnest five years ago, a few dozen pilot programs have emerged with varying tracking metrics, and consequences for violations. Worries about misuseThe overarching concern, whether or not a social credit system reaches national scale, is the potential for abuse. Especially as technology develops, a social credit system has the potential to be far more invasive, with few checks on its power in authoritarian China. He is a co-author of t
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Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: evelyn cheng shirley tay, evelyn cheng, shirley tay
Keywords: news, cnbc, companies, wants, month, credit, system, chinese, individuals, country, grade, testing, citizens, social, china, track, scores, peoples, actions, phase


China wants to track and grade each citizen's actions — it's in the testing phase

People walk past the Public Credit Information Service Hall in Suzhou, China, on May 6, 2019. Suzhou was one of several places chosen in 2018 by the Chinese government to run a social credit trial, which can reward or punish citizens for their behavior. Qilai Shen | Bloomberg | Getty Images

The Chinese government is forging ahead with official efforts to create a national social credit system, even as several academic analysts doubt whether authorities can ever reach that goal. Beijing affirmed its commitment last month to building out social credit, a plan which has sparked fears that the government will gain overt control over ordinary people’s lives. At its core, the proposed system tries to create a standard for trust by tracking individual actions across Chinese society, and rewarding or punishing accordingly. It’s unclear how fairly such a system could impose penalties on individuals, or how easy it would be to get off blacklists. Still, authorities already claim to have the records of 990 million individuals and 25.91 million enterprises, as the central government runs up against a self-imposed 2020 deadline to formulate a nationwide social credit plan that includes the capital city. Since the push to build a social credit system kicked off in earnest five years ago, a few dozen pilot programs have emerged with varying tracking metrics, and consequences for violations. In many respects, the measures are China’s attempt to manufacture a more law-abiding society in a country where respect for contracts has a far shorter history than that of the U.S. or England. Nevertheless, the trials have sparked concerns.

Worries about misuse

The overarching concern, whether or not a social credit system reaches national scale, is the potential for abuse. China has a far from stellar human rights record. Earlier this month, 22 countries issued a joint statement calling on the world’s most populous nation to “refrain from the arbitrary detention and restrictions on freedom of movement” of ethnic minorities in Xinjiang. The region in the westernmost part of the country is known for intense surveillance and is where the United Nations last year said more than a million people were being held in “counter-extremism centres” and another two million were forced into “re-education camps.” Especially as technology develops, a social credit system has the potential to be far more invasive, with few checks on its power in authoritarian China. Still, the country hasn’t crossed that threshold yet. “At the moment, the negative consequences (e.g., the sticks, not the carrots) are only carefully used, and if, only to those businesses and individuals, who clearly broke a law,” Genia Kostka, professor of Chinese politics at Freie Universitat Berlin (the Free University of Berlin), said in an email. “So the consequences are not huge at the moment,” she said, “but the system is developing fast and more sticks can quickly be added to the system once it is running.” That sentiment was echoed by the Economist Intelligence Unit, which said in a Monday report that “the social credit system is set to become a steadily more important aspect of daily life in China, including while doing business.”

