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All posts by RWZ

Xinhua Published Three Commentaries on Risks from the U.S

Xinhua recently published three consecutive commentaries warning about the “American risks,” especially the risks that Wall Street poses. The first commentary is titled “Is Wall Street Brewing a New Crisis?” The article warned that the whole landscape of economic optimism, the appreciating dollar, and a rapidly growing stock market, seems to be déjà vu all over again, just like the days before the last global crisis. People should not underestimate Wall Street’s greed. The second commentary pin-pointed the question, “Will Deregulation Trigger a New Crisis?” The commentator suggested that, since President Trump promised deregulation of the financial market along with plans for a tax cut and major infrastructure investments, Wall Street has been enjoying a “rave party.” The combined stimulation package could increase the risks to a dangerous level. The third commentary asked, “Why Are the Wounds from the Previous Crisis So Difficult to Heal?” The author quoted the International Monetary Fund (IMF) which stated that the advanced economies responded to the earlier Crisis with public financial stimulation like the Quantitative Easing (QE) policies. These policies introduced high debt, low investment and a fragile financial industry across the globe. The structure of the U.S. financial system originally caused a lack of investment and consumer spending and slowed the recovery from the previous crisis.

Source: Xinhua, February 15, 2017
http://news.xinhuanet.com/world/2017-02/15/c_1120472782.htm
http://news.xinhuanet.com/world/2017-02/15/c_1120472801.htm
http://news.xinhuanet.com/world/2017-02/15/c_1120472823.htm

BBC Chinese: China Stopped Importing Coal from North Korea

BBC Chinese recently reported that the Chinese Ministry of Commerce announced on February 18 that it will ban coal imports from North Korea. China’s announcement explained that this ban was to implement UN Resolution 2321. The ban will remain effective until the end of this year. Observers around the world expressed the belief that this Chinese ban is the response to North Korea’s missile launch on February 12. It may also be the answer to the assassination of North Korean leader Kim Jong-un’s brother Kim Jong Nam in Kuala Lumpur on February 13. This new coal ban is a very important development since coal is the single most critical export product of North Korea and China has bought nearly all North Korean coal exports. The income from coal exports is considered an important pillar of North Korea’s economy. Previously, China promised to implement the UN resolution only under the condition that the sanction should not have a damaging impact on the civilian population of North Korea.

Source: BBC Chinese, February 18, 2017
http://www.bbc.com/zhongwen/simp/chinese-news-39016340

China News: Former Supreme Court Vice President and Justice Sentenced to Life in Prison

China News recently reported that Xi Xiaoming, the former Vice President and Justice of the Supreme People’s Court of China, was sentenced to life in prison, deprived of his political rights for life, and had all of his personal property confiscated. Xi was accused of corruption and of accepting bribes worth over RMB 115 million (around US$ 16.7 million). Because Xi’s relatives accepted and consumed most of the money, the court ruled that his punishment would be lighter. Xi pled guilty and accepted the rulings in court. He has decided not to appeal. Between 1996 and 2015, Xi Xiaoming served in the Supreme People’s Court as the Vice President, judge of the Court for Economic Trial, judge of the Second Court for Civil Trial, and a Member of the Judicial Committee.

Source: China News, February 16, 2017
http://www.chinanews.com/m/gn/2017/02-16/8151696.shtml

BBC Chinese: China Expelled 32 South Korean Missionaries

BBC Chinese recently reported that, according to South Korean Ministry of Foreign Affairs officials, China expelled 32 South Korean missionaries in January and arrested another South Korean citizen in February. It is not yet clear whether this had anything to do with the deployment of the THAAD (Terminal High Altitude Area Defense) missile defense system. The South Korean Ministry of Foreign Affairs reminded its Christian organizations that their activities must follow foreign local laws. In February, China also detained a pastor who is an American citizen. China so far has no explanation of these activities. According to South Korean media, there are over one thousand South Korean missionaries in China and many of them have lent a helping hand to North Koreans to escape to China. In the meantime, Chinese authorities have banned or punished South Korean commercial activities in China (such as events in the entertainment business) as well as South Korean companies.

Source: BBC Chinese, February 11, 2017
http://www.bbc.com/zhongwen/simp/chinese-news-38944081

Xinhua: Chinese Military in Beijing Began Full Cessation of Commercial Services

Xinhua recently reported that the Beijing Leadership Group for the Full Cessation of the Military’s Commercial Services held its initial kick-off meeting on February 8. This marked the official beginning of the complete halt of the military providing commercial services in the Beijing area. Cai Qi, Deputy Secretary of the Beijing Party Committee, who is also the Mayor of Beijing, heads the Leadership Group. At the meeting, Cai delivered a speech that clarified the scope of the Cessation, which includes both the People’s Liberation Army (PLA) and the Military Police. Cai emphasized that the order was based on the strategic decision that Chinese President Xi Jinping made so as to strengthen the Military’s discipline. The current policies allowed for-profit military services in the areas of communication, training, entertainment, sports, storage, science, health care, construction, real estate, and mechanical repairs. However, commercial military services have been identified as a key funding source for corruption.

Source: Xinhua, February 8, 2017
http://news.xinhuanet.com/local/2017-02/08/c_129471782.htm

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