Posts Tagged ‘Beijing,China’

Tokyo – Japanese Finance Minister said Thursday Yoshihiko Noda, the government is monitoring closely China’s increased purchases of Japanese government debt and will check in Beijing about his motivations.”We are giving careful attention” to the recent increase in purchases related to China against the Japanese government bond (JGB), “Noda said in a session of the parliamentary committee of financial problems, reported Dow Jones Newswires.

“I do not know the true intention” regarding China’s increasing appetite for JGB.But Tokyo plans to “work together closely (with Beijing) and assesses the point,” he said.China, in July, buying Japanese bonds worth 583.1 billion yen (6.9 billion dollars), Japan’s finance ministry said Wednesday, when the Asian giant will continue to increase purchases of Japanese debt.

This figure is higher than the value of securities purchased in June, 456.7 billion yen.The news came after the yen, Wednesday, 15 highest-reaching new year against the dollar. Currency traders said the yen berdenomiasi China’s purchase of property, even by itself too small to boost the yen, it can support the increase in the currency indirectly.

For the first half of this year, China bought debt worth 1.73 trillion yen, almost seven times over a full year’s record of about 253.8 billion yen in 2005.In May alone China investors buy Japanese government bonds net worth 735.2 billion yen.China seeks to diversify its investments out of the big bucks and Europe since the beginning of the financial crisis.Most bonds are purchased by the government of China is estimated to be used to manage foreign currency reserves.

This increase is in conjunction with the re-doubt recovery in the United States and Europe, and indicates China’s store more foreign currency reserves which as a result continues to expand into the Japanese bonds are relatively stable.With approximately 95 percent is held by domestic investors, the risk did not pay the debt of Japan is considered much smaller than the countries hit by the-debt, even though its public debt approaching 200 percent of gross domestic product, the highest among developed countries.

China’s foreign exchange reserves have swelled in recent years, soaring to a record 2.454 trillion dollars at the end of June.These reserves, has become the world’s largest, grew 15.1 percent from a year ago, China’s central bank said in its website.One way Beijing is diversifying its investment through an independent wealth fund China Investment Corp., which handles about 300 billion dollars and has invested heavily in resource companies.(AFP)

The U.S. military will conduct an anti-submarine warfare exercise with South Korea early next month, sending a message to the North that Washington is committed to defending its ally, the Pentagon said on Wednesday.Pentagon spokesman Bryan Whitman said the joint exercise, which is likely to annoy regional power China, would be conducted off the western coast of the Korean Peninsula and was aimed at defending against “sub-surface” attacks, particularly following the sinking of one of the south’s warships in March.

“This exercise certainly sends a clear message to North Korea that the U.S. is committed to the defense of the Republic of Korea,” Whitman told reporters. “Our commitment is unequivocal.”Asked about China’s likely negative reaction, Whitman said Beijing had no reason to view the joint series of exercises as a threat to its security.

“These exercises are intended to deter North Korea from future destabilizing attacks such as that which occurred with Cheonan,” he said, referring to the sinking of the South Korean warship earlier this year, which was blamed on Pyongyang.The North has denied involvement in the sinking of the Cheonan, which killed 46 sailors, and sees the latest string of joint exercises as a provocation by its neighbor and Washington.After Seoul competed drills near a disputed maritime border off the west coast this month, the North retaliated by firing a barrage of artillery shells in the same area.

SUCCESSION JITTERS

Relations across the divided peninsula have become more fraught following the attack on the Cheonan and there also is growing concern in Washington over the North’s increasingly unpredictable behavior.U.S. Defense Secretary Robert Gates said last week that recent provocations by the North should be seen in the context of tensions surrounding the succession of leader Kim Jong-il, who is expected to hand over power to his youngest son.