It’s not yet a sure thing

For now, however, it remains to be seen how far-reaching the social credit system will be in practice, or when it will be implemented nationally. In fact, there are some who doubt it will ever realize its stated goals. “The social credit system is such a sprawling endeavor that it may never actually be ‘done’ in any meaningful sense,” said Martin Chorzempa, research fellow, at the Washington-based Peterson Institute For International Economics. He is a co-author of the June 2018 report “China’s Social Credit System: A Mark of Progress or a Threat to Privacy?” “They are years away from having some system that integrates all government data and data from the private sector into a unified nationwide system with a single score, and they may never actually achieve that because of bureaucratic infighting over data and growing privacy concerns, ” Chorzempa said in an email to CNBC last month. Launching social credit in the capital city would be significant for the country, but little has yet been divulged about Beijing’s plans to establish individual scores for permanent residents by the end of 2020, as was announced in November 2018. The major government entities involved in creating the China-wide system, the National Development and Reform Commission and the People’s Bank of China, did not respond to CNBC requests for comment. The Municipality of Beijing also did not respond. Currently, social credit is tied to a handful of disparate initiatives. One is the stringent garbage sorting regime that took effect in Shanghai this month, according to city regulations that were adopted in January. It’s not clear to what extent individual scores will be affected by adherence to the rules, although the Communist Party newspaper People’s Daily noted that in Xiamen, multiple violations of similar waste management statutes land individuals on a so-called blacklist. It was not clear from publicly available resources what that list does. Of various government efforts to track individuals in China, the Supreme People’s Court system of issuing travel restrictions for anyone who defies a court order is the most widely used, the EIU report said. These cases typically involve unpaid debt, and prevent offenders from taking flights or traveling by high-speed rail. Critics say such punishments are not enough to prevent fraudulent behavior, while the consequences would be rather extreme if tied to, say, a few improperly sorted pieces of garbage.

Low awareness in China

Despite the many pilot programs and government-run websites such as “Credit China,” the Chinese public so far generally does not know much about the country’s plans for social credit. Dev Lewis, research associate at Digital Asia Hub, said last month that most people he spoke with in Xiamen and Fuzhou did not know such scores existed, and that less than 4% of people in Xiamen had signed up. Lewis’ findings match other recent news reports about how few people in China actually know about a social credit test that is happening in their own city. However, while he noted that more rewards for high scores could improve awareness, other academic research and anecdotes indicate many in the country favor a system that steps up punishments on wrongdoers. “An algorithm with public criteria is more transparent than systems depending on human, possibly corrupt decision making, and it is supposed to supervise officials too,” Peterson Institute’s Chorzempa said. “There is a real problem with lack of rule of law in China that affects everyone, and lets people off (without punishment) when they’ve done terrible things.” The Chinese government’s push to move forward with social credit, and launch a system in Beijing, is part of the powerful State Council’s announcement in 2014 of a “Planning Outline for the Construction of a Social Credit System.” The document called for nationwide, uniform credit information collection, and for the regulations to be established by the year 2020. The council noted e-commerce, logistics and statistics as areas in which to use a credit system to build “social sincerity.” The idea for such a program has a longer history. The first well-known test for a local social credit system in China launched back in 2010 in the rural county of Suining in the province of Jiangsu. As much as modern China has moved toward an increasingly rigid system, the local environment was vastly different just half a century ago. During the decade-long Cultural Revolution that began in the late 1960s, “Mao’s word was the law, like that of the emperors who preceded him,” Weijian Shan, CEO of investment firm PAG, wrote in his 2019 book “Out of the Gobi: My Story of China and America.” “Even now (in the 1980s) that the chaos of the Mao era had ended, laws, policies, and rules were subject to change, sometimes arbitrarily or quite suddenly,” Shan said. “There was a common expression in China at that time: ‘ji hua (a plan) cannot catch up with bian hua (change).’ The resulting uncertainty and risk necessarily led to greater social costs. ”

Testing phase


Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: evelyn cheng shirley tay, evelyn cheng, shirley tay
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Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m


U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m
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Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
Keywords: news, cnbc, companies, washington, road, responsible, waters, official, usiran, hochstein, ayatollah, sanctions, diplomatic, iranian, united, iran, end, trumps, latest


Trump's latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday.

Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime.

While the new sanctions aim to deny top Iranian officials access to important financial resources, “the Ayatollah and most of the people closest to him don’t really have bank accounts in their names … in Europe or outside of Iran” that would be hit by the sanctions, said Amos Hochstein, who served as U.S. special envoy for international energy affairs under the Obama administration.

Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American military drone last Thursday. The Trump administration has accused Iran of being responsible for a recent attack on six oil tankers in or near the Strait of Hormuz.

