sledge_hammer
03-24 02:44 PM
Okay, sorry if I wrote H-1B. But the "perm" job requirement is for GC.
I kind of mixed the H-1B requirement and GC requirement.
But, the question remains and USCIS needs to clarify what is perm and temp jobs for the purpose of GREEN CARD.
http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=bac7d92e8003f010VgnVCM1000000ecd190aRCR D&vgnextchannel=1847c9ee2f82b010VgnVCM10000045f3d6a1 RCRD
Q : What is an H-1B?
The H-1B is a nonimmigrant classification used by an alien who will be employed temporarily in a specialty occupation or as a fashion model of distinguished merit and ability.
As per USCIS, H1B is for temporary job
I kind of mixed the H-1B requirement and GC requirement.
But, the question remains and USCIS needs to clarify what is perm and temp jobs for the purpose of GREEN CARD.
http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=bac7d92e8003f010VgnVCM1000000ecd190aRCR D&vgnextchannel=1847c9ee2f82b010VgnVCM10000045f3d6a1 RCRD
Q : What is an H-1B?
The H-1B is a nonimmigrant classification used by an alien who will be employed temporarily in a specialty occupation or as a fashion model of distinguished merit and ability.
As per USCIS, H1B is for temporary job
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CT_Green
02-02 01:42 PM
We can atleast send an email to CNN and let them know that they should be ashamed of themselves by alowing someone to go on air and use it as a platform to spread his own views and then call it independent reporting.
I have sent an email via CNN.com
I know it might not make much of a difference, but atleast they should know that he is not reporting on facts.
I have sent an email via CNN.com
I know it might not make much of a difference, but atleast they should know that he is not reporting on facts.
Macaca
05-27 06:05 PM
The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
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jonty_11
04-09 10:59 AM
What is IV's position on this bill?
more...
obviously
08-05 08:16 PM
"Originally Posted by lfwf
I have seen you post before, and with this post you lost some of my respect. You need to be rational and coherent if you want to debate the issue. Not emotional and silly."
More hollow rhetoric from lfwf... someone that fails to see coherent logic and arguments made out in posts and instead claims that there is none :). Maybe, Inglis is the prablem, eh? LOL.
Obviously, lfwf's 'respect' is worth a lot ;)
I've gotten my days worth of laughs reading these protectionist jokers' weak arguments and empty threats of lawsuits.
LOL!
I have seen you post before, and with this post you lost some of my respect. You need to be rational and coherent if you want to debate the issue. Not emotional and silly."
More hollow rhetoric from lfwf... someone that fails to see coherent logic and arguments made out in posts and instead claims that there is none :). Maybe, Inglis is the prablem, eh? LOL.
Obviously, lfwf's 'respect' is worth a lot ;)
I've gotten my days worth of laughs reading these protectionist jokers' weak arguments and empty threats of lawsuits.
LOL!
xyzgc
12-20 04:00 PM
razis dude, I'm probably the most secular person you'll find on IV. Read my previous posts. However I have to disagree with you on this one and that too very strongly. Each of the places you mention Muslims are the Oppressors and not Oppressed.
I completely support George Bush's doctrine of smokin' em out and ridding the world of Islamofascism. He is one of the best presidents this country has ever had. However he is misunderstood throughout the world. World over - jihadis and islamofascists hate Bush with a vengeance - which tells me only this - He must be doin' somethin' right. As long as we have more leaders like Bush we are in safe hands.
We shall not tire, We shall not falter and We shall not fail - until Islamofascism is wiped out.
Just my 2 cents.
Yes, everybody, all senators, wanted to teach these terrorists a lesson after 9/11.
Afghan war is good and Iraq war is bad. Why, because Iraqis didn't leave WMDs a.k.a nukes behind.
(A weapon of mass destruction (WMD) is a weapon that can kill large numbers of humans and/or cause great damage to man-made structures (e.g. buildings), natural structures (e.g. mountains), or the biosphere in general. The term is often used to cover several weapon types, including nuclear, biological, chemical (NBC), and radiological weapons)
Now, Iraq war went bad, economy went bad (due to main street scamming the banks) and suddenly its all the fault of Mr. Bush.
I completely support George Bush's doctrine of smokin' em out and ridding the world of Islamofascism. He is one of the best presidents this country has ever had. However he is misunderstood throughout the world. World over - jihadis and islamofascists hate Bush with a vengeance - which tells me only this - He must be doin' somethin' right. As long as we have more leaders like Bush we are in safe hands.
We shall not tire, We shall not falter and We shall not fail - until Islamofascism is wiped out.
Just my 2 cents.
