Chinascope – Page 951

CRN: Romney’s Anti-China Comments Cause Worries

China Review News (CRN) recently published a review of an article form the Financial Times that discussed U.S. presidential candidate Mitt Romney’s position on US-China relations. Romney’s team recently suggested that the United States “won’t lose anything” if it goes against China and there is nothing to worry about in terms of a trade war. Romney is taking a tough position against China and has been calling China a country that manipulates the currency exchange rate. His position is considered much less soft than that of the former Republican president George W. Bush. Though Romney’s China policies cause worries even among the Republicans, it seems Romney’s team is making them a core part of the campaign image that is designed to differentiate him from the White House. However some Democrats believe that this is just an election year show because Romney’s China position is against the free-market philosophy that he has also been promoting.

Source: China Review News, June 6, 2012
http://www.zhgpl.com/doc/1021/3/2/7/102132722_2.html?coluid=59&kindid=0&docid=102132722&mdate=0606144244

Briefings | | June 12, 2012 | US-China Relations

Xinhua: Reader’s Digest Closed Down in China

Xinhua reported that, on May 28, 2012, Reader’s Digest closed down its operations in China. The news resulted in widespread discussion among senior Chinese media workers. Reader’s Digest started its international Chinese edition in the year 1965. The simplified Chinese edition was officially published in China in 2008. The Xinhua reporter actually contacted the U.S. headquarters of Reader’s Digest to confirm the closure. He received confirmation that the paper edition did cease distribution. No detailed reason was officially provided. The reporter was told that the Chinese market represented only a very small portion of the total operation of the magazine. A digital version is possible in the future. Reader’s Digest suffered a long period during which it fought for for its copyright and trademark rights in China. In recent years, many foreign magazines, such as Scientific American, have given up on the Chinese market, .

Source: Xinhua, June 9, 2012
http://big5.xinhuanet.com/gate/big5/www.js.xinhuanet.com/xin_wen_zhong_xin/2012-06/09/content_25369623.htm

Briefings | | June 12, 2012 | Information/Technology

Shenzhou 9 Spacecraft to Complete China’s First Rendezvous Operation

According to the spokesperson for China Manned Space Engineering, Shenzhou 9 and the carrier rocket Changzheng 2F (Long March-2F) are entering the final stage in preparation for the first rocket rendezvous operation in China’s history. Shenzhou 9 is making its way to the launch site in Jiuquan, Inner-Mongolia, and is timed to launch in mid-June for a rendezvous operation at the space docking channel with Tiangong-1, China’s first space laboratory module, which is currently orbiting earth.

Source: China News Review, June 9, 2012
http://www.chinanews.com/gn/2012/06-09/3950980.shtml

Briefings | | June 11, 2012 | Information/Technology

Ministry of Finance to Issue Local Government Bonds

The Ministry of Finance announced that it plans, for the first time, to issue 41.6 billion yuan in local government bonds for the following seven regions: Qingdao, Guangxi, Chongqing, Shanxi, Gansu, Hainan, and Xinjiang. The bonds are for either a three year or five year term. The three year bonds are valued at 20.6 billion yuan and the five year bonds are valued at 21 billion yuan. Shanxi has the largest share totaling 8.5 billion yuan while Qingdao has lowest share totaling 1.5 billion yuan.

The on sale date for the three year bonds is June 15, 2012, while the five year bonds will be sold on June 29, 2012.

Source: People’s Daily, June 8, 2012
http://finance.people.com.cn/GB/153179/153522/18124989.html

Briefings | | June 11, 2012 | Economy/Resources

The Volume of Real Estate Transactions in China Continues to Decline

According to the Ministry of Statistics, from January through May of 2012, a total of 288 million square meters or 3.1 trillion square feet of real estate changed hands, a reduction of 12.4 percent from the same period last year; the rate of the decline decreased by 1 percent compared to January through April. The total sales volume was 1,693 billion yuan or US$266 billion, down 9.1 percent compared to the same period last year; the rate of decline decreased by 2.7 percent compared to January through April.

Of the total number of real estate transactions, residential housing space was down 13.5 percent, office space went up 3.6 percent, and commercial buildings fell 1.4 percent. The total sales volume for residential housing declined by 10.6 percent while the office space went down 8.7 percent, and commercial buildings rose 3.9 percent.

In terms of the total decline in real estate space, the eastern region was the highest at 14.1 percent. The central region was second at 10.2 percent and the western region was 11.1 percent.

By the end of May, 307 million square meters or 3.3 trillion square feet of real estate space remained unsold, up 4.32 million square meters or 46.5 million square feet from April. Of the unsold real estate, residential space went up by 2.7 million square meters or 29 million square feet, office space went up by 60,000 square meters or 645,600 square feet, and commercial buildings went up by 430,000 square meters or 4.62 million square feet.

Source: Xinhua, June 9, 2012
http://news.xinhuanet.com/house/2012-06/09/c_123258567.htm

Briefings | | June 11, 2012 | Economy/Resources

Wuhu City in Anhui Province Has 11 Deputy Mayors û an Unusually High Number

Wuhu City in Anhui Province is a prefectural level municipality in Anhui Province with a population of 3.8 million. Wuhu has 11 deputy mayors in its city government, far surpassing the average number of staff for a city of Wuhu’s size. After the unusually high number of deputy mayors in Wuhu was called into question, the Wuhu government changed its website information; it removed 3 deputy mayors from the list on the website. Even so, the reporter found that, about 10 days ago, 2 of them used their current title to participate in activities; they gave no indication that they no longer held the title of deputy mayor.

Professor Wang Yukai from the China National School of Administration (CNSA) told the reporter that 11 deputy mayors seems to be too many. Professor Wang said that it’s quite widespread for (local) governments to employ too many staff in the deputy position, particularly in the deputy secretary position. An example of this is that, two years ago, there were 9 deputy mayors and 20 deputy secretaries in Tieling City in Liaoning Province.

Source: Nanfang Daily, June 6, 2012
http://nf.nfdaily.cn/nfdsb/content/2012-06/06/content_47401559.htm

Briefings | | June 8, 2012 | Government/Politics

China Central Bank Lowers Interest Rates

The People’s Bank of China announced that it was lowering its interest rates by 0.25 percentage point, effective June 8, 2012. The one year deposit rate will drop from 3.5% to 3.25% and the one year lending rate will fall from 6.56% to 6.31%. This is the first time since December 23, 2008, that the central bank has lowered interest rates. At that time, the central bank lowered its interest rates by 0.27 percentage points.

Source: Xinhua, June 7, 2012
http://news.xinhuanet.com/fortune/2012-06/07/c_112152900.htm

Briefings | | June 8, 2012 | Economy/Resources

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