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Xinhua: Weighing International Settlement in Chinese Currency RMB

Outlook Weekly, a magazine by Xinhua News, reported on China’s effort to restructure its international financial strategies. The core strategy is to reduce the dependency on the US dollar. This strategy consists of three aspects: internationalization of RMB, currency and financial cooperation within East Asia and international currency system reform.

The Chinese State Council decided on April 8 that Shanghai and four cities of Guangdong Province will start a trial on international settlement in RMB. Another action taken by the Chinese government was currency exchange with six countries or administrative regions.

Source: Outlook Weekly, April 15, 2009.
http://news.sohu.com/20090415/n263396439.shtml

Briefings | | |   Economy/Resources

Xinhua: Cautious about RMB Internationalization

Outlook Weekly, a magazine by Xinhua News, published an article suggesting that “there is a strongly rising public opinion that the Chinese currency RMB should become an international currency to match China’s world power status.”

The article cautioned that although the world suffered the damage brought by the US Dollar monopoly in recent years, there are still a great deal of risks for RMB internationalization. Risks mentioned in the article are: reduced capability for the central government to control Chinese macro economy, lowered stability of the economy, much heavier international responsibilities.

Source: Outlook Weekly, April 4, 2009.
http://news.sohu.com/20090408/n263256840.shtml

Briefings | | |   Economy/Resources

Chavez Visits China

The President of Venezuela Hugo Chavez arrived in Beijing on April 7 for a three day visit. Upon arrival, he stated that “a new world order is being established”.

The BBC Chinese report indicates that it believes the motive of developing the relationship between Venezuela and China is simple: Venezuela wants to break loose of the trade dependency on oil with the United States, while China wants to expand its oil supply channels.

In addition to the oil trade relationship, the two countries have military and news media relationships.

Source: BBC Chinese, April 7, 2009.
http://news.bbc.co.uk/chinese/simp/hi/newsid_7980000/newsid_7988800/7988822.stm

Briefings | | |   Government/Politics

More than Half of Australians against Chinese Acquisition of Australian Mining Industry Assets

BBC Chinese reported from Australia that according to a recent poll, more than half of Australians are against the Chinese acquisition of Australian mining assets. Yet, nearly an equal amount of people polled are for or against keeping close ties with China.

The media played an important role in bringing the heated debate between the ruling party and the opposition to the general public.

“Communist China” was frequently used in reference to China in the report.
 
Source: BBC Chinese, April 6, 2009. http://news.bbc.co.uk/chinese/simp/hi/newsid_7980000/newsid_7986000/7986049.stm

Briefings | | |   Economy/Resources

Global Times: Be Vigilant on Traps Set by the U.S. and Tibet Independence Activists

An article posted on the Global Times, a newspaper under the People’s Daily, suggested that the International Broadcasting Bureau (IBB), a U.S. government entity, is funding a secret online project to work with the former North America Representative of the Tibetan Government in Exile.

The article claimed that the mission of the more than $100,000 U.S.-funded project is to: collect intelligence, spread rumors, trigger disturbance and delude Tibetans via the internet. Detailed records are kept in “U.S. required format” and the Tibetan Government in Exile has provided a project location in India .

Source: Global Times, March 28, 2009.
http://bbs.huanqiu.com/shidaizhongguo/thread-180083-1-2.html

Briefings | | |   Social Stability

Zimbabwean First Lady Enjoys Immunity in Hong Kong

Although Hong Kong police have enough evidence to bring Zimbabwe’s first lady Grace Mugabe to court, she will not be prosecuted, according to the Hong Kong Department of Justice. Mugabe attacked and hurt British reporter Richard Jones on January 15. According to the Hong Kong Secretary of Justice, the decision was made by the Chinese Ministry of Foreign Affairs, who decided that Mugabe enjoys diplomatic immunity.

Many Hong Kong human rights organizations and Legislative Council members argued that Mugabe was on a tourist trip, not a diplomatic mission, when she conducted the attack. They also expressed deep concerns regarding the Hong Kong government’s inability to stand for human rights while yielding to Beijing’s pressure in support of dictators.

Source: Epoch Times, April 1, 2009.
http://epochtimes.com/gb/9/4/1/n2480942.htm

Briefings | | |   Government/Politics

Six Industries Enjoy Increased Export Tax Rebate Rate

The International Finance News for Chinese state media People’s Daily reported that six industries started to enjoy increased export tax rebate rates on April 1. The six industries are Apparel and Textiles, Light Industry, Electronics and Information, Steel, Nonferrous Metal, and Petrochemical.

This is the second time China has increased export tax rebate rates this year. Export companies welcomed the move in general. However, some suggested that due to the decline of exports they tend to sell more goods to the domestic market. Also, due to the international financial crisis, the rate increase may result in more anti-dumping investigations.

Source: International Finance News/People’s Daily, April 1, 2009.
http://finance.people.com.cn/GB/1037/9060251.html

Briefings | | |   Economy/Resources

Xinhua report: “Mutated” Protectionism Attacks “Made In China”

International Herald Leader, under Xinhua News, reported from Beijing that traditional protectionism is no longer the primary weapon against China. Some countries are attacking “Made in China” with “mutated” protectionism.

European and American countries are currently hiding protectionism behind accusations raised by their NGOs. Examples are attacks under the names of “animal protection” and “labor rights”. The Xinhua report concluded that, the goal of this kind of “hidden” protectionism is to reduce imports from China. The report also suggested that Chinese NGOs should fight back by various means.

Source: Xinhua Net, March 31, 2009.
http://news.xinhuanet.com/herald/2009-03/31/content_11104980.htm

Briefings | | |   Economy/Resources