The current Sino-U.S. relations are at a historic stage where they enjoy the broadest cooperation, Wang Wen, executive director of Chongyang Institute for Financial Studies at Renmin University of China told Xinhua.
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He said the United States is preparing measures to show the Chinese “this is not just a matter of us being mildly upset, but is something that will put significant strains on a bilateral relationship if not resolved and that we are prepared to take some countervailing actions”.
U.S. President Barak Obama, publicly declared today that there will be serious repercussions, possibly in the form of direct sanctions, against China for recent cyber breaches and attacks. This week, Zheng Zeguang, an assistant foreign minister, voiced the government’s opposition to any kind of hacking activity.
The New York Times article does not name the IT companies targeted, however it did state that the document came from the China Information Technology Security Evaluation Center likely with pressure coming down from the country’s internet regulation agency. On the other hand, Microsoft and Apple already have establishments in China.
China crushes its soybean imports into soyoil for food processing and soymeal for livestock feeds.
American businesses are often reluctant to work in China because they fear their trade secrets will be stolen. Cheng is among those expected to attend the event next week.
Cyber security was one of the hot topics that has flared up recently between the two countries. Chinese state media have stepped up their criticisms of the U.S. It is also hard to determine who carried out specific cyber attacks: activists, government employees or corporations. Last year, federal prosecutors took the unprecedented step of filing formal criminal charges against five Chinese government spies for breaking into Alcoa, U.S. Steel Corp., Westinghouse and others.
Chinese authorities have accused Yang Jinjun of corruption and bribery during his time as general manager of petrochemical company Minghe Group in the eastern Chinese industrial city of Wenzhou. “That would be a very good first step”, Fok said.
The United States has returned the businessman Chinese state media have called the nation’s “most wanted economic fugitive,” Beijing said Friday, welcoming the move as a sign of “progress” in the two countries’ cooperation in law enforcement.
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That will mean a hard balancing act for Obama.
