China raises five demands during Yellen’s visit
China raises five demands during Yellen’s visit
asiatimes.com
China raises five demands during Yellen’s visit
173 comments
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This bit in particular sums up why US is in a panic right now
“Finding buyers for US debt is the top mission of Yellen. From a medium-and-long-term perspective, China is disposing of US debt,” it says. “Who else will buy it? Japan is the biggest creditor of the US but cannot buy more. The United Kingdom is facing an economic recession and sold $30 billion of US debt in April.”
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China holds <$1T of US debt. Sure, they're the second largest foreign holder of US public debt, but we could easily replace that debt if needed. The Treasury itself bought much more than that after the 2008 crisis, and we could do it again. Private citizens hold way more than China does through mutual funds and whatnot, and investors would buy more if rates go up.
The real problem is that interest rates for public debt is going up, so we'll end up paying a lot later share of our budget toward interest if we don't reduce our debt load. Those older, cheap Treasuries will be maturing over the next decades, so the time to act is now. I'm in favor of raising taxes somewhat and cutting spending across the board (I think a lot of it is waste that could be caught in audits). But China doesn't factor in at all when it comes to debt concerns.
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Thing is that as US will be issuing more bonds there's going to be little market for them. Back when 2008 crash happened, the only reason US pulled through was cause China stepped in to buy enough bonds to stabilize US market. Fat chance of that happening this time around.
Meanwhile, demand for dollar globally is dropping meaning that dollar based economy is starting to shrink. And major US allies are starting to have significant economic problems of their own, which means they're not able to bail US out.
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Hilarious that China, renowned for its near-schizophrenic economic controls, is asking the US to lighten up on its own policies that, frankly, don't go far enough to balance things out between the two.
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These "near-schizophrenic" economic controls are the reason China has had continuous growth for decades, meanwhile western economies have had three major crashes in the past three decades along. 😂
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173 comments
China has been stealing technology and design for decades and got sanctioned. That's what happens.
Demand all you want, but nobody's going to trust you enough to deal as long as you keep advocating for corporate espionage against "trade partners."
Conducting a cultural genocide isn't helping, of course, but really even just the theft of data and technology is enough.
Considering the US built itself on a foundation of corporate espionage... Well, duh? Everyone does it, including American companies on other American companies. If your technology lags behind others, corporate espionage is the easiest way forwards. Globalization was supposed to slow down corporate espionage by making the technology more easily available (as evidenced by the relatively mundane technology that gets stolen today), but that's unraveling.
Corporate espionage is reason for sanctioning companies, not countries. If your IP is necessary for national security, it should be owned by the government and protected as such. Otherwise, I have no sympathy for private profit-driven companies losing their competitive advantage because of decades of underfunding on their cyber security systems.
The "relatively mundane technology that gets stolen today"? Like hypersonic missile guidance systems? Every type of personal data of entire populations? Turbines that power literally every major source of power the US and China have been using since they started using electricity?
These are not mundane technologies.
As for sanctioning companies rather than countries, if the companies who steal this tech are owned by the government, in whole or part, this is not a "private" theft. This is state-owned theft. Malicious action of one state against another.
Yes, the US should invest more in cybersecurity, but blaming the victim is a poor justification for theft.
Nah, China hasn't been stealing anything. Western companies made an explicit choice to do business in China at the cost of tech transfer. Today, China has long outpaced the west in many technological areas. Meanwhile, imagine still peddling cultural genocide conspiracy theories. If you want to see what actual cultural genocide looks like then go to US or Canada and see what settlers did to the indigenous population.
Here's when they stole military hardware specs:
https://www.cbsnews.com/news/chinese-hackers-took-trillions-in-intellectual-property-from-about-30-multinational-companies/
Here's when they stole turbine designs:
https://www.bbc.com/news/world-asia-china-64206950
Here's where s Chinese worker literally stole a troubleshooting robot from T-Mobile, Chinese companies stole electric vehicle designs, it just goes on and on:
https://www.chicagotribune.com/business/ct-biz-us-china-trade-war-ip-theft-20190221-story.html
Chinese companies steal constantly. Companies who work with them know that there will be technology transfer, not that there will be blatant, illegal theft Chinese individuals and companies regularly perpetrate.