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All posts by LKY - 173. page

Guangmin Daily: U.S. Applied Double Standard in Handling the Financial Crisis

An article from Guangmin Daily criticized the United States for applying a double standard in handling the financial melt down in Wall Street versus the financial crisis tjat took place in Asia in 1997 and praised China for being a responsible nation. “At that time, the U.S. actively promoted the neoliberal economic model to tighten fiscal policy with little government intervention” the article said, “but during the current financial crisis, the U.S. government is taking a complete different approach which has seriously damaged the U.S.’s image in the world and it has been criticized as being an irresponsible nation.”

The article then praised China as a “responsible nation that has firmly followed the socialistic market path with Chinese characteristics”. It listed a number of actions that China took to stabilize the domestic economy and said that it has demonstrated itself as a sensible and responsible nation. The article concluded that: “after going through the economic crisis twice, it has made us further believers in the superior quality of socialist market economic systems. Therefore we can’t blindly worship the capitalist market economy anymore.”

Source: Xinhua, November 19, 2008
http://news.xinhuanet.com/theory/2008-11/19/content_10378986.htm

Briefings | | |   US-China Relations

On Factories Closing Down in Guangdong Province

Officials from Guangdong Province openly denied the rumor of “50,000 factories are closing down” and disclosed that the total number of factories closed between January and September were 7148 with most of them being the small to medium size factories.

On November 14 and 15, Premier Wen Jiabao visited Guangzhou, Shenzheng, Dongguan, and Foshan in Guangdong and called for financial infusion to support the small to medium size companies in the region.

Source:
Xinhua, November 17, 2008
http://news.xinhuanet.com/local/2008-11/17/content_10368571.htm
Xinhua, November 15, 2008
http://news.xinhuanet.com/newscenter/2008-11/15/content_10362860.htm

Briefings | | |   Economy/Resources

A Beijing Journal Facing Scrutiny for Carrying Article About Former Premier Zhao Ziyang

In September, a Beijing journal called Yan (2) Huang (2) Chun (1) Qiu (1) (炎黄春秋) carried an article about the former Premier Zhao Ziyang. Written by a former editor in Chief of Xinhua branch office in Sichuan Province, the article was said to be the first positive article about Zhao since 1989. In mid-October, the Ministry of Cultural started to get involved because “a formal leader in the central government was uneasy about the article”. The latest development was that Ministry of Cultural requested the magazine to replace its leadership team because “they have exceeded the age limit”.

Yan (2) Huang (2) Chun (1) Qiu (1) is a monthly magazine started by a group of senior CCP officials in 1991. It is a self-funded business with readers among seniors in the party or intellectuals. The circulation is in the 80,000.

Source: Asia Weekly, Hong Kong, November 2008,
http://www.yzzk.com/cfm/Content_Archive.cfm?Channel=kk&Path=2203531622/46kk1a.cfm

Briefings | | |   Government/Politics

Hu and Obama Had Telephone Conversation

Hu and Obama had a telephone conversation in the evening of November 8. Hu congratulated Obama for winning the presidential election. He praised Obama’s China policy where the importance of US-China relationship was emphasized, so was the cooperation between the two countries to work together through the global challenges and sharing the opportunity to grow.

“In the new era, China is willing to maintain the dialog with US at all levels, continue to develop strategic talks and increase cooperation in various areas.” Hu said. “We would also hope to further develop talks in handling the important international affairs, respect and care for each other and properly handle sensitive issues, such as the issue of Taiwan, so as to elevate our constructive cooperation to another level.”

Source: Xinhua, November 9, 2008
http://news.xinhuanet.com/newscenter/2008-11/09/content_10328354.htm

Briefings | | |   US-China Relations

State Council Introduced Measures to Expand Domestic Consumption

On November 5, Premier Wen Jiabao chaired a State Council meeting and discussed the measures to expand the domestic consumption to ensure smooth economy growth.

It was agreed that it is necessary to adopt a macro economic policy in light of the world economic crisis which will contain the execution of proactive fiscal policies and loose monetary policy; speed up the projects to improve people’s living standard as well as infrastructure, bio-environment and natural disaster recovery. The measure will also include the effort to improve the living standard of the low income group.

Source: Xinhua, November 11, 2008
http://news.xinhuanet.com/newscenter/2008-11/09/content_10331258_1.htm

Briefings | | |   Economy/Resources

Millions of Migrant Workers Return Home

In little over two weeks from October 11 to October 27, 1.2 million people boarded the train from Guangzhou Train Station. The number is 130,000 higher than the same period last year. Most of them are migrant workers who were affected by factory shutdown and chose to return back to their hometown. Experts predicted that the trend of factory closing is currently moving from the south towards the east part of China.

Source: Mingpo, November 9, 2008
http://www.mingpaonews.com/20081109/gba1.htm

Briefings | | |   Economy/Resources

NDRC Will Allow Corporate Bond to Grow in 2009

“National Development and Reform Commission (NDRC) is to allow the increases in the corporate bond, exercise measures to mitigate the risk and improve the bond-issuing system” a representative of the NDRC spoke at the “Seminar on the Industry Development of China in 2009” on November 2. The increases will be in quantity and variety, he said.  By the end of October, total approved corporate bond has exceeded 180 trillion compared with 171 trillion in 2007. The ratio of direct equity financing versus the indirect was 1:4.

Source: Xinhua, November 3,2008
http://news.xinhuanet.com/fortune/2008-11/03/content_10298794.htm

Briefings | | |   Economy/Resources

100,000 cases of Tainted Milk Improperly Disposed

A waste disposal center in Baiyun district of city of Guangzhou dumped over 100,000 cases of melamine-tainted milk into the nearby Shijing River without proper treatment which has caused a white layer of milk floating on the river and emitting odor in the warm weather. The local residents filed complaints with the local authority but the waste center claimed that they have received the approval from the local Sanitation Bureau on the way that the tainted milk was disposed.

Source: Xinhua, November 2, 2008
http://big5.xinhuanet.com/gate/big5/www.gd.xinhuanet.com/newscenter/2008-11/02/content_14806970.htm

Briefings | | |   Economy/Resources