Chindia Alert: You’ll be Living in their World Very Soon
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Image copyright GETTY IMAGESImage caption The village made headlines after photos showed people scaling ladders to get home
They used to call an 800m-high cliff home, but dozens of villagers in China’s Sichuan province have now been relocated to an urban housing estate.
Atulie’er village became famous after photos emerged showing adults and children precariously scaling the cliff using just rattan ladders.
Around 84 households have now been moved into newly built flats as part of a local poverty alleviation campaign.
It’s part of a bigger national campaign to end poverty by the end of 2020.
‘So happy I got a house’
Atulie-er village made headlines in 2016 when it was revealed that its villagers had to scale precarious ladders to get home, carrying babies and anything the village needed.
The households have now been moved to the county town of Zhaojue, around 70km away.
They will be rehoused in furnished apartment blocks, which come in models of 50, 75 and 100 sq m – depending on the number of people in each household.
It’ll be a big change for many of these villagers, who are from the Yi minority and have lived in Atulie-er for generations.
According to Mark Wang, a human geography professor at the University of Melbourne, such housing schemes are often heavily subsidised by the government, typically up to 70%. However, in some instances families have been unable to afford the apartments despite the subsidies.
“For some really poor villages, the 30% may still be difficult for them to pay, so they end up having to borrow money – [ironically] causing them even more debt,” he told BBC News.
“For the poorest, it’s a big financial burden and so in some instances, they might have to stay.”
According to Chinese state media outlet China Daily, each person will have to pay 2,500 yuan ($352; £288) for this particular move – so for a family of four, the cost would come up to 10,000 yuan.
Image copyright GETTY IMAGESImage caption This is the journey the villagers had to make to get home
This is quite a low price, says Mr Wang, as he had heard of people having to pay up to 40,000 yuan for other relocation projects.
Mr Wang says in most poverty resettlement campaigns, villagers are given a choice whether or not to move, and are not usually moved into cities from the countryside.
“In most instances it’s a move to a county town or a suburb. So it’s not like they’re moving to a big city. Not everyone wants an urban life and most of those who do would have already left these villages and moved to the big cities,” he says.
“Usually the government [puts a limit] on the resettlement distance. This is in most people’s favour because it means they can keep their farm land, so that’s very attractive.”
The Atulie’er villagers will share this new apartment complex with impoverished residents across Sichuan province.
Image copyright CGTN/YOUTUBEImage caption The villagers will be living in these apartment buildings
Around 30 households will remain in the Atulie’er village- which is set to turn into a tourism spot.
According to Chinese state media outlet China Daily, these households will effectively be in charge of local tourism, running inns and showing tourists around.
The county government has ambitious plans – planning to install a cable car to transport tourists to the village and to develop some surrounding areas. An earlier report said there were plans to turn the village into a vacation resort, with state media saying the state would pump 630 million yuan into investment.
Though these developments are likely to bring more jobs to the area, it’s not clear what safeguards are in place to make sure that the site’s ecological areas are protected and not at risk of being overdeveloped.
Media caption Do people in China’s rural communities think poverty reduction can work?
Chinese President Xi Jinping has declared that China will eradicate poverty in China by 2020.
There’s no one standard definition of poverty across all of China, as it differs from province to province.
One widely quoted national standard is 2,300 yuan ($331; £253) net income a year. Under that standard, there were around 30 million people living in poverty across the whole of China in 2017.
But the 2020 deadline is approaching fast – and Mr Wang says the plan could be derailed by the virus outbreak.
“Even without Covid-19 it would be hard to meet this deadline and now realistically, it has made it even more difficult.”
Buffett’s Berkshire posted a record quarterly net loss of nearly US$50 billion
Company sells entire stakes in US airlines, Buffett says ‘world has changed’
Warren Buffett speaks during the virtual Berkshire Hathaway annual shareholders meeting. Photo: Bloomberg
Billionaire investor Warren Buffett said Saturday he’s confident the US economy will bounce back from its pummelling by the coronavirus pandemic because “American magic has always prevailed”.
The 89-year-old made the sanguine prediction about the world’s largest economy as his holding company Berkshire Hathaway reported first-quarter net losses of nearly US$50 billion.
Buffett also announced Saturday that his company had sold all its stakes in four major US airlines last month, as the pandemic clobbered the travel industry.
