China to help Russia hold 2018 FIFA World Cup - News

Xi Jinping,General Secretary of the Communist Party of China, said during a meeting with Russian President Vladimir Putin that China would help Russia hold the 2018 FIFA World Cup, RIA Novosti says, citing China’s president.

"It doesn't depend on whether China participates in the finals or not, we will help Russia hold the championships," Xi Jinping said. After the end of the 2014 FIFA World Cup in Brazil, Russia received the right to hold the next FIFA World Cup in 2018. A symbolic handover ceremony was attended by Brazilian President Dilma Rousseff, the Head of the International Federation of Football Associations (FIFA), Joseph Blatter and Russian President Vladimir Putin. The 2018 FIFA World Cup will be held from June 8 to July 8 in 11 of Russia's cities. Source: Article

Read More........ → July 28, 2014

Russia can switch to payments with India, China in national currencies crushing dollar amid sanctions - experts

Experts believe that the wish of the West to restrict Moscow’s cooperation with Brussels and Washington will play into the hands of the Russian economy. Wisdom and presence of mind are two components that will guarantee success for a new spiral of Russia’s cooperation with eastern countries. Also, this will allow us to counter-balance the risks that the European market is exposed to.

The European economy, experts point out, still remains in the grip of a crisis, while China, for example, is prosperous. The West, including the US, has begun to curtail the profitable relations with Russia on the background of Ukrainian problems, which has nothing to do with the East. And business always develops in the environment of stability and mutual interest. It is reasonable that at present the Russian economy – that is investments, exports, imports and technology – is speeding up its advance in the eastern direction, President of the Centre of Strategic Communications Dmitry Abzalov says. Instead of America and Europe, our target is South-East Asia now. Russia has decided to develop cooperation with Asian countries. India, for example is our partner in issues of the military-industrial complex, in the high-tech segment. Cooperation with China is based on the raw materials sector, engineering, military technology. Recall that the Russian president’s visit is due in May. Most likely, agreements on natural gas will be signed. Actually, bearing in mind that China will become the world’s largest economy in the near future, the development of the eastern vector will guarantee that a considerable part of extra profits and the growth of the home market will be generated in the South-East Asia. Analysts believe that western sanctions could provide stronger positions to the developing countries, one of which is Russia itself. This is especially true of the high-tech sector, both in the regional and global market. In particular, Russia is practicing phase-out of imports. The national industry is expected to develop faster due to external factors. Discussing the reasons for the imposed sanctions, experts say that at present the western elites are seizing the opportunity to dictate their terms to the Russian economy. Actually, this happened on the past as well but the situation became especially strained when Russia started talking about the Customs Union, head of the Centre of Economic Research at the Institute of Globalization and Social Movements Vasily Koltashov says. European elites are rather short-sighted and oriented at controlling the markets, including the Russian economy, especially the raw materials sector. They never lost interest in that sector. For this reason, they will always be in conflict with Russia, especially after Russia announced the establishment of the Customs Union. Still, it is wrong to say that Russia is in conflict with the EU. On the contrary, Russians are extremely tired of the permanent economic crisis in the EU, the aggravation of that crisis and the austerity policy. Speaking about the priorities of the eastern vector for Russia, experts point out that the establishment of new stock exchanges in South-East Asia is not far off and they can become serious competition for London or New York. And for Russia as a resource-dependent country this is one of the determining factors. The more so, because the Chinese economy grows fast, constantly increasing its consumption of oil and gas. Thus, in 1980 China consumed only 3% of the global oil production. Now it consumes 10%, leaving Japan behind. Only the US is still ahead. If this trend persists, China will inevitably start thinking about the establishment of an alternative oil and gas market. Also, chances are that Russia, as one of the largest suppliers of oil and gas, will soon switch to mutual payments with India and China in the national currencies – roubles, yuans and rupees. In this case the dollar and the euro will gradually retire into the background. Source: Voice Of Russia

Read More........ → May 22, 2014

China urges US to respect air zone

Photo: RIA Novosti

Chinese leaders urged the United States to respect the establishment of a new air defence identification zone (ADIZ) with an "objective and fair attitude," the Foreign Ministry said on Thursday. The call to respect the zone was made during talks with US Vice President Joe Biden, who met President Xi Jinping and Vice President Li Yuanchao on Wednesday, ministry spokesman Hong Lei said. Biden was scheduled to meet Premier Li Keqiang on Thursday after telling Xi that US leaders "don't recognize the zone, that we have deep concerns about it," a US official said. Biden "indicated to Xi that we are looking to China to take steps to lower tensions," including the opening of communication with Japan, the official said. Declared on November 23, the zone covers the Japanese-controlled Senkaku islands, which lie near oil and gas reserves and are claimed by China as the Diaoyu and Taiwan as the Tiaoyutai. Biden held talks in Tokyo on Tuesday with Japanese Prime Minister Shinzo Abe. He is scheduled to travel to Seoul later Thursday to meet South Korean leaders, who have also expressed concern about China's move. Voice of Russia, dpa, Source: Article

Read More........ → December 30, 2013

Lonely hearts get lessons in love

Lonely hearts get lessons in love.[File photo]

Ruan Qi, 43, is a professional dating consultant who makes a living teaching men how to woo women. "That pair of pants is much better. Remember, never show up with shorts if it's your first date," says the life coach to his 20-something student Zhang Weidong. Zhang paid 4,980 yuan ($811) for Ruan's three-day course including theory and practical classes to learn how to pick up, and chat up, girls. Zhang, a factory worker from Hangzhou, Zhejiang province, came to Shanghai on the weekend especially for the costly training. "The tuition is as much as one month's salary," says Zhang. "It was painful to spend so much money on this but I think it's worth the money as I'm learning lifelong skills." With only a primary school education, Zhang refers to himself as "diaosi" which refers to a specific group of young men from humble backgrounds who do not have well-paid jobs or good looks. Zhang says he's not good at "dealing with girls". "I'm too shy to talk to any of them and the tricks I learned from the Internet aren't working in reality, things such as telling the girl I can read palms to tell her fortune in order to hold her hands," he says. Ruan says Zhang is typical of his students. "They call themselves ‘diaosi' in a self-deprecating manner to distinguish themselves from young men who are born into decent families — the ‘tall, rich, handsome' wouldn't come to me for help in the first place," says Ruan, a Beijing native who graduated with a degree in psychology from China's top college, Peking University. Ruan says about 95 percent of his students are male and the majority of them are "otaku" (indoors men) with jobs in the IT industry and an average age of 27. Zhang Sanqiang, 27, falls into this category. He was Ruan's student three months ago. Even though Zhang is currently single, he says he got a girlfriend immediately after taking the "pick up girls" class. "There's no course called ‘how to communicate with girls' at school and for those of us whose working environment is packed with men we have no chances to get to know women. Ruan's class is extremely practical. He helped me avoid some silly mistakes like, never buddy up with the girl you like too much and don't invade her private space," says Zhang Sanqiang, who works at an information technology company in Shanghai. Spending his weekdays teaching classes via Internet and weekends traveling between China's biggest cities including Shanghai and Guangzhou, for private classes, Ruan's business is booming. He started teaching his pick-up techniques in Beijing in 2008, after his post on "how to pick up girls" received thousands of replies online. "Guys that couldn't find a girlfriend think what I said works. They tried to approach me via the Internet and they tried to call me — it was only natural to start the private consulting business," says Ruan, adding he works on his own, and has no desire to grow the business. His class has been divided into two parts — theoretical and practical. "I'd bring students to places such as a popular shopping mall or university campus to practice ‘gut'," he says. The idea of "gut practicing" is simple — to get as many numbers as possible from women in the mall or campus. But before that, get some basic knowledge of a woman's way of thinking. Advice from a personal stylist is also necessary. A retired male model from South Korea is working with Ruan as the image consultant in Beijing to help his students. For an extra 1,000 yuan, he can design your hairstyle and take you shopping for two sets of clothes including shoes. Of course, the client has to pay the bill for the clothes. Source: China.org.cn

Read More........ → December 28, 2013

'Reforms in China will happen' - expert

China’s leadership is promising wide-range reforms in the country that will give markets a “decisive” economic role. A communiqué issued by China’s ruling elite at the end of a four-day meeting reinforced the reformist rhetoric of President Xi Jinping signaling an eventual end to state-mandated prices in the world’s second-largest economy. The Voice of Russia talked to Mr Francesco Sisci from “il Sole 24 ore”, an Italian national daily business newspaper.

