Archive for the ‘Hu Jintao’ Category

Dalai Lama: China Unfit To Be Superpower

December 5, 2008

China lacks the moral authority, including over the question of Tibet, to be a true superpower, the Dalai Lama said Thursday during a European tour that has angered Beijing.

After addressing the EU parliament in Brussels, the Tibetan spiritual leader said China “deserves to be a superpower” given its huge population and economic and military strength.

“Now one important factor is moral authority and that is lacking,” he told a press conference in Brussels.

AFP

Exiled Tibetan spiritual leader Dalai Lama speaks to the press ... 
Exiled Tibetan spiritual leader Dalai Lama speaks to the press at the EU Parliament in Brussels. China lacks the moral authority, including over the question of Tibet, to be a true superpower, the Dalai Lama said Thursday during a European tour that has angered Beijing.(AFP/John Thys)

“Because of its very poor record on human rights and religious freedom and freedom of expression and freedom of the press — too much censorship — the image of China in the field of moral authority is very, very poor,” he said.

“The sensible Chinese realize China should now pay more attention in this field in order to get more respect from the rest of the world,” the Nobel peace laureate said.

He cited the problems of Tibet and separatist factions in the southwestern Chinese province of Xinjiang as areas where such a moral authority should be displayed. He also named Hong Kong and reunification with Taiwan.

He said he continued to have confidence in the Chinese people while doubting the government wanted serious talks on Tibet’s future.

Read the rest:
http://news.yahoo.com/s/afp/20081204/wl_asia_a
fp/euchinatibetrights_081204183116

China’s President Gives Grim Economic Assessment

November 30, 2008

Chinese President Hu Jintao warned at a weekend meeting of the Communist Party’s elite Politburo that China is losing its competitive edge as international demand for its products is reduced, according to official state media reports Sunday.

China’s growth rate has been forecast to be about 9 percent in 2008, down from 11.9 percent the year before and close to the 8 percent that economists say China must maintain in order to keep the labor market stable.

“China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development,” Hu said, according to the People’s Daily newspaper, the official Communist Party newspaper. He did not provide specifics. 

By Maureen Fan
Washington Post Foreign Service

Chinese President Hu Jintao speaks during a news conference ...
Hu Jintao by Reuters

“External demand has obviously weakened and China’s traditional competitive advantage is being gradually weakened,” as international demand is reduced, Hu told members of the Political Bureau of the party’s Central Committee, according to the state-run New China News Agency.

Protectionism has also started to increase in investment and trade, Hu added. China’s export growth in October was 19.2 percent, down from 21.5 percent in September.

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http://www.washingtonpost.com/wp-dyn/content/article/
2008/11/30/AR2008113000773.html

China moves to stem mass layoffs

November 18, 2008

When China’s President Hu Jintao made his first official visit to Washington in April of 2006, President Bush asked his counterpart which of the numerous challenges China faced was the most serious — which one kept Hu awake at night worrying. “Unemployment,” Hu reportedly answered without hesitating.
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China's President Hu Jintao speaks at a celebration meeting ... 
China’s President Hu Jintao speaks at a celebration meeting at the Great Hall of the People in Beijing.  REUTERS/Jason Lee (CHINA)
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From the BBC

Companies in two Chinese provinces, Shandong and Hubei, have been told they must seek official consent if they want to lay off more than 40 people.

The order highlights the Chinese authorities’ concern over mounting job losses.

As China’s main external markets plunge into recession and export orders shrink, layoffs have multiplied in the country’s big manufacturing regions.

In Shandong alone, nearly 700,000 people have lost their jobs this year.

In southern Guangdong, tens of thousands of firms have closed, sparking off reverse migration to the countryside by redundant workers.

China’s economic growth has slowed sharply this year to around 8 percent – high by world standards, but much less than the double-digit figures seen for years.

Read the rest:
http://news.bbc.co.uk/2/hi/asia-pacific/7735205.stm

 

 

Chinese police officers stand guard as hundreds of workers gather outside a government building after a large toy factory closed in Guangdong province, southern China, on 17 October 2008
China fears fast-rising unemployment could trigger social unrest

 

 

China Can’t Let Crisis End Reform, Central Bank Says; President Hu In U.S., Latin America

November 15, 2008

China can’t let the global credit crisis derail financial reforms that have benefited the public and helped the nation’s banks weather the turmoil, said Yi Gang, vice governor of the People’s Bank of China.

By Li Yanping, Bloomberg

“Although there have been doubts in the market on whether China’s financial reforms should continue after this crisis led to massive government bailouts and nationalization of financial institutions, China’s bank reforms can’t backtrack,” Yi said at a conference in Beijing today.

