Posts tagged ‘China’

18/09/2014

Trade, investment hopes as China’s Xi visits India – Businessweek

Chinese President Xi Jinping landed in the Indian prime minister‘s home state of Gujarat on Wednesday for a three-day visit expected to focus on India’s need to improve worn out infrastructure and reduce its trade deficit.

Xi was greeted on the tarmac by state officials carrying fringed umbrellas to guard him from the sun in Gujarat’s main financial city of Ahmedabad.

Prime Minister Narendra Modi is expected to court Chinese business and seek investment to upgrade creaky infrastructure, banking on China’s track record at building highways, railways, and industrial zones. India is also eager to address the imbalance in their annual trade, which now totals around $65 billion but is skewed toward imports of Chinese electrical equipment and parts.

Modi and the Gujarat government are staging a lavish welcome for Xi, with billboards across Ahmedabad showing a smiling Modi and Xi. A banquet dinner was being held Wednesday night on the banks of the Sabarmati River in Ahmedabad. Modi was also celebrating his 64th birthday.

Xi has been equally effusive in expressing excitement for the visit.

China-India relations have become one of the most dynamic and promising bilateral relations in the 21st century,” Xi wrote in an article published Wednesday in The Hindu newspaper.

via Trade, investment hopes as China’s Xi visits India – Businessweek.

18/09/2014

Chinese Well-Being Is Low, Global Survey Shows – Businessweek

Despite years of rapid economic growth and rising incomes, Chinese aren’t feeling so great about themselves. And Chinese from the countryside are feeling even worse. That’s revealed by a new survey focusing on global well-being, released yesterday for the first time by polling agency Gallup and Healthways (HWAY) in Franklin, Tenn.

The Global Well-Being Index is designed as an alternative to traditional objective measures, such as GDP, life expectancy, and population size, the report explains. Instead, the index, which canvassed 133,000 people in 135 countries and regions, serves as “a global barometer of individuals’ perceptions of their well-being.” It’s important because people with higher well-being are “healthier, more productive, and more resilient in the face of challenges such as unemployment,” the report notes.

To find out just how people feel, the survey looked at five categories of perceived well-being, including financial and physical well-being, but also social well-being (“having supportive relationships and love in your life”), community well-being (“liking where you live, feeling safe, and having pride in your community”), and purpose well-being (“liking what you do each day and being motivated to achieve your goals”).

So where did the Chinese reveal themselves as particularly glum? On purpose, or feeling motivated every day, 35 percent of Chinese characterized their well-being as low, and 56 percent said it was moderate, while just 9 percent rated it as high. That compared with 13 percent of respondents in Asia who said they had high well-being, and twice as many, or 18 percent, globally.

On social and community well-being, the Chinese also lagged the rest of Asia and the world. And among rural Chinese, far fewer people expressed high satisfaction with their communities than urban Chinese— just 14 percent for those in the countryside, compared to 23 percent in cities. “With better access to education, entertainment, and employment opportunities, it’s not surprising that urban Chinese are more likely to be satisfied with their communities,” the reports says.

That split within China shows up when it comes to financial security, as well. Overall, the Chinese scored highly (Chinese overall also scored well in physical well-being), with 25 percent expressing high financial well-being, the same as the regional and global average. Yet the rate of those with low financial well-being among rural Chinese was twice that of those in Chinese cities, “speaking to China’s ongoing struggle with income inequality that has resulted from rapid growth,” according to the report.

via Chinese Well-Being Is Low, Global Survey Shows – Businessweek.

18/09/2014

Chinese Views of India: Culturally Rich but Backward – China Real Time Report – WSJ

From China’s side of the Himalayas, the view of India isn’t always that great.

“This place is like China from 20 years ago. It’s much, much worse than I’d imagined,” said Tony Jiang, 29, an employee at an electronics-parts maker in Hangzhou visiting New Delhi this week.

Reshma Patil, an Indian journalist who spent more than three years based in Beijing reporting on China for the Hindustan Times newspaper, writes in a recently published book that Chinese she met tended to view India as poor and unsanitary.

In “Strangers Across the Border: Indian Encounters in Boomtown China,” Ms. Patil argues that ties between the two countries are hampered by their citizens’ mutual ignorance of each other.

