9th of October 2010
The Lion Awakes
Daily News, Culture & Current Affairs about China
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China Daily
Fast-rising yuan a 'risk to global economy'
Change will be gradual, says bank chief as currency hits highest level
BEIJING - The yuan on Friday climbed to the highest level since 1993 amid growing foreign demand for a faster currency appreciation.
However, a senior Chinese official warned that if the yuan appreciates too fast, it could harm the world's economy, as well as China's.
Kaixin OpEd - After all, if it hurts China's economy, it will hurt the world's economy. Just check out what the IMF's Chief is saying.
China, Turkey leaders aim for $100b trade target
Erdogan, agreed on Friday to explore all potential avenues to boost bilateral trade.
The two leaders met in Ankara, the Turkish capital, to sign eight agreements on infrastructure construction, telecommunications and bilateral trade.
Erdogan said his country is seeking cooperation with China in building up to 5,000 km of railways in the coming years, with China already actively involved in a high-speed railway project linking Ankara with Istanbul.
Both sides have now agreed to carry trade in their currencies, Erdogan said.
Facing common tasks of protecting national unification and territorial integrity, the two leaders also pledged to fight the "three evil forces" - terrorism, extremism and separatism.
After the meeting, Wen announced ties between the two countries had been raised to the level of strategic cooperative relationship.
Rare earth will not be used as bargaining chip: Wen
BRUSSELS - China has not, and will not block exports of rare earth, Premier Wen Jiabao told European political and business leaders in a keynote speech at the Sixth China-EU Business Summit on Wednesday.
"China is not using rare earth as a bargaining chip," Wen said. "We aim for the world's sustainable development."
China expected to achieve energy efficiency goal on schedule
BEIJING -- China is expected to achieve its target of a 20-percent cut in energy use per unit of gross domestic product (GDP) in the five years to 2010 as planned, Li Yizhong, Minister of Industry and Information Technology, said Friday.
With efforts in the fourth quarter, the energy efficiency goal for 11th Five-Year (2006-2010) period would be met, Li told Xinhua.
Tian'anmen in Pictures Now & Then - Slide Show
Pictures tell a generation of stories - Slide Show
Part Two
Kaixin - A Must See!!
Global Times
Editorial - 2010 Nobel Peace Prize a disgrace
Friday the 2010 Nobel Peace Prize was awarded to Liu Xiaobo, an incarcerated Chinese criminal.
The Nobel committee once again displayed its arrogance and prejudice against a country that has made the most remarkable economic and social progress in the past three decades.
The Nobel Prize has been generally perceived as a prestigious award in China, but many Chinese feel the peace prize is loaded with Western ideology.
Last century the prize was awarded several times to pro-West advocates in the former Soviet Union, including Mikhail Gorbachev, whose efforts directly led to the disintegration of the Soviet Union. The Western preference of the Nobel committee did not disappear with the end of the Cold War.
The committee continues to deny China's development by making paranoid choices.
In 1989, the Dalai Lama, a separatist, won the prize. Liu Xiaobo, the new winner, wants to copy Western political systems in China.
There are many different perspectives to view these two people, but neither of the two are among those who made constructive contributions to China's peace and growth in recent decades.
Other Chinese dissidents, such as Rebiya Kadeer and Hu Jia, were reportedly on the shortlist for the peace prize this year, which naturally generates animosity among many Chinese against the award.
They have reason to question whether the Nobel Peace Prize has been degraded to a political tool that serves an anti-China purpose. It seems that instead of peace and unity in China, the Nobel committee would like to see the country split by an ideological rift, or better yet, collapse like the Soviet Union.
Liu Xiaobo was sentenced to 11 years in jail by the Chinese government last year. Several countries tried to interfere into China's domestic affairs. What the Nobel committee did Friday was a continuation of that act.
The controversy in the West over Liu Xiaobo's sentence is not based on legal concerns. They are trying to impose Western values on China.
Obviously, the Nobel Peace Prize this year is meant to irritate China, but it will not succeed. On the contrary, the committee disgraced itself.
The award however makes it clearer that it is difficult for China to win applause from the West during China's development, and China needs to be more determined and confident in choosing its own development path, which is different from Western approach.
The Nobel committee made an unwise choice, but it and the political force it represents cannot dictate China's future growth.
China's success story speaks louder than the Nobel Peace Prize.
