The Lion Awakes
Daily News, Culture & Current Affairs about China
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ASEAN pact introduces new era of cooperation
BEIJING - The "ASEAN Plus One" collaboration was a new chapter in global cooperation, and it was one that raised the international profile of the Association of Southeast Asian Nations (ASEAN) and its members.
Composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, ASEAN signed a free trade agreement with China that took effect in January 2010.
"After being fully implemented last year, the free trade area between China and ASEAN has brought many benefits to the latter," said Xu Ningning, executive vice secretary-general of the China-ASEAN Business Council.
China is ASEAN's biggest trading partner, and Chinese customs data show that bilateral trade rose 26.4 percent in the first nine months of 2011 to $267 billion, with an $18.9 billion surplus in favor of ASEAN.
Has power shifted eastward?
Beijing, Nov.14 (People's Daily Online) -- The website of the U.K. Guardian newspaper published an Op-Ed article on Nov. 6 saying that the G20 summit proved that power has shifted from the West to China.
The article begins by saying: "The global economy has three main pillars: the United States, the European Union and China."
China has seen the green future
HONOLULU - China will give the green industry top priority in attracting foreign investment, President Hu Jintao said.
Addressing the Asia-Pacific Economic Cooperation (APEC) forum CEO summit in Honolulu on Saturday, he said the total annual output of the Chinese environmental industry is expected to reach 2 trillion yuan ($315 billion) by 2015, and investment in the industry for the period 2011 to 2015 is expected to be worth 3.1 trillion yuan.
"Strong green demand and China's sound investment environment will provide a vast market and great investment opportunities to businesses in all countries, those in our region in particular," Hu told more than 1,000 business people in Hawaii for the annual APEC CEO summit.
Time for closer relations with Vietnam, Hu says
HONOLULU - China and Vietnam should consolidate their friendship, despite potential problems in bilateral ties, President Hu Jintao said on Saturday.
Sino-German ties boosted by exchange blitz
HAMBURG, Germany - Unlike his classmates, Zhou Yuequn, a 22-year-old student in his last year at the Shanghai University of Science and Technology, is not preoccupied with job hunting or exam preparations for post-graduate study. Instead, Zhou decided to participate an exchange program in Germany for six months.
Trade protectionism must be curbed
Beijing, Nov.11 (People's Daily Online) --There is a need to curb the rising tide of trade protectionism now more than ever. The recent G20 summit in Cannes has arranged a special chapter in an announcement on trade protectionism, in which it has urged its state members not to introduce new protectionist measures before 2013 in order to stimulate exports and has also asked the WTO, OCED and UNCTAD to continue to track the situation of trade protectionism and publish an interim report for every half year.
Because the U.S. and European sovereign debt crises have cast a dark shadow over the world economy, some countries are seeking to use trade protectionism as a means to transfer crisis pressure to other countries, which has boosted the risks of trade protectionism.
Curbing trade protectionism is of particular significance to China because China is the world's largest country in terms of exports value. It is also most dependent on the global trade and the greatest victim over two decades of trade protectionism in the world.
Curbing protectionism against China will benefit both the Chinese and global economies.
'RMB undervaluation' claims defy economic logic
Beijing, Nov.11 (People's Daily Online) --U.S. Department of the Treasury's Assistant Secretary for International Finance Charles Collyns recently said that the United States will continue to put pressure on China before the APEC summit, urging it to accelerate the pace of RMB appreciation.
Drastic fluctuations in RMB exchange rate partly due to speculation
The central parity rate of the RMB against the U.S. dollar set new highs four times prior to the G20 summit, rising from 6.35 to 6.32. It even broke 6.32 for the first time, setting a new record since the reform of the RMB exchange rate system.
Obama to target yuan again
The White House revealed Wednesday that the US would confront China over the yuan appreciation issue during the Asia Pacific Economic Cooperation (APEC) summit in Hawaii this weekend, but analysts warned that such an action would be futile.
US retailers say China essential to their futures
NEW YORK - If one were to try to snap a photograph of China, it would be difficult to capture a still shot.
That is how rapidly the country is moving and changing, said an official with the National Retail Federation of the United States, the largest retail-trade association in the world.
"Everything's growing by leaps and bounds," David French, senior vice-president for government relations at the organization, said after a four-day trip to Beijing and Guangzhou this past month.
"The pace of change is so strong that it was so exciting to see it happening from the ground level. I learned more in 72 hours than in months of research about China."
He took to task US Senators who accused China of holding down the value of the yuan and passed a bill that would let the United States place duties on imports from countries found to be manipulating their currencies. He said they "are thinking about the China of five to 10 years ago".
Kaixin - We are constantly amused, sometime saddened and often frightened by the comments from people who have never been to China. Their ignorance is only exceeded by their paranoia and xenophobia.
Strict checks conducted to ensure milk quality
TIANJIN - Compared with the time that it takes to ensure the safety of a carton of milk, the two minutes it takes to drink it seems insignificant.
At the Bright Mengde Dairy plant in Tianjin, milk that is both coming and going is tested for dozens of contaminants.
Proper handling of China's own affairs contributes to world: premier
ST PETERSBURG, Russia, Nov. 8 (Xinhua) -- Chinese Premier Wen Jiabao has said the most important thing for China was to "put our own house in order" in the face of the current grave international economic situation.
China had the confidence, resolve and capability to handle its affairs well, Wen said here on Sunday while addressing a group of representatives of overseas Chinese working and studying in Russia as well as some Chinese Russians.
The premier outlined the economic situation in China, saying the goal of employment for this year had been achieved, and the eighth consecutive year of agricultural growth had laid a firm foundation for the national economy and people's livelihood.
SCO contributes to member states' economic growth
The 10th prime ministers' meeting of the Shanghai Cooperation Organization (SCO) kicked off in Saint Petersburg, Russia on Nov. 6.
Major goals of the meeting include implementing the consensus reached at the Astana Summit in June; carrying out in-depth discussions regarding current security, economic and cultural cooperation within the SCO framework; developing plans for the development of the organization over the next 10 years, and further deepening economic cooperation amid the risk of a global double-dip recession. Working together to cope with severe challenges has become an urgent task for SCO member states.
Since its establishment 10 years ago, the Shanghai Cooperation Organization has been committed to two important objectives: maintaining stability and promoting economic development in central Asia. The organization introduced a plan for multilateral economic cooperation among member states in 2003.
Chinese, Russian PMs reach consensus on major issues
SAINT PETERSBURG, Russia, Nov. 7 (Xinhua) -- Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin held talks here Monday on major issues of common concern, including bilateral relations and the current international political and economic situation.
Chinese premier arrives in St. Petersburg for SCO prime ministers' meeting
SAINT PETERSBURG, Russia, Nov. 6 (Xinhua) -- Chinese Premier Wen Jiabao arrived here Sunday afternoon to attend the 10th meeting of prime ministers of the member states of the Shanghai Cooperation Organization (SCO).
ASEAN pilot area to promote int'l RMB trade
Beijing, Nov.2 (PD Online) --As the first overseas pilot area of Cross-Border RMB Trade Settlement, the Association of Southeast Asian Nations, should continue to encourage and support the RMB's cross-border use in regional trade investment, said Li Lihui, president of Bank of China, at the China- ASEAN Financial Cooperation and Development Leaders Forum.
Li said that the RMB enjoys a relatively stable currency value and a higher acceptability, and it is of great significance to expand the scale and scope of RMB flow in helping regional enterprises to avoid international monetary exchange rate risk, lower assets mismatch risk, avoid multi-exchange loss and promote trade and investment facilitation.