However, Washington may be treading into dangerous waters in its Iran policy, Hochstein told CNBC’s “Street Signs Asia. ”

“When (U.S. Secretary of State Mike) Pompeo says that the United States has sanctioned more than 80% of the (Iranian) economy, that’s the good news, but it’s also the bad news, ” he added.

“What else do you have to do that will actually have to affect the Iranians’ calculus?” Hochstein asked.


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
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How this Indian hotel chain plans to conquer the China market

Giulia Marchi | Bloomberg | Getty ImagesFor many foreign firms, China’s market is a notoriously tough nut to crack. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “In short, OYO copied what OY


Giulia Marchi | Bloomberg | Getty ImagesFor many foreign firms, China’s market is a notoriously tough nut to crack. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “In short, OYO copied what OY
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How this Indian hotel chain plans to conquer the China market

A Chinese national flag flies in front of a building under construction in the central business district of Beijing, China. Giulia Marchi | Bloomberg | Getty Images

For many foreign firms, China’s market is a notoriously tough nut to crack. Tech giants such as Amazon, eBay and Uber — which have a significant market presence in the United States — all called it quits on China after finding themselves unable to survive the cutthroat competition with local firms there. But Indian budget hotel chain, On Your Own Rooms, managed to be the exception to the rule. The Softbank-backed hotel start-up was founded in India in 2013, and has since grown to become one of South Asia’s largest hotel and accommodation chains. Since OYO Rooms ventured into the Chinese market in November 2017, it has expanded at a breakneck pace. OYO Jiudian — its Chinese subsidiary — currently has nearly 10,000 hotels and 450,000 rooms across 320 cities under its name.

Why design a global company that will never be successful, versus a local entrepreneur? … That mindset enabled us to think two levels ahead of anybody else. Ritesh Agarwal chief executive officer of OYO Rooms

“In a brief period, we have emerged as the country’s second-largest hotel group and company,” Sam Shih, the chief operating officer of OYO Jiudian, told CNBC. China is the company’s biggest market today, OYO’s Chief Executive Officer Ritesh Agarwal said at a travel conference in Singapore in late May. “We’re opening roughly 10 to 12 buildings a day in China,” Agarwal announced at the inaugural Skift Forum Asia. He outlined two key traits of his business that allowed the company to reach the success it has in China’s market: strategic partnerships and a local entrepreneurial mindset.

Strong partnership

Agarwal said at the conference that the company has signed a “very strong, strategic partnership” with Ctrip, China’s largest online travel aggregator (OTA). “OYO Hotels used to distribute on Ctrip, but we had a very local traveler partnership — it was never really at a brand level,” Agarwal said. OYO’s “great working relationships” with prominent travel aggregators like Ctrip opens up new opportunities for the hotel chain and strengthens its reach to local communities, Shih told CNBC.

The OYO Dongxing Wenquan Hotel in Zhengzhou, China. OYO China

That partnership will help its Chinese subsidiary reach its goal of giving China’s middle-income population — estimated by the government to be about 400 million, or less than a third of the population — a “great living space” for less than 150 Chinese yuan ($21.71) per night, Shih added. “We’re excited by the possibilities of these mutually beneficial relationships,” he said.

Entrepreneurial mindset

OYO Jiudian’s success also stems from how it’s positioned itself in the world’s second-largest economy, Agarwal said. When OYO entered the Chinese market, the company viewed itself as local Chinese entrepreneurs “who were copying OYO Global,” he explained. “Why design a global company that will never be successful, versus a local entrepreneur? … That mindset enabled us to think two levels ahead of anybody else,” Agarwal said. With that in mind, the hotel chain “nativized” its offerings from the “point of view of a traveler in the country and what was lacking from his/her experience earlier when OYO was not around,” COO Shih said. “For instance, most foreign companies look at recruiting bilingual management teams in a different country,” he explained. “We didn’t make that a criterion because a Chinese company operating in the country wouldn’t have that constraint — and if we had that constraint, we would narrow our talent pool.” This helped the company to build a strong team of over 7,000 “OYOpreneurs” in China, with less than 20 of them English-speaking, he added. “In short, OYO copied what OYO itself has been executing since its inception in India to gain this momentum in China,” Shih said.

