China, a rising Asian giant stirs!

Tweet

An Asian giant stirs

BEHIND THE HEADLINES WITH BUNN NAGARA

A forum on working with China’s economy only scratched the surface of all that the re-emerging giant implies.

INFORMED comment on China cannot avoid dwelling on its phenomenal rise: what is evident is also the obvious.

China may still have minimal impact on Africa or Latin America, despite Beijing’s latest global overtures stemming largely from China’s quest for productive resources, energy supplies and markets. But in Central Asia, South Asia, Eurasia, Australasia and North America, it is becoming increasingly difficult to underplay China’s growth, much less ignore it.

In East Asia, China’s rise is impossible to overlook. In this context, the Third World Chinese Economic Forum organised by the Asian Strategy and Leadership Institute (Asli) in Kuala Lumpur during the week was themed “Linking East and West in a Globalised World”.

Where other discussions might underrate the international scope of China’s rise, the forum paid incidental attention to it. So factoids and nuggets of data floated on a sea of information exchange around a rising China.

An Indonesian participant said his country’s lack of infrastructure limited the intake of investment from China, particularly in manufacturing. But he said South-East Asia generally showed it could work with China even in the most sensitive area – finance – so the other sectors should not be so difficult.

A Thai academic offered a “soft launch” of his pet notion of an Asean-China partnership leading the rest of the world in economic recovery and growth. However, no modalities were offered for such a vast and complex project, nor were any likely difficulties cited.

A Singapore-based economist said the region would average 6% growth from next year, helped in part by China’s growth. He expected Malaysia’s GDP per capita to reach US$17,000 (RM52,896) in 10 years (the World Bank cited around US$8,500 or RM26,448 for last year). But another Singapore-based economist under-rated Malaysia’s growth for this year from a projected 5.8% to 4.7% just three days before the forum opened. This economist’s pessimism even found a possible decline to a low of 3.8%, which suggests economists hardly ever agree.

A Singapore delegate said the city state wanted to be the “conduit” for investments between China and the rest of Asia. This presumed an exceedingly close relationship between Singa­pore and China, which is yet to happen; guangxi or mutual comfort levels for steady business deals in China remains important.



Among the original five Asean countries, Malaysia is known to enjoy the highest comfort level with China, contrasting with Singapore and Indonesia. From the Suharto years onwards, Singapore and Indonesia were the last of the five to normalise relations with China, in a move led by Malaysia in 1974.

Yet Singapore has the highest proportion of ethnic Chinese, so it is not a racial issue. Nonetheless, the seeming anomaly continues to perplex analysts and policy advisers everywhere, even in China.

At an earlier conference in Shanghai, it fell on me to try to explain it. I suggested the situation resembled Taiwan’s, and it suddenly clicked: on one level being tied psychologically and strategically to a US military presence in the region, and on another level to sovereign sentiments of an island entity that is a geographical, historical and political offshoot of a mainland on which it still depends.

It was in such a strategic framework that the thrust of this year’s World Chinese Economic Forum implicitly came to be embodied in its final session. The key speaker here was Tun Dr Mahathir, who was credited for doing more to improve Malaysia-China relations than any other Malaysian leader.

He emphasised the promise of vastly growing economic relations with a rising China while rejecting the doomsayers’ fears of any prospective Chinese hegemony.

He said the country’s experience of China over 2,000 years had been a mutually happy and beneficial one, including the times when China was clearly a major world power.

Since China’s role in disputed maritime territory remains visible, Dr Mahathir expressed a preference for peaceful methods of settlement such as negotiations and arbitration. He recounted several cases settled through the World Court, with Malaysia winning the case with Indonesia and then losing it with Singapore.

Inevitably, all disputes need to be settled peacefully, and China and Asean countries seem agreed enough on that. Whatever their differences, it should be evident enough to all that there can be no military solution to political and diplomatic disputes.

An economic forum’s ambit is naturally economic matters, even if that left major political issues under-discussed. These would have to be taken up on other occasions, perhaps by other institutions and participants.

For the rest, there remain numerous areas for fruitful cooperation with China. Among these is renewable energy (RE), where Germany is particularly involved and is already working on with China.

However, some misunderstanding remains across borders. An Australian delegate wanted to know why there was a contradiction between China’s continued use of vast amounts of fossil fuels and its apparent interest in RE.

An explanation of sorts was given, but without touching on the central issue. The fact is that China’s economic growth is so vast and determined, and so dependent on energy consumption, that it cannot afford to choose between different forms of energy.

Growth is more than just economics for China, since it also spells political credibility and social peace. It is anxious that it may continue to need more energy than it can access, so it uses any and every form of energy it can.

As a consequence, it has become the world’s largest producer of solar and wind energy. A Chinese automotive company, BYD, is determined to be the world’s largest producer of electric automobile batteries.

In the process, China is said to be seeking to invest in RE abroad, partly to reap the benefits of new technology for national application. Prospective partners may take a number.

Global recession grows closer as G20 summit fails in disarray, Europe stumbles on through debt fog!

