Chinese Economics Thread

Hendrik_2000

Lieutenant General
Xi was Fujian governor and official for long time 17 years He certainly aware of Fujian as the primary source of immigration to SEA He visit Singapore 4 times when he was Fujian official
Since Deng visit China has sent 30000 official to learn from Singapore experience. They also have short internship in all the government department
A detail of Deng's conversation with Lee deserves more attention.
"You're able to catch up with us, even better than Singapore, and there's no problem at all," Lee said. "We are only the descendants of illiterate, landless farmers in Fujian, Guangdong and other places, but many of you are the descendants of officials and scholars," Lee continued as Deng listened in silence.


Singapore offers clues to China’s political system
By Ding Gang Source:Global Times Published: 2018/2/28 22:58:39
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Illustration: Liu Rui/GT

She was 67 years old, still working as a cleaner in a food court. He was 68 years old, still working as a taxi driver. The first time I made a visit to Singapore five years ago, I interviewed these two Singaporean Chinese. Their diligence was deeply touching and reminded me of the hard-working generation in 1980s' China.

In the interview, both complained a lot about inflation, expensive healthcare and low income, but they seemed satisfied with housing and public safety. Both of them had a three-bedroom apartment, thanks to Singapore's fair housing plan. Also, Singapore had the lowest crime rate in the world.

The housing scheme and public security were among the first things that struck China's former leader Deng Xiaoping when he visited the country 40 years ago, just before the Communist Party of China (CPC) decided to initiate the policy of reform and opening-up in late 1978. This visit steeled Deng's determination for China's development and raised his confidence in leading billions of Chinese to realize their dream in the generations to come.

It is easy to find books and written records about that historic visit, and among these the most important book is Deng Xiaoping and the Transformation of China by Harvard Professor Ezra F Vogel. According to the book, Deng was impressed with the order and the high living standard the city-state enjoyed.

After Deng's visit, from the articles about Singapore published by China's official newspaper, People's Daily, opening up to the outside world, attracting foreign investment, making the city greener, and providing public housing for every citizen became examples for China to follow.

In 2015, President Xi Jinping paid a state visit to Singapore and mentioned Deng's visit in his speech. He said, under the leadership of Lee Kwan Yew, Singapore succeeded in pursuing a development path suitable to its national conditions by combining Eastern values with an international vision. After seeing Singapore's economic achievements, Deng said that China needs to learn from Singapore.

The long-term stability, effectiveness and clean governance of the Singaporean government are the keys to the success of this Oriental country.

Although Lee Kwan Yew was a member of an ethnic Chinese family who was away from China for five generations, Chinese history left a significant impression on him, which primarily through the traditional imperial examination system influenced the way Singapore selected its officials and later formed Lee's elite governance philosophy. Both Deng and Lee believed a country should be led by competent people and a strong leader with a global view.

If one claims Singapore is always an example for China to emulate, it might sound exaggerating. You may list several reasons for which China cannot simply learn from Singapore. The tiny country is just a middle-sized city with only several million inhabitants compared to China's big cities. Its legal system is based on the British model, and most of its civil servants had received traditional British education when Singapore became independent in 1965.

However, you might find one of the most important similarities - the majority of people in both countries are Chinese and have same cultural roots.

In China's striving for modernization in the past 40 years, finding a way to keep the balance between economic development and social and political stability has always been crucial.

The CPC as the ruling party has been looking for a way to achieve the efficient use of capital and at the same time control its negative impact on the Party and the society.

The political system must be consistent with the cultural and social environment of the Eastern countries. That's why Chinese leaders always take Singapore's experience very seriously and send many middle-level officials to the country for training. Singapore's Chinese newspaper ZaoBao once reported that Xi had visited Singapore four times when he served in Fujian Province.

A detail of Deng's conversation with Lee deserves more attention.

"You're able to catch up with us, even better than Singapore, and there's no problem at all," Lee said. "We are only the descendants of illiterate, landless farmers in Fujian, Guangdong and other places, but many of you are the descendants of officials and scholars," Lee continued as Deng listened in silence.


