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All posts by RWZ - 273. page

CRN: Chinese Central Bank Authorizes RMB Settlement Bank for Taiwan

People’s Bank of China recently authorized the Bank of China HK as the RMB cash settlement bank for Taiwan. The authorized Taiwanese counterpart can settle RMB cash transactions in Hong Kong. Before this arrangement, RMB settlements were done by two Hong Kong commercial banks. Using Hong Kong as an intermediate platform instead of direct trade is based on the facts that: (1) Mainland China is still restraining capital accounts; (2) Hong Kong has a more complete structure of RMB based transaction management. RMB transactions inside Taiwan are still an item pending negotiation.

Source: China Review News, July 13, 2010
http://gb.chinareviewnews.com/doc/1013/8/0/6/101380695.html?coluid=3&kindid=12&docid=101380695&mdate=0713171355

Briefings | | |   Economy/Resources

Xinhua: Hainan is not the Largest Source of Internet Attacks

Xinhua recently published a report suggesting that China is becoming the victim of U.S. fictitious claims about evil sources of Internet attacks. The U.S. organization Medius Research published a report earlier on Chinese Internet spies and U.S. national security and pointed out that Hainan Province in China is the biggest source of attacks. The Xinhua report called this conclusion a lie and said it is very hard to trace true internet IP sources. Also, the Xinhua report quoted data from various sources such as some Symantec reports to prove that the U.S. is the largest source of all Internet attacks. It was concluded in the report that this is another example of thr U.S. taking advantage of its Internet monopoly position to interfere with other countries’ internal affairs.

Source: Xinhua, July 14, 2010
http://news.xinhuanet.com/world/2010-07/14/c_12332718.htm

Briefings | | |   Information/Technology

CRN: An Important Step for China’s Voice in the Financial World

China Review News (CRN) recently reviewed an article published by Economic Information Daily on the lessons learned about the international credit rating system. The article pointed out that, after the Greek Credit Crisis, China was truly worried about the destructive power that the international credit rating system, which is controlled by three major organizations has. The various parties throughout all levels of the Chinese government and media came to the conclusion that China should have its own credit rating capabilities. With this background, the Chinese rating company Dagong Global Credit Rating released ratings of 50 typical countries. The article suggested that the three major rating organizations are biased and discriminate against developing countries. An example is that the ratings for China and India are even lower than Spain. The article also suggested that the Chinese government should stand behind Dagong and push the Chinese rating business in the U.S. market.

Source: China Review News, July 15, 2010
http://gb.chinareviewnews.com/doc/1013/8/2/0/101382055.html?coluid=53&kindid=0&docid=101382055&mdate=0715030107

Briefings | | |   Economy/Resources

Xinhua: US-Japan Alliance Should not Aim at Third Countries

Chinese Foreign Ministry spokesman Qin Gang recently commented that, as a bilateral arrangement, the US-Japan Alliance should not have activities exceeding the scope of the two countries, and especially should not aim at third countries. The Japanese Prime Minister suggested on June 22 that the U.S. military presence in Japan has a significant deterrence function. He also expressed his serious concern about China’s growing military capabilities. When spokesman Qin Gang was asked for his opinion on the Prime Minister’s comments, he declared China’s refusal to accept any “deterrence” from any country.

Source: Xinhua, June 24, 2010
http://news.xinhuanet.com/world/2010-06/24/c_12259411.htm

Briefings | | |   Geo-Strategic Trend

Xinhua: Eight Functions of the Central Propaganda Department

The spokesman of the Central Propaganda Department of the Chinese Communist Party recently talked about the eight functions of this Party department: (1) directing the propaganda of Marxism; (2) guiding public opinion; (3) directing the production of culture products; (4) planning overall ideological and political work; (5) managing leadership personnel in the propaganda area; (6) creating propaganda policies and coordinating propaganda organizations; (7) providing public opinion intelligence to Party leadership; (8) leading cultural system reform, including the publication and broadcasting industries.

Source: Xinhua, June 30, 2010
http://news.xinhuanet.com/politics/2010-06/30/c_12283040.htm

Briefings | | |   Government/Politics

CRN: Analysis of US Aircraft Carrier Strategy

China Review News recently published a review of an article discussing the strategy behind the U.S. use of its aircraft carriers. The article expressed that there are four reasons for the U.S. to send its carriers: (1) pushing China to buy more US bonds; (2) using war threats to hammer China’s development; (3) reducing US debt pressure; (4) confirming that China doesn’t dare to start a war. The author emphasized that the U.S. heavily manipulates nearly all of the problems that trouble China today, such as issues regarding Taiwan, Tibet, Xinjiang, India, Vietnam, the South China Sea, Mid-Asia, and Falun Gong, etc. He sees the ultimate way to resolve China’s problems as being to weaken the U.S. The author further suggested that the right way to handle the U.S. carrier situation is to sink the carriers that are currently having a joint naval exercise with South Korea in the Yellow Sea.

Source: China Review News, July 3, 2010
http://gb.chinareviewnews.com/doc/1013/7/1/0/101371042.html?coluid=148&kindid=0&docid=101371042&mdate=0703100742

Briefings | | |   Defense/Military

Xinhua: Screening of Internet Trade Entities to Start

Starting on July 1, the Interim Administrative Regulations of Internet Trade and Related Services will be enforced. The State Administration of Industry and Commerce is planning a full screening of all online trade entities to establish an “Internet economy registry.” The State Administration is asking all local branches to implement the screening and build a database of the number, scale, distribution and categories of all trade platforms in corresponding local regions. This is becoming the focal point of work in local administrations. The Interim Administrative Regulations were announced and went into effect on June 1, 2010.

Source: Xinhua, June 29, 2010
http://big5.xinhuanet.com/gate/big5/news.xinhuanet.com/fortune/2010-06/29/c_12278765.htm

Briefings | | |   Information/Technology

Xinhua: Province Level Spokesman System Established

Xinhua recently reported that the Organization Department of the Chinese Communist Party Central Committee announced that 31 provincial level Party Committees, as well as half of the city level Committees, established spokesman systems. The primary functions of these system are: (1) increase the transparency of the activity of government personnel; (2) respond to people’s increased demand for knowledge of public issues; (3) actively respond to media inquiries about news events; (4) actively respond to various public opinion channels, especially on corruption issues in personnel related areas of government work.

Source: Xinhua, June 30, 2010
http://news.xinhuanet.com/politics/2010-06/30/c_12283229.htm

Briefings | | |   Government/Politics