04/09/2019
- Two classrooms on Nanjing campus were chosen for pilot project
- Camera automatically captures students’ faces without their cooperation
Students pass through a facial recognition turnstile at China Pharmaceutical University in Nanjing. Photo: Weibo
A university in eastern China has installed a facial recognition system at its entrance and in two classrooms to monitor the attendance and behaviour of students.
China Pharmaceutical University in Nanjing, Jiangsu province, announced on its website on Thursday that it was one of the first higher education institutions in the country to put such a system in place.
“It can effectively solve the management difficulties and low efficiencies in a traditional attendance system, and make it easier for managers to track their students,” Xu Jianzhen, director of the university’s library and information centre, told news website Thepaper.cn
In a pilot project, two classrooms were equipped with an attendance system using facial recognition software, with a camera that automatically captured the faces of students in class without their cooperation, the university said.
“Besides attendance, the system installed in the classroom can provide surveillance of the students’ learning, such as whether they are listening to the lectures, how many times they raise their heads, and whether they are playing on their phones or falling asleep,” Xu told the news website.
“The school is taking action to cut down on students skipping class, leaving classes early, paying for a substitute to attend classes for them and not listening in class,” he said.
The plan was not well received online, with some critics raising privacy concerns for staff and students.
Why are Hong Kong protesters targeting lamp posts?
“What kind of talent are they trying to cultivate?” a user of the Twitter-style Weibo network asked. “I’ve never seen such a method.”
Another wrote: “If this system was being installed in Europe or America, they’d be sued and the school would have to close down.”
But Xu said the university had consulted the police and sought legal advice, and was told the system would not be considered an invasion of privacy as classrooms were public spaces.
“You are complaining about [a system] that’s meant to urge you to learn? Are you a student?” he told the news website.
A spokesman said China Pharmaceutical University was using a facial recognition system to improve class attendance. Photo: Weibo
The university would seek feedback from teaching staff before deciding whether to install facial recognition systems in all of its classrooms, according to the report.
In May last year, a school in Hangzhou, Zhejiang province, installed cameras to monitor pupils’ facial expressions and attentiveness in class as part of a “smart classroom behaviour management system” to give teachers real-time information on their students.
Elsewhere, facial recognition has been used to catch unlicensed drivers in the southern technology hub of Shenzhen, jaywalkers in Shanghai, and criminal suspects at public events across China.
Source: SCMP
Posted in America, attendance, attentiveness, automatically captures, Camera, China alert, China Pharmaceutical University, Chinese university, consulted, cooperation, criminal suspects, Europe, facial expressions, Facial recognition system, Hangzhou, invasion of privacy, jaywalkers, jiangsu province, legal advice, library and information centre, Nanjing, pilot project, Police, public events, Shanghai, Shenzhen, students’ faces, sued, Thepaper.cn, Uncategorized, university, unlicensed drivers, website, Weibo, without, zhejiang province |
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04/09/2019
ISLAMABAD (Reuters) – Pakistan would not use nuclear weapons first, Prime Minister Imran Khan said on Monday, amid tensions with arch-rival India after New Delhi revoked the special status of its part of the disputed Kashmir region.
“We both are nuclear-armed countries. If these tensions increase, the world could be in danger,” Khan said, addressing members of the Sikh religious community in the eastern city of Lahore. “There will be no first from our side ever,” he said.
The foreign ministry’s spokesman subsequently said on Twitter that the comments were being taken out of context and did not represent a change in Pakistan’s nuclear policy.
“PM was simply reiterating Pakistan’s commitment to peace and the need for both nuclear states to demonstrate responsible behaviour,” spokesman Mohammad Faisal said on his official Twitter account.
Tension remains high in Kashmir, where security forces have used tear gas against stone-throwing protesters and the valley remains under lockdown after Indian Prime Minister Narendra Modi’s decision to withdraw special rights for the Muslim-majority state on Aug. 5.
By stripping Indian-controlled Kashmir of its special status, New Delhi blocked the region’s right to frame its own laws and allowed non-residents to buy property there. Delhi said the change would help Kashmir’s development, to the benefit of all, but its move angered many residents of the region and was strongly condemned by Pakistan.