Big bets on China


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: shirley tay
Keywords: news, cnbc, companies, chinese, company, chinas, indian, plans, china, oyo, market, local, conquer, hotel, chain, agarwal, shih


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More China tariffs could push the US into a ‘Trump recession,’ CEO says

While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t


While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t
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More China tariffs could push the US into a 'Trump recession,' CEO says

Trump on Monday renewed his tariff threats on China after Myron Brilliant, the head of international affairs at the U.S. Chamber of Commerce, told CNBC that Trump’s “weaponization of tariffs” hurts the U.S. economy and “creates uncertainty” with trading partners. Trump confirmed that an additional raft of levies will be slapped on Beijing if Chinese President Xi Jinping does not show up at the G-20 meeting in Japan — an event investors and economists will be watching for signs of a breakthrough in the trade impasse.

Huawei dispute could ‘escalate out of control’

The current tensions between the U.S. and China appeared to reach a new height when Washington placed Huawei on a U.S. entity list in May, limiting the Chinese telecom giant’s ability to purchase goods from American firms. While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. According to Shapiro, restrictive measures in the tech space could escalate “out of control” and cause both consumers and U.S. chip companies to be “trampled.” The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell to all around the world,” he said. “And the fact is, I think the U.S. policy may be really pushing China to do everything by itself, and not only put up walls around China, but we’re putting up an economic fence around the United States.” If the U.S. wants to advance “and be innovative, maintain world leadership, we have to be out there in the world marketplace,” he added.

President Donald Trump speaks during a press conference with China’s President Xi Jinping at the Great Hall of the People in Beijing on November 9, 2017. Nicholas Asfouri | AFP | Getty Images

Tech bifurcation possible


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
Keywords: news, cnbc, companies, trump, world, china, companies, xi, push, ceo, united, states, shapiro, recession, president, tariffs, huawei


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As US-China relations sour, Taiwan’s value as a ‘chess piece’ may rise

Taiwan has always been a “chess piece” that Washington can play with in U.S.-China relations, said Zhiqun Zhu, a professor of political science and international relations at Bucknell University. “Taiwan’s value to the U.S. will only increase as tensions between the U.S. and China escalate,” Zhu told CNBC. Chinese President Xi Jinping has said before that China “must be and will be” reunified with Taiwan — by force if necessary. However, recent military and diplomatic actions from Washington hav


Taiwan has always been a “chess piece” that Washington can play with in U.S.-China relations, said Zhiqun Zhu, a professor of political science and international relations at Bucknell University. “Taiwan’s value to the U.S. will only increase as tensions between the U.S. and China escalate,” Zhu told CNBC. Chinese President Xi Jinping has said before that China “must be and will be” reunified with Taiwan — by force if necessary. However, recent military and diplomatic actions from Washington hav
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As US-China relations sour, Taiwan's value as a 'chess piece' may rise

Taiwan’s President Tsai Ing-Wen waves to assembled guests from the deck of the ‘Ming Chuan’ frigate during a ceremony to commission two Perry-class guided missile frigates from the U.S. into the Taiwan Navy, in the southern port of Kaohsiung on November 8, 2018. Chris Stowers | AFP | Getty Images