The worst financial crisis since the Great Depression has caused about $966 billion of writedowns and credit losses among financial institutions worldwide, according to data compiled by Bloomberg. The U.S. Treasury has initiated a $700 billion rescue plan to shore up distressed financial institutions.

“The U.S. and Europe may need to rethink financial innovations that exceed real economy needs and have pushed risks beyond control,” said Zhao Xijun, a finance professor at Renmin University in Beijing. “China’s financial services are under- developed by comparison, so we need to push ahead with reforms.”

Banks in China sold shares, accepted foreign strategic investors and enhanced risk management over the past three years to avoid repeating the bad-loans crisis earlier this decade, when the government spent $650 billion rescuing them. Limited buying of subprime debt has helped the banks avoid bigger losses.

`Unimaginable Shock’

“State-bank reform has been a success, benefiting people and greatly enhancing financial services,” Yi said. “China’s banks may have taken an unimaginable shock from this financial tsunami if they hadn’t completed shareholding reforms.”

Reforms based on market principles must continue to help shield banks from future risks during economic cycles, Yi said today. Banks will also be “tested” when the nation’s currency gradually become convertible and when interest rates are further liberalized, he added.

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http://www.bloomberg.com/apps/new
s?pid=20601208&sid=aLRVWbF2vObw

Chinese President Hu Jintao, seen here, begins a Latin America ... 
Chinese President Hu Jintao, seen here, begins a Latin America tour on Monday, taking in Costa Rica, Cuba and Peru, as China tightens economic ties and the region hopes for help in tougher times.

SAN JOSE (AFP) – Chinese President Hu Jintao begins a Latin America tour on Monday, taking in Costa Rica, Cuba and Peru, as China tightens economic ties and the region hopes for help in tougher times.

The Asian giant has increased diplomacy and investment in Latin America in recent years, with an eye on its natural resources and developing markets for manufactured goods and even arms.

Many in Latin America hope for an investment boost to help ride out the economic crisis.

Exports from the continent to China include soya and iron ore from Brazil, soya from Argentina, copper from Chile, tin from Bolivia, and oil from Venezuela.

The trade is still only a small percent of the continent’s total, but it is growing.

China’s state-run Xinhua news agency reported this month that exports to Latin America grew 52 percent in the first nine months of 2008 to 111.5 billion dollars.

Hu will visit San Jose and Havana between a G-20 meeting on the global crisis in Washington on November 15 and an Asian Pacific Economic Cooperation forum summit in Peru on November 22.

China and Cuba have remained all-weather friends for decades, their Marxist Socialist past a driving force in relations.

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http://news.yahoo.com/s/afp/20081115/wl_
afp/latamchinadiplomacy_081115063413

Global Economic Mess Makes G-20 Summit Sober, Serious, Anti-Junket

November 14, 2008

There are no plans for sightseeing tours, shopping sprees or three-anything lunches when leaders from 20 countries, accompanied by large delegations of officials, business people and journalists, visit the capital during the next two days for a world economic summit.
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By Pamela Constable 
Washington Post Staff Writer

Instead, the event promises to be brief, sober and businesslike, in keeping with the grim financial outlook facing every country at the summit, including the host, and the timing of the meeting during a power lull between administrations in Washington.

“There will not be much time. Our delegation will arrive at 6 p.m. tomorrow and leave right after the meeting and possibly a press conference Saturday,” Emanuel Lenain, a spokesman for the French Embassy, said yesterday. Between formal discussions, he said, President Nicolas Sarkozy “will work and work.” His glamorous wife, former model Carla Bruni, will not be with him, and he will attend tonight’s White House dinner alone.

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http://www.washingtonpost.com/wp-dyn/content/article/2008/11/13/AR2008111304039.html

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G-20 To Consider Monitoring World Banking Among Proposal

By Anthony Faiola and Glenn Kessler

Washington Post Staff Writers
Friday, November 14, 2008; Page A01

Nations are close to adopting a series of measures aimed at combating a global recession and laying the groundwork for a broad reconstruction of the international financial system, as world leaders arrive in Washington for a major economic summit this weekend.

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http://www.washingtonpost.com/w
p-dyn/content/article/2008/11/13
/AR2008111303844.html

China’s industrial output growth lowest in 7 years

November 13, 2008

Growth in China’s industrial output slowed in October to its lowest in seven years, adding to signs an economic downturn is worsening as Beijing rushes to launch a massive stimulus package.

Industrial output grew 8.2 percent in October from a year earlier, down from September’s 11.4 percent, the National Bureau of Statistics said Thursday. Citigroup said that was a bigger, sharper decline than during the Asian financial crisis a decade ago.

By JOE McDONALD, AP Business Writer

Adding to the gloom, Premier Wen Jiabao said the impact of the global financial crisis on China is “worse than expected,” the China Daily newspaper reported. It said he made the remark Tuesday as he met with the director of the statistics bureau.

