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

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

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

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Xinhua Commentaries: “Exposing the Three Major Political Deficits of the U.S.”

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Beijing Real Estate Market Remains Slow

Beijing’s real estate sales have significantly dropped as housing price continues to soar. Statistics show that sales were down 54 percent in August despite various promotional plans introduced by developers. Buyers are holding off the buying decision hoping prices will drop. Some experts predict that October will bring the volume of sales back up if there is a lucrative discount offered.

Source: China News, September 18, 2008
http://www.chinanews.com.cn/estate/gdls/news/2008/09-19/1386889.shtml

Briefings | | |   Economy/Resources

Experts Warn Foreign Investments Pulling out of China

As the financial giants Lehman Brothers, AIG, Merrill Lynch, and Morgan Stanley have started to sell out their business and real estate investments in China, experts are concerned about its impact on China’s financial order. The latest statistics released by China Bank suggest that China’s funds outstanding for foreign exchange were down 50 percent in August compared with the first seven months of 2008, which is an obvious indication that foreign investments have started to back out of China. The experts warned that the real estate downturn and the large swing on the stock market have pushed the yuan to go up. If foreign investors and companies started to cash out their investments, it will have immeasurable impact on China’s financial order.

Source: Wenweipo, September 21,2008
http://paper.wenweipo.com/2008/09/21/CH0809210001.htm

Briefings | | |   Economy/Resources

Latest Photos from Sanlu Group Headquarters

A number of photos taken from the headquarters of the Sanlu Group in Shijiazhuang (Hebei Province) were found on quite a few Chinese BBS sites, though some have since been taken down.  The photos showed that the factory was crowded with people, mostly waiting in line to return baby formula. Some photos show banners hanging on the factory buildings with messages such as: "Produce High Quality Dairy Products, Make a Contribution to the Society"; "Focus on Product Quality, Promote a Harmonious Society"; "Quality is under our control, Customers are in our heart"; "Care about Product Safety, Ensure Public Well-being". One photo shows a urine test result of a 6 months old baby boy displaying “positive” test result.

Source:
Various BBS sites from China, September 18, 2008
http://bbs.cztv.tv/Html/2008/9/18/21034857072.html
http://forum.datuu.com/viewthread.php?action=printable&tid=58278
http://www.xici.net/b651692/d77449197.htm

Briefings | | |   Social Stability

Infant Formula in U.S. in High Demand to be Mailed to Mainland China

Following the tainted formula scandal in China, stores in New York’s Chinatown area saw a sharp increase in formula sales. Some of the stores were completely sold out. Most of the customers are immigrants who have sent it to babies back in their hometown in China. Those parents rushed to the stores right away and bought one to two years worth of supplies to be mailed back to China. Some customers were asked by friends and families from mainland China to buy formula for them.

Online formula sales also jumped. Chinese websites in New York City area received a number of postings from the parents in China who were seeking channels to buy infant formula from the US.

Source: Ming Pao, September 18, 2008
http://www.mingpaony.com/htm/News/20080917/nb0101.htm

Briefings | | |   Economy/Resources

Live photos from Chendu: City Officials Trapped by Angry Crowd

A group of photos show a standoff at the front entrance of the Sichuan Conservatory of Music. A fight broke out between officers from Chendu City Management Administration office and students and faculty from Sichuan Conservatory of Music at 6pm on September 18.

It started out when a staff member from the school attempted to stop the officers of the city administration from violently exercising their duty in an office supply store next to the school. As more and more students joined the standoff, the city management administration officers had to retreat into their vehicle which was almost turned over by the angry crowed. Students shouted slogans at those officers. Initially there were only four policemen at the scene. An eyewitness said that at one point in time a police officer had to fire a gun shot to take control. Finally, after more police officers arrived, they helped the city administrative officers leave the scene.

Source: Boxun, September 18, 2008
http://news.boxun.com/news/gb/china/2008/09/200809190407.shtml

Briefings | | |   Social Stability

Exposure to Lehman Brothers of Chinese Banks Reaching $331 Million

Industrial and Commercial Bank of China (ICBC) and Bank of China have total exposure to failed U.S. investment bank Lehman Brothers of $151.8 million and $75.62 million respectively, the official Xinhua news agency said on September 17, 2008.  Exposure of both banks accounts for 0.01 percent of their respective total assets.  The exposure consists of Lehman-related bonds and loans, said Xinhua.

Sources in Shanghai indicate the exposure of other major banks.  Industrial Bank has exposure of $33.60 million and China Merchant Bank has exposure of $70 million. Construction Bank is still in the process of assessing possible losses and no figures have been released.  Communications Bank has limited exposure, according to sources from the bank.

Source: Xinhua, September 17 and 18, 2008
http://news.xinhuanet.com/newscenter2008-09/17/content_10057811.htm
http://news.xinhuanet.com/newscenter2008-09/17/content_10060109.htm
http://news.xinhuanet.com/fortune/2008-09/18/content_10071001.htm
 

Briefings | | |   Economy/Resources

More Companies Found To Have Produced Toxic Milk Powder

22 Companies have produced melamine milk powder, the People’s Daily reported.  China’s General Administration of Quality Supervision, Inspection and Quarantine, tested 491 batches of products from 109 companies after the deaths of infants who had taken Sanlu milk powder.  69 Batches from 22 companies were found contaminated by melamine to varying degrees.

Source: People’s Daily, September 17, 2008
http://society.people.com.cn/GB/41158/8053691.html

Briefings | | |   Social Stability

Xinhua: Neither U.S. Party Platforms Talk about China Threat

A Chinese government think tank believes the omission of a "China Threat" approach in the platforms of both Republican and Democratic Parties marks progress compared to the use of the term “strategic competitor “ by President Bush, reported the International Herald Leader under Xinhua. However, there are problems, observed International Herald Leader. The Republican platform discussed policies towards China and Taiwan separately. In particular, there is no mentioning of “one China”, clearly leaning toward Taiwan. In contrast, the Democratic platform stated that it upholds the “One China Policy.” International Herald Leader further stated that the Democratic Party favors protectionism and attacks China several times in the past on trade issues, quoting Biden’s remarking on banning toy products from China. It was noted that McCain is against protectionism.

Source: Xinhua, September 16, 2008
http://news.xinhuanet.com/world/2008-09/16/content_10027078.htm

Briefings | | |   US-China Relations