Chinascope – Page 822

Global Times: Volume of Trade in Chinese Currency Is Growing Rapidly

Global Times recently reported that new trading participants pushed the RMB trade volume much higher in London. This significantly strengthened London’s position as one of the primary RMB offshore trading centers. Based on SWIFT data, London’s trading volume now represents 62 percent of the entire RMB trading activities outside Mainland China and Hong Kong. London won the market share mainly from Singapore and from the U.S., Switzerland and France. The daily RMB trade volume has reached US$5 billion, which is double last year’s number. HSBC currency strategist Wang Ju suggested that many central banks, private banks, hedge funds, and companies are showing a strong interest in the RMB. Data from the Bank for International Settlements (BIS) also demonstrated a rapid growth in RMB trading, which is quickly catching up to the volume of the Canadian dollar and the Swiss Franc.

Source: Global Times, October 10, 2013

http://finance.huanqiu.com/china/2013-10/4426449.html

Briefings | | October 15, 2013 | Economy/Resources

China News: A U.S. Default Could be Worse than the Fall of Lehman Brothers

China News recently reported from New York that the United States has moved steps closer to a new “Fiscal Cliff.” The on-going two-party fight on the debt ceiling issue has pushed the world’s largest economy toward the edge of default. Many countries have issued warnings that the situation could, potentially, be worse than that of the Lehman Brothers bankruptcy in 2008, which triggered a global downturn. China and Japan are the two primary overseas creditors, holding US$2.4 trillion in U.S. government bonds. On numerous recent occasions, their government officials called for an immediate resolution of the debt crisis. Economists have predicted that, following a U.S. default, credit ratings will be lower, interest rates will be higher, the U.S. dollar will depreciate, bankruptcies will occur in the banking industry, and the stock market will go into free fall. The Chicago Volatility Index for futures has gone up by 22 percent since October 1 and the International Monetary Fund also warned of “serious damage” to the world economy.

Source: China News, October 10, 2013

http://www.chinanews.com/gj/2013/10-10/5357213.shtml

Briefings | | October 15, 2013 | Economy/Resources

Li Keqiang: Moving the China-ASEAN Strategic Relationship One Step Forward

Xinhua reported that Chinese Premier Li Keqiang delivered a speech on October 9 at the 16th China-ASEAN (Association of Southeast Asian Nations) Leadership Summit. Li called for a long-term view of their strategic partnership and for strengthening two common political grounds: (1) Improve strategic mutual trust; (2) Deepen cooperation in economic development.

Li also pushed seven key areas of cooperation: (1) Actively work toward signing the Good-Neighborly Treaty of Friendship and Cooperation; (2) Start the process of improving the China-ASEAN free trade zone; (3) Speed up the infrastructure constructions of interconnectivity; (4) Strengthen regional financial and risk management cooperation; (5) Steadily improve maritime cooperation; (6) Enhance security oriented exchanges and cooperation; (7) Intensify cooperation in the areas of culture and technology.

Source: Xinhua, October 9, 2013

http://news.xinhuanet.com/world/2013-10/09/c_117641820.htm

Briefings | | October 15, 2013 | Geo-Strategic Trend

Expert: In the Future China May Sell Aircraft Technology

People Daily reported that Turkish Defense Minister Yilmaz announced on September 26 that Turkey decided to choose the Chinese "Red Flag" -9 air defense system as the next-generation long-range air defense system. The total contract amounts to US$3 billion. This choice caused a big stir [in Western society]. The U.S. immediately expressed "serious concern." Sun Zhe, a professor at Tsinghua University, said in an interview that Chinese military trade has achieved a qualitative leap and the West needs to adjust its mentality.

Some people believe that, as China is now able to sell the "Red Flag" -9 [missile], next it will be able to sell the F-10 [fighter aircarft]. In this regard, Sun Zhe said that we can see the trend in the trade of China’s military products. China has moved from the initial export of major military products only to Pakistan, and later to other countries. For example, it moved from Venezuela buying our small transport aircraft and the UAE purchasing our howitzer, to today’s Turkish intent to buy our Red Flag-9 anti-aircraft missiles. This shows the achievement of a qualitative leap. In this process, our military products are also improving along with the international rules. Western society may not be psychologically prepared for that yet. The West needs to adjust its mentality. China will become stronger. It will not just sell inferior goods. In the future it may even sell aircraft carrier technology to other countries.

