China won’t flinch in face of tough-talking US

https://youtu.be/LaBEvT4O634
https://youtu.be/qW6ocYsE2F8

The US will raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register.

The announcement was made at 8:45 pm on May 8 (Beijing time). At 11:23 pm, the Chinese Minister of Commerce said that China will have to take necessary countermeasures if the US goes ahead with its plan to increase tariffs on Chinese imports. Although China's announcement was made in a calm and peaceful manner, it has shown the country's unswerving resolution to defend its own interests.

Washington has lit the fuse on escalating China-US trade tensions. Beijing had announced it would send a delegation for the May 9 consultations before Washington's May 8 announcement. At this critical time, Washington's imprudent move is clearly an extreme means of sending an alarming message to China. Washington must have expected the Chinese delegation would rush to the US and seize every opportunity to reverse the situation. Instead, the Chinese delegation decided to fly to the US one day later than originally planned. This is the way Chinese express their will and determination.

The 11th round of China-US trade talks in Washington on May 9 looks like a "Banquet at Hongmen." On the one hand, Washington is lighting a fuse on escalating trade tensions; and on the other they still want to continue negotiating with the Chinese delegation. By doing so, they have set a new precedent in the history of trade talks.

Many people may ask: Under such circumstances, why is Beijing still sending the delegation to Washington? In fact, it's really Washington that should be answering the question: Under such circumstances, why is the Chinese delegation invited to Washington for more trade talks?

The answer is simple. Both China and the US want to finalize a trade deal. Obviously, there are some issues that are difficult to overcome for both sides. It seems that both are now mentally prepared for a transition from truce talks to the mode of "fighting and talking" at the same time.

It is a great pity that after meeting halfway on most of their differences, China and the US have not been able to reach consensus on the last few core issues. Those issues are not supposed to come up as they specifically reflect the unreasonable demands by the US. Their emergence is rooted in the misguided perception that the US is privileged by its strength. That misconception has also motivated the latest unexpected tariff rise announced by Washington.

China has turned down the US demands at the final stage of negotiation. It was not only encouraged by its strength, but also motivated by its belief in the principle of equality. China is not afraid of conflict with the US at the last moment. In the face of the "big stick" of the US tariff threats, China has once again demonstrated its confidence in coping with an escalated trade war.

Since neither side has given up on the idea of making a deal, and it is the ultimate goal of both countries, the latest round of China-US trade talks is expected to be conducted in a climate of uncertainty, including that of a looming escalated trade war. Such a scenario has rarely been seen in the history of trade talks.

Will the US hit the brakes on the trade war at the last minute? Chinese want to know the answer to that question, but Americans are more concerned. Washington has found itself caught in a dilemma between its ambition to gain the upper hand in trade over China and its desire to minimize any negative impacts on its stock market. Beijing is serious about both trade talks and trade wars. Now, it is fully ready to switch to the mode of "fighting and talking."

China is well prepared for an escalation in trade tensions. A variety of plans are in place, such as countermeasures for any tariff rise, and favorable policies to minimize losses for Chinese enterprises. Mentally and materially, China is much better prepared than its US counterpart.

In the face of the imminent, unique "Banquet at Hongmen," Chinese have full confidence in their delegation. Members of the Chinese delegation not only have the experience and wisdom to cope with the situation, but they also have the firm support and trust of the entire Chinese society.

Undoubtedly, the delegation will bring both the strong will and goodwill of the Chinese government and people to Washington at this critical juncture.

If there is a new round of tariff conflicts, it would be a repeat, or an enhanced version of what happened in the past. It would definitely incur losses for China and the US, losses that are both direct and indirect, explicit and implicit. Anyway, the total scale of losses on both sides would be roughly the same. If Washington has its mind set on going back down the path of a trade war, then China will fight it to the end. China has always had a firm stand on a trade war: China does not want it; China is not afraid of it; China will launch it when necessary.