A four-day session of top Communist officials in China had been touted for months as a make-or-break moment for reform, expected to produce a plan for how to revamp the Chinese economy so it depends more on domestic demand and less on exports abroad and heavy government spending back home. The communiqué called for fewer investment restrictions, greater rights for farmers and a more transparent system for local and national government taxing and spending—all areas where economists say China badly needs reform. But instead of specific plans the communiqué ambiguously emphasized the need to "encourage, support and guide" the private sector, while at the same time reaffirming "the leading role of the state-owned economy." China is under pressure to replace a growth model heavy reliant on investment and exports, since, after three decades of exponential growth, the country's economy is now slowing down. The first policy blueprint from President Xi Jinping a year into his reign said : ’Market forces would play a major role in the economy’. But also said: ‘The Communist Party’s hands need to stay strong’. These contradictions hint on a difficult role to head for economic reforms in China. Let’s try and get more insight on this as we are joined live on the phone from Beijing by Mr Francesco Sisci,who is a commentator for “il Sole 24 ore”, an Italian national daily business newspaper. First of all, let me ask you this: the communiqué is rather ambiguous in its statements, so do you think we should really expect major changes in the functioning of the Chinese economy in the near future? I think, yes. I think the communiqué is actually very carefully crafted not to oppose all the vested interests which are still very strong in the country but if you go into the language actually, you’ll see indications pointing at the need to reform state owned enterprises while the private sector has to be supported, sustained. So these are to me close indication that reforms will happen. If the changes do take place, do you think will we see an increase in the growth rate of the Chinese economy? Well, I don’t think so. I mean, the growth rate is still quite high. I mean, this year we expect 7,5%. In a way because of the size of Chinese economy overall I don’t think there is a time when we have to expect 10 %-12% growth rate per year as a decade ago or some years ago. But 7,5%, 7%, 8% is still a very sizable growth rate. The one-child policy in China has been contributing to the shrinkage of the country's workforce. Do you think the government might adopt changes to the policy in order to boost economic growth? There has been adaptation to the policy, I mean the past few years. And what we have seen is losing up of general policy. First of all first child now can have two children and restrictions in the countryside are much looser. And we are expecting in the next few years maybe not an overall abolition of the one-child policy, but certainly less restrictions. What do you think will happen to state-owned enterprises in China if they will be privatized? I don’t think that state-owned enterprises will be privatized or will be totally privatized. But I think the State may retain a golden share so to speak in some of those companies but their control will be diluted, private money will be welcomed into state-owned companies. And this also will help private companies. And especially what will be important is that state-owned enterprises will somehow lose their preferential policies with the state. Source: Article

Read More........ → November 16, 2013

BRICS summit delivers tangible results, Singh meets Putin & Invites the Chinese Premiere

Chinese President Xi Jinping (2nd L) poses for a group photo with Indian Prime Minister Manmohan Singh (1st L), South African President Jacob Zuma (C), Brazilian President Dilma Rousseff (2nd R) and Russian President Vladimir Putin (1st R) during the 5th BRICS Summit in Durban, South Africa, March 27, 2013. [Photo: Xinhua]

The leaders of five major emerging economies on Wednesday wrapped up their latest round of summit in the South African city of Durban to promote their partnership for development, integration and industrialization. It is the first time for the BRICS nations, namely Brazil, Russia, India, China and South Africa, to hold their leaders' meeting on the continent of Africa. China Pledges to Enhance BRICS Cooperation While addressing the summit in his keynote speech, Chinese President Xi Jinping called on all BRICS members to work hand in hand for common development. He pledged that China would strengthen cooperation with other members to make economic growth of BRICS countries more robust and their cooperation better-structured and more productive. BRICS cooperation not only brings benefits to the peoples of the five countries, but also contributes to promoting democracy in international relations, Xi said. He said all members should manage their own affairs well by growing the economy and improving people's lives, strengthen coordination of macroeconomic policies, reform the international monetary and financial systems, and promote trade and investment liberalization and facilitation. They should jointly participate in the setting of international development agenda and make global development more balanced, he said. BRICS countries should work hard to boost cooperation in economy and trade, finance, infrastructure, movement of people and other fields, Xi said. He also called for improving global economic governance and increasing the say and representation of BRICS countries, and urged the BRICS nations to move toward the goal of integrated market, multi-tiered financial network, connectivity by land, air and sea, and greater cultural exchanges. Tangible Results: At the summit, the five BRICS members have achieved a number of tangible results, and agreed to expand their future cooperation to more sectors, according to a statement issued after the meeting. The most tangible outcomes, among others, is that the leaders have agreed to establish a development bank for mobilizing resources for infrastructure and sustainable development projects in the BRICS, as well as other emerging and the developing nations. The BRICS leaders believed that the bank serves as a supplement to the existing efforts of multilateral and regional financial institutions for global growth and development, adding that the initial contribution to the bank should be sustainable and sufficient. Meanwhile, the members also agreed to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA). The leaders said the idea would help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability.  In the statement, the countries also expressed their common aspiration to
improve global economic governing make them more representative and to reflect the "growing weight" of the BRICS and other developing nations, adding that the leadership selection of international financial institutions should be open, transparent and merit-based. Additionally, the BRICS nations would explore the possibility of strengthening their cooperation between their state-owned firms, and promote the dialogues among the small and medium-sized companies. They would also consider to expand their cooperation to more sectors including public diplomacy, anti-corruption, drug control, youth exchanges, tourism, energy and sports. Also in the statement, the leaders of the BRICS countries voiced their opinions on a series of international hotspots including peace in the Middle East, Iranian nuclear issue, and the situation in Syria, Mali, Central African Republic, the Democratic Republic of Congo and Afghanistan. Cooperative Partnership between BRICS & Africa: Also on Wednesday, the leaders of the BRICS members and some African countries, after the summit, discussed their cooperation at the first BRICS Leaders-Africa Dialogue Forum, which is under the theme "Unlocking Africa's potential: BRICS and Africa cooperation on infrastructure." While addressing the forum, Chinese President Xi Jinping said the dialogue between leaders of BRICS and African countries reflected the political will of both sides to realize equality and inclusiveness and seek common development. Xi said the Chinese government is willing to form a cooperative partnership for transnational and trans-regional infrastructure, and help the African nations with the consultation, planning, feasibility research and project design of promoting interconnections and resource censor. He also promised to help Africa to train 300 managing and technical personnel specialized in the field of infrastructure, and encourage Chinese enterprises and financial institutions to participate in the building and operating the infrastructure. The Chinese leader also reaffirmed China's promise to give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed nations having diplomatic ties with China. Other leaders of the BRICS nations said the BRICS countries would like to forge a cooperative partnership with Africa, and help Africa in constructing its infrastructure. The African leaders said Africa needs to strengthen its infrastructure, promote integration and industrialization, and lift over-all competitiveness and the capacity for sustainable development. The African nations are willing to set up with the BRICS members a cooperative partnership that highlights mutual support, mutual benefit and win-win results, said the leaders. Source: China.org.cn, Putin meets with Indian Prime Minister Singh "on the

On Tuesday, Russia’s President Vladimir Putin met with India’s Prime Minister Manmohan Singh "on the sidelines" of a summit of BRICS countries, the Voice of Russia correspondent Polina Chernitsa repots.

sidelines" of BRICS summit: BRICS is an alliance for economic cooperation between Brazil, Russia, India, China and South Africa – hence the abbreviation. At the meeting, Mr. Putin suggested to Mr. Singh to exchange opinions on acute issues of relations between the two counties and of the world’s political life. “High-ranking Russian and Indian officials meet very often,” Mr. Putin said. “This gives us an opportunity to maintain friendly relations and to control the situation in every sphere of these relations.” The Indian Prime Minister thanked the Russian President for his personal contribution in partnership between the two countries. “When you came to India in December,” Mr. Singh said, “we had a good opportunity to discuss many aspects of relations between our two countries. I am very satisfied with the results of those talks.” “At present, India and Russia are actively cooperating in the sphere of security, in atomic energy and in many other spheres,” Manmohan Singh continued. “The mechanism of annual summits allows to have very detail discussions of all aspects of cooperation between our two countries and global political problems.” Finance ministers of the BRICS countries unable to reach agreement on development bank - Russia’s Finance Ministry Head: Finance  ministers of the BRICS countries  yet unable to reach agreement on key

