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Xinhua: Bridging Financial Institutions and Culture Enterprises

Xinhua recently reported that nine government units, namely Peoples’ Bank of China, the Central Propaganda Department of the CCP, the Ministry of Finance, the Ministry of Culture, the State General Administration for Radio, Film & Television, the State Administration of Press & Publications, the China Banking Regulatory Commission, the China Securities & Futures Commission, and the China Insurance Regulatory Commission, jointly released a guidline on financial industry support of the culture industry. The report called for successful implementation of the guidline in three areas: (1) widely publicizing the policies; (2) establishing a smooth bridge between financial and culture industries; (3) carefully performing groundwork.

Source: Xinhua, April 22, 2010
http://news.xinhuanet.com/video/2010-04/22/content_13402020.htm

Briefings | | |   Economy/Resources

China Review News: Sino-US dispute over the exchange rate will be a long-term one

On April 22, 2010, www.chinareviewnews.com published an article, “Sino-US dispute over the exchange rate will be a long-term one” by Wang Dong, a Chinese researcher in Beijing.

Wang said that Obama’s government has never given up on pressuring China to increase the RMB (Chinese currency) value, resulting in the current Sino-US trade friction and a growing number of disputes. Wang further said that the depreciation of the U.S. dollars will cause drastic shrinkage of China’s foreign currency reserve assets, lead to global inflation, and make China’s exports more difficult.

However, Wang pointed out that RMB appreciation will increase Chinese people’s confidence in domestic assets calculated in RMB and thus ease inflation pressure. In addition, a stronger RMB will inevitably speed up the internationalization of the RMB and thus diversify the international currency pattern.

Source: www.chinareviewnews.com, April 22, 2010
http://gb.chinareviewnews.com/doc/1012/9/8/0/101298092.html?coluid=123&kindid=0&docid=101298092&mdate=0422163437

Briefings | | |   US-China Relations

Song Wenyu: More than 20 provinces have set up special funds for culture industries

According to Xinhua on April 22, 2010, the People’s Bank of China in conjunction with the Propaganda Department of the CPC Central Committee, the Ministry of Finance, the Ministry of Culture, the State Administration of Radio Film and Television, the General Administration of Press and Publication, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued a “Guidance on Financial Support to Culture Industries’ Revitalization, Development and Prosperity.”

Song Wenyu, director of the Culture Division at the Ministry of Finance, told Xinhua that currently more than 20 provinces around the country have set up special funds for culture industries. The special funds will be used to build national culture industry bases, nurture state-owned large enterprises and support reconstruction of culture organizations – changing non-profit culture institutions into profitable culture enterprises.

Source: Xinhua, April 20, 2010
http://news.xinhuanet.com/video/2010-04/22/content_13402126.htm

Briefings | | |   Government/Politics

Lin Jun: Use Overseas Chinese as a bridge to spread China’s soft power

According to www.chinareviewnews.com on April 23, 2010, China Federation of Returned Overseas Chinese held a Culture and Propaganda Work Conference in Sanya, Hainan on April 22.

Lin Jun, chairman of China Federation of Returned Overseas Chinese, said that the China Federation of Returned Overseas Chinese at all levels must take advantage of recreational and cultural exchange activities to 1) guide overseas Chinese media; 2) increase the amount of hometown news in overseas Chinese publications; 3)  introduce China’s economic and social development situation as well as relevant policies; 4) give information on major incidents and emergencies; 5) propagandize China’s peaceful foreign policy and the idea of building a harmonious world; and “use overseas Chinese as a bridge” to brighten China’s image and voice by cooperating with China’s diplomatic, foreign affairs and propaganda departments.”

Source: www.chinareviewnews.com, April 23, 2010
http://gb.chinareviewnews.com/doc/1012/9/8/7/101298787.html?coluid=151&kindid=0&docid=101298787&mdate=0423101105

Briefings | | |   Grapevine

China to Merge Phone, TV, and Internet Networks by 2015

According to the “2010 Mass Communication Bluebook” released by the Chinese Social Science Academy, the State Council Standing Committee decided to merge the business scope of the three network industries – telecommunications, broadcasting (radio and TV), and the Internet. Telecommunication companies will be allowed to be involved in production and broadcasting of TV/radio programs; while TV/radio networks may also begin operation of some basic or value-added telecommunication business. The Committee also planned the stages of the merge: 2010 through 2012 would be the trial period; 2013 through 2015 would be the promotion of the merge on a larger scale to promote certain competition and to set up corresponding institutions and regulatory bodies for the merged business models of the three networks. 

Source: People’s Daily, April 22, 2010 
http://politics.people.com.cn/GB/1026/11430260.html
Briefings | | |   Information/Technology

Half of Chinese Luxury Goods Used as Gifts

China has become one of the major luxury goods consumers in the world. A recent Bain survey showed that, in 2009, Chinese spent $9.6 billion on luxury goods, which accounts for 27% of the world total, while China’s GDP only accounts for about 5% of the world GDP. According to Boston Consulting Group (BCG), the consumption of luxury goods in Chinese will reach 40 billion USD by 2015; Bain’s estimation for 2015 Chinese luxury goods expenditures is 14.6 billion USD. According to another consulting firm, McKinsey, about half of the Chinese luxury goods are used as gifts. 

Source: Radio Free Asia, April 22, 2010 
http://www.rfa.org/mandarin/yataibaodao/shechi-04222010100130.html
Briefings | | |   Economy/Resources

About the Chinese Model

Xu Chongwen, a senior research fellow at the State’s Chinese Academy of Social Sciences published a criticism of “four misconceptions” of the Chinese model. His article is summarized below.

Misconception 1: The term was first coined by foreigners with the ulterior motive of containing China’s expansion. Not true because Deng Xiaoping used the term back in 1980 when discussing the Russian October Revolution. 
Misconception 2: The term “model” means example or demonstration for others to follow; hence one should be cautious when using the term. Wrong because it contradicts Deng Xxiaoping who held countries should independently seek development paths and models suited to their own situation. 
Misconception 3: The Chinese model is the "Beijing Consensus" for the reference use of other countries. Disagree because Joshua Cooper Ramo’s Beijing Consensus was coined to mean opposition to the Washington Consensus. The Chinese model is to develop China based on its own situation and China has no intent to promote it the same way that the Washington Consensus has been promoted.
Misconception 4: It is too early to talk about a Chinese model. This is without grounds. Hu Jintao has set forth the theory on building a harmonious society. No one should use it to deny that the achievements of the Chinese model have already been well recognized.

Source: The Party School of The Chinese Communist Party, April 13, 2010
http://www.cntheory.com/news/Llltllyt/2010/413/1041393831I6EFADA9CEE5413J46J9.html

Briefings | | |   Government/Politics

State Continues to Dominate Reform of Culture System

An article on reform of China’s culture system was published on the website of the Party School of the Chinese Communist Party, addressing bottlenecks and recommendations. The reform moved from pilot programs to full implementation in March 2006. One of the key bottlenecks, according to the article, is “some of the culture enterprises blindly maximize their market profits,” and “have increasingly led to economic benefits diverging from social benefits” and to a greater disparity of income. The recommendation is to uphold the Party’s leadership in the reform, adherence to Marxism and ensuring the dominance of state-owned culture enterprises in the culture market.

Source: The Party School of The Chinese Communist Party, April 14, 2010 http://www.cntheory.com/news/Dshcdssdjt/2010/414/104141520769BBIIKAJ192JK20I11F.html

Briefings | | |   Government/Politics