The author is a senior editor with People's Daily, and currently a senior fellow with the Chongyang Institute for Financial Studies at Renmin University of China. [email protected] Follow him on Twitter @dinggangchina
 

Hendrik_2000

Lieutenant General
Poverty allevation program in NIngxia with the help of Fujian province.Started by Xi Jinping when he was the deputy chief of the province. In 1996 China start twinning program between rich and poor province of China. Fujian themselves was once very poor because it is mountaneous and too many people forcing many to immigrate .After liberation nothing is built there because it could become battle field due to proximity to Taiwan. Only after the reform with private initiative mostly Taiwan, SEA money Fujian become rich. Ningxia is very dry with hardly any precipitation . It is land lock with poor connectivity to the sea. Mostly populated by Hui muslim

Over the past two decades, more than 60,000 people living in poor areas of China have settled in a new home - Minning Town. This poverty alleviation scheme was set up in 1997 by Xi Jinping, who was then deputy Party chief of Fujian Province. The system Xi pioneered in Minning is now spreading across China.
In 2016 Xi revisited the town that he help created and see how life is improved

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now I read
China mulls new law to promote, protect foreign investment: spokesperson
Xinhua| 2018-03-04 15:55:50
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Chinese lawmakers are planning to combine the country's three foreign investment laws and work on a new basic law to promote and protect foreign investment, a spokesperson for the annual session of China's top legislature said Sunday.

Zhang Yesui, spokesman for the first session of the 13th National People's Congress (NPC), revealed the move at a press conference prior to the yearly meeting.

The new legislation will stick to policies of high-standard liberalization and facilitation of trade and investment, and significantly ease market access for foreign companies, Zhang said.

It will create a transparent, stable and predictable business environment for foreign investors and protect their rights and interests, ensuring that they enjoy national treatment and a fair market, he said.

Chinese leadership has pledged at the 19th National Congress of the Communist Party of China last October that "China will not close its door to the world, and it will only become more and more open."

The lawmakers are planning to introduce or modify more than 20 laws this year, including compiling the individual books of a civil code and formulating laws on specific taxes, according to Zhang.

A five-year legislative plan for the 13th NPC Standing Committee is also underway, which will be formulated on the basis of extensive consultation and thorough study, he said.
 

Equation

Lieutenant General
China says to 'take necessary measures' if US harms trade
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March 3, 2018


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Trump's plans to introduce tariffs on steel and aluminium imports has angered major producing nations (AFP Photo/Vasily MAXIMOV )
Beijing (AFP) - China will "take necessary measures" if the United States harms the country's economic interests, a Chinese official said Sunday, as President Donald Trump plans to impose tariffs on steel and aluminium.

"China doesn't want a trade war with the United States," Zhang Yesui, spokesman for the National People's Congress, told a news conference on the eve of the rubber-stamp parliament's annual session.

"But if the US takes actions that hurt Chinese interests, China will not sit idly by and will take necessary measures," Zhang said in China's strongest reaction yet since Trump announced the levies on Friday.

President Xi Jinping's top economic aide, Liu He, met with US officials at the White House this week to discuss the fraught economic relationship.

Trump's announcement has sparked a flurry of counter threats from other nations, sparking fears that it will trigger a tit-for-tat trade conflict around the globe.

Trump has shrugged off the threat, boasting on Friday that "trade wars are good, and easy to win".

The Trump administration plans to impose 25 percent tariffs on steel imports and 10 percent on aluminum.

China has been in Trump's crosshairs over its trade practices since his presidential campaign, but its steel and aluminium exports to the United States are minimal.

While China is the world's largest steel producer, it accounts for less than one percent of US imports and sells only 10 percent of its wrought aluminium abroad.

Steel producers in Canada, Brazil, Mexico, South Korea and Turkey rely far more heavily on the US market.