“It turns out I was wrong,” he said of his acquisitions of 10 per cent stakes in American Airlines, Delta Air Lines, Southwest Airlines and United Airlines.
Berkshire Hathaway had paid US$7 billion to US$8 billion, and “we did not take out anything like that,” he said.
Between the purchases that took place over months, and the sale, “the airlines business I think changed in a very major way” and could no longer meet Berkshire criteria for profitability, he said.
Buffett’s announcement may further hurt airlines already pushed to the brink by coronavirus lockdown measures, now looking to the US government for US$25 billion in relief funds.
Berkshire Hathaway, based in Omaha, Nebraska, called its first-quarter setback “temporary” but said it could not reliably predict when its many businesses would return to normal or when consumers would resume their former buying habits.
Warren Buffett (left) and vice-chairman Charlie Munger at the annual Berkshire shareholder shopping day in Omaha, Nebraska in 2019. Photo: Reuters
“We’ve faced great problems in the past, haven’t faced this exact problem – in fact we haven’t really faced anything that quite resembles this problem,” Buffett said in a lengthy speech on the country’s economic history.
“But we faced tougher problems, and the American miracles, American magic has always prevailed and it will do so again.”
“We are now a better country, as well as an incredibly more wealthy country, than we were in 1789 … We got a long ways to go but we moved in the right direction,” he said, referencing the abolition of slavery and women’s suffrage.
Warren Buffett has traded his old flip phone for Apple’s iPhone
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“Never bet against America.”
Buffett is considered one of the savviest investors anywhere. His fortune of US$72 billion is the fourth-largest in the world, according to Forbes, and in normal years, the company’s annual gathering in Omaha is a high-point of the calendar for investors, a “Woodstock for capitalists”.
But the devastating economic impact of the pandemic has hit hard at Berkshire Hathaway’s wide range of investments, and the need for social distancing forced it to hold the annual meeting online.
Buffett addressed his shareholders in a live-stream flanked only by Gregory Abel, who is in charge of Berkshire’s non-insurance operations.
His business partner for six decades, 96-year-old Charlie Munger, did not appear.
China’s first-quarter GDP shrinks for the first time since 1976 as coronavirus cripples economy
Buffett, in a statement, played down his company’s bleak-looking net figure. He said a better measure of the company’s performance was its operating earnings, which exclude investments and are less subject to sharp fluctuations.
By that measure, Berkshire Hathaway saw growth to US$5.9 billion from US$5.55 billion a year earlier.
The brutal drop in the net – to a loss of US$49.75 billion from a profit last year of US$21.7 billion – resulted primarily from the virus-related decline in value of its broad investment portfolio, which ranges from energy to transport to insurance and technology.
Chinese cryptocurrency billionaire finally sits down to eat with Warren Buffett
7 Feb 2020
The annual meeting often has an almost carnival atmosphere, as thousands of fans and investors flock to Nebraska to hear from the celebrated “Oracle of Omaha”. Buffett, famous for his relatively modest lifestyle, turns 90 on August 30.
In documents filed Saturday, Berkshire noted that until mid-March many of its companies were posting “comparative revenue and earnings increases” over the same 2019 period.
Many of its companies – including in rail transport, energy production and some manufacturing and service businesses – are deemed essential and are able to continue working amid the far-reaching confinement orders.
But their turnover slowed considerably in April, the company statement said.
Moves taken by those companies such as employee furloughs, salary cuts and reductions, and capital spending reductions are “necessary actions” and “temporary,” it said.
BEIJING, April 28 (Xinhua) — China has achieved much progress in environmental protection and taken the lead in green development in recent years.
The efforts have exemplified Chinese President Xi Jinping’s proposal of “working together for a green and better future for all” made a year ago in his speech at the opening ceremony of the International Horticultural Exhibition 2019 Beijing.
In the keynote speech, Xi proposed a five-point initiative on promoting green development, namely pursuing harmony between man and nature, pursuing the prosperity based on green development, fostering a passion for nature-caring lifestyle, pursuing a scientific spirit in ecological governance, and joining hands to tackle environmental challenges.
China’s hard work on environment protection has paid off.
The ecological environment has improved significantly. People are enjoying more days of blue sky, cleaner water, and fertile land.
