Posts tagged ‘China’

11/03/2015

China’s Risky Mao-Style Focus on the Personal Life of President Xi Jinping – China Real Time Report – WSJ

Chinese media’s relentless focus on the achievements and personal life of President Xi Jinping represents a sharp break with recent leadership practice in China, which has studiously avoided the personality cult that surrounded Mao Zedong. WSJ’s Andrew Browne traveled to Liangjiahe, the cave village in northern China where Mr. Xi was banished during the Cultural Revolution, to answer a question: Is it all about personal aggrandizement? Or is it a media-driven effort by the troubled Communist Party to capitalize on an immensely popular president?

It may be both. Just over two years into his term, three major anthologies of Mr. Xi’s speeches and writings have rolled off the official printing presses. The Chinese characters for “China Dream,” Mr. Xi’s catchphrase for national rejuvenation, are plastered across subway stations, bus stops and billboards. Party newspapers extol the “Spirit of Xi Jinping.”

There’s an irony, of course, in Mr. Xi taking a leaf from Mao, who persecuted his father. But Mr. Xi’s main goal is to save the Party. That means preserving Mao as a symbol of Communist rule.

via China’s Risky Mao-Style Focus on the Personal Life of President Xi Jinping – China Real Time Report – WSJ.

11/03/2015

Nuclear Power Gains Traction in China – China Real Time Report – WSJ

China’s government is breathing life into its nuclear sector with the approval of the country’s first new reactors in more than two years. As the WSJ’s Brian Spegele reports:

The National Development and Reform Commission, China’s top economic-planning agency, approved construction of two reactors in the country’s northeastern Liaoning province by state-owned China General Nuclear Power Corp., according to a statement to the Hong Kong Stock Exchange by the company’s listed unit, CGN Power Co.

China is the world’s biggest nuclear growth market. The country operates 24 reactors currently. A further 25 are under construction, out of 68 globally, according to the IAEA. China doesn’t disclose total spending, but based on the cost of reactors, its buildout represents tens of billions of dollars in potential new business for Chinese and foreign companies over the coming decade.

via Nuclear Power Gains Traction in China – China Real Time Report – WSJ.

11/03/2015

Chinese shoe factory workers strike over benefits | Reuters

About 5,000 workers have gone on strike at a shoe manufacturer in southern China over benefits, two activists and a worker said, marking one of the biggest work-stoppages in the country in months.

The company that owns the factory, Stella International Holdings Ltd, lists Guess? Inc, Michael Kors Holding Ltd, Prada SpA and Burberry Group PLC among its customers.

China’s slowing economy, rising costs and the spread of social media have driven an increase in strikes. Last year, the number of strikes more than doubled to 1,378 from 656 the year before, according to China Labour Bulletin, a Hong Kong-based advocacy group.

The strike at Stella’s Xing Ang factory in the city of Dongguan started on Sunday with workers unhappy about not receiving housing assistance, said Liu Zai, who added she had not received the funds in eight years at the factory.

“We want an explanation. Why haven’t they paid this for so many years?” she said by telephone.

Liu and two activists said all of the factory’s workers, about 5,000 people, were on strike. On Wednesday, most were forced to return to their workplace but were still refusing to work, Liu said.

via Chinese shoe factory workers strike over benefits | Reuters.

11/03/2015

China to raise retirement age as pressure on pension fund rises | Reuters

China’s pension fund will come under tremendous pressure to break even in coming years and as such, the government needs to gradually raise the official retirement age to salvage the finances, a top official said on Tuesday.

Military delegates arrive for the opening of the annual full session of the National People's Congress, the country's parliament, at Tiananmen Square in Beijing March 5, 2015. REUTERS/Carlos Barria

Yin Weimin, minister of human resources and social security, said the government will gradually raise the official retirement age, which is as low as 50 for some female workers, but stressed that any policy changes will be phased in over five years.

He did not say when retirement ages will be raised.

