So one way of looking at it is that households retain about three times the income share that governments do. Xi’s government is also quite aware of the problems in China’s property sector. Whether you’re a business or a household or a bank, you learn to bet on continued expansion in the property sector. So eventually, after so many years, much of the economy is implicitly betting on continued expansion in the property sector. And that means everybody — households, banks, businesses, local governments — suffer enormously from any attempt to bring the property sector under control.
In some respects, Biden’s export controls are a natural extension of his predecessor’s policies. But this left Huawei and its peers capable of securing advanced chips from fabrication facilities (a.k.a. But Beijing had little trouble erecting an array of ostensibly independent shell companies that retained legal access to advanced chips. A technologically weaker China isn’t necessarily a safer oneEven if Biden’s export controls succeed tactically, they might still fail strategically. But over time, America’s economic war against China is likely to expand to new fronts.2 months ago New York Magazine
Russian attacks were reported across large areas of Ukraine on Thursday, with heavy shelling in numerous regions damaging infrastructure, including electricity supplies to Europe’s largest nuclear plant, Ukrainian officials said. The Zaporizhzhia nuclear power plant in southern Ukraine has again been disconnected from the power grid after Russian shelling damaged the remaining high voltage lines, leaving it with just diesel generators, Ukraine nuclear firm Energoatom said. The plant, in Russian hands but operated by Ukrainian workers, has 15 days’ worth of fuel to run the generators, Energoatom said. Ukrainian nuclear firm Energoatom says the power plant is running on generators that only have 15 days of gas left. In the south, a Ukrainian counter-offensive has left Russian forces fighting to hold their ground around the city of Kherson, where Russian-installed authorities are urging residents to evacuate, the Ukrainian military said.2 months ago New York Post
The US and South Korea would “end” Kim Jong Un’s reign over North Korea should he choose to launch a nuclear weapon, defense leaders from Washington and Seoul agreed Thursday at the Pentagon. “This is a strong warning against [North Korea,]” he said. Defense Secretary Lloyd Austin and South Korean Defense Minister Jong-Sup Lee said the two countries would end the Kim Jong Un regime if North Korea launches a nuclear weapon. The exercise, which constitutes 240 aircraft and thousands of troops from the US and South Korea, was scheduled to end Friday. On Thursday, Lee said Pyongyang is “ready” to conduct nuclear tests at an underground facility in North Korea.2 months ago New York Post
North Korea launched a short-range ballistic missile Thursday toward its eastern waters, South Korea’s military said, hours after the North threatened to launch “fiercer” military responses to the U.S. bolstering its security commitment to its allies South Korea and Japan. South Korea’s military detected the launch from the North’s eastern coastal Wonsan area at 10:48 a.m., the South’s Joint Chiefs of Staff said in a statement. It said South Korea has boosted its surveillance of North Korea while maintaining a military readiness and a close coordination with the United States. North Korea previously said some of the tests were simulations of nuclear attacks on South Korean and U.S. targets. Many experts say North Korea would eventually want to enhance its nuclear capability to wrest bigger concessions from its rivals.2 months ago NBC New York
They said a team of police officers and government forensic experts searched the Itaewon area on Monday. A person mourns at a group memorial for the victims of a stampede during a Halloween festival, at Seoul City Hall Plaza. The clerk of a shop situated on the site where a stampede happened during Halloween festivities pays respects in the middle of the site, in Seoul, South Korea. ReutersOne of the Americans killed was Anne Gieske, a University of Kentucky nursing student from northern Kentucky who was doing a study-abroad program in South Korea, the university said in a statement. The crowd surge was South Korea’s deadliest disaster since 2014, when 304 people, mostly high school students, died in a ferry sinking.2 months ago New York Post
US and South Korean officials strongly condemned the North’s missile launches, saying their drills were defensive in nature. North Korea reportedly uses US and South Korean drills to attempt to modernize their military. They place key military targets in South Korea, including US military bases there in striking range. This year’s “Vigilant Storm” air force drills between the United States and South Korea were the largest-ever for the annual fall maneuvers. US and South Korean militaries have been expanding their regular military drills since the May inauguration of conservative South Korean President Yoon Suk Yeol, who has promised to take a tougher stance on North Korean provocations.2 months ago New York Post
"What the Republicans and Democrats are completely aligned on is a tough approach on China. "A lot of Republicans think that is a waste of time. The U.S. midterm elections could lead to "disruptive changes" in U.S. tech policies if the Republicans take control of Congress, according to an analyst. Potential beneficiariesBut semiconductor companies in Taiwan and South Korea may benefit from a Republican congressional sweep, according to research firm Natixis. "If there is more restriction on Chinese firms, it means there will be more room for growth for [semiconductor companies in] Taiwan, or increasingly even from Korea and Japan as well," added Ng.2 months ago NBC New York