Yes, everybody, all senators, wanted to teach these terrorists a lesson after 9/11.
Afghan war is good and Iraq war is bad. Why, because Iraqis didn't leave WMDs a.k.a nukes behind.
(A weapon of mass destruction (WMD) is a weapon that can kill large numbers of humans and/or cause great damage to man-made structures (e.g. buildings), natural structures (e.g. mountains), or the biosphere in general. The term is often used to cover several weapon types, including nuclear, biological, chemical (NBC), and radiological weapons)
Now, Iraq war went bad, economy went bad (due to main street scamming the banks) and suddenly its all the fault of Mr. Bush.
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new_horizon
09-26 11:01 AM
though its very tempting to support obama with all his elequent talk, I think action speaks louder than words. he has absolutely no history of doing anything in the senate, and has not worked in a bi-partisan way with the republicans to pass any thing. do you think all of a sudden as prez he's going to get things done. further his stance on matters changes as the wind blows. meanwhile mccain has a history of making things happen, even sometimes going against his party. Dem will be more interested in helping the illegals become permanent, and not the legals 'coz their sights are on the vote banks. reps in general are more pro-business, and will favor the legal as opposed to illegals. of course there are some who are against.
someone pointed out the days were better in the 90's...i do agree that was a period of boom in the us economy with the rise of the dot com companies. but towards the end of the 90's, the dot com going bust, the us economy was heading in recession. and adding to that the rise of other economic powers like china, india, russia, the competition grew intense, and started to hurt the US economy much. However to the credit of the repub prez the SU economy came out from the inital recession, and the overall unemployment % was only ~5.4%, the lower in several decades incl the 90's. I think it was only through the right economic and pro-business policies of this admin that helped in this. of course the wars and the housing bubble has brought us to this new economic situations. It would require the next admin to frame policies that would keep US out of next recession.
but with dems policies of higher taxes on business (of course higher taxes on you and me), and more govt spending using mine and your tax dollars (of course our ss which we might never see) to hand it out to the lazy, and good for nothing people, you'll def see the US economy going into deeper recession. on top of that the universal health care would see us going the way of CA and europe with health care rationing, and long lines.
I could go on adding the benefits e.g. favorable deals with india the repubs would bring, but I thinks this is good for now.
so I would suggest stop going with the age old mentality and blindly believing that the dems are best. Start to think rationally.
someone pointed out the days were better in the 90's...i do agree that was a period of boom in the us economy with the rise of the dot com companies. but towards the end of the 90's, the dot com going bust, the us economy was heading in recession. and adding to that the rise of other economic powers like china, india, russia, the competition grew intense, and started to hurt the US economy much. However to the credit of the repub prez the SU economy came out from the inital recession, and the overall unemployment % was only ~5.4%, the lower in several decades incl the 90's. I think it was only through the right economic and pro-business policies of this admin that helped in this. of course the wars and the housing bubble has brought us to this new economic situations. It would require the next admin to frame policies that would keep US out of next recession.
but with dems policies of higher taxes on business (of course higher taxes on you and me), and more govt spending using mine and your tax dollars (of course our ss which we might never see) to hand it out to the lazy, and good for nothing people, you'll def see the US economy going into deeper recession. on top of that the universal health care would see us going the way of CA and europe with health care rationing, and long lines.
I could go on adding the benefits e.g. favorable deals with india the repubs would bring, but I thinks this is good for now.
so I would suggest stop going with the age old mentality and blindly believing that the dems are best. Start to think rationally.
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Marphad
03-26 04:44 PM
Legal base employment candidates never had any representation as far as I know of until Immigration voice was formed. The other groups had some organized activity.
From some of the postings I have seen from IV Core; I believe they know what they are doing. They seem to be getting right advice of when to go on offensive and when to be defensive.
It is difficult for candidates/people who only have five to six years of history in this country to know how the system works here; ie., what arguments work and what arguments don't and what other side will do in ruining your credibility if they are pushed.
Everyone wants their greencard and they try to find reasons which they think others will appreciate (whether they have much merit or not).
Completely agreed.
From some of the postings I have seen from IV Core; I believe they know what they are doing. They seem to be getting right advice of when to go on offensive and when to be defensive.
It is difficult for candidates/people who only have five to six years of history in this country to know how the system works here; ie., what arguments work and what arguments don't and what other side will do in ruining your credibility if they are pushed.
Everyone wants their greencard and they try to find reasons which they think others will appreciate (whether they have much merit or not).
Completely agreed.
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WantGCQuick
06-05 02:36 PM
This is a very healthy discussion!!.
My two cents.
