Archive for October 15th, 2011

Saturday, October 15, 2011

China’s Financial Crisis: from Wenzhou to the Global Economy?

I’m not trying to assess the effects an alleged crash of Chinese shadow banks right now – the chain reaction reportedly started with a certain Wang Xiaodong who went into hiding in Wenzhou – will lead to a more general financial crisis in China, in that it could reach the property market. That’s what a report published by German daily Die Welt on Friday seems to suggest. If true, it would add to the pressure which stems from loans taken by provincial investment companies, to finance the “stimulus” decreed by Beijing in the wake of the global financial crisis, to keep the domestic economy going.

A short link collection of earlier opinions, plus an exchange of more recent opinions (on capital allocation, rather than on shadow banking in particular),  can be found here.

The Universal Commenter: Schadenfreude transcends Borders

The Universal Commenter: Schadenfreude transcends Borders

Anyway, what really caught my eyes wasn’t the Welt article, but the commenting thread that followed it:

Hehe – first, the slit eyes steal our know-how, and next, they go down the drain… Who cares…

(Hihi – zuerst klauen die Schlitzies unser Know-how – und dann gehen sie den Bach runter…
… wen juckt’s…

Or

Great! That won’t hurt. Maybe it will make the Chinese get down from their high horse. Their arrogance and ado has annoyed me for a long time.

(Super! Das schad nix! Vielleicht kommen die Chins dann mal von ihrem hohen R0ß etwas herunter. Deren Überheblichkeit und Gehabe geht mir schon lange auf die Nerven.)

The moral of the story: you don’t need to be a Huanqiu Shibao commenter to be somewhat, umm, dense. (A Chinese financial crisis of a magnitude these commenters seem to expect is hardly what the global economy – including Europe – is waiting for).

Caixin Online provided background on the Wenzhou financial network on Tuesday – in English here.

Saturday, October 15, 2011

German Television: “Independent Information” from Syria

Tai De isn’t a hyperactive blogger, but when he posts, it’s usually worth a read: like this one, in which he appears to make fun of Sofia Amara‘s (reportedly) Syrian-National-Council-supported stay in Syria.

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Related

» Up to a point, Lord Copper, BBC, April 30, 2011

Updates / Related

» 德国媒体对叙利亚的歪曲新闻报道, Tai De, 2011-10-15

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Saturday, October 15, 2011

17th Central Committee 6th Plenary Session Document on Culture: “a pivotal stage”

China National Radio (CNR, 中广网), October 15, 2010 -

According to the Chinese Communist Party news network reports, a politbureau conference decided that the 17th Central Committee will hold its sixth plenary session in Beijing, from October 15 to 18. According to the public agenda, this time, the conference will explore the deepening of the cultural system’s reform, the promotion of the thriving of the socialist culture’s development, and other issues.

中广网北京10月15日消息 据中国共产党新闻网报道,中央政治局会议决定,中共十七届六中全会将于10月15日——18日在北京召开。按照公开议程,此次会议将研究深化文化体制改革、推动社会主义文化大发展大繁荣等问题。

On September 26, the politbureau heard a report about the suggestions and situations solicited from certain ranges within and outside the party, compiled into the Central Committee’s “Deepen the Reform of the Cultural System, Promote Socialist Cultural Great Development’s Great Thriving and other Important Issues” resolution, and decided to bring the document to the Central Committee’s consideration after making changes in accordance with the suggestions discussed by the [politbureau] meeting.

9月26日召开的中央政治局会议听取了《中共中央关于深化文化体制改革推动社会主义文化大发展大繁荣若干重大问题的决定》稿在党内外一定范围征求意见的情况报告,决定根据这次会议讨论的意见进行修改后将文件稿提请十七届六中全会审议。

Chinese Academy of Governance Deputy Director of Social and Culture Department Qi Shuyu said in an interview with the Chinese Communist Party news network that “culture” had been made a topic in the Central Committee’s plenary session for the first time since 2007, and the first time since the 14th Central Committee’s sixth plenary session discussed issues of ideological virtue [or moral] and cultural construction, that the CCP discussed these issues issues on a strategic level again. The [event's] strategic deployments and political significance were closely followed.

国家行政学院社会与文化教研部副主任祁述裕在接受中国共产党新闻网记者采访时表示,这是自2007年十七大以来,中共首次将“文化”命题作为中央全会的议题,也是继1996年十四届六中全会讨论思想道德和文化建设问题之后,中共决策层再一次集中探讨文化课题,其战略部署和政治意义备受关注。

A more detailed CNR report quotes a Xinhua report, vaguely referring to regional or local implementation of “culture” within people’s livelihood  and cultural service projects (民生工程, 公共文化服务体系). It was hoped that reform in the cultural field would accelerate, that cultural trades would get more room for development, and that the 17th central committee’s plenary session would push reform of the cultural system to a new stage (文化领域的改革有望加快,文化产业有望获得更多的发展空间,十七届六中全会有望将文化体制改革推向新阶段).

Currently, China is facing with rare opportunities for cultural development as the country stands on a pivotal stage for building up an overall prosperous society,

adds China Radio International‘s (CRI) English service, and, concerning the Deepen the Reform of the Cultural System, Promote Socialist Cultural Great Development’s Great Thriving and other Important Issues document:

[t]he central authorities have realized that culture has increasingly become a major source of national cohesion and creativity, a major factor in the competition of comprehensive national strength, and a backbone of the country’s economic and social development, while spiritual and cultural contentment is becoming a cordial aspiration for the Chinese people.

[...]

Analysts say the document has embodied the wisdom of the entire CPC and other groups and will become the guidance for accelerating the country’s cultural reforms and development under the new trend.

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Related

» Fifth Plenary Session (2010): neither Law, nor Order, April 21, 2011

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