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Media Report
December 20 , 2017
  • The New York Times：China Shrugs Off Debt Worries as Xi Takes Firmer Economic Grip
    The New York Times reports: "It's Xi Jinping's economy now, and he isn't too worried about debt. China signaled its economic priorities on Wednesday at the end of a meeting of top Communist Party economic leaders with a statement indicating that President Xi is fully in charge. Labeled 'Xi Jinping Thought on Socialist Economy With Chinese Characteristics,' the statement called for trimming industrial overcapacity, controlling the supply of money and other moves that have been staples of China's other recent declarations. Barely mentioned: China's surging debt. Despite downgrades this year by two international credit rating firms and warnings from institutions like the International Monetary Fund, the statement issued at the conclusion of the Central Economic Work Conference called for controlling borrowing by local governments, but it otherwise glossed over a vast borrowing splurge in recent years, driven in large part by Chinese companies. 'Prudent monetary policy should be kept neutral, the floodgates of monetary supply should be controlled, and credit and social financing should see reasonable growth,' the statement said. The statement illustrates both Mr. Xi's growing clout and what economists say is a subtle shift in how China may address its debt pile — a shift that suggests leaders may be willing to tolerate even more debt if it will help growth."
  • Financial Times：North Korea's strategy is to ease out of China's patronage
    Financial Times comments: "Since President Donald Trump was sworn into office, the perception of risk surrounding North Korea has risen to levels not seen for over a decade. At present, significant progress in Kim Jong Un's quest to develop nuclear-tipped intercontinental ballistic missiles capable of reaching the continental US — coupled with a relatively unorthodox US administration — is threatening to significantly alter the Korean peninsula's geopolitical equilibrium. Yet rather than acting recklessly, North Korea is in the midst of executing a three-stage road map to achieve its ultimate objective of gaining political capital and financial leverage by monetising its nuclear capabilities. Underpinning this plan is an under-appreciated factor lying outside of the geopolitical sphere: the growing strength of North Korea's local economy. The first stage of Mr Kim's plan involves the development of nuclear weapons followed by a distancing from China. Since the Korean war armistice was signed in 1953, China has been the de facto caretaker of North Korea, safeguarding a finely balanced peace on the Korean peninsula. What is underestimated about this relationship is its degree of lopsidedness: China's role as guardian provides the country with major political leverage without fundamentally benefiting North Korea. While China's economy has seen unprecedented growth from its embrace of free trade and financial market liberalisation, North Korea remains a hermit kingdom mired in poverty... Against this backdrop, escaping from China's shadow will be imperative for Mr Kim's regime."
  • The Washington Post：The global backlash against China is growing
    The Washington Post reports: "A global backlash is brewing against the People's Republic of China. In Australia, China's efforts to use surrogates to funnel money into the Australian political system led one senator to quit last week, and has prompted the government to unveil a series of laws to crack down on foreign influence. In Europe, alarm is growing at Chinese mercantilist practices and China's desire to snap up European firms with innovative technologies. In the United States, the business community, long the ballast in America's relations with China, is no longer united over the issue of how to pursue relations with Beijing. Many American firms have suffered losses in China. As a result, a slew of other issues — such as China's industrial espionage, its demands for forced technology transfer, its use of Chinese state-run media to broadcast pro-Beijing propaganda in the United States and its attempts to influence U.S. educational institutions — is prompting calls for a response. Already, Chinese firms seeking to buy American high technology are facing more difficulties. And there's talk in Congress of forcing China's state-run TV and wire service operations in the United States to register as agents of a foreign power. This backlash is coming at a time when Beijing has expressed unprecedented confidence in its economic and political model, which combines the dictatorship of the Chinese Communist Party... to ensure that Chinese firms dominate the economy of tomorrow."
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