Anton Siluanov, Photo: RIA Novosti

questions concerning creation of the BRICS development bank – Head of Russia’s Finance Ministry Anton Siluanov said at a press conference in South African Durban. The parties also failed to reach an agreement on whether the BRICS members' involvement in the bank's management will be proportionate to the size of their contributions or whether they will manage it on a parity basis regardless of their contributions, he said. "We considered this issue today. A list of questions has been compiled to be answered, that is, the capital and the management mechanism, and also whether those who contribute more will have preferences or whether decisions will be made through a consensus. We agreed on the whole that we will continue working on establishing a BRICS bank after the unsettled issues are answered," Siluanov told journalists on the sidelines of a BRICS summit on Tuesday. The parties agreed to continue addressing these issues at the next meetings of the BRICS finance ministers, Siluanov said. It was agreed preliminarily that the establishment of a new bank would require each country's contribution of $2 billion, he said. "This is not a small amount of money. It will be not easy for us to discuss this at the parliament, and not only for us but also for the other countries. Therefore, this was discussed as an idea, and there are positive reviews on it, and we will continue working on a mechanism of its implementation," he said. BRICS agree on establishing

BRICS countries have agreed on establishing their Bank of Development (single financial institution for Brazil, Russia, India, China and South Africa), South Africa’s Finance Minister Pravin Gordhan said in Durban Tuesday.

Bank of Development: The initial capital of the BRICS bank of development is expected to amount not less than $50 billion. It is not clear how the stakes will be distributed between the states. Durban is to host the BRICS summit on Wednesday. Besides the economic issues the leaders of BRICS are to discuss urgent international issues such as the Syrian crisis. Russia’s President Vladimir Putin has already arrived to Durban for talks. BRICS countries have agreed on establishing their Bank of Development (single financial institution for Brazil, Russia, India, China and South Africa), South Africa’s Finance Minister Pravin Gordhan said in Durban Tuesday. The initial capital of the BRICS bank of development is expected to amount not less than $50 billion. It is not clear how the stakes will be distributed between the states. Durban is to host the BRICS summit on Wednesday. Besides the economic issues the leaders of BRICS are to discuss urgent international issues such as the Syrian crisis. Russia’s President Vladimir Putin has already arrived to Durban for talks. Source: Voice of Russia, Singh meets Chinese President Xi Jinping :Durban: Prime Minister Manmohan Singh on Wednesday met Chinese President Xi Jinping during the summit of the BRICS nations - Brazil, Russia, India, China and South Africa - in Durban, South Africa. This was the first structured high-level contact between the two countries since the change of leadership in China. The meeting lasted for 45 minutes. Speaking to reporters after the meeting, Dr Singh said India values its ties with China. "The bilateral relationship with China is of great importance. As Prime Minister of India, it has been my great privilege to interact regularly with the Chinese relationship over the last decade. I hope to intensify such dialogue and communications with you and the new leadership of China to put our relations on an even higher growth trajectory," Dr Singh said. The two leaders discussed all contentious issues, including the boundary and Chinese dams along the Brahmaputra River. Chinese President was all praise

for Dr Singh for his statesmanship and was hopeful that he would continue to improve ties between both the countries. Mr Jinping said relationship with India is important to China. "The Chinese President, in fact, himself told Dr Singh that he knew about the good bonding our prime minister shared with his predecessors," an Indian official said. Mr Jinping invited Dr Singh to China and the Prime Minister too invited the Chinese Premiere to New Delhi. Both the leaders have accepted each other's invitations; the dates are yet to be worked out. Mr Jinping had last week propounded five proposals for improving bilateral ties with India. These included keeping aside differences on various issues while improving mutual ties and accommodation of each other's concerns while dealing with "core interests". He had also suggested that peace and tranquility should be maintained on the boundary pending settlement of the issue. Fifth BRICS

BRICS is an international political organisation of leading emerging economies, arising out of the inclusion of South Africa into the BRIC: Image Link Wikimedia