He pointed out that as the first overseas pilot area of Cross-Border RMB trade settlement, ASEAN should continue to encourage and support RMB's cross-border use in the regional trade investment to establish a smooth cross-border flow mechanism of RMB. ASEAN should also further improve the RMB's cross-border pay channels, enrich the RMB's cross-border financing and investment products and offer a perfect, safe and quick cross-border financial service to the trade investment in the region.
$31b govt stimulus to revive railway projects
BEIJING - The Ministry of Railways is expected to get more than 200 billion yuan ($31 billion) worth of financial support to pay off the dues and avoid liquidity, after lack of cash flow brought most railway projects to a standstill.
5:58 a.m. on November 1: Shenzhou-8 to be launched
A China manned space program spokesperson said that the unmanned spacecraft Shenzhou-8 is scheduled to be launched at 5:58 a.m. on November 1. The fuel will be injected into carrier rocket today.
At present all the systems are in correct technical state. The spacecraft and the launching site are in good conditions, meeting the mission requirement.
US gearing up for trade war with China?
Beijing, Nov. 1 (PD Online) --The U.S. House Ways and Means Committee recently held a hearing on China-U.S. trade relations. At the hearing, the RMB exchange rate issue again became the focus of intense debate, and certain Congress members even threatened a trade war with China.
The long-running RMB exchange rate issue has been central to Washington's most recent political struggles since the U.S. Senate passed the Currency Exchange Rate Oversight Reform Act of 2011 on Oct. 11.
In order to win the 2012 presidential election, presidential candidates of both the Republican and Democratic parties are competing to show off their tough stance. Former Massachusetts Governor Mitt Romney, who is regarded as the Republican Party’s frontrunner for the 2012 presidential race, promises to designate China as a currency manipulator if he is elected to the presidency.
After 30 years, China's legal system fully formed
Beijing, Oct. 30 (PD Online) --The State Council's Information Office released a white paper titled "The Socialist System of Laws with Chinese Characteristics" at a press conference on Oct. 27. Xin Chunying, deputy director of the legislative affairs commission of the National People's Congress Standing Committee, made a brief introduction about the white paper.
The 20,000-word white paper consists of a preface, content and a conclusion. The preface briefly explains the establishment, composition and improvement of the socialist system of laws with Chinese characteristics.
Xin said that the establishment of a system of laws took many Western countries several hundred years, but China has built a relatively complete socialist system of laws with Chinese characteristics in merely 30 years.
Wives, mistresses fight back
Liu Zhixian relives her sadness and heartbreak every time she learns that another man has cheated on his wife.
"I ended my 16-year marriage three years ago because I was tired of arguing with my husband about his affair," she said. "Now I want to help more women who have similar experiences so they can start a new life."
Liu is the key organizer of a group that offers solace and advice in Xiamen, Fujian province. It provides an online platform for women with unfaithful husbands and it aims to help them save their families or, at least, to talk about their experiences.
President Hu: US woes not yuan-related
HONOLULU / BEIJING - The exchange rate did not cause structural problems in the US economy, such as the trade deficit and unemployment, President Hu Jintao said during a meeting on Saturday with US President Barack Obama.
Obama Hu ..... : )
'Bigger say for emerging markets'
HONOLULU - President Hu Jintao has called for emerging markets and developing countries to have a greater say in global economic governance.
Addressing top executives at the Asia-Pacific Economic Cooperation (APEC) forum CEO summit in Honolulu on Saturday, he said changes are taking place in global economic governance, but they are not keeping up with changes in global economics.
Emerging markets and developing countries are carrying greater weight and are playing a bigger role in global economic governance, Hu said.
"New mechanisms for global economic governance should reflect changes on the world stage," Hu said.
Singles Day Feature
It’s difficult to trace the origins of Nov 11, a big day in China. Because it’s a duplication of the number 11, the day is portrayed and widely accepted as guang gun jie (Singles Day). But unlike the enthusiastic celebration of singledom a la Sex and the City or Bridget Jones, China’s Singles Day includes all stages of singledom – happily single, looking for love single, and married but soon to be single again. It’s an all-inclusive special day that encompasses everyone. To celebrate, some embrace their singledom, and others want to end their single status once and for all.
It’s printed in newspapers, mentioned by television programs and radio shows, advocated by millions of websites. My cell phone keeps receiving unsolicited messages on discounts to mark the so-called Singles Day.
Essentially it’s a spending day exploited by various business organizations. Taobao, China’s largest online retail platform, reported a transaction volume of 900 million yuan during a special “Singles Day” promotion on Nov 11, 2010. More online shops have joined the promotion campaign this year as it is regarded as the Singles Day of the Century.
But it also strikes a chord among some young people who are under pressure to find partners.
If 1 is the loneliest number, singles can feel six times as forlorn today
Today, 2011-11-11 as many Chinese notate the date, bachelors in China have two more reasons to celebrate or bemoan their fate - or, rather, two more sticks.
To find out why, you'd have to know the story of Guanggun Festival. Guanggun, in Chinese, refers to an adult single, usually male and often reluctantly unattached.
Literally, it means a stick that is unvarnished or does not have any covering. As the Arabic numeral 1, looks like an erect stick, it has come to symbolize this status of unwilling celibacy.
Kaixin - For men it is a stand out even
Singles' Day sales revenue surges at Web-based retailers
SHANGHAI - Online retailers registered a sales surge on Nov 11, as a result of "Singles' Day", and experts said wider recognition of the event is likely to support the growth of online sales.
Taobao Mall, one of the largest online trading stores controlled by Alibaba Group Holding Ltd, said it had recorded some 1.15 billion yuan ($176 million) in sales revenue by 11:11 am on Nov 11 after more than 11 hours of trading.
To put that into context, the sales revenue generated by Taobao Mall on Nov 11 2010 was 936 million yuan. Taobao Mall revealed that some 3.42 million consumers flooded onto its online stores at midnight on Nov 10 and the sales revenue had reached some 100 million yuan by just 12:08 pm.
"Singles' Day is not a traditional Chinese festival, so it is mainly celebrated by young people. The online shopping model is widely accepted by the younger generation, and some of them have good purchasing power. As a result, when online stores mount promotions for Singles' Day, there will be a big surge in sales," said Wang Ningyuan, an analyst from CIC Industry Research Center.
"Unlike the Spring Festival and National Day vacations that last several days, the Singles' Day one-day promotion will tend to help people make decisions quickly, it will better support the sales growth."
See Kaixins - Singles Day Feature in Marriage in China: Ancient & Modern (Scroll Down)
$3m bid wins 1st island sale
Yang Weihua, general manager of Ningbo Gaobao Investment, makes the winning bid for the right to lease Dayangyu Island, which lies off the coast of Ningbo, Zhejiang province.
NINGBO, Zhejiang - Da-yangyu, the first island ever to be put up for auction in China, sold for 20 million yuan ($3.15 million) on Friday.
Ningbo Gaobao Investment, which deals in real estate and tourism development, won a three-way bidding war for the right to use the land for 50 years and build a luxury resort.
"I think 20 million yuan is a reasonable price," said Yang Weihua, general manager of Ningbo Gaobao. "It has rich natural resources, especially in vegetation and seafood, and it's a great spot for sailing on the big, blue sea."
She said her company will invest about 500 million yuan into the project, but declined to reveal more details.
Dip in CPI may lead to policy easing
October figure of 5.5% reflects government's bid to get price hikes under control
BEIJING - With China's inflation easing to a five-month low last month, analysts said that the government will have more flexibility in conducting monetary policy as the domestic economy cools and the European debt crisis threatens the country's exports.
China's property cost curbs to remain despite home price drop
BEIJING, Nov. 9 (Xinhua) -- Despite recent signs of homes getting more affordable, China's war against its stubbornly high property prices looks set to be a long one, as the government has repeatedly pledged to continue its market curbs until it comes to a "reasonable" level.
