The Lion Awakes
News at a Glance
今天的中国新闻
A compilation of Headlines + Brief Summary from Chinese & International Publications relating to China.
Just 5 Minutes each day to be up-to-date on the News of China
Combined with Kaixin’s boutique SITE SEARCH ENGINE, it is a unique source of knowledge about China"
China News Archive
From 2008
China Daily
Stable yuan to help internationalization moves: Economist
CHANGCHUN - A more stable, not flexible, yuan would help China's effort to internationalize the currency while foreign pressure on faster yuan appreciation is "counter-productive", Ronald McKinnon, professor of international economics at Stanford University, said on Thursday.
The Chinese currency should be included in the special drawing rights (SDR) basket of the International Monetary Fund next year as the country's economic clout rises, said Nobel laureate Robert Mundell.
China should continue to encourage internationalization of the yuan, McKinnon said in a paper presented at the Changchun High Level International Financial Conference.
"With a stable yuan/dollar rate, foreigners would be more willing to borrow in yuan from Chinese banks and even be willing to issue yuan-denominated bonds in Shanghai."
"But they would not do that if they think the yuan is going to appreciate," McKinnon told China Daily on the sidelines of the meeting. "It'll be crazy for them if they borrow yuan before it jumps up" because they will pay back more than they borrow.
He also said the yuan's exchange rate is not the cause of the Sino-US trade gap, a reason often used by US politicians and media outlets for criticizing China.
McKinnon called that an "economic fallacy". "The Americans think that as the yuan rises, the American trade deficit will diminish; but that's wrong."
Kaixin OpEd - Note: McKinnon called that an "economic fallacy". "The Americans think that as the yuan rises, the American trade deficit will diminish; but that's wrong."
'China threat' theory is absurd
As the sleeping dragon awoke toward the end of the last century, the West felt uneasy. And when it took off on the road to rapid economic development, the West's unease began turning into fear, giving rise to the "China threat" theory which is bandied about so rampantly across the world today.
Is their any justification behind this theory? China Daily put this question to Liu Xiaoying, a professor at the Communication Research Institute of Communication University of China.
In short, Liu's answer is "no". But he prefers to delve deep into the reasons behind, what he says is, the unjustified fear gripping the West.
Some people try to attribute the country's economic rise to "China's development model", Liu says, building an insurmountable barrier between the East and West, between antiquity and modernity.
"China is just regaining its long lost right to have its say in world affairs. Harmonious coexistence of countries entails diverse views, not a hegemonic monopoly which presumptuously claims to speak for all the countries." The fact is that the Chinese leadership has too many domestic problems to solve and doesn't have the time to pose a threat to other countries or regions.
Historically, the rise of a country has created controversies and raised the concern of its neighbors and, above all, the existing powers. It's natural for the West to nurse such views as the "China threat" theory. But it shouldn't deny China from having its say.
Fueling economic exchanges
Under the multilateral framework of the Shanghai Cooperation Organization (SCO), substantial progress has been made in regional economic cooperation, trade and investment in recent years.
Trade volume has been expanding annually and cooperation in energy, transportation, telecommunications and mining has improved both in depth and breadth.
Against the backdrop of increasing global and regional challenges such as the global financial crisis, making full use of the SCO platform for regional economic development is of great significance for the region's cohesiveness, sustainable development and economic and trade cooperation between China and Central Asian countries.
Over the past eight years, since the establishment of its predecessor the Shanghai Five in 2001, the SCO has finalized its legal framework, institutional mechanism and development objectives. Regional cooperation has been improving in scale and area. The regional trade and investment environment has gradually improved with great achievements made in the fields of culture, energy and environmental protection. The SCO has become one of the most important multilateral cooperation mechanisms between China and Central Asian countries.
The organization has also played an important role in promoting sustained and rapid development of regional trade with an optimized structure.
US moves won't cease trade rows, say experts
China may have to deal with fresh wave of protectionist measures
BEIJING - Though the United States has refrained from conducting fresh currency probes and imposing new anti-dumping duties, this does not signal an end to its trade protectionist measures against China, experts said on Wednesday.
China may, in fact, have to contend with a fresh wave of measures in the coming months, due to the slow pace of the US recovery and key elections to the US Congress.
