China
India and China Responsible for Many of the World’s ‘Missing’ Women
European Pressphoto Agency Indian school children protest against female feticide in Jammu on April 21. The World Bank estimates that every year almost four million women are missing from the world’s developing countries. Many of these women would be alive today had they had better luck: had they been born to parents who didn’t desperately want a boy, and who would’ve happily settled for a girl. Today, most of them would be living in China or India, two of the world’s fastest-growing economies. In its annual World Development Report , which this year focuses on gender issues, the World Bank estimates that two-fifths of the world’s 3.9 million “missing women,” or over 1.4 million, went “missing” at birth. And this was in 2008 alone, the latest year for which figures are available. The rest are excess female deaths at later stages in life. Read the rest at the WSJ’s India Real Time blog.
- European Pressphoto Agency
- Indian school children protest against female feticide in Jammu on April 21.
The World Bank estimates that every year almost four million women are missing from the world’s developing countries. Many of these women would be alive today had they had better luck: had they been born to parents who didn’t desperately want a boy, and who would’ve happily settled for a girl. Today, most of them would be living in China or India, two of the world’s fastest-growing economies.
In its annual World Development Report, which this year focuses on gender issues, the World Bank estimates that two-fifths of the world’s 3.9 million “missing women,” or over 1.4 million, went “missing” at birth. And this was in 2008 alone, the latest year for which figures are available. The rest are excess female deaths at later stages in life.
Read the rest at the WSJ’s India Real Time blog.
China has generally implemented reforms in a gradualist or piecemeal fashion.
In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years.
The country’s per capita income was at $6,567 (IMF, 98th) in 2009.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The disparities between the two sectors have combined to form an economic-cultural-social gap between the rural and urban areas, which is a major division in Chinese society.
A report by UBS in 2009 concluded that China has experienced total factor productivity growth of 4 per cent per year since 1990, one of the fastest improvements in world economic history.
By the early 1990s these subsidies began to be eliminated, in large part due to China’s admission into the World Trade Organization (WTO) in 2001, which carried with it requirements for further economic liberalization and deregulation.
Both forums will start on Tuesday.
“The growth rate (for ODI) in the next few years will be much higher than previous years,” Shen said, without elaborating.
China reiterated the nation’s goals for the next decade – increasing market share of pure-electric and plug-in electric autos, building world-competitive auto makers and parts manufacturers in the energy-efficient auto sector as well as raising fuel-efficiency to world levels.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Despite initial gains in farmers’ incomes in the early 1980s, taxes and fees have increasingly made farming an unprofitable occupation, and because the state owns all land farmers have at times been easily evicted when croplands are sought by developers.
China is the world’s largest producer of rice and wheat and a major producer of sweet potatoes, sorghum, millet, barley, peanuts, corn, soybeans, and potatoes.
Due to improved technology, the fishing industry has grown considerably since the late 1970s.
Offshore exploration has become important to meeting domestic needs; massive deposits off the coasts are believed to exceed all the world’s known oil reserves.
Alumina is found in many parts of the country; China is one of world’s largest producers of aluminum.
Coal is the single most important energy source in China; coal-fired thermal electric generators provide over 70% of the country’s electric power.
Although a British crown colony until its return to Chinese control in 1997, Hong Kong has long been a major maritime outlet of S China.
Rivers and canals (notably the Grand Canal, which connects the Huang He and the Chang rivers) remain important transportation arteries.
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India and China Responsible for Many of the World’s ‘Missing’ Women
Business
McKinsey Reduces Workforce by 500 in Overhaul of China Operations – WSJ
McKinsey plans to cut about 500 jobs in China, reducing its workforce by a third as part of a strategic revamp focused on minimizing security risks and decreasing government-linked clients.
McKinsey Job Cuts in China
McKinsey & Company, the renowned US consulting firm, is reportedly laying off approximately 500 employees as part of a significant restructuring in its Chinese operations. This decision reflects the company’s shift away from government-linked clientele, a strategy aimed at mitigating political and security risks in the region.
Workforce Reduction
The job cuts will result in a reduction of McKinsey’s workforce in China by roughly one-third. Over the past two years, the firm has been downsizing its personnel across Greater China, which includes Hong Kong and Taiwan, affecting hundreds of positions. As of June 2023, McKinsey employed nearly 1,500 individuals in Greater China.
Strategic Separation
To address rising security concerns, McKinsey is separating its China unit from its global operations. This move aims to enhance operational security while navigating the complexities of the Chinese market. McKinsey has not yet commented on these developments following a request for information.
Source : McKinsey Cuts 500 Jobs Amid Revamp of China Business – WSJ
China
India’s Setback in Bangladesh May Not Equate to China’s Advantage
The fall of Bangladeshi Prime Minister Sheikh Hasina is detrimental to India, as her regime fostered strong ties. China may gain influence but faces significant challenges in capitalizing on this opportunity.
Strategic Loss for India
The recent fall of Bangladeshi Prime Minister Sheikh Hasina marks a significant strategic setback for India. Hasina was an unusually pro-Indian leader, and her departure has created fears that China may capitalize on this political upheaval. However, while China’s influence in Bangladesh might grow, such assumptions about its immediate gains are overstated.
Challenges to Chinese Expansion
Beijing’s opportunity to bolster its presence in Bangladesh is hindered by significant challenges. The ongoing crisis in Bangladesh could slow China’s attempts to extend its influence in the region. Despite the current turmoil favoring China, the practicalities of political dynamics in Bangladesh may make it difficult for Beijing to fully seize this chance.