Seeking fairness and justice on the global stage sometimes requires a huge price. It also can be costly for different parties to reach consensus. In the past year, China and the US have been locked in a trade war and have had 10 rounds of trade talks. However, the two sides have failed to meet each other halfway to make a deal. Many are wondering how much it will cost the two countries before a final agreement is made. If the latest round of talks in Washington fails to solve the puzzle, then the two countries will have to keep searching for the answer in the future.- Global Times

Read more ..

China ready for any outcomes in trade talks with US

US President Donald Trump's threat of increased tariffs on Chinese goods has added more uncertainty to trade talks with China. Some observers are worried that a tough stance may be ...
Source: Global Times | 2019/5/8 20:38:40

 

China holds winning card in trade conflict with the US

Stocks in the Chinese mainland recovered from a deep plunge triggered by concerns about an escalating trade battle with the US on Monday, with the benchmark Shanghai Composite Index gaining

China ready for prolonged US trade war

After US officials threatened to escalate its trade war with China, rattling global financial markets and angering some US businesses, there is a distinctive, palpable level of calmness in China. Many in the foreign press gushed about how calm China was over the latest threats from US officials..


Related post:

Core of May Fourth Movement still relevant in China today

Illustration: Liu Rui/GT May 4, 1919 is the day the world changed forever and the Chinese will never forget   https:

China won’t flinch in face of tough-talking US

https://youtu.be/LaBEvT4O634
https://youtu.be/qW6ocYsE2F8

The US will raise tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports effective Friday, according to a notice posted to the Federal Register.

The announcement was made at 8:45 pm on May 8 (Beijing time). At 11:23 pm, the Chinese Minister of Commerce said that China will have to take necessary countermeasures if the US goes ahead with its plan to increase tariffs on Chinese imports. Although China's announcement was made in a calm and peaceful manner, it has shown the country's unswerving resolution to defend its own interests.

Washington has lit the fuse on escalating China-US trade tensions. Beijing had announced it would send a delegation for the May 9 consultations before Washington's May 8 announcement. At this critical time, Washington's imprudent move is clearly an extreme means of sending an alarming message to China. Washington must have expected the Chinese delegation would rush to the US and seize every opportunity to reverse the situation. Instead, the Chinese delegation decided to fly to the US one day later than originally planned. This is the way Chinese express their will and determination.

The 11th round of China-US trade talks in Washington on May 9 looks like a "Banquet at Hongmen." On the one hand, Washington is lighting a fuse on escalating trade tensions; and on the other they still want to continue negotiating with the Chinese delegation. By doing so, they have set a new precedent in the history of trade talks.

Many people may ask: Under such circumstances, why is Beijing still sending the delegation to Washington? In fact, it's really Washington that should be answering the question: Under such circumstances, why is the Chinese delegation invited to Washington for more trade talks?

The answer is simple. Both China and the US want to finalize a trade deal. Obviously, there are some issues that are difficult to overcome for both sides. It seems that both are now mentally prepared for a transition from truce talks to the mode of "fighting and talking" at the same time.

It is a great pity that after meeting halfway on most of their differences, China and the US have not been able to reach consensus on the last few core issues. Those issues are not supposed to come up as they specifically reflect the unreasonable demands by the US. Their emergence is rooted in the misguided perception that the US is privileged by its strength. That misconception has also motivated the latest unexpected tariff rise announced by Washington.

China has turned down the US demands at the final stage of negotiation. It was not only encouraged by its strength, but also motivated by its belief in the principle of equality. China is not afraid of conflict with the US at the last moment. In the face of the "big stick" of the US tariff threats, China has once again demonstrated its confidence in coping with an escalated trade war.

Since neither side has given up on the idea of making a deal, and it is the ultimate goal of both countries, the latest round of China-US trade talks is expected to be conducted in a climate of uncertainty, including that of a looming escalated trade war. Such a scenario has rarely been seen in the history of trade talks.

Will the US hit the brakes on the trade war at the last minute? Chinese want to know the answer to that question, but Americans are more concerned. Washington has found itself caught in a dilemma between its ambition to gain the upper hand in trade over China and its desire to minimize any negative impacts on its stock market. Beijing is serious about both trade talks and trade wars. Now, it is fully ready to switch to the mode of "fighting and talking."

