13th of October 2011
The Lion Awakes
Daily News, Culture & Current Affairs about China
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People's Daily
China calls President Obama to block 'harmful' currency bill
China has urged the Obama administration to block a controversial currency bill aimed at putting pressure on the country to appreciate the yuan.
The bill is a protectionist step that "gravely violates World Trade Organization rules," Foreign Ministry spokesman Ma Zhaoxu said yesterday after the US Senate approved it in a 63-35 vote and sent it to House of Representatives.
Ma said the move was "harmful and unbeneficial."
House Speaker warns of trade war risk
US legislation designed to press China to let its currency rise poses a "very severe risk" of a trade war and should not be taken up by Congress, House of Representatives Speaker John Boehner said yesterday.
"I understand that people are concerned about the value of China's currency. I'm concerned about it as well," said Boehner. "What I don't believe is appropriate is for the Congress of the United States to take this issue up and to do it within a legislative form."
Russian-China gas deal near, boosting relations: Putin
Russia said yesterday it was nearing the final stage of a huge gas export deal with China, in what would be a landmark trade agreement between the giant neighbors.
A deal to supply the world's second-biggest economy with up to 68 billion cubic meters of Russian gas a year over 30 years has long been delayed over pricing disagreements.
"We are nearing the final stage of work on gas supplies," Russian Prime Minister Vladimir Putin told reporters in Beijing after talks with Chinese Premier Wen Jiabao.
He also said that Russia and China are working on new energy transportation routes.
Politicizing exchange rate harms China, US
With the U.S. presidential election drawing near, the RMB exchange rate issue has again become a prime opportunity for grandstanding by some U.S. politicians. The U.S. Senate cleared a procedural vote on the Currency Exchange Rate Oversight Reform Act of 2011 on Oct. 3.
China's yuan strengthens, while U.S. Senate debates bill
China's currency has kept on strengthening amid stubbornly weak recovery of the Western developed economies, and the necessity to rein in an elevated inflation at home.
And, the U.S. Senate is debating a bill sponsored by unemployment conscious Democratic senators who have called for punitive legislative efforts to pressure Beijing to appreciate its currency, the yuan, against the greenback.
Senior China, U.S. diplomats to discuss Taiwan, trade
Beijing is to again raise the critical foreign-relation issue of US’ intending to sell arms to Taiwan when high-ranking officials from the two countries sit for talks today.
China’s Vice Foreign Minister Cui Tiankai told reporters Monday that he will express China's strong displeasure about the planned U.S. weapons sales to Taiwan when he meets U.S. Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell.
"The United States has time and again sold weapons to Taiwan. So, of course, we will have to express our stern opposition," Cui said.
Taiwan willing to maintain status quo: Ma
Taiwan marked the centennial anniversary of the 1911 Revolution on Monday, with leader Ma Ying-jeou saying that Taiwan and the mainland would work on enhancing cooperation and eliminating disputes.
Ma's comments came in response to President Hu Jintao's speech on Sunday, in which Hu called for the the peaceful reunification of the mainland and Taiwan.
Hu also said the rejuvenation of China must be achieved by adhering to socialism with Chinese characteristics and by upholding peace, development and cooperation.
China Daily
China celebrates centenary of 1911 Revolution
China held a grand ceremony on Sunday morning to commemorate the centennial anniversary of the 1911 Revolution, which terminated 2,000 years of imperial rule.
Punishing China no boon for US jobs
LONDON - 'For every Apple iPad sold in the United States, the US trade deficit with China increases by about $275.'
Yet by far the most value embedded in the device accrues to Apple and sustains thousands of well-paid design, software, management and marketing jobs in the United States.
By contrast, the value captured in China by the labourers who assemble Apple's products is a mere $10 or so, according to researchers led by Kenneth Kraemer of the University of California, Irvine, who crunched the data.
Viewed through this prism, offshore manufacturing of electronic products like the iPad is a solution, not a problem, for the United States, and seeking to punish China for its purportedly undervalued exchange rate is wide of the mark.
"Without China, Apple couldn't be so successful and Apple products wouldn't be so affordable," said Yao Shujie, professor of economics at the University of Nottingham in England.
In the case of the iPad, China is the final assembly point for components imported from a host of countries and regions, including the Republic of Korea, Japan, the European Union and the United States itself. There are no Chinese suppliers for the iPad.