Impact on India-Bangladesh Relations
Sheikh Hasina’s government served as a crucial ally for India, fostering a stable relationship that addressed longstanding concerns regarding cross-border issues and support for minority groups. The partnership facilitated vital infrastructure projects, including railway connections that enhance regional integration under Indian leadership. With Hasina’s government now collapsed, the hard-won gains in India-Bangladesh relations are at risk.
Source : India’s loss in Bangladesh not necessarily China’s gain
China
Why China is seeking greater presence in Africa – the strategy behind its financial deals
China plans to deepen its relationship with Africa, pledging $51 billion in loans and investments, aiming for increased diplomatic ties, economic growth, and expanded influence amidst Western concerns about debt-trap diplomacy.
China’s relationship with Africa is set to deepen. At a summit in Beijing in early September, China’s president, Xi Jinping, pledged to deliver US$51 billion (£39 billion) in loans, investment and aid to the continent over the next three years, as well as upgrading diplomatic ties.
Beijing’s close engagement with Africa is not new. Since 1950, the first overseas trip of the year for Chinese foreign ministers has almost always been to one or more African countries. But Xi’s commitments are still sure to raise concerns in the US and other western countries, which are competing with China for global influence.
They may well also bring back fears of China using “debt-trap diplomacy” to push African countries into default and thereby gain leverage over them. Such is the strength of this narrative that South Africa’s president, Cyril Ramaphosa, felt compelled to deny it at the summit.
The notion of Chinese debt traps, particularly the infamous case of Sri Lanka’s port of Hambantota that, in 2017, was leased by the Sri Lankan government to a Chinese company to raise liquidity, has been debunked several times.
But with African populations and economies growing, and China’s engagement with them continuing to deepen, it is important to understand what China hopes to achieve with its diplomacy.
China’s engagement with Africa is strategic as well as economic. Whether it’s gaining votes at the UN, better access to resources, or increasing the international use of its currency, China’s diplomatic relations with Africa play into its ambitions of being a major player in a multipolar world.
Chinese children hold national flags as they prepare for the arrival of Togo’s president, Faure Gnassingbe, at Beijing International Airport ahead of the summit.
Ken Ishii / Pool / EPA
The long game
From a purely economic perspective, Africa is a potentially lucrative market for China. With its under-served market and booming population, the scope for expansion into Africa offers huge potential for Chinese firms.
This is particularly true now that the African Continental Free Trade Area (which was established in 2018) opens up the possibility of cross-border value chains developing in Africa.
Most of the goods that China imports from Africa are natural resources. Many of these resources have strategic relevance, for example, in manufacturing batteries. In return, Chinese companies export a wide range of goods to Africa, including manufactured products, industrial and agricultural machinery, and vehicles.
In terms of foreign direct investment, Chinese companies are still only the fifth-largest investors in Africa after their Dutch, French, US and UK counterparts. But their ascent has been relatively quick, and while western companies are focused on resources and the financial sector, Chinese ones also invest heavily in construction and manufacturing.
Chinese companies are major players in Africa’s construction sector, often working on projects funded by loans from Chinese banks to African governments. In 2019, for example, Chinese contractors accounted for about 60% of the total value of construction work in Africa.
Some of the infrastructure financed by China has done little to improve trade or economic development in Africa. And it has, admittedly, also contributed to the increased debt burden of several African countries.
The costly expressways that connect Nairobi in Kenya and Kampala in Uganda to the respective international airports, for instance, have made life easier for city elites and international travellers. But they have not led to economic growth.
So, China has moved to recalibrate its infrastructure finance in recent years. In 2021, Xi introduced the concept of “small and beautiful” projects better targeted at the partner country’s needs – a concept he repeated at the recent summit.
It is this alignment with the requests of African leaders that differentiates China’s engagement with Africa from that of the west. A key request of many African leaders is for investment in manufacturing value chains and imports of African processed goods rather than just raw resources.
Xi’s keynote speech addressed these two concerns. He promised more investment in key sectors and to allow more African goods to enter China without duties.
The construction of the Nairobi Expressway was supposed to decongest Kenya’s capital city, Nairobi.
Daniel Irungu / EPA
China’s support to African nations is political as well as economic. Its policy of non-interference in Africa’s internal affairs have been well received by African leaders – a sharp contrast to western nations who have often tied their support to the respect of certain social or economic conditions.
This has, in turn, bolstered China’s diplomatic influence on the continent. A good indicator of this influence is how many countries maintain diplomatic relations with Taiwan, which the Chinese government sees as part of China’s territory. In Africa, only Eswatini has full relations with Taiwan and just a handful of other countries have representative offices.
Another Chinese goal is to expand the global reach of its currency, the renminbi. Its motive here is to challenge the dominance of the US dollar, which gives America control over transactions anywhere in the world.
Since the late 2000s, the People’s Bank of China has signed bilateral swap agreements with Morocco, Egypt, Nigeria and South Africa to conduct transactions in renminbi. And China is aiming to increase the use of renminbi in official lending, both through domestic banks such as the China Development Bank and regional institutions such as the New Development Bank.
Much like Africa’s western partners, China pursues both political and economic interests in its dealings with the continent. But, with western leaders paying little attention to Africa, China doesn’t need to pursue debt-trap diplomacy to increase its influence there. It just needs to put forward a better partnership offer to gain ground.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
- McKinsey Reduces Workforce by 500 in Overhaul of China Operations – WSJ
- India’s Setback in Bangladesh May Not Equate to China’s Advantage
- Why China is seeking greater presence in Africa – the strategy behind its financial deals
- Trends in China’s Outbound Investment: Key Sources, Destinations, and Sectors
- This Chinese EV Manufacturer is Ready to Compete with Elon Musk in China
- China’s probe of Canadian canola will put both exports and farmers in jeopardy