Chinese Premier Wen Jiabao again voiced determination to tame the country's housing costs earlier this week, after nearly two years of trying to cool the property market.
"I want to especially emphasize that there will not be even the slightest faltering in the property market curbs," Wen said in a speech during his trip to Russia over the weekend.
China's State Council approves plan to curb greenhouse gas emission
BEIJING, Nov. 9 (Xinhua) -- The State Council, or China's Cabinet, on Wednesday approved a plan to contain greenhouse gas emissions in a bid to realize a 17 percent fall in C02 emission per unit of GDP by 2015.
US to keep pressure on yuan at APEC
HONOLULU - China's currency will continue to be a topic during the Asia Pacific Economic Cooperation (APEC) forum in Hawaii later this week.
Experts say that the United States is likely to keep pressing China to appreciate its currency - a move supported by many US lawmakers.
APEC to give ties with US shot in the arm
WASHINGTON - The upcoming Asia-Pacific Economic Cooperation (APEC) forum will help improve Sino-US relations and promote regional cooperation in the Asia-Pacific region, analysts said.
China's innovative surge is genuine
NEW YORK - When author Rebecca Fannin talked three years ago about her book Silicon Dragon: How China Is Winning the Tech Race, she received some push back from her United States audience.
Investing overseas delivers dividends
Rapid rise helps recipient nations tackle scourge of unemployment
BEIJING -China's overseas investment has increased rapidly, despite the global economic outlook, helping recipient countries tackle unemployment.
More Chinese counties to get irrigation improvements
BEIJING, Nov. 8 (Xinhua) -- China's Ministry of Water Resources (MWR) said on Tuesday that it has added 400 counties to a list of those whose irrigation facilities will be improved in small-scale projects to boost farmland productivity.
The addition takes the total number on the list to 1,250 key counties, covering 78 percent of China's arable land and accounting for 86 percent of its total grain output, the MWR said in a statement on its website.
Caibai is one of Beijing's premier locations for gold products. On Sept 25, the store lowered gold jewelry prices for the second time this year, from 432 yuan ($68, 50 euros) a gram to 419 yuan. Weeks earlier, gold prices had climbed to record highs.
Recent deals like these have helped fan a frenzy for gold among increasingly affluent Chinese buyers, as more turn to the precious metal as a form of investment amid global economic and financial uncertainty.
Firms unsure over new social security scheme
BEIJING - The majority of companies with foreign workers are adopting a wait-and-see attitude toward the new social security scheme, according to a survey.
A recent regulation mandating foreigners with a work permit in China to be included in the social security system has sparked concern among the business community over rising costs.
"A small number of companies have started paying the new social security for their foreign employees, while the majority of employers are still debating how to move forward," said Greta Mikelonis, who works in Shanghai with Mercer, the human resources company that conducted the survey.
The survey was based on feedback from 475 companies. About 16 percent said that they were considering changing employee remuneration packages for 2012, while the remaining 84 percent said they had no plans to make any changes at the moment.
Gates: Chinese innovation can help the poorest
SEATTLE, the United States - Despite being a developing country, China can use its expertise in health and agriculture to help the poorest countries in the world, especially those in Africa, said Bill Gates, the technology magnate and co-chair of the Bill & Melinda Gates Foundation.
In an exclusive interview with China Daily on Tuesday, Gates, who is also the chairman of Microsoft, said he expects to see some "very big things" from the foundation's new partnership with China's Ministry of Science and Technology.
"Obviously, China has done a fantastic job in reducing poverty," Gates said. "It is not completely done, but just for the last 30 years, if you take where China was and where it is today on almost every front, particularly in the areas that we (the Bill & Melinda Gates Foundation) focus on - health and agriculture - China has done very good work."
Stroke number-one killer in China
Stroke is the most common single cause of death in China, according to the China Stroke Declaration, which was released Saturday by China's Ministry of Health, to mark the annual World Stroke Day (October 29th). The ministry launched a national campaign on the same day to promote the awareness of preventing stroke.
China tweaks its famliy planning policy
BEIJING - Leng Xuefeng used to beg to have a male offspring after his wife gave birth to a daughter two years ago. Leng's wishes did not go unanswered, but in fact were responded to in an exceedingly generous fashion: his wife became pregnant earlier this year and gave birth to twin boys in October.
Both Leng and his wife are the only children in their respective families and are thus entitled to have a second child due to a recent change in China's decades-old family planning policy.
The policy, which used to limit urban couples to having only one child, has now been modified to allow any couple to have a second child, as long as both parents are only children themselves.
Soong Ching Ling statue going up in C China
A 24-meter stone statue of Soong Ching Ling (1893-1981) is going up in Zhengzhou, capital of Central China's Henan province, on Nov 3, 2011. Soong Ching Ling is former vice-president of China and wife of Sun Yat-sen, the leader of the 1911 Revolution that toppled the Qing Dynasty (1644-1911), China's last dynasty. The statue's base is designed as a meeting hall with an area of 800 square meters and construction is expected to be completed by the end of this month, according to construction workers. One of the workers said the statue belongs to the Henan Provincial Soong Ching Ling Foundation.
China's largest freshwater lake parched
Red flowers and green grass thrive on a piece of dried exposed riverbed of Poyang Lake, the China's largest freshwater lake in Jiangxi province, Oct 26, 2011. The water level of the lake's gauging station had declined to 9.98 meters on Oct 27, below the critical level of 10 meters, which marks the lake formally entering low water season. It is roughly 10 days earlier than the average date since 2000. The water surface of Poyang Lake has contracted to 536 square kilometers from about 1,000 square kilometers in September.[Photo/CFP]
With this click, I will thee wed
Online marriage game may be more than harmless romantic fantasy, Zhang Yuchen reports from Beijing.
Qian Yu spends hours talking to his bride, discussing furniture for their luxury duplex and colors for the living room walls. They have finally pinned down European Classic style, light purple for the walls and red for the carpet.
Since the summer holidays, Qian has seemed the normal happy newlywed, excited by the mere details of cooking and dining with his wife. But he is just 15 and his married life exists only in cyberspace.
Qian and his "bride" - he said he doesn't know her real name - are two among millions of Chinese teenagers and adults who indulge in virtual marriage. "Not legally binding, for romantics only," according to the home page at 78ba.com.
It takes two to tango
Huge potential of co-productions attracts global filmmakers to China
For several years, despite its rich promise, China never figured prominently on the agenda of global filmmakers and distributors as the path to success was riddled with obstacles like strict regulations, piracy and a not too receptive audience.
Circa 2011 and things have changed dramatically with the industry heading for a dream run with several blockbusters in the making.
Not only has China become a market that commands the attention of buyers and sellers, but also an integral market in box-office returns for global film companies.
Industry sources say that China could surpass Japan and India in box-office receipts next year to take the second position globally and pose a strong threat to market leader US by the end of the decade. Lending credence to these claims are industry growth rates in excess of 64 percent and collections of over $1.5 billion (1.1 billion euros). Rough estimates for 2011 indicate that the industry could end up with receipts of over $2 billion.
During the past five years, domestic box-office revenue has grown by nearly 400 percent to 10 billion yuan ($1.57 billion, 1.13 billion euros) in 2010.
Deng's great legacy
A Western scholar writes on the life and times of the man who helped transform China
In 2000, the China scholar Ezra Vogel was thinking about writing a book to help Americans understand key developments in Asia when he was about to retire from teaching at Harvard University. When his friend Don Oberdorfer, a veteran journalist, suggested he should write about the Chinese leader Deng Xiaoping, Vogel thought about it for many weeks, and concluded that the idea was exactly right.
