According to statistics released by the China National Bureau of Statistics, China’s fixed asset investment rose at the slowest pace since 2001. The slowdown was due to the weak growth in investment in real estate development and in manufacturing.
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China’s Forex Reserves Posted Biggest Fall
On September 7, the Bank of China announced that, in August, its foreign-exchange (forex) reserve dropped by $93.9 billion to about $3.6 trillion. It is the fourth consecutive monthly drop and the biggest ever monthly decline.
China Trade Sinks as Economy Weakens
On September 8, China’s General Administration of Customs released trade data which showed that, in August, total import/export trade shrank by 9.7 percent in yuan with exports down 6.1 percent and imports down 14.3 percent. The trade surplus grew by 20 percent.
Xi Jinping: China to Cut Military by 300,000
On September 3, at the military parade to commemorate the 70th anniversary of the World War II victory, Xi Jinping announced that China will cut its military by 300,000. At a press conference thereafter, Yang Yujun, spokesperson for the China Ministry of National Defense, provided additional information about the decision. Yang said that the Chinese military consists of about 2.3 million and will be reduced to 2 million. The move will mainly target troops equipped with outdated armaments, administrative staff, and non-combatant personnel. The purpose is to optimize the structure of the Chinese forces. The disarmament will be carries out step by step and will be completed by end of 2017.
Li Keqiang: Global Volatility Puts Pressure on China’s Economy
On August 28, Chinese Premier Li Keqiang chaired a State Council special meeting on new developments in the global economic and financial field and their implications for China and China’s policy responses. It was the first time that he called for such a special meeting, indicating that China faces tough issues in the area of economic growth.
Senior Officials at the State’s Media, People’s Daily Online, Detained
Southern Weekend reported that the People’s Procuratorate detained Liao Hong, President and editor-in-chief of the state’s media, People’s Daily Online, for investigation. An anonymous source indicated that the accusation against Liao was linked to the case of Xu Hui, a deputy editor at People.cn, who was placed under investigation last May for extortion and for accepting bribes from businesses. Xu allegedly took money from businesses so that no negative reports about their businesses would be published. Caijing.com reported separately that Chen Zhixia, Vice President of People’s Daily Online was also detained and placed under investigation. Webpages for both reports are no longer available.
Internet Censorship Heightens as September 3 Draws Near
China Digital Times reported that the State Council Information Office ordered heightened Internet censorship for the period from August 23 through September 5, 2015, for online news and comments on China’s commemoration parade celebrating the 70th anniversary of the end of World War II. The parade will take place on September 3, when Chinese leaders will review the troops.
Heightened Security for September 3
According to Beijing Public Security, in preparation for China’s commemoration of the 70th anniversary of the end of World War II on September 3, the police have launched a citywide security campaign that involves 850,000 people throughout the city’s various districts. During the parade, the leaders of the Communist Party will review the troops.