As the United States and China remain deadlocked in a deepening dispute over trade and technology, some experts say Taiwan’s value as a bargaining chip has increased. The self-governed island — which Beijing deems to be a renegade Chinese province — is one of many flashpoints in the rivalry between the world’s two superpowers. Taiwan has always been a “chess piece” that Washington can play with in U.S.-China relations, said Zhiqun Zhu, a professor of political science and international relations at Bucknell University. “Taiwan’s value to the U.S. will only increase as tensions between the U.S. and China escalate,” Zhu told CNBC. Under the Chinese Communist Party’s “One China” policy, the self-ruled island is part of mainland China. Chinese President Xi Jinping has said before that China “must be and will be” reunified with Taiwan — by force if necessary. However, recent military and diplomatic actions from Washington have been seen by Beijing as U.S. support for Taiwan’s independence movement. At the Shangri-la dialogue in Singapore last weekend, Chinese Lieutenant General Shao Yuanming said Washington’s support for Taipei has sent “terribly wrong signals to Taiwan’s independence forces, which could undermine regional peace and stability. ” “If anyone wants to separate Taiwan from the country, the Chinese military will resolutely defend the unity of our motherland at all costs,” Shao added.

‘Upgrade’ in US-Taiwan relations

The U.S. using Taiwan as a card is a new factor in the dynamic of the trilateral relationship that “really did not exist” before President Donald Trump came into power, said Bonnie Glaser, senior advisor for Asia at Washington-based think tank Center for Strategic and International Studies (CSIS). “Trump is a transactional president and he often seems to be willing to put anything on the table,” she told CNBC. On the military front, the Trump administration has ramped up arms sales to Taipei over the years, invoking the ire of Beijing. Washington is reportedly preparing a sale of more than $2 billion worth of tanks and weapons to Taiwan. Diplomatic issues have also come to the fore. In May, high-level security officials from the U.S. and Taiwan met for the first time in nearly four decades, drawing an angry response from Beijing. Chinese Foreign Minister Lu Kang said Beijing is “strongly dissatisfied” with and “resolutely opposed” to any official meetings between the U.S. and Taiwan. “I believe we’re inching closer & closer to Beijing’s redline on US-Taiwan senior official mtgs–those that are publicized at least,” Derek Grossman, a senior defense analyst at California-based think tank RAND Corporation, said on Twitter after the U.S.-Taiwan meeting.

Chinese President Xi Jinping arrives for an event to commemorate the 40th anniversary of the Message to Compatriots in Taiwan at the Great Hall of the People January 2, 2019 in Beijing, China. Mark Schiefelbein | Pool | Getty Images

Grossman told CNBC on email that his understanding is that such meetings “have been ongoing for some time in private.” “My hunch is that it was publicized this time via intentional leak from one or both sides to signal to China that the upgrade in U.S.-Taiwan relations is here to stay,” he added.

Taiwan’s next leader is key

Taiwan is set to have its presidential elections in January 2020 — and experts said the polls would likely determine the direction of cross-strait ties. Grossman said that if the incumbent Taiwanese president Tsai Ing-Wen is re-elected, which is “likely,” cross-strait tensions are likely to escalate further from 2020 to 2024. Glaser from CSIS echoed that sentiment, adding that if a candidate from the independence-leaning Democratic Progressive Party was elected, China would ratchet up military, diplomatic and economic pressure. “I think the Chinese would be worried that there’s always this potential for things to go in a very negative direction because the combination of Trump being president and the possibility that Tsai gets re-elected … could really embolden Tsai to move toward the direction of independence,” she added.

China could miscalculate and think the United States would get involved in a conflict, and that would really be a very dangerous situation. Bonnie Glaser senior advisor for Asia at the Center for Strategic and International Studies

According to Grossman, the best hope for keeping tensions under wraps would be if a candidate from the opposition Kuomintang (KMT) party wins the next Taiwan presidential race and recognizes the “One China” policy. That said, Grossman added, public opinion polling in Taiwan has shown that voters will not likely support the opposition KMT in doing so. “The Taiwanese have been observing how China’s ‘One Country, Two Systems’ approach has worked out in Hong Kong, and it isn’t too inspiring,” Grossman added. A public opinion survey conducted by the Taiwan’s Mainland Affairs Council in May also found that 83.6% of Taiwan opposes Xi’s “one country, two systems” policy.