China is well prepared for an escalation in trade tensions. A variety of plans are in place, such as countermeasures for any tariff rise, and favorable policies to minimize losses for Chinese enterprises. Mentally and materially, China is much better prepared than its US counterpart.

In the face of the imminent, unique "Banquet at Hongmen," Chinese have full confidence in their delegation. Members of the Chinese delegation not only have the experience and wisdom to cope with the situation, but they also have the firm support and trust of the entire Chinese society.

Undoubtedly, the delegation will bring both the strong will and goodwill of the Chinese government and people to Washington at this critical juncture.

If there is a new round of tariff conflicts, it would be a repeat, or an enhanced version of what happened in the past. It would definitely incur losses for China and the US, losses that are both direct and indirect, explicit and implicit. Anyway, the total scale of losses on both sides would be roughly the same. If Washington has its mind set on going back down the path of a trade war, then China will fight it to the end. China has always had a firm stand on a trade war: China does not want it; China is not afraid of it; China will launch it when necessary.

Seeking fairness and justice on the global stage sometimes requires a huge price. It also can be costly for different parties to reach consensus. In the past year, China and the US have been locked in a trade war and have had 10 rounds of trade talks. However, the two sides have failed to meet each other halfway to make a deal. Many are wondering how much it will cost the two countries before a final agreement is made. If the latest round of talks in Washington fails to solve the puzzle, then the two countries will have to keep searching for the answer in the future.- Global Times

Read more ..

China ready for any outcomes in trade talks with US

US President Donald Trump's threat of increased tariffs on Chinese goods has added more uncertainty to trade talks with China. Some observers are worried that a tough stance may be ...
Source: Global Times | 2019/5/8 20:38:40

 

China holds winning card in trade conflict with the US

Stocks in the Chinese mainland recovered from a deep plunge triggered by concerns about an escalating trade battle with the US on Monday, with the benchmark Shanghai Composite Index gaining

China ready for prolonged US trade war

After US officials threatened to escalate its trade war with China, rattling global financial markets and angering some US businesses, there is a distinctive, palpable level of calmness in China. Many in the foreign press gushed about how calm China was over the latest threats from US officials..


Related post:

Core of May Fourth Movement still relevant in China today

Illustration: Liu Rui/GT May 4, 1919 is the day the world changed forever and the Chinese will never forget   https:

How should China adjust its industrial policy?

Made in China 2025 will boost manufucturing

http://www.chinadaily.com.cn/a/201804/14/WS5ad15aa0a3105cdcf6518423.html

US misreading Made in China 2025 by design

http://usa.chinadaily.com.cn/a/201804/10/WS5acbf11ba3105cdcf6517163.html

Made in China 2025: The domestic tech plan that sparked an international backlash

SupChina

https://youtu.be/E7Jfrzkmzyc https://youtu.be/DQe61RNOttI

According to media reports, China is drafting a replacement for the "Made in China 2025" plan, with a new program promising greater access to China's markets for foreign companies and playing down China's bid to dominate manufacturing.

The "Made in China 2025" plan is a key concern of the US. The high tech products made by Chinese companies have been targeted amid the US-provoked trade war against China.

All major industrial countries have their own industrial policy that aims to promote high tech development, such as Germany's "Industry 4.0" strategy.

The intent in drafting the "Made in China 2025" plan is obviously justifiable. The discontent and concern it has stirred among the US and other Western countries shows the plan has unique implications for those countries.

The "Made in China 2025" plan emphasizes support to State-owned enterprises (SOEs) and the investment of huge amounts of capital. China's private enterprises have faced difficulties for quite some time and there has been talk of a trend known as "the State advances while the private sector retreats." Therefore, it has become necessary and urgent to create an environment that provides fairer competition between SOEs and private firms.

The objections to the "Made in China 2025" plan made by the US have been beyond China's expectations.