China has achieved the goal of zero growth of desertified land by 2030 set by the United Nations ahead of time. Besides, forest stock volume increased by 4.56 billion cubic meters compared with that of 2005.
Carbon dioxide emissions per unit of GDP in 2018 fell by 45.8 percent compared with that of 2005, exceeding the target set for the year.
After more than 30 years of hard work, the seventh largest desert in China, the Kubuqi Desert in Inner Mongolia Autonomous Region, once known as the “sea of death” difficult for birds to fly across, has turned into a green valley.
In January 2020, in a letter in reply to the student representatives of the Global Alliance of Universities on Climate, the Chinese president mentioned his thoughts about ecological civilization in his youth.
“Over four decades ago, I lived and worked for many years in a small village on the Loess Plateau in western China. Back then, the ecology and environment there was seriously damaged due to over-development and the local people were trapped in poverty as a result,” Xi wrote.
“This experience taught me that man and nature are a community of life and that the damage done to nature will ultimately hurt mankind,” said Xi.
China’s progress and achievements are recognized worldwide.
The ecological civilization and green development advocated by China are actually an endeavor to find a way to balance economic development and environmental protection, said John Cobb, Jr., the founding president of the Institute for Postmodern Development of China and member of the American Academy of Arts and Sciences.
Noting that the endeavor is a remarkable exploration, he expressed his hope that it will succeed.
China is on the right path in dealing with global climate change and achieving sustainable development, said Borge Brende, president of the World Economic Forum.
In addition to making efforts at home, China has also rolled out a series of measures to support the global combat against climate change.
In September 2015, ahead of the Paris climate change conference, Xi pledged a 20-billion-yuan (3-billion-U.S. dollars) China South-South Climate Cooperation Fund, which was dedicated to help other developing countries combat climate change.
China has also been fulfilling the obligations of the United Nations Framework Convention on Climate Change and the Paris Agreement, and achieved the goal of its intended nationally determined contributions submitted to the secretariat of the Climate Change Convention as scheduled.
UN Secretary-General Antonio Guterres expressed his appreciation for China’s important contributions to addressing the climate change and building a green “Belt and Road,” and said he expects China to continue to play a leading role in addressing the climate change and other issues.
“Lucid waters and lush mountains are invaluable assets,” a concept put forward by Xi in 2005 when he visited Yucun Village in southeast China’s Zhejiang Province as the party chief of the province, has become the motto of the Lao Ministry of Natural Resources and Environment.
In March 2020, when Xi returned to Yucun, he said that economic development should not be achieved at the expense of the ecological environment. To protect the ecological environment is to develop the productive forces, he said.
The history of civilizations shows that the rise or fall of a civilization is closely tied to its relationship with nature, Xi said at the International Horticultural Exhibition last year.
Only by joining hands can the humankind advance a global ecological civilization and march towards the bright future of building a community with a shared future for mankind.
QINGDAO, April 27 (Xinhua) — New cargo train services have been launched between east China’s Shandong Province and countries of Shanghai Cooperation Organization (SCO).
A train carrying 45 containers departed Monday from the intermodal transportation center of the demonstration zone for China-SCO local economic and trade cooperation in the city of Qingdao, according to the demonstration zone.
The train, loaded with excavators and land levelers worth a total of 20 million yuan (2.8 million U.S. dollars), is expected to arrive at Almaty, Kazakhstan, in eight days.
With the intermodal transportation center in Qingdao as the cargo distribution center, the monthly train services will deliver cargo to more than 30 cities of SCO countries, including Tashkent, Minsk and Ulan Bator.
But trade with partner countries might not be as badly affected as with countries elsewhere in the world, observers say
China’s trade with belt and road countries rose by 3.2 per cent in the January-March period, but second-quarter results will depend on how well they manage to contain the pathogen, academic says
China’s investment in foreign infrastructure as part of its Belt and Road Initiative has been curtailed because of the coronavirus pandemic. Photo: Xinhua
The coronavirus pandemic is set to cause a slump in Chinese investment in its signature
and a dip in trade with partner countries that could take a year to overcome, analysts say.
But the impact of the health crisis on China’s economic relations with nations involved in the ambitious infrastructure development programme might not be as great as on those that are not.
China’s total foreign trade in the first quarter of 2020 fell by 6.4 per cent year on year, according to official figures from Beijing.