Regulators encourage mergers in rural banks
BEIJING - The banking regulator said on Tuesday that it is pushing mergers and acquisitions (M&A) among the country's rural credit cooperatives (RCC) in a bid to reduce their high credit risks.
The M&A targets are RCCs that have a non-performing loan ratio higher than 30 percent. For a healthy RCC, the average non-performing loan ratio is 10 percent.
China, Ukraine to upgrade cooperative relations
BEIJING: China and Ukraine Thursday signed a joint statement, agreeing to upgrade friendly cooperative relations in a comprehensive way.
Chinese President Hu Jintao and visiting Ukrainian President Viktor Yanukovych signed the statement after talks at the Great Hall of the People.
Comprehensively expanding bilateral cooperation in various areas accords with the fundamental interests of the two nations and the two peoples, the statement says.
The two nations agreed to support each other in issues concerning sovereignty and territorial integrity, the document says.
China applauded Ukraine's unilateral renunciation of nuclear weapons.
China and Ukraine will consult on how to reinforce non-nuclear security.
Kaixin OpEd - Even a cursory glance through the Kaixin News Archive shows that China has been forming be-lateral economic relations for some time.
China has always known it could not rely on America forever. That eventually America would wake up and realise that China has quietly been getting stronger and stronger.
Xiaosui and I ponder whether hosting the Olympics and the World Expo were not premature. That as per the injunction by Deng Xiaoping, "Hide your strength, bide your time, and do what you can", China should have quietly gone about its business for a while longer.
That is indeed an interesting topic to ponder and discuss. However the reality is that China did both and is now on the world stage as a serious economic power.
So China will continue with its strategy of forming bi-lateral relationships with other countries and strengthening the concept of a united Asia.
Is that good or bad for the rest of the world?
Time will tell. It is up to the rest of the world as well as China.
Chinese section of Sino-Russia oil pipeline to complete by Oct
HARBIN, HEILONGJIANG - The Chinese section of Russia-China oil pipeline is scheduled for completion by the end of October, construction officials said Thursday.
Construction was going smoothly for the final testing phase, said Lu Jicheng, project manager of the section from Mohe to Daqing of the Daqing Oilfield Construction Group, northeast China's Heilongjiang province.
Lu said 500,000 tons of crude would be pumped through the pipeline in November and a million tons in December according to the agreement signed between China and Russia.
Kaixin OpEd - China has taken the same approach to energy and resource security of supply. It is forming economic relationships all over the world, in particular Russia, the ‘Stans’, Africa and South America.
For the moment it has to play the game with the large resource companies, but that will change over time.
This example of accessing oil from Russia is but an example.
It is also an example of the strengthening relationship between those two natural allies, see below:
Caixin Online 1/9/2010
Kremlin Economist Unfolds Russia's Roadmap
Deputy Premier Igor Shuvalov opens up on Russia's economic challenges, post-crisis opportunities and trade with China
Kaixin OpEd - Now, it would be ironic if Russia and China got together after all these years. After all, that was what America wanted to prevent when it formed an economic relationship with China in the 1970’s. America could not countenance the alliance of two large communist States. A wise move from America's point of view.
America bought the USSR to its knees using the power of capitalism. Well, actually, they rorted the central banking system and the $US’s reserve status …. but that’s another story.
The USSR broke up and the separate countries embraced capitalism.
China embraced capitalism.
God was in his heaven and all was right with the world. (God has to be a he. A woman would have made men give birth).
America smiled and got on with destroying capitalism.
Run that past me again????
America smiled and got on with destroying capitalism.
Now, Russia and China have strong economies. They have used capitalism to their own end while America let loose the dogs of greed from Wall Street and imploded economically.
There is a natural alliance between Russia and China.
Too late America ……. China and Russia did not embrace capitalism, they used it.
As Deng Xiaoping observed: I don’t care what you call it, as long as it works.
Tibet Pavilion attracts 6 million Expo visitors
Slide: Picturesque Hulunbuir grassland in N.China
Global Times
Editorial - Growing confidence shows the real China
The latest high-level dialogue between China and the European Union was held not in Beijing or Shanghai, but in Guiyang, the capital city of China's poorest province Guizhou.