A survey by the Pew Research Center published this year found that 30% of Chinese have a “favorable” view of India and 55% an “unfavorable” one. By contrast, 50% of Chinese have a favorable view of the U.S., according to Pew. Just 8% of Chinese hold a favorable view of Japan.

More Chinese are getting first-hand knowledge by visiting India as tourists or on business trips.

But the numbers are still small. India’s Ministry of Tourism says that about 175,000 Chinese tourists visited India in 2013, a 46% increase from around 120,000 in 2010. Tourism experts say China’s newly affluent prefer traveling to Europe, the U.S. and Southeast Asia.

India Real Time interviewed some Chinese visitors to India to get their impressions of the country as the two nations focus on bolstering ties that have long been strained by territorial disputes. Chinese President Xi Jinping arrived in India on Wednesday for a three-day trip aimed at deepening economic relations.

For some Chinese, the allure of India is its cultural heritage, especially its connection to Buddhism.

Mario Tang, a 26-year-old store manager from Shanghai who traveled across north India, said he came to see India’s centuries old history — against the advice of family and friends.

“My parents thought I was crazy. Most people I know think India is a poor, dirty, backward place,” Mr. Tang said.

He found it magical. “India is one of my favorite places on the planet,” he said. He visited Buddhist holy sites and even took a dip in the Ganges, India’s sacred river. He said Indians he spoke to seemed happy, something he attributed to “the power of belief and culture.”

Di Wenjie, a 32-year-old Chinese magazine editor who has visited India several times, said the country is “beyond imagination and full of color.” She says she studied meditation and yoga and plans to come again soon.

Others take a dimmer view.

“We didn’t have high hopes coming here,” said Mr. Jiang, the electronics-company employee, who was visiting Delhi for a trade fair. “Our impression was that Indian people are dirty and disorderly,” he said, while working on his laptop at a Starbucks in the center of the Indian capital this week.

Mr. Jiang also questioned Indians’ dedication to their jobs. “Indians are still eating breakfast at 10 a.m. Then they go home by 5 to 6 p.m.,” he said. “This is why this country is developing so, so slowly.”

His colleague, Ray Zhang, 28, said that his experience in New Delhi had been “terrible.” But he said he wouldn’t rule out returning to India to see the sights. “I’ve heard a lot about the Taj Mahal,” he said.

via Chinese Views of India: Culturally Rich but Backward – China Real Time Report – WSJ.

18/09/2014

India to hold talks with China on civil nuclear cooperation | Reuters

India will open talks on civil nuclear energy cooperation with China, Prime Minister Narendra Modi said on Thursday after summit talks with Chinese President Xi Jinping in New Delhi.

The announcement, part of the new government’s push to broaden its nuclear energy sector, comes on the heels of a deal India struck this month to buy uranium from Australia to increase its fuel supplies.

“We will begin the process of discussions on civil nuclear energy cooperation that will bolster our broader cooperation on energy security,” Modi said in a statement, with Xi beside him, at a news conference.

Ahead of Xi’s visit, Chinese Assistant Foreign Minister Liu Jianchao told reporters that China had a “positive attitude” towards nuclear cooperation with India, but offered no details.

Behind the scenes, China has been pressing India hard to begin talks on civil nuclear cooperation, said W.P.S. Sidhu, a senior fellow at Brookings India.

Any deal for India to buy civil nuclear reactors from China may take years, but both countries benefit by starting the conversation, said Sidhu.

“It’s a way for India to explore other options,” he said.

via India to hold talks with China on civil nuclear cooperation | Reuters.

18/09/2014

N. Korea, China to open major bridge next month

North Korea and China are set to open a major suspension bridge across the Amnok River in October, paving the way for closer economic relations between the allies, China’s state media reported Thursday.

The 3-kilometer, 2.2 billion yuan (US$357 million) bridge links the North’s border city of Sinuiju to the neighboring Chinese city of Dandong over the river, also called the Yalu River in China. Dandong handles more than 70 percent of bilateral trade with North Korea.

The official China News Service, without citing any sources, reported that the bridge will be opened in October, when the two nations hold a joint trade fair in Dandong.

If the Chinese-funded bridge opens, the report said, “Dandong will become more important in China-North Korea trade.”

The bridge illustrates the view in China that economic engagement with North Korea is a prerequisite to persuading it to abandon its nuclear weapons program, and its resistance to U.S. calls to exert more economic leverage to restrain the regime.