Drafting the plan is a matter of China's sovereign right and China can totally ignore the attitude of the US and focus on its own decision. But China is now deeply intertwined with the world and there are practical reasons to mutually coordinate China's interest and those of Western countries including the US. Expanding areas of common interest is an important way that China has adopted to continuously move forward its reform and opening-up.

China will likely adjust its future industrial plan and policies accordingly while insisting on its right to develop the country's high technology sector.

The major direction of the adjustment could be granting the market a bigger role and creating an environment for fairer competition between enterprises with different forms of ownership.

Regarding whether or how China should adjust its industrial plan, we would like to analyze the key changes of the overall environment and the principles China should stick to in adapting to these changes.

First, the external environment of China's development and the dynamic of internal and external economic interactions have undergone major changes since the beginning of this year. We need to adopt a pragmatic attitude toward these changes and respond actively.

Second, external pressure has always been a driving force for China's domestic reforms. The more open China is, the more it needs to respond to external demands. China's interaction with the outside world is a result of the need to better realize national interests, rather than being pushed to make humiliating concessions in which sovereignty is oppressed. In the 21st century, China should no longer hold the belief that being tough and confrontational is more politically correct than making concessions.

Third, China's development must lead to win-win results for the world. This is the lifeline of our peaceful development and cannot be a mere slogan. China needs to be more open to the world, increase its momentum of development through expanding foreign cooperation, and bring more benefits to the world.

Fourth, China should not fear taking economic or political risks in further expanding its opening-up policy. Fair competition between all types of companies will force SOEs to reform. In fact, many SOEs are not short of funds, but lack a competitive management mechanism. By unleashing the vitality of various enterprises, China's technological innovations will usher in a new chapter. If a more robust development is achieved, we will have more resources to maintain the political cohesion of the country, avoiding greater ideological risks.

Reform and opening-up is the only path China should follow. We have achieved successful results over the past 40 years, as will we do in the future. We must effectively emancipate our minds and resolutely overcome all the difficulties on the road to success - this should be the motto of Chinese society from generation to generation.- Global Times

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How should China adjust its industrial policy?

Made in China 2025 will boost manufucturing

http://www.chinadaily.com.cn/a/201804/14/WS5ad15aa0a3105cdcf6518423.html

US misreading Made in China 2025 by design

http://usa.chinadaily.com.cn/a/201804/10/WS5acbf11ba3105cdcf6517163.html

Made in China 2025: The domestic tech plan that sparked an international backlash

SupChina

https://youtu.be/E7Jfrzkmzyc https://youtu.be/DQe61RNOttI

According to media reports, China is drafting a replacement for the "Made in China 2025" plan, with a new program promising greater access to China's markets for foreign companies and playing down China's bid to dominate manufacturing.

The "Made in China 2025" plan is a key concern of the US. The high tech products made by Chinese companies have been targeted amid the US-provoked trade war against China.

All major industrial countries have their own industrial policy that aims to promote high tech development, such as Germany's "Industry 4.0" strategy.

The intent in drafting the "Made in China 2025" plan is obviously justifiable. The discontent and concern it has stirred among the US and other Western countries shows the plan has unique implications for those countries.

The "Made in China 2025" plan emphasizes support to State-owned enterprises (SOEs) and the investment of huge amounts of capital. China's private enterprises have faced difficulties for quite some time and there has been talk of a trend known as "the State advances while the private sector retreats." Therefore, it has become necessary and urgent to create an environment that provides fairer competition between SOEs and private firms.

The objections to the "Made in China 2025" plan made by the US have been beyond China's expectations.

Drafting the plan is a matter of China's sovereign right and China can totally ignore the attitude of the US and focus on its own decision. But China is now deeply intertwined with the world and there are practical reasons to mutually coordinate China's interest and those of Western countries including the US. Expanding areas of common interest is an important way that China has adopted to continuously move forward its reform and opening-up.

China will likely adjust its future industrial plan and policies accordingly while insisting on its right to develop the country's high technology sector.

The major direction of the adjustment could be granting the market a bigger role and creating an environment for fairer competition between enterprises with different forms of ownership.

