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<ul class="summary-list"><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> is ramping up its purchases of Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and picking up the slack of Western buyers.</li><li>The world's top oil importer is nearing 1.1 million barrels per day of Russian crude brought by sea, Reuters said.</li></ul><p>China is ramping up purchases of discounted Russian oil, filling the void left by Western buyers that have shunned the Kremlin's crude. </p><p>After initially cutting back when <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> invaded <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> in late February, China is projected to import 1.1 million barrels per day of Russian oil brought by sea, according to data from Vortexa Analytics that was <a href="https://www.reuters.com/business/energy/exclusive-china-quietly-increases-purchases-low-priced-russian-oil-2022-05-20/">cited by Reuters</a>. That's up about 47% from 750,000 bpd in the first quarter.</p><p>Beijing is snatching up Russian crude at steep discounts, according to Reuters, with spot differentials ringing in close to $29 less per barrel compared to before Russia's war on Ukraine. China is purchasing the crude through Unipec, the trading body of Asia's premier refinery Sinopec. </p><p>China also receives about 800,000 barrels of Russian oil via pipeline from pre-existing government frameworks, Reuters added. That brings China's consumption of Russian oil to nearly 2 million barrels per day in May, accounting for 15% of its overall demand.</p><p>Western <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> have yet to fully deter global customers from buying Russian oil. While the European Union has publicly condemned the Kremlin for its war in Ukraine, it hasn't imposed an oil embargo yet. Meanwhile, China and India have stepped up purchases of Russian oil. </p><p>Last week, the International Energy Agency said <a href="https://markets.businessinsider.com/news/commodities/russian-oil-sales-20-billion-month-export-revenue-jumps-iea-2022-5?utm_medium=ingest&amp;utm_source=markets">Russian oil export revenue is up 50%</a> since the start of 2022 with the Kremlin generating close to $20 billion per month in sales.</p><p>Export volume has rebounded to levels seen before Russia invaded Ukraine. In April, Russian oil exports climbed by 620,000 barrels per day from the prior month to 8.1 million, back to their January and February average, the IEA said.</p><p><a href="https://markets.businessinsider.com/news/commodities/russian-oil-production-rebounding-will-keep-rising-alexander-novak-2022-5">Russian oil production is also rebounding</a>. Alexander Novak, the Kremlin's top energy official and deputy prime minister, said output increased by 200,000-300,000 barrels per day in May after declining by 1 million barrels per day in April.</p><p>"We expect further recovery in June," Novak said Thursday at an event in Moscow, <a href="https://www.bnnbloomberg.ca/russia-says-half-of-gazprom-clients-abroad-opened-ruble-accounts-1.1768002">according to Bloomberg</a>. </p>

Putin ally China is boosting Russian oil purchases by nearly 50% after initially cutting back

