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CIC $300 Million Russian Oil Investment

By the end of September, China Investment Corporation (CIC) completed phase one of its acquisition of a 45% share of Nobel Holdings Investments Ltd., a Russian oil and gas company. The second phase will include investment in assets around the oil field. The entire deal amounts to $300 million. This move is only one month after CIC spent $939 million to purchase 11% of Global Depositary Receipts (GDR) of a Kazakhstan oil company. Experts suggested that this current series of Chinese acquisitions is the result of the devaluation of US Dollar. CIC’s investing into natural resources is a new trend in its investment strategy.

Source: China Economy Net, October 16, 2009.

Xinhua: Obama Changed His Position on RMB

Xinhua reported that the US Treasury Department published a report acknowledging that China did not manipulate its RMB currency. Obama took a strong position at the beginning of his presidency, claiming China did manipulate the RMB. The new report indicated that his administration is loosening its position. However, the United States is still maintaining a double-standard on currency policy. Compared to the RMB’s over 21% appreciation over the US Dollar in the past several years, the US Dollar’s rapid devaluation is more alarming, but the US government is keeping quiet about it. The newly published report still believes the RMB is undervalued, an indication that the United States is still playing the currency card to apply pressure on China.

Source: Xinhua, October 16, 2009.

Number of UN Chinese Employees Increases

The number of UN employees from a nation is determined by that nation’s membership fee, membership and population. The number of UN Chinese employees has increased 7 times in the past 24 years with an increasing number of Chinese employees becoming high ranking UN officials. At the same time, more UN employees from other countries are learning Chinese. This past summer, the United Nations worked jointly with Nanjing University to once again open a Chinese language class. About 50 UN employees joined the class.

Source: China Economy Net, September 22, 2009.

New Media Booming in China

College students watched the online broadcast of the October 1 parade while exchanging instant messages with friends. The online broadcast recorded 500 million visits that day and the simultaneous viewers reached 2.62 million. This reflects the boom of new Internet based media. Another major branch of new media is the cell phone. China currently has 680 million cell phone users which include 155 million users who go online with their phones. Additionally, digital cable is widely spreading in cities. It’s becoming a new interactive way of communication. New Media are significantly impacting people’s lives and are becoming an important channel for citizens to speak their voices.

Source: Xinhua, October 9, 2009.

GAPP: Foreign Investment in Net Games Banned

The Chinese General Administration of Press and Publication (GAPP) recently announced regulations on Internet games. All types of foreign investments are banned in this market. The ban includes indirect control or investment into domestic companies. Domestic companies importing games are also regulated. Service providers are required to submit the games to the authorities for approval first.

Source: Xinhua, October 10, 2009.

Teacher Calls for Removal of Fake Stories in Textbooks

Primary school teacher Guo Chuyang believes the current primary school textbooks used in China are “poisonous,” because many stories in the books are not true. He gave an example of a story about how 7-year-old US scientist Edison saved his mother by helping out in her acute appendicitis operation. Investigation found that the earliest appendicitis operation was in 1886, and Edison was born in 1847. A story about a former CCP general visiting his mother was also found to be untrue. “It is now time for textbooks to have a major operation,” Guo suggested.

Source: Chinese Youth Online, September 30, 2009.

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