Summit Declaration and action plan: Leaders of the BRICS nations, namely Brazil, Russia, India, China and South Africa wrapped up their latest round of summit Wednesday in South African city of Durban. The following is the full text of the declaration and action plan of the summit: Fifth BRICS Summit, Durban: 27 March 2013: BRICS and Africa: Partnership for Development, Integration and Industrialisation: eThekwini Declaration: 1. We, the leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa, met in Durban, South Africa, on 27 March 2013 at the Fifth BRICS Summit. Our discussions took place under the overarching theme, "BRICS and Africa: Partnership for Development, Integration and Industrialization." The Fifth BRICS Summit concluded the first cycle of BRICS Summits and we reaffirmed our commitment to the promotion of international law, multilateralism and the central role of the United Nations (UN). Our discussions reflected our growing intra-BRICS solidarity as well as our shared goal to contribute positively to global peace, stability, development and cooperation. We also considered our role in the international system as based on an inclusive approach of shared solidarity and cooperation towards all nations and peoples. 2. We met at a time which requires that we consider issues of mutual interest and systemic importance in order to share concerns and to develop lasting solutions. We aim at progressively developing BRICS into a full-fledged mechanism of current and long-term coordination on a wide range of key issues of the world economy and politics. The prevailing global governance architecture is regulated by institutions which were conceived in circumstances when the international landscape in all its aspects was characterized by very different challenges and opportunities. As the global economy is being reshaped, we are committed to exploring new models and approaches towards more equitable development and inclusive global growth by emphasizing complementarities and building on our respective economic strengths. 3. We are open to increasing our engagement and cooperation with non-BRICS countries, in particular Emerging Market and Developing Countries (EMDCs), and relevant international and regional organizations, as envisioned in the Sanya Declaration. We will hold a Retreat together with African leaders after this Summit, under the theme, "Unlocking Africa's potential: BRICS and Africa Cooperation on Infrastructure." The Retreat is an opportunity for BRICS and African leaders to discuss how to strengthen cooperation between the BRICS countries and the African Continent. 4. Recognizing the importance of regional integration for Africa's sustainable growth, development and poverty eradication, we reaffirm our support for the Continent' s integration processes. 5. Within the framework of the New Partnership for Africa's Development (NEPAD), we support African countries in their industrialization process through stimulating foreign direct investment, knowledge exchange, capacity-building and diversification of imports from Africa. We acknowledge that infrastructure development in Africa is important and recognize the strides made by the African Union to identify and address the continent's infrastructure challenges through the development of the Program for Infrastructure Development in Africa (PIDA), the AU NEPAD Africa Action Plan (2010-2015), the NEPAD Presidential Infrastructure Championing Initiative (PICI), as well as the Regional Infrastructure Development Master Plans that have identified priority infrastructure development projects that are critical to promoting regional integration and industrialization. We will seek to stimulate infrastructure investment on the basis of mutual benefit to support industrial development, job-creation, skills development, food and nutrition security and poverty eradication and sustainable development in Africa. We therefore, reaffirm our support for sustainable infrastructure development in Africa. 6. We note policy actions in Europe, the United States and Japan aimed at reducing tail-risks in the world economy. Some of these actions produce negative spillover effects on other economies of the world. Significant risks remain and the performance of the global economy still falls behind our expectations. As a result, uncertainty about strength and durability of the recovery and the direction of policy in some major economies remains high. In some key countries unemployment stays unusually elevated, while high levels of private and public indebtedness inhibit growth. In such circumstances, we reaffirm our strong commitment to support growth and foster financial stability. We also underscore the need for appropriate action to be taken by advanced economies in order to rebuild confidence, foster growth and secure a strong recovery. 7. Central Banks in advanced economies have responded with unconventional monetary policy actions which have increased global liquidity. While this may be consistent with domestic monetary policy mandates, major Central Banks should avoid the unintended consequences of these actions in the form of increased volatility of capital flows, currencies and commodity prices, which may have negative growth effects on other economies, in particular developing countries. 8. We welcome the core objectives of the Russian Presidency in the G20 in 2013, in particular the efforts to increased financing for investment and ensure public debt sustainability aimed at ensuring strong, sustainable, inclusive and balanced growth and job creation around the world. We will also continue to prioritize the G20 development agenda as a vital element of global economic stability and long-term sustainable growth and job creation. 9. Developing countries face challenges of infrastructure development due to insufficient long-term financing and foreign direct investment, especially investment in capital stock. This constrains global aggregate demand. BRICS cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem. In March 2012 we directed our Finance Ministers to examine the feasibility and viability of setting up a New Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development. Following the report from our Finance Ministers, we are satisfied that the establishment of a New Development Bank is feasible and viable. We have agreed to establish the New Development Bank. The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure. 10. In June 2012, in our meeting in Los Cabos, we tasked our Finance Ministers and Central Bank Governors to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA) amongst BRICS countries. They have concluded that the establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect, help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability. It would also contribute to strengthening the global financial safety net and complement existing international arrangements as an additional line of defence. We are of the view that the establishment of the CRA with an initial size of 100 billion U.S. dollars is feasible and desirable subject to internal legal frameworks and appropriate safeguards. We direct our Finance Ministers and Central Bank Governors to continue working towards its establishment. 11. We are grateful to our Finance Ministers and Central Bank Governors for the work undertaken on the New Development Bank and the Contingent Reserve Arrangement and direct them to negotiate and conclude the agreements which will establish them. We will review progress made in these two initiatives at our next meeting in September 2013. 12. We welcome the conclusion between our Export-Import Banks (EXIM) and Development Banks, of both the "Multilateral Agreement on Cooperation and Co-financing for Sustainable Development" and, given the steep growth trajectory of the African continent and the significant infrastructure funding requirements directly emanating from this growth path, the "Multilateral Agreement on Infrastructure Co-Financing for Africa." 13. We call for the reform of International Financial Institutions to make them more representative and to reflect the growing weight of BRICS and other developing countries. We remain concerned with the slow pace of the reform of the IMF. We see an urgent need to implement, as agreed, the 2010 International Monetary Fund (IMF) Governance and Quota Reform. We urge all members to take all necessary steps to achieve an agreement on the quota formula and complete the next general quota review by January 2014. The reform of the IMF should strengthen the voice and representation of the poorest members of the IMF, including Sub-Saharan Africa. All options should be explored, with an open mind, to achieve this. We support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty. We welcome the discussion about the role of the SDR in the existing international monetary system including the composition of SDR's basket of currencies. We support the IMF to make its surveillance framework more integrated and even-handed. The leadership selection of IFIs should be through an open, transparent and merit-based process and truly open to candidates from the emerging market economies and developing countries. 14. We emphasize the importance of ensuring steady, adequate and predictable access to long term finance for developing countries from a variety of sources. We would like to see concerted global effort towards infrastructure financing and investment through the instrumentality of adequately resourced Multilateral Development Banks (MDBs) and Regional Development Banks (RDBs). We urge all parties to work towards an ambitious International Development Association(IDA)17 replenishment. 15. We reaffirm our support for an open, transparent and rules-based multilateral trading system. We will continue in our efforts for the successful conclusion of the Doha Round, based on the progress made and in keeping with its mandate, while upholding the principles of transparency, inclusiveness and multilateralism. We are committed to ensure that new proposals and approaches to the Doha Round negotiations will reinforce the core principles and the developmental mandate of the Doha Round. We look forward to significant and meaningful deliverables that are balanced and address key development concerns of the poorest and most vulnerable WTO members, at the ninth Ministerial Conference of the WTO in Bali. 16. We note that the process is underway for the selection of a new WTO Director-General in 2013. We concur that the WTO requires a new leader who demonstrates a commitment to multilateralism and to enhancing the effectiveness of the WTO including through a commitment to support efforts that will lead to an expeditious conclusion of the DDA. We consider that the next Director-General of the WTO should be a representative of a developing country. 17. We reaffirm the United Nations Conference on Trade and Development' s (UNCTAD) mandate as the focal point in the UN system dedicated to consider the interrelated issues of trade, investment, finance and technology from a development perspective. UNCTAD's mandate and work are unique and necessary to deal with the challenges of development and growth in the increasingly interdependent global economy. We also reaffirm the importance of strengthening UNCTAD's capacity to deliver on its programs of consensus building, policy dialogue, research, technical cooperation and capacity building, so that it is better equipped to deliver on its development mandate. 18. We acknowledge the important role that State Owned Companies (SOCs) play in the economy and encourage our SOCs to explore ways of cooperation, exchange of information and best practices. 19. We recognize the fundamental role played by Small and Medium-Sized Enterprises (SMEs) in the economies of our countries. SMEs are major creators of jobs and wealth. In this regard, we will explore opportunities for cooperating in the field of SMEs and recognize the need for promoting dialogue among the respective Ministries and Agencies in charge of the theme, particularly with a view to promoting their international exchange and cooperation and fostering innovation, research and development. 20. We reiterate our strong commitment to the United Nations (UN) as the foremost multilateral forum entrusted with bringing about hope, peace, order and sustainable development to the world. The UN enjoys universal membership and is at the center of global governance and multilateralism. In this regard, we reaffirm the need for a comprehensive reform of the UN, including its Security Council, with a view to making it more representative, effective and efficient, so that it can be more responsive to global challenges. In this regard, China and Russia reiterate the importance they attach to the status of Brazil, India and South Africa in international affairs and support their aspiration to play a greater role in the UN. 21. We underscore our commitment to work together in the UN to continue our cooperation and strengthen multilateral approaches in international relations based on the rule of law and anchored in the Charter of the United Nations. 22. We are committed to building a harmonious world of lasting peace and common prosperity and reaffirm that the 21st century should be marked by peace, security, development, and cooperation. It is the overarching objective and strong shared desire for peace, security, development and cooperation that brought together BRICS countries. 23. We welcome the twentieth Anniversary of the World Conference on Human Rights and of the Vienna Declaration and Program of Action and agree to explore cooperation in the field of human rights. 24. We commend the efforts of the international community and acknowledge the central role of the African Union (AU) and its Peace and Security Council in conflict resolution in Africa. We call upon the UNSC to enhance cooperation with the African Union, and its Peace and Security Council, pursuant to UNSC resolutions in this regard. We express our deep concern with instability stretching from North Africa, in particular the Sahel, and the Gulf of Guinea. We also remain concerned about reports of deterioration in humanitarian conditions in some countries. 