Following the terrorist attacks in Paris, the Islamic State also killed a kidnapped Chinese hostage. The voices in support of military participation in anti-terrorism are gradually increasing. Proposals have been made that [China] join forces with Russia and Europe to combat terrorists. China Review News published a commentary article stating that such an action can only occupy a position of "moral righteousness." However, it is not only unconducive to the effective governance of global terrorism, but also may cause damage to national security and the national interests of China.
Beijing Business Today: Endless Steel Overcapacity
On November 17, 2015, Beijing Business Today and Xinhua Economic Information Daily published an article titled “Endless Steel Overcapacity.” China produced 820 million tons of crude steel in 2014, accounting for about half of the global steel production, thanks to the large infrastructure and real estate boom in the last decade. However, domestic demand has decreased recently due to sluggish real estate development. Serious excess steel capacity has resulted in low profit margins. In the past 10 months, China exported 92.13 million tons of excess steel overseas at cheaper rates. This amount is much more than the amount of steel exported last year (73.89 million tons). However, this year’s profit from the exportation of steel has dropped by 6.6 percent.
Local governments have been reluctant to solve the problem of the excess steel production because the iron and steel industry accommodates a lot of employment opportunities. The iron and steel industry would have to lay off unneeded employees in order to reduce the steel overcapacity. The government should let the market eliminate unprofitable companies and backward production capacity. At the same time, the government should take responsibility for assisting the unemployed workers to find new jobs. It should also provide them with a social security pension, health care, and job training so as to minimize any social conflicts.
Sources: Beijing Business Today & Xinhua Economic Information Daily, November 17, 2015
http://www.bbtnews.com.cn/2015/1117/127566.shtml
http://www.jjckb.cn/2015-11/17/c_134823900.htm
Is Xi Softening His Approach to International Affairs?
Several recent events seem to indicate that China’s President Xi Jinping is taking a softer approach when handling international affairs. Media and political observers have become aware of several instances and discussed them, but there has not been much analysis of the underlying reasons.
Global Times: Chinese Naval Admiral Warned U.S. Admiral to His Face
BBC Chinese: Leaders of Japan and the Philippines Agreed on Defense Supplies
Macao Chief Executive: Gambling Industry May Suffer a New Low
China to Adopt U.S. Registration System for IPOs
On November 20, Xiao Gang, Chairman of the China Securities Regulatory Commission (CSRC), stated that the State Council will push for the implementation of a registration system similar to the one in the United States to be initiated as early as March 2016.