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Media Report
October 17 , 2017
  • CNBC：China's Communist Party is holding its most important meeting in years: Here's what you need to know
    CNBC reports: "China will hold a once-every-five-years meeting this week that is expected to usher in a new era of leaders — but no change at the top of the totem pole. Held in the Chinese capital city of Beijing, the meeting is closely watched for signs of policy shifts in the world's second-largest economy. Even though the meeting is a major national event that is well-publicized... proceedings are shrouded in secrecy. For a start, the duration of the meeting this year is still unknown... About 370 full and alternate members of the party's elite Central Committee will be elected at the Congress. Full members have voting rights and they all come from a pre-selected pool of candidates. They are chosen by 2,287 delegates from diverse backgrounds and groups. Among them are farmers, professionals and academics... At its first session, the new Central Committee will elect about 25 members of the powerful Politburo. The Politburo will then choose members of its Standing Committee, China's top leaders. The group — now headed by President Xi Jinping, who is general secretary of the Communist Party — will be unveiled a day after the first Central Committee session. The Congress is more about ideology than policy, but it still charts the future direction for China and offers a glimpse into its opaque politics."
  • The New York Times：As U.S. Confronts Internet's Disruptions, China Feels Vindicated
    The New York Times comments: "In the United States, some of the world's most powerful technology companies face rising pressure to do more to fight false information and stop foreign infiltration. China, however, has watchdogs like Zhao Jinxu. From his small town on the windswept grasslands of the Inner Mongolia region of China, Mr. Zhao, 27, scours the internet for fake news, pornography and calls to violence. He is one of a battalion of online "supervisors" whom Weibo, one of China's biggest social media platforms, announced last month it would hire to help enforce China's stringent limits on online content. For years, the United States and others saw this sort of heavy-handed censorship as a sign of political vulnerability and a barrier to China's economic development. But as countries in the West discuss potential internet restrictions and wring their hands over fake news, hacking and foreign meddling, some in China see a powerful affirmation of the country's vision for the internet... Besides Communist Party loyalists, few would argue that China's internet control serves as a model for democratic societies. China squelches online dissent and imprisons many of those who practice it. It blocks foreign news and information, including the website of The New York Times, and promotes homegrown technology companies while banning global services like Facebook and Twitter."
  • The Wall Street Journal：How China's Financial Cracks Could Spread
    The Wall Street Journal reports: "Can financial turmoil in China play havoc with the rest of the world? It has already happened. On the first trading day of 2016, China's central bank sent shockwaves around the world by sharply lowering the value of the yuan. The decline in the currency itself, which came after the bursting of a stock market bubble, was not the biggest concern. Rather it was a sudden loss of confidence in China's growth story that reverberated around the world. No matter how closed China's financial system is, the country's heft as the world's second largest economy, as the biggest buyer of nearly all commodities and as the biggest exporter means what happens in China won't stay there... No two crises are exactly the same, and China is unlikely to allow its domestic stock market to become so stretched again. But if the Federal Reserve keeps raising interest rates, it could put renewed downward pressure on the yuan. The country's new capital controls haven't been tested by a big shock either. China's shadow banking system has grown dramatically, so any attempt to rein it in, or any breakdown in the byzantine chain of wealth management products, could threaten Chinese growth and send cash flowing out of the country."
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