Mainland growth target not too low, says Le Keqiang
Premier Li Keqiang on Thursday defended the government’s target for more than 6 percent economic growth this year, saying it is “not low”, and policies would not be dramatically loosened to chase higher growth. The target was well below analysts expectations, as their consensus forecast is for growth of more than 8 percent this year.
The Challenging Results of China’s New Anti-Poverty Campaign
It’s not as simple as some critics might have you believe. In November, China announced that it had eliminated extreme poverty within its borders. China’s anti-poverty initiatives over the last five years led the country to spent approximately 1 percent of its yearly economic output, or a total of nearly $700 billion. The government supplied various grants, loans, and farm animals to qualifying villagers and “[o]fficials visited residents weekly to check on their progress.” The government also granted funding to private factories to support the salaries of workers who met the poverty criteria and to assist with equipment purchases. The Chinese government is seeking other sources of legitimacy (albeit not necessarily because of their understanding of the Sisyphean nature of consumerism). Officials are promoting nationalism; however, this is a tricky tiger to ride, lest it leads to popular demand for aggressive actions that the government is not keen to take, such as capturing Taiwan, when the Chinese military is far from equipped to proceed. China would do better if it drew on communitarian and transcendental values encompassed in Confucianism. For those whose basic needs are secured, such values provide sources of satisfaction other than the consumption of goods and services. Next, watch China’s moving to rein in big tech and preventing those who accumulate economic power from exercising undue political power, issues the West is also facing.
China leads world’s biggest increase in wind power capacity
Developers built windfarms with a total capacity of almost 100GW in 2020, a rise of nearly 60% on previous year
Beijing chokes on smog as China tries to balance industrial recovery and greener growth
Poor air quality is linked to heavy industries kicking into action to boost China’s economic recovery from the pandemic Beijing has set ambitious green targets in its 14th five-year plan but they are in contrast to continued investment in fossil fuels, say environmentalists
China’s five-year plan focuses on scientific self-reliance
Global tensions, limits on international collaboration and an emphasis on real-world applications drive the nation’s vision for research. According to the five-year plan, China intends to increase spending on research and development (R&D) by more than 7% annually. Li said that central-government spending on basic research would also increase by 10.6% in 2021, which Cong says is higher than the average annual increase over the past five years. The plan also proposes raising the overall share of basic research in R&D spending from 6% to more than 8%. Although that increase is welcome, it would still be only half the proportion of R&D spending of many countries, says Cong. The US, for example, currently spends about 17% of R&D funding on basic research
How to limit the ecological costs of urbanization in China
An eco-island near Shanghai aims to balance development projects with sustainability. Postdoctoral researcher Linjun Xie reveals what an eco-island on the outskirts of Shanghai taught her about sustainable development in China
China’s tech push includes plans to lure more skilled migrants
Five-year plan calls for talent to be brought in to help drive areas such as artificial intelligence, quantum computing, life sciences, space and aviation It says policy for highly skilled foreigners to work in China, permanent residency system will be improved
US-China tech war: America being held back by budgetary red tape, Pentagon official says
China is ‘focused on high technology to transform their economy’, says Michael Brown, director of the defence innovation unit ‘As we all know, it takes two years to plan a dollar of spending’ at the US defence department, he says
US and China set up semiconductor working group to ease export controls, improve supply chain security
The working group will conduct meetings every six months to keep each other updated about technology The group will also work out policy proposals
China Aims To Build Its Version Of Elon Musk’s SpaceX Starlink Faster Than Others
Assuming that the investment in infrastructure such as satellite development, launch, and ground facilities is about worth around 100 billion yuan in China, the revenue of midstream constellation operators will reach 200 billion yuan, and the market size of ground terminals and industrial applications based on satellite Internet may reach 700 billion yuan, says Xie Tao, founder of Beijing Commsat Technology Development Co., Ltd. He predicts that 100,000 satellites might be deployed in low earth orbit in the future. Among them, there may be 50,000 to 60,000 satellites from the United States, 30,000 to 40,000 from China, and 10,000 to 20,000 from the United Kingdom, India, Russia and other countries.