China, the world’s fourth-largest economy, is trying to avert a too rapid slowdown in economic growth with a $586 billion stimulus package announced Sunday. President Hu Jintao is expected to come under pressure to contribute to a global bailout fund at a meeting of world leaders in Washington this weekend but Chinese officials say the most important thing Beijing can do is to keep its own economy sound.

A Chinese migrant worker walks on a street bridge crossing railways ...
A Chinese migrant worker walks on a street bridge crossing railways near Beijing South Railway Station in Beijing, China, Thursday, Nov. 13, 2008. Growth in China’s industrial output fell in October to its lowest level in seven years, the government said Thursday, adding to signs an economic slowdown is worsening as Beijing rushes to launch a massive stimulus package. (AP Photo/Alexander F. Yuan)

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http://news.yahoo.com/s/ap/20081113/ap_on
_bi_ge/as_china_economy_5

China: Protecting domestic economy is top priority

November 11, 2008

China’s government indicated Tuesday it would resist pressure to contribute to a global bailout fund, saying that ensuring the country’s economic stability is the most important step it can take to tackle the financial crisis.

President Hu Jintao is due to attend next weekend’s summit in Washington of leaders from 20 major economies to discuss a response to the crisis. British Prime Minister Gordon Brown has called on China, which has nearly $2 trillion in reserves, and oil-rich Middle Eastern nations to fund the bulk of an increase in an IMF bailout fund.

Associated Press

“We should put our own house in order and we should stabilize our own financial market and maintain market order,” said a foreign ministry spokesman, Qin Gang. “I believe this is the most effective contribution China can make to tackling this financial crisis. It will help to maintain the sound and steady development of the world economy.”

Graphic charting China's consumer price index, which hit ... 
Graphic charting China’s consumer price index, which hit a 17th-month low of 4.0 percent in October(AFP/null)

China, the world’s fourth-largest economy, unveiled a 4 trillion yuan ($586 billion) stimulus package Sunday, which Premier Wen Jiabao said was its “biggest contribution to the world.”

The plan calls for higher spending through 2010 on airports, highways and other infrastructure, more aid to the poor and farmers and tax cuts for exporters.

Economic growth slowed to 9 percent in the last quarter, down from last year’s stunning 11.9 percent rate and the slowest growth in five years. Export orders have fallen sharply as global demand weakens, leading to layoffs and factory closures.

China’s Hu Jintao Phones Barack Obama: “Two Nations Should Respect Each Other”

November 8, 2008

BEIJING (AFP) – China and the United States should “accommodate each other’s concerns,” Chinese President Hu Jintao told US president-elect Barack Obama Saturday in a telephone conversation, state media reported.

Hu and Obama spoke on a range of issues including the current global financial turmoil, Xinhua news agency reported early Sunday, in what is thought to be the first conversation between the pair since Obama’s election victory.

“Hu pointed out that since the establishment of diplomatic relations between the two countries 30 years ago, bilateral relations have generally kept developing despite setbacks,” the report said.

The report did not say how long they spoke for.

“China and the United States should respect each other and accommodate each other’s concerns, and appropriately settle sensitive issues between the two countries, particularly the Taiwan issue,” Xinhua quoted Hu as saying.

China's President Hu Jintao speaks at a celebration meeting ... 
China’s President Hu Jintao speaks at a celebration meeting at the Great Hall of the People in Beijing November 7, 2008. China held a meeting on Friday morning to award people who made outstanding contributions to the Shenzhou VII manned space flight, Xinhua reported.REUTERS/Jason Lee (CHINA)

China on Thursday urged Obama to oppose independence for Taiwan, saying that the proper handling of the issue was key to good relations between Beijing and Washington.

During Saturday’s phone conversation, Obama, who defeated his Republican rival John McCain in Tuesday’s election, said China was a “great” nation, the report quoted the Democrat as saying.

“In today’s international arena, US-China relations are relations of vital importance. The development of US-China relations is not only in the interest of both nations, but also benefits the world,” it quoted Obama as saying.

 

China’s economy may expand at the slowest pace in nearly two decades

November 8, 2008

When China’s President Hu Jintao made his first official visit to Washington in April of 2006, President Bush asked his counterpart which of the numerous challenges China faced was the most serious — which one kept Hu awake at night worrying. “Unemployment,” Hu reportedly answered without hesitating.
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China's President Hu Jintao speaks at a celebration meeting ... 
China’s President Hu Jintao speaks at a celebration meeting at the Great Hall of the People in Beijing November 7, 2008. China held a meeting on Friday morning to award people who made outstanding contributions to the Shenzhou VII manned space flight, Xinhua reported.REUTERS/Jason Lee (CHINA)
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By Paul Panckhurst and Li Yanping

Nov. 8 (Bloomberg) — China’s economy may expand at the slowest pace in nearly two decades next year as demand for exports slumps in the U.S. and Europe and government spending fails to bridge the gap.