"China is sitting in the middle: It's processing goods for rich countries," said Yao. As such, he argued, it would be more accurate to allocate most of China's bilateral "iPad trade surplus" to those supplier countries.
Housing sales fall in major cities
Home sales in 20 major Chinese cities fell sharply during the week-long National Day holiday from a year earlier, the real estate company SouFun Holdings said.
Sales fell an average of 32 percent during the holiday, popularly known as China's golden week. Property prices fell 0.03 percent in September from the previous month, the first monthly drop this year, China Securities Times reported.
The National Day holiday is traditionally a peak sales period for developers. The fall may mark a turning point for the property market as home buyers wait for prices to drop further, the paper said.
China buys Japan debt as crises in West grow
TOKYO - China bought more Japanese debt than it sold for the first time since October 2010 as it sought refuge from the fiscal crises of the United States and Europe.
The country with the fastest-growing major economy bought a net 345.6 billion yen ($4.5 billion) in money-market instruments and sold 166.7 billion yen in Japanese bonds and notes in August, resulting in a total purchase of 178.9 billion yen, according to a statement Japan's Ministry of Finance released in Tokyo on Tuesday.
China-Arab/Africa Co-op Forum opens
The second China-Arab/Africa Medium and Small Businesses Cooperation Forum was unveiled in Weifang, east China's Shandong province Tuesday.
Sun Jiazheng, vice-chairman of the 11th National Committee of Chinese People's Political Consultative Conference, China's top political advisory body, said the cooperation between China and countries of West Asia and Africa has become closer in recent years, especially in the field of economics and trade. The bilateral trade volume has been steadily increasing for consecutive years.
He also expressed the willingness of the Communist Party of China (CPC) to further develop the communication and cooperation with the parties of countries from West Asia and Africa and deepen their friendship in order to promote new ways and channels of cooperation.
Purchase of bank shares helps market
BEIJING - Central Huijin Investment Ltd, an arm of China's $300 billion sovereign wealth fund, said that it has started buying shares of the four major State-owned banks to stabilize prices after the A-share market fell to its lowest level in 30 months.
China: Yuan bill to hurt US job growth
BEIJING - China warned the United States on Monday of a trade war if Congress passes a bill pressuring Beijing to appreciate the yuan. The warning came a day before US lawmakers are set to vote on the bill.
PBOC deeply regrets US Senate's yuan bill
BEIJING - The People's Bank of China, the country's central bank, Tuesday expressed its "deep regret" about the US Senate's currency bill that pushed China to let the yuan appreciate further.
The central bank said the US Senate's bill may seriously affect China's currency reform, and could result in a trade war between the two economies.
Pushing yuan bill risks trade war
BEIJING - With chronic financial ailments and persistent high unemployment driving thousands of protesters to the streets in New York and 50 other cities, some US lawmakers are, tediously, again trying to blame the Chinese currency instead of addressing the real reasons for the country's economic woes.
China to subsidize sales of building materials in more rural areas
BEIJING, Oct. 5 (Xinhua) -- The Chinese government will subsidize sales of energy-saving building materials in more rural areas as part of the country's efforts to improve living conditions of people in the countryside.
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XinHua News
China lends helping hand to cash-strapped small firms
BEIJING, Oct. 12 (Xinhua) -- The State Council, or China's Cabinet, on Wednesday took a new approach toward helping the country's cash-strapped small- and micro-sized enterprises, pledging stronger financial and fiscal support to allow them to plow through current economic difficulties.
Small firms play an irreplaceable role in fostering economic growth, increasing employment, facilitating scientific and technological innovation and maintaining social stability, according to an official statement released after a State Council executive meeting chaired by Premier Wen Jiabao.
The State Council admitted that some small- and micro-sized enterprises have encountered difficulties due to heavy tax burdens and difficulty in accessing financing.
China, Vietnam sign accord on resolving maritime issues
BEIJING, Oct. 12 (Xinhua) -- China and Vietnam on Tuesday signed an agreement on basic principles guiding the settlement of maritime issues existing between the two countries.
The six-point agreement is in accordance with the consensus reached by the leaders of China and Vietnam and is based on a 1993 agreement on basic principles for resolving territorial and border issues existing between the two countries, the agreement said.
The two countries should remain committed to friendly consultations in order to properly handle maritime issues and make the South China Sea a sea of peace, friendship and cooperation, the agreement said.
