China News Agency: What Logic Gives the Americans the Courage of a Thief Crying Stop Thief”?
Zuo Xiaodong, Deputy Director of the China Information Security Institute, wrote a special article on Chinanews.com (China News Agency), in response to the U.S. Justice Department’s indictment of five Chinese military officers for economic espionage by hacking into the computers of U.S. companies involved in nuclear energy, steel manufacturing, and solar energy. People’s Daily also posted the article on its website.
Housing Inventory Hits Record High
Daily Economic News reported that, as of end of April, 35 major cities saw an overall housing inventory increase of 2.6 percent compared to March and 19.5 percent compared to one year ago, hitting a five year record high.
China Review News: Internal Security in China Is More Crucial Than External Security
On May 20, 2014, China Review News published an article further explains “the Overall National Security View“ proposed by the Chinese Communist Party Chairman Xi Jinping at the first meeting of the National Security Commission on Tuesday, April 15, 2014. According to Xi’s speech, China must “implement and put into practice an overall national security view, paying attention to external as well as internal security.” While internal security aims at stable development, external security aims at win-win cooperation. China Review News article points out that
- Xi has corrected the one-sidedness of China’s security policies in the past, which only emphasized on external security;
- Xi implies that internal security in China is more crucial than external security as he put the aims of “internal security” before “external security”.
Source: China Review News, May 20, 2014
http://hk.crntt.com/doc/1031/9/3/4/103193475.html?coluid=151&kindid=11513&docid=103193475&mdate=0520001410
China Securities Journal: Three Major Challenges for China’s Economic Reform
A China Securities Journal article listed three major challenges that severely hinder China’s economic reform:
1. The lack of protection for legitimate property rights. Local governments expropriate farmer’s land, even when the farmers have the proper contracts for using the land. When there is a need to boost the economy, local governments invite companies to invest. Later, when they try to cool down some overheated sectors, the local governments force them to exit the market.
2. The lack of a formal government budget spending process. The top official can, individually, make a decision on spending. At end of the budget year, government agencies rush to spend funds.
3. The lack of measurements for correct performance and of a reward system for government officials and the heads of state-owned enterprises. Their evaluation is linked to short-term economic achievements instead of long-term performance. This induces officials to pursue temporary results while leaving the major burdens for the public to handle in the long run.
Source: China Securities Journal Online, May 13, 2014
http://www.cs.com.cn/sylm/zjyl_1/201405/t20140513_4388241.html
China Review News: New Countermeasures to Guard Against and Defuse China’s Financial Risks
On May 18, 2014, China Review News published an article discussing China’s rising financial risks. The article suggested “new countermeasures to guard against and defuse these financial risks.” Below are the new countermeasures recommended in the article:
- Carry out thorough investigations into China’s financial risks to enable easier management. However, the results of these investigations should not be released to the public so as to prevent any substantial volatility in financial markets.
- Develop contingency plans for financial emergencies.
- Set up a bank deposit insurance system as soon as possible to stop people from withdrawing all of their money from banks.
- Further strengthen supervision over financial businesses.
Source: China Review News, May 18, 2014
http://hk.crntt.com/doc/1031/9/2/4/103192492.html?coluid=53&kindid=0&docid=103192492&mdate=0518071527