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People’s Daily Online: Internationalizing Chinese Literature

People’s Daily Online published an article about promoting Chinese literature to the world. The article advocated that “Chinese literature should have worldwide significance” and “as our economy has achieved great success, (Chinese) literature should have a worldwide view.”

The article suggested that creating literature needs innovation. “The first innovation is the concept of our national literature.” “(We should) absorb multi-dimensional cultural nutrition from the world” to create literature for the world. “The second is to establish confidence in our national literature.” “The third innovation is to create a new format for our national literature.”

Source: People’s Daily Online, December 31, 2010
http://culture.people.com.cn/GB/87423/13627724.html

Briefings | | |   Economy/Resources

Researcher Suggests Trading in Yuan in Southeast Asia

Yin Jianfeng, Director of the Financial Research Center, Institute of Finance and Banking, Chinese Academy of Social Science, stated that China should avoid the Japanese yen’s mistake when pushing the yuan as an international foreign exchange reserve. Yin argued that the yen failed as an international currency due to Japan’s weak financial system, its high domestic savings rate, and the lack of an offshore trading center.

To push the yuan to go worldwide, Yin suggested using Asian countries, excluding Japan, to break into the international market, since China’s trade with these countries accounts for nearly 50% of its imports and 38% of its exports. “Hong Kong should be the yuan’s offshore international financial center.” “Trade in yuan should first start in Southeast Asia, with Hong Kong as the Southeast Asia yuan investment and trade center.”  

Source: Xinhua, December 20, 2010
http://news.xinhuanet.com/2010-12/20/c_12900744.htm

Briefings | | |   Economy/Resources

China’s Government Think Tanks Debate Foreign Policy

On December 21, 2010, the Institute of Asia-Pacific Studies, Chinese Academy of Social Science, published its “2010: Evaluation of China’s Security Situation.” The report stated, “In 2010, China faced intensified security pressure from its neighboring countries and deteriorating relationships with its neighbors.”

Recently China’s government think tanks have been debating the direction of China’s foreign policy. The International Herald Leader reported on a forum held to discuss the security report. Participants expressed two opposing views:

1.  “China should learn how to reduce it neighbors’ fears and worries concerning China’s rise. In other words, make more friends and create zero or few enemies.”

2. “China should learn from Russia. It initially took a soft foreign policy approach, but the Western world’s continued interaction with its neighbors became a threat. After Russia showed its determination to safeguard its interests, [Ed: sending troops to Georgia], the situation stabilized.”

Source: International Herald Leader, December 24, 2010
http://news.xinhuanet.com/herald/2010-12/24/c_13663115.htm

Briefings | | |   Government/Politics

Guangming: Developing China’s Propaganda Machine to Better Influence Other Countries

Guangming Daily published an article by Leng Song, a researcher at the Chinese Academy of Social Science, on how to improve China’s influence over other countries. Leng listed the following strategies:

1. Build up the CCP Central media’s brand name and reputation overseas. All major Central media have already begun to expand in the Western world.
2. Have better control and utilization of the Internet, avoiding simple approaches such as blocking or removing articles on the Internet.
3. Expand the media’s focus to both developed and developing countries. China’s current foreign propaganda focus is Europe, the U.S., Japan, and Russia. China should also cover Africa, Latin America, the Middle East, and Southeast Asia.

Leng also argued for the use of crises to promote China’s image. “Timeliness is the key to controlling the tone of the media when reporting a social crisis.” “Reporting on social crises requires full awareness of (the CCP’s) policy direction and political position.”

Source: Guangming Daily, December 22, 2010
http://epaper.gmw.cn/gmrb/html/2010-12/22/nw.D110000gmrb_20101222_1-11.htm

Briefings | | |   Government/Politics

Xinhua: Expert’s Opinions on the Direction of China’s Economy in 2011

Government specialists and economists were interviewed for an article in Xinhua analyzing the direction of China’s economy in 2011. The following are highlights of the major points:

– China will face inflation next year, mainly caused by international inflation.
– China’s monetary policy will change from “loosened” to “neutral,” but not “tightened.”
– Once the government’s stimulus package has run its course, China will have to work through the private sector to drive its economic growth.
– The real estate market will drop slightly, but not significantly.
– The income disparity between China’s rich and poor will widen even further.
– China’s export business will continue to grow.
– The yuan will rise slightly.

Source: Xinhua, December 17, 2010
http://news.xinhuanet.com/herald/2010-12/17/c_13653229.htm

Briefings | | |   Economy/Resources

China to Buy Brazilian Power Distributors

Xinhua reported that the State Grid Corp. of China will spend $989 million to buy seven Brazilian power distributors. State Grid owns a 30-year concession, with another 20-year renewal, to distribute power to Brazil’s southeastern region, the most economically advanced area, which includes major cities such as Rio de Janeiro, Sao Paulo, and Brasilia.

“The deal for the seven Brazilian power distributors is expected to generate more than $110 million in annual earnings for State Grid Corp. It will also open markets for China to sell machinery to South America and to construct electricity projects there.”

Source: Xinhua, December 21, 2010
http://news.xinhuanet.com/2010-12/21/c_12900736.htm

Briefings | | |   Economy/Resources

Xinhua Launched a Financial Information Exchange

On December 18, 2010, Xinhua News Agency held an opening ceremony to launch its financial information exchange. It is the first exchange that offers financial information worldwide. It plans to work with other global institutes to provide services on the trading of financial information, cultural innovation products, media news information, advertising, patent transfers, and business information.

Li Congjun, President of Xinhua, said, “Xinhua Financial Information Exchange … eventually will be the most influential financial information and cultural industry service center in the world.” Xu Feng, General Manager of the exchange, said its position is one of “exchanges of exchanges (including stock, commodities, and more).” “When the time is right, Xinhua will call for a World Exchange Conference.”

Sources: Xinhua, December 18, 2010
http://news.xinhuanet.com/2010-12/18/c_12894394.htm
http://news.xinhuanet.com/2010-12/18/c_13654860.htm
http://news.xinhuanet.com/fortune/2010-12/18/c_12893815.htm

Briefings | | |   Economy/Resources

Xinhua: No Large Interest Rate Hike

Xinhua quoted several government researchers, stating that China would not increase interest rates to counter inflationary pressure, since doing so would most likely attract international “hot money” to China and hurt China’s economy. Instead, China will rely on lending controls, such as increasing the ratio of lenders’ cash reserve requirements. On December 10, the Bank of China increased the reserve requirement ratio by another 50 basis points, which is the third increase in one month and the sixth in 2010.

In November, China’s CPI increased 5.1% over the same month in 2009. The CPI for food increased 11.7% over the same period last year. Since the global financial crisis began, China has added 17 trillion yuan (U.S. $2.6 trillion) in new loans and the supply of renminbi has reached 70 trillion yuan (U.S. $10.6 trillion).

Source: Xinhua, December 14, 2010
http://news.xinhuanet.com/fortune/2010-12/14/c_12879617_3.htm

Briefings | | |   Economy/Resources