China

Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The United States has recorded a trade deficit in each year since 1975. This is not surprising. After all, we spend more than we save, and this deficit is financed via a virtually unlimited U.S. line of credit with the rest of the world. In short, foreigners in countries that save more than they spend (read: record trade surpluses) ship the U.S. funds to finance America’s insatiable spending appetites.

Over the weekend we reported that as Obama was speaking at the APEC summit in Peru, hoping to salvage his global trade legacy, the TPP, China's President Xi Jinping officially called for the launch of the Free Trade Area of Asia-Pacific for "institutional guarantee of open economy", a move many had expected would take place as China was eager to fill in the void left by the US in any trans-Pacific trade treaty.

Submitted by Nan Li via Strategic-Culture.org,

After months of negotiation, the United States and South Korea announced on July 8 their decision to deploy the Terminal High-Altitude Area Defense (THAAD) missile defense system in South Korea. During a press briefing, China’s Defense Ministry spokesman Yang Yujun said that Beijing is “firmly opposed to the proposed THAAD deployment… and will take necessary measures to maintain national strategic security as well as regional equilibrium”.

Why Is China Opposed to THAAD Deployment?

As we noted on Thursday, "it was ludicrous for Obama to leave China out of things. China is the second biggest economy in the world, third if you treat the EU as a block. Had China been in the deal all along, we may not have seen the ludicrous provision that allowed companies to sue governments. That provision was one of the key reasons the deal failed. With the election of Trump, TPP is officially dead. China, not the US, will be at the center of a new Asian trade pact."

Two Chinese astronauts have completed the country’s longest manned space mission and successfully returned home after spending 30 days in space on board the Tiangong-2 space laboratory orbiting the earth. Taikonauts Jung Haipeng and Chen Dong returned to earth on board the Shenzhou 11 spacecraft, landing safely in China’s northern region of Inner Mongolia on Friday.