Khan has so far focused on a global diplomatic campaign condemning India’s actions, accusing Modi of committing human rights violations and atrocities in the valley.
He has also said frequently that any misadventure between two nuclear-armed nations could endanger the world.
Muslim-majority Kashmir has long been a flashpoint between India and Pakistan. Both countries rule parts of Kashmir while claiming it in full. Two of the three wars they have fought have been over it.
Also on Monday, Islamabad gave a consular access to an Indian who was given a death sentence for spying by a Pakistani military court, which the International Court of Justice asked Pakistan to review in mid-July.
“Pursuant to the decision of the International Court of Justice, Pakistan provided consular access on 02 September, 2019 to India for Commander Kulbhushan Jadhav, Indian spy, serving Indian Naval officer,” a Pakistani foreign office statement said.
The statement said that at India’s request, there was no restriction on the language of communication and the access was recorded, which continued for two hours.
An Indian external affairs ministry statement said “Jadhav appeared to be under extreme pressure to parrot a false narrative to bolster Pakistan’s untenable claims.” It said Delhi would wait for a detailed report to determine the extent of conformity to the ICJ directives.
Source: Reuters
Posted in Commander Kulbhushan Jadhav, flashpoint, ICJ, India alert, Indian Naval officer, Indian Prime Minister Narendra Modi, Indian spy, International Court of Justice, Islamabad, Kashmir, Lahore, Muslim-majority Kashmir, New Delhi, nuclear weapons, Pakistan, Prime Minister Imran Khan, Prime Minister Narendra Modi, Sikh religious community, tensions, Twitter, Uncategorized |
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03/09/2019
YINCHUAN, Sept. 2 (Xinhua) — China and Arab states are seeking to boost cooperation in tourism along the Belt and Road at an upcoming conference in Yinchuan, capital of northwest China’s Ningxia Hui Autonomous Region.
As part of the fourth China-Arab States Expo, the 2019 China-Arab States Tour Operators Conference will be held on Sept. 4-7.
More than 100 representatives from 13 countries including Egypt, and a dozen Chinese provinces, autonomous regions and municipalities are expected to hold discussions on tourism exchanges.
The conference will focus on the future development of tourism along the Belt and Road through promotional events, project signings and tour routes explorations, according to the regional department of culture and tourism.
“Ningxia is reaching out to the world under the Belt and Road Initiative,” said Zhao Mingxia, deputy head of the department.
As a pivot along the ancient Silk Road, Ningxia astonishes tourists with its picturesque landscape, a combination of both the beauty of Chinese southern canal towns and the magnificent scenery of the north
Source: Xinhua
Posted in ancient silk road, Arab states, Belt and Road (B&R), canal towns, China alert, China-Arab States Expo, China-Arab States Tour Operators Conference, Egypt, Ningxia Hui Autonomous Region, picturesque landscape, promote, Tourism, Uncategorized, Yinchuan |
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03/09/2019
Li Zhanshu, chairman of the National People’s Congress (NPC) Standing Committee, meets with a delegation led by U.S. Senator Steve Daines, also co-chair of the U.S. House of Senate U.S.-China Working Group, and U.S. Senator David Perdue in Beijing, capital of China, Sept. 2, 2019. (Xinhua/Ding Haitao)
BEIJING, Sept. 2 (Xinhua) — Top legislator Li Zhanshu met with a delegation led by U.S. Senator Steve Daines and Senator David Perdue here on Monday.
Commending their long-term efforts to promote the development of bilateral relations and exchanges between the legislative bodies, Li, chairman of the Standing Committee of the National People’s Congress (NPC), said this year marks the 70th anniversary of the founding of the People’s Republic of China and the 40th anniversary of the establishment of diplomatic relations between China and the United States.
He said history has proven that China and the United States stand to gain from cooperation and lose from confrontation and a healthy China-U.S. relationship meets the common interests of both countries and the world.
China is committed to the road of peaceful development and upholds an opening strategy featuring mutual benefit and win-win results, said Li, adding that the NPC is ready to work with the U.S. Congress to enhance cooperation and to properly handle differences and sensitive issues through dialogue and constructive means.