Dialogue - A 30 Minute Current Affairs Programme on CCTV - 9 (In English) where current issues are discussed by experts from China and Internationally:
Freedom of conscience VS. interest conflicts (with Guest Professor David Little, Harvard University)
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The World Reacts To Liu’s Nobel
Human rights advocates and Western governments were quick to praise the decision to award the 2010 Nobel Peace Prize to jailed Chinese dissident Liu Xiaobo. China’s government responded with anger. A sampling of the reaction around the world:
The Nobel Peace Prize should be awarded to “people who work hard to contribute to national harmony, promote international friendship, advance disarmament, or convene or publicize peace talks.” This was Nobel’s wish. Liu Xiaobo is a criminal who has been sentenced by Chinese judicial departments for violating Chinese law. His deeds are completely counter to the principle of this prize and is also a desecration of the peace prize.
In recent years, relations between China and Norway have maintained favorable development, which is in the basic interests of the two countries and their people. The Nobel committee’s award to Liu Xiaobo is completely contrary to the objective of the Nobel Peace Prize, and will bring harm to the China-Norway relationship.
-Ma Zhaoxu, Spokesman for China’s Ministry of Foreign Affairs
(Statement in Chinese)
———–
I welcome the Nobel Committee’s decision to award the Nobel Peace Prize to Mr. Liu Xiaobo. Last year, I noted that so many others who have received the award had sacrificed so much more than I. That list now includes Mr. Liu, who has sacrificed his freedom for his beliefs. By granting the prize to Mr. Liu, the Nobel Committee has chosen someone who has been an eloquent and courageous spokesman for the advance of universal values through peaceful and non-violent means, including his support for democracy, human rights, and the rule of law.
As I said last year in Oslo, even as we respect the unique culture and traditions of different countries, America will always be a voice for those aspirations that are universal to all human beings. Over the last 30 years, China has made dramatic progress in economic reform and improving the lives of its people, lifting hundreds of millions out of poverty. But this award reminds us that political reform has not kept pace, and that the basic human rights of every man, woman and child must be respected. We call on the Chinese government to release Mr. Liu as soon as possible.
-U.S. President Barack Obama
(Statement)
Kaixin Oped - As is probably obvious, Kaixin has a different focus. Kaixin knows little of Liu Xiaobo therefore cannot comment. The decision to award the prize however was definitely political and Kaixin agrees that it undermines the impartiality of the prize.
The Chinese Government has to learn to deal with dissenters both within and outside China. Locking them up probably does not help.
Kaixin will let China speak for itself, see the Global Times Editorial above.
All good healthy robust debate ...
China to Overtake Japan in Global Wealth Rankings?
Having overtaken Japan as the world’s second largest economy, the Chinese consumer could dethrone Japan from another accolade in the next few years, according to a new report by Credit Suisse.
Actually, China Was Dumping Yen
As the Japanese yen was climbing steadily and uncomfortably in recent weeks, one common explanation emerged: It was China’s fault.
Beijing was steadily buying up Japanese bonds, raising the relative value of the yen-denominated assets. It added a delicious twist to the notion that the ascendant Asian giant was toying with its longtime rival, screwing up the economy while challenging territorial claims.
Or maybe not.
The Yuan Twins
How many yuan does a dollar buy? Well, that depends where you’re standing.
With the recent advent of an offshore yuan market, domiciled in Hong Kong, there are now two, distinct interbank markets for Chinese currency.
Hong Kong Property Magnate Pushes Cheap Housing, Mulls Media Bid
Property magnate Henry Cheng has taken up an unlikely role as a champion of cheap housing, even as he fuels speculation about his interest in the media business.
Turkey, China Shun the Dollar in Conducting Trade
ISTANBUL—Turkey's Prime Minister Recep Tayyip Erdogan and China Premier Wen Jiabao said Friday their two countries would from now on trade using their own currencies, effectively excluding the U.S. dollar.
Yuan Hits High After Holiday
SHANGHAI -- The Chinese yuan rose to another high against the U.S. dollar Friday, following the U.S. unit's sharp declines during China's just-ended seven-day National Day holiday and as the country's trading partners have been stepping up their calls for yuan appreciation.
However, traders said they don't expect the Chinese currency to appreciate sharply in the near term given Premier Wen Jiabao's comments earlier this week warning that a sharp rise in the yuan would cause turmoil in China.
The dollar fell to as low as 6.6703 yuan early Friday, marking the yuan's strongest level against the U.S. unit since ...
China Clean-Energy Plays Surge
HONG KONG—Chinese wind-turbine maker Xinjiang Goldwind Science & Technology Co. jumped as much as 11% on its debut Friday, while clean energy producer China Suntien Green Energy Corp. priced its US$370 million Hong Kong initial public offering at the top end of an indicative range, as investors bought into the latest clean energy companies to tap the stock market for funds.