"The American action to put sanctions on other countries' reasonable steel and aluminium exports in the name of harming national security is groundless," Chinese Foreign Minister Wang Yi said on Saturday.
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AssassinsMace

Lieutenant General
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Yes the US lies about trade. Depending on what story you read China only accounts for 2%-6% of steel imports to the US yet all the news for the past several years has been how China floods the US with cheap steel ruining the US. This morning I see Trump's supporters in his administration and in Congress on the Sunday morning news roundtable shows repeating the talking points given to them by the White House defending the tariffs placed on all steel imports to the US and not just China. They say China exports steel to countries around the world which then eventually reaches the US. Too bad they don't use that logic on something like iPhones where the parts come from all over the world and final assembly is in China but the iPhone is entirely considered a Chinese export and on top of that Apple in Cupertino, California makes all the money from iPhones being sold and not China. When it comes down to it some party in the US is the one that makes all the money from imports and they lobby the US government and media to deflect the truth and blame whatever hurts American workers on someone else.
 

Equation

Lieutenant General
How come the US media doesn't report this as often? Bias much or narrative challenge?:rolleyes::D

Chinese firm wins case on intellectual property in the US
The importance of intellectual property rights is increasing in China, where the economy is switching from industry to innovation, and Chinese firms are beginning to fight for those rights, even in foreign courts.

3 Mar 2018

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President
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has repeatedly accused Chinese firms of copyright theft.

The issue is at the heart of the current trade friction between
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and the United States.

But Chinese firms are fighting back in American courts and winning.

Just over a decade ago, an electrical component firm in eastern China faced an uncertain future when it was sued in a
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court over intellectual property rights.

The Chinese company fought the action and was eventually able to prove that the plugs and other devices manufactured in China were not copies.

Al Jazeera's Adrian Brown reports.
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now I read
China sets 2018 GDP growth target at around 6.5 pct
Xinhua| 2018-03-05 11:02:54
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China has set its
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growth target at around 6.5 percent for 2018, unchanged from that for 2017, according to a government work report released Monday.

Given China's economic fundamentals and capacity for job creation, GDP growth of around 6.5 percent will enable China to achieve relatively full employment, according to the report delivered by Premier
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Monday morning at the first session of the 13th National People's Congress, China's top legislature.

China aims to maintain inflation level at around 3 percent and create over 11 million new urban jobs. The surveyed urban unemployment rate is projected to stay within 5.5 percent, the registered urban jobless rate within 4.5 percent, the report showed.

The above targets take into consideration the need to secure a decisive victory in building a moderately prosperous society in all respects, and are fitting given the fact that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development, Li said.

The GDP growth target is the same as that of last year, but might deliver different growth as China makes it clear to prioritize growth quality over pace.

The projected growth rate reflects China's position of not over-emphasizing speed but stressing improvements in the quality and effect of development, according to another report from the country's top economic planner.

"We will strongly promote high-quality development," said Premier Li.

Chinese economy outperformed its annual growth target by expanding 6.9 percent last year, picking up for the first time in seven years.

The same GDP target set for this year should also be within reach without much difficulty, according to global China watchers.

The International Monetary Fund in January raised its forecast for China's GDP growth from 6.5 percent to 6.6 percent amid an upbeat outlook for the global recovery. International investment banks including UBS, J.P. Morgan and Nomura also revised their China 2018 GDP growth prediction upward to as high as 6.7 percent.

Today, China's material and technological foundations are much stronger; its industrial system is complete, its market is vast, its human resources are abundant, and its entrepreneurs and innovators are dynamic, Li pointed out.

"We enjoy composite advantages, and all this means that we have the ability and the conditions to achieve higher quality, more efficient, fairer, and more sustainable development," Li added.

Although it has bid farewell to breakneck expansion, China, with a higher-quality growth, will continue its role of stabilizing the global economy by further opening up its market.

The country will completely open up its general manufacturing sector to foreign investors this year. Meanwhile, access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles will also be expanded for foreign investment, according to Li.

China's rising middle-income group, with a population of around 400 million, show increasingly bigger appetite for imported products.

To encourage imports, China will host the first China International Import Expo this year and lower import tariffs on products including automobiles and some everyday consumer goods, said Li.
 
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