Tag: Politics and Government

Real Estate Giant China Evergrande Will Be Liquidated

Media Library

Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered by a court in Hong Kong to liquidate, a move that will set off a race by lawyers to find and grab anything belonging to Evergrande that can be sold. The order is also likely…

What Hefei, China’s EV City, Says About the State of the Economy

Media Library

Ultramodern factories churn out electric cars and solar panels in Hefei, an industrial center in the heart of central China. Broad avenues link office towers and landscaped parks. Subway lines open at a brisk pace. Yet at Hefei’s market for construction materials, which fills 10 city blocks, local merchants are gloomy. Wu Junlin, a vendor of doors, has closed two of his three stores and laid off all but one of his dozen employees. “I have been doing this for 20 years — after all these years, this year is…

As China’s Markets Stumble, Japan Rises Toward Record

Media Library

There’s a shift underway in Asia that’s reverberating through global financial markets. Japan’s stock market, overlooked by investors for decades, is making a furious comeback. The benchmark Nikkei 225 index is edging closer to the record it set on Dec. 29, 1989, which effectively marked the peak of Japan’s economic ascendancy before a collapse that led to decades of low growth. China, long an impossible-to-ignore market, has been spiraling downward. Stocks in China recently touched lows not seen since a rout in 2015, and Hong Kong’s Hang Seng Index was…

Taiwan’s Democracy Draws Envy and Tears for Visiting Chinese

Media Library

At the Taipei train station, a Chinese human rights activist named Cuicui watched with envy as six young Taiwanese politicians campaigned for the city’s legislative seats. A decade ago, they had been involved in parallel democratic protest movements — she in China, and the politicians on the opposite side of the Taiwan Strait. “We came of age as activists around the same time. Now they’re running as legislators while my peers and I are in exile,” said Cuicui, who fled China for Southeast Asia last year over security concerns. Cuicui…

China Told Women to Have Babies, but Its Population Shrank Again

Media Library

China’s ruling Communist Party is facing a national emergency. To fix it, the party wants more women to more have babies. It has offered them sweeteners, like cheaper housing, tax benefits and cash. It has also invoked patriotism, calling on them to be “good wives and mothers.” The efforts aren’t working. Chinese women have been shunning marriage and babies at such a rapid pace that China’s population in 2023 shrank for the second straight year, accelerating the government’s sense of crisis over the country’s rapidly aging population and its economic…

Apple Will Discount iPhones by $70 in China Starting Thursday

Media Library

Ever bought a discounted new phone from Apple? For most people, the answer is no. That’s because Apple doesn’t really do discounts. But in China, Apple is slashing the price of some of its latest iPhones by $70 amid worries that Chinese consumers have cooled on the brand. That would save a buyer about 6 to 8 percent, based on prices on Apple’s China website. It has also knocked $112 off the price of some MacBook Air laptops. The sale will start on Thursday and run through Sunday. Cutting prices…

Why Taiwan’s Election Matters to the World

Media Library

Taiwan’s election on Saturday has big implications not only for the 23 million people who live on the island, but also for China’s superpower rivalry with the United States. Voters chose as their next president Lai Ching-te, the current vice president, who has vowed to continue his party’s policy of protecting the island’s sovereignty. The vote is a rebuke to Beijing’s claim over Taiwan and the growing pressure it has been exerting on the island democracy. As in all major Taiwanese elections, how to deal with China was a central…

In Taiwan, Voters Choose President as China Tensions Loom

Media Library

The Taiwanese politician Lai Ching-te has for years been reviled by China’s Communist Party as a dangerous foe who, by its account, could drag the two sides into a war by pressing for full independence for his island democracy. Right up to Saturday, when millions of Taiwanese voted for their next president, an official Beijing news outlet warned that Mr. Lai could take Taiwan “on a path of no return.” Yet, despite China’s months of menacing warnings of a “war or peace” choice for Taiwan’s voters, Mr. Lai was elected…

Taiwan Party, Reviled by China, Faces Test of its Staying Power

Media Library

Nearly four decades ago, a group of lawyers, intellectuals and activists assembled in a hotel ballroom in Taipei to found an illegal political party dedicated to ending authoritarian rule in Taiwan. No longer a scrappy upstart, the Democratic Progressive Party, born in that ballroom, is now seeking an unprecedented third consecutive term. It needs to persuade voters that after eight years in power, the party can renew itself while also protecting Taiwan from mounting pressures imposed by Beijing, which claims the island as its territory. Led by Vice President Lai…

Microsoft Debates What to Do With A.I. Lab in China

Media Library

When Microsoft opened an advanced research lab in Beijing in 1998, it was a time of optimism about technology and China. The company hired hundreds of researchers for the lab, which pioneered Microsoft’s work in speech, image and facial recognition and the kind of artificial intelligence that later gave rise to online chatbots like ChatGPT. The Beijing operation eventually became one of the most important A.I. labs in the world. Bill Gates, Microsoft’s co-founder, called it an opportunity to tap China’s “deep pool of intellectual talent.” But as tensions between…