25. We welcome the appointment of the new Chairperson of the AU Commission as an affirmation of the leadership of women. (more) 26. We express our deep concern with the deterioration of the security and humanitarian situation in Syria and condemn the increasing violations of human rights and of international humanitarian law as a result of continued violence. We believe that the Joint Communique of the Geneva Action Group provides a basis for resolution of the Syrian crisis and reaffirm our opposition to any further militarization of the conflict. A Syrian-led political process leading to a transition can be achieved only through broad national dialogue that meets the legitimate aspirations of all sections of Syrian society and respect for Syrian independence, territorial integrity and sovereignty as expressed by the Geneva Joint Communique and appropriate UNSC resolutions. We support the efforts of the UN-League of Arab States Joint Special Representative. In view of the deterioration of the humanitarian situation in Syria, we call upon all parties to allow and facilitate immediate, safe, full and unimpeded access to humanitarian organizations to all in need of assistance. We urge all parties to ensure the safety of humanitarian workers. 27. We welcome the admission of Palestine as an Observer State to the United Nations. We are concerned at the lack of progress in the Middle East Peace Process and call on the international community to assist both Israel and Palestine to work towards a two-state solution with a contiguous and economically viable Palestinian state, existing side by side in peace with Israel, within internationally recognized borders, based on those existing on 4 June 1967, with East Jerusalem as its capital. We are deeply concerned about the construction of Israeli settlements in the Occupied Palestinian Territories, which is a violation of international law and harmful to the peace process. In recalling the primary responsibility of the UNSC in maintaining international peace and security, we note the importance that the Quartet reports regularly to the Council about its efforts, which should contribute to concrete progress. 28. We believe there is no alternative to a negotiated solution to the Iranian nuclear issue. We recognize Iran's right to peaceful uses of nuclear energy consistent with its international obligations, and support resolution of the issues involved through political and diplomatic means and dialogue, including between the International Atomic Energy Agency (IAEA) and Iran and in accordance with the provisions of the relevant UN Security Council Resolutions and consistent with Iran's obligations under the Treaty on the Non-Proliferation of Nuclear Weapons(NPT). We are concerned about threats of military action as well as unilateral sanctions. We note the recent talks held in Almaty and hope that all outstanding issues relating to Iran' s nuclear program will be resolved through discussions and diplomatic means. 29. Afghanistan needs time, development assistance and cooperation, preferential access to world markets, foreign investment and a clear end-state strategy to attain lasting peace and stability. We support the global community's commitment to Afghanistan, enunciated at the Bonn International Conference in December 2011, to remain engaged over the transformation decade from 2015-2024. We affirm our commitment to support Afghanistan' s emergence as a peaceful, stable and democratic state, free of terrorism and extremism, and underscore the need for more effective regional and international cooperation for the stabilization of Afghanistan, including by combating terrorism. We extend support to the efforts aimed at combating illicit traffic in opiates originating in Afghanistan within the framework of the Paris Pact. 30. We commend the efforts of the AU, the Economic Community of West African States (ECOWAS) and Mali aimed at restoring sovereignty and territorial integrity of Mali. We support the civilian efforts of the Malian Government and its international community partners in realizing the transitional program leading up to the presidential and legislative elections. We emphasize the importance of political inclusiveness and economic and social development in order for Mali to achieve sustainable peace and stability. We express concern about the reports of the deterioration in humanitarian conditions in Mali and call upon the international community to continue to cooperate with Mali and its neighboring countries in order to ensure humanitarian assistance to civilian population affected by the armed conflict. 31. We are gravely concerned with the deterioration in the current situation in the Central African Republic (CAR) and deplore the loss of life. We strongly condemn the abuses and acts of violence against the civilian population and urge all parties to the conflict to immediately cease hostilities and return to negotiations. We call upon all parties to allow safe and unhindered humanitarian access. We are ready to work with the international community to assist in this endeavor and facilitate progress to a peaceful resolution of the conflict. Brazil, Russia and China express their sympathy to the South African and Indian governments for the casualties that their citizens suffered in the CAR. 32. We are gravely concerned by the ongoing instability in the Democratic Republic of the Congo (DRC). We welcome the signing in Addis Ababa on 24 February 2013 of the Peace, Security and Cooperation Framework for the Democratic Republic of the Congo and the Region. We support its independence, territorial integrity and sovereignty. We support the efforts of the UN, AU and sub-regional organizations to bring about peace, security and stability in the country. 33. We reiterate our strong condemnation of terrorism in all its forms and manifestations and stress that there can be no justification, whatsoever, for any acts of terrorism. We believe that the UN has a central role in coordinating international action against terrorism within the framework of the UN Charter and in accordance with principles and norms of international law. In this context, we support the implementation of the UN General Assembly Global Counter-Terrorism Strategy and are determined to strengthen cooperation in countering this global threat. We also reiterate our call for concluding negotiations as soon as possible in the UN General Assembly on the Comprehensive Convention on International Terrorism and its adoption by all Member States and agreed to work together towards this objective. 34. We recognize the critical positive role the Internet plays globally in promoting economic, social and cultural development. We believe it's important to contribute to and participate in a peaceful, secure, and open cyberspace and we emphasize that security in the use of Information and Communication Technologies (ICTs) through universally accepted norms, standards and practices is of paramount importance. 35. We congratulate Brazil on hosting the UN Conference on Sustainable Development (Rio+20) in June 2012 and welcome the outcome as reflected in "The Future we Want," in particular, the reaffirmation of the Rio Principles and political commitment made towards sustainable development and poverty eradication while creating opportunities for BRICS partners to engage and cooperate in the development of the future Sustainable Development Goals. 36. We congratulate India on the outcome of the 11th Conference of the Parties to the United Nations Conference on Biological Diversity (CBD COP11) and the sixth meeting of the Conference of the Parties serving as the Meeting of the Parties to the Cartagena Protocol on Biosafety. 37. While acknowledging that climate change is one of the greatest challenges and threats towards achieving sustainable development, we call on all parties to build on the decisions adopted in COP18/CMP8 in Doha, with a view to reaching a successful conclusion by 2015, of negotiations on the development of a protocol, another legal instrument or an agreed outcome with legal force under the Convention applicable to all Parties, guided by its principles and provisions. 38. We believe that the internationally agreed development goals including the Millennium Development Goals (MDGs) address the needs of developing countries, many of which continue to face developmental challenges, including widespread poverty and inequality. Low Income Countries (LICs) continue to face challenges that threaten the impressive growth performance of recent years. Volatility in food and other commodity prices have made food security an issue as well as constraining their sources of revenue. Progress in rebuilding macro-economic buffers has been relatively slow, partly due to measures adopted to mitigate the social impact of exogenous shocks. Many LICs are currently in a weaker position to deal with exogenous shocks given the more limited fiscal buffers and the constrained aid envelopes, which will affect their ability to sustain progress towards achieving the MDGs. We reiterate that individual countries, especially in Africa and other developing countries of the South, cannot achieve the MDGs on their own and therefore the centrality of Goal 8 on Global Partnerships for Development to achieve the MDGs should remain at the core of the global development discourse for the UN System. Furthermore, this requires the honoring of all commitments made in the outcome documents of previous major international conferences. 39. We reiterate our commitment to work together for accelerated progress in attaining the Millennium Development Goals (MDGs) by the target date of 2015, and we call upon other members of the international community to work towards the same objective. In this regard, we stress that the development agenda beyond 2015 should build on the MDG framework, keeping the focus on poverty eradication and human development, while addressing emerging challenges of development taking into consideration individual national circumstances of developing countries. In this regard the critical issue of the mobilization of means of implementation in assisting developing countries needs to be an overarching goal. It is important to ensure that any discussion on the UN development agenda, including the "Post 2015 Development Agenda" is an inclusive and transparent inter-Governmental process under a UN-wide process which is universal and broad based. 40. We welcome the establishment of the Open Working Group on the Sustainable Development Goals (SDGs), in line with the Rio+20 Outcome Document which reaffirmed the Rio Principles of Sustainable Development as the basis for addressing new and emerging challenges. We are fully committed to a coordinated inter-governmental process for the elaboration of the UN development agenda. 41. We note the following meetings held in the implementation of the Delhi Action Plan: . Meeting of Ministers of Foreign Affairs on the margins of UNGA. . Meeting of National Security Advisors in New Delhi. . Meetings of Finance Ministers, and Central Bank Governors in Washington DC and Tokyo.. Meeting of Trade Ministers in Puerto Vallarta. . Meetings of Health Ministers in New Delhi and Geneva. 42. We welcome the establishment of the BRICS Think Tanks Council and the BRICS Business Council and take note of the following meetings which were held in preparation for this Summit: . Fifth Academic Forum . Fourth Business Forumx. Third Financial Forum 43. We welcome the outcomes of the meeting of the BRICS Finance Ministers and Central Bank Governors and endorse the Joint Communique of the Third Meeting of the BRICS Trade Ministers held in preparation for the Summit. 44. We are committed to forging a stronger partnership for common development. To this end, we adopt the eThekwini Action Plan. 45. We agree that the next summit cycles will, in principle, follow the sequence of Brazil, Russia, India, China and South Africa. 46. Brazil, Russia, India and China extend their warm appreciation to the Government and people of South Africa for hosting the Fifth BRICS Summit in Durban. 47. Russia, India, China and South Africa convey their appreciation to Brazil for its offer to host the first Summit of the second cycle of BRICS Summits, i.e. the Sixth BRICS Summit in 2014 and convey their full support thereto. eThekwini Action Plan: 1. Meeting of BRICS Ministers of Foreign Affairs on the margins of UNGA. 2. Meeting of BRICS National Security Advisors. 3. Mid-term meeting of Sherpas and Sous-Sherpas. 4. Meetings of Finance Ministers and Central Bank Governors in the margins of G20 meetings, WB/IMF meetings, as well as stand-alone meetings, as required. 5. Meetings of BRICS Trade Ministers on the margins of multilateral events, or stand-alone meetings, as required. 6. Meeting of BRICS Ministers of Agriculture and Agrarian Development, preceded by a preparatory meeting of experts on agro-products and food security issues and the Meeting of Agriculture Expert Working Group. 7. Meeting of BRICS Health Ministers and preparatory meetings. 8. Meeting of BRICS Officials responsible for population on the margins of relevant multilateral events. 9. Meeting of BRICS Ministers of Science and Technology and meeting of BRICS Senior Officials on Science and Technology. 10. Meeting of BRICS Cooperatives. 11. Meetings of financial and fiscal authorities in the margins of WB/IMF meetings as well as stand-alone meetings, as required. 12. Meetings of the BRICS Contact Group on Economic and Trade Issues (CGETI). 13. Meeting of the BRICS Friendship Cities and Local Governments Cooperation Forum. 14. Meeting of the BRICS Urbanization Forum. 15. Meeting of BRICS Competition Authorities in 2013 in New Delhi. 16. 5th Meeting of BRICS Heads of National Statistical Institutions. 17. Consultations amongst BRICS Permanent Missions and/or Embassies, as appropriate, in New York, Vienna, Rome, Paris, Washington, Nairobi and Geneva, where appropriate. 18. Consultative meeting of BRICS Senior Officials in the margins of relevant sustainable development, environment and climate related international fora, where appropriate. New areas of cooperation to be explored, - BRICS Public Diplomacy Forum. - BRICS Anti-Corruption Cooperation. - BRICS State Owned Companies/State Owned Enterprises. - National Agencies Responsible for Drug Control. - BRICS virtual secretariat. - BRICS Youth Policy Dialogue. - Tourism.- Energy.- Sports and Mega Sporting Events.  Source: China.org.cn