Regarding whether or how China should adjust its industrial plan, we would like to analyze the key changes of the overall environment and the principles China should stick to in adapting to these changes.

First, the external environment of China's development and the dynamic of internal and external economic interactions have undergone major changes since the beginning of this year. We need to adopt a pragmatic attitude toward these changes and respond actively.

Second, external pressure has always been a driving force for China's domestic reforms. The more open China is, the more it needs to respond to external demands. China's interaction with the outside world is a result of the need to better realize national interests, rather than being pushed to make humiliating concessions in which sovereignty is oppressed. In the 21st century, China should no longer hold the belief that being tough and confrontational is more politically correct than making concessions.

Third, China's development must lead to win-win results for the world. This is the lifeline of our peaceful development and cannot be a mere slogan. China needs to be more open to the world, increase its momentum of development through expanding foreign cooperation, and bring more benefits to the world.

Fourth, China should not fear taking economic or political risks in further expanding its opening-up policy. Fair competition between all types of companies will force SOEs to reform. In fact, many SOEs are not short of funds, but lack a competitive management mechanism. By unleashing the vitality of various enterprises, China's technological innovations will usher in a new chapter. If a more robust development is achieved, we will have more resources to maintain the political cohesion of the country, avoiding greater ideological risks.

Reform and opening-up is the only path China should follow. We have achieved successful results over the past 40 years, as will we do in the future. We must effectively emancipate our minds and resolutely overcome all the difficulties on the road to success - this should be the motto of Chinese society from generation to generation.- Global Times

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Huawei CFO cites US$12 million homes in Vancouver and health issues in bail bid in Canada

https://youtu.be/_fFQ4oyaW6M

https://youtu.be/OJ6pdi05oj8 https://youtu.be/QgPN00prqYI https://youtu.be/0YTBCndEhho

Extradition case: A home owned by the family of Meng Wanzhou, who is being held on an extradition warrant, is pictured in Vancouver. — Reuters

For Huawei CFO, an Idyllic Summer Playground Turns Into a Prison

Vancouver plays a special role for Meng Wanzhou, as it does for many a wealthy Chinese -- a place to park some assets, educate your children, and just let your hair down from time to time.

Meng -- chief financial officer of Huawei Technologies Co., a telecom equipment giant present in more than 170 countries -- would carve a few weeks out of her punishing travel schedule every year for a break in the Canadian city.

She’d time it for the summer, when her children would be there and when the city’s crystal waters and craggy mountains would emerge from 10 months of rain to be bathed in long, golden days of sunshine. Just last August, she was seen strolling through a local park, snapping photos with her in-laws.

Her place of retreat has now become a jail. On Dec. 1, Meng stepped off a Cathay Pacific flight from Hong Kong around noon, and had planned a 12-hour stopover in Vancouver before heading on to Mexico. Instead, she was arrested by Canadian authorities and faces a U.S. extradition request on charges she conspired to defraud banks, including HSBC Bank Plc, so that they unwittingly cleared millions of dollars in transactions linked to Iran, in violation of U.S. sanctions.

This time, her stay looks to become an extended one -- extradition cases can sometimes take years. Whether she spends that time in a cell or under house arrest may hinge in part upon her ties to Vancouver and if they’re considered deep enough to stop her from fleeing.

Meng’s bail hearing resumes Monday at 10 a.m. local time. It’s expected to last the whole day as her defense team calls witnesses, including security companies, to testify on ways to address flight risk.

“In essence, Ms. Meng vacations for two weeks in Vancouver -- I say that is not a meaningful connection to this jurisdiction,” Crown attorney John Gibb-Carsley said Friday at the six-hour bail hearing in Vancouver as more than 100 spectators watched from a glass-walled gallery.

Meng -- wearing a dark green sweat suit, her posture impeccable -- watched from the back of the courtroom with her interpreter, occasionally taking notes on a sheet of paper. The 46-year-old has an incentive to flee home to China, which has no extradition treaty with the U.S., and she has the vast resources and connections to remain out of reach indefinitely, Gibb-Carsley said.

