Tag Archives: China

China defies IMF on mounting credit risk and need for urgent reform

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“As you can see from the first chart, total credit has jumped from 129pc to 195pc of GDP since 2008, and has completely departed from its historic trend. The great mistake, plainly, was to keep the foot on the floor in 2010 and 2011, long after the Lehman crisis had subsided. The deeper thrust of the IMF report is that the growth model of the past 30 years is exhausted. The low-hanging fruit has been picked. If the Communist Party fails to take radical action, it will soon be caught in the middle income trap.  Loans have jumped from $9 trillion to $23 trillion since 2008, a faster pace of debt build-up than in any major episode of the past century.”

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10186546/China-defies-IMF-on-mounting-credit-risk-and-need-for-urgent-reform.html

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China shuts down $88 million mocked museum with ‘fake’ national treasures

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“Chinese authorities have closed a museum which contained scores of fake exhibits, including a vase decorated with cartoon characters billed as a Qing dynasty artefact, state-run media reported Tuesday. The facility, built in northern China’s Hebei province at a cost of 540 million yuan ($88 million), has ‘no qualification to be a museum as its collections are fake’, a local official told the Global Times newspaper. It had been closed, the paper said, while its founders have been placed ‘under investigation’ after local residents accused them of wasting money.”

http://www.rawstory.com/rs/2013/07/16/china-shuts-down-88-million-mocked-museum-with-fake-national-treasures/

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Gold Deliveries From Shanghai Bourse Jump on Physical Demand

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“Physical gold delivered to buyers by China’s largest bullion bourse in the first half of this year almost matched the entire amount taken from its vaults in 2012, and was more than double the country’s annual production. The surge in deliveries underscores buying interest in China, which may pass India as the largest bullion consumer as early as this year after the government in New Delhi raised import taxes while regulators in Beijing made investing in the metal easier. Miners, smelters and refineries are required to sell gold via the Shanghai bourse, the only state-sanctioned marketplace for spot bullion in China.”

http://www.bloomberg.com/news/2013-07-15/gold-deliveries-from-shanghai-bourse-jump-on-physical-demand-1-.html

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Chinese court compensates rape victim’s mother after labor camp sentencing

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“A Chinese court awarded damages to the mother of a rape victim after she was sent to a labour camp for demanding her daughter’s attackers be punished, a spokesman said on Monday. Tang Hui, who became a figurehead for critics of the ‘re-education through labour’ system after she was condemned to 18 months in a camp, won a total of 2,641 yuan ($430) following an appeal, a court spokesman surnamed Zhang told AFP. The court in Changsha, the capital of the central province of Hunan, awarded compensation on the grounds that local authorities had violated Tang’s personal freedom and caused her ‘psychological damage’, Zhang said.”

http://www.rawstory.com/rs/2013/07/15/chinese-court-compensates-rape-victims-mother-after-labor-camp-sentencing/

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French president auctions off wines in austerity fire sale

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“The expected price of the wines range from 20 euros to 2,500 euros ($25 to $3,235) per bottle and include top-end offerings such as a Chateau Latour dating back to 1936, a 1990 Petrus and a slew of 1985 Romanee wines. The cellar at the Elysee was established in 1947 during the presidency of Vincent Auriol and now holds 12,000 bottles. Burgundy and Bordeaux wines will dominate in the auction but there are also offerings from Alsace, the Loire and the Rhone valley.  Demand for wine from France, the world’s leading wine producer by value, is high especially from well-heeled buyers in China and the United States. China is the world’s biggest importer of Bordeaux wines.”

http://www.rawstory.com/rs/2013/05/29/french-president-auctions-off-wines-in-austerity-fire-sale/

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Marc Faber: Even QE99 won’t help US; India best in Asia

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“Despite quantitative easing (QE) not really bearing any fruit for the common man, the Federal Reserve is likely to continue with it and go ‘up to QE99,’ says investment guru Marc Faber. He strongly feels easy money has not boosted employment for the ordinary people; instead it has given a philip to asset prices owned by very small portion of the population. Property prices over the last 12 months are up 35 percent, but all this has not helped the man on the street, he says.”

http://www.moneycontrol.com/news/international-markets/even-qe99-won39t-help-us-india-bestasia_892138.html

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Threat from China Is Being Hyped

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“China’s sea-denial forces [don’t] make up any real threat to the all-in U.S. force of 11 large deck carriers. But of course this threat is to the American Empire, not the United States itself. The U.S. carrier-heavy force is deployed far forward in East Asia to contain China and protect allies, such as Japan, Taiwan, South Korea, and Australia. Those wealthy allies should be doing more to provide their own security but will never do so as long as the United States provides the first line of defense. Japan already has a stronger navy than China and could do much more if it spent more of its large GDP on defense.”

http://www.independent.org/newsroom/article.asp?id=4636

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China remains the place you want to have some of your money invested

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“China’s announced plan is to move 400 million rural residents into urban cities over the next decade. That’s 40 million people a year, the equivalent of filling up New York City five times annually. That’s a trend … and a very big trend, at that, when you consider the demands that puts on everything from concrete and steel needed to build the necessary infrastructure (apartments, roads, schools, hospitals, shopping centers), to restaurants, supermarkets, housing – the list is nearly endless. China, as well, is moving toward freer financial markets. That, too, is a trend that will create substantial profits for investors.”

http://sovereign-investor.com/2013/07/11/the-one-lie-you-must-ignore/

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Japan says it faces increasing threats from China, North Korea

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“Japan faces increasingly serious threats to its security from an assertive China and an unpredictable North Korea, a defense ministry report said on Tuesday, as ruling politicians call for the military to beef up its ability to respond to such threats.  The report, the first since hawkish Prime Minister Shinzo Abe took office vowing to boost Japan’s defenses, was likely to prompt a sharp response from Beijing, whose ties with Tokyo are strained by a territorial row. China is also upset by remarks from Abe suggesting he wants to cast Tokyo’s wartime history in a less apologetic tone.”

http://www.reuters.com/article/2013/07/09/us-japan-defence-idUSBRE96801020130709

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Japanese Troops Storm California Beach as Marine Power Eyed

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“A thousand Japanese troops have been learning how to recapture territory in the face of enemy fire. While the shoreline may be California, the skills they are building could one day be used closer to home. The two-week ‘Dawn Blitz‘ joint drills in June saw a Japanese Self-Defense Force ship launching a hovercraft designed to carry troops and heavy weaponry that roared onto the beach.  The operations reflect the ruling Liberal Democratic Party’s interest in developing a Marine corps to counter what Prime Minister Shinzo Abe’s government says are Chinese attempts to change the status quo in maritime disputes.”

http://www.bloomberg.com/news/2013-07-10/japanese-troops-storm-california-beaches-as-marine-power-eyed.html

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