carl_marks_1312

Western chauvinism at display

I hope you read the fine print of your article

Along with the usual mix of government mismanagement and corruption are two unexpected and devastating events: the war in Ukraine, which has sent prices of grain and oil soaring, and the U.S. Federal Reserve’s decision to raise interest rates 10 times in a row, the latest this month. That has made variable rate loans to countries suddenly much more expensive.

The Chinese Ministry of Foreign Affairs, in a statement to the AP, disputed the notion that China is an unforgiving lender and echoed previous statements putting the blame on the Federal Reserve. It said that if it is to accede to IMF and World Bank demands to forgive a portion of its loans, so should those multilateral lenders, which it views as U.S. proxies

...

China argues it has offered relief in the form of extended loan maturities and emergency loans, and as the biggest contributor to a program to temporarily suspend interest payments during the coronavirus pandemic. It also says it has forgiven 23 no-interest loans to African countries, though AidData’s Parks said such loans are mostly from two decades ago and amount to less than 5% of the total it has lent.

...

In high-level talks in Washington last month, China was considering dropping its demand that the IMF and World Bank forgive loans if the two lenders would make commitments to offer grants and other help to troubled countries, according to various news reports.

...

On this point, experts who have studied the issue in detail have sided with Beijing. Chinese lending has come from dozens of banks on the mainland and is far too haphazard and sloppy to be coordinated from the top.

Some poor countries struggling to repay China now find themselves stuck in a kind of loan limbo: China won’t budge in taking losses, and the IMF won’t offer low-interest loans if the money is just going to pay interest on Chinese debt.

Basically Bejing is asked to swallow the debt when Washington increases interest rates. Its also a lot more unreasonable when private and multilateral debts is a much larger part of Africa's debt pie than bilateral debt with China is

You may as well be right. Thinking about how it's a privately run business, It's definitely within the realm of possibility and how it's done in practice. It requires less time/ressources to have your journalists follow guidelines and punish them if they are not within guidlines. Reading the damn thing and haveing a lengthy approval process costs money after all..

What I'm saying is that while this is an opinion piece, it had to pass an editorial board. Since this piece obv got publish, it means that it reflects the views of the board in some regard

Which had to pass the nyt editorial board.

Beijing has responded to the U.S. export controls in two ways. First, it has retaliated against U.S. companies. In May 2023, China announced that U.S. chip maker Micron failed a cybersecurity review, a dubious claim that resulted in a ban on certain domestic sales of Micron’s memory chips. This likely contributed to a 49 percent drop in revenue year-on-year for Micron in FY 2023. China also blocked a planned merger between U.S. semiconductor giant Intel and Israeli firm Tower Semiconductor by failing to rule on the transaction before a deadline set by the companies. The two companies had waited over 18 months for a ruling.

Second, the export controls have galvanized China’s industrial policy and innovation agenda, which may threaten the U.S. semiconductor industry in the long term. China is channeling tens of billions of dollars into its domestic semiconductor industry through state-led investment funds, while forming new public-private partnerships and updating its tax incentives to boost its research capabilities. Meanwhile, it is pressuring its domestic companies to buy Chinese semiconductors, manufacturing equipment, chip design software, and other critical inputs, which provides those companies with more revenue to invest in R&D and capital. The U.S. export controls may be helping China achieve this goal. The New York Fed’s report found that Chinese firms targeted by the U.S. export controls formed new relationships with local Chinese firms to replace the now-prohibited commercial relationships with U.S. firms. These commercial relationships may not have formed if the targeted Chinese firms could still purchase U.S. products.

The export controls also heavily incentivize Chinese firms to innovate themselves. As these companies cannot rely on U.S. firms for advanced semiconductor technologies, they must innovate in-house or partner with non-U.S. firms to develop these technologies. In one prominent example, Chinese companies Huawei and SMIC partnered to develop a 7nm chip, an advanced semiconductor with capabilities that U.S. export controls were intended to prohibit. Preventing China from producing 7nm chips indefinitely was unrealistic, as these chips can be manufactured with equipment unrestricted by U.S. export controls. Nevertheless, the chip represents a breakthrough for the Chinese semiconductor industry, which it achieved at an impressive speed despite U.S. export controls. Huawei previously relied on Qualcomm for chips of this caliber, which may lose over $10 billion in revenue in 2024 due to lost sales.

Thank you for sharing @[email protected].

They don’t trust it, they just have no other figures to work off.

That's why they publish it. Not like there are (western adaptations of) the Li Keqiang Index

https://www.bloomberg.com/news/articles/2023-08-16/china-is-hiding-more-and-more-data-from-the-rest-of-the-world

1. At least have the decency to post the archive link https://archive.md/sgBQK
2. Youth unemployment in the article:

Calculating the actual employment rate is complex and it’s plausible the government decided the changing nature of the economy and labor patterns means their current model isn’t accurately reflecting reality.

Obtuse way to say that the category 16-24 olds are studying and not part of the labour force

3. Landsales: Communists don't like speculation with real estate and land. Shocker. Not like they've been announcing a shift away from real estate to EV/Solar Panels/etc.
4. Currency Reserves, Bond Transactions, Academic Information, Politicians' Biographies:

President Xi Jinping’s ideological battle with the US has also motivated Beijing to ringfence data it believes could advantage the Biden administration.

Based.

A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc.

If you think that's the critique of bitcoin then you have been blinded by techbros optimizim on the tech. Also it's funny how you wave away bitcoin using up 1% of global electricity usage lol

Nobody trusts China’s economic stats.

Except the IMF, World Bank, Moody, Standard and Poor, etc.

Meanwhile, Bitcoin

lol

https://archive.md/LWtT6

people enter nato

the famous nato referendums

stop vomiting russia propaganda

citing nato is russian propaganda lmao

Good.