China introduces nationwide resource tax, adjusts tax rate
BEIJING, Oct. 10 (Xinhua) -- The State Council, or China's cabinet, announced on Monday it will tax all resource products starting Nov. 1, extending the resource tax on domestic sales of crude oil and natural gas from some regions to the entire country.
The list of taxable resources widened from crude oil and natural gas to coal, rare earth, salt and metal from Nov. 1, according to the country's revised resource tax regulations.
The expansion of the resource tax is part of China's efforts to encourage energy conservancy and limit environmental damage.
China-Russia cooperation conducive to a more balanced world
BEIJING, Oct. 11 (Xinhua) -- Russian Prime Minster Vladimir Putin's visit to China will mark ever-deepening China-Russia cooperation that is sure to help build a more balanced world.
As permanent members of the UN Security Council playing major roles in world affairs, the two nations stood together from time to time to uphold the principle of noninterference in the internal affairs of a sovereign nation and jointly thwarted several such attempts.
Russian Deputy Prime Minister to visit China
BEIJING, Oct. 9 (Xinhua) -- Russian Deputy Prime Minister Igor Sechin will visit China from Oct. 11 to 12, and attend the Sino-Russian energy negotiators' meeting held in Beijing.
Sechin makes the visit at the invitation of Chinese Vice Premier Wang Qishan, Foreign Ministry spokesman Liu Weimin announced here Sunday.
China to build Henan-centered Central Plains Economic Zone for balanced growth
BEIJING, Oct. 7 (Xinhua) -- China's State Council have issued a guideline on supporting central Henan Province to be built into a Central Plains Economic Zone for balanced development.
The guideline, publicized on Friday, positioned the Zone, covering entire Henan and radiating to the surrounding areas, as "a key grain production and modern agriculture base, a national model of coordinated development in industrialization, urbanization and agricultural modernization, an engine of national economic growth, a modern traffic hub as well as a center of Chinese civilization inheritance and innovation," taking advantage of its geographic location, abundant grain production, immense market potentials and solid cultural foundation.
The plan was made to secure food supply and promote the balanced development of different regions, it said.
It set the goal that the zone would preliminarily take shape by 2015 and be further built into a prosperous, environmental friendly region by 2020.
Global Times
China lambasts US Senate currency bill
"The bill cannot solve unemployment or other economic problems in the US. It is essentially practicing trade protectionism by making an accusation of currency manipulation, which is a serious violation of World Trade Organization (WTO) rules," China's Ministry of Foreign Affairs spokesman Ma Zhaoxu said.
In defiance of China's repeated warnings, the Democrat-led Senate passed the Currency Exchange Rate Oversight Reform Act with a 63-35 majority Tuesday.
The legislation is now two steps away from being signed into law, including an approval in the House of Representatives where some Republican leaders had called it "dangerous" and refused to schedule a vote on it.
Ma on Wednesday called on the US government, Congress and various committees to oppose the legislation and to tackle trade protectionism.
If signed into law, the act would make it easier for the US government to slap retaliatory tariffs on imports from countries that are deemed currency manipulators.
Farewell to the revolutionary complex
Monday is the 100th anniversary of China's 1911 Revolution, celebrated by both sides across the Taiwan Straits. The Sun Yat-sen-led revolution holds an undisputable position in China's national history.
Nevertheless, it is only in recent decades that the Chinese population truly benefited from the revolution. In the first few decades after the revolution, China fell into warfare. The nation was taken over by various interests amid fierce debates over the road to take. It was beyond imagination that China would suffer from the Japanese occupation for 14 years. China's social turmoil at the time provided Japan with a rare chance.
The 1911 Revolution brought China an unprecedented "shock therapy" in the 20th century. In recent decades, the Chinese finally reaped the gains of the revolution. But before that, generations of Chinese paid a huge price. The revolution kicked off China's modern political scene. The ideals upheld by those revolutionists are still enlightening today.
Nearly four decades after the 1911 Revolution, the Communist Party of China established a united country, and gradually lifted national strength and civil livelihood to the level they are at today. This is a lucky chapter that the Chinese kick-started with profound historical resources.
Sun Yat-sen's revolution marked
The mainland and Taiwan on Sunday separately marked the 100th anniversary of the 1911 Revolution that ended imperial rule in the country, with President Hu Jintao calling for peaceful reunification with Taiwan and the continued rejuvenation of the nation.
