30th of June 2011
The Lion Awakes
Daily News, Culture & Current Affairs about China
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People's Daily
China's minimum wage to grow over 13% annually over next 5 years
China's minimum wage will grow by an average rate of at least 13 percent over the next five years, the Ministry of Human Resources and Social Security said on Wednesday.
China's 2nd west-east gas pipeline can start operation at June end
The trunk line of China's second West-East natural gas pipeline project will be ready to start operating at the end of this month, an official with China National Petroleum Corporation (CNPC) said Wednesday.
Hu reassures Sudan over continuing investment
Sudan won pledges from China and its state-owned energy firm yesterday that they will continue investing in the country after its resource-rich southern region becomes independent next month.
China reaffirms position on Diaoyu Islands
China reaffirmed its position on the Diaoyu Islands Wednesday, saying that any move by Japan against China's sovereignty over the islands was "illegal and invalid."
Naval drills 'not linked to sea disputes'
Recent Chinese naval exercises were routine and had nothing to do with the situation in the South China Sea, a spokesman for the Ministry of National Defense said on Wednesday.
Clashes over South China Sea pose a test to new E Asian Structure
By Li Hongmei
South China Sea waters will be churned up if some regional countries insisted on risky ventures to address the so-called border issue. What is happening now is already inviting the global concerns--- Vietnam is using live ammunition in its war exercises in the waters of the South China Sea. Meanwhile, Philippine President Benigno Aquino's office stated it was renaming the South China Sea as the "West Philippine Sea" amid the mounting tensions with Beijing.
A vision for ruling CPC
By Li Hong
Three events will serve as footnotes for the 90th anniversary of the ruing Communist Party of China: the world's single longest high-speed railroad connecting Beijing and Shanghai goes to operation; top lawmakers approve an amendment to the tax code, giving tax exemptions to low- and middle-income earners but adding tax on the rich; and probably, by coincidence, Premier Wen Jiabao visits Hungary, Britain and Germany, forging a deeper and closer partnership with Europe.
China Daily
China urges Lagarde to deepen IMF reforms
BEIJING - A spokesman of the People's Bank of China (PBOC), or the central bank, said Wednesday that China welcomes the endorsement of French Finance Minister Christine Lagarde as the new chief of the International Monetary Fund (IMF).
China hopes that under Lagarde's leadership, the IMF will continue its reform and play an active role in stabilizing the global economy, while increasing the representativeness of emerging markets and developing countries in the governance of the IMF, the spokesman said in a statement on the PBOC website.
China to create 45m jobs for urban residents
BEIJING - China intends to create 45 million new jobs for urban residents and 40 million jobs for rural laborers over the next five years, the Ministry of Human Resources and Social Security said Wednesday.
Shanghai unveils plan for 7 new satellite cities
SHANGHAI - As the key goal in the 12th Five-Year Plan (2011-2015) for Shanghai, the city will focus on the urban planning of suburbs in seven new satellite cities and on developing links with neighboring cities in the Yangtze River Delta.
Shanghai won't change family planning policy
Authorities in Shanghai have refused to relax the city's strict family planning policy despite calls to allow all couples the right to have a second child, the Oriental Morning Post reported.
Shanghai People's Congress deputy Hu Min called on the local Population and Family Planning Commission to allow "well educated" families to have a second child regardless of if they have any siblings.
Hu said encouraging people to have more offspring could help alleviate the problem of the city's aging population.
However, the municipal family planning body said the mounting number of migrants coming to the city and the loosening of the policy in 2003, allowing eligible couples to have two children, will ease the problem, the report said.
The municipal family planning body added that the low birth rate in the city is in line with the international trend.
Currently, couples who do not have children from a previous marriage, and who are both only children, are permitted to have a second child.
New rules to regulate solid waste importation
BEIJING -- China has tightened its supervision over importation of solid waste, with the recent introduction of the Regulation on Managing Import of Solid Waste.
The regulation has banned dumping and treatment of solid waste from overseas in China, and transferring hazardous solid waste via China. It has also prohibited imports of solid waste that cannot be used as raw materials or pose a serious risk to the environment.
BYD's profit plummets as industry sales drop
Carmaker reports 84% decline in Q1 statement to HK Stock Exchange
BEIJING - Chinese battery and carmaker BYD Co Ltd reported an 84 percent profit decline in the first quarter in a statement filed with the Hong Kong Stock Exchange on Wednesday, a day before going public in Shenzhen.