A series of provocations by the North, including last year’s nuclear test, have strained political ties with its last-remaining ally, China. Still, many analysts believe that Beijing will not put strong pressure on Pyongyang due to the risk of aggravating the current situation.

via N. Korea, China to open major bridge next month.

18/09/2014

After Modi-Xi meeting, China agrees to quickly settle border dispute, demarcate LAC – Hindustan Times

Prime Minister Narendra Modi and Chinese President Xi Jinping on Thursday agreed to quickly resolve the border dispute and demarcate the Line of Actual Control to improve peace and cooperation between both countries.

Addressing the media after the conclusion of one-on-one meeting with visiting Chinese President Xi Jinping, Modi said India is concerned about the frequent incursions along the border. The Line of Actual Control should be demarcated soon to ensure peace and tranquility in the area, he said.

President Xi, in response, said that China will work to settle the border issue at the earliest date. Since the border is not demarcated there will be some incidents, but both countries are capable of settling it at various levels without causing a bigger impact, he said.

President Xi said both countries would be respectful and sensitive to each others concerns. “We also have the sincerity to work with India to maintain peace and tranquility in the border areas before we are finally able to settle the border question,”he said.

The latest incident India was referring to was the  fresh incursion by the Chinese army in Chumar area, even as talks were on between both the leaders.

via After Modi-Xi meeting, China agrees to quickly settle border dispute, demarcate LAC – Hindustan Times.

18/09/2014

Despite the Xi-Modi bromance, Indians and Chinese don’t actually like each other

One in two Indians thinks China is a major threat.

In the last two days alone, Chinese President Xi Jinping has called India an ancient, magic, enchanting, and beautiful land. And Indian Prime Minister Narendra Modi has reciprocated with syrupy adjectives, reminding visiting journalists how ancient Chinese technology was responsible for sugar being called cheeni in India.

The pictures of the two leaders’ bonhomie on Wednesday went even further. By the time you get to the sight of Modi and Xi sitting on a swing by the Sabarmati, most would imagine that India and China are steadfast allies who support each other through thick and thin.

Which is why it might be worth pointing out that we don’t actually like each other very much, and that Indians and Chinese people have very different intentions for the bilateral relationship. And it’s not just about the trade deficit and the border disputes. Ordinary Indians and Chinese people simply aren’t sure whether they like each other.

via Scroll.in – News. Politics. Culture..

17/09/2014

Survey shows 10 problems of Chinese society – China – Chinadaily.com.cn

Twenty-four percent has cited the credibility deficit of the government as a main reason behind the lack of trust in Chinese society, according to a survey conducted by People’s Tribune, a magazine of People’s Daily.

Survey shows 10 problems of Chinese societyThe survey finds more than 80 percent of respondents think of Chinese society as “sub-healthy” and 40.4 percent  believe that a crisis of credibility is sickening society.

The “symptoms” are, in order, distrust in “whatever the government says”, “distrust between people’, “doubt over food and medicine safety” and distrust in “doctors’ professional ethics”.

A lack of faith is the most recognized problem in the survey. When asked to choose which group suffers the most from the symptom, more than half of the respondents chose government officials. In a report of the People’s tribute, the choice was referred to a recent case of the self-styled “qigong master” Wang Lin, who claimed to have supernatural powers. He has been put under the spotlight after his photos with many government officials and celebrities were published online last summer.

The superstition in officialdom mirrors corruption in the government, the report said. In terms of the reason behind the loss of faith, some 50 percent of netizens cited “unethical behaviors have gone unpunished”, while 20.8 percent blame the “mercenary” market economy.

Extreme, violent and anti-social behaviors have been chosen by nearly one third of the netizens as another major illness of society, with the “disadvantaged groups” as the most obvious example. “The growing social inequality and feeling of deprivation” have been cited as the main causes.

The full list of responses of the survey

1 Lack of faith

2 “Bystander attitude”or being indifferent

3 Anxiety over work, life and future

4 Habitual distrust

5 Ostentatiousness

6 Reveling in scandals

7 Hedonism

8 Extreme, violent and anti-social behaviors

9 Addiction to the Internet

10 Masochism, complaints about the Party and state system

via Survey shows 10 problems of Chinese society – China – Chinadaily.com.cn.