Daines, also co-chair of the U.S. House of Senate U.S.-China Working Group, and Perdue said U.S.-China relations are one of the most important bilateral relations in the world and members from the working group are ready to make efforts to promote mutual understanding between the two governments and the two peoples.
Wang Chen, vice chairperson of the Standing Committee of the National People’s Congress, met with Daines and Perdue earlier in the day.
Source: Xinhua
Posted in 40th anniversary, 70th anniversary, Beijing, chairman of the Standing Committee of the National People's Congress (NPC), China alert, China-U.S. relationship, diplomatic relations, founding, founding of the People's Republic of China (PRC), Senator David Perdue, Senator Steve Daines, Top legislator Li Zhanshu, U.S. House of Senate, U.S.-China Working Group, Uncategorized, United States, vice chairperson of the Standing Committee of the National People's Congress, Wang Cheng |
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01/09/2019
- US president likely had Beijing ‘on his mind’ when he made his audacious offer, diplomat says
- Proposal ‘could be interpreted as a very clear signal’ to China and Denmark that the US sees Greenland as part of an exclusive strategic zone, academic says
China has been building closer ties with Greenland in recent years. Photo: Reuters
US President Donald Trump’s eyebrow-raising idea to buy Greenland from Denmark last month epitomised what analysts say is Washington’s fear of the growing interplay of Chinese money, Russian aggression and Arctic political division.
Of all the countries involved in the region, Denmark is feeling the most heat, and not just because Trump recently cancelled a trip and called its Prime Minister Mette Frederikse “nasty” for describing his plan to buy the world’s largest island “absurd”.
Over the past few years, both of Denmark’s self-ruled governments – Greenland and the Faroe Islands – have increasingly turned to China for commercial deals, adding weight to Beijing’s growing strategic influence in the vast area that forms the common backyard of Europe, North America and Russia.
Russia seeks Chinese support in developing Arctic shipping routes
Greenland is of particular concern to the White House and the Pentagon as it is home to the US Thule Air Force Base, located far above the polar circle and which served as the first line of defence during the cold war.
Nowadays, the island is also strategically important for the US ballistic missile early warning system, as the shortest route from Europe to North America goes via the ice-cloaked, resource-rich territory.
“Though it’s difficult to tell the motivations of President Trump, he likely had China on his mind with his Greenland offer,” said a Beijing-based diplomat, who asked not to be named.
The US was likely to step up its presence in Greenland in the future, the person said.
In May, US Secretary of State Mike Pompeo accused China and Russia of introducing a strategic power struggle into the Arctic region and described Beijing’s behaviour there as aggressive.
When Greenland signalled an interest in engaging a Chinese state-owned company to build two airports in 2017 – the island’s prime minister flew to Beijing to appeal for financial backing – Copenhagen stepped in amid US pressure, reluctantly agreeing to finance the projects from the public coffers.
Denmark’s reluctance stems from a long-standing mistrust between Copenhagen and Greenland, as the island’s quest for economic development is viewed by the Danes as an attempt to shore up capital to push for a future independence movement.
“There is no doubt that the US foreign and security policy community is becoming far more interested in Greenland as a strategic asset,” said Andreas Bøje Forsby, a researcher at the University of Copenhagen’s Nordic Institute of Asian Studies.
“Proposing to buy Greenland could be interpreted as a very clear signal to both China and Denmark that Greenland is part of an exclusive American strategic zone,” he said.
Danish Prime Minister Mette Frederikse described Donald Trump’s plan to buy Greenland as “absurd”. Photo: Reuters
The government of the Faroe Islands – an archipelago located between Scotland, Norway and Iceland – has a similar readiness to engage with China but for a different purpose.
Unlike Greenland, there are no immediate political movements calling for independence from Denmark, making its overall relationship with Copenhagen more amiable.
This month, the Faroese government will open a liaison office in Beijing, located within the Danish embassy.
“Our top priority is to have a free-trade agreement with China,” Sigmundur Isfeld, the first head of the Faroe Islands’ representation to Beijing, said.
US defence report flags China’s expanding military reach in the Arctic
With Norway – a key competitor of the Faroes in the fishing and export industries – eyeing a similar arrangement with China, the time was ripe to clinch a deal, he said.
