The Lion Awakes
News at a Glance
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"
Tackling economic imbalances
By Guo Shuqing (China Daily)
The imbalance does exist, but I am skeptical of its size. In other words, we should re-examine whether the US' savings rate is really that low. The crux is the traditional definition of "savings" and "consumption", the two basic concepts in modern economics that were formed more than a century ago. In the current national accounting system, spending on human capital is measured as part of consumption. Such a classification is dubious.
There is an urgent need to reform the global economic growth model. The current production and consumption model must be replaced. Taking economic globalization as a backdrop, sustainable development does not come simply with efforts made by any single or several countries alone. Each country should do its part and find out its own sustainable and environmentally friendly growth model.
The author is chairman of China Construction Bank and former head of China's State Administration of Foreign Exchange.
Headline News in China Daily
China's GDP grows 8.7% in 2009
By Xin Zhiming and Zhang Jiawei
When asked whether the government would quit the stimulus package, or to introduce more stimulus plans, Ma said, "A key point of macro-regulation this year would be to balance the tasks of ensuring stable and relatively fast economic growth, adjusting economic structure and regulating inflation prospects."
Ma expected stable and relatively fast development of China's economic in 2010, due to the facts that world economy environment would turn better amid a slow recovery, and the domestic investment and consumption were expected to maintain the increasing momentum.
"More over, export and import in 2010 would shift from a decreasing momentum to contribute to the growth of the economy," Ma said.
The New York Times
Clinton Urges Global Response to Internet Attacks
WASHINGTON — Coupling a salute to Internet freedom with a carefully worded caution to countries like China and Iran, Secretary of State Hillary Rodham Clinton said Thursday that countries that engaged in cyberattacks should face consequences and international condemnation.
BEIJING — I’m bullish on China after a couple of weeks here and perhaps that sentiment begins with the little emperors and empresses. In upscale city parks and rundown urban sprawls, I’ve seen China’s children pampered by grandparents, coddled by fathers, cared for by extended families.
China's hot economy puts heat on rates
JOHN GARNAUT, BEIJING
THE Chinese economy accelerated in the December quarter, heralding a huge boost to Australian export prices and pressuring the Reserve Bank to continue raising interest rates. China's National Bureau of Statistics yesterday said the economy grew 10.7 per cent in the year, driven by infrastructure investment.
Beijing following the Economist's path
Wouldn’t it be funny if Beijing did what rational economic market commentators told it to do and the markets reacted as if the cadres had declared an end to capitalism. That’s pretty much what happened this week.
The Economist leader nicely summarises the reasons for continued faith in Chinese growth and, in particular, debunks the myth that China is riding the same sort of bubble that Japan experienced in the 1980s:
Kaixin - That is exactly what I have been thinking the last two days while Wall St danced and gyrated to a tune of its own.
Asia Times Online
Have yuan, will travel
By Olivia Chung
HONG KONG - China, whose blistering growth last year made it the world's second-biggest economy while much of the industrialized world struggled with recession, is now suffering an unusual deficit - tourist dollars.
"The deficit in the tourism service trade is a new sign saying that China is turning into a notable tourist source market, in addition to being an important destination," Dai Bin, deputy head of the China Tourism Academy, told China Daily.
China's free-trade shot in Asia's arm
By Marwaan Macan-Markar
BANGKOK - China and, initially, six of its Asian neighbors enacted the world's largest free trade area at the start of the year. Billed as a welcome boost for the economies of its Asian partners, some analysts also see it as a panacea for the region as they battle through the global financial crisis.
Such optimism stems from the free-trade pact cementing a relationship that has seen the value of trade between the world's fastest-growing major economy and the 10-nation Association of Southeast Asian Nations (ASEAN) jump six-fold since 2000 to US$193 billion.
India targets China's satellites By Peter J Brown
"There is no reason to be surprised. India is anxious to be seen as not lagging behind China - ergo - if China has an ASAT program, India can do it, too. That's all there is to it." said Uzi Rubin, a defense consultant and former head of Israel's missile defense organization.
Wall Street Journal - China Report
Watery Data: China Counts the Drops
China’s water supplies are meager and dwindling, threatened by waste, pollution and chronic drought. Global warming is blamed for shrinking the big Tibetan glaciers that feed most of China’s main rivers. All this is happening just as China’s wealth is increasing demand for more water – for irrigating food, propelling hydropower, and manufacturing of all types.
The Times Online
Hillary Clinton throws gauntlet down to China over censorship
Shi Yinhong, a professor of international relations at Beijing’s Renmin University, said: “If this becomes a bigger issue, it will affect China’s image. Google in China should follow government regulations, but those regulations can be discussed. They shouldn’t have a public showdown."
Kaixin – As usual, the comments on the article are the most interesting as they show what the world is thinking.