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Media Report
March 21 , 2017
  • The Financial Times：China steps up battle against property bubble
    The Financial Times reports: "Big Chinese cities have launched a new round of lending curbs and purchase restrictions in an effort to cool overheated property markets, as official media warn that some have veered towards a bubble. Sky-high prices in cities including Beijing, Shanghai and Shenzhen are stoking anger, even among relatively well-off professionals. Meanwhile, controlling financial risk has emerged as the dominant economic policy theme for 2017. At the conclusion of the annual session of China's rubber-stamp parliament last week, the government pledged to 'contain excessive home price rises in hot markets'. On Zhihu, a Chinese crowdsourced question-and-answer platform, a thread about Beijing house prices has attracted 17.8m page views. In the top-ranked post, a graduate of the prestigious Peking University describes the reason for his painful decision to leave the city: despite a promising job at a top-ranked research institute, he could not afford a home for his family. 'Before and after leaving Beijing, I cried twice,' he wrote. 'The first time was when I sent my resignation letter to my boss. That 80-something academic was always so kind to me. When I told him I was leaving, he was very surprised.' "
  • The Wall Street Journal: China Real Time Report：Beijing Revs Up State Inc.
    The Wall Street Journal comments: "Investment by Chinese state-owned companies is resurgent, surpassing private investment growth as Beijing tries to fuel its slowing economy. But by backing investment by state firms, China's government risks a financial reckoning that could injure world's second-largest economy and is giving the Trump administration another reason to pressure Beijing on its economic policies. Investment growth by state-owned companies surged to nearly 25% last year, eclipsing the roughly 3% growth recorded by the private sector. Economists are divided on whether the trend will pass or marks a renewed effort by the government to use state coffers as part of a new industrial policy. Nicholas Lardy, a senior fellow and top China hand at the Peterson Institute for International Economics, calls it temporary: 'This is cyclical recovery, not an indicator of a resurgence of the state.' Others point to China's plan to upgrade its manufacturing sector as a revealing the new status quo. The U.S.-China Economic and Security Review Commission sees Beijing using the tools of the state to play a long game. The congressional advisory panel committee says state investment is evidence of an unfair, subsidized strategy to dominate critical sectors such as semiconductors, nanotechnology and biotech."
  • Bloomberg：Taiwan Launches Homegrown Submarine Program to Counter China
    Bloomberg reports: "President Tsai Ing-wen said Taiwan had no choice but to build its own submarine fleet as she promoted a deal to deploy the first vessel in less than a decade. Tsai touted the contract with CSBC Corp., Taiwan, on Tuesday during a visit to a naval base in the southern city of Kaohsiung as a necessary step to improve the island's defenses. The company plans to deliver the first diesel-electric model in 2024, with deployment expected a year or two later. 'Underwater combat readiness is the part of Taiwan's defense that needs the most support,' Tsai said. 'I understand it is challenging to build submarines locally. The rule in the international political reality is that you need to help yourself before getting help from others.'...The Taiwanese Ministry of National Defense last week cited China's capacity to blockade or invade its outer islands to justify plans to boost military spending by half to 3 percent of gross domestic product. Taiwan expects to spend NT$356 billion on defense this year -- a tiny fraction compared with China, which views the island as a province to be retaken by force if necessary."
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