17/09/2014

Could India Edge Out China? – Businessweek

China’s President Xi Jinping is due to arrive in India tomorrow, and for a change he’s the one with an economy heading in the wrong direction, not Indian Prime Minister Narendra Modi. After several dismal years, growth in India is rebounding, and the stock prices of companies selling to Indian consumers are benefiting from the surge in optimism that accompanied Modi’s landslide election victory in May. Britannia Industries (BRIT:IN), the Kolkata-based maker of cookies and other food products, is up 55 percent so far this year and today hit a 52-week high. “The Indian consumption story is back,” Credit Suisse analysts Neelkanth Mishra and Ravi Shankar wrote in a report published today.

Electronic ticker boards at the National Stock Exchange in Mumbai, India

Meanwhile, China is struggling as the troubled banking system and property markets put a damper on the economy. Hit by a slump in the property market, the Chinese economy expanded at an annual rate of 6.3 percent in August, a dramatic slowdown from the 7.4 percent growth in July and nowhere close to the government’s target of 7.5 percent. So far this year, the area of new property under development has declined 14.4 percent. The data from last month “made depressing reading,” Bloomberg economist Tom Orlik wrote in a report published yesterday.

The role reversal could lead to a world-turned-upside-down moment as early as 2016. That’s when India, always the laggard, may pull ahead of China and became the fastest-growing of Asia’s giants. India is likely to enjoy 7.2 percent growth in 2016, says Rajeev Malik, senior economist in Singapore with CLSA, compared with China’s 7.1 percent. Given the structural problems Xi faces and the slack Modi inherited, “China has to slow down, and India can do much better,” he says.

India has suffered from a chronically high inflation rate, but there are signs that pressure is easing, albeit slowly. Consumer prices last month rose 7.8 percent, a slight improvement from July’s 7.96 percent. Yesterday, the government reported wholesale prices rose 3.74 percent in August. That’s the best result in five years.

via Could India Edge Out China? – Businessweek.

17/09/2014

Is China Ready to Step Up and Invest in India? – India Real Time – WSJ

While Chinese companies have been great at peddling their products in India, they have been surprisingly reluctant to invest here. China has invested less in India than even Poland, Malaysia or Canada have.

President Xi Jinping’s three-day visit to India starting Wednesday is likely to include some massive pledges to try to remedy this imbalance.

When Prime Minister Narendra Modi visited Japan recently, Japan pledged to invest $35 billion in India. President Xi is expected to try to eclipse Japan’s promises, possibly pledging $100 billion in investment according to some local reports. His meetings with Mr. Modi are predicted to lay the groundwork for a wave of Chinese money to build industrial parks and bullet trains.

Annual trade between India and China has galloped to $66 billion from $3 billion 14 years ago, something that underscores the rise of Beijing as the global manufacturing hub and India’s growing appetite for everything from phones to machinery from China.

While the trade relationship between the two countries has bloomed, foreign direct investment from China has not. According to Indian government statistics, the country has received a total of around $400 million from China in investment in the last 14 years. Even if you add the $1.2 billion of direct investment India received from Hong Kong, China is still well behind the $22 billion in foreign direct investment from the United Kingdom, $17 billion from Japan, $13 billion from the Netherlands and $1.9 billion from Spain.

It’s not that China doesn’t invest abroad. According to data from United Nations Conference on Trade and Development, China was the third biggest source of foreign direct investment last year, having invested more than $100 billion in other countries. In the seven years to 2012, it invested more than $25 billion in the 10 members of the Association of Southeast Asian Nations alone.

Chinese investment has tended to focus on the resources sector to power its economy. Much of it has gone into getting control of oil, natural gas and coal in Africa, Australia, Indonesia and elsewhere. India has not attracted much of this investment as it is a net importer of resources and has a heavily regulated energy sector, said Rajiv Biswas, economist for IHS.

“China wants to increase investment in India and wants Chinese companies on the ground there,” Mr. Biswas said. “Most of it will be in manufacturing and infrastructure space.”

Chinese companies may also be looking to move some of their manufacturing to India as they struggle with rising wages at home, said Ajay Sahai, director general and chief executive at Federation of India Export Organization.

If India can’t find better ways to fix its trade imbalance with China, New Delhi may want to increase taxes on some imports such as auto-components and pharmaceuticals to encourage Chinese companies to set up factories in India, he said.

“This will not only raise Chinese investment in India but also help in fixing the trade imbalance,” said Mr. Sahai.

via Is China Ready to Step Up and Invest in India? – India Real Time – WSJ.

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