Gates said Kim’s youngest son was probably seeking to “earn his stripes” with the North Korean military and he was concerned that there were more attacks ahead.The latest military exercise, planned for early September, followed a visit by Gates and U.S. Secretary of State Hillary Clinton to Seoul last month, Whitman said.The exercise will focus on anti-submarine warfare tactics, techniques and procedures and was designed specifically to improve the readiness and proficiency of U.S. and South Korean forces against potential sub-surface attacks, he said.Whitman said the exercise was still in the planning stages and declined to provide details on which U.S. ships might be involved or the scope or length of the exercise.As the North’s only major ally, China has called the U.S. drills a threat to both its security and regional stability.After a joint U.S.-South Korea naval drill in the Sea of Japan last month, China conducted its own heavily publicized military exercises.(Reuters)

BEIJING  President Barack Obama welcomed China’s announcement Saturday that it will allow a more flexible exchange rate for its currency, saying it would help protect the economic recovery.The announcement by China’s central bank suggested a possible break from the yuan’s two-year peg to the U.S. dollar – a source of friction between the two countries – but ruled out any large-scale appreciation.The People’s Bank of China mentioned no specific policy changes, though markets will be watched closely Monday for the announcement’s effects. Chinese officials have said all along that reforms of the yuan, also known as the renminbi, or “people’s money,” will be gradual.”It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility,” the central bank said in a statement posted on its website.

The announcement, timed just before President Hu Jintao’s trip to the G-20 summit in Toronto, Canada, follows warnings from Beijing earlier this week against making its currency policies a main focus of the meeting.Beijing kept the yuan frozen against the dollar to help Chinese manufacturers compete amid weak global demand. It faces pressure from the United States and other trading partners who contend the yuan is undervalued.

“China’s decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy,” Obama said in a statement.U.S. Treasury Secretary Timothy Geithner called the move an “important step.””But the test will be how far and how fast they let the currency appreciate,” he said.The European Commission also welcomed the decision, saying it would help achieve more sustainable global economic growth, reduce trade imbalances and strengthen the stability of the international financial system.

But the announcement is unlikely to satisfy critics in the U.S. Congress, who argue that an undervalued Chinese currency gives China’s exporters an unfair advantage, costing millions of American jobs.”This vague and limited statement of intentions is China’s typical response to pressure,” Sen. Charles Schumer, a New York Democrat, said in a statement. “Until there is more specific information about how quickly it will let its currency appreciate and by how much, we can have no good feeling that the Chinese will start playing by the rules.”

Signs that a global economic recovery has taken hold have prompted speculation that China would begin letting the yuan resume a gradual appreciation against the U.S. dollar that began in 2005 but was halted abruptly in 2008 as the global financial crisis took effect.Since then, the yuan’s value has remained at roughly 6.83 to $1, although it is formally pegged to a basket of currencies that includes the U.S. dollar.

“It definitely sounds significant. They’re saying they’re going to press forward,” Stephen Green, an economist at Standard Chartered Bank in Shanghai, said of Saturday’s statement.”We didn’t ever think they were going to do a big one-off, so it looks like that’s not going to happen,” he said. “We’re going to see more movement around a basically stable exchange rate until the global economy is basically healthier. The proof will be in the pudding on Monday.”

Chinese officials have warned that any adjustment to the exchange rate is not other countries’ concern.The director of the international department of the People’s Bank of China, Zhang Tao, told a news conference Friday that Chinese leaders will not discuss the yuan at the G-20 summit.

Saturday’s statement pointed to economic growth both inside and outside China as a reason for the increase in exchange rate flexibility.”The global economy is gradually recovering. The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability,” the central bank said.However, it indicated no major policy changes, adding: “The exchange rate floating bands will remain the same as previously announced in the interbank foreign exchange market.”(AP)

BEIJING  Wan Yanhai is used to harassment by authorities, but the unwanted attention got steadily worse this year for the founder of a prominent Chinese AIDS advocacy group. Authorities ordered the group’s anniversary celebration canceled, sent commercial regulators and tax inspectors to visit its offices, and had police interrupt his talk at a university.Finally, after dozens of intimidating phone calls from police in a single day, Wan fled to America via Hong Kong last Thursday with his wife and child.

His departure illustrates the toll that relentless official harassment takes on activists in China, even those working on issues such as AIDS that are recognized by the government as legitimate concerns.”The attacks from the government had become very serious for my organization and for me personally,” Wan said Monday by phone from Philadelphia, where he and his family are staying with a friend. “I had concerns about my personal safety and was under a lot of stress.”