“It is a challenge for us … we need to get in the game.”
Although part of Denmark, the Faroe Islands are not part of the European Union and therefore have to form separate trade agreements with other countries.
“For example, there is an EU-Japan economic partnership agreement. It covers all EU nations, but it does not cover the Faroe Islands,” Isfeld said.
Trade between Greenland and China totalled US$126 million in 2108. Photo: AFP
China, for its part, has sought to exert its economic and cultural influence on the Faroes, which has a population of about 52,000 people.
, the embattled Chinese telecoms giant, has been working with the islands’ main telecoms provider for four years and is said to be finalising a plan for 5G upgrades across the archipelago.
Beijing also helped fund a project for a Chinese-Faroese dictionary.
With a population of about 56,000 people, Greenland is one of China’s smallest trading partners. In the first seven months of 2019, trade between the two was US$126 million, with Chinese imports of fish accounting for the bulk of the total.
The Greenland government’s annual political and economic report for 2019 said that strong demand for metals from China had contributed to mineral and mining projects in the country, though China’s transition to a less mineral-intensive economy could spell trouble for the future of the sector.
The island’s gross domestic product is expected to grow by 3 per cent this year, according to the report, with seafood – principally cod, halibut and prawns – set to continue to be its chief export.
The end of the Arctic as we know it
China’s attempts in recent years to expand its involvement in Greenland have run into roadblocks.
In 2016, a Chinese mining company expressed interest in taking over an abandoned marine station in Grønnedal, an offer that the Danish government turned down the following year. A Chinese state-owned construction company had also offered to build airports in Greenland, but withdrew its offer this year.
Also this year, China expanded its involvement in exporting from Kvanefjeld, one of the world’s largest deposits of rare earths and uranium, by creating a joint venture to process and export the resources.
Beijing has made clear its strategic ambitions in the region. Early last year, it unveiled its Polar Silk Road strategy, plotting the course for its future development goals in the region – including scientific, commercial, environmental preservation and resource extraction efforts.
It also aligned its Arctic interests with its Belt and Road Initiative. Chinese companies are encouraged to invest in building infrastructure along the routes and conduct commercial trial voyages to gauge feasibility.
Putin boasts of nuclear icebreaker fleet as he outlines Arctic expansion plans
Anders Rasmussen, a former Danish prime minister and erstwhile Nato secretary general, said in an article published in Atlantic magazine last month that with melting ice caps opening the Arctic Sea to shipping, Arctic sea lanes “will likely become another flashpoint of renewed competition among the great powers as climate change alters our world”.
It was a situation he said he found “regrettable, but inevitable”.
“Both China and Russia are interested in getting a foothold in Greenland, to expand their influence in the Arctic region,” Rasmussen said. “Instead of being a source of contention,
Greenland should serve to highlight how many interests the United States and Denmark have in common.”
Source: SCMP
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31/08/2019
Chinese Premier Li Keqiang meets with Philippine President Rodrigo Duterte at the Great Hall of the People in Beijing, capital of China, Aug. 30, 2019. (Xinhua/Ding Lin)
BEIJING, Aug. 30 (Xinhua) — Chinese Premier Li Keqiang said Friday that the common interests between China and the Philippines far outweigh the differences in his meeting with visiting Philippine President Rodrigo Duterte.
Li said that China is willing to cooperate with the Philippines on the basis of mutual respect, equality and mutual benefit, and seek better synergy between the Belt and Road Initiative and the Philippines’ “Build, Build, Build” program, so as to promote sustained, stable and healthy development of bilateral relations and cooperation.
Li said that the current situation in the South China Sea is generally stable and the countries in the region are living in peace.
China always acts with the greatest sincerity and is willing to work together with the Philippines and ASEAN countries to achieve the Code of Conduct (COC) in the South China Sea in the period when the Philippines serves as a coordinating country for China-ASEAN relations, said Li.
Li also expected joint efforts to promote offshore oil and gas development, and safeguard peace and stability in the South China Sea and the region.