For the past 10 years, Vogel has researched Deng extensively. He has read books about him, traveled to China numerous times and interviewed hundreds of influential Chinese and foreigners, as he mentions in the preface of his new book, Deng Xiaoping and the Transformation of China.
The book, published by Harvard University Press last month, chronicles Deng's rich and intricate life and career from his birth on Aug 22, 1904 in a weakened Qing Dynasty (1644-1911) to his death on Feb 19, 1997, a few months before the return of Hong Kong to the motherland. That time span also takes in the country's turmoil and an economic boom in the last three decades.
OK, brave guy, you go first
CHANGSHA / BEIJING - Jutting out from a sheer cliff 1,430 meters high, the glass skywalk in Zhangjiajie National Forest Park makes mice of men.
"My girlfriend blamed me for not acting bravely," said a man from Shandong province, who refused to give his name because he was ashamed of not having the guts to walk across the see-through walkway.
"I will challenge the road next time, when I'm ready for the height, and then I will shout my name out loud."
The glass skywalk spans 60 meters of a 2-km loop encircling the vertical cliffs of Tianmen Mountain in Hunan province, a UNESCO World Heritage Site.
"Tourists can walk, run or even jump on the walkway as the fence and planks are all tempered glass," said Tian Huilin, deputy general manager at the tourism office of the Tianmen Mountain Scenic Spot.
China's Top 10 Leisure Spots
US currency bill would see 'retaliation'
Passage will hurt the interests of both countries, Chinese officials say
BEIJING - China's government will not sit by and will retaliate in kind against the United States if a measure targeting the yuan becomes law, said the Ministry of Commerce on Monday.
"The currency legislation proposed by the US would hurt the interests of both China and the US. We are strongly against it," said He Ning, director-general of the Department of American & Oceanian Affairs with the Ministry of Commerce.
"If it eventually passes and becomes law, we cannot ignore it and will definitely reciprocate in kind," said He, who refused to elaborate.
"We have readied ourselves with measures to deal with the possible outcome from the US", He said.
Govt slams Romney yuan attacks
BEIJING - The Foreign Ministry said on Monday that attacks by leading US Republican presidential candidate Mitt Romney on Chinese trade and currency practices were "irresponsible".
Romney last week threatened trade sanctions against China if the world's No 2 economy does not halt what he claimed was currency manipulation, unfair subsidies and rampant intellectual property theft.
Romney's tough stance came as he has sought to stake out differences with President Barack Obama and tap into the US public's rising concern over China's economic and military growth.
"We think that frequently blaming others, looking for scapegoats and even misleading the public is an irresponsible attitude," Foreign Ministry spokesman Liu Weimin said at a news conference.
New Yuan FDI scheme unveiled
Analyst say program will broaden channels for the currency overseas
BEIJING - China on Friday formally launched a pilot program that allows foreign enterprises to use the yuan to invest in the country, as part of its efforts to raise the global profile of the currency.
The People's Bank of China, the central bank, issued the rules on foreign direct investment (FDI) in yuan in a statement, saying that institutional and individual investors from overseas will be able to apply for permits to make direct investment in China with the settlement in yuan.
The Ministry of Commerce also unveiled detailed definitions and application procedures for the process, explaining that applications for yuan FDI worth 300 million yuan ($47 million) or higher must be submitted to the Ministry.
The move was seen as a major step in China's ambitions to internationalize the yuan after Vice-Premier Li Keqiang pledged in August to support Hong Kong as a key offshore yuan hub and to encourage overseas companies to make direct investment in the mainland with the currency.
'Politicizing trade issues only harm Sino-US ties'
BEIJING - Chinese Vice-Premier Li Keqiang said Friday that politicizing economic and trade issues can only harm Sino-US economic and trade ties, instead of resolving the economic and employment problems of the United States.
Li made the remarks in a meeting with visiting former US Secretary of State Condoleezza Rice, while touching on the US Senate's passing of the Currency Exchange Rate Oversight Reform Act.
The bill, passed on Tuesday, is specifically directed at China's currency, which the United States claims is undervalued to make Chinese exports to the United States cheaper.
China is gravely concerned about the potential passing of the bill, Li said, noting that politicizing economic and trade issues will also obstruct the global economic recovery and sustainable growth.
"Sino-US economic and trade ties have the distinctive feature of mutual benefits," Li said.
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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APEC committed to building seamless regional economy
HONOLULU, United States, Nov. 13 (Xinhua) -- Leaders of the Asia-Pacific Economic Cooperation (APEC) forum said here Sunday that they are committed to building a seamless regional economy through joint efforts.
"In APEC this year, we have committed to taking concrete steps toward a seamless regional economy, in order to link our economies and markets ever closer together, to the benefit of all," said "The Honolulu Declaration -- Toward a Seamless Regional Economy," which was posted on APEC's official website.
"We meet at a time of uncertainty for the global economy. Growth and job creation have weakened in many economies, and significant downside risks remain, including those arising from the financial challenges in Europe and a succession of natural disasters in our region," the document said.
The declaration added these challenges have only strengthened member economies' commitment to cooperation as the way forward. "Building on the Yokohama Vision, we firmly resolve to support the strong, sustained, and balanced growth of the regional and global economy," the statement said.
Leaders of the 21-member APEC said that they have recognized that further trade liberalization is essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009.
The member economies have deep concerns regarding the impasse confronting the Doha Development Agenda (DDA), and the reality is that a conclusion of all elements of the Doha agenda is unlikely in the near future, the statement said.
Experts: Cooling inflation leaves room for policy adjustments
BEIJING, Nov. 14 (Xinhuanet) – In line with market expectations, China's consumer prices increased 5.5 percent in October from a year earlier, registering the slowest pace in five months as the result of falling food prices and accumulated effects of tightening monetary policies.
Hu reaffirms support to Hong Kong's stability, prosperity
HONOLULU, United States, Nov. 11 (Xinhua) -- Chinese President Hu Jintao said here Friday that the central government would spare no effort to maintain Hong Hong's economic stability and prosperity.
Uninhabited Chinese island auctioned off to high-end developer
NINGBO, Nov. 11 (Xinhua) -- The land use rights of an uninhabited island off China's east coast were auctioned off Friday to a developer eyeing yacht recreation, in the first such case after China encouraged businessmen to occupy and develop remote islands in its territorial waters.
The auctioned island, Dayangyu, is located 300 meters off the coast of Ningbo city, Zhejiang province, with an area of 0.258 square km and a coastline of about 3,000 km.
Ningbo Gaobao Investment Co. Ltd. won the land use rights of Dayangyu for 50 years with an offer of 20 million yuan (3.2 million U.S. dollars).
In China, land is owned by the state. Individuals and businesses can only acquire the rights to use the land.
"Our company plans to invest 500 million yuan to develop the island," said Yang Weihua, Ningbo Gaobao's manager. "We are going to turn the island into a high-end tourism and recreation destination with a focus on yachting."
Among the 176 uninhabited islets in China, Dayangyu Islet in Ningbo’s Xiangshan County releases the first auction announcement to transfer the right of use. The auction will be held in the Ningbo Shangri-La Hotel on 10th Nov.
In addtion, the exploitation plan of DanMenShan Islet plan has been approved. It is the first approved exploitation plan of an uninhabited island since the implement of the “Island Protection Law”.
The premise of exploitation is to protect the ecology of the islet, which will be used for entertainment.
Besides, many protective regulations have been announced. Permanent buildings are forbidden on the beach, and no barbecues are allowed on the beach too.
Video by CCTV News (China Central Television)
Chinese leaders warn of deteriorating Euro debt crisis, stress IMF reform
BEIJING, Nov. 8 (Xinhua) -- Top Chinese leaders have warned of the dangers of a deteriorating European debt crisis, vowing to participate in reforms of the International Monetary Fund (IMF) during a two-day visit to China by the mechanism's chief, Christine Lagarde.
