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RCI Chinese: China is Strongly Against Adding Labor Protection into FTA

Radio Canada International (RCI), Chinese Edition, recently reported that Lu Shaye, China’s Ambassador to Canada, said China stood strongly against the Canadian idea of adding any conditions to protect labor to the Free Trade Agreement (FTA) between China and Canada. Lu also commented that Canada’s position in NAFTA to protect Mexican workers could also result in increased unemployment in Mexico. Due to the fact that Canada asked conditions be added, such as environmental protection, equality of men and women, as well as labor rights protections, the negotiation of a Free Trade Agreement between China and Canada remains highly uncertain. Canadian Prime Minister Justin Trudeau could not convince the Chinese leadership to accept these protections. Lu also called for a “fair Canadian position” on the U.S.-China trade war. For decades, the Chinese Communist Party has claimed to represent the best interest of the Chinese workers, against capitalism.

Source: Radio Canada International, April 10, 2018
http:// www.rcinet.ca/zh/2018/04/10/143779/

 

HKJA: Survey Showed HK Public Gave Low Score to HK Freedom of the Press

The Hong Kong Economic Journal, the city’s first financial newspaper, founded in 1973, recently reported that the Hong Kong Journalists Association (HKJA) released its annual report on the recently conducted survey on freedom of the press in Hong Kong. The city’s general public gave a score of 47.1 (out of 100), which is 0.9 points lower than last year. Professional reporters scored freedom of the press at 40.3. Over 70 percent of the reporters surveyed believed that the overall freedom of the press was worse than last year. Most of the people in the sample of professional journalists and in the sample population of the general public expressed their belief that the pressure from the Mainland government has been hurting Hong Kong’s freedom of the press. Several central government officials have pressured the local government and the local media to self-regulate when they report the news.

Source: Hong Kong Economic Journal, April 11, 2018
https://bit.ly/2vf9mkd

China’s Second Aircraft Carrier Will Soon Have Its First Sea Trial

Well-known Chinese news site Sina recently reported that China’s second aircraft carrier is scheduled for its initial sea trial in about two weeks. Leaked photos showed that its phased array radar installation reached completion. The sea trial date is likely to be around China’s Naval Army Day (April 23). Chinese Naval experts explained that the new and fully domestically designed carrier will not serve as a training vessel. Instead, it will be a combat vessel. The carrier is also to gain more design experience for the next one. However, this upcoming new carrier will not deploy catapult take-off technology because China’s carrier aircraft still needs improvements. Also, if a carrier were to use electromagnetic ejection technology, it would require high electric power, which may be too difficult for a conventionally powered carrier. The new carrier has tens of millions of parts. The full cycle of preparation, design, research, and development, as well as construction will require highly comprehensive experience to mature.

Source: Sina, April 9, 2018
http://news.sina.com.cn/c/2018-04-09/doc-ifyvtmxe6197797.shtml

China Uses 15 to 17 Percent of GDP to Pay Interest Each Year

According to an article the Jing Rong Jie (Financial World) website published, during the Tenth Chinese Mulan (Women) Entrepreneur Annual Conference held on April 14 in Beijing, Mao Zhenhua, the Founder and Chairman of China Chengxin Credit Management Company gave a speech in which he stated that, each year, China spends 15 to 17 percent of its GDP to make its interest payments. It is therefore facing an unprecedented economic and financial crisis. As a result, financial risk prevention has become the top priority for the country to deal with. According to Mao, with the large amount of capital injection following the 2008 world financial crisis as well as the country’s strong economic growth policy, China has emerged as the world’s economic power. However, China has also become the country that prints the most money in the world. Almost all the companies in China suffer from a huge amount of debt. Meanwhile China has surplus production and faces the issue that the supply is greater than the demand, as well as the issue of the price level of its stock and its real estate is too high. All of these have created an economic bubble that could lead to a financial crisis and therefore, in 2017, the government took tighter control of the economy. This control is expected to continue over the next few years.

Source: Jing Rong Jie, April 14, 2018
http://opinion.jrj.com.cn/2018/04/14225824390437.shtml

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