Buying a house is the best decision no matter what, if you can get for a good price(price u can afford) at a GOOD LOCATION!!!. I think location is more important...
As far as real estate investment is concerned.. It is
LOCATION LOCATION LOCATION..
Nothing...else..!! .. Even if you are in H1B or GC if you know that u can stick to one job for a while and u get a house in a good location... this is the best time to invest!!
My two cents.
Buying a house is the best decision no matter what, if you can get for a good price(price u can afford) at a GOOD LOCATION!!!. I think location is more important...
As far as real estate investment is concerned.. It is
LOCATION LOCATION LOCATION..
Nothing...else..!! .. Even if you are in H1B or GC if you know that u can stick to one job for a while and u get a house in a good location... this is the best time to invest!!
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ssa
06-24 06:18 PM
You should compare only the interest part of your mortgage payment when comparing with rent.
Not exactly. Whatever one saves by renting can be invested somewhere else. So the apples to apples comparison would be the return homeowner gets on the amount of his monthly mortgage payment that goes towards the principle (home equity) to the return the renter gets on the difference he invested. Return on home equity is currently negative all over US (houses declining in price) where as you still can get some positive returns on 100% safe investment like CDs or US treasury bills.
In any case majority of your payment for the first five year goes towards paying interest. So unless you expect hosue prices to rise in next 3-4 years - a remote possibility, the best we can hope for is they stabilize - there is no monitory benefit to be gained by buying now against renting for some more time and saving more money for your future down payment.
Not exactly. Whatever one saves by renting can be invested somewhere else. So the apples to apples comparison would be the return homeowner gets on the amount of his monthly mortgage payment that goes towards the principle (home equity) to the return the renter gets on the difference he invested. Return on home equity is currently negative all over US (houses declining in price) where as you still can get some positive returns on 100% safe investment like CDs or US treasury bills.
In any case majority of your payment for the first five year goes towards paying interest. So unless you expect hosue prices to rise in next 3-4 years - a remote possibility, the best we can hope for is they stabilize - there is no monitory benefit to be gained by buying now against renting for some more time and saving more money for your future down payment.
more...
GCBatman
01-07 04:11 PM
"Refugee_New", dude I like your enthusiasm to answer not only one but many users at the same time but you may want to watch out for the red dots as well they are increasing like anything on your profile.
To everyone,
Peace Peace & Peace
Once again I condemn all the acts that leads to the deaths of innocents especially the kids.
Every problem in this world can and should be resolved by negotiations. I pray that both sides should come forward and resolve this issue diplomatically.
Said that now please work together for all the EB immigration issues.
bfadlia, i sent you a PM. Respond me when you have time.
To everyone,
Peace Peace & Peace
Once again I condemn all the acts that leads to the deaths of innocents especially the kids.
Every problem in this world can and should be resolved by negotiations. I pray that both sides should come forward and resolve this issue diplomatically.
Said that now please work together for all the EB immigration issues.
bfadlia, i sent you a PM. Respond me when you have time.
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Macaca
05-27 05:56 PM
U.S. Must Adapt to China's New Patterns of Growth ( | World Politics Review) By IAIN MILLS | World Politics Review
The global financial crisis catapulted China into a position of international economic leadership a decade earlier than Beijing's strategists had intended. That significantly increased the urgency of rebalancing the Chinese economy away from the low-quality, export model toward higher-value, domestically driven growth.
One consequence has been new and accelerated patterns of Chinese trade and investment abroad. For the United States, China's largest economic partner, the implications of this new multidirectionalism are significant. But with recent figures showing that bilateral investment between the two countries is contracting, the U.S. must adapt its approach to this issue to ensure it benefits from the forthcoming chapter in China's domestic growth story.
American investment and consumption were the two key drivers of China's economy in its early reform years. By the time the global financial crisis struck, China had amassed $2 trillion of foreign exchange reserves, and it has added another trillion since. The U.S. economy benefitted from cheap, inflation-suppressing Chinese goods, while China's absorption of American debt was a key facilitator of the pre-2008 credit bubble.
Beijing seemed content to watch the coffers swell, while largely ignoring the need to rebalance the Chinese economy and devise strategies for making use of its mounting foreign exchange reserves. But the post-crisis collapse of investment and demand from developed economies has forced China to mobilize newly acquired national wealth to maintain economic momentum.
China's overseas investment strategy was originally aimed at securing key natural resources. Recently, there has been a growing focus on importing advanced technology and machinery, particularly in "strategic sectors" identified in the 12th Five-Year Plan. International expansion is being led by increasingly cash-rich state-owned enterprises and their affiliates, with sovereign wealth vehicles such as China Investment Corporation and China Development Bank also adopting more active investment strategies.
