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Media Report
May 25 , 2017
  • The New York Times：U.S. Warship Sails Near Island Claimed by Beijing in South China Sea
    The New York Times reports: "A United States Navy warship sailed within 12 nautical miles of an artificial island claimed by China in the South China Sea on Wednesday, an operation that showed a new firmness by the Trump administration in its dealings with Beijing. The warship, the guided missile destroyer Dewey, passed near Mischief Reef in the Spratly Islands, not far from the Philippines, American military officials said. The operation may tamp down concerns among allies of the United States that the Trump administration has been unwilling to confront China's territorial claims in the South China Sea as it seeks Beijing's cooperation on issues like halting North Korea's nuclear program. Until the operation on Wednesday, the Pentagon had turned down requests from the United States Pacific Command in Hawaii, under the command of Adm. Harry B. Harris Jr., for such maneuvers. It was the first freedom of navigation operation since President Trump took office...A Chinese Foreign Ministry spokesman said Thursday that Chinese vessels around the Spratly Islands 'identified and warned' the American warship to leave. Lu Kang, the spokesman, said at a regular briefing Thursday that Beijing was 'strongly dissatisfied' with the operation, particularly at a moment when the situation in the South China Sea was 'cooling down.' That was an apparent reference to the recent start of direct talks between China and the Philippines, an American ally, over the status of islands both countries claim."
  • The Washington Post：In historic decision, Taiwanese court rules in favor of same-sex marriage
    The Washington Post reports: "Taiwan's Constitutional Court on Wednesday ruled in favor of allowing same-sex marriage, paving the way for the island to become the first place in Asia to legalize same-sex unions and cementing its status as a beacon for LGBT rights. The court in Taipei found that the island's Civil Code, which states that only a man and a woman can marry, violated constitutional guarantees. It gave the legislature two years to amend the Civil Code. The decision is a victory for Taiwan's LGBT activists, who have fought for decades for marriage equality, inspiring similar struggles across Asia and elsewhere. Wayne Lin, chairman of the nongovernmental Taiwan Tongzhi Hotline Association, called the ruling a 'milestone' for the island. It is also a milestone for the region, gay rights activists said. 'Without a doubt, Taiwan is walking in front of other Asian countries on this,' said Ying Xin, executive director of the Beijing LGBT Center. 'This is significant for all of Asia.'...LGBT campaigners dismiss the notion that marriage rights are un-Chinese or un-Taiwanese — and think the ruling will bolster their fight more broadly. 'China and Taiwan speak a common language,' said Li Maizi, a prominent Chinese feminist and LGBT activist. 'This will inspire the LGBT movements' push for gay marriage.' Matthew Huang, founder of an LGBT group in the Chinese city of Chengdu, said simply, 'It's hope.'"
  • Forbes：4 Reasons Why Moody's Is Wrong About China
    Forbes comments: "Recently, Moody's downgraded China from Aa3 to A1. They cited several rationales for the downgrade. Moody's is wrong for the following reasons. 1. The concerns of China's 'economy-wide' leverage is misplaced. We all know about China's so-called debt problem. Here is a typical story. Moody's seems worried about this problem too. But when you look at the data, it is often aggregated. In reality, the debt in China is concentrated...2. It is okay if China's growth rates fall...a slowing growth rate is to be expected once an economy has become quite developed...3. It is okay if China mostly relies on debt financing instead of equity financing...For China, this is fine (for now), for the following two reasons: First, the marginal investors in China are speculative individual investors...Second, Chinese firms do not pay much in dividends. When firms do not pay dividends, it often means they are not held accountable to shareholders...4.China's financial sector is growing...China's financial sector is growing. They have many more national commercial banks and provincial commercial banks than 10 years ago. So, there are now many institutional creditors in China."
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