On October 2, 2014, People’s Daily reported that China continues to consume the largest amount of the world’s energy.
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People’s Daily: China Will Not Change Its Policy towards Hong Kong
On October 2, People’s Daily published an editorial on its front page stating that the Communist Party has not and will not change its basic policy towards Hong Kong.
Xinhua: Hong Kong Students Are Pawns of Western Anti-China Forces
On October 1, 2014, Xinhua reprinted an editorial that China News Service had originally published on the student protests about universal suffrage in Hong Kong. The article stated that some extremists and anti-China forces are damaging Hong Kong. “In the name of true universal suffrage, they attempt to deceive the public. Through the illegal ‘Occupy Central,’ they attempt to paralyze Hong Kong’s business districts in order to blackmail China’s central government and the government of the Hong Kong Special Administrative Region.” “If they really want to express their requests, they should be peaceful, rational, and lawful. They should not be so blatant in undermining the rule of law, stability, and order.”
Sinosteel’s Revenue Decline May Result in a Default
Beijing News published an article in which it reported that Sinosteel may not be able to meet its obligation to pay an amount due that totals tens of billions of yuan. According to the article, the liabilities to asset ratio for Sinosteel has remained between 90 and 95 percent since 2009. Prior to 2009, the business model for the State-owned steel companies involved importing ore and doubling or tripling the price when re-selling the ore to domestic downstream steel mills. In late 2009, these downstream steel mills were allowed to import ore, thus eliminating the high profit margin for large State-owned companies. Sinosteel’s revenue dropped from 180 billion yuan in 2010 to 140 billion yuan in 2013. Another reason for the financial loss is that it has failed in a series of investments overseas.
China Uncovered $10 billion in Fraudulent Entrepot Trade
http://www.safe.gov.cn/resources/wcmpages//wps/wcm/connect/safe_web_store/safe_web/whxw/ywfb/node_news_ywfb_store/d258558045990e0ba668aed2d1baac76/
Ministry of Finance: State-owned Enterprises Have Liabilities to Asset Ratio of 65 Percent
On September 22, 2014, China’s Ministry of Finance released the economic performance report on State-owned enterprises for the period of January through August.
China Further Tightening Control of Internet TV Industry
On September 18, 2014, China’s State Administration of Press, Publication, Radio, Film and Television (SAPPRFT) asked all Internet video companies to remove video applications from their offerings so that they will no longer be available for mobile phone users to download them.
Huanqiu: ISIS May Have Some Rational Elements
On September 17, Huanqiu published a commentary stating that it is not clear whether ISIS is a terrorist group and that therefore China does not need to participate in the effort to fight ISIS.