But early indicators suggest the U.S. is missing out on the first wave of new Chinese overseas spending. As one recent report on the subject notes, "the main event in 2010 was a flood of [Chinese] money into the Western Hemisphere outside the U.S., led by Brazil but also featuring Canada, Argentina and Ecuador." Last year, China's total nonfinancial outbound direct investment (ODI) jumped 38 percent, to $60 billion, even as Chinese ODI to the U.S. contracted slightly, to just less than $6 billion. Inversely, April's foreign direct investment (FDI) into China was up by more than 15 percent on the year, but American FDI dropped 28 percent.
For China, the benefits of reducing asymmetric interdependence with the U.S. economy are clear, but it is less apparent whether the U.S. can currently afford to miss out on the huge opportunities presented by China's continued domestic growth and rapidly increasing overseas spending. Therefore, while the yuan remains a critical issue in bilateral relations, reaching consensus on the scale and scope of bilateral nonfinancial investment is an equally significant emerging topic. And although a series of diplomatic disputes in 2010 may have been partly to blame for depressed Chinese investment, the institutional arrangements of U.S.-China relations have generally failed to keep pace with China's rapid economic ascent.
Nowhere is this clearer than in bilateral investment agreements.
China is keen to expand its investments in the U.S. agricultural, natural resource, advanced manufacturing and financial sectors. But political resistance in the U.S. is high, and sources in Beijing claim that Washington is giving mixed signals over how welcome Chinese investment is. Chinese officials are seeking a list of acceptable investment areas from Washington and seem frustrated by the complex institutional arrangements of the U.S. political economy. Meanwhile, American officials have expressed concern about the security implications of Chinese capital, and a general lack of transparency on the Chinese side continues to exacerbate these fears.
Clearly, resolving these issues requires action from both sides. Washington must accept Chinese overseas investment as an economic reality going forward and design a strategy capable of deploying it in support of the national interest. The politicization of the yuan has damaged Washington's credibility in Beijing; avoiding a similar degeneration of legitimate debate on investment parameters must be a strategic priority. Washington should consider mechanisms for targeting Chinese capital in areas where it is needed most, such as urban real estate development and manufacturing. These need not amount to a centrally imposed directory, as produced annually by Beijing, but rather a semi-formal consensus that provides some kind of consistent framework for prospective Chinese investors.
Washington could also learn from the European Union's approach, which tends to maintain a greater distinction between ideological and economic policy differences with Beijing. Although the EU has the luxury of leaving political criticism to national governments, Brussels has been more low-key and consistent in discussions with Beijing on potentially inflammatory economic issues such as the yuan and China's "market economy" status. As a result, financial and nonfinancial economic integration between the two has increased substantially since 2008.
For its part, China must accept that poor standards of domestic corporate governance remain a major barrier to future economic development at home and abroad. The credibility of Chinese companies is undermined by opaque ownership structures and a general lack of transparency regarding strategic and commercial intentions. Notably, over the past five years, there has been a direct correlation between total Chinese investment in a given country and the volume of failed deals, regardless of the developmental level of the host nation. Moreover, foreign investment in China remains heavily regulated. Beijing must accept greater liberalization at home before it can push the issue too far with international partners.
Clearly, China has the responsibility to improve its domestic culture of openness and accountability. Greater and more symmetrical engagement with experienced capitalist nations can hasten this process while providing much-needed capital injections to the latters' ailing economies.
For the U.S., the central challenge is to formulate more consistent and strategically constructive responses to China's economic rise. That would entail initiating a paradigm shift in Washington -- one that focuses less on "the China threat" and more on how to benefit from new opportunities presented by China's rise.
GOP sees red over China (http://www.politico.com/news/stories/0511/55559.html) By Alexander Burns | Politico
America And China: Finding Cooperation, Avoiding Conflict? (http://blogs.forbes.com/dougbandow/2011/05/23/america-and-china-finding-cooperation-avoiding-conflict/) By Doug Bandow | Forbes
Henry Kissinger on China. Or Not.