Duterte said the Philippine side is willing to further expand exchanges and cooperation with China in such fields as the economy, trade and people-to-people exchanges, so as to promote bilateral ties and secure the two peoples concrete benefits.
Duterte said the Philippines will never confront China.
On the South China Sea issue, Duterte said Western countries are not COC negotiators and should not hinder the efforts of regional countries in this regard.
He said as the Philippines now is fulfilling its responsibilities as a coordinating country for China-ASEAN relations, the Philippine side will work with China and ASEAN countries to actively promote the adoption of the COC during his term of office.
Duterte also expressed the willingness to push forward common development with China on offshore oil and gas.
Source: Xinhua
Posted in "Build, Build, Build" program, asean countries, Belt and Road Initiative, Belt and Road Initiative (BRI), China alert, China-ASEAN relations, Chinese premier Li Keqiang, Code of Conduct (COC), common interests, differences, Philippine President, Philippines, Rodrigo Duterte, South China Sea, Uncategorized, Western countries |
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31/08/2019
- Researchers say system should allow them to track any sound-emitting source – from nuclear subs to whales – using a simple listening device mounted on a buoy, underwater drone or ship
- Breakthrough builds on previous work by team from Beijing and San Diego
A new AI system developed by Chinese and US scientists could make detecting nuclear submarines possible even in unknown waters. Photo: Xinhua
Scientists from China and the United States have developed a new
artificial intelligence
-based system that they say will make it easier to detect submarines in uncharted waters.
The technology builds on earlier work by the team, led by Dr Niu Haiqiang from the Institute of Acoustics at the Chinese Academy of Sciences in Beijing, which saw them develop a deep-learning algorithm that could improve the speed and precision of detection.
The algorithm, however, needs a large amount of data to work, so its use is limited to waters that have already been fully charted. In contrast, the upgrade works in all waters, charted or otherwise.
Even killer whales will be unable to hide from the new technology. Photo: Reuters
Niu and his colleagues, who included scientists from the Scripps Institution of Oceanography at the University of California San Diego, started by developing a simulator to generate a wide range of virtual environments from which the algorithm was able to learn.
Once it had assimilated that information, the simulator was able to analyse real-life data taken from the world’s oceans and seas, the team said in a paper published in the July issue of The Journal of the Acoustical Society of America.
It is now able to help a single hydrophone locate more than 80 per cent of underwater targets within an uncharted area with a margin of error of less than 10 metres (33 feet), the paper said.
Chinese monitoring devices installed near US submarine base
The researchers said the new technology should allow them to track any sound-emitting source – be it a nuclear submarine, a whale or even an emergency beeper from a crashed aircraft – using a simple listening device mounted on a buoy, underwater drone or ship.
The scientists worked together to improve the sensitivity and accuracy of passive underwater surveillance technology, according to the academy’s website.
The new technology might also be able to detect emergency beepers from crashed aircraft. Photo: AFP
Locating targets in unfamiliar waters is challenging because the AI relies on environmental data parameters such as underwater currents and seabed landscapes.
But obtaining such information is not easy, and often impossible.
For instance, the United States does not allow China to collect information in waters close to its west coast, while Beijing forbids the US from getting too close to its military facilities in the South China Sea.
Murder suspect ‘caught by AI software that spotted dead person’s face’
Professor Zhang Renhe, a researcher at the Institute of Acoustics who was not involved in the study, said the latest development was encouraging.
“AI can be a useful assistant to underwater target recognition,” he said. “In a way it is similar to the speech recognition technology on our mobile phones.”
But he said scientists were still wrestling with exactly how the technology worked.
“It is like a black box with some inner workings that are still unexplained,” he said.
Researchers were now working on ways to combine the new AI technology with the physical models for underwater target detection that have been developed in recent decades, Zhang said.
“This is a new frontier for fundamental science,” he said. “It requires international cooperation.”