"A century ago, revolutionaries led by Sun Yat-sen launched the revolution, which shook the world and ushered in unprecedented social changes in China," Hu said at a grand ceremony at the Great Hall of the People in Beijing.
The revolution ended an absolute monarchy, spread the ideas of democracy and republicanism, and brought about massive social changes in the country, Hu said.
The revolution, also known as the Xinhai Revolution, began on October 10, 1911, when battles erupted between imperial forces and revolutionary fighters in Wuchang, now part of the city of Wuhan in Hubei Province.
The movement quickly spread and became a nationwide armed uprising that toppled the Qing Dynasty (1644-1911), China's last imperial regime.
China celebrates National Day
Nearly 120,000 people flooded Tiananmen Square in the heart of Beijing ahead of daybreak on Saturday to witness the flag-raising ceremony and celebrate National Day.
The crowd cheered and applauded as the five-star national flag was hoisted up.
"We love our country," said Zhu Langlang, a freshman from Beijing Union University who arrived at the square at 2 a.m. with a dozen classmates. "We hope China will grow stronger and our countrymen will lead even better lives."
Tiananmen Square was decked out with flags and lanterns and crowded with a multitude of sightseers eager to mark National Day in the typical way: witnessing the raising of the flag and touring the square.
"I was born in 1949, the same year that New China was founded," said a tourist from Tianjin surnamed Liu. "The country has changed greatly over the years and we should cherish our happy lives."
On Saturday morning, President Hu Jintao led the country's senior leaders in marking the 62nd founding anniversary of the People's Republic of China, and paying respect to the heroes who died for the country's independence and prosperity by placing flower baskets at the Monument to the People's Heroes on the Tiananmen Square.
CHINA
CCTV 9
News and Current Affairs
Dwelling in the Fuchun Mountains - FEATURE
Over 260 injured in Shanghai subway crash - VIDEO
SHANGHAI, Sept. 27 (Xinhua) -- A subway train rear-ended another Tuesday afternoon in Shanghai, leaving some passengers injured, the subway operator said.
Chinese scientist presented "America's Nobel" for anti-malaria drug
New York, Sept. 23 (Xinhua) -- A Chinese scientist was presented a prestigious U.S. award on Friday for the discovery of artemisinin, a drug therapy for malaria that has saved millions of lives across the globe, especially in the developing world.
See Kaixin's - Women in China
E. China commemorates 2562th anniversary of Confucius' birth
Actors perform during a dancing opera about Confucius (551-497BC), a Chinese thinker, educationist and philosopher, in Qufu, Confucius' hometown in east China's Shandong Province.
Musical Play-Love U, Teresa on Center Stage
"Love U, Teresa" is a Broadway-style musical play commemorates late Taiwan singer Teresa Teng (1953-1995). The musical is about Teng in heaven helping young musician Zhou Mengjun to pursue her dream with her music. The musical uses the simple values of love and loyalty celebrated in Teng’s songs. More than 30 of Teng’s greatest hits sung by two actresses who play Teng, including “I Only Care About You,” “The Long Road of Life” and “The Moon Represents My Heart.” The musical made its debut in Hong Kong in 2010 and was well-received. Many people said they could not believe the two singers/actresses looked so much like Teng.
The Wall Street Journal
A Mall for Men in Hong Kong
In Hong Kong, men now have a mall to call their own.
At a runway show last week featuring actor Louis Koo, the Landmark mall’s basement was refashioned into a guy-oriented shopping hub. Called Landmark Men, the 60,000 square-foot space is dedicated to menswear, grooming and gadgets, with Thomas Pink, Gucci, Valentino Men and other retailers represented.
Count Even Less on China Now
China is headed for a much bumpier landing than the global economy would like.
For months now, the hope has been that lower Chinese inflation would provide the scope for lower interest rates and a way for Beijing to escape a nasty pop in the country’s property bubble. But, as the bubble starts to burst and the economy starts to shake, high food prices and the need to preserve social stability could well prevent the People’s Bank of China from easing policy and securing a soft landing.
China Puts Light On Shadow Loans
BEIJING—China unveiled plans to support struggling private enterprises, including controls on unscrupulous lending practices.
Chinese City in U-Turn on Easing Property Grip
SHANGHAI—A southern Chinese city that rolled back property-purchase restrictions on Tuesday reversed course just hours later, signaling that the country's top leadership remains determined to keep a tight grip on the overheated sector.