WARNING ABOUT EUROPEAN DEBT CRISIS
"The European sovereign debt crisis has raised the fiscal and financial risks in developed economies, throwing in severe challenges to world economic recovery," Premier Wen Jiabao told Lagarde during a Thursday meeting.
Vision will drive changes to ruling system
The term "system," or structure of government, has been at the center of heated discussions in recent years. Some attribute China's various problems to the "original sin" of system. But the everyday use of "system" is more complicated.
The Chinese people are often divided into two groups. Those working for government departments, administrative institutions and SOEs are considered winners who stay within the system, enjoying stable salaries, good benefits and a strong sense of security. The rest, however, are seen as losers abandoned by the system.
Such divisions are not accurate.
China has over 48,000 centenarians
BEIJING, Nov. 7 (Xinhua) -- China has more than 48,000 centenarians, said a survey published by the China Gerontological Society on Monday.
Pressure builds up for tighter air quality monitoring in Beijing
BEIJING, Nov. 6 (Xinhua) -- China's real estate tycoon Pan Shiyi on Sunday joined a growing group of media and public intellectuals to call for using tighter monitoring standards to rein in Beijing's notorious air pollution.
Hu addresses commodity prices, energy, food security in G-20 summit speech
CANNES, France, Nov. 4 (Xinhua) -- Chinese President Hu Jintao on Friday delivered a speech at the G-20 summit on key issues such as the fluctuation of staple commodity prices, energy and food security and employment.
On the issue of the fluctuation of staple commodity prices, Hu noted that the G-20 needs to focus on the following three aspects:
First, seek a proper balance between the stabilization of staple commodity prices and the promotion of world economic growth.
China pledges more help to other developing countries
CANNES, France, Nov. 3 (Xinhua) -- Chinese President Hu Jintao said Thursday that his country will provide more help to other developing countries.
China would provide new loans to help developing countries improve infrastructure and would further reduce tariffs for the least developed countries, Hu told world leaders at the summit.
Between 2010 and 2012, China will provide Africa 10 billion U.S. dollars in the form of soft loans, the bulk of which will go to infrastructure development, he said.
Between 2011 and 2015, China will build 200 infrastructure projects in clean energy and environmental protection in other developing countries, he announced.
China will give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed countries that have diplomatic relations with China, he said.
Targeting yuan is no antidote to global economic woes
BEIJING, Nov. 2 (Xinhua) -- With the global economy distressed by stubborn financial woes in some developed countries, the upcoming G20 summit provides an opportunity for the world's major economies to work together to put things back on track.
It would be unadvisable and unhelpful to squander valuable time at the summit squeezing China over its currency policies. Bearing down on the yuan will neither cure the maladies of the struggling countries nor shore up the teetering world economy.
The Chinese currency has nothing to do with the sprawling debt crisis in the eurozone, which stemmed from a mismatch between the bloc's monetary policies and financial practices as well as a lack of financial regulation.
Nor is the Chinese currency the initiator of trade imbalances in international trade, particularly that between China and the United States. The some 30-percent appreciation of the yuan's value against the greenback during the past six years did not diminish the U.S. trade deficit with China.
Meanwhile, even if the yuan appreciates more and makes Chinese products more costly in U.S. markets, the U.S. trade deficit will not disappear, because rational consumers will simply turn to imports from other low-cost countries.
Among the real culprits behind the U.S.-China trade imbalances are Washington's restrictions on high-tech exports to China. The same is also true in the trade imbalances between China and other developed economies.
China's Three Gorges hits full capacity
YICHANG, Oct. 30 (Xinhua) -- China's Three Gorges Dam on Sunday reached its designed highest mark, the second time for the world's largest water control and hydropower project to run at full capacity.
The water level hit 175 meters at 5 p.m. after storing water for nearly two months from the water level of 152 meters, said an official with the China Three Gorges Project Corporation (CTGPC), the developer of the project.
A dozen hydropower turbo-generator units started operation on Sunday, generating power capacity of 8.2 million kw, said the official.
Oct. 31 - Nov. 6
The continued tightening measures of the government and the poor autumn sales volume have forced developers to drop housing prices nationwide, which indicates that the market is moving closer to a turning point.
Govt to bankroll pension and medicare in Tibetan temples
Tibetan officials pledged to consolidate the social welfare of the monks in Tibet and to promote the legalization and normalization of monastery management, as a move to boost national unity along with regional development and stability, according to Chen Quanguo, the Committee Secretary of the Communist Party of China (CPC) of the Tibet Autonomous Region (TAR), at the eighth Party congress of the TAR on Saturday.
"The establishment of harmonious model temples is encouraged in the Tibet Autonomous Region (TAR) and patriotic law-abiding monks will be praised," Chen said.
US rule of TPP halts natural expansion
US Secretary of State Hillary Clinton kickstarted a publicity campaign Thursday by Washington to push for a free trade deal called the Trans-Pacific Partnership (TPP), while pressing China on human rights. The approach Washington adopted in promoting the pact runs counter to its aim of strengthening mutual trust and ironing out differences in the Asia-Pacific region.
The TPP was formed with Singapore, Brunei, Chile and New Zealand as its original members. It gained impetus in 2008 after the US announced its willingness to join and invited other economies to follow suit. There are high benchmarks being set for the proposed TPP grouping, shedding light on product safety, labor standards, monitoring and economic legislation for its member states. The pact is more than a mere economic issue, according to Clinton.
The current goals put out by the US are truly ambitious. Clinton’s remarks specifically fueled speculation about Washington’s attempt to contain China through TPP. If the US is sincerely committed to the success of its TPP initiative, Clinton should not have adopted this tone.
The prerequisite for any regional cooperation is the principle of mutual benefit ...
Winds of war start blowing toward Iran
The last few days have seen tensions over Iran take a sharp turn for the worse. Some feel that the US and Israel should combine to strike at Iranian nuclear facilities. This is reminiscent of those who encouraged NATO to hit Syria a few weeks ago.
Other countries that take an anti-Western stance, like North Korea, have also faced similar threats before. Even with bigger countries like China and Russia, elements in the US have also clamored for an attack to eliminate their nuclear power once and for all.
It seems that Cold War victories entrenched a "bomb first, ask questions later" attitude to international problem-solving for the Allies.
There used to be a major worry about Iran's retaliatory ability. This seems to be dwindling.
The public impulse to attack Iran is gaining traction among US and Israeli policymakers. Listening to the public is vital, but there are other factors that make the Western attitude to war both frivolous and reckless.
The financial crisis is showing cracks in the Western lifestyle, making people anxious and irritable. History teaches us that war can quickly raise its ugly head at such times. There are always those who think wars can be a catalyst to move past a crisis.
Kaixin - Yikes!!
Nurturing SCO growth and independence
Monday, the leaders of the Shanghai Cooperation Organization (SCO) countries met in St. Petersburg. Some Western media have been caustic in appraising the organization. The SCO boasts two big powers, China and Russia, and four central Asian countries as members, and now has several major Asian countries as observers. Others are lining up for membership. While facing complex external pressures, cooperation within the SCO is progressing apace.
High-speed rail challenges China's vision
China's Ministry of Railways (MOR) has reportedly asked the central government for an $800 billion yuan ($126 billion) bail-out plan. Some call the MOR China's Fannie Mae and Freddie Mac, two US mortgage finance giants that have made huge contributions but now are a heavy burden for the US government.
The comparison reminds us of the severity of the MOR's "debt crisis." But while the two US companies focus on finance, the MOR-led railway construction belongs to the real economy.