A ‘small’ risk of escalation


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
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Trump’s hard-line approach to Iran is a ‘strategic mistake,’ former US energy secretary says

The increasingly hard-line approach toward Iran taken by U.S. President Donald Trump’s administration is a “strategic mistake,” a former U.S. Energy Secretary said Thursday. At the Ecosperity Conference in Singapore, Ernest J. Moniz — who is currently the CEO of non-profit firms Energy Futures Initiative and Nuclear Threat Initiative — said Washington’s hardening approach risks provoking Iran not to comply with the 2015 nuclear agreement. Moniz, who was energy secretary from May 2013 to January


The increasingly hard-line approach toward Iran taken by U.S. President Donald Trump’s administration is a “strategic mistake,” a former U.S. Energy Secretary said Thursday. At the Ecosperity Conference in Singapore, Ernest J. Moniz — who is currently the CEO of non-profit firms Energy Futures Initiative and Nuclear Threat Initiative — said Washington’s hardening approach risks provoking Iran not to comply with the 2015 nuclear agreement. Moniz, who was energy secretary from May 2013 to January
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Trump's hard-line approach to Iran is a 'strategic mistake,' former US energy secretary says

The increasingly hard-line approach toward Iran taken by U.S. President Donald Trump’s administration is a “strategic mistake,” a former U.S. Energy Secretary said Thursday.

At the Ecosperity Conference in Singapore, Ernest J. Moniz — who is currently the CEO of non-profit firms Energy Futures Initiative and Nuclear Threat Initiative — said Washington’s hardening approach risks provoking Iran not to comply with the 2015 nuclear agreement.

Moniz, who was energy secretary from May 2013 to January 2017 under former President Barack Obama, said he believed Iran was still adhering to the Joint Comprehensive Plan of Action (JCPOA). But he warned that the nuclear power could change its mind “within a month or so.”

Moniz’s comments came on the back of an increasingly provocative rhetoric between Washington and Tehran.


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China is driving growth in Asia’s real estate market despite trade war headwinds, report finds

Real estate markets in Asia-Pacific grew at a record-breaking pace in the first quarter of this year — thanks in part to China and despite a global decline, according to real estate consultancy JLL. The region recorded a new first-quarter high of $45 billion in real estate transaction volumes, according the company’s Global Capital Flows report for the first quarter of 2019. The “domestic consumption story is so strong” in China, JLL’s head of Asia Pacific capital markets Stuart Crow told CNBC’s


Real estate markets in Asia-Pacific grew at a record-breaking pace in the first quarter of this year — thanks in part to China and despite a global decline, according to real estate consultancy JLL. The region recorded a new first-quarter high of $45 billion in real estate transaction volumes, according the company’s Global Capital Flows report for the first quarter of 2019. The “domestic consumption story is so strong” in China, JLL’s head of Asia Pacific capital markets Stuart Crow told CNBC’s
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China is driving growth in Asia's real estate market despite trade war headwinds, report finds

Real estate markets in Asia-Pacific grew at a record-breaking pace in the first quarter of this year — thanks in part to China and despite a global decline, according to real estate consultancy JLL.

The region recorded a new first-quarter high of $45 billion in real estate transaction volumes, according the company’s Global Capital Flows report for the first quarter of 2019.

That’s a 14% increase compared to a year ago — outperforming the Americas, as well as Europe, the Middle East and Africa (EMEA), the JLL report showed.

“Driving this performance was China, where quarterly investment surged to an all-time high of US$17 billion due to an increase in cross-border capital inflows and large-scale transaction activity,” said the report which was released in May.

The “domestic consumption story is so strong” in China, JLL’s head of Asia Pacific capital markets Stuart Crow told CNBC’s “Street Signs Asia” on Thursday.