Canada has long been a favored destination for millionaire migrants, and Vancouver, especially, for the Asian ones. But increasingly that’s been stoking tensions in a city awash in Chinese cash, with wealthy part-time residents blamed for property prices that have made Vancouver the most unaffordable city in North America.

Meng, who first visited Vancouver 15 years ago, bought a six-bedroom house with her husband Xiaozong Liu in 2009 that’s now assessed at C$5.6 million ($4.2 million), according to property records and an affidavit by Meng read aloud in court. In 2016 they bought a second property, a brick-and-glass mansion set in a 21,000-square-foot lot assessed at C$16.3 million. Purchased with mortgages from HSBC, she’s offered to post the family’s equity in both as part of her bail.

Meng and Liu live in Shenzhen with their 10-year-old daughter. She also has three sons from a previous marriage, one of whom attends a prep school in Massachusetts. If granted bail, the family would move into one of their Vancouver homes and the son in Massachusetts would join them for Christmas, Meng’s lawyer told the court.


Meng WanzhouPhotographer: Dennis Zhe/Huawei Technologies Co.

Three of her four children have done part of their schooling in Vancouver, and they still spend weeks -- sometimes months -- in the city during summer. Meng, who also goes by the names Sabrina and Cathy, holds two passports, one from China and one from Hong Kong, and until 2009 also had Canadian permanent residency.


Her defense argues that those ties are substantive, and proposes she wait it out at one of her houses, under surveillance, tagged by a GPS device, and subject to unannounced police checks.

“She would not flee,” Meng’s defense lawyer David Martin responded. “She has a home here.”
Meng is the daughter of Huawei’s founder Ren Zhengfei, whose net worth was estimated at $3.2 billion, according to Gibb-Carsley. A million-dollar bail to that family is equivalent to a C$156 bail for an upper-middle class Canadian family with C$500,000 in assets, he said.

“I’m not saying that wealthy people can’t get bail,” said Gibb-Carsley. “But I’m saying in terms of magnitude to feel the pull of bail, we are in a different universe.” - Bloomberg


Sabrina Meng in her own words: Huawei CFO cites health problems in her bid to secure bail in Canada

 The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt sanctions on Iran

Sabrina Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei Technologies, was arrested last Friday in Vancouver, Canada at the request of the US and accused of fraudulently representing the company to get around US and EU sanctions on Iran.

The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt the sanctions, a lawyer representing the Canadian government said. Meng was arrested at Vancouver International Airport on December 1 as she changed planes and has been detained ever since.

Meng, a daughter of Huawei founder Ren Zhengfei, attended the British Columbia Supreme Court last Friday for a bail hearing, as the US seeks her extradition on fraud charges. The hearing ended without a decision and will continue on Monday.

Ahead of the continuation, here are some of the details of Meng’s personal affidavit filed with the Supreme Court:

• Meng describes herself as a 46-year old Chinese citizen, holding a Hong Kong and Chinese passport, who lives in Shenzhen. 


• Meng says her family have extensive ties to Canada, and Vancouver in particular.


• Although Meng relinquished permanent resident status in Canada, she says her family have bought two homes in Vancouver.


• Those two homes include a property bought in 2009 with her husband at 4005 28th Street, and another at 1603 Matthews Street in 2016.


• Meng says she tries to spend at least 2-3 weeks in Vancouver every summer. Since 2012 her children, who attended school in Vancouver, no longer live there.


• After being detained and interrogated at Vancouver International Airport on Friday, Meng says she was taken to Richmond General Hospital after feeling unwell due to severe hypertension, a condition she has struggled with “for years”.


• Meng says she continues to feel unwell and is worried about her health “deteriorating” while she is incarcerated. Meng says she has had numerous health problems throughout her life, including thyroid cancer, for which she underwent surgery in 2011.


• In May 2018, Meng says she had surgery to remedy health issues related to sleep apnoea and still has difficulty eating solid foods – which has caused her to modify her diet. She has received daily packages of medicines from her doctor for years to treat her ailments.