“When I am in China, the authorities look at me like I am a bird in a cage. They say, ‘If you don’t listen to me, then I will eat you,'” Wan said. “But after I leave the country, they will see me in a new light because I am no longer in their cage.”

In recent months, Beijing has been tightening its control over the operations of independent groups and activists that are seen by the Communist leadership as threats to the government’s authority. A renowned women’s rights organization was shuttered last month, while over the weekend, two lawyers who represented a member of an outlawed spiritual movement were banned from practicing law for life.

In March, the government decided to regulate overseas donations to aid groups, a move that has squeezed the funding of organizations like Wan’s Beijing-based Aizhixing Institute, which offers legal advice to people with HIV and campaigns against discrimination.

The rule says groups such as Aizhixing must show proof that overseas nonprofit donor groups are registered in their home countries and strictly follow detailed agreements with foreign donors on how donated funds are spent.”Funding became a major problem for us after that,” Wan said.He said police interrupted a March talk he was due to give to the Southern China Science and Industry University on sexual orientation and mental health. He said he later heard that a notice had been sent to universities nationwide telling them not to invite him to speak.Finally, on April 23, he received dozens of phone calls from police about an event to train lawyers on how to use new social media, Wan said.

Two days after the phone calls, he and his wife left Beijing for Guangzhou in the south.”To be honest, I was becoming very worried. I felt like if we had acted slower, it would not have been good,” he said. The family decided to leave during a business trip to neighboring Hong Kong.

“Before we left, we didn’t tell a lot of people,” he said. “We waited until Thursday evening after we got to Hong Kong, bought the flight tickets and passed through the security checks at the airport before we called a few friends.”At Aizhixing’s office in Beijing on Monday, a staffer who handles media inquiries said employees only learned about Wan’s departure from media reports.”I’m a little bit surprised and also a bit nervous,” said the woman, who refused to give her name due to the sensitivity of the issue. “We’re still working on several projects here and we haven’t got time to discuss it.”

In recent years, China’s government has made huge strides in openly addressing the spread of HIV, but it is deeply suspicious of independent activists, and Wan has one of the highest profiles among those working on AIDS in China.Wan, a former Health Ministry official, founded the Aizhixing Institute in 1994 to raise awareness and fight discrimination. Among its most significant and politically sensitive work was the publicizing of the spread of AIDS in the 1990s among villagers in central China’s Henan province, where people who sold blood were re-injected with pooled blood after buyers had removed important components.

Wan has been detained for up to weeks at a time by authorities, but never formally convicted under China’s loosely defined sedition laws.Aizhixing’s advocacy alone was enough to make authorities view Wan with suspicion, said Kin-man Chan, director of the Center for Civil Society Studies at the Chinese University of Hong Kong.

Chan said Wan had given a talk at the research center last Wednesday about the challenges non-governmental organizations faced in China, but had not mentioned plans to leave the country.”I feel very sad that people like Wan Yanhai have to leave. I feel very, very disappointed,” Chan said.”If you don’t allow these NGOs to represent those disadvantaged groups and voice out their grievances, then people might at the end of the day take some isolated, more radical actions to express their disappointment,” Chan said.

Wan said he and his wife have yearlong business visas for the U.S. and have no long-term plan yet. In the coming days, he hopes to meet with international organizations to discuss ways to cooperate on projects and for funding.

Wan’s move was met with support by Chinese activists, many of whom posted messages on Twitter, although some also expressed regret at his departure and worries about the future of his organization.”I empathize with Wan’s feelings. Although I feel a little regret toward his decision, still, I fully understand and wish them a happy life,” said Zeng Jingyan, whose husband Hu Jia is serving a 3 1/2-year jail term for sedition.(AP)

BEIJING accompanied by a massive storm that hit China’s heavy rain this week, causing 51 people lost their lives. While tens of thousands of other residents at risk of losing their homes.As reported by Xinhua, Friday (7/5/2010), extreme weather that hit most of southern China from Wednesday to Thursday this week, causing approximately 190 people injured and 11 others reported missing.