Chinese City Eases Property Curbs
SHANGHAI—Foshan in south China's Guangdong province Tuesday became the nation's first city to announce an easing of its curbs on the property market amid mounting concerns that the once-red-hot real-estate sector is in trouble.
In China, Nike Sets Out to Alter Sports Mindset
SHANGHAI—Nike Inc. wants to jolt sales of athletic apparel in China. To do so, it has to alter ideas of fashion and help foster a culture of everyday-citizen sports that extends beyond the country's lauded Olympic teams and professional players.
Huntsman Warns of ‘Trade War’ with China
Jon Huntsman, the presidential candidate and former former U.S. ambassador to China, said Monday that he opposes placing tariffs on Chinese goods in order to combat perceived currency manipulation.
Yuan Hits Record After Weeks of Volatility
BEIJING—Traders pushed the yuan to a new high Monday, capping a period of relatively volatile trading that analysts say could further the Chinese government's effort to encourage two-way swings—and make the currency less of a sure bet for speculative foreign-capital inflows.
China’s Rail Ministry Gets the Signals Right
China’s Ministry of Railways has had trouble keeping track of its trains and its money. In July, rail officials tragically failed to detect a stalled bullet train, allowing another to plow into it, killing 40 people. In February, the rail minister was sacked and placed under investigation for possible corruption. In March, auditors said embezzlers had made off with 187 million yuan ($29.2 million) from just the Beijing-Shanghai portion of China’s ambitious high-speed rail network.
Asia Today: China Bites Back at U.S.- VIDEO
Asia Today: China and the U.S. remain at odds over China’s control of the yuan. The WSJ’s Mariko Sanchanta, Ken Brown and Alex Frangos discuss.
China Seeks to Lower Yuan as U.S. Bill Advances
BEIJING—In a defiant response to U.S. Senate approval of a bill that would pressure China to let its currency rise faster, the nation's central bank set the guideposts for the yuan substantially lower on Wednesday and warned that the bill could imperil further currency reform.
But the Chinese currency ended higher in Wednesday trading as investors took it higher within its tight trading range, underscoring skepticism that the bill will become law, and taking into account the pressures that are pushing Beijing to let the yuan rise.
The People's Bank of China, which tightly controls the yuan's trading on the ...
Fast Enough? China’s Currency Record
Beijing doesn’t deny that it stage manages the yuan’s rise and says that some day it will let the yuan float — though it never says exactly when. Still, the yuan’s rise doesn’t seem as far out of whack as complaints would have it.
The Kind of Chinese Currency Manipulation the U.S. Likes
In recent days, the Chinese central bank has been intervening in currency markets to drive up the value of the yuan against the dollar while other currencies have been falling against the dollar. This is the kind of currency “manipulation,” that the U.S. Treasury likes — and has taken note of privately. But it’s wary of patting the Chinese on the back. That’s because the only safe political position in Washington on Chinese currency issues is that Beijing isn’t doing enough.
Leaders Step Up Pressure on China
U.S. leaders took swipes at China on Thursday, as the Senate voted to advance a bill to penalize countries said to be manipulating their currencies and President Barack Obama accused the country of manipulating the yuan.
U.S. Intensifies Criticism of China's Yuan Policy
WASHINGTON—U.S. criticism against China swelled in Washington on Thursday as sharp words from President Barack Obama and a Senate vote on a currency measure illustrated how Beijing's policies are emerging as an issue in next year's elections.
Mr. Obama, at a White House news conference, accused China of manipulating the yuan and taking other actions to bolster its growth at the expense of the rest of the world.
Not the Time for the U.S. to Slam China
By Nicholas Hastings
China may well be right this time.
Calls by the U.S. for Beijing to speed up appreciation of the yuan are not the solution.
In fact, slowing growth in the world’s second largest economy as the global recovery continues to falter could well make matters worse.
The trouble is the U.S. is getting desperate.
Boehner on China Bill: ‘A Dangerous Thing’
China may have a friend in the U.S. Congress after all.
House Speaker John Boehner on Tuesday said it was “dangerous” for lawmakers to pass legislation aimed at addressing concerns about China’s currency, saying it goes well beyond Congress’s responsibilities.
Senate Moves to Punish China for Yuan's Low Value
WASHINGTON—The Senate voted Monday to move ahead with a bill that would punish China for keeping the value of its currency low, a measure that lets lawmakers deflect some of the blame for the sour U.S. economy on another country.