China ‘two sessions’ 2021: tightened regulation of ‘chaotic’ K-12 off-campus education market may spoil Big Tech’s expansion plans
President Xi Jinping has described the domestic market for K-12 after-school education services as a ‘social problem’ China’s top legislature has indicated that off-campus training services create problems for the country’s education sector
SMEs to drive China’s economic recovery
China’s ongoing antitrust efforts will greatly promote the development of small and medium-sized enterprises (SMEs), industry insiders said. The development is recognition that SMEs are robust drivers of the country’s digital economy and will aid economic recovery amid the Covid-19 outbreak, they added. “For any country, the ultimate goal of the digital economy drive is to benefit every participant in the Internet ecosystem, including SMEs, to help them reap the benefits, ” said Cai Yuezhou, director of digital economy research at the Chinese Academy of Social Sciences’ Institute of Quantitative and Technical Economics in Beijing.
Chinese e-commerce firm JD.com quarterly revenue rises 31 per cent on online retail strength
JD.com’s fourth-quarter revenue reached US$34.4 billion, beating analysts’ estimates The e-commerce company’s annual active customer accounts totalled 471.9 million last year, up from 362 million in 2019
A Guide to Minimum Wages in China in 2021
Minimum wages in China continue to grow. So far, in 2021, the provinces of Jiangxi, Heilongjiang, and Shaanxi have raised their minimum wage standards. Meanwhile, the province of Jilin and cities of Tianjin and Chengdu recently stated they would adjust their minimum wages this year. Currently, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,480/US$382 per month) and Beijing has the highest hourly minimum wage (RMB 24/US$3.7 per hour). Six regions – Shanghai, Guangdong, Beijing, Tianjin, Jiangsu, and Zhejiang – surpassed the RMB 2,000 (US$308) mark in their monthly minimum wage standards. Last year, due to the COVID-19 pandemic, most regions postponed their minimum wage adjustment plans. Only three provinces – Fujian, Qinghai, and Guangxi – raised minimum wages. Local governments in China are required to update their minimum wages at least every few years but have the flexibility to adjust wages according to local conditions. Most provinces set different classes of minimum wage levels for different areas depending on the given region’s level of development and cost of living. For example, a higher minimum wage class for the provincial capital and the most developed cities, and a lower class for smaller cities and rural areas.
German industry urges EU to toughen response to unfair Chinese trade practices
China has become Germany’s most important trading partner and exports of “Made in Germany” goods to the country have helped Europe’s largest economy cushion the domestic impact of the COVID-19 pandemic. “A successful partnership will only work on the principles of reciprocity and establishing a level playing field in competition,” Lang said.
China must watch for signs of rising nationalism spurred by tensions with the West, warns former top official
He Yiting, former executive vice-president of the Central Party School, favours opening up China over fostering populism Chinese history professor says radical voices online only reinforced stereotypes in the US of a ‘red empire’
US confirms high-level meeting with Chinese officials in Alaska next week
US Secretary of State Antony Blinken will meet Yang Jiechi, China’s most senior foreign policy official, and Foreign Minister Wang Yi Blinken and White House national security adviser Jake Sullivan plan to discuss ‘a range of issues’ with their Chinese counterparts
Beijing’s focus on maritime law ‘reflects rising concerns over South China Sea’
Five-year plan includes call to mitigate risks and prepare for legal battles to defend national interests Analyst says if rival claimant Vietnam starts arbitration ‘there’s now a greater chance that China would take part’ Zhu from Nanjing University said the legislation was complex and had been in the pipeline for a long time. “If it includes specific clauses about sovereignty disputes it will make it even harder for China to compromise,” he added. It comes after China passed a new coastguard law in January that allows its coastguard vessels to fire on foreign vessels and demolish structures built in disputed waters that China claims as its own.“That law has been controversial, so I personally think it’s not a bad thing to be more cautious with this legislation,” Zhu said.
China’s three warfares strategy for the South China Sea: Inquirer columnist
The writer says that China’s three warfares approach does not hold water and will need the combined effort of affected countries to oppose the new maritime law enacted by China.
Economic diplomacy: The business of coups and China’s Quad response
Companies are finding themselves torn between conscience and keeping the lights on when it comes to Myanmar.