Read More........ → March 28, 2013

China's economy grew 7.9 per cent in fourth quarter

China's economy registered a 7.9-per cent growth in the fourth quarter of last year from a year earlier, rebounding after seven straight quarters of slowdown, however, Beijing would need a measure of flexibility in its policy stance to support growth amid an uncertain global outlook. The fourth-quarter uptick from 7.4 per cent in the third quarter, the lowest since the depths of the global financial crisis, saw growth in the full-year at 7.8 per cent, making 2012 the weakest year of economic expansion since 1999. According to the National Bureau of Statistics, the figures were slightly stronger than market expectations in the consensus Reuters poll, which had pegged fourth-quarter gross domestic product (GDP) growth at 7.8 per cent and put the full year at 7.7 per cent. According to Ken Peng, an economist at BNP Paribas in Beijing, momentum at the end of the year was fairly strong but it was not really an astonishing rebound. For the first half of this year the economy would continue to be fairly solid, though China's trend growth was still set to slow down. On a quarterly, seasonally adjusted basis, the economy grew by 2.0 per cent as against 2.3 per cent seen in the Reuters poll. Other data released along with GDP showed industrial output was up 10.3 per cent in December from a year ago, as against expectations of 10.1 per cent. The data comes even as the newly elected leaders of China get ready to take charge of the country in the coming months. BBC quoted Fraser Howie, co-author, Red Capitalism, "Once again the numbers coming out of China have surprised on the upside". He added, it was obvious that the slowdown in the Chinese economy had halted for the moment. But one had to be mindful that any recovery would be limited in its scope, not least due to various headwinds that the country was facing. He added at the first instance economic conditions in some of China's biggest export markets such as the US, eurozone and Japan continue to remain fragile. The eurozone was still struggling to come out of its debt crisis, and the US recovery was still under pressure with the political tensions between the countries have not helped the cause of China either. It also faced challenges on the domestic front where property prices had started rising again. This has been a big area of concern in the past and the government has previously introduced measures to cool the market. Those measures were partly responsible for economic slowdown in China in recent months, as the property and construction sectors remained key contributors to China's growth. The new leaders, who take charge in March, would now have to strike the right balance between trying to prevent the formation of a property bubble and keeping a healthy growth rate going. Source: Domain-B

Read More........ → February 02, 2013

China to become world's biggest economy

Those who are strong today will lose their strength. The US will yield to China in the economic leadership in 2017. Such is the forecast made by experts of the PricewaterhouseCoopers (PwC) consulting services. They also say that this will not be the final step in the re-arrangement of forces in the world economy and that less than in 40 years Russia will play one of main roles while Europe’s largest economies will be lagging behind. The PwC experts forsee that by 2050 three leading economies will be China, the USA and India. Thus, the USA will yield the palm to the Chinese and that India will move to the third from the tenth place. The size of the future leader’s GDP, meaning China, will be about 54 trillion dollars. Just to compare: today it is under 6 trillion dollars. Executive Secretary of the Russian-Chinese Chamber Sergei Sanakoyev also says that China will be giant No. 1 in the world in the future. He says: "The nation is working which means that it is producing goods. This is a very important factor of growth. Of course, under the conditions of the world financial crisis, when the demand for Chinese goods dropped around the world, had a bad impact on the Chinese economy. However, quick measures on the reorientation towards domestic demand and a flexible credit policy have enabled China to maintain average yearly economic growth rates within the 7 to 10 per cent limits. It is absolutely clear that it is enough for becoming the world’s economy No. 1 by 2017." Experts mention certain risks as well. One of them is an increase in the share of city dwellers. Hence, the issue dealing with the growth of food prices and the cost of work force is becoming urgent enough. A hike in both indices will do damage to the competitiveness of Chinese goods. The Chinese authorities are doing their utmost to prevent this. Meanwhile, Russia’s government reports about economic victories. Russia’s GDP per capita has doubled since 1999, and the unemployment rate in this country was only 5.4 per cent in the end of the year which is very low according to the world standards. Experts from PricewaterhouseCoopers say that Russia’s GDP will increase by many times to reach 8 trillion dollars by 2050. Thus, Russia will rank sixth among the world’s economies, outstripping Germany, France, and Britain and coming close to Japan. This is possible, Director of the Institute of International Business at the National Research University - Higher School of Economics (HSE) – Natalia Karpova says. "Russia and China - two superpowers of the future – are on the rise, and should serious contradictions or cataclysms be non-existent, they will develop faster than all the other countries." The industrialized countries got the hardest hit by the current crisis because all of them relied on excessive loans to stimulate their growth, experts say. Therefore, the industrial growth of the developing markets not burdened with debts will become logical in the future. Especially that of the countries of raw materials – such as Russia and China. Source: Voice of Russia

Read More........ → January 24, 2013

US, China compete for the role of “king of sea”

In 2012, the US announced that it is starting “to return to Asia” – that is, to broaden its military presence in the south of the Asia-Pacific region. This is the US’s response to China’s increasing military activity in disputable waters in the East China and the South China Seas. The US is going to move up to 60% of its navy to the Asia-Pacific region. That would increase the US’s military presence there 3 times in comparison with the current situation. At present, about 60 to 70 US military ships and from 200 to 300 planes are constantly present at US naval bases in Japan and South Korea. Besides, at least 2 US aircraft carriers are constantly keeping watch in the region. Now, according to President Obama’s order, US naval forces are to increase in Australia, Singapore and the Philippines. In Australia, the number of US marines will be increased 10 times and will reach 2,500 people. Besides, the US will have broader access to the Australian naval base on the coast of the Indian Ocean, to the south of the city of Perth. Up to 4 US navy ships will be deployed near Singapore’s coast. The US is also planning to deploy up to 500 servicemen and reconnaissance aircraft in the Philippines and to create a center for repairing US navy ships there. Moreover, the US does not rule out that in some time from now, the Philippines may become the center of commanding US forces in the Asia-Pacific region. “In such conditions, the Chinese are starting to feel surrounded by US forces from all sides,” Russian expert in Eastern affairs Yuri Tavrovsky said in an interview with the Voice of Russia. “After all, the US does not hide that the reason why it is strenthening its military presence in the Asia-Pacific region is the growing influence of China there.” “In its turn, China is actively developing its navy,” Mr. Tavrovsky continues. “It is hard to deny that within the last few years, China’s economy has been rapidly developing, which has allowed China to considerably increase its military might. It would probably be an exaggeration to say that China is becoming aggressive, but it is obviously starting to realize that it is getting strong enough to afford dictating its will to other countries.” Another Russian expert, Evgeny Kanaev, is predicting that the US-Chinese relations will most probably aggravate even further: “I don’t think that China’s leaders today want to make compromises with the US. It is unlikely that China will agree to create a program of developing its navy that would satisfy the US. In its turn, the US also doesn’t want to be ousted by China from its positions in the Asia-Pacific region. Besides its military presence there, the US also wants to maintain control over all the transport routes in this region, and China is now becoming a serious rival for the US from this point of view as well.” Experts are concerned that the US’s policy of regaining military control over the Asia-Pacific region and its competition for this role with China may aggravate the situation in this region to a very dangerous point. Source: Voice of Russia

