China
China Watch: Interest Rates Hiked, Police Worked to Death
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.) WSJ Highlights: China’s central bank raises interest rates again as it battles to stem inflation. International calls increase for China to release detained artist Ai Weiwei . Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier. News Items: A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers . (Global Times) Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua) Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex. Digging Deeper: Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population . Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin , a student who stabbed a young mother to death after accidentally hitting her with his car. Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China . Crackdown Watch: Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances. New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents . Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February . Comment Watch: Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper . Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism . Just Because: In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices . Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment. –compiled by Josh Chin. Follow him on Twitter @joshchin
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.)
WSJ Highlights:
- China’s central bank raises interest rates again as it battles to stem inflation.
- International calls increase for China to release detained artist Ai Weiwei.
- Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier.
News Items:
- A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers. (Global Times)
- Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua)
- Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex.
Digging Deeper:
- Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population.
- Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin, a student who stabbed a young mother to death after accidentally hitting her with his car.
- Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China.
Crackdown Watch:
- Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances.
- New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents.
- Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February.
Comment Watch:
- Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper.
- Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism.
Just Because:
- In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices. Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment.
–compiled by Josh Chin. Follow him on Twitter @joshchin
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
One demographic consequence of the “one child” policy is that China is now one of the most rapidly aging countries in the world.
China is also the second largest trading nation in the world and the largest exporter and second largest importer of goods.
The PRC government’s decision to permit China to be used by multinational corporations as an export platform has made the country a major competitor to other Asian export-led economies, such as South Korea, Singapore, and Malaysia.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The country is one of the world’s largest producers of a number of industrial and mineral products, including cotton cloth, tungsten, and antimony, and is an important producer of cotton yarn, coal, crude oil, and a number of other products.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
China’s increasing integration with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated this problem.
Both forums will start on Tuesday.
Last year was the eighth consecutive year that the nation’s ODI had grown.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Since the late 1970s, China has decollectivized agriculture, yielding tremendous gains in production.
Except for the oasis farming in Xinjiang and Qinghai, some irrigated areas in Inner Mongolia and Gansu, and sheltered valleys in Tibet, agricultural production is restricted to the east.
Sheep, cattle, and goats are the most common types of livestock.
Coal is the most abundant mineral (China ranks first in coal production); high-quality, easily mined coal is found throughout the country, but especially in the north and northeast.
There are also deposits of vanadium, magnetite, copper, fluorite, nickel, asbestos, phosphate rock, pyrite, and sulfur.
The largest completed project, Gezhouba Dam, on the Chang (Yangtze) River, opened in 1981; the Three Gorges Dam, the world’s largest engineering project, on the lower Chang, is scheduled for completion in 2009.
Beginning in the late 1970s, changes in economic policy, including decentralization of control and the creation of special economic zones to attract foreign investment, led to considerable industrial growth, especially in light industries that produce consumer goods.
Other leading ports are rail termini, such as Lüshun (formerly Port Arthur, the port of Dalian), on the South Manchuria RR; and Qingdao, on the line from Jinan.
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China Watch: Interest Rates Hiked, Police Worked to Death
Business
Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
Gordonstoun school severed ties with Hampton Group over espionage allegations against chairman Yang Tengbo. He denies involvement and claims to be a victim of political tensions between the UK and China.
Allegations Lead to School’s Decision
Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.
Public Denial and Legal Action
In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.
Immigration Challenges and Legal Responses
Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.
Source : Gordonstoun cuts ties with business chaired by man accused of spying for China
Business
China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
The Chinese government demolished the Rebiya Kadeer Trade Center in Xinjiang, affecting Uyghur culture and commerce, prompting criticism from activists amid concerns over cultural erasure and human rights violations.
Demolition of a Cultural Landmark
The Chinese government recently demolished the Rebiya Kadeer Trade Center in Urumqi, Xinjiang, a vital hub for Uyghur culture and commerce, as reported by VOA. This center, once inhabited by more than 800 predominantly Uyghur-owned businesses, has been deserted since 2009. Authorities forcibly ordered local business owners to vacate the premises before proceeding with the demolition, which took place without any public notice.
Condemnation from Activists
Uyghur rights activists have condemned this demolition, perceiving it as part of China’s broader strategy to undermine Uyghur identity and heritage. The event has sparked heightened international concern regarding China’s policies in Xinjiang, which have been characterized by allegations of mass detentions and cultural suppression, prompting claims of crimes against humanity.
Rebiya Kadeer’s Response
Rebiya Kadeer, the center’s namesake and a notable Uyghur rights advocate, criticized the demolition as a deliberate attempt to erase her legacy. Kadeer, who has been living in exile in the U.S. since her release from imprisonment in 2005, continues to advocate for Uyghur rights. She has expressed that her family members have suffered persecution due to her activism, while the Chinese government has yet to comment on the legal ramifications of the demolition.
Source : China Demolishes Uyghur Business Landmark in Xinjiang – Shia Waves
China
China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
China’s private pension scheme, previously piloted in 36 cities, will roll out nationwide on December 15, 2024, enabling workers to open tax-deferred accounts. The initiative aims to enhance retirement savings, address aging population challenges, and stimulate financial sector growth.
After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme. This nationwide rollout represents a significant milestone in China’s efforts to build a comprehensive pension system, addressing the challenges of a rapidly aging population.
On December 12, 2024, the Ministry of Human Resources and Social Security, together with four other departments including the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission, announced the nationwide implementation of China’s private pension scheme effective December 15, 2024. The initiative extends eligibility to all workers enrolled in urban employee basic pension insurance or urban-rural resident basic pension insurance.
A notable development is the expansion of tax incentives for private pensions, previously limited to pilot cities, to a national scale. Participants can now enjoy these benefits across China, with government agencies collaborating to ensure seamless implementation and to encourage broad participation through these enhanced incentives.
China first introduced its private pension scheme in November 2022 as a pilot program covering 36 cities and regions, including major hubs like Beijing, Shanghai, Guangzhou, Xi’an, and Chengdu. Under the program, individuals were allowed to open tax-deferred private pension accounts, contributing up to RMB 12,000 (approximately $1,654) annually to invest in a range of retirement products such as bank deposits, mutual funds, commercial pension insurance, and wealth management products.
Read more about China’s private pension pilot program launched two years ago: China Officially Launches New Private Pension Scheme – Who Can Take Part?
The nationwide implementation underscores the Chinese government’s commitment to addressing demographic challenges and promoting economic resilience. By providing tax advantages and expanding access, the scheme aims to incentivize long-term savings and foster greater participation in personal retirement planning.
The reform is expected to catalyze growth in China’s financial and insurance sectors while offering individuals a reliable mechanism to enhance their retirement security.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
Read the rest of the original article.
- Gordonstoun Severs Connections with Business Led by Individual Accused of Espionage for China
- China Dismantles Prominent Uyghur Business Landmark in Xinjiang – Shia Waves
- China Expands Nationwide Private Pension Scheme After Two-Year Pilot Program
- How a scandal over sanitary pads is shaping feminist activism in China
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