India and China’s Conflict Goes Cyber
In early March, Recorded Future’s Insikt Group published a report titled China-Linked Group RedEcho Targets the Indian Power Sector, which detailed China’s targeting of ten different Indian organizations within the energy sector, specifically the power generation and transmission sector and two from the maritime sector. In the Insikt Group assessment, there are “significant concerns over pre-positioning of network access to support China’s strategic objectives.” It is within this context of Indo-Sino relations that a bit of geographic realpolitik is in order.
China’s coal imports from Russia may increase as supply from Australia ‘expected to decline’
China remains Russia’s biggest trading partner, but the trade deficit rose to US$5.84 billion at the end of 2020 China halted coal imports from Australia in the fourth quarter last year amid deteriorating relations between the two countries
Coronavirus: the pandemic is now one year old, so when will it be over?
Vaccinations are well under way around the world and will subdue the spread but scientists and doctors say the virus may be here to stay in some form WHO’s goal to end the acute phase of the pandemic by late 2021 depends on poor nations having fair access to vaccines
Coronavirus origin may be found in few years, says member of WHO’s China mission
Zoologist Peter Daszak thinks researchers will ‘fairly soon’ be able to pin down how animals carrying Covid-19 infected people in Wuhan The team is set to release a report as early as next week on the initial conclusions of their recent trip to trace the source of the pandemic
Hong Kong’s Covid-19 vaccine no-show rate rises after side effect reports
Fewer Hong Kong residents are showing up to get vaccines from Chinese maker Sinovac Biotech amid reports of side effects, even as demand was strong for shots developed by BioNTech-Pfizer on the day of their debut. The number of people who received their scheduled Sinovac immunisations at community vaccination centres fell to 72 per cent on Wednesday (March 10), down from a high of more than 90 per cent last week. More than one-third of those who signed up for the vaccine, 36 per cent, were no-shows on Tuesday. The skipping of vaccine appointments comes after the city reported three deaths and three critical illnesses among the more than 130,000 people inoculated to date
China blasts BBC again for ‘biased reporting’
The Chinese Embassy in London posted a statement on its website expressing ‘strong dissatisfaction’ with the BBC and urging the broadcaster to ‘abandon bias, correct its mistake and report China in a objective, fair and balanced manner.’ China is complaining anew about recent reporting by the BBC, days after summoning the British ambassador to Beijing to register displeasure over a recent article she penned defending press freedom.
Hong Kong: China approves ‘patriotic’ plan to control elections
China’s legislature has approved a resolution to overhaul Hong Kong’s electoral system – its latest move to tighten control over the city.
podcast : Michael Pettis on Persistent Imbalances in Post-Pandemic China
By some measures, the Chinese economy did better in 2020 than just about anywhere else. For one thing, it actually grew last year. Also because of the country’s success at virus containment, it returned to normalcy faster than elsewhere. But the Chinese economy maintains persistent imbalances, and if anything, the pandemic may have accelerated them. On this episode, we spoke with Michael Pettis, a Finance Professor at Peking University and Senior Fellow at the Carnegie-Tsinghua Center, on where things stand now.
Donald Trump’s ‘Buddha Statues’, Selling for Over Rs 44,000, are a Hit on Chinese E-commerce Websites
Donald Trump may not be the global newsmaker anymore after he handed the reins of American leadership to Joe Biden. But, that still didn’t stop a Chinese entrepreneur from carving out a statue of the former US President in a pose that can be remotely associated with the Republican leader. The statue looks like Trump sitting in a Buddha posture. The white-coloured ‘Trump-Buddha’ statue shows Trump sitting like Buddha, with his face lowered and hands resting together on his lap, maintaining a calm aura, with eyes shut. The statue has been listed on the Chinese e-commerce site Taobao. The larger sized statue of 4.6m is available at 3,999 yuan (Rs 44,707) and the smaller size of 1.6 meters has been priced at 999 yuan (Rs 11168).
Service Asie Pacifique
Place Sainctelette 2
Tél 02 421 85 09 – Fax 02 421 87 75
Copyright © 2020 awex, All rights reserved