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Monthly Archives: April 2011 - 9. page

Globe: Chinese Banking Giants Intense Global Expansion

[Editor’s Note: An article from Globe, a bi-weekly publication of Xinhua News Agency, gives an account of how the expansion of Chinese banks overseas has been accelerating since the financial crisis. “Some people in the industry believe that, during the crisis, certain countries made it easier for foreign banks to set up shop in their countries in order to help their own financial industries. The relatively low cost of entering foreign markets provided a rare window of opportunity for Chinese banks.” Excerpts from the article are translated below.] [1]

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Reports | | |   Report

CNOOC Acquires the Rights to a Uganda Drilling Area for US$1.467 Billion

On March 30, 2011, CNOOC (China National Offshore Oil Corp) announced that it had signed an agreement with U.K.’s Tullow Oil to acquire a one third interest in the company’s three drilling areas in Uganda. The transaction is a cash deal amounting to about US$1.467 billion. It is expected to close in the first half of 2011.

Source: China News Service, March 30, 2011
http://www.chinanews.com/ny/2011/03-30/2941922.shtml

Briefings | | |   Economy/Resources

The Chinese Government ‘s White Book: China ‘s National Defense in 2010

On March 31, 2011, the Chinese government published the white book: China ‘s National Defense in 2010. This is the eighth time since 1998 that the Chinese government has published the national defense white book.

The book contains the following sections: introduction and the security situation, the policy of national defense, modernizing the PLA, using armed force, national defense mobilization and the development of backup forces, military law, the science and technology industry of national defense, funding national defense, establishing military mutual trust, military control, and disarmament.

The book laid out the aim and task of China’s National defense: to protect national sovereignty, security, and development; to maintain the harmony and stability of society; to modernize national defense and the army; and to maintain world peace and stability.

The book comprehensively discussed the multiple functions of national defense during peace time. It also emphasized adapting to new situations and proactively coping with various security threats.

Source: Xinhua, March 31, 2011
http://news.xinhuanet.com/2011-03/31/c_121252260.htm

Briefings | | |   Government/Politics

People’s Daily: The West Should Abandon the Mindset of Leading the World

An opinion article on the People’s Daily website questions the purpose of Western countries’ military action in Libya. “The original idea of UN Security Council resolution 1973 was to stop violence and protect civilians." However, one wonders at the Western countries’ purpose. “Help the opponent obtain a military opportunity by striking the government’s army. This has led the conflict in Libya to escalate. Is this stopping the violence?” “Some Western countries directly fund and arm the opponents to achieve their goal of ‘overthrowing Gaddafi.’ Is this consistent with its emphasis that ‘the purpose is not to overthrow Gaddafi?’"

“In fact, behind the slogan of protecting civilians’ interests is protecting Western countries’ interests. … including economic interests and … Western leader’s mindset of leading the world from their bones.” “From their action toward Libya, … it seems there is a ribbon to bind them together, i.e. Western countries leading world affairs.”

The article concluded: “the future direction of Libya is not only to test how long Gaddafi can last, but also to test whether Western countries’ mindset toward the world will change.” 　　

Source: People’s Daily, April 1, 2011
http://world.people.com.cn/GB/14290933.html

Briefings | | |   Geo-Strategic Trend