• Meng points out she has no previous criminal record in China or anywhere else.


• If she is granted bail, Meng offers to surrender both her passports, to live at her home at 4005 28th Street, to have her family live with her as permitted by Canada’s immigration laws, she is willing to pledge the equity of either or both her houses as security, or to make a cash deposit as directed by the court.


• Meng says she would not breach any bail conditions because of the reputational damage it could do to Huawei, the company her father founded.


• Finally, Meng says she is innocent of the allegations levelled against her and will contest the allegations at trial in the US if she is ultimately surrendered.

Case: In the matter of the Extradition Act, S.C. 1999, c. 18 as amended in the matter of the Attorney General of Canada on behalf of the United States of America and Wanzhou Meng, also known as “Cathy Meng” and “Sabrina Meng”.. - South China Morning Post
 

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Huawei CFO cites US$12 million homes in Vancouver and health issues in bail bid in Canada

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Extradition case: A home owned by the family of Meng Wanzhou, who is being held on an extradition warrant, is pictured in Vancouver. — Reuters

For Huawei CFO, an Idyllic Summer Playground Turns Into a Prison

Vancouver plays a special role for Meng Wanzhou, as it does for many a wealthy Chinese -- a place to park some assets, educate your children, and just let your hair down from time to time.

Meng -- chief financial officer of Huawei Technologies Co., a telecom equipment giant present in more than 170 countries -- would carve a few weeks out of her punishing travel schedule every year for a break in the Canadian city.

She’d time it for the summer, when her children would be there and when the city’s crystal waters and craggy mountains would emerge from 10 months of rain to be bathed in long, golden days of sunshine. Just last August, she was seen strolling through a local park, snapping photos with her in-laws.

Her place of retreat has now become a jail. On Dec. 1, Meng stepped off a Cathay Pacific flight from Hong Kong around noon, and had planned a 12-hour stopover in Vancouver before heading on to Mexico. Instead, she was arrested by Canadian authorities and faces a U.S. extradition request on charges she conspired to defraud banks, including HSBC Bank Plc, so that they unwittingly cleared millions of dollars in transactions linked to Iran, in violation of U.S. sanctions.

This time, her stay looks to become an extended one -- extradition cases can sometimes take years. Whether she spends that time in a cell or under house arrest may hinge in part upon her ties to Vancouver and if they’re considered deep enough to stop her from fleeing.

Meng’s bail hearing resumes Monday at 10 a.m. local time. It’s expected to last the whole day as her defense team calls witnesses, including security companies, to testify on ways to address flight risk.

“In essence, Ms. Meng vacations for two weeks in Vancouver -- I say that is not a meaningful connection to this jurisdiction,” Crown attorney John Gibb-Carsley said Friday at the six-hour bail hearing in Vancouver as more than 100 spectators watched from a glass-walled gallery.

Meng -- wearing a dark green sweat suit, her posture impeccable -- watched from the back of the courtroom with her interpreter, occasionally taking notes on a sheet of paper. The 46-year-old has an incentive to flee home to China, which has no extradition treaty with the U.S., and she has the vast resources and connections to remain out of reach indefinitely, Gibb-Carsley said.

Canada has long been a favored destination for millionaire migrants, and Vancouver, especially, for the Asian ones. But increasingly that’s been stoking tensions in a city awash in Chinese cash, with wealthy part-time residents blamed for property prices that have made Vancouver the most unaffordable city in North America.

Meng, who first visited Vancouver 15 years ago, bought a six-bedroom house with her husband Xiaozong Liu in 2009 that’s now assessed at C$5.6 million ($4.2 million), according to property records and an affidavit by Meng read aloud in court. In 2016 they bought a second property, a brick-and-glass mansion set in a 21,000-square-foot lot assessed at C$16.3 million. Purchased with mortgages from HSBC, she’s offered to post the family’s equity in both as part of her bail.