In a rare move the Chinese government decided not to show off the more polished cosmopolitan cities of Beijing or Shanghai, but the not so glorious reality of its underdeveloped areas. This is a laudable move of real confidence.
In the past, when "foreign guests" visited China, governments or business agencies would only walk them around the "magnificent" relics of ancient empires or new, dazzling urban wonders.
Culture minister on high-level Taiwan visit
Heading a 50-member delegation from the Chinese mainland, Minister of Culture Cai Wu embarked on a week-long visit to Taiwan Thursday, marking the highest-level visit to the island in 12 years.
Landing in Taipei as the honorary chairman of the China Friendship Association of Cultural Circles, Cai is expected to expand the spectrum of cross-Straits cooperation months after the signing of a milestone trade pact, the Economic Cooperation Framework Agreement (ECFA).
"While here, I will attend a seminar … and promote cultural exchanges with Taiwan," Cai said upon his arrival at the airport, according to AFP.
CCTV - 9
News for Today
China Business Culture Science & Technology Travel
International News Sources
The Wall Street Journal China RealTime Report
China’s Food Safety Challenges
Stanley Lubman, a long-time specialist on Chinese law, teaches at the University of California, Berkeley, School of Law and is the author of “Bird in a Cage: Legal Reform in China After Mao,” (Stanford University Press, 1999).
Sino-American cooperation to increase product safety is increasing, but this does not relieve concern about the safety of food and other Chinese exports to the U.S. China’s enforcement of its own laws remains inconsistent, local governments often try to hide information about defective products, and whistleblowers risk punishment. Moreover, as China’s foreign trade expands, problems may also grow in other areas.
A Shan by Any Other Name
What’s in a name? If you live in the Shan family village in Shandong province, the answer is a Chinese character so rare that computer systems used to issue official documents can’t render it.
Firms Face 'Unthinkable' in China, Tokyo Official Says
TOKYO—Japanese Foreign Minister Katsuya Okada warned Thursday China risks losing foreign investments unless it introduces more transparency and consistency into its business rules, including its legal framework to deal with labor issues.
U.S. Officials Head to Beijing to Ease Tensions
BEIJING—U.S. National Economic Council Director Lawrence Summers and Deputy National Security Adviser Thomas Donilon will travel to Beijing this weekend for high-level talks, as the U.S. and China work to iron out tensions on issues ranging from currency policy to military ties to Iran.
The New York Times
Letter from China
A China Newly Rich and Still Quite Poor
China has had an amazing 30-year sprint to wealth for many of its people. But the distribution of wealth is nowhere near equal.
Caixin Online
CDB Issues Yuan-Denominated Certificates of Deposit
Hong Kong's offshore yuan market is growing with the first issuance of yuan-denominated certificates of deposit by a mainland bank
China Development Bank issued 100 million yuan of yuan-denominated certificates of deposit, the first of its kind by a Chinese mainland bank, in a move to offer a wider range of investment products.
The interest of one-year CDs can be paid in half a year at a 1.95 percent yield. Most buyers were institutional investors.
High Altitude, Low Visibility
Andy Xie
China's recently-acquired status was borne out of its WTO accession, rapid infrastructure development and low-cost labor – but the astonishing ascent has concealed many flaws
Asia Times Online
China makes its North Korea move
By Peter Lee
A long handshake between President Hu Jintao and Kim Jong-il in Jilin province explicitly placed China's Korean Peninsula eggs in the North's basket. The idea that Beijing will acquiesce to the collapse of the Pyongyang regime and reunification under the aegis of South Korea is a discounted commodity. China has called South Korea's bluff - and the United States is ill-equipped to respond.
WSJ - Mad about Mooncakes
Mid-Autumn Festival – this year it falls on Sept. 22 – is mooncake season and each year brings a new crop. From the traditional — lotus-seed or custard cream – to chocolate, or even durian-cream, fillings.
Here’s a look at a few from this year’s batch.
– Amy Ma
See Also: Kaixin's 'Admiring the Full Moon during the Mid-Autumn Festival - The Mooncake Festival'
THEMES
A selection of News and OpEd reflecting the main themes for
contemporary China starting from August 2008
Green China
Insights into China
Economic China
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Yuan Revaluation & Internationalisation
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China News Archive for daily News on China starting August 2008
Kaixin's Daily OpEd Archive 2008 - 2010
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