<ul class="summary-list"><li>The supply chain crisis is one of 2021's biggest stories, but it can be traced back to the last decade.</li><li>The US-China "<keyword id="12277786" type="UNKNOWN" weightage="60" keywordseo="trade-war" source="Orion">trade war</keyword>" of the Trump years included <keyword id="12002670" type="UNKNOWN" weightage="60" keywordseo="semiconductor-chips" source="Orion">semiconductor chips</keyword> - the exact shortage crippling the world's <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>.</li></ul><p>The holidays are coming, and that <a href="https://www.businessinsider.com/more-expensive-goods-supply-shortage-congested-shipping-ports-texas-freeze-2021-3">supply-chain crisis</a> you may have heard about is going to make shopping miserable.</p><p>Hundreds of thousands of ships full of imported goods from Asia are <a href="https://www.businessinsider.com/shipping-containers-stuck-california-ports-combat-shortages-2021-9">piled up outside of Los Angeles</a> and other major ports. <a href="https://www.businessinsider.com/why-is-there-chip-shortage-car-companies-electronics-supply-chain-2021-2">American automakers don't have enough semiconductor chips</a> to make as many cars as people want to buy. Every other product - from toys to computers - that needs a chip will be in short supply, too.</p><p>What's often overlooked is that official US government policy is oriented around making these exact chips harder for <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> to manufacture. US President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> is continuing a "<a href="https://www.businessinsider.com/trump-trade-war-will-make-these-products-more-expensive-2018-6">trade war</a>" with his Chinese counterpart, Xi Jinping, that began under <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword>, and he's not blinking as the supply-chain crisis endangers Christmas.</p><p>The ships-and-chips crisis is another way America and China are on the verge of "decoupling,"as the Trump-era trade war hardens into a new status quo. People hoping for an easier holiday shopping season are overlooking how long and painful this transition could be. </p><h2><strong>The US-China trade war has left the US short on electronics and cars</strong></h2><p>The US <a href="https://www.semiconductors.org/wp-content/uploads/2020/09/Government-Incentives-and-US-Competitiveness-in-Semiconductor-Manufacturing-Sep-2020.pdf">accounts for just 12%</a> of global chip production, and Asia accounts for a whopping 75%. according to a<a href="https://www.semiconductors.org/wp-content/uploads/2020/09/Government-Incentives-and-US-Competitiveness-in-Semiconductor-Manufacturing-Sep-2020.pdf"> report</a> from the Semiconductor Industry Association, which projects China becoming the largest chip producer by 2030.</p><p>But Donald Trump ran on a largely anti-globalization platform in 2016, with a particular focus on how America is getting "ripped off" by China. Chips were an area of leverage.</p><p>China isn't just an exporter of chips, it also needs a steady supply of particularly sophisticated integrated circuits from other countries, including the US, to fuel its consumer electronics manufacturing machine. In the past decade, China has been <em>importing</em> more and more chips from the US, because it needs to insert them into electronic products that get shipped back around the world.</p><p>China is generations behind in making the most cutting-edge chips. For instance, the world's largest semiconductor firm, Taiwan Semiconductor Manufacturing Corporation (TSMC), is developing ultra-small chips of 3-nanometers and smaller. China's largest chip firm, Semiconductor Manufacturing International Corporation (SMIC), just began making 14-nm chips in late 2019.</p><p>The US is determined to make China's manufacturing efforts difficult.</p><p>Last September, the Trump White House <a href="https://www.businessinsider.com/china-chipmaker-smic-us-sanctions-2020-9">imposed export restrictions</a> on SMIC, forcing it to source parts elsewhere and reconfiguring supply chains in the process.</p><p>Meanwhile, companies <a href="https://www.reuters.com/article/us-autos-tech-chips-focus/trumps-china-tech-war-backfires-on-automakers-as-chips-run-short-idUSKBN29K0GA">buying their chips from SMIC</a> had to go elsewhere, only to find that alternative chipmakers were <a href="https://www.wsj.com/articles/tsmc-to-spend-up-to-record-28-billion-in-advanced-chips-capacity-11610623587">already at full capacity</a>. America struggled to rely on its own production, as lead US semiconductor giant Intel struggled with <a href="https://www.businessinsider.com/intel-delay-chip-production-stock-plunges-2020-7">its own production problems</a>. And some firms have been hoarding chips, <a href="https://www.taiwannews.com.tw/en/news/4306366">claims TSMC's CEO Mark Lui</a>, making the chip crunch even worse. </p><p>The Biden administration has been <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fu-s-enlists-allies-to-counter-chinas-technology-push-11614524400">enlisting its allies</a> to freeze China out from the technological equipment it needs, making sourcing even harder for the country.</p><p>This all happened after the pandemic shut down semiconductor manufacturing operations for months in 2020, leading to spikes in the prices of new and used cars and shortages of all kinds of electronics.</p><h2><strong>Biden isn't changing course</strong></h2><p>Those hoping for the Biden administration to reject Trump's playbook have been sorely disappointed. </p><p>The president has done little to alter his predecessor's aggressive trade stance since taking office eight months ago. Katherine Tai, the US trade representative, confirmed the tough policy would continue in a Monday speech.</p><p>"For too long, China's lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world," she said in a speech at the Center for Strategic and International Studies, adding it's "increasingly clear" that China hasn't addressed the US's concerns.</p><p>Biden said earlier this year the key to navigating the current chip shortage crisis is to invest in the country's chip production, allotting $50 billion in his infrastructure plan for domestic chip manufacturing incentives. "The plan I propose will protect our supply chain and revitalize American manufacturing," he said in April, <a href="https://www.nbcnews.com/business/business-news/biden-auto-executives-chip-makers-meet-bid-solve-crippling-shortages-n1263847">during a virtual summit</a> with auto executives and other business leaders. Of course, Biden was talking about "our supply chain" - meaning an American one - and not the globalized "<a href="https://www.businessinsider.com/what039s-next-for-chimerica--2013-7">Chimerica</a>" supply chain of the early 2000s.</p><p>The Biden administration recently made countering China the centerpiece of its foreign policy agenda, <a href="https://www.businessinsider.com/biden-cia-director-creates-new-unit-focus-key-rival-china-2021-10?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+businessinsider%2Fthelife+%28The+Life%29+Life%29">even reorganizing the CIA</a> to make China a principal focus. The CIA described the country as a "key rival."</p><p>The transition to homegrown chip production will be more easily said than done. American manufacturers aren't used to expensive American labor, so they'll need time to wean off foreign contract manufacturers, <a href="https://www.vox.com/recode/22336388/gm-chip-shortage-ford-semiconductors-biden">Recode</a> noted. Meanwhile, it can take years to get new production facilities off the ground.</p><p>Americans, then, are set to endure a lengthy standoff. A JPMorgan note on Friday by a team led by Jahangir Aziz stated that US-China trade tensions are set to remain a "palpable risk," as China is in the midst of an "economic-policy regime shift" and "intensified US-China tension since 2018 has entered a relative freeze."</p><p>Speaking on Friday after a disappointing jobs report underscored the difficulties facing the economic recovery, Biden advocated again for his infrastructure plan, which is struggling to make its way through Congress.</p><p>He stressed the need for America to regain leadership and become more "competitive," and he highlighted one country outcompeting and outspending America on its infrastructure and economy: <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/10/08/remarks-by-president-biden-on-the-september-jobs-report/">that country was China</a>. That could mean a lot more lean Christmases.</p>