Meng and Liu live in Shenzhen with their 10-year-old daughter. She also has three sons from a previous marriage, one of whom attends a prep school in Massachusetts. If granted bail, the family would move into one of their Vancouver homes and the son in Massachusetts would join them for Christmas, Meng’s lawyer told the court.


Meng WanzhouPhotographer: Dennis Zhe/Huawei Technologies Co.

Three of her four children have done part of their schooling in Vancouver, and they still spend weeks -- sometimes months -- in the city during summer. Meng, who also goes by the names Sabrina and Cathy, holds two passports, one from China and one from Hong Kong, and until 2009 also had Canadian permanent residency.


Her defense argues that those ties are substantive, and proposes she wait it out at one of her houses, under surveillance, tagged by a GPS device, and subject to unannounced police checks.

“She would not flee,” Meng’s defense lawyer David Martin responded. “She has a home here.”
Meng is the daughter of Huawei’s founder Ren Zhengfei, whose net worth was estimated at $3.2 billion, according to Gibb-Carsley. A million-dollar bail to that family is equivalent to a C$156 bail for an upper-middle class Canadian family with C$500,000 in assets, he said.

“I’m not saying that wealthy people can’t get bail,” said Gibb-Carsley. “But I’m saying in terms of magnitude to feel the pull of bail, we are in a different universe.” - Bloomberg


Sabrina Meng in her own words: Huawei CFO cites health problems in her bid to secure bail in Canada

 The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt sanctions on Iran

Sabrina Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei Technologies, was arrested last Friday in Vancouver, Canada at the request of the US and accused of fraudulently representing the company to get around US and EU sanctions on Iran.

The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt the sanctions, a lawyer representing the Canadian government said. Meng was arrested at Vancouver International Airport on December 1 as she changed planes and has been detained ever since.

Meng, a daughter of Huawei founder Ren Zhengfei, attended the British Columbia Supreme Court last Friday for a bail hearing, as the US seeks her extradition on fraud charges. The hearing ended without a decision and will continue on Monday.

Ahead of the continuation, here are some of the details of Meng’s personal affidavit filed with the Supreme Court:

• Meng describes herself as a 46-year old Chinese citizen, holding a Hong Kong and Chinese passport, who lives in Shenzhen. 


• Meng says her family have extensive ties to Canada, and Vancouver in particular.


• Although Meng relinquished permanent resident status in Canada, she says her family have bought two homes in Vancouver.


• Those two homes include a property bought in 2009 with her husband at 4005 28th Street, and another at 1603 Matthews Street in 2016.


• Meng says she tries to spend at least 2-3 weeks in Vancouver every summer. Since 2012 her children, who attended school in Vancouver, no longer live there.


• After being detained and interrogated at Vancouver International Airport on Friday, Meng says she was taken to Richmond General Hospital after feeling unwell due to severe hypertension, a condition she has struggled with “for years”.


• Meng says she continues to feel unwell and is worried about her health “deteriorating” while she is incarcerated. Meng says she has had numerous health problems throughout her life, including thyroid cancer, for which she underwent surgery in 2011.


• In May 2018, Meng says she had surgery to remedy health issues related to sleep apnoea and still has difficulty eating solid foods – which has caused her to modify her diet. She has received daily packages of medicines from her doctor for years to treat her ailments.


• Meng points out she has no previous criminal record in China or anywhere else.


• If she is granted bail, Meng offers to surrender both her passports, to live at her home at 4005 28th Street, to have her family live with her as permitted by Canada’s immigration laws, she is willing to pledge the equity of either or both her houses as security, or to make a cash deposit as directed by the court.


• Meng says she would not breach any bail conditions because of the reputational damage it could do to Huawei, the company her father founded.


• Finally, Meng says she is innocent of the allegations levelled against her and will contest the allegations at trial in the US if she is ultimately surrendered.

Case: In the matter of the Extradition Act, S.C. 1999, c. 18 as amended in the matter of the Attorney General of Canada on behalf of the United States of America and Wanzhou Meng, also known as “Cathy Meng” and “Sabrina Meng”.. - South China Morning Post
 

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