Guest Contribution: How to Value a Currency
Arvind Subramanian
With the Senate about to take up legislation to penalize China for “manipulating” its currency and keeping it artificially undervalued, we asked Peterson Institute of International Economics economist Arvind Subramanian to explain how calculations of under- and overvaluation are made. Mr. Subramanian is the author of a new book on China’s economic future, “Eclipse: Living in the Shadow of China’s Economic Dominance.” In recent Congressional testimony, he said China’s currency was about 15% undervalued, citing work by two colleagues at PIIE.
The U.S. Politics of Dealing With China
Next week is bash-China week in Washington. Some politicians are taking up two-by-fours; others are trying to dance around the issue.
Chinese Car Maker to Build in Brazil
SÃO PAULO—Anhui Jianghuai Automobile Co., the Chinese auto maker known as JAC, and its Brazilian partner said Friday that they decided to go ahead with plans to build a factory in the Latin American country on hopes that the government will modify a production tax.
The New York Times
China and Vietnam Move to Reduce Tensions in South China Sea
By KEITH BRADSHER
China and Vietnam agreed to follow a series of steps to reduce tensions in the South China Sea, a source of frequent friction over their rival claims to islands and undersea minerals.
Bringing Manufacturing Back to the United States
By ADRIANA GARDELLA
A maker of tap handles for home brewers plans to shift production as labor costs in China rise.
China's Next Revolution Is in Fitness
By TOM SIMS
DALIAN, CHINA — China’s recent emergence on the world stage as an athletic powerhouse may be traced back to a single runner from this northeastern city.
Awash in Oil, Canada Looks Toward China
By IAN AUSTEN
China's growing energy needs are making the idea of a trans-Pacific market for Canadian oil increasingly attractive.
China Suspends Boat Traffic on Mekong
By KEITH BRADSHER
HONG KONG — China announced Monday that it was suspending passenger and cargo traffic in the headwaters of the Mekong River after the Thai border police heard gunfire on the river, found two Chinese cargo vessels adrift carrying 920,000 amphetamine pills and one body, and then discovered the floating bodies of 11 Chinese crewmen.
China’s Sovereign Wealth Fund Buys Shares in Major Banks
By KEITH BRADSHER
An arm of the China Investment Corporation is trying to shore up stocks that have declined because of concerns about possible losses on loans.
Tour of Beijing Establishes Professional Cycling in China
By IAN AUSTEN
The five-stage Tour of Beijing, which ends Sunday, is the first major attempt by professional cycling to establish itself in China.
Fear of Dragons
By YU HUA
China's commemorations of the 1911 revolution say less about 1911 than about Beijing's fears.
Yu Hua’s latest book, “China in Ten Words,” will be published next month.
U.S. Says Some Chinese Subsidies Violate Trade Rules
By KEITH BRADSHER
The administration gave the World Trade Organization a list of 200 programs, some in solar and wind power, that it said may unfairly benefit Beijing.
Op-Ed Columnist
Holding China to Account
By PAUL KRUGMAN
Legislation that would threaten sanctions against currency manipulators won’t solve our economic problems on its own, but it can contribute to a solution.
The Case for Countering China’s Rise
Aaron L. Friedberg considers the growing Sino-American rivalry and calls for the U.S. to project hard power to counter China’s rise.
Op-Ed Columnist
For Jobs, It’s War
“The war for global jobs is like World War II: a war for all the marbles. The global war for jobs determines the leader of the free world. If the United States allows China or any country or region to out-enterprise, out-job-create, out-grow its G.D.P., everything changes. This is America’s next war for everything.”
Caixin Online
Beiqi Foton to Set up Auto Plant in India
Leading commercial car maker Beiqi Foton said the move would enable the company's plans for expansion in the Indian car market
(Beijing) -- Beiqi Foton Motor Co. (SHE: 600166), a leading commercial vehicle maker in China, said October 11 that it will invest US$ 387 million to build an auto manufacturing plant in India.
Closer Look: Expensive Bluster on the Economy
Confidence in China's economic growth is important, but it must also be tempered by the realities of shifts in external demand and access to natural resources
Amid mounting debt and declining tax revenues, the United States and European nations will see negative economic growth rates, so goes the argument made by Fan Gang, renowned Chinese economist and former advisor to China's central bank. In a speech made in late September, Fan said in three to five years from now, western economies will sink into recession.