The listings come as China rapidly expands it clean-power use and explores cutting its dependence on coal and crude oil, widely blamed for making Chinese cities among the most polluted in the world. Huaneng New Energy—the wind-power unit of ...
China Says It May Extend Forex Largesse to Italy
BEIJING—China sees Italy as an important investment market for its foreign-exchange reserves and will monitor and assess opportunities in the country's financial markets, the Xinhua News Agency reported Friday, citing a cooperation plan issued by two nations that shows China's increasing willingness to use its economic clout to gain wider influence abroad.
China Premier Wen Jiabao, who is touring Europe, said earlier in the ...
Moody's Reviews China for Possible Upgrade
BEIJING—Moody's Investors Service Inc. said Friday it is reviewing China's sovereign credit rating for a possible upgrade due to the healthy growth of the Chinese economy and the government's strong fiscal position.
Kaixin OpEd - There can't be too many horses left at Moodys. After all, they are masters at shutting the gate well after the horse has bolted.
China Jumps on Down Day
Chinese stocks delivered their best percentage gain in more than four months to tower over mostly lower Asian markets Friday, as several resource shares jumped by the 10% daily limit in response to a recent rally in commodities as trading resumed after the week-long Golden Week holiday.
Japan Data Blurs View of China Forex Strategy
China sold off in August most of the Japanese financial assets it bought in the previous seven months of the year, data from Japan's Ministry of Finance showed Friday.
China Sells Off Japanese Financial Assets
TOKYO—China was a net seller of Japanese financial assets including government bonds in August, data from Japan's Ministry of Finance showed Friday.
China sold a net 2.018 trillion yen ...
Yuan Goes Electronic In Global Market Bid - FEATURE REPORT
BEIJING—The Chinese yuan is going electronic, a sign of the growing interest generated by China's experiment in liberalizing offshore use of its currency.
China Steps Up Its Steelmaking Game
The head of one of China's top steel companies said the world's largest steel industry needs to consolidate production and improve quality, pressing a theme that carries good and bad news for global competitors.
Deng Qilin, president of Wuhan Iron & Steel Group Corp., one of China's larger steelmakers, said at a conference here that the country has too many small and midsize players and needs to consolidate.
"We need to turn to a new business model and China's steel industry will be adjusted," Mr. Deng said. He said the industry, which has been moving up the quality ladder, needs ...
Shanghai Limits Home Purchases
SHANGHAI—Shanghai has become the latest city in China to take further measures to slow surging real-estate prices and curb property market speculation, by limiting households in the municipality to buying only one additional home and raising developers' land-appreciation tax.
Beijing, Shenzhen and Xiamen have already taken measures to restrict the number of homes a household can own but Shanghai, as China's commercial center, is closely watched for property market trends, and analysts widely expect it to be one of the first cities in the country to launch a tax on residential property to damp price growth.
The actions by individual ...
The New York Times
China's Unwanted Nobel Prize
How will Liu Xiaobo's winning the peace prize affect the Chinese government's attitude toward political reform?
Contributors
Power in a Symbol - Jeffrey N. Wasserstrom Jeffrey N. Wasserstrom, historian, U.C. Irvine
Pressure From Abroad - Yang Jianli Yang Jianli, Initiatives for China
China's Bitter Response - Richard McGregor Richard McGregor, The Financial Times
Galvanizing Other Nations - Bei Ling Bei Ling, poet and essayist
What Best Serves the Communist Party -- Perry Link Perry Link, University of California, Riverside
I.M.F. Chief Steps Into Dispute Over China’s Currency Policy
WASHINGTON — The head of the International Monetary Fund urged China on Thursday to allow its currency to rise in value, an attempt to keep a contentious issue between the United States and China from broadening into a bitter international dispute.
Chinese Leader Denies Using Mineral Exports for Political Ends
BEIJING — Prime Minister Wen Jiabao of China has told European political and business leaders that China has not imposed any bans on exports of industrial minerals for political purposes, and that it does not intend to stop exports in the future, according to a report on Friday in China Daily.
The Australian media picked up on the Nobel Prize story, it could hardly be called a Peace Prize in this context, and ran with the herd, yapping and wagging their tails...... not worth including.
Caixin Online
IMF Chief Connects Coordination, China's Rise
The International Monetary Fund's chief, Dominique Strauss-Kahn, argues in an interview for building policy bridges
Everybody knows China will become one of the three most important shareholders of the Fund, which is an important achievement. And there is no doubt that in 20 or 30 years from now, the role of China will be even bigger. So the legitimacy of the Fund for China, from this point of view, is clear.
But as I have said before, legitimacy goes beyond this.
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