After restoring full diplomatic relations with Cuba in December 2014, the Obama Administration has been striving to cultivate normalization between the two countries. The president visited the island nation in March – the first sitting U.S. President to do so in 88 years. A year earlier, a high-level U.S. delegation also visited to discuss telecommunication and Internet infrastructure and equipment, with hopes of playing a major role and profitable contracts in the Cuban wireless market.
Gallant efforts, but no cigars! The Chinese are already a few steps ahead.
Cuba turned to China for its Internet connectivity and equipment, at least in the short foreseeable future. U.S. telecommunications companies also may have been given the cold shoulder because the U.S. had historically tried to undermine the Castro regime in that area. China’s President Xi Jinping visited in July 2014 and signed 29 bilateral agreements in areas of finance, agriculture, industry, telecommunications, oil and energy.
Besides, China and Cuba have much in common: both are communist countries; both are at a critical point in terms of reform and development. The two countries have witnessed rapid growth of economic and trade ties in recent years. In fact, Cuba had increasingly courted Chinese trade and investments to shore up its fragile economy. China has been Cuba’s second-largest trading partner since the 1990s. (The number one spot belongs to Venezuela.)
By Zhang Chunyan, China Daily , August 18
Depreciation of China's currency offers opportunities for economies in Europe
Last week's depreciation of the yuan stoked fears that European exports to China could be hit. As the euro and the pound strengthened, concerns started to grow that companies selling goods to the second-biggest economy in the world would see their trading margins shrink.
By Chang Wang and Joe Pearman, contributors
Editor’s note: Most business articles written these days that focus on China concentrate on doing business in China; they discuss the country’s regulatory scheme, operational protocols, or business etiquette. This conversation instead focuses on doing business with China and the Chinese people, describing some of the ins and outs of interacting with Chinese individuals or firms in the contexts of cross-border communications and negotiations. Through this conversation, the authors hope to help the business community become aware of the miscommunication that stems from the “parallel universes” the American and the Chinese inhabit, to expose the hidden rationales underscoring the official narratives of Chinese history, and to reveal cultural and linguistic misunderstandings that frequently occur during the process of finding “common ground.”
For the purpose of this conversation, “China” and “Chinese” are narrowly used: “China” refers to mainland China, not including Hong Kong, Macau, and Taiwan; and “Chinese” refers to the Han ethnic people who live in mainland China.
Chang Wang, a native of China, is the chief research and academic officer at Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals. Joe Pearman, a native Minnesotan, is an undergraduate student majoring in business at the University of Minnesota.
By Pang Zhongying. China US Focus, April 1
It is quite unexpected that so many developed Western nations have joined other Asian nations in an enthusiastic response to China’s Asia Infrastructure Investment Bank, an initiative that calls for the establishment of a multilateral financial institution to assist in infrastructure construction across Asia. The China-threat-theory-addicted Western media once again became excited, alleging that the development “signals the end of the American century and the inception of an Asian century” and that “China is enjoying its own Bretton Woods time.”
By Elaine Dunn
After a strong performance in 2013, sales of new homes in China fell 11 percent in May and 23 percent in the first six months of 2014 from a year ago, indicating a sustained downturn in the housing market. The average new home prices in 70 cities fell 0.15 percent month-on-month in May.
A survey by a real estate firm showed sales of new homes in 40 big cities fell to 89.6 million square meters in the first half of this year, compared to 116.3 million square meters in the same period last year.