“We’re seeing a huge amount of investment into the manufacturing — and most particularly in our world — the logistics real estate,” Crow added. “Even some of the big players in China themselves, being Alibaba and JD.com, (are) investing in that logistics real estate sector. “


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: shirley tay
Keywords: news, cnbc, companies, war, market, china, growth, capital, markets, investment, transaction, estate, report, real, driving, headwinds, finds, logistics, trade, quarter


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Temptation to ‘game the system’ could derail US-China trade deal, says former American official

A trade deal between the United States and China — which may be just around the corner — could be derailed by a “temptation to game the system,” a former U.S. diplomat and ambassador told CNBC on Friday. “There’s always a temptation for someone to game the system. No deal is comprehensive, always there’s some issue or group or segment that isn’t addressed. “So the scope for gamesmanship, I think, with some of these issues, and that’s going to be where the U.S. does have to discipline the system,


A trade deal between the United States and China — which may be just around the corner — could be derailed by a “temptation to game the system,” a former U.S. diplomat and ambassador told CNBC on Friday. “There’s always a temptation for someone to game the system. No deal is comprehensive, always there’s some issue or group or segment that isn’t addressed. “So the scope for gamesmanship, I think, with some of these issues, and that’s going to be where the U.S. does have to discipline the system,
Temptation to ‘game the system’ could derail US-China trade deal, says former American official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: shirley tay weizhen tan, shirley tay, weizhen tan
Keywords: news, cnbc, companies, official, trade, thats, system, game, china, american, temptation, deal, theres, uschina, issues, derail, end, lavin, going


Temptation to 'game the system' could derail US-China trade deal, says former American official

A trade deal between the United States and China — which may be just around the corner — could be derailed by a “temptation to game the system,” a former U.S. diplomat and ambassador told CNBC on Friday. While there’s a “strong likelihood” that the two sides will be able to hammer out a deal, there are a few factors that could derail its prospects, said Frank Lavin, who formerly served as U.S. under secretary of commerce for international trade. “There’s always a temptation for someone to game the system. If you and I are in an agreement, and we’re there and we’re going to sign tomorrow, I always have an incentive to say, ‘Why don’t I just take my offer down one percent?’ And you’re already at the table, you’re already set for celebration, and let me just see if I can do this,” said Lavin, who is now chief executive of business consultancy Export Now. In particular, there’s potential for “gamesmanship” when it comes to trade concessions that will be “painful for China,” involving the trickier intellectual property issues, according to Lavin, who was also U.S. ambassador to Singapore.

No deal is comprehensive, always there’s some issue or group or segment that isn’t addressed. And so they are going to scream bloody murder. Frank Lavin Export Now CEO

“But on some of the IP issues — we’re going to end compulsory licensing, or end compulsory sharing of IP data — that’s a little harder to enforce, because what is compulsory? There might not be anything formally legal that requires it, but there might be incentives, or pressure, or say, you want to build a new plant in China, can we really go along with it?” he said. “So the scope for gamesmanship, I think, with some of these issues, and that’s going to be where the U.S. does have to discipline the system, and … police what’s going on,” Lavin added. And while some parts of the deal may require external enforcement, the elements of an agreement that are less painful for China are likely to see a “self-enforcing, self-discipline” type of system, Lavin said. “Because look, lower tariffs help China, they help the consumers, they temper inflation. So, that’s easy to live with, and it’s very visible, very transparent,” he said. China earlier this month announced it would lower tariffs on some imported consumer goods ranging from computers to furniture and bicycles.

President Donald Trump (L) shakes hand with China’s President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing on November 9, 2017. Fred Dufour | AFP | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: shirley tay weizhen tan, shirley tay, weizhen tan
Keywords: news, cnbc, companies, official, trade, thats, system, game, china, american, temptation, deal, theres, uschina, issues, derail, end, lavin, going


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New Zealand should always ‘speak its mind’ to China, former prime minister says

New Zealand’s relationship with China had become “too transactional” in recent years, but it needs to be able to raise concerns with Asia’s superpower, according to former New Zealand Prime Minister Helen Clark. “But you never want to limit your freedom as a country to be able to raise issues that are on your mind.” Clark emphasized the need for New Zealand to keep its foreign policy position — which she described as “very much of a small country with its own values that will speak its mind when