Read More........ → January 18, 2013

China's New MIRV Ballistic Missile Is A Big Deal

During the nuclear honed days of the Cold War, the Soviet Union developed a nuclear missile able to strike anywhere in the U.S. Loaded with multiple maneuverable warheads (MIRVs), while carrying decoys and chaff to keep from getting struck down, the missiles undermined the entire balance of power between the two superpowers and struck fear into hard hearts at the Kremlin and the Pentagon alike. When China successfully tested its DF-31A missile several days ago, it confirmed another country now has proven nuclear ability reach any city in the U.S. with precisely the type of missiles that troubled the U.S. decades ago. Source: Naval Open Source INTelligence

Read More........ → December 27, 2012

IMF chief: World economy uncertain

(CNN) -- The global economy is under a "veil of uncertainty" as economic issues grip the U.S., eurozone and developing markets such as China, the head of the International Monetary Fund said Thursday in Japan.  Christine Lagarde, the managing director of the IMF, said that while "more difficult to analyze and pin down," elevated levels of uncertainty are resulting in slower growth. "We need action to lift the veil of uncertainty." Moreover, the world banking system is still in danger four years after the bankruptcy of Lehman Brothers helped catalyze the 2008-2009 financial crisis and still haunted by an unregulated "shadow banking system" of hedge funds and non-regulated derivatives trading. The global financial system is "on the road to being safer, but not yet safer," Lagarde said in an interview with CNN on the sidelines of the IMF meetings being held this week in Tokyo. "I think it's attributable to the fact that (the banking system) was so damaged to begin with -- it was such a massive shock to financial institutions that it actually took a while to measure the depth of the difficulty and the scope of the changes that have to take place Source: The Coming Crisis

Read More........ → November 27, 2012

Singapore economy contracts 1.5% but avoids recession

Singapore's economy contracted in the July to September period, but has narrowly avoided a technical recession. Gross domestic product shrank 1.5% compared with the previous three months, the Ministry of Trade and Industry said. However, growth in the April to May quarter was revised from a contraction of 0.7% to slight growth of 0.2%. Asian countries have seen growth slow as a result of dwindling exports to Europe, the US and China. Manufacturing slowdown. Manufacturing has slowed in recent months, as weak demand from those key markets has hit export-dependent Singapore. Many analysts were expecting the government to step in and loosen monetary policy to weaken the Singapore dollar. A strong dollar makes exports more expensive overseas, cutting into the profits earned by exporters. However, the Monetary Authority of Singapore (MAS) said it would maintain its policy of allowing a modest and gradual appreciation of the currency. "I am a bit surprised that MAS chose to maintain, given signs that global growth momentum has lost steam and many other central banks have chosen to ease," said Song Sen Wun, economist at CIMB in Singapore. "The fact that we averted a technical recession and the worry about the impact of the tight labour market probably kept them from easing." A technical recession is defined as two consecutive quarters of economic contraction. The Ministry of Trade and Industry said Singapore was still on track to achieve the target growth of between 1.5% and 2.5% for the year.  Source: Sam Daily Times

Read More........ → November 09, 2012

Who is India’s friend?

India has come a long way when it comes to the United States presidential elections. The campaigns of both incumbent Democrat Barack Obama and Republican Mitt Romney try to claim their man is the better friend of India. Both paraded Indian-Americans at their conventions, even though they are a sliver of the electorate. And it is now de rigueur for the party platforms to devote a few paragraphs to the closeness of India and US. “The major competition between the two regarding India is how best to describe the relationship,” says Karl Inderfurth, head of the US-India chair, Centre for Strategic and International Studies. India has reached a sweet spot in the US foreign policy debate that is held by Canada or Western Europe. No one can oppose better relations. “Frankly, there is no debate about how important India is in American foreign policy going forward,” said Michele Flournoy, former Pentagon number two and adviser to Obama for America. In an election marked by ferocious attacks against the other side’s policies, criticisms about India policy have been mild. Mitchell Reiss, one of Romney’s large stable of foreign policy advisors, had said, “What I have seen under the current administration is little bit of retreat, little bit of backsliding from the promise that was starting [to be realised under George W. Bush].” That just about summarises the India gap between the two US parties: a little bit. Both platforms call for strong relations. The Democratic one promises to “continue to invest in a long-term strategic partnership with India.” The Republicans are more effusive: “We hereby affirm and declare that India is our geopolitical ally and a strategic trading partner.” This is largely because of the slow geopolitical alignment between the two countries. And, says Inderfurth, “At election time there is one more reason: to gain the support of the rapidly growing and influential Indian-American community.” Indian-Americans represent only one per cent of the US population, but compensate with activism, profile and financial contributions. What has also changed is New Delhi’s attitude. After the first year, New Delhi concluded the new president and his foreign policy represented a regression from the Bush years. Obama was seen as so desperate to get out of Afghanistan that he was prepared to bend backwards with Pakistan. More alarming was his attempt to seek an accommodation with China. India did not make a strong case for itself as PM Manmohan Singh fumbled on purchasing US nuclear reactors — an issue that did more damage to his standing with Obama than any other. Today, all that is water under the bridge. Beijing rebuffed Obama’s overtures. The US President’s harder line on China in the past few years has followed. Osama Bin Laden was found hiding deep inside Pakistan and blew away the soft AfPak policy. “Nowadays, we are not averse to an Obama return to power,” said an Indian diplomat. The Indian public still has reservations about Obama, largely over his anti-outsourcing rhetoric. Pew surveys showed India to be one of the few countries where pro-American sentiment slipped after Obama became president. His repeated complaints about jobs going from “Buffalo to Bangalore” were largely to blame. So far, however, the White House has talked a lot but done little. Visas for temporary workers have declined, but the recession and the US Congress are more to blame than Obama. The consensus in the US on India is now matched by a similar comfort with both candidates by New Delhi. Indian strategists would probably be marginally happier with a Republican administration. But, as a senior Indian official noted after a meeting with his Obama counterpart, “There is no difference in the worldviews of the two countries.”Source: Hindustan Times

Read More........ → September 08, 2012

The world’s longest bus seats 256 people

World's longest bus: Debuted in Germany, the megabus AutoTram Extra Grand is nearly 101ft long and can carry 256 passengers.

There are buses and then there is the AutoTram Extra Grand which debuted in Germany this week as the longest of its breed in the world. Developed by the boffins of the Fraunhofer Institute for Traffic and Infrastructure Systems, the bus is nearly 101 feet long, has four steering axles and can carry 256 passengers. The big bendy bus premiered in the eastern city of Dresden this week where it will soon roll into service with the local transportation authority on trial runs as Beijing and Shanghai placed their orders for the vehicle which costs about $10million (almost £6.3million) per bus.

Unsafe and unreliable: Bendy buses on several routes in London were banned in 2009 amid claims they were unsafe, unreliable and encourage fare-dodgers.

The good news for environmentalists is that it can run for long stretches on electric power. Matthias Klingner, the institute's director said: 'There is a lot of know-how invested in it. It's computer is highly efficient. 'The innovation of the AutoTram lies not only in its length, but most of all in its ability to be manoeuvred like a conventional 12 metre (39ft) city bus. 'There's no problem with the manoeuvrability and stability, but we have to see how such a long bus affects normal city traffic.' 

Already orders: Made in Germany, the new bendy bus has already been ordered by Chinese cities Shanghai and Beijing.