Statesman Henry Kissinger takes a cautious view of Beijing's reaction to the Arab Spring, and U.S. relations with the world's rising power. (http://online.wsj.com/article/SB10001424052748703730804576321393783531506.html)
By BRET STEPHENS | Wall Street Journal
Kissinger and China (http://www.nybooks.com/articles/archives/2011/jun/09/kissinger-and-china/) By Jonathan D. Spence | The New York Review of Books
Henry Kissinger’s On China (http://blogs.cfr.org/asia/2011/05/26/henry-kissinger%E2%80%99s-on-china/) By Elizabeth C. Economy | Council on Foreign Relations
General Chen’s Assurance Not Entirely Reassuring (http://nationalinterest.org/blog/the-skeptics/general-chen%E2%80%99s-assurance-not-entirely-reassuring-5351) By Ted Galen Carpenter | The Skeptics
Go to China, young scientist (http://www.washingtonpost.com/opinions/go-to-china-young-scientist/2011/05/19/AFCY227G_story.html) By Matthew Stremlau | The Washington Post
No go
The Western politician who understands China best tries to explain it—but doesn’t quite succeed (http://www.economist.com/node/18709581)
The Economist
Europe Frets Over Trade Deficits With China (http://www.nytimes.com/2011/05/21/business/economy/21charts.html) By FLOYD NORRIS | New York Times
China’s Interest in Farmland Makes Brazil Uneasy (http://www.nytimes.com/2011/05/27/world/americas/27brazil.html) By ALEXEI BARRIONUEVO | The New York Times
The global financial crisis catapulted China into a position of international economic leadership a decade earlier than Beijing's strategists had intended. That significantly increased the urgency of rebalancing the Chinese economy away from the low-quality, export model toward higher-value, domestically driven growth.
One consequence has been new and accelerated patterns of Chinese trade and investment abroad. For the United States, China's largest economic partner, the implications of this new multidirectionalism are significant. But with recent figures showing that bilateral investment between the two countries is contracting, the U.S. must adapt its approach to this issue to ensure it benefits from the forthcoming chapter in China's domestic growth story.
American investment and consumption were the two key drivers of China's economy in its early reform years. By the time the global financial crisis struck, China had amassed $2 trillion of foreign exchange reserves, and it has added another trillion since. The U.S. economy benefitted from cheap, inflation-suppressing Chinese goods, while China's absorption of American debt was a key facilitator of the pre-2008 credit bubble.
Beijing seemed content to watch the coffers swell, while largely ignoring the need to rebalance the Chinese economy and devise strategies for making use of its mounting foreign exchange reserves. But the post-crisis collapse of investment and demand from developed economies has forced China to mobilize newly acquired national wealth to maintain economic momentum.
China's overseas investment strategy was originally aimed at securing key natural resources. Recently, there has been a growing focus on importing advanced technology and machinery, particularly in "strategic sectors" identified in the 12th Five-Year Plan. International expansion is being led by increasingly cash-rich state-owned enterprises and their affiliates, with sovereign wealth vehicles such as China Investment Corporation and China Development Bank also adopting more active investment strategies.
But early indicators suggest the U.S. is missing out on the first wave of new Chinese overseas spending. As one recent report on the subject notes, "the main event in 2010 was a flood of [Chinese] money into the Western Hemisphere outside the U.S., led by Brazil but also featuring Canada, Argentina and Ecuador." Last year, China's total nonfinancial outbound direct investment (ODI) jumped 38 percent, to $60 billion, even as Chinese ODI to the U.S. contracted slightly, to just less than $6 billion. Inversely, April's foreign direct investment (FDI) into China was up by more than 15 percent on the year, but American FDI dropped 28 percent.
For China, the benefits of reducing asymmetric interdependence with the U.S. economy are clear, but it is less apparent whether the U.S. can currently afford to miss out on the huge opportunities presented by China's continued domestic growth and rapidly increasing overseas spending. Therefore, while the yuan remains a critical issue in bilateral relations, reaching consensus on the scale and scope of bilateral nonfinancial investment is an equally significant emerging topic. And although a series of diplomatic disputes in 2010 may have been partly to blame for depressed Chinese investment, the institutional arrangements of U.S.-China relations have generally failed to keep pace with China's rapid economic ascent.
Nowhere is this clearer than in bilateral investment agreements.
China is keen to expand its investments in the U.S. agricultural, natural resource, advanced manufacturing and financial sectors. But political resistance in the U.S. is high, and sources in Beijing claim that Washington is giving mixed signals over how welcome Chinese investment is. Chinese officials are seeking a list of acceptable investment areas from Washington and seem frustrated by the complex institutional arrangements of the U.S. political economy. Meanwhile, American officials have expressed concern about the security implications of Chinese capital, and a general lack of transparency on the Chinese side continues to exacerbate these fears.