Gross domestic product may advance 7.5 percent or less, the weakest since 1990, according to estimates by Credit Suisse AG, UBS AG and Deutsche Bank AG. Royal Bank of Scotland Plc predicts the economy will grow 8 percent next year, while 5 percent “can’t be ruled out.”

China hasn’t yet ramped up spending on railways, roads, and low-cost housing by enough to stop a slowing economy from cooling more, economists said. At stake is the contribution to global growth — 27 percent last year — that Premier Wen Jiabao says is the nation’s way of helping the world through the financial crisis.

China's Premier Wen Jiabao delivers a speech during the ...
China’s Premier Wen Jiabao delivers a speech during the opening ceremony of Beijing high-level conference on climate change at the Great Hall of the People in Beijing November 7, 2008.REUTERS/Jason Lee (CHINA)

“The government’s fiscal stimulus plan may not come in time to avert a deeper economic slowdown,” said Ha Jiming, chief economist at China International Capital Corp in Beijing. Growth may be 7.3 percent next year, he said.

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http://www.bloomberg.com/apps/news?pid=
20601087&sid=aUzk1Qc1r2aU

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China to Launch Stimulus Package?
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BEIJING (Reuters) – Evidence is mounting that China might launch a massive economic stimulus package in the near future as worries over a sharp slowdown in the world’s fourth-largest economy intensify, officials said on Friday.

From media reports to comments by government economists, speculation is swirling that Beijing would soon work out a comprehensive and aggressive plan soon to boost its sagging economic growth rate.

What lends more ammunition to the speculation is that China Finance Minister Xie Xuren earlier this week left the Asia-Pacific finance ministers’ conference in Peru suddenly before the gathering got underway.

He also canceled his attendance at the G20 meeting in Sao Paulo, Brazil, leaving his deputy, Li Yong, to represent the Chinese Finance Ministry.

Official sources said he was summoned back to Beijing by his bosses to discuss important and urgent policies.

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http://news.yahoo.com/s/nm/20081107/bs_nm/us_
financial_china_stimulus_1

China’s Worst Nightmare: Unemployment

October 31, 2008

The global economic meltdown has dealt and enexpected blow to China: high unemployment amidst this population of 1.3 billion people.

By Simon Elegant
Time Magazine

When China’s President Hu Jintao made his first official visit to Washington in April of 2006, he encountered a string of diplomatic snafus that culminated in enduring several minutes of screaming from a protester admitted into the media stand. Still, U.S. officials say he and President George W. Bush developed a genuine personal rapport. At one point, Bush asked his counterpart which of the numerous challenges China faced was the most serious — which one kept Hu awake at night worrying.
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“Unemployment,” Hu reportedly answered without hesitating.
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These days, Hu must be suffering from serious insomnia. When that meeting in Washington took place, China’s economy was still expanding at a double-digit rate, creating enough jobs every year that many of the 20 million new job seekers who entered the market found some sort of gainful employment. Now GDP growth has dipped to around 9% and is expected to decline further as the worldwide financial crisis transmogrifies into a global recession. Already, scores of Chinese factories producing consumer goods like toys and plastics goods have shuttered in the southern industrial powerhouse of Guangdong, and thousands of unemployed workers have made their displeasure known with rowdy demonstrations last month.

It’s a situation that is only going to get much worse in the next few months, as the number of unemployed balloons. According to estimates by the Dongguan City Association of Enterprises with Foreign Investment, 9,000 of the 45,000 factories in the cities of Guangzhou, Dongguan, and Shenzhen — the heart of China’s industrial south — are expected to close before the Chinese New Year in late January. That could mean up to 2.7 million workers facing unemployment, the association said. And they called that number “conservative.”

Finding jobs for millions of unemployed is “the biggest challenge [China’s] leadership faces” says David Dollar, head of the World Bank’s China office in Beijing. The current crisis has greatly accelerated a process that was already underway as China’s economy has been shedding low-level factory jobs to transition to manufacturing higher value-added products and jobs in the service industry. “In a way, the crisis could work out well for China. It has the potential to help in rebalancing the economy away from production” to the creation of more jobs in the service sector, says Dollar. If GDP growth slows further to 8%, the government still can hit its job creation targets, but the speed with which the adjustment happens will be critical, he says. “We’re going to learn just how well the capital and labor markets work in China. The concern is if the adjustment is very quick, it could be difficult.”

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http://www.time.com/time/world/article/
0,8599,1855400,00.html?xid=rss-world