German trial: This week the vehicle debuted in Dresden and will be part of the local transport on a trial basis. It combines the passenger capacity of a small train with the manouverability of a bus and runs on a hybrid engine that kicks in when the electric batteries run down, charging them as it propels the vehicle. Bus drivers will not require a special licence to drive the long, bendy bus thanks to a unique computer steering system which keeps the length of the bus precisely in line with the front carriage. The system is less expensive to run and cheaper to put into operation than a rail commuter system, prompting other cities to inquire about the super-sized buses. Dr Klinger said: 'The AutoTram has a considerable advantage compared to light rail systems.' While it is the longest bus in the world, the bus with the largest capacity is China's New Liner Series which has 300 seats on a 82ft bus.

Combines transport: The bus combines the passenger capacity of a small train and the maneouverability of a bus.  Bendy buses in London were banned on several routes in 2009 after they were found to be responsible for many accidents. London's mayor Boris Johnson struggled to sell the 31 vehicles amid claims they were unsafe, unreliable and encourage fare-dodgers. They were taken out of service temporarily in 2005 after three caught on fire. Many were eventually sold to Malta in 2011. According to The Guardian Mr Johnson said at the time: 'These bulky and ungainly monstrosities were always more suitable for the wide open vistas of a Scandinavian airport than for London.  'I am glad to see the back of them.' Source: The Way I See It

Read More........ → September 07, 2012

''Chinese imports cost 2.7 million jobs in the United States since 2001''

A new report from a liberal think tank says Chinese imports caused the loss of 2.7 million jobs in the United States, including 96,300 in the Mid-South, since the industrializing nation joined the World Trade Organization in 2001. The study by the Washington-based Economic Policy Institute was released Thursday. It contends West Tennessee alone lost 15,300 jobs due to imports from China, including about 4,400 in greater Memphis. "The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment," said report author Robert Scott, EPI's manufacturing policy research director. EPI issued the report amid a growing debate about the trade relationship between the United States and China. Notes China Trade, an arm of pro-trade Arizona think tank Kearny Alliance: "From Microsoft and Motorola to Wal-Mart and KFC, there are a number of American and multinational companies that operate in China and are more successful because of it. (And while these companies benefit from manufacturing in China for export elsewhere, they also benefit from selling to China's consumer market.)" Source: The Coming Crisis

Read More........ → August 25, 2012

Are MIST countries becoming the new BRICS?

For many investors, Mexico, Indonesia, South Korea and Turkey have taken over from the BRICS becoming the four biggest emerging markets, and growing faster than their major rivals. BRICS inventor Jim O’Neil from Goldman Sachs proposed the new term MIST term for Mexico, Indonesia, South Korea and Turkey, which are the four biggest markets in the Goldman Sachs N-11 Equity Fund. The Fund was launched in February, 2011 to invest in what O’Neill considers the next big 11 emerging markets, and has climbed 12% this year, compared with a 1.5% growth of Goldman Sachs’s fund for Brazil, Russia, India and China. “We see steady inflows into the Next 11 fund each week,” Jim O’Neill from Goldman Sachs told Bloomberg. “It hasn’t been affected by the disappointment in the US and obviously the European markets especially, and all the disappointment in some of the BRIC markets.” The MIST economies more than doubled during the last decade, according to Bloomberg, and continue surging despite global economy concerns. Mexico’s IPC Index has climbed 11% this year, comparing with a 2.8% growth of Brazil’s Bovespa. Meanwhile Turkey’s ISE National 100 gained 28 percent, compared to 13% gain of BSE India Sensitive Index and 2.6% gain in Russia’s MICEX. Though the MIST nations outperformed the BRICS in pace of growth, its economic output still can’t approach the BRICS. Total GDP for the MIST nations was $3.9 trillion last year, compared to $13.5 trillion of BRIC economies and $7.3 trillion for China alone. Besides the MIST nations, the N-11 countries include Bangladesh, Egypt, Nigeria, Pakistan, the Philippines, Vietnam and Iran. However, Goldman Sachs says its fund doesn’t invest in Iran because it isn’t an open market for foreign investors. Source: Sam Daily Times

Read More........ → August 23, 2012

Reader's Digest ceases printing Chinese version

Reader's Digest, once the best-selling consumer magazine in the United States, has stopped the publication of its Chinese version after about four years and six months of operation. Subscribers are receiving e-mails and text messages since last month, informing them of the closure and about refunds. "We are sorry to inform you that the magazine suspended publication due to uncontrollable factors," the notice said. Visitors of the homepage of the Chinese magazine www.puzhi.com.cn are redirected to the Hong Kong website of Reader's Digest. The magazine's management declined interview requests yesterday. Though the magazine didn't specify the reasons for the sudden closure, industry insiders blamed the failure on the magazine's unclear readership targets, weak promotion and problems in the publishing industry. "The magazine entered the Chinese market too late," said Yan Feng, associate professor of the Fudan University's Department of Chinese Language and Literature. The magazine, which includes stories on people, culture, travel and health, was very popular in the 1980s when people had no web access, he said. Some readers complained that the magazine had too many translated articles while the localized content was not compelling. Reader's Digest began to publish the monthly magazine Puzhi on the Chinese mainland in 2008 with the cooperation of the Shanghai Press and Publishing Development Co. Puzhi, which means "universal knowledge" in Chinese, is the same size as Reader's Digest in the US and features similar content. Wang Peng, a brand-marketing expert, said in his blog that Puzhi lost ground in the market mainly due to its unclear orientation. "The magazine wanted to suit everyone's taste in a family," he wrote, "But in China, values of parents and children vary a lot. ... It lost all groups of readers in the end." The high cost of 12 yuan (US$1.89) for each copy suggests the magazine is targeted at white-collar workers while the content is more family-oriented, he said. Despite the setbacks, the magazine didn't seem to let up in its efforts to seek opportunities in the big Chinese market. In the notice issued to readers, the magazine called the action "suspension" instead of calling it "closure" and added, "We will contact you after the publication is resumed." Time Weekly reported that the magazine may keep publishing online digital copy in the Chinese market in the future. An employee who answered the customer hotline said the closure of the publication is related to the US headquarters' bankruptcy and restructuring in 2009. "The magazine will not be back on the streets very soon," she said. "It's not likely to happen within the year." Source: China.org.cn

Read More........ → August 04, 2012

Chinese gangster pulled off New York flight as he tried to flee to China after 'executing two women and burning down their apartment'

An alleged member of the New York Chinatown gang was pulled off a flight to Hong Kong, minutes before takeoff, as he tried to flee to China because he is suspected of executing two women and burning down their apartment. US authorities boarded the Delta Airlines flight at John F Kennedy International Airport on Monday afternoon and hauled away the unidentified man in handcuffs. Police believe he is responsible for shooting Xiao L. Li, 70, and Yong Hua Chen, 36, in the head at close range on June 29 then setting fire to their apartment in Chinatown. The New York Post reports that the man decided to flee after he saw police impounding his car to search for evidence into the horrific murders. Authorities believe he planned to slip into Beijing from Hong Kong to get even farther away from the reach of American law enforcement. Source: The Coming Crisis

Read More........ → July 22, 2012

Love fantasy kicks off 15th SIFF

Jury members (from left to right) Chinese-American producer Terrence Chang, American actress Heather Graham, French director Jean Jacques Annaud, Iranian director Rakhshan Banietemad, Chinese actress Lee Bingbing and Chinese director Zhang Yang meet the press on Saturday in Shanghai. [Pang Li/China.org.cn]

A fantasy extravaganza inspired by a Chinese ghost story opened the 15th edition of Shanghai International Film Festival (SIFF) on Saturday following a star-studded red carpet session and an extravagant opening gala. "Painted Skin: The Resurrection" is a sequel to the 2008 blockbuster "The Painted Skin" which was

Read More........ → June 17, 2012

China, India challenge US monopoly on AMD, satellite defense

By Ilya Kramnik: Development of antimissile and anti-satellite systems is not the prerogative of the United States or Russia. Many other countries, however, like China, Israel and India are developing such systems. The creation of them, caused by nuclear proliferation, is becoming an integral factor in the military-industrial policy of leading Eurasian countries.China studying possibilities Tags: Commentary, Military news, satellite, missile defense, India, China, World, Читать далее, Source: Voice of Russia. 

Read More........ → June 17, 2012