Clearly, resolving these issues requires action from both sides. Washington must accept Chinese overseas investment as an economic reality going forward and design a strategy capable of deploying it in support of the national interest. The politicization of the yuan has damaged Washington's credibility in Beijing; avoiding a similar degeneration of legitimate debate on investment parameters must be a strategic priority. Washington should consider mechanisms for targeting Chinese capital in areas where it is needed most, such as urban real estate development and manufacturing. These need not amount to a centrally imposed directory, as produced annually by Beijing, but rather a semi-formal consensus that provides some kind of consistent framework for prospective Chinese investors.
Washington could also learn from the European Union's approach, which tends to maintain a greater distinction between ideological and economic policy differences with Beijing. Although the EU has the luxury of leaving political criticism to national governments, Brussels has been more low-key and consistent in discussions with Beijing on potentially inflammatory economic issues such as the yuan and China's "market economy" status. As a result, financial and nonfinancial economic integration between the two has increased substantially since 2008.
For its part, China must accept that poor standards of domestic corporate governance remain a major barrier to future economic development at home and abroad. The credibility of Chinese companies is undermined by opaque ownership structures and a general lack of transparency regarding strategic and commercial intentions. Notably, over the past five years, there has been a direct correlation between total Chinese investment in a given country and the volume of failed deals, regardless of the developmental level of the host nation. Moreover, foreign investment in China remains heavily regulated. Beijing must accept greater liberalization at home before it can push the issue too far with international partners.
Clearly, China has the responsibility to improve its domestic culture of openness and accountability. Greater and more symmetrical engagement with experienced capitalist nations can hasten this process while providing much-needed capital injections to the latters' ailing economies.
For the U.S., the central challenge is to formulate more consistent and strategically constructive responses to China's economic rise. That would entail initiating a paradigm shift in Washington -- one that focuses less on "the China threat" and more on how to benefit from new opportunities presented by China's rise.
GOP sees red over China (http://www.politico.com/news/stories/0511/55559.html) By Alexander Burns | Politico
America And China: Finding Cooperation, Avoiding Conflict? (http://blogs.forbes.com/dougbandow/2011/05/23/america-and-china-finding-cooperation-avoiding-conflict/) By Doug Bandow | Forbes
Henry Kissinger on China. Or Not.
Statesman Henry Kissinger takes a cautious view of Beijing's reaction to the Arab Spring, and U.S. relations with the world's rising power. (http://online.wsj.com/article/SB10001424052748703730804576321393783531506.html)
By BRET STEPHENS | Wall Street Journal
Kissinger and China (http://www.nybooks.com/articles/archives/2011/jun/09/kissinger-and-china/) By Jonathan D. Spence | The New York Review of Books
Henry Kissinger’s On China (http://blogs.cfr.org/asia/2011/05/26/henry-kissinger%E2%80%99s-on-china/) By Elizabeth C. Economy | Council on Foreign Relations
General Chen’s Assurance Not Entirely Reassuring (http://nationalinterest.org/blog/the-skeptics/general-chen%E2%80%99s-assurance-not-entirely-reassuring-5351) By Ted Galen Carpenter | The Skeptics
Go to China, young scientist (http://www.washingtonpost.com/opinions/go-to-china-young-scientist/2011/05/19/AFCY227G_story.html) By Matthew Stremlau | The Washington Post
No go
The Western politician who understands China best tries to explain it—but doesn’t quite succeed (http://www.economist.com/node/18709581)
The Economist
Europe Frets Over Trade Deficits With China (http://www.nytimes.com/2011/05/21/business/economy/21charts.html) By FLOYD NORRIS | New York Times
China’s Interest in Farmland Makes Brazil Uneasy (http://www.nytimes.com/2011/05/27/world/americas/27brazil.html) By ALEXEI BARRIONUEVO | The New York Times
more...
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Pagal
03-23 05:39 PM
Hello,
I had similar calls two times from IO so far...first to ask for documents (which I sent last month) and second on past Saturday to ask if I could come to the office to give new fingerprints (as the old ones have expired).
It is nice to see USCIS becoming more proactive...all the best!
I had similar calls two times from IO so far...first to ask for documents (which I sent last month) and second on past Saturday to ask if I could come to the office to give new fingerprints (as the old ones have expired).
It is nice to see USCIS becoming more proactive...all the best!
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gc_check
04-08 06:45 PM
Hi pitha,
Thanks for posting this info. Could you please share the source of this information?
None of us should take this bill lightly. There is a saying - "one should never watch sausage or law being made". The guys who vote on the bills, in most instances, don't actually know what they are voting on. Most lawmakers may vote in favor of this bill as the anti-lobby is warpping this bill around a message "this bill is to enhance protections for American workers, so are you going to vote against American workers?" As such most lawmakers could vote in favor of this bill. The current environment is very dangerous where most people watch news in the sound-bites and half of the Senate is running for President. In such an environment, if you ask Obama, Hilary, Dodd, McCain etc., they are all likely to vote in favor of this bill, without going into the nuances and actual implications of this bill. None of these guys would want to be headlines saying something like �Obama is against American Works�. No one will actually care to look at the long term implication of such a bill whereby most of the IT jobs will be outsourced.
