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Media Report
September 18 , 2017
  • Reuters：Korean peninsula draws range of military drills in show of force against North Korea
    Reuters reports: "The U.S. military staged bombing drills with South Korea over the Korean peninsula and Russia and China began naval exercises ahead of a U.N. General Assembly meeting on Tuesday where North Korea's nuclear threat is likely to loom large. The flurry of military drills came after Pyongyang fired another mid-range ballistic missile over Japan on Friday and the reclusive North conducted its sixth and most powerful nuclear test on Sept. 3 in defiance of United Nations sanctions and other international pressure. A pair of U.S. B-1B bombers and four F-35 jets flew from Guam and Japan and joined four South Korean F-15K fighters in the latest drill, South Korea's defense ministry said... In Beijing, the official Xinhua news agency said China and Russia began naval drills off the Russian far eastern port of Vladivostok, not far from the Russia-North Korea border... The drills are the second part of China-Russian naval exercises this year, the first part of which was staged in the Baltic in July. Xinhua did not directly link the drills to current tension over North Korea."
  • Financial Times：China vs US: who is copying whom?
    Financial Times reports: "China is gradually shedding its reputation as the world's technology copycat. It still spawns lookalikes, whether they be GoPro-style action cameras or Didi Chuxing, a ride-hailing app that looked awfully like Uber until it added Chinese characteristics and vanquished its former rival. But some Chinese companies are also leading the way in new services and business models. There are several reasons. Competing in a protected space — the likes of Facebook, Twitter, and Google's search engine are blocked in China — mitigates risk and encourages experimentation. So too does a big market. But the move toward pioneering also reflects a generational change, says Derrick Xiong, chief marketing officer of drone maker Ehang. The new generation of entrepreneurs, 'the post-90s, were born to be global,' he says; 'they have never experienced hard times in China so they have a completely different mindset' more akin to that of their peers in the US or Europe than their parents."
  • Bloomberg：Why China Is So Confident
    Bloomberg comments: "If you only read the headlines... you might be pessimistic about China's economy. Recent news has been dominated by a crackdown on capital outflows, worries about rapid debt growth, and efforts to rein in a risky overseas investment binge.Yet ordinary Chinese are highly optimistic: The China Consumer Confidence Index hit 114.6 in July, a level not seen since 1996. This is a logical reaction to some significant improvements in China's economic outlook. And for the government, it offers a key opportunity for reform. By basic welfare measures, Chinese have every reason to be confident. The official unemployment rate has dropped below 4 percent. Real estate prices are still rising, with broad gains even in so-called tier-2 or tier-3 cities. Stock markets in Shenzhen and Shanghai are both up by about 9 percent this year. Foreign-exchange reserves have been rising. The yuan has strengthened so much that the central bank is making it easier for traders to take short positions. Even non-performing loans are holding steady... Surging consumer confidence gives the government a crucial window to address (its) problems. Slashing capacity, and thus reducing employment, will be less painful when coal and steel workers are optimistic that they can find new jobs. Scaling back SOEs will be easier if officials have confidence that private enterprise can pick up the slack. Reining in financial risk is less difficult when the public sees opportunities elsewhere. Reducing the credit flowing into real estate -- the most important asset for Chinese households -- will be agonizing no matter what, but the risk of panic or unrest is much diminished when well-being is otherwise rising."
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