Areas most affected this storm is Chongqing. In these cities 29 citizens were reported killed, while storms also destroyed the storm and uproot trees. Not only that, the storm also caused the road is filled with water and resulted in a landslide.

According to the Ministry of Civil China, more than 70 thousand citizens of Chongqing were displaced from their homes due to fierce storm that destroyed home residents.China’s government estimates that economic losses due to hurricanes in Chongqing this figure touched 420 this yuan.experienced by more than 30 million people in Chongqing

ferrariBEIJING-range Ferrari sports car super necessarily identical with the high speeds that can stimulate adrenaline. Hence cars like this so every man’s dream. hold on! It turned out that not only men who could have dreamed of for Ferrari, because the woman was actually fond of collecting sports cars ” the Prancing Horse”. Just ask the women in China. In China’s Domestic womenfolk starting to buy a Ferrari four-fold more than women from the western world.

Italian manufacturer was noted, from the Ferrari 220 that were sold in mainland China last year, 44 units purchased by women or equal to 20 percent of total sales. “I am very impressed with the women in China, 20 percent of women there to buy our cars, this figure is greater than the worldwide sales,” said Ferrari CEO, Amedeo Felisa, as quoted from Autoevolution, Tuesday (04/27/2010).

He also revealed, many women in that country who operate businesses in a very tough so they have a lot of money and can afford to buy a Ferrari. “It is surprise for us since we never expect the sale can be fueled by women, but in my opinion, this is a condition in China,” said Felisa.

Ferrari also saw sales growth in China is much better than in the United States (U.S.) and Europe, where the two regions are stagnating sales even before the global financial crisis. Even in honor of this country, intentionally pointing a Ferrari event in 2010 Beijing Motor Show to introduce the Ferrari 599 GTO which is the fastest road car Ferrari which is only produced as many as 599 units. In addition to the Panda Affairs, Taiwan and Hong Kong is also the largest market in Asia-Pacific Ferrari. More than 220 units were sold through 10 dealers Ferrari in China with 150 units sold in Hong Kong and 50 units in Taiwan.

lenovoLenovo Group, the world’s No.4 PC brand, said mobile Internet products will account for 10-20 percent of revenue in five years, as it embarks on a new drive into wireless computing.The company hoped to sell millions of its new line of smartphones initially, and tens of millions in the future, said President and Chief Operating Officer Rory Read at a media briefing on Monday, without giving details.

The mobile Internet device market would overtake traditional PCs in the next five years, Chief Executive Yang Yuanqing, said as the company launched new mobile Internet products at an event in Beijing.After selling off its cell phone unit to focus on its core PC business, Lenovo bought back the unit last year as part of its aim to become the Chinese market leader in mobile communications, as the sector starts to converge with PCs.(Reuters)

Yushu, Qinghai Several aid officials of China have rescued a 68-year-old man who had been trapped for 100 hours under the rubble of collapsed buildings caused by the earthquake.As reported Xinhua, the old man was rescued at around 11:00 local time Sunday in a Small Town Gyegu, Qinghai Province, and his condition seemed to stabilize, said several officials. The man was taken to hospital.Miracles happen when the government said the number of fatalities increased by an earthquake which devastated the so 1484 people.

Until Saturday at 17:00 local time, the quake – which shook the Yushu Tibetan Autonomous Prefecture, Qinghai, 07:49 pm Wednesday – have been injured 12,088, which is 1.394 of them were badly injured.Meanwhile, most of the victims in Yushu have shelter in tents and get makana, clean water and other basic needs, said an official at the Ministry of Public Affairs in Beijing.Victims who suffer injuries and illness can be separated, said Director of the Department of Disaster Assistance in the Ministry of the Zou-tse, in a briefing in Beijing on Sunday.(AFP)

Tibet EarthquakeBEIJING, The death toll from a powerful earthquake in the remote upland areas in Tibet, China, increasing to 589 people, according to Xinhua news agency reported on Thursday (15/4/2010).