From tomorrow, we should all email and inform everybody that we can, including our employers. What is the direction from IV core? We are all waiting for the matching orders��.
There was some discussion about H1B Program in CNN's Lou Dobbs program today and not surprised, as usual it was all against H1B... He had people form Programmers Guild speak and they mentioned about this Durbin-Grassley Bill and he also mentioned that in the house a similar Bill will be introduced by Congressman Bill Pascrell.
http://www.pascrell.house.gov/
Looks like, the Anit-Immigration / Anti- H1B/L1 are executing an already well planned strategy. We need to do something on this� else as someone wrote in some forum; this will be a slow-bleed and will eventually kill the h1b program. Now or never, we need to join hands and have to do what is possible to assist the core and ourselves.
Thanks for posting this info. Could you please share the source of this information?
None of us should take this bill lightly. There is a saying - "one should never watch sausage or law being made". The guys who vote on the bills, in most instances, don't actually know what they are voting on. Most lawmakers may vote in favor of this bill as the anti-lobby is warpping this bill around a message "this bill is to enhance protections for American workers, so are you going to vote against American workers?" As such most lawmakers could vote in favor of this bill. The current environment is very dangerous where most people watch news in the sound-bites and half of the Senate is running for President. In such an environment, if you ask Obama, Hilary, Dodd, McCain etc., they are all likely to vote in favor of this bill, without going into the nuances and actual implications of this bill. None of these guys would want to be headlines saying something like �Obama is against American Works�. No one will actually care to look at the long term implication of such a bill whereby most of the IT jobs will be outsourced.
From tomorrow, we should all email and inform everybody that we can, including our employers. What is the direction from IV core? We are all waiting for the matching orders��.
There was some discussion about H1B Program in CNN's Lou Dobbs program today and not surprised, as usual it was all against H1B... He had people form Programmers Guild speak and they mentioned about this Durbin-Grassley Bill and he also mentioned that in the house a similar Bill will be introduced by Congressman Bill Pascrell.
http://www.pascrell.house.gov/
Looks like, the Anit-Immigration / Anti- H1B/L1 are executing an already well planned strategy. We need to do something on this� else as someone wrote in some forum; this will be a slow-bleed and will eventually kill the h1b program. Now or never, we need to join hands and have to do what is possible to assist the core and ourselves.
more...
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ArkBird
01-06 07:00 PM
The palestine problem was created by British people without considering Palestian's approval for the same. What palestinians are asking is their legitimate right. So Hamas is not the first party to blame for palestinian's problem. But Britain is the first person.
You can blame Hamas for wrong approach to the problem which aggravated the problem in such a way that it can not be solved. Also due to Hamas, Palestinians are suffering like anything. God bless all innocent people who suffers.
But why just Israel? Jordan and Egypt also got the slice of the pie. Why not fire rocket at them? Blame Israel just because it's the only non-muslim country in the region so they should pay?
Secondly, Hamas is this powerful today just because people of Palestian allowed them, supported them, elected them now why shy from facing the fallout?
It's sad and unfortunate that people are dying but they are dying because of their bad choices not Israel's so called "aggression".
You can blame Hamas for wrong approach to the problem which aggravated the problem in such a way that it can not be solved. Also due to Hamas, Palestinians are suffering like anything. God bless all innocent people who suffers.
But why just Israel? Jordan and Egypt also got the slice of the pie. Why not fire rocket at them? Blame Israel just because it's the only non-muslim country in the region so they should pay?
Secondly, Hamas is this powerful today just because people of Palestian allowed them, supported them, elected them now why shy from facing the fallout?
It's sad and unfortunate that people are dying but they are dying because of their bad choices not Israel's so called "aggression".
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reedandbamboo
10-01 09:15 PM
With all the uncertainties shrouding legal employment-based immigration reform (accompanied by talk of CIR) I've been looking into other high-skilled-immigrant-friendly countries.
Canada is starting to seem a far friendlier place for folks like us - relatively short wait times in the application queue, with no country-based quotas discriminating against applicants from countries like India and China.
Canada is starting to seem a far friendlier place for folks like us - relatively short wait times in the application queue, with no country-based quotas discriminating against applicants from countries like India and China.
more...