The supply-chain disaster that is eating Christmas is being driven by a Biden-Xi conflict that many are overlooking

<ul class="summary-list"><li>At the <keyword id="42982" type="PERSON" weightage="60" keywordseo="G20-Summit">G20 Summit</keyword> in Saudi Arabia, President Xi Jinping of <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword><a href="https://www.nbcnews.com/news/us-news/live-blog/2020-11-21-coronavirus-news-n1248500/ncrd1248510#liveBlogHeader"> pledged to intensify cooperation on a global effort to develop vaccines for COVID-19</a>, Reuters reported.</li><li>Pfizer and BioNTech, as well as Moderna, have in the past two weeks announced <keyword id="79555" type="TECHNOLOGY" weightage="60" keywordseo="Vaccines">vaccines</keyword> that the companies maintain could be <a href="https://www.businessinsider.com/unanswered-questions-about-pfizers-coronavirus-vaccine-what-we-dont-know-2020-11">more than 90% effective</a> in fighting the disease caused by the novel <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>.</li><li>China is developing three vaccines that are now in Phase III trials.</li></ul><p>At the G20 Summit in Riyadh, Saudi Arabi, President Xi Jinping of China said that his country was prepared to intensify cooperation on a global effort to develop vaccines for <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword>.</p><p>The G20 Summit of the world's largest developed economies is being held virtually this year, so Xi's comments were relayed to the attendees by video, Reuters reported.</p><p>Pfizer and BioNTech, as well as Moderna, have in the past two weeks announced vaccines that the companies maintain could be <a href="https://www.businessinsider.com/unanswered-questions-about-pfizers-coronavirus-vaccine-what-we-dont-know-2020-11">more than 90% effective</a> in fighting the disease caused by the novel coronavirus, which has forced shutdowns and plunged economies into recessions. </p><p>The companies have completed late-stage trials and are now seeking rapid approvals to begin shipping the vaccines to healthcare providers. China has three vaccines of its own in development, undergoing Phase III trials, Reuters reported.</p><p>The virus originally appeared in China in 2019. A massive government effort to contain its spread was largely successful, but the coronavirus reached Europe, the United States, and other countries in 2020. After retreating during the summer, it has surged back alongside colder weather in the northern hemisphere.</p><p>But with light at the end of the tunnel, nations are beginning to focus on how to best distribute the new vaccines.</p><p>"China is willing to strengthen cooperation with other countries in the research and development, production, and distribution," Xi said, according to Reuters. "We will fulfill our commitments, offer help and support to other developing countries, and work hard to make vaccines a public good that citizens of all countries can use and can afford."</p>

China's Xi Jinping pledged to work with other countries to accelerate COVID-19 vaccinations

