Chinascope – Page 1071

Hong Kong to Become the RMB Offshore Center

Premier Wen Jiabao reiterated Beijing’s support for Hong Kong to become the RMB offshore center, suggesting that Hong Kong should lead China’s financial reform. According to Hong Kong’s monetary authority, in 2010, a total of 36 billion yuan (US$5.5 billion) in RMB bonds were issued. China Merchants Bank President Ma Weihua said earlier this month that Hong Kong’s RMB deposits totaled 370.6 billion and may hit 2 trillion in five years.

Ba Shusong, a senior official at the Financial Research Institute under the State Council’s Development Research Center envisions a three-step process: 1) establishing channels for RMB inflow and outflow, with partial convertibility overseas; 2) setting up an offshore market in Hong Kong where RMB can circulate inside the region independently from the mainland; 3) Attracting RMB from Russia and Africa back to Hong Kong. Ba believes that if RMB deposits reach 2 trillion in Hong Kong, it will likely achieve self-circulation and Hong Kong will thus truly become the RMB offshore center.

Source: Chinese News Service, March 31, 2011
http://www.chinanews.com/cj/2011/03-31/2941967.shtml

Briefings | | March 31, 2011 | Economy/Resources

Hu Jintao Meets with Sarkozy, Calling for Ceasefire in Libya

When French President Sarkozy visited Beijing on March 30, 2011, Hu Jintao told him, “If the coalition’s military actions are harming innocent civilians, creating a greater humanitarian crisis, this violates the original intention of the UN Security Council resolution.” “We have always maintained that every country’s independence, sovereignty, unity, and territorial integrity should be respected, and have opposed the use of force in international affairs. … The ultimate solution lies in dialogue and other peaceful means.”

Hu further stated, “China supports all political efforts that are conducive to easing the current tension in Libya. We call on all parties to call an immediate ceasefire, seek a peaceful solution, and prevent more civilian casualties as soon as possible, to restore stability in Libya.”

Source: Xinhua, March 30, 2011
http://news.xinhuanet.com/2011-03/30/c_121249991.htm

Briefings | | March 31, 2011 | Geo-Strategic Trend

China’s Vice President Promotes Peaceful Resolution of the African Crisis

Xi Jinping, the Vice President of China, met with Liberian Foreign Minister McIntosh in the People’s Hall in Beijing on March 30, 2011. Xi said the Chinese government is "highly concerned about peace and the security situation in Africa, and along with African countries, including Liberia, would like to actively promote a peaceful resolution of the crisis.”

Source: Xinhua, March 30, 2011
http://news.xinhuanet.com/2011-03/30/c_121249926.htm

Briefings | | March 31, 2011 | Geo-Strategic Trend

GAPP: All Publishers Must Submit Samples within 30 Days

To step up the regulation on the submission of publication samples, China’s publishing regulator, the General Administration of Press and Publications (GAPP), recently issued a Notice about Further Strengthening the Submission of Publication Samples. It requires that all publishers submit a sample of every new publication to a specific address in a timely manner.

The types of publications falling into the regulation include first editions of books, reprinted books, audio-visual products, and electronic publications. All must be submitted within 30 days of publication. All submissions must be complete, without any missing components.

Source: China News and Publishing Journal, March 29, 2011.
http://data.chinaxwcb.com/epaper/2011/2011-03-29/9179.html.

Briefings | | March 30, 2011 | Information/Technology

45.8% of Internet Users in China Encountered Virus or Trojan Malware Attacks in 2010

According to the China Internet Network Information Center (CNNIC), in 2010, 45.8% of Chinese Internet users encountered virus or Trojan malware attacks and 21.8% experienced account or password theft. CNNIC also noticed that, by the end of 2010, the number of Internet users in China had reached 457 million, an increase of 73.3 million over 2009.

Source: China News Service, March 29, 2011.
http://www.chinanews.com/it/2011/03-29/2938890.shtml.

Briefings | | March 30, 2011 | Information/Technology

Guangming Daily: Obama’s Speech is Worrisome to Humankind

Guangming Daily is a Chinese official newspaper geared toward intellectuals. Joining Beijing’s recent media campaign against the Western forces’ strikes on Libya, Guangming’s website published an article criticizing President Obama’s March 28 speech given at National Defense University. In provocative tones, the article, titled “Obama’s Speech is Worrisome to Humankind,” asks the Obama administration, “Who authorized you to play such a special role in global security? Does this special role mean using military force to bombard a sovereign country and kill innocent civilians?”

The author condemns the speech as “showing the ugly face of U.S. hegemony.” “The U.S. practice is extremely despicable, according to either the international community’s acknowledged rules or the common sense of human rights.”

Source: The Guangming Daily website, March 29, 2011
http://guancha.gmw.cn/2011-03/29/content_1769282.htm.

Briefings | | March 30, 2011 | US-China Relations

People’s Daily: U.S. Funding of BBC Widely Questioned

People’s Daily recently published an article saying that the U.S. government plans to give funding to the BBC for the “fight against Internet censorship in Iran and China” and “spreading the value of freedom and democracy.” The funding, estimated to be hundreds of thousands of dollars, is supposed to be used for exploring anti-censorship technology, developing software, and “educating local Internet users on circumventing Internet and television censorship.” The article suggested that this is not the first time for the U.S. government to give funding to the BBC. The plan reportedly triggered “anger” from media sponsored by the U.S. government, such as Voice of America and Radio Free Asia. The U.S. State Department responded that the decision hadn’t been made yet. The article also mentioned that British media has widely criticized the BBC for overpaying its employees with taxpayer money.

Source: People’s Daily, March 24, 2011

http://finance.people.com.cn/GB/14226532.html

Briefings | | March 29, 2011 | US-China Relations

China’s Reaction to Trump’s Election Win

Xinhua Commentary Series: Spotlight on the U.S. Presidential Election

Wu Guoguang: Xi Jinping’s Reversal of the Course, Will China’s Transition be Peaceful or Marked with Bloodshed?

Cheng Xiaonong: U.S.-China Strategic Relations Have Crystallized