New Zealand’s relationship with China had become “too transactional” in recent years, but it needs to be able to raise concerns with Asia’s superpower, according to former New Zealand Prime Minister Helen Clark. “But you never want to limit your freedom as a country to be able to raise issues that are on your mind.” Clark emphasized the need for New Zealand to keep its foreign policy position — which she described as “very much of a small country with its own values that will speak its mind when
New Zealand should always ‘speak its mind’ to China, former prime minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: shirley tay
Keywords: news, cnbc, companies, speak, tech, country, mind, china, zealand, relationship, clark, raise, able, minister, transactional, issues, prime


New Zealand should always 'speak its mind' to China, former prime minister says

New Zealand’s relationship with China had become “too transactional” in recent years, but it needs to be able to raise concerns with Asia’s superpower, according to former New Zealand Prime Minister Helen Clark.

Speaking to CNBC at the Asian Development Bank’s annual meeting in Fiji, Clark was reflecting on how New Zealand-China relations had become strained after Chinese tech giant Huawei was temporarily banned from participating in the country’s rollout of 5G — a new generation of mobile network that’s set to bring about a variety of tech innovations.

“Before the government of (current Prime Minister) Jacinda Ardern, the relationship had probably become rather too transactional, very focused on material benefit,” Clark said in a Friday interview with CNBC at the Asian Development Bank’s annual meeting in Fiji.

During her tenure leading the country, from 1999 to 2008, she said she was able to broach tough subjects with Beijing when visiting the country — her administration “always kept the space where we could raise issues of concern.”

“A small Western democracy has to be able to raise those issues, and of course the Chinese will respond, and there will be a robust response,” she told CNBC. “But you never want to limit your freedom as a country to be able to raise issues that are on your mind.”

Clark emphasized the need for New Zealand to keep its foreign policy position — which she described as “very much of a small country with its own values that will speak its mind when it needs to” — in the “China relationship story.”

“When (New Zealand) speaks, no one thinks: ‘Who are they speaking for?’ No. New Zealand speaks for itself,” Clark said.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: shirley tay
Keywords: news, cnbc, companies, speak, tech, country, mind, china, zealand, relationship, clark, raise, able, minister, transactional, issues, prime


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Thailand tows bitcoin trader’s floating home; owners may face death sentence

The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports. Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News. Thai authorities have revoked Elwartowski’s visa and ch


The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports. Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News. Thai authorities have revoked Elwartowski’s visa and ch
Thailand tows bitcoin trader’s floating home; owners may face death sentence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: shirley tay
Keywords: news, cnbc, companies, according, thai, independence, owners, thailand, bitcoin, jurisdiction, deteriorating, face, sentence, traders, life, death, imprisonment, floating, sky, thailands, tows


Thailand tows bitcoin trader's floating home; owners may face death sentence

The Royal Thai Navy has towed a floating home owned by an American bitcoin trader and his Thai girlfriend, who currently face possible death sentences or life imprisonment for “deteriorating Thailand’s independence,” according to multiple reports.

Chad Elwartowski and his partner Supranee Thepdet lived in the cabin roughly 15 miles from the Thai coast to avoid jurisdiction from the Thai government, according to British news outlet Sky News.

Thai authorities have revoked Elwartowski’s visa and charged the couple for violating Thai sovereignty — an offense punishable by the death penalty or life imprisonment, according to Reuters.

“The couple announced on social media declaring their autonomy beyond the jurisdiction of any courts or law of any countries, including Thailand,” Sky News reported Thai Rear Admiral Vithanarat Kochaseni as saying. “We see such action as deteriorating Thailand’s independence.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: shirley tay
Keywords: news, cnbc, companies, according, thai, independence, owners, thailand, bitcoin, jurisdiction, deteriorating, face, sentence, traders, life, death, imprisonment, floating, sky, thailands, tows


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