Source: SCMP
Posted in AI technology, Beijing, breakthrough, buoy, China alert, Chinese Academy of Sciences, Chinese monitoring devices, Chinese scientists, crashed aircraft, deep-learning algorithm, detect, develop, emergency beeper, hydrophone, Institute of Acoustics, international cooperation, listening device, military facilities, mobile phones, Murder suspect, nuclear submarines, researchers, San Diego, Scripps Institution of Oceanography, ship, sound-emitting source, South China Sea, speech recognition technology, submarines, subs, The Journal of the Acoustical Society of America, Uncategorized, uncharted waters, underwater drone, underwater surveillance technology, underwater targets, United States, University of California San Diego, US scientists, US submarine base, west coast, whales |
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30/08/2019
BEIJING, Aug. 29 (Xinhua) — Chinese President Xi Jinping will attend a grand gathering to celebrate the 70th anniversary of the founding of the People’s Republic of China (PRC) on Oct. 1.
Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, will deliver an important speech at the event, said Wang Xiaohui, executive deputy head of the Publicity Department of the CPC Central Committee, at a press conference held Thursday.
A military parade and mass pageantry will be held following the gathering, Wang said.
At a grand evening gala in Tian’anmen Square on National Day, Party and state leaders will join the public to watch performances and a fireworks show.
Xi will also present the Medals of the Republic, Medals of Friendship and national titles of honor to outstanding individuals at an award ceremony to be held at the Great Hall of the People in Beijing.
On Sept. 30, the country’s Martyrs’ Day, people from various sectors, including Party and state leaders, will present flowers to deceased national heroes at the Monument to the People’s Heroes at Tian’anmen Square.
A National Day reception will be held at the Great Hall of the People and President Xi will give an important speech.
BROAD PARTICIPATION
“The 70th anniversary of the PRC is a festival shared by Chinese people of all ethnic groups, which is why the celebrations will highlight the participation of the people,” Wang said.
According to him, more than 100,000 ordinary citizens will take part in the mass pageantry on Oct. 1 and about 60,000 will attend the evening gala on the same day, while about 30,000 members of the public will be invited to observe the gathering and military parade.
Among the guests of the gathering and military parade, there will be people who made outstanding contributions to the republic’s founding and development together with their families as well as about 1,500 role models including outstanding Party members, model civil servants and workers.
MILITARY PARADE
The military parade is an important part of the National Day celebrations and is not aimed at any other countries or specific situations, Cai Zhijun, deputy head of the office of the leading group for the military parade, said at the press conference.
The scale of the parade will be greater than the ones commemorating the 50th and 60th founding anniversary of the PRC, as well as the V-Day military parade in 2015, he said.
The military parade is expected to showcase China’s achievements in building its national defense and armed forces in the past 70 years and reflect the outcomes of the reform of the people’s armed forces, according to Cai.
RICH CELEBRATION
“There will be rich and colorful celebrations spanning various sectors and regions,” Wang said.
An evening gala featuring music and dance will be held in the Great Hall of the People. From September, the Beijing Exhibition Center will host a large-scale exhibition on the achievements of the PRC in the past seven decades.
The CPC Central Committee, the State Council and the Central Military Commission will jointly issue medals in commemoration of the 70th anniversary of the PRC as part of the celebrations.
Commemorative coins and stamps will be issued and a documentary will be made.
The celebrations will also be carefully budgeted and avoid extravagance, Wang said.
Source: Xinhua
Posted in 70th National Day, award ceremony, Beijing, Beijing Exhibition Center, celebrate, Central Military Commission, Central Military Commission (CMC), Chairman of the Central Military Commission, China alert, Chinese President Xi Jinping, Commemorative coins, Commemorative stamps, cpc central committee, fireworks show, founding of the People's Republic of China (PRC), general secretary of the Communist Party of China (CPC) Central Committee, Great Hall of the People, Martyrs' Day, mass pageantry, Medals of Friendship, Medals of the Republic, military parade, Monument to the People's Heroes, National Day, national titles of honor, Oct. 1, Publicity Department of the CPC Central Committee, State Council, Tiananmen Square, Uncategorized, V-Day military parade |
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30/08/2019
- ‘Forbes’ magazine reported that China’s central bank will launch its own sovereign digital currency to coincide with the Singles’ Day online shopping festival
- The People’s Bank of China is seeking to address financial risks and counter the current dominance of the US dollar
The Singles’ Day is a holiday celebrated in China on November 11 and has become the largest online shopping day in the world. Photo: Simon Song
China’s desire to launch the world’s first government-backed digital currency could see the possible rival to Facebook’s Libra be launched in time for November’s Singles’ Day online shopping festival despite a Chinese media report playing down the timing as “inaccurate speculation”.