Local earthquake relief headquarters, was quoted as saying by news agency, providing that amount on Wednesday following the earthquake that destroyed hundreds of houses and a number of school buildings in the hilly area that.Victims were killed before 400 people, with thousands of people were injured.

Barack Obama Obama will hold talks with Chinese President Hu Jintao before hosting high-level delegations from nearly 50 countries for the opening of the global conference, where the focus will be on how to prevent nuclear terrorism.In the one-on-one meeting with Hu, Obama hopes to cement China’s commitment to help ratchet up pressure on Iran over its nuclear program after Beijing agreed to join serious talks about possible new U.N. sanctions on Tehran.

The two leaders will also try to nurture a thaw in Sino-U.S. relations after tensions spiked in recent months over a range of issues. Financial markets will be seeking further signs of China giving ground over its currency valuation.The Washington summit is the culmination of a hectic week of nuclear diplomacy for Obama and comes a year after he laid out a vision of a world free of atomic weapons.It follows close on the heels of Obama’s unveiling of a revamped U.S. nuclear doctrine limiting the use of atomic arms and the signing of a landmark post-Cold War treaty with Russia pledging to cut their nuclear arsenals by a third.

At home, Obama’s conservative critics say his arms-control strategy is naive and could compromise U.S. national security.Despite that, the two-day summit the biggest U.S.-hosted assembly of world leaders in six decades — will be a test of Obama’s ability to rally global action on his nuclear agenda.Speaking on the eve of the conference, Obama said he expected it to yield “enormous progress” toward the goal of locking down loose nuclear materials worldwide.

“We know that organizations like al Qaeda are in the process of trying to secure a nuclear weapon, a weapon of mass destruction that they have no compunction at using,” Obama told reporters, calling it the biggest threat to national security.A draft final communique shows leaders will pledge to work toward safeguarding all “vulnerable nuclear material” within four years and take steps to crack down on nuclear smuggling.

NOT ON AGENDA BUT ON SUMMITEERS’ MINDS

Iran and North Korea are not on the guest list or the summit agenda. But their nuclear standoffs with the West are sure to figure heavily in Obama’s talks with Hu and other leaders like German Chancellor Angela Merkel, who will sit down with the U.S. president on Tuesday after the summit is over.With Obama pushing to get new sanctions in place against Iran within weeks, China — after months of delay — reluctantly agreed to join in crafting a U.N. resolution. But Obama has yet to completely overcome Beijing’s skepticism.

The West wants to deter what it sees as a covert drive by Iran to develop nuclear weapons, while Tehran says it has only peaceful intentions, focused on generation of electricity.The list of leaders in attendance will range from heads of state of traditional nuclear powers like Russia and France to nuclear-armed foes like India and neighboring Pakistan.

Pakistan’s Prime Minister Yusuf Raza Gilani assured Obama in talks on Sunday his government has “appropriate safeguard” for its nuclear arsenal. Experts say Pakistan’s stockpile of weapons-grade material poses a high risk because of internal security threats from the Taliban and al Qaeda.

Missing will be Israeli Prime Minister Benjamin Netanyahu, who withdrew fearing Muslim leaders would use the summit as a forum to demand Israel give up its assumed nuclear arsenal.Still, nuclear-defiant Iran will be the summit’s sub-text.In Prague last week, Obama persuaded President Dmitry Medvedev to keep pressure on Iran, but the Russian leader made clear there remain limits to Moscow’s support for sanctions.

For its part, a defiant Iran has dismissed the summit’s chances for success “as long as some nuclear-armed countries … are constantly preoccupied with the idea of depriving other countries of the peaceful use of nuclear technology.”Hu’s decision to attend the summit is seen as part of a two-way effort to get relations back on track after months of bickering over China’s currency, its Internet censorship, U.S. arms sales to Taiwan and Obama’s meeting with the Dalai Lama.

Days after Beijing announced Hu’s participation, Washington said it would delay a decision scheduled for mid-April on whether to declare China a currency manipulator.China, meanwhile, has signaled it may be close to revaluing its yuan currency. In a pivotal congressional election year, the Obama administration has pressured Beijing to scrap its currency peg, saying it hurts U.S. business and jobs.(Reuters)