Rethink China's nuke weapons strategy
Having no idea that China does have nuclear weapons, Republican presidential candidate Herman Cain suffered his latest mark on his foreign policy credentials this week. The GOP hopeful defended himself by dwarfing greatly China's nuclear capacity when compared to that of the US.
The US media might be surprised by Cain's ignorant remarks, but it is the Chinese people who will feel more astonished. Though Cain has successfully worked as the CEO of a big company, a radio host and columnist in the past, his ignorance of China's nuclear capacity is not alone among the US elites in respect of China.
China refuses to appreciate its currency
China rejected calls to appreciate its currency as the world's leading economies failed to agree on how to support the International Monetary Fund (IMF) to help tackle the European debt crisis at the G20 summit in Cannes Friday.
As the summit wrapped up, Chinese President Hu Jintao called on global leaders to stop pushing for currency appreciation in emerging markets, the Wall Street Journal reported.
"To keep asking emerging markets to revalue their currencies and reduce exports will not lead to balanced growth. On the contrary, it would only plunge the global economy into a ‘balanced recession,' and make sustainable growth impossible," Hu was quoted as saying.
Zhou Shijian, international trade law expert at the Center for US-China Relations Tsinghua University, cheered Hu's remarks.
French President Nicolas Sarkozy talks with German Chancellor Angela Merkel (2ndL), US President Barack Obama (2ndR) and British Prime Minister David Cameron prior to the start of a round-table meeting on Thursday during the G20 Summit of Heads of State and Government in Cannes, France.
US should be paying bills, not funding soldiers
US President Barack Obama's recent announcement of a withdrawal from Iraq, coupled with talk of serious cuts in the US defense budget, tempts observers to hope that the US may finally break its addiction to runaway defense spending and tackle its massive debt. Such hopes were dispelled by US Defense Secretary Leon Panetta's recently concluded trip to East Asia.
If the US ultimately falls from its perch as the world's most powerful nation, it will not be because it failed to spend enough on its military, it will be, as was the case with the Soviet Union and the British Empire, because it could no longer pay its bills.
Greece's oldest legacy may be its downfall
Greece's decision to hold a referendum over the EU's rescue plan jolted the markets on Tuesday throughout Europe and the US, a signal that investors are worried over the country's fiscal future and the prospect of the euro.
The referendum, scheduled for next January, may not be hard to predict. Public polls suggest over half of Greece sees the second EU rescue package in a negative light.
The second rescue plan garnered some hope of saving the eurozone from the abysmal crisis. If the plan was voted down by the country's citizens, foreboding bankruptcy of Greece, it would deal an unfathomable blow to the eurozone.
The rescue plan and austerity policy may be difficult for the public to swallow. Greece has already staged the largest scale street protest over budget cuts. Rendering the decision of the country's fate to the public, which may concern their immediate life more than the country's long-term prospects, is only delaying the necessary choice.
A long-time welfare package, realized on government debt and not on productivity, has exhausted Greece's fiscal ability and triggered the euro crisis. The final solution is to cut government spending, extend work hours, and lower salaries and welfare standards.
But welfare has often turned out to be an explosive subject for elected officials. And even at this critical moment now, the government may still be wavering between the public's demand and the country's long-term future.
Greek Prime Minister George Papandreou, though initially expressed welcome to the EU's second rescue plan, later announced the decision for a referendum.
The hole is getting bigger. If the rescue decision had been made and taken a year ago, the loss would have only been one-fifth of what the amount is now.
At a time of economic difficulty, the government needs to demonstrate more determination to go against popular will.
China's new venture into space exploration
Shenzhou-8 was launched this morning to meet Tiangong-1 in space. China's space exploration has started, and the benefits will not be clear until China becomes a force in space technology.
But there is no other choice. As long as we are determined to rise in the world and pursue rejuvenation, we need to take risks. Otherwise, China will be a nation with prosperity but subordinated to top powers, and such prosperity depends on the attitudes of others.
News and Current Affairs
Dwelling in the Fuchun Mountains - FEATURE
11th November 2011
The Wall Street Journal
Obama Seeks New Pacific Influence
President Says 'We Are Here to Stay' at Start of East Asia Trip, but Beijing Challenges U.S. Role as Dominant Power
HONOLULU—President Barack Obama plunged into a long-awaited and high-stakes mission to re-establish U.S. leadership in the Pacific but is bumping into the expanding influence of China at every turn.
Framework Is Set For New Trade Bloc
HONOLULU—President Barack Obama's biggest economic achievement as host of Asian-Pacific leaders over the weekend was to reach the basic framework for a modestly sized free-trade bloc that nonetheless could serve as a major counterweight to China's rising power in the region.
Japan's Free-Trade Move Criticized
HONOLULU—Japan's prime minister hoped for praise at the weekend summit of Asian-Pacific leaders here for his bold pledge to join a U.S.-led free-trade pact—but his government instead got into a tangle with the Obama administration over just how far he had promised to go, and drew skepticism abroad and at home about the gesture.
Hu Resists Obama's Yuan Pressure
HONOLULU—Chinese President Hu Jintao defended his nation's stance on foreign-exchange policy when pressed by U.S. President Barack Obama during a meeting of Asia-Pacific leaders in Hawaii over the weekend, underscoring differences between the world's two largest economies in a time of uncertainty over the global economy and worries over Europe's debt crisis.
More China Land Auctions Failing
SHANGHAI--More land auctions in Chinese cities are falling through, and transaction prices have declined, the Xinhua News Agency reported Monday, citing recent auctions in cities such as Jinan, Nanjing and Chengdu.
Economists React: China’s Trade Surplus Falls Short of Expectations
China’s trade surplus widened in October to $17.03 billion, up from $14.5 billion in September, but was still much smaller than expected. According to customs data released Thursday, exports rose 15.9% from a year earlier, down from September’s 17.1% rise, while imports rose 28.7% from a year earlier, up from a 20.9% rise in September. Analysts give their take:
Guangdong’s Recipe for Happiness: Fewer People, More Sex
The bedroom has become the latest target in a campaign to make “happiness” keep up with unbridled economic growth in the southern Chinese province of Guangdong, with a senior local official pledging to improve the sex lives of singles.
China Adds a Spyglass in Space, Hints at More to Come
Matt Durnin is a Beijing-based researcher at the World Security Institute’s China Program and associate editor of the policy journal China Security. He specializes in China’s defense modernization and space programs.
Pop-Art Painter Takes On the Song Dynasty - VIDEO
The American painter Roy Lichtenstein's fascination with ancient Chinese art is the subject at Gagosian's Hong Kong gallery. And will Seattle get its own Bruce Lee museum before Hong Kong? WSJ's Jake Lee and Jason Chow discuss.
Asia Today: More Signs of a Chinese Slowdown - VIDEO
There are further signs of an economic slowdown in China, with trade data showing a fall in both imports and exports. As inflation also slows, Aaron Back and Tom Orlik discuss China's options, including applying the brakes on yuan appreciation.
Reasons Not to Be Cheerful About China
A couple of depressing data points from digging into China’s trade statistics.
Another City (Temporarily) Caps Real Estate Prices
A second Chinese city has announced a temporary cap on the price of real estate, one more chilly blast for the country’s creaking residential property sector.
Goldman Sachs in China: Best Investment Ever?
Goldman Sachs is selling down its stake in Chinese banking giant Industrial & Commercial Bank of China — a five-year-old investment that already has reaped a windfall for the Wall Street firm.
China Makes Big Purchase of U.S. Cotton
China made its largest purchase of U.S. cotton in eight years, a sign that the scramble for the fiber is heating up again.
Caterpillar Reaches Deal to Buy Chinese Mining-Machinery Maker
Caterpillar Inc. said Thursday it intends to buy ERA Mining Machinery for as much as $887 million, giving Illinois-based Caterpillar greater exposure to the modernization of China's coal mines.