Several central bank officials have publicly spoken out over the past several weeks about the need for China to launch its own digital currency since Facebook unveiled its plans for Libra, and the People’s Bank of China (PBOC) appear to be making rapid progress ahead of an expected launch.
Forbes magazine reported this week, citing a source who previously worked for the Chinese government, that China’s central bank could launch the digital currency as soon as November 11 as its bids to address financial risks and to counter the current dominance of the US dollar.
The PBOC did not respond to a faxed request for comment on the Forbes story, although Sina.com said that the report was “inaccurate speculation” citing an unnamed source close to the central bank.
China’s central bank is expected to distribute its digital currency through the big four state-owned banks – the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, and the Bank of China – and mobile payments systems Alipay and WeChat Pay, as well as UnionPay, the state-supported credit card provider, according to the Forbes report. Alibaba is the owner of the South China Morning Post.
Ma Changchun, deputy chief of the Payment and Settlement Division of the PBOC, said at the start of August that a digital currency prototype existed and that the central banks’ Digital Money Research Group had already fully adopted
blockchain architecture to ensure its use in retail transactions.
“The People’s Bank digital currency can now be said to be ready,” said Ma on August 11.
The People’s Bank digital currency can now be said to be ready Ma Changchun
Former central bank governor Zhou Xiaochuan said last month that, in addition to central banks, “commercial entities” should be allowed to issue banknotes backed by their own private currency assets, although he did not elaborate on what kind of “commercial entities” might be appropriate to issue a digital currency in China.
China is also ready to make Shenzhen a pilot zone for digital currency as part of plans for the city to become a socialist model city, according to a statement summarising a meeting between the Shenzhen party secretary Wang Weizhong and central bank governor Yi Gang released on Thursday.
The PBOC implemented a blanket crackdown in China on trading of cryptocurrency, including bitcoin, which are not backed by any government, viewing them as risks to China’s financial stability and security. At the same time, in 2014 the central bank created its own academy to study digital currencies and the related blockchain technology.
Neil Woodfine, director of marketing at blockchain start-up Blockstream, said a digital currency created by the PBOC would be “just like cash” and “would be fully controlled by the central bank.”
“If it’s digital instead of physical, they can close accounts and monitor all activities [in the entire financial system]. Commercial bank deposits are difficult for them to monitor, control or pull information out of for verification because the numbers are in each bank’s data centre,” Woodfine said.
Wang Xin, director of the central bank’s research bureau, said last month that
to create its own digital currency have pushed Beijing to speed up its own digital currency plan as Libra could potentially pose a challenge to Chinese cross-border payments, monetary policy and even financial sovereignty.
Leonhard Weese, the president of the Bitcoin Association of Hong Kong, said that a government-backed digital currency may enhance the PBOC’s control of China’s monetary system, cutting reliance on commercial banks to transmit changes in monetary policy.
“It would be similar to just killing the commercial banks,” Weese said.
which would be a non-sovereign digital currency controlled by a Swiss-based company, has come under intense scrutiny by regulators and central banks worldwide. Last month, the Group of Seven industrialised nations, known as the G7, called for urgent regulatory measures and other types of action to address serious concerns over Libra.
Central banks, however, have expressed interest in launching their own digital currencies to counter the US dollar and to gain more control of their own monetary systems.
Mark Carney, governor of the Bank of England, argued last week that the US dollar, the current dominant reserve currency, could be replaced by a global digital alternative to tackle ultra-low interest rates.
Facebook’s Libra, which is expected to be launched next year, will be pegged to a basket of convertible currencies – so it could serve as a stable online currency – while its payments will be endorsed by Visa and Mastercard. Photo: Reuters
A digital currency “could dampen the domineering influence of the US dollar on global trade”, Carney said last week at the US Federal Reserve’s annual conference, adding that a digital currency has the edge to counter shocks emanating from the US through trade and exchange rates.
