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Missouri's top prosecutor said China is suing after the state pressed federal officials for help collecting on a roughly USD25 billion court judgment related to the COVID-19 pandemic. Attorney General Catherine Hanaway said Tuesday in a news release that China is demanding a public apology from the state in a complaint filed in the Intermediate People's Court of Wuhan. The Chinese government also is seeking compensation equivalent to USD 50.5 billion plus legal fees and the right to claim further compensation. "This lawsuit is a stalling tactic and tells me that we have been on the right side of this issue all along, Hanaway said in the news release. At issue is a lawsuit Missouri filed alleging that China hoarded personal protective equipment during the early months of the pandemic, harming the state and its residents. A federal judge ruled for Missouri earlier this year after China declined to participate in the trial. It called the lawsuit very absurd when it was filed in ...
China's exports returned to growth in November following an unexpected contraction the month before, although shipments to the United States dropped nearly 29% from a year earlier in an eighth straight month of double-digit declines. Overall exports from China were 5.9% higher than last year in November in dollar terms, customs data released on Monday showed, at $330.3 billion, better than economists' estimates. That was an improvement from a 1.1% contraction in October. While exports from China to the US have fallen for most of the year, shipments have surged to other destinations, including Southeast Asia, Africa and Latin America. China's imports increased 1.9% in November, better than October's 1% growth, even though a persistent downturn in the property sector is still weighing on consumer spending and business investment. A year-long trade truce between China and the US was reached at a meeting between US President Donald Trump and Chinese leader Xi Jinping in late October in
President Donald Trump said Monday that he has accepted an invitation from Chinese leader Xi Jinping to visit Beijing in April and that he reciprocated by inviting Xi for a state visit to the US later next year. Trump made the announcement after he spoke with Xi by phone nearly a month after the two leaders met in person in South Korea, saying they discussed issues including Ukraine, fentanyl and purchases of American soybeans. "Our relationship with China is extremely strong!" Trump wrote in a Truth Social post. Beijing, which announced the phone call first, said nothing about the state visits but noted that the two leaders discussed trade, Taiwan and Ukraine. Xi told Trump that Taiwan's return to mainland China is "an integral part of the postwar international order," the Chinese Foreign Ministry said a crucial issue to Beijing that Trump did not mention in his post. The omissions from each side signal that sticking points remain for the two superpowers even as they highlight ..
For years, Washington has been warning others not to trust loans from Chinese state banks fuelling its rise as a superpower. But a new report reveals an ironic twist: The United States is the biggest recipient of all by far. And the security and technology implications have yet to be fully understood. China's state lenders have funnelled $200 billion into US businesses for a quarter of a century, but many of the loans have been kept secret because the money was first routed through shell companies in the Cayman Islands, Bermuda, Delaware and elsewhere that helped obscure their origins, according to AidData, a research lab at the College of William & Mary in Virginia. More alarming, much of the lending was to help Chinese companies buy stakes in US businesses, many tied to critical technology and national security, including a robotics maker, a semiconductor company and a biotech firm. The report found a far more widespread and sophisticated lending network than previously thought