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Briefings - 2. page

People’s Daily: China and the U.S. Roles in the North Korean Nuclear Crisis

People’s Daily recently published a commentary summarizing the roles that China and the United States have been playing in the North Korean nuclear crisis. The author started with a complaint about the completion of the deployment of THAAD in South Korea. China has made solemn protests to South Korea about THAAD. The commentary went on to reason that China will not protect North Korea because of China’s consistent peninsula denuclearization position. On the other hand, the United States is only using the crisis to expand its strategic reach. The commentator expressed the belief that sanctions are only half of the key to the problem. The other half is peace talks rather than any military deployment. While China has been trying its best to maintain the stability of the region, the U.S. is really taking advantage of the situation to serve the interest of U.S. arms vendors and dealers, as well as to strengthen its “leadership power” in the region.

Source: People’s Daily, September 8, 2017

The Economic Observer: Moody’s Downgraded China’s Bank of Communications

Well-known Chinese national weekly newspaper The Economic Observer recently reported that Moody’s has just downgraded the baseline credit assessments of China’s Bank of Communications (BOCOM) from Baa3 to Ba1, which is often known as the “garbage level.” BOCOM was founded in 1908 (Qing Dynasty) and is currently the fifth largest bank in China, with 3,285 domestic outlets and 20 international branches. BOCOM’s total asset value (2016) was around US$1,296.5 billion. Moody’s cited BOCOM’s poor financing capabilities and higher-than-average financing costs, as well as a declining number of savings accounts, as the reason for the downgrade. A few other performance indicators also showed that the bank is facing much higher market risks. BOCOM responded immediately by suggesting that Moody’s focused too much on very few indicators and the downgraded rating was biased. It is worth noting that BOCOM’s rating for its long-term outlook remains at A3.

Source: The Economic Observer, September 8, 2017

Xinhua: China Tightening Regulation of TV Series

Xinhua recently reported that SAPPRFT (the State Administration of Press, Publication, Radio, Film and Television), NDRC (the National Development and Reform Commission), the Ministry of Finance, the Ministry of Commerce and the Ministry of Human Resources and Social Security jointly issued new policies on regulating the industry of TV series to ensure the “healthy improvement” of the socialist entertainment market. The government is compiling a list of TV series to be produced to praise the Communist Party, the motherland, the people, and the nation’s heroes. The TV series are required to promote “socialist values” and the regulations focus on prime-time TV programming. The TV series investment structure will be regulated as well to eliminate celebrity-based pricing. Central Television and provincial TV stations as well as satellite stations must devote a certain percentage of broadcast time investments to titles covering the “revolution history,” rural villages and minorities, or military topics. TV ratings companies will be required to have special licenses and the ratings cannot carry too heavy a weight on title pricing or evaluation of personnel. Online video series are regulated in the same way as TV series and online video series cannot air without SAPPRFT permits. All levels of the government are required to firmly deploy and support the new policies. The work will be audited.

Source: Xinhua, September 4, 2017

Central Military Commission Completed Military Restructure and Inspection Tour

Xinhua recently published an article about the restructuring of the Chinese military, following the directives that Xi Jinping issued. After eight months of consolidation, restructuring, and inspection work, the Central Military Commission has completed both the restructuring of the military and an inspection tour. The article stated that the military inspection team visited military sites, universities, and the armed police force. The focus of the inspection work was to determine whether the military follows the rules and political orders; whether they are loyal, whether they have the ability to execute orders, and whether the party organization and the members are performing their roles in the military.

Source: Xinhua, September 10, 2017

Chinese Consulate Prevented Passage of California State Resolution

According to news reports that Radio Free Asia and the Voice of America published, the voting on a California Senate resolution was cancelled and withdrawn after the members of the Senate received a letter from the Chinese consulate in San Francisco. According to the reports, SJR10 is a joint Senate resolution that Senator Joel Anderson introduced. It praises Falun Dafa adherents for their peaceful resistance to the persecution and torture over the past 18 years. The resolution also expresses support for U.S. Congressional Resolution 343, passed in 2016, which condemns the Chinese government for conducting live organ harvesting on Falun Dafa adherents in China. SJR10 passed unanimously in the California State Senate judiciary committee on August 30 and was expected to be up for a vote on the Senate floor on September 1. On that day, the members received an email from the Chinese consulate in San Francisco. The email denied the harvesting of Falun Dafa adherents organs in China and stated that the resolution would “seriously damage the relationship between China and California in the economy, trade, tourism and in other areas.” The news report quoted comments from Senator Anderson who said he was shocked that the Chinese consulate was able to have such a huge influence on a California State resolution and that the California state Senate has never failed to pass a resolution that condemns genocide in the past. A representative from the Falun Dafa organization in California said at a rally that while Falun Dafa adherents in China have lost the freedom to exercise their rights, the persecution of Falun Dafa has now extended overseas and that countless people are being deceived by the lies that the Chinese authorities spread.

Radio Free Asia, September 9, 2017
Voice of America, September 8, 2017

Three Percent of College Graduates Had to Start Their Own Business Due to Poor Job Market

According to a report that Radio Free Asia (RFA) published, new statistics from the Ministry of Education showed that, after graduation, three percent of college graduates in China start their own businesses. The rate is twice what it is in developed countries. The most likely conclusion is that these college graduates were forced to start their own businesses because of the lack of job opportunities. One economics professor in Beijing told RFA that the struggles that private companies have directly impact the job market for college graduates. Most of these college graduates have been forced to start their own businesses because they can’t find jobs. The Chinese economy has slowed down in recent years. Many private businesses face the challenge of high tax rates and the difficulty of getting a loan from state owned banks. Some of them have chosen to borrow money at a high interest rate and have ended up in a capital chain rupture.  The Ministry of Human Resources and Social Security found that over half of the businesses that college graduates started failed within three years.

Source: Radio Free Asia, September 8, 2017

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