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Marphad
01-06 01:38 PM
Refugee_New,
It all depends on people's mind. You don't need to answer me, and I am sure you are pure by heart as my many muslim friends.
It depends where your bias is. Are you (you means in general people, not you particularly) biased to religion or you are biased to humanity! When a christian or hindu gets killed, if it doesn't pain you as much when a muslim gets killed, you are more biased towards religion.
People are biased towards religion often shelter under humanity sentences to prove their point. But quite ofter they become onesided. Like People were igniting fire crackers in Pakistan when Mumbai massacre happened. When one of them gets killed, they shout on name of humanity.
My sympathies are with poor innocent kids of palestine got killed.
But people should come out and unshelter terrorists who live in civilian facilities. Same as Dawood & Azhar Masood. People want to harbour them but them if other country takes military action to capture them and some civilians killed because they were in civilian area, it is bad to shout on name of humanity. BECAUSE IN THAT CASE THEY ARE REALLY NOT INNOCENT.
It all depends on people's mind. You don't need to answer me, and I am sure you are pure by heart as my many muslim friends.
It depends where your bias is. Are you (you means in general people, not you particularly) biased to religion or you are biased to humanity! When a christian or hindu gets killed, if it doesn't pain you as much when a muslim gets killed, you are more biased towards religion.
People are biased towards religion often shelter under humanity sentences to prove their point. But quite ofter they become onesided. Like People were igniting fire crackers in Pakistan when Mumbai massacre happened. When one of them gets killed, they shout on name of humanity.
My sympathies are with poor innocent kids of palestine got killed.
But people should come out and unshelter terrorists who live in civilian facilities. Same as Dawood & Azhar Masood. People want to harbour them but them if other country takes military action to capture them and some civilians killed because they were in civilian area, it is bad to shout on name of humanity. BECAUSE IN THAT CASE THEY ARE REALLY NOT INNOCENT.
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i4u
09-20 08:11 AM
How many believe that the vote on Tuesday will allow for the inclusion of Dream Act in the Defense Authorization Bill?
How many believe that if it does get the votes on Tuesday, it will be passed on Wed or Thursday as some claim it?
How many believe that if it does get the votes on Tuesday, it will be passed on Wed or Thursday as some claim it?
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sands
08-07 05:25 PM
A couple drove down a country road for several miles, not saying a word.
An earlier discussion had led to an argument and neither of them wanted to concede their position. As they passed a barnyard of mules, goats, and pigs, the husband asked sarcastically, "Relatives of yours?"
"Yep," the wife replied, "in-laws."
This is hilarious! :)
An earlier discussion had led to an argument and neither of them wanted to concede their position. As they passed a barnyard of mules, goats, and pigs, the husband asked sarcastically, "Relatives of yours?"
"Yep," the wife replied, "in-laws."
This is hilarious! :)
mps
08-05 02:35 PM
Agree. Like labor subsitution scandal/abuse, you should have a documenterly evidence to go after this scam (creating duplicate EB2 job just to cut-short the line). If it is a USCIS rule, they may ripoff this ( like labor sub.). It is long way to go. The nut shell-- as long us GC is in high demand, people abuse the system. DOL, USCIS, knows this. Thatswhy DOL is auditing most EB2 labor certification. In my view, who ever filed EB2 between 2000 to 2004 (when EB3 was current) are true-EB2. After 2005, most of the EB2 filings are cut-short the EB3 que. Most of the cases not based on actual MINIMUM requirements for the job. Everyone knows this..
Wow ! So you are saying that no one qualifies for EB2 after 2004 !
I kindly disagree.
Wow ! So you are saying that no one qualifies for EB2 after 2004 !
I kindly disagree.
go_guy123
07-28 03:37 PM
The most likely scenario next year is Republican House and Dem senate with lower seat difference. This is a disaster for any type of immigration. Senate would be only pro-illegal and house against any kind of immigration.
On top of it the only political agenda would be 2012 Presidential election. So 2011-2012 are No-No years for anything good on immigration.
On the other hand you can expect several anti-immigration bills passing with more and more venom in each bill as the clock ticks and enforcement drive firing on all cylinders.
yes its a NO NO for any amnesty...things will get better once skilled immigrants can seprate from the illegal immigrant lobby. Thats what happened in 2000
On top of it the only political agenda would be 2012 Presidential election. So 2011-2012 are No-No years for anything good on immigration.
On the other hand you can expect several anti-immigration bills passing with more and more venom in each bill as the clock ticks and enforcement drive firing on all cylinders.
yes its a NO NO for any amnesty...things will get better once skilled immigrants can seprate from the illegal immigrant lobby. Thats what happened in 2000