Surge in Rich Chinese Who ‘Invest’ in U.S. Citizenship
Despite all the talk of class warfare and punishing success, the U.S. remains a highly desirable place for the world’s rich. Especially for the rich Chinese.
Economist: China, U.S. Both Need Freer Markets, Better Leadership
Peking University economics professor Zhang Weiying said at a panel discussion in New York on Tuesday that both China and the U.S. rely too much on their respective governments to solve social and economic problems, and they both need better leadership to move their countries ahead.
Economists React: China’s Inflation Cools in October
Chinese inflation slowed significantly in October, falling to 5.5% year-to-year from 6.1% in September, opening up the possibility that policy makers could begin to loosen their grip on the country’s money supply. Analysts weigh in:
China Needs Help from Europe
Europe may be looking to China for help out of its financial crisis, but the Chinese themselves could do with some help from Europe.
Chinese commodity importers are feeling the impact of a European credit crunch. European banks are becoming ever more reticent to provide trade finance, such as letters of credit, according to a leading executive at one of the world’s top mining companies.
Battle Plans Tempt Chill in U.S.-China Relations
The Pentagon is preparing to announce a controversial AirSea Battle concept that analysts believe is meant to check China’s growing military but could also spark fresh tensions between the two powers.
U.S. Navy Commander Calls for Greater Dialogue
A top U.S. Navy commander in the Pacific warned about the dangers of minor disputes in the South China Sea blossoming into bigger crises, emphasizing the need for diplomatic and military dialogue in the region.
“I’m concerned about any tactical trigger with strategic implications,” said Vice Adm. Scott Swift, commander of the U.S. Navy’s Seventh Fleet, the heart of America’s naval presence in Asia.
Kaixin - Good to hear .... see Global Times above
Pork Predicts China’s Future
China’s food price soufflé is finally deflating.
High prices for vegetables in the opening months of the year and then pork over the summer contributed to an uncomfortable bloated feeling for China’s policy makers.
Increditable! IMF’s Lagarde Joins China’s Top Microblogging Site
Sign of the drawing power of the Chinese microblogging phenomenon? Or social media ploy to get China to bail out Europe?
Kaixin - I frankly fail to see what is so 'increditable' - The US of A is obviously still can't quite get it ... they ain't the only kid on the block no more.
U.S.-Born Chinese, Back in China to Set Up Shop
Ed Hsu is having an identity crisis.
The 37-year-old, American-born Chinese owns two Shanghai branches of Singaporean chain Awfully Chocolate, which he first franchised in 2007. “My parents went to Taiwan during the war but have these romantic memories of China, so they’re confused, which trickled down to me,” he says. “You come to China, and you’re not really Chinese anymore. You go to Taiwan, but they don’t consider you Chinese. Then you go to the States, and you’re a citizen, but you’re not really American.”
Kaixin - Xiaosui has the same issues ...
Why Liszt Tops Lang Lang’s List
This weekend, Lang Lang performed with the Los Angeles Philharmonic led by Gustavo Dudamel – and guess what? Liszt was not on the menu – at least, on paper. “Bach, Schubert and Chopin are already a program which I think fits very well, and it was already planned even before I did the recording,” the artist said before the show. “But don’t worry, we will have Liszt for the encore… Liszt, and more Liszt!”
See Kaixin's: Classic Music Archive
Niall Ferguson Says China Has Mastered the ‘Killer Apps’ - VIDEO
The U.S. has lost its position as the best place to do business, and China and the rest of the East have so mastered the ways of the West that they're charting a whole new economic paradigm, Harvard historian Niall Ferguson says in an interview with WSJ's John Bussey.
Niall Ferguson is a professor of history at Harvard University and a professor of business administration at the Harvard Business School.
Does History Say China Wins?
The problem is, history isn't on the side of that argument, says Niall Ferguson, an economic historian whose new book, "Civilization: The West and the Rest," was published this week. Mr. Ferguson, who teaches at Harvard Business School, says China and the rest of Asia have assimilated much of what made the West successful and are now often doing it better.
A New Theory for China’s Next Generation of Leaders: The Three Blurs?
From a man who helped explain China’s policy of “three represents” now comes a theory called the “three blurs.”
Robert Lawrence Kuhn, an American businessman who has written as a confidant of Chinese officials like former President Jiang Zemin, says the generation of Communist Party leaders who are expected take power in next year’s once-per-decade personnel shuffle will struggle with overlapping interests and constituencies. He dubs their challenge the “three blurs.”
Flare from Party’s Red Star Signals a Brewing Storm in Beijing
While many international observers are looking to see if Beijing can help the heavy financial weather that is battering the euro zone, the makings of a political storm are building in China.
Last week, while China watched European financial markets get pummeled, Chongqing Party Secretary Bo Xilai, did some punching of his own at home...
Russell Leigh Moses is a Beijing-based analyst and professor who writes on Chinese politics. He is writing a book on the changing role of power in the Chinese political system.
A Glimpse into Chinese Law-Making
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).
The most that Westerners hear about Chinese law usually pertains to human rights violations, examples of arbitrary official conduct and a weak judiciary. While these problems remain critical, they tend to overshadow an equally important, though less headline-ready, topic: How laws are drafted in China and what that means for the country’ progress toward greater legality.
A foreign target is needed to shift domestic attention away from the frail US economy. The RMB definitely fills this need. However, a funny fact is that the RMB has risen by about 30 percent in five years while the US unemployment rate has increased from 7 percent to 14 percent.
Hu Resists Obama's Yuan Pressure
HONOLULU—Chinese President Hu Jintao defended his nation's stance on foreign-exchange policy when pressed by U.S. President Barack Obama during a meeting of Asia-Pacific leaders in Hawaii over the weekend, underscoring differences between the world's two largest economies in a time of uncertainty over the global economy and worries over Europe's debt crisis.
Pressure Increases Over Yuan
Summit Comes as U.S. Clamors to Keep Currency Rising, but Cooling China Economy Makes Case Harder
China's slowing economy makes Beijing more likely to step on the brakes on the yuan's rise, just as U.S. President Barack Obama is to meet with Chinese President Hu Jintao under pressure to convince his counterpart to pick up the pace.
Dual Exchange-Rate Regime For China? An Historical View
Is China going back to a dual exchange-rate system?
That’s the way it’s been looking of late with the renminbi trading at a discount in Hong Kong to the mainland rate.
Another Reason Not To Expect the Yuan To Rise Faster
While the U.S. figures it scored a victory in the recent Group-of-20 communique when it won a commitment by China for “greater exchange rate flexibility,” don’t assume that Beijing plans to speed up the appreciation of the yuan any time soon.
A big reason why is contained in a new paper by economists Risheng Mao of the Chinese Academy of Social Sciences and John Whalley of the University of Western Ontario.
Yuan Falls to Bottom of Trading Band Against Dollar
SHANGHAI—The People's Bank of China set its yuan fixing rate against the dollar at an all-time high Wednesday, but the Chinese currency fell to the bottom of its trading band during the session for the second time this week.
Bank of China's Hong Kong Unit to Remain Sole Yuan-Clearing Bank
Bank of China Ltd.'s Hong Kong unit will retain its coveted position as the city's sole yuan-clearing bank, a person familiar with the situation said Monday, ending hopes for other lenders seeking clearing status in a move that reflects Beijing's cautiousness over the scope of the internationalization of the country's currency.
China Calls Rapid Yuan Rise Impossible
Unusually Strong Wording Signals Beijing May Put Brakes on Currency as Growth Concerns Edge Out Inflation
BEIJING—China said that rapid yuan appreciation in the near term is out of the question as it would harm China's economic growth, in one of the strongest responses yet to U.S. pressure for a faster rise in the currency.