Daniel Wang, chief executive and co-founder of blockchain start-up Loopring, said that a Chinese government-backed digital currency may provide a new way for the yuan to compete globally.
“If the central bank wants to increase the global competitiveness of the yuan through its digital currency, only an open and standard-based competitor carries any hope,” said Wang.
A digital yuan would “remain a sovereign currency under a centralised sovereign,” continuing to require the trust from users in the Chinese central bank and government institutions behind it, Wang added.
Alfred Schipke, senior resident representative for China at the International Monetary Fund (IMF), said that the bank is “open” to digital currencies, including the one being developed by China’s central bank.
The IMF in principle is looking at these things favourably. It’s a two-way process where we learn from China, which is often at the forefront of development. Alfred Schipke
“We don’t have a specific view on a particular currency, we haven’t looked at the details of the latest proposals from China,” Schipke said on Thursday. “The IMF in principle is looking at these things favourably. It’s a two-way process where we learn from China, which is often at the forefront of development.”
Blockstream’s Woodfine said that Beijing’s move also reflects a growing concerns among central banks that a financial disaster is on the horizon.
The 30-year US Treasury bond yield fell to an all-time low 1.976 per cent on Thursday, while yields around the world also plunged to multi-year or record low, triggering rising fears over a global recession.
Central banks around have also been driving down interest rates, with the PBOC recently unveiling a key interest rate reform that effectively cuts borrowing costs for companies to boost its slowing economy.
“We’ll see a move by governments and central banks to take back control over the financial system and use that power to direct their economies, continuing to pump money into the system to keep it afloat,” Woodfine added.
“A digital currency would be the perfect channel for helicopter money,” he said in reference to the idea that a central bank could stimulate the economy by giving out large quantities of money to the public, as if dumped from the sky. “They can send out free money to consumers.”
Source: SCMP
Posted in Agricultural Bank of China, Alibaba, Alipay, autumn, Bank of China, Bank of England, Bitcoin, Bitcoin Association of Hong Kong, blockchain architecture, blockchain technology, Blockstream, Central bank, China alert, China Construction Bank, Commercial bank deposits, cross-border payments, cryptocurrency, digital currency, Digital Money Research Group, Facebook, Facebook’s Libra, financial sovereignty, Forbes, Forbes magazine, G7, governor, Group of Seven industrialised nations, Industrial and Commercial Bank of China (ICBC), International Monetary Fund (IMF), launching, Libra, Loopring, Mark Carney, MasterCard, Monetary policy, Payment and Settlement Division, PBOC, People’s Bank of China (PBOC), pilot zone, Reserve currency, Shenzhen, Sina.com, Singles Day, south china morning post, sovereign digital currency, Swiss-based company, to beat, Uncategorized, UnionPay, US dpllar, US Federal Reserve, US Treasury bond, verification, Visa, WeChat Pay |
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30/08/2019
BEIJING (Reuters) – China will exempt Tesla Inc’s (TSLA.O) electric vehicles (EV) from purchase tax, the Ministry of Industry and Information Technology (MIIT) said on its website.
China currently levies a 10% purchase tax on the sale of each vehicle. The move could reduce the cost of buying a Tesla car by up to 99,000 yuan ($13,957.82), according to a post on Tesla’s social media WeChat account.
Tesla’s pre-market share price jumped more than 5% after the announcement.
Sixteen variants – all the Tesla models sold in the country – are listed on the document issued by MIIT, including Model S, X and 3. No reason was given for the decision to exclude the cars from the tax.
The U.S. EV maker is building a plant in Shanghai, the firm’s first overseas factory.
It is due to start production by the end of the year and Tesla has said it should be able to build 3,000 Model 3 vehicles a week in its initial phases.
The plant is slated to have annual output capacity of 250,000 vehicles after production of the Model Y is added.
Source: Reuters
Posted in Beijing, Building, China alert, electric vehicles (EV), exempt, MIIT, Ministry of Industry and Information Technology (MIIT), overseas factory, Plant, purchase tax, Shanghai, social media, Tesla cars, Tesla Inc (TSLA.O), Uncategorized, WeChat |
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CHINDIA ALERT: You'll be living in their world, very soon 