Analysts have long warned about China’s state pension crisis and the severe funding shortage, with some estimating that the cash shortfall could rise to as high as nearly $11 trillion in the next 20 years.

Yin said the finances were not as dire for the moment, but warned about challenges ahead.

“The pension fund faces tremendous pressure in terms of breaking even in future,” he told reporters at a news briefing on the sidelines of the annual meeting of China’s parliament.

The fund’s income stood at 2.3 trillion yuan (243.28 billion pounds) in 2014, exceeding its expenditure of 2 trillion yuan for the year, he said.

But in coming years, the proportion of Chinese over the age of 60 will rise to 39 percent of the population, from 15 percent now, Yin said.

via China to raise retirement age as pressure on pension fund rises | Reuters.

09/03/2015

China says progress being made on India border talks | Reuters

Progress is being made on drawn-out border talks with India, China’s foreign minister said on Sunday, likening the process to climbing a mountain that becomes harder the closer to the summit you get.

Chinese Foreign Minister Wang Yi gestures as he speaks at a news conference at the annual session of the National People's Congress (NPC), the country's parliament, in Beijing, March 8, 2015. REUTERS/Stringer

The neighboring giants have had numerous rounds of talks over the years without making much apparent process, in a dispute which dates back to a brief border war in 1962.

Chinese Foreign Minister Wang Yi described the problem as one “left over from history”.

“After many years of hard efforts, the border talks continue to make progress, and the dispute has been brought under control,” Wang told reporters on the sidelines of China’s annual meeting of parliament.

“At the moment, the boundary negotiation is in the process of building up small and positive developments,” he said. “It’s like climbing a mountain: the going is tough, and that is only because we are on the way up.”

China lodged an official protest last month when Indian Prime Minister Narendra Modi visited one of the border regions in dispute.

via China says progress being made on India border talks | Reuters.

09/03/2015

China hints Japan to be invited to war memorial parade | Reuters

China will welcome all national leaders to a military parade marking the 70th anniversary of the end of World War Two, the foreign minister said on Sunday, the strongest sign yet that it could invite wartime enemy Japan.

Sino-Japan relations have long been poisoned by what China sees as Japan’s failure to atone for its occupation of parts of the country before and during the war, and it rarely misses an opportunity to remind its people and the world of this.

In the last two years, ties have also deteriorated sharply because of a dispute over a chain of uninhabited islets in the East China Sea, though Chinese and Japanese leaders met last year in Beijing to try to reset relations.

But the remarks by Chinese Foreign Minister Wang Yi come as the two countries plan to hold their first security talks in four years in Tokyo on March 19, an indication of a possible improvement in strained ties.

“Our goal is to remember history, commemorate the martyrs, cherish peace and look to the future,” Wang said of the parade at a briefing on the sidelines of China’s annual meeting of parliament.

“We will extend the invitation to the leaders of all relevant countries and international organizations. No matter who it is, as long as they come in sincerity, we welcome them,” Wang said in response to a question about whether Japanese Prime Minister Shinzo Abe would be invited.

via China hints Japan to be invited to war memorial parade | Reuters.

06/03/2015

PM Narendra Modi heads to Seychelles, Mauritius, Lanka; tour begins on March 10 – The Times of India

Prime Minister Narendra Modi will leave on March 10 on a three-nation visit — Seychelles, Mauritius and Sri Lanka — the external affairs ministry announced on Friday with no mention, however, of the Maldives, which was being considered earlier.

On his first trip abroad in 2015, the Prime Minister will be visiting the three countries from March 10 to 14, the ministry said.

On March 11, in Seychelles, Modi will hold bilateral discussions with President James Alexis Michel to strengthen bilateral maritime ties and enhance development cooperation.

Modi will be in Mauritius on March 11 and 12 where he will have extensive meetings with his Mauritian counterpart, Sir Anerood Jugnauth, to further enhance the special and unique relations.