Chongqing mesmerized by revolutionary songs
A school girl reacts as she is being photographed ahead of the opening ceremony of a revolutionary song singing concert at Chongqing Olympic Sports Centre in Chongqing municipality.
XinHua News
China's banking regulator set to tighten regulations over investment products
BEIJING, June 29 (Xinhua) -- The China Banking Regulatory Commission (CBRC), the nation's banking regulator, on Wednesday moved to solicit opinions on wealth investment management, with clauses aiming to protect investors' interests.
Local gov't debts under control in China; investment to grow rapidly in H2: report
BEIJING, June 29 (Xinhua) -- Local government investment and affordable housing construction will lift China's investment growth by 25.1 percent in 2011, the Agricultural Bank of China (ABC) said in a report on Wednesday.
According to the bank's six-month report on China's macro economy, the country's investment growth will top 25.5 percent year-on-year for the first half of 2011, while the second half may continue to see the momentum.
Hu Xinzhi, general manager of the bank's strategic planning department, said local governments' investments would be the main factor that supports the rapid investment growth in the second half of this year despite their huge debts.
Australia's "Big Four" banking on China growth
SYDNEY, June 29 (Xinhua) -- the Australian Westpac Banking Corop is planning a further expansion into the lucrative China market, after celebrating the opening of its second branch in Beijing on Wednesday.
FM press conference on 28th June
Global Times
China is complicated
In a surprisingly frank interview the Global Times Editor-in-Chief, Hu Xijin, talks about the politicization of democracy, Ai Weiwei and what it means to be born in China.
Hu, 51, has worked for the Global Times (GT) since 1993. As a reporter he covered the Bosian and Iraq wars. He has been the Global Times Editor-in-Chief since 2005.
The interview was published by Southern People Weekly on June 27. Part of the translated transcript follows.
US, Philippines start joint naval exercise
The US and the Philippines began an 11-day joint naval exercise on Tuesday, shortly before China accused the US Senate of intervening in the South China Sea issue.
Dangerous nationalism risks future of South China Sea
Recent disputes in the South China Sea have been focused above all on the Nansha Islands, drawing in the Chinese mainland, Taiwan, Vietnam, the Philippines, Malaysia, and Brunei and going back to the 1960s.
Kaixin OpEd - A good historical perspective
The Wall Street Journal
China Vows More Oil Investment in Sudan
BEIJING—China pledged further investments in war-torn Sudan's oil and gas reserves at the start of a state visit to Beijing by President Omar al-Bashir, who is wanted by the International Criminal Court for alleged war crimes.
Kaixin OpEd - Such selective memory
Another Reason for China to Go Slow on Yuan Revaluation
The U.S. and other of China’s largest trading partners have been arguing for years now that revaluing the yuan would be good for China’s economy.
See Kaixin's - Yuan Revaluation & Internationalisation
China Pork Prices at Record High, Likely to Spur Inflation
BEIJING—China's pork prices, a major contributor to the country's surging inflation, hit a record high last week.
Average wholesale pork prices rose 4.5% from a week earlier to 24.68 yuan ($3.81) a kilogram as of June 24, the Ministry of Commerce's pork price monitoring system showed.
Pork prices—which have risen more than 60% over the past year due to ...
Hedge Funds Max Out on China Short Plays
Shorting U.S.-listed Chinese companies is so yesterday. That’s the opinion of some hedge fund managers who’ve made money and are struggling to place fresh bets.
H-P Unveils China Initiatives
BEIJING—Hewlett-Packard Co. executives pledged to expand manufacturing and other operations in China to bolster the company's position in a vital market where it has been losing ground to rivals in its flagship personal-computer business.
Caterpillar Girds for a Challenger
U.S. Machinery Giant Expects New Rival to Emerge From China
GOSSELIES, Belgium—Caterpillar Inc. expects a new rival in the heavy-machinery sector to come out of China "in the next few years," Doug Oberhelman, its chief executive, said.
Can G20 Separate Wheat from Chaff with China Food Data?
China, which has the unenviable task of feeding a fifth of the world’s population amid sharp agriculture price increases, would stand to benefit from such a database even more than others.
IMF Appoints Lagarde as Managing Director
WASHINGTON—The International Monetary Fund executive board Tuesday officially named Christine Lagarde as the next IMF director, after the French finance minister won late support from the U.S. and several major emerging-market nations.