Paulson: U.S. Should Think Twice About Forcing Yuan Issue
China should embrace a faster appreciation of its currency but U.S. policy makers should be wary of taking punitive actions to force the issue, former U.S. Treasury Secretary Henry Paulson said Tuesday.
Getting Tough With China (the Right Way)
Hold Beijing's feet to the fire over its slide back into mercantilism.
So it appears that U.S. House Speaker John Boehner may be able to sideline Senate legislation to punish China for its supposed currency manipulation. House Democrats are pressing for a vote, but Mr. Boehner deserves credit for resisting this pressure despite President Obama's lack of help and GOP Presidential candidate Mitt Romney's call for anti-China tariffs.
Chamber of Commerce CEO: China Currency Bill Invites Retaliation
The head of the U.S. Chamber of Commerce warned Monday that China would retaliate by slashing prices or through other means if U.S. lawmakers press forward with legislation targeting Beijing’s management of its currency.
Wen Says China to Keep Yuan Basically Stable
SHANGHAI—Chinese Premier Wen Jiabao said China will keep the yuan basically stable to avoid hurting exporters, in the highest-level statement yet from Beijing on its currency policy since the U.S. Senate approved a bill that would take China to task over the issue.
Getting Kabbalistic with the Yuan Exchange Rate
And maybe there was a subtle joke in there, too. Sharp-eyed traders noticed the pronunciation of the numbers in Thursday’s rate — 6.3737 (liudian sanqisanqi) yuan to the U.S. dollar – sounds in Chinese like 有点生气生气 (youdian shengqishengqi), or “a little bit angry.”
Let’s hope tomorrow’s parity isn’t 6.7474, which in Chinese sounds like “go die, go die!”
Kaixin - They are right ...... : )
Chinese Bashing is All the Rage — But No Antidote
Let’s all blame China.
The latest episode of U.S. China-bashing is a Senate measure that would call on the White House to impose unilateral and broad-based tariffs against countries with “misaligned” currencies.
Why China Has the Upper Hand With U.S. Business - VIDEO
Watching China bully Wal-Mart this week is an embarrassing reminder of a simple fact: China, the world's fastest growing major market, has the upper hand with U.S. business. John Bussey explains on The News Hub.
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.
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.
The New York Times
President Obama promised to continue “a frank dialogue” on economic disputes with China as he met with its president, Hu Jintao, on the sidelines of a trade summit in Honolulu.
Recently discovered offshore energy reserves are spurring efforts to dominate the sea.
A Chinese report found that the environmental impact from the Three Gorges Dam was limited, despite concerns the dam contributed to a dire drought this year.
BEIJING — Western companies adapting brands to China, where names have especially deep significance, can’t just evoke the original meaning.
Gary Locke’s Chinese roots and unpretentious style have fascinated people in the streets.
Domestic demand could offset the impact of weakening demand for Chinese goods in Europe and elsewhere.
Chinese solar panel manufacturers, which had virtually no presence in the American market three years ago, now hold more than half of it.
The nation’s approach to building a world-class culture is not all that different from its economic plan: set a goal, adopt rigid specifications, spend freely and monitor the results closely.
China’s policy makers have created an artificial credit crunch in order to keep inflation in check, biting into business growth, real estate prices and lending.
Nanjing Requiem — By Ha Jin — Book Review
By ISABEL HILTON
Ha Jin’s novel recreates the horrors of the Japanese invasion of Nanjing.
The Impact of Deng Xiaoping, Beyond Tiananmen Square
By DAVID BARBOZA
Ezra F. Vogel has written a major biography of Deng Xiaoping, Mao’s vice premier, who set China on its path of reform, but also authorized the use of force in Tiananmen Square in 1989 .
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.
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.
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.”
- China's resounding economic success has turned Latin America’s attention toward a story waiting to be told
- 【Caixin Summit】 Wu Jinglian: China Needs Market Economy
- Economist Wu Jinglian said policies that would enable China's transition from a state capitalist economy to a market economy failed on poor implementation
- 【Caixin Summit】Former Top Banking Regulator Calls for Tougher Banking Oversight
- Liu Mingkang, former head of the CBRC, said the global economy remains at risk from lax regulatory oversight
- 【Caixin Summit】China in Need of Industrial Structure Overhaul
- A top-level party advisor on the economy said the largest obstacle China faces is industrial upgrades
- 【Caixin Summit】Economist Urges Government to Improve Fiscal Discipline
- The scholar argued that the subprime mortgage crisis in the United States and sovereign debt problems in Europe have resulted from loose fiscal discipline
IMF's Lagarde: China Could Stem Spread of Euro Crisis
In an interview with Caixin, IMF Chief Christine Lagarde said actions China takes to ease the European debt crisis could also benefit itself
(Beijing) -- Amidst fears of a global recession fueled by the European sovereign debt crisis, Christine Lagarde, head of the International Monetary Fund, said China's involvement in policies to ease turmoil in the eurozone would benefit both sides.
New Era Dawns for Financial Oversight
Challenges and risks brewing in China’s financial sector may be impossible to ignore for three, newly appointed financial regulators
Leadership changes for China's most prominent financial watchdogs – the China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission – tempted markets recently with hints of future reform.
Mixed Signals on Real Estate's Blind Corner
Well-publicized discounts for new homes near Shanghai may or may not point to real estate price-cutting nationwide
More than 500 excited shoppers patiently queued late into the night October 25 for a chance to buy a deeply discounted condominium home in a remote section of Shanghai's Pudong District.
Private Equity on a Risky Investor Safari
Hunting for investment capital, private equity firms have aimed marketing tools and other big guns at wealthy Chinese
"Is it legal?"
It's a question China's nouveau riche have been thinking lately, and one that a wealthy entrepreneur specifically asked his microblog followers after an advertiser claiming to be a private equity firm sent him a curious text message.
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
Hindu art of double hedging against China
By M K Bhadrakumar
The discovery that an unsolicited United States offer to sell India F-35 Joint Strike Fighters was prompted by financial concerns, not "high regard", is a sign of the economic times. India's increasing assertiveness in the Asia-Pacific appears misguided amid the apparent US decline, but Delhi will gain if China's resultant angst translates into conciliatory gestures on other geopolitical fronts.
China's richest keep firm eye on exit door
By Olivia Chung
China's wealthiest citizens, having profited from the maxim that "to get rich is glorious" are now following another, more personal, guideline - "get rich, then get out". An estimated 60% of those deemed rich in China are planning to emigrate, with the United States their favorite destination.
Kaixin - But they won't like it .
The generation who have made their money all remember the bad old days. They lived under the whim of tyranny. Yet most who move overseas do not like it and many return to China.
Life in China is good, particularly if you are rich.
If there is a major international conflict, it will probably be the U.S of A. So where to then Josephine?
The communist party of today is not the same as the communist party under Mao.
Still, with Mao's memory hauntign them, they want a get out of jail free card, just in case. They certainly do not want their children to live through times like those.
Security group stumbles forward
By Robert M Cutler
The Shanghai Cooperation Organization summit in St Petersburg this week concluded with only a little progress in advancing a key infrastructure development project for Afghanistan and even less on expanding the group.
Diplomat lets Zhou facade slip
By Wu Zhong, China Editor
The stiff diplomatic facade perfected by late Chinese premier Zhou Enlai remains key to the way China presents itself to the world. So it comes as little surprise that the Chinese ambassador to India caused uproar when he flashed an inner core of frustrated arrogance at a recent New Delhi press conference. The real surprise is that the sense Zhang Yan, pictured, was out of line was felt more keenly at home than in India.
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.
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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