Trade with the United States, Europe and Japan all dropped in the period, by 18.3, 10.4 and 8.1 per cent, respectively, the commerce ministry said.
By comparison, China’s trade with belt and road countries increased by 3.2 per cent in the first quarter, although the growth figure was lower than the 10.8 per cent reported for the whole of 2019.
China’s trade with 56 belt and road countries – located across Africa, Asia, Europe and South America – accounts for about 30 per cent of its total annual volume, according to the commerce ministry.
Despite the first-quarter growth, Tong Jiadong, a professor of international trade at Nankai University in Tianjin, said he expected China’s trade with belt and road countries to fall by between 2 and 5 per cent this year.
His predictions are less gloomy than the 13 to 32 per cent contraction in global trade forecast for this year by the World Trade Organisation.
“A drop in [China’s total] first-quarter trade was inevitable but it slowly started to recover as it resumed production, especially with Southeast Asian, Eastern European and Arab countries,” Tong said.
“The second quarter will really depend on how the epidemic is contained in belt and road countries.”
Nick Marro, Hong Kong-based head of global trade at the Economist Intelligence Unit, said he expected China’s total overseas direct investment to fall by about 30 per cent this year, which would be bad news for the belt and road plan.
“This will derive from a combination of growing domestic stress in China, enhanced regulatory scrutiny over Chinese investment in major international markets, and weakened global economic prospects that will naturally depress investment demand,” he said.
The development of the Chinese built and operated special economic zone in the Cambodian town of Sihanoukville is reported to have slowed, while infrastructure projects in Bangladesh, including the Payra coal-fired power plant, have been put on hold.
The development of the Chinese built and operated special economic zone in the Cambodian town of Sihanoukville is reported to have slowed. Photo: AFP
Marro said the reduction of capital and labour from China might complicate other projects for key belt and road partner, like Pakistan, which is home to infrastructure projects worth tens of billions of US dollars, and funded and built in large part by China.
“Pakistan looks concerning, particularly in terms of how we’ve assessed its sovereign and currency risk,” Marro said.
“Public debt is high compared to other emerging markets, while the coronavirus will push the budget deficit to expand to 10 per cent of GDP [gross domestic product] this year.”
Last week, Pakistan asked China for a 10-year extension to the repayment period on US$30 billion worth of loans used to fund the development of infrastructure projects, according to a report by local newspaper Dawn.
China’s overseas investment has been falling steadily from its peak in 2016, mostly as a result of Beijing’s curbs on capital outflows.
Last year, the direct investment by Chinese companies and organisations other than banks in belt and road countries fell 3.8 per cent from 2018 to US$15 billion, with most of the money going to South and Southeast Asian countries, including Singapore, Vietnam, Indonesia and Pakistan.
Tong said the pandemic had made Chinese investors nervous about putting their money in countries where disease control measures were becoming increasingly stringent, but added that the pause in activity would give all parties time to regroup.
“Investment in the second quarter will decline and allow time for the questions to be answered,” he said.
“Past experience along the belt and road has taught many lessons to both China and its partners, and forced them to think calmly about their own interests. The epidemic provides both parties with a good time for this.”
Dr Frans-Paul van der Putten, a senior research fellow at Clingendael Institute in the Netherlands, said China’s post-pandemic strategy for the belt and road in Europe
might include a shift away from investing in high-profile infrastructure projects like ports and airports.
Investors might instead cooperate with transport and logistics providers rather than invest directly, he said.
“Even though in the coming years the amount of money China loans and invests abroad may be lower than in the peak years around 2015-16, I expect it to maintain the belt and road plan as its overall strategic framework for its foreign economic relations,” he said.
BEIJING, April 23 (Xinhua) — China decided to donate another 30 million U.S. dollars to the World Health Organization (WHO) in support of global efforts to fight COVID-19 and the construction of public health systems in developing countries, a Foreign Ministry spokesperson said here Thursday.
Spokesperson Geng Shuang told a news briefing that the WHO, led by Director-General Tedros Adhanom Ghebreyesus, had actively fulfilled its duties with objective, science-based and fair position and played an important role in assisting countries in responding to the outbreak and boosting international cooperation on COVID-19.