Source: People’s Daily, October 10, 2013

http://military.people.com.cn/n/2013/1010/c1011-23148983.html

Briefings | | October 11, 2013 | Defense/Military

Protection of Internet Sovereignty Requires the United Nations

In a recent article in the International Herald Leader, Qing An, Director of China National Innovation and Development Strategy Research Center for Cyberspace Strategic Studies commented on Internet sovereignty. Qing stated that, to protect Internet sovereignty, countries should work with the United Nations to develop Internet rules and end Internet conflicts.

Qing identified cyberspace as a natural extension of sovereignty. The United States is both the inventor and administrator of the Internet. Therefore, one cannot solve the problem of the U.S. control of the Internet in a short period of time. As a result of the recent scandals of Internet monitoring, the issue of Internet sovereignty has caught the attention of international communities. It is difficult to win a confrontation with the United States. Therefore, long term negotiation is a better approach to finding an acceptable solution. “Finally, [countries should] cooperate across the board and work with the United Nations to develop Internet rules and end Internet conflicts.”

Source: International Herald Leader, October 8, 2013

http://ihl.cankaoxiaoxi.com/2013/1008/282521.shtml

Briefings | | October 11, 2013 | Government/Politics

The Second Presidium Meeting of the World Media Summit

Leaders and representatives from some world-renowned media organizations met on Thursday in Hangzhou, capital of east China’s Zhejiang Province.

The leaders and representatives from Xinhua News Agency, News Corporation, The Associated Press (AP), Reuters, ITAR-TASS News Agency, Kyodo News, British Broadcasting Corporation (BBC), Turner Broadcasting System Inc., Google, Al Jazeera Media Network, The New York Times Company, NBC News, MIH Group, and Kasturi and Sons Limited attended the 2nd Presidium Meeting of the World Media Summit (WMS). Executive President of the WMS and President of Xinhua Li Congjun presided over the 2nd WMS Presidium Meeting and delivered the keynote speech.

China’s official Xinhua News Agency initiated the World Media Summit in order to "build a new partnership between traditional media and new emerging media in the 21st century." Xinhua and eight other media organizations including News Corporation, AP, Thomson Reuters, ITAR-TASS, Kyodo News, BBC, Turner Broadcasting System Inc. and Google Inc. co-launched the first WMS, held from October 8 to 10 in 2009.

Source: Xinhua, October 9, 2013.
http://news.xinhuanet.com/world/2013-10/09/c_117642987.htm

Briefings | | October 10, 2013 | Geo-Strategic Trend

Xinhua Commentary: Japan-U.S. Alliance Is Moving Farther and Farther down a Dangerous Road

Xinhua published a commentary on the "2 +2" meeting of Japan and the U.S. held in Tokyo on October 3, 2013. The article said, “Japan and the U.S. expressed that they will cooperate in space and cyber-space, as well as in other new strategic areas and will complete the revision of the Japan-U.S. defense cooperation guidelines before the end of 2014. In addition, the United States welcomed the Japanese government’s amendment of its interpretation of the Constitution on collective self-defense, the implementation of its national security strategy, and the increase in its defense budget. One can see that Japan and the U.S. are intending to further strengthen defense cooperation and enhance the level of military integration. This indicates that the Japan-U.S. alliance is moving farther and farther down a dangerous road.”

The commentary continued, “Needless to say, following the revision of the Japan-U.S. defense cooperation guidelines, the Japanese self-defense force (SDF) and the U.S. military will further implement military integration. SDF and the U.S. military will enhance cooperation in joint training, intelligence sharing, joint use of bases, and in other traditional areas. The scope of the Japan-U.S. alliance will also be expanded to new strategic areas in cyber-attacks and space cooperation. This means that the Japan-U.S. alliance will be greatly expanded both in depth and breadth.

“The Abe regime has been seeking a major breakthrough in defense. … In this context, that the United States is adding fuel to the flames makes one wonder about its [ulterior] motives.

“… Japan and the U.S. not only have not abandoned the Cold War mentality; on the contrary, they continue to strengthen military alliances, posing threats to regional peace and stability. This cannot help but cause people in the world and the Asia-Pacific region to be on high alert.”

Source: Xinhua, October 3, 2013

http://news.xinhuanet.com/world/2013-10/03/c_117592230.htm

Briefings | | October 10, 2013 | US-China Relations

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

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