See Kaixin's - The selection of the next IMF President
Eight Questions: Deborah Fallows, ‘Dreaming in Chinese’
As China’s influence intensifies across the world, interest in the study of its official language is also growing. Fluency in Mandarin – long the world’s most commonly spoken language – has become an increasingly desirable skill in both business and diplomatic circles, with roughly 1,600 American public and private schools now offering Mandarin classes. Recently, the language has even been dubbed “the new English” by those confident in its future. But as author Deborah Fallows found out, knowledge of Chinese is advantageous in more than just a political or economic sense.
See Kaixin's - An Introduction to Chinese
The New York Times
Repackaging the Revolutionary Classics of China + VIDEO
CHONGQING, China — The kindergarten musical climaxed in a whirlwind of violence: A teacher playing a Japanese soldier sliced down a peasant girl with a curved sword, just as two tykes in Red Army outfits took aim at him with plastic pistols.
Caixin Online
The First Domino? Yunnan Highway Breaches its Financing Platform Contract
Yunnan Highway's failure to repay its debt may foretell a bumpy road ahead for local government financing platforms
A Slowdown's Implications, Solutions
Economic growth will diminish, but China's social problems will not. Urgent reform can avoid a related future crisis
Will China's economy face a hard landing, or will a slowdown be within its control? Whatever the answer, analysts would agree that economic growth is bound to slow down. Yet the central government hasn't written any sound plans to prepare for it.
Under the Gun for Capital
After China's banking regulator put up higher capital requirements, every publicly-listed commercial bank is now in a rush to refinance – but will there be a pushback from shareholders?
Last year, commercial Chinese banks scurried to replenish their coffers. This year look just as frantic, with added pressure from the China's banking regulator.
JP Morgan China JV Wins Business License
JP Morgan First Capital, a joint venture between JP Morgan Chase & Co. and First Capital Securities, received the green light on its business license from regulators
(Beijing) – JP Morgan First Capital said on June 28 that it was approved for a securities business license from the China Securities Regulatory Commission.
A Fringe of Foam on Foreign Shores
China's real estate investment cups have runneth over – and domestic buyers have gone abroad on a strong yuan and favorable lending conditions – but has the investment bubble followed them?
In late May of this year, more than 400 people lined up to purchase apartments at a site in New Westminster City, a suburb of Vancouver. Within two and half hours of the start of the sale, all 153 units had been sold.
See Kaixin's - CHINA REAL ESTATE
Asia Times Online
SINOGRAPH
Lingering lessons from a warmonger
By Francesco Sisci
The latest book from former United States secretary of state Henry Kissinger is an adept warning to Westerners who might underestimate Chinese tradition in a world where one fifth of humanity is playing an ever-greater role. Yet it also questions a Chinese mindset too often obsessed with conspiracy theories.
SUN WUKONG
CCP rediscovers democracy, at 90
By Wu Zhong, China Editor
As the Chinese Communist Party celebrates its 90th birthday and prepares for new leaders, it is re-implementing Mao Zedong's early ideas of intra-party democracy. Chairman Mao believed his democratic model would allow the party to avoid the fate of vanquished dynasties. Now, with the "on horseback" revolutionary leaders long gone, votes are the only way to confer legitimacy
China runs gauntlet in South China Seas
By Jian Junbo and Wu Zhong
China has remained cool in the face of Vietnamese provocations over disputed South China Sea territories, aiming to reinforce its status as a "responsible player" in international affairs. However, nationalists are interpreting this as weakness. While the backlash is for now too minor to provoke the social instability that worries the Chinese Communist Party, if it heats up, so will Beijing's response.
BOOK REVIEW
Pomp and porn during the Qing Dynasty
Decadence Mandchoue by Sir Edmund Trelawny Backhouse
Reviewed by Kent Ewing
In an erotic romp through the twilight years of the Qing Dynasty, these memoirs recount among other trysts the Victorian Orientalist author's subservient servicing of the Empress Dowager Cixi, then 69, and adventures with the eunuchs and catamites of Peking's bathhouses. Intermingled with fantastical imperial palace intrigue, the work has faced charges of fraudulence and obscenity; this belies its charm and historical significance.
Mao's army on the attack
By Kent Ewing 
Mao Zedong romanticists are so worried that the mythology of the Great Helmsman may be officially debunked they are calling for the growing band of Mao bashers to be prosecuted. The campaign is unlikely to gain official traction though: China's leaders, including Red Book-waving Chongqing party boss Bo Xilai, use Mao's words, never his policies, and only when it suits them.
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
China Themes
Insights into China's Society & Culture
Yuan Revaluation & Internationalisation
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