Geng said to support the WHO is to defend the principles of multilateralism and safeguard the status and authority of the United Nations at a crucial time of the battle against the pandemic, adding that the virus is the common enemy of humankind, and the international community can only defeat it through unity and cooperation.
In March, China donated 20 million dollars to the WHO to support the global fight against COVID-19.
The spokesperson said China’s donations to the WHO reflected the support and trust of the Chinese government and people in the organization, and China also made its own contributions to global public health and the fight against the pandemic.
“China will continue to stand in solidarity and render mutual assistance with other countries to jointly overcome the pandemic, safeguard regional and global public health and build a community with a shared future for mankind,” he said.
BEIJING (Reuters) – China will cut its subsidies on new energy vehicles (NEV) by 10% this year, and will expand government purchases of NEVs, the finance ministry said on Thursday.
China will in principle cut such subsidies by 20% in 2021 and 30% in 2022, the finance ministry said in a statement. However, it will not cut subsidies on qualified new energy commercial vehicles earmarked for public purposes this year.
Under the plan, China would extend subsidies for NEV purchases to 2022, rather than ending them this year, and extend their purchase tax exemption for two years.
China will slightly lift the requirements for the driving range and power efficiency of cars qualified for the subsidies, the statement said, adding authorities will support the sales of cars with swappable batteries, a technology that has been pursued by Chinese electric vehicle makers Nio Inc (NIO.N) and BAIC BluePark (600733.SS).
Only passenger cars cheaper than 300,000 yuan (34,330.23 pounds) will be offered subsidies, it said. The price is higher than starting price of Tesla Inc’s (TSLA.O) China-made Model 3 sedans.
China also said authorities will give priority to purchase new energy vehicles for government use but did not give further details.
The new policy is effective from April 23. NEVs include battery-powered electric, plug-in hybrid and hydrogen fuel-cell vehicles.
China has set an aggressive goal for NEVs to account for a fifth of auto sales by 2025 compared with the current 5%, as it seeks to reduce pollution and cultivate homegrown champions.
Sales of NEVs, however, contracted for a ninth month in a row in March and were down over 50% from a year earlier, according to data from the China Association of Automobile Manufacturers (CAAM).
BEIJING (Reuters) – China will promote the sales of export products in domestic markets, as foreign trade faces unprecedented challenges due to the coronavirus pandemic, an assistant commerce minister said on Friday.
As the coronavirus spreads to almost all of China’s trading partners, the world’s second-largest economy is set to reach a grim milestone for full year growth, with the pace of expansion likely to be the slowest since the Cultural Revolution ended in 1976. And, the export sector is facing millions of job losses and factory shutdowns.
“Due to the rapid spread of the epidemic in the world, foreign demand has slumped and the biggest difficulty facing foreign trade companies is the plunge in orders,” said Ren Hongbin, the assistant minister at the Ministry of Commerce.
He said firms across the board have had their orders cancelled or delayed, and new orders are “very hard to sign”.
“The uncertainty about the pandemic has become the biggest uncertainty for foreign trade development.”
Forecasters expect China’s 2020 growth could be nearer the 2.0% mark – the slowest in over 40 years – due to the sweeping impact of the pandemic both at home and overseas. The economy grew 6.1% last year.
China’s overseas shipments fell 17.2% in January-February from the same period a year earlier, marking the steepest fall since February 2019. Imports sank 4% from a year earlier.
Among the government measures to support the sector, China is accelerating efforts to build online trade fairs and guiding exporters to work with e-commerce retailers for sales in domestic markets and coordinating with its trading partners to stabilise supply chains, said Ren.
The Canton Fair, China’s oldest and biggest trade fair due to take place online, will feature live-streaming services for participants, Li Xingqian, another commerce ministry official, told the same briefing. The fair was originally scheduled to begin on April 15, but was postponed due to the coronavirus outbreak.
China is willing to boost trade relations with other countries, including the United States, under the new circumstances, said Ren, adding that Beijing hopes to work together with Washington to promote bilateral trade.
Both countries have been engaged in a near two-year long trade war with tit-for-tat tariffs on each other’s goods, before negotiators called a truce with an interim trade deal in January.
Image copyright GETTY IMAGES
Image copyright GETTY IMAGES
Image copyright CGTN/YOUTUBE
CHINDIA ALERT: You'll be living in their world, very soon 