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>For one of Hong Kong's leading political commentators, with an insider's perspective of China's rich history, it's not the currency, capital flight or a peasant uprising that's keeping him awake at night.<p>The "real Black Swan" that China has to face up to is the enemy within&#xa0;<span>-</span> in the upper echelons of the military and government&#xa0;<span>-</span> as well as its inability to transfer power peacefully and the threat of a long and bitter civil war.</p><p>TL Tsim has studied the Chinese political scene since the 1980s, with a background in journalism, including the South China Morning Post and Hong Kong Economic Journal before starting his own consultancy. <a href="https://realvisiontv.com/?tap_a=10628-d47875&amp;tap_s=58232-493d83&amp;utm_medium=referral&amp;utm_source=Business-Insider&amp;utm_campaign=TL-Tsim">In an interview with Real Vision TV</a> he said the greatest misconception among its people is that Chinese dynasties are super stable structures that last a long time.</p><div><div></div></div><p>&#xa0;</p><h2>Long civil wars follow Chinese dynasties</h2><p>That's not really the case, he argued, because none of them lasted longer than the Habsburgs in Austria, who ruled for over 800 years. The last one in China - the Qing dynasty - lasted 260 years, which is much shorter in comparison. People also underestimate the length of the civil wars between Chinese dynasties, which can last for 150 years, he adds.</p><p>"That is something most Chinese people do not understand. And it has a bearing on the way we go forward," Tsim said. "In spite of all of the intelligence, the learning, and the experience of the Chinese people over 5,000 years, they have not come up with a system of government which can deal with the effective and peaceful transfer of power. In the West, you do it through the ballot box. So Brexit is Brexit. You accept it. But in China, the fight goes on."</p><h2>Considering the collapse of the Chinese communist party</h2><p>The shortest dynasty of any size and power in Chinese history was the Yuan dynasty, which lasted just less than 100 years, Tsim said. "This government, this administration, the Chinese Communist Party, came to power in 1949. And so it's been around for 67 years."</p><p>"We don't know when something like the Russian collapse, the implosion of the former Soviet Union might take place. We don't know whether this is going to be the Yugoslavian model, when the country broke up into six or seven parts. So to speculate on the timing of it is something I do not do.</p><p>"But it is not idle to speculate on how this is going to happen. The most likely scenario is a power struggle over-spilling into a coup d'etat and then over-spilling into civil war. That would be the trajectory."</p><h2><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>Internal party conflict sparked Soviet breakup</h2><p>The real concern for Tsim - and he said for the Chinese leaders as well- is that if you look at the breakup of the former Soviet Union, the problem was internal, arising out of disagreements within the center of the party itself.</p><p>"And this is what they need to guard against," Tsim said. "This is why you've seen the arrest of Bo Xilai, the arrest of Zhou Yongkang, who was the former security czar, a member of the Politburo Standing Committee. Then you have the arrests of the two generals, General Xu and General Guo. Those are the players that could have toppled a government because they are strong. They have the backing of armed forces behind them"</p><h2>The Chinese model is bitter long standing civil war</h2><p>What was ultimately a peaceful disintegration of the former USSR, is unlikely to happen in China because there will be a fight, Tsim said. "They would not have sat down and talked about it and then take the decision to simply allow this to happen. This is not the Chinese model.</p><p>"And sadly, I think we're not going to see a Yugoslavian model either, because there they did have a civil war. But the civil war-- the war was small, in terms of size and scale, and didn't last&#xa0;very long. That is not the Chinese model either. The Chinese model is a bitter, long-standing civil war-- very destructive, very divisive. This is the real black swan."</p><p><em>To hear TL Tsim's views on Hong Kong's changing relationship with China, the wealth effect and&#xa0;</em><em>currency outlook, as well as capital flight and the growth outlook, take a free seven day trial of <a href="https://realvisiontv.com/?tap_a=10628-d47875&amp;tap_s=58232-493d83&amp;utm_medium=referral&amp;utm_source=Business-Insider&amp;utm_campaign=TL-Tsim">Real Vision TV</a></em><em>&#xa0;to see the full interview.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/boost-your-iphones-reception-wifi-calling-2016-11">This hidden iPhone feature will boost your reception</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FndmsxNDE6vk3uQVYRGSGZh3e00tqu6q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Xi Jinpeng" and got 4 results

Putin ally China is boosting Russian oil purchases by nearly 50% after initially cutting back

Brian Evans

The supply-chain disaster that is eating Christmas is being driven by a Biden-Xi conflict that many are overlooking

Hillary Hoffower,Ben Winck,An…

China's Xi Jinping pledged to work with other countries to accelerate COVID-19 vaccinations

Matthew DeBord

The enemy for China is within

Real Vision TV

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