The Indian Prime Minister will also be the chief guest at Mauritius’s National Day celebrations.

via PM Narendra Modi heads to Seychelles, Mauritius, Lanka; tour begins on March 10 – The Times of India.

06/03/2015

Chinese city shuts factories as environmental law bites | Reuters

An industrial city in eastern China has closed several factories, including many steel and nickel pig iron producers, in an apparent sign the government is stepping up enforcement of a new environmental law in the face of growing public discontent over pollution.

Premier Li Keqiang told the annual session of the National People’s Congress, or parliament, on Thursday his government would do everything it could to fight pollution.

China’s vast and energy-intensive steel sector is at the heart of the government’s war on pollution, but it also encapsulates the challenges of curbing smog without denting the economy. Complying with stricter standards would have knock-on effects throughout industry and raise costs for steel producers who are already feeling the pinch of tepid demand.

Most steel producers in Linyi, a city in coastal Shandong province, appear to have been shuttered, industry sources said.

“Almost all the steel-making production in Linyi has closed, and there is no date for when to resume production,” said an official with Linyi Yuansheng Casting Co Ltd, one of the mills in the city, who declined to be identified.

via Chinese city shuts factories as environmental law bites | Reuters.

06/03/2015

China’s Fosun buys 5 percent stake in British travel group Thomas Cook | Reuters

China’s Fosun International (0656.HK) has bought a 5 percent stake in Thomas Cook Group (TCG.L), deepening its foray into Europe’s tourism sector and potentially helping the British company to compete with travel leviathan TUI Group (TUIT.L)

Fosun paid 92 million pounds ($140 million) for the Thomas Cook stake and will seek to double its holding in the world’s oldest travel group to 10 percent, it said in a filing to the Hong Kong stock exchange on Friday.

News of the investment, which the companies said came after two years of talks, sent Thomas Cook shares soaring by as much as 22 percent in morning trade. At 6.20 a.m. ET the shares were up 18.8 percent at 143 pence.

Thomas Cook said that it expects the tie-up to enhance earnings in the financial year to Sept. 30, 2016, assuming plans under the partnership are implemented in 2015.

One of the plans is to explore collaboration opportunities with Club Mediterranee (CMIP.PA), the French holiday company Fosun bought last month, where it is seeking to turn around a business that is struggling in Europe and move more aggressively into fast-growing markets such as China.

via China’s Fosun buys 5 percent stake in British travel group Thomas Cook | Reuters.

05/03/2015

China 2015 defense budget to grow 10.1 pct, lowest in 5 years – Xinhua | English.news.cn

China on Thursday announced a 10.1-percent rise in its national defense budget in 2015, the lowest growth in five years as the country confronts mounting pressure in the face of an economic slowdown.

According to a budget report released shortly before the country’s top legislature starts its annual session, the government plans to raise defense budget to 886.9 billion yuan (about 144.2 billion U.S. dollars).

That would make China the second largest military spender in the world following the U.S., whose defense budget amounted to 600.4 billion U.S. dollars in 2013.

Nonetheless, the 10.1-percent rise represented the lowest expansion in China since 2010, when the defense budget was set to grow by 7.5 percent.

The figure has thereon been riding on a multi-year run of double-digit increases, expanding 12.2 percent last year.

Thursday’s budget report did not explain the rationale behind this year’s abated growth, but a government work report to be presented by Chinese Premier Li Keqiang may offer some clues.

According to the report, national defense development would be coordinated with the country’s economic growth.

The Chinese economy grew 7.4 percent in 2014, registering the weakest annual expansion in more than two decades. The government set this year’s growth target to approximately 7 percent, brewing new concerns that the world’s economic powerhouse is losing steam.

But the report played down such concerns, stressing that China is now in a “new normal” state, where a balance ought to be stricken between growth and structural optimization.

via China 2015 defense budget to grow 10.1 pct, lowest in 5 years – Xinhua | English.news.cn.

Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India