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Party Dominance in the Financial Business

At the first Party building forum for financial businesses in Beijng on July 7, Party officials made statements to urge promotion of Party building. “Strengthening Party building and Party organizations that play a political core role in the financial business is an important manifestation of the financial business with Chinese characteristics.” Financial businesses are called to “actively explore how to integrate the Party’s leadership with corporate governance and to adhere to the principle that the Party controls the cadres. …” The China Marxism Research Foundation and Financial Daily sponsored the forum at the Party School in Beijing.

Source: Study Times, July 12, 2010
http://www.studytimes.com.cn:9999/epaper/xxsb/html/2010/07/12/01/01_44.htm

Briefings | | |   Government/Politics

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

CHINANEWS.COM.CN: China Rejects US Report as Interference

On July 12, 2010, www.chinanews.com.cn reported that the U.S. State Department recently published its 2010 “Promoting Freedom and Democracy Report” accusing China of (its negative) democracy, and human rights situation. In response, China’s Foreign Ministry spokesman Qin Gang accused Washington of interfering in its internal affairs. Qin stated, “The Chinese Government protects the citizens’ basic rights and freedoms, and upholds people-oriented principles and governs for the people.”

Source: www.chinanews.com.cn, July 12, 2010
http://www.chinanews.com.cn/gn/2010/07-12/2397054.shtml

Briefings | | |   US-China Relations

Xinhua: 120.2 Billion Yuan Direct Economic Losses from Flooding in China in 2010

According to Xinhua on July 15, 2010, a report on statistics released by China’s State Flood Control and Drought Relief Headquarters shows that 26 provinces suffered floods this year, with total of 97,500,000 people and 6,155 thousand hectares of crops affected. Up to now, the death toll is 594 people; 212 people are still missing, and 590,000 houses have collapsed. The direct economic losses are 120.2 billion Chinese Yuan by 9am on July 15.

Source: Xinhua, July 15, 2010
http://news.xinhuanet.com/politics/2010-07/15/c_111958044.htm

Briefings | | |   Economy/Resources

PEOPLE.COM.CN: Guangdong Province Hired 25,000 Informants to Collect Crisis information

On July 14, 2010, www.people.com.cn reported that “Guangdong Province’s Crisis Response Regulations” have been implemented since July 1.  Guangdong Province has hired 25,000 grass-roots informants including journalists, to collect information abouot urgent incidents. Once there is a sudden occurrence, lower level officials must report it to the next level government, and city level officials must report it to the provincial government within 2 hours. Sensitive information can be reported to the higher government directly. Those who fail to report an emergent incident will be penalized.

Guangdong Provincial Government, its relevant departments and all municipal governments above the district level have now set up spokesperson systems. “In case of an emergency, the news spokespersons must make an announcement within 4 hours,” said Li Shoujin, Deputy Minister of Guangdong Provincial Party Committee Propaganda Department and director of the Provincial News Office.

Source: www.people.com.cn, July 14, 2010
http://politics.people.com.cn/GB/14562/12148972.html

Briefings | | |   Social Stability

Foreign Ministry Resolutely Opposes Foreign Military Vessels & Aircraft Affecting China’s Security

China’s Foreign Ministry spokesman Qin Gang reiterated on the 15th that China firmly opposes any foreign military vessels and aircraft engaging in activities affecting its security interests in the Yellow Sea and other Chinese coastal waters. In response to a reporter’s hypothetic question, "If the US-ROK hold military exercises in July, will China and the DPRK plan to hold military exercises in the western waters of the Korean Peninsula?" Qin said it was a typical Cold War mentality to divide the Northeast Asia and Asia-Pacific regions into different military alliances, and to view the region’s security issues with a Cold War style confrontation perspective. “Times have changed now. No single country or single military alliance can resolve the issue of regional security and stability.” 

Source: Xinhua, July 15, 2010 
http://news.xinhuanet.com/mil/2010-07/15/content_13865520.htm
Briefings | | |   US-China Relations