Another Sidetrack for China's Railway Reform
Plans for breaking up and marketizing China's rail system are back on the table, but it seems there's no rush to implement
Had not a high-speed train collision occurred near Wenzhou in late July, a Ministry of Railways reform plan might never have seen the light of day.
Central Bank Eyes Wider Scope for M2 Equation
'Social financing' and off-balance-sheet activity soon may be included in calculating the nation's money supply
China's central bank may fine-tune M2 calculations in a quest for a more accurate picture of the nation's money supply and to shed light on murky, off balance-sheet accounting at the nation's banks.
Child Trafficking Probe Clears Hunan Agencies
Party officials disciplined 12 officials but say government agencies did not take children to sell as orphans abroad
An official investigation into alleged child trafficking by family planning and orphanage employees in Hunan Province has cleared all government agencies of wrongdoing.
Following Ji Xianlin's River West, Then East
Eastern thought offers a valuable perspective of economic and ecological issues, proving that culture ebbs and flows
This past summer holiday, I finally read a 2006 book in Chinese written by the grand, old man of Chinese cultural linguistics, Professor Ji Xianlin (1911-2009). The title of his book crystallizes his view that culture and civilization are like a river that flows east for 30 years and then west for the next 30.
Not Too Late for Fujian's Tulou Buildings
The 400-year-old Chengqi clan home in Fujian Province's Yongding County is known as the "king of earthen Hakka buildings." Known locally as ‘tulou,’ it received World Cultural Heritage status from the United Nation’s World Heritage Centre in 2008.
Asia Times Online
SUN WUKONG
New leftists salute Wall Street brethren
By Wu Zhong, China Editor
China's new leftists are lending support to the Occupy Wall Street movement, viewing protesters as brethren in the anti-capitalist cause. Although authorities closed their eyes to two recent demonstrations that mark a shift from all talk to Mao-inspired action, many wonder what response would be meted out if those socialists craving an old-style redistribution of wealth were to camp among gleaming edifices in the financial districts of Beijing or Shanghai.
Taiwan's Ma bares his centennial steel
By Jens Kastner
As Taiwanese President Ma Ying-jeou reviewed a grand military parade at Taipei's celebrations of the 1911 revolution that created the Republic of China, he urged Beijing to emulate Taiwan's democratic model as the "only way" forward. The bold commitment to the republic's security undermines opposition efforts to paint Ma as China's lackey as elections near, but the mainland would never accept that its model be phased out. -
Putin enters the dragon's den
By M K Bhadrakumar
Russian Prime Minister Vladimir Putin heads to China for a two-day visit at an important time for relations between the counties, and at an even more critical junction for the United States' "Silk Road" project to extend its influence in greater Central Asia. Beijing and Moscow will certainly want to hammer out an energy deal, while working on a viable counter-strategy to Washington.
BOOK REVIEW
US-China power imbalance threatens Asia
A Contest for Supremacy: China, America, and the Struggle for Mastery in Asia by Aaron L Friedberg
Reviewed by Benjamin A Shobert
A Contest for Supremacy: China, America, and the Struggle for Mastery in Asia by Aaron L Friedberg
While arguing that a stark evaluation of Beijing's military strategy proves the United States has been overly optimistic in believing economic engagement would foster democracy, this book makes no alarmist predictions of China pursuing global hegemony. However, to alter deep-seated patterns of power politics drawing the countries toward conflict, the US needs to rebalance its China relationship by urgently addressing its own economic and political dysfunctions.
INTERVIEW
Eagle and dragon lock claws in mid-flight
Benjamin A Shobert talks to Aaron L Friedberg, the author of A Contest for Supremacy: China, America, and the Struggle for Mastery in Asia
America's focus on the emerging challenge posed by China was first distracted by the "war on terror" and then the 2008 financial crisis, says author Aaron L Friedberg. In the meantime, Beijing advanced economically, developed asymmetric capabilities and grew assertive. China may not want to conquer Asia. However, it could extend a preponderant political influence over the region with dire consequences for the US.
THE ROVING EYE
An extreme traveler, Pepe's nose for news has taken him to all parts of the Pepe Escobar globe. He was in Afghanistan and interviewed the military leader of the anti-Taliban Northern Alliance, Ahmad Shah Masoud, a couple of weeks before his assassination
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