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Media Report
March 27 , 2017
  • The Financial Times：China's influence on global finance grows as US scales back input
    The Financial Times reports: "This month, Donald Trump, US president, submitted a budget that cut World Bank contributions by $650m and reduced US participation in the IMF. As the US scales back its participation on the global stage, China has been scaling up. Ever since the financial crisis, Chinese institutions have been providing lifelines to foreign countries and billions of dollars in development finance. China's central bank, the People's Bank of China, is playing a growing role in providing a backstop for international liquidity. In the wake of the financial crisis, Zhou Xiaochuan, the PBoC governor, raised eyebrows when he said 'the desirable goal of reforming the international monetary system . . . is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies'...On many levels, China's contributions could not come at a better time. The financial crisis proved that the IMF and the Fed need more firepower to prevent and mitigate a crisis...The Trump administration's proposed cuts to global economic institutions appear to be yet another sign of a US retreat into isolationism. Rather than withdrawing, Washington should be leading the way to embrace China's efforts and figure out ways to co-ordinate with, and complement, China's new global economic prowess."
  • USA Today：China's favored candidate chosen as Hong Kong's leader
    USA Today reports: "Communist China's favored candidate was elected as Hong Kong's chief executive Sunday in a vote assailed by pro-democracy activists as neither free nor fair. Carrie Lam was selected by a 1,194-member committee made up mostly of loyalists to the Chinese government to be chief executive, Hong Kong's highest post. Lam, 59, who was widely expected to win, also becomes Hong Kong's first female leader. Lam, the former deputy to unpopular outgoing Chief Executive Leung Chun-ying, received 777 votes to defeat her opponents, former finance secretary John Tsang, who got 365 votes, and former judge Woo Kwok-hing, who had 21 votes. In public polls, however, Tsang was the more popular candidate and had the support of the pro-democracy bloc of electors, who make up more than 25% of the committee...'Hong Kong, our home, is suffering from quite a serious divisiveness and has accumulated a lot of frustrations,' she said after her victory was announced. 'My priority will be to heal the divide.'...For advocates of greater democracy in Hong Kong, Lam's election was predictable. 'This result is a nightmare to Hong Kongers,' wrote Demosisto, the political party founded by pro-democracy activists Joshua Wong, Nathan Law and other student leaders. 'It is a selection rather than an election,' "
  • Foreign Affairs：The Vatican and China Reach a Promising Accord
    Foreign Affairs comments: "Last month, Hong Kong Archbishop Cardinal John Tong Hon, 77, announced that Beijing and Rome have 'already reached consensus' on episcopal appointments. According to Tong, Chinese bishops and state authorities will recommend episcopal candidates and the pope will have a 'right of veto.' The agreement is described as a game changer because it confirms the pope as final authority regarding bishops, but it is also a future-oriented solution not intended to resolve other persistent disagreements. It won't automatically normalize the status of remaining underground bishops, for example, and it kicks the can down the road regarding three bishops with 'moral conduct problems' ordained by the Chinese without Vatican permission. The cardinal makes a point of saying that the Sino-Vatican dialogue is unrelated to challenges over territory and sovereignty from Tibetan Buddhists and Muslim Uighurs, which are essentially political. This is not just an exercise in optics. From the church's perspective, an accord will unify a fractured Catholic community. For Francis, it also represents a model of conflict resolution and forgiveness for an ever-anxious flock...For China, the deal effectively brings millions of 'underground' Chinese Catholics and their bishops into submission by severing Vatican approval for the rival Chinese church."
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