Tweet

G20 ends in disarray as Europe stumbles on through debt fog

Greg Keller

The G20 summit ended in disarray without additional outside money to ease Europe's debt crisis and new jitters about Italy clouding a plan to prevent Greece from defaulting.

In Athens, Greece's prime minister survived a confidence vote in parliament early on Saturday morning, calming a revolt in his Socialist party with a pledge to seek an interim government that would secure a vital new European debt deal.

In the end, only vague offers to increase the firepower of the International Monetary Fund - at some later date - were all the eurozone leaders were able to take home Friday after two days of tumultuous talks.

Greece's PM George Papandreou (R) and Finance minister Evangelos Venizelos smile after winning a vote of confidence. Photo: Reuters

With their own finances already stretched from bailing out Greece, Ireland and Portugal - and the United States and other allies wrestling with their own problems - eurozone countries had been looking to the IMF to help line up more financing to prevent the debt crisis from spreading to larger economies like Italy and Spain.

Italy's fate in particular is crucial to the eurozone, because its economy - the third-largest in the currency union - would be too expensive to bail out. The implications for the world economy are stark: The debt crisis that has rocked the 17-nation eurozone threatens to push the world economy into a second recession.

European leaders could point to one potential catastrophe averted: They stared down Greece's prime minister and berated him into scrapping a referendum that threatened their European bailout plan. Greece's politics are in upheaval as a result, but the shaky bailout plan appears back on track - for now.

"We want Europe to work," French President Nicolas Sarkozy said on French TV when the summit was over. "I think today we can have confidence ... but that's not to say our troubles are behind us."

In the end, the Greek question completely derailed Sarkozy's aim of using the summit to show that Europe had sorted out its debt problem once and for all - and possibly convince some of them to pitch in to the rescue effort.

In the space of days, the already shrunken list of goals set out by France to close out its year as head of the G20 was scrapped, replaced by a nearly constant stream of shocking new developments and reversals in Europe's long-running attempt to get control of Greece's debt crisis.

That reality was perhaps best illustrated at the height of the summit on Thursday evening, when hundreds of journalists dropped what they were doing in the basement of Cannes' Palais des Festivals and gathered around television screens to watch a live transmission from the Greek parliament in Athens, where Prime Minister George Papandreou was speaking.

The week of unending drama in Athens horrified its European partners, spooked global markets and overshadowed the summit in Cannes. The threat of a Greek default or exit from the common euro currency has worsened the continent's debt crisis.

When the week started, Europe had finally reached an intricate, ambitious and fragile deal to try to rescue Greece and stop the crisis from spreading any further. The G-20 summit was supposed to solidify and clarify the deal and get the world economy back on the right track.

Then on Monday night, Papandreou shocked his European partners and domestic allies by announcing he would put the plan to a referendum. Markets panicked, as did many of the leaders coming to Cannes.

Sarkozy and German Chancellor Angela Merkel held a series of frenzied meetings, then summoned Papandreou on Wednesday. If you lose this referendum, you could lose the euro, they told him. And they froze a new (euro) 8 billion ($A10.66 billion) loan that Greece will soon need to pay government salaries.

On Thursday, Papandreou backed down and abandoned the referendum. The U-turn left his 2-year-old government teetering.

Now Europe's leaders may find it is impossible to take back the shocking admission by Sarkozy and Merkel that an exit by Greece from the eurozone was no longer unthinkable.

And even as US President Barack Obama, Chinese President Hu Jintao and other leaders struggled to make sense of the Greek drama's fast-shifting plot, another flashpoint emerged in Italy.

Market confidence in Italy's ability to reduce its public debt and spur growth in its anemic economy has withered over recent weeks as the government weakened. MPs have defected to the opposition and some of Prime Minister Silvio Berlusconi's ministers have openly suggested the government's days may be numbered.

Market fears mounted on Friday in the wake of the confusion about Greece. Italy's benchmark 10-year bond yield jumped 0.32 of a percentage point to 6.43 per cent, indicating a surge in investor worries about the country's ability to repay its debts.

AP Newscribe : get free news in real time

Global recession grows closer as G20 summit fails

Cameron tells eurozone member states to solve their own problems. Link to this videoA world recession has drawn closer after a fractious G20 summit failed to agree fresh financial help for distressed countries and debt-ridden Italy was forced to agree to the International Monetary Fund monitoring its austerity programme.

Financial markets fell sharply after the two days of talks in Cannes broke up in disarray, amid concerns that Italy will now replace Greece at the centre of Europe's deepening debt crisis.

UK hopes that the Germans would relent and allow the European Central Bank to become the lender of last resort for the euro were also dashed.

On a day of unremitting gloom and yet more market turbulence, the Greek prime minister, George Papandreou, won a late-night confidence vote in his parliament after making a speech in which he promised to start powersharing talks to form a caretaker coalition government. Although he won the vote by 153-145, he is now expected to step down and a national unity government is expected to take over in the coming days.

Papandreou said he would visit the country's president on Saturday to launch power-sharing talks "with the [opposition] parties … for the formation of a government of broad co-operation."

In a sign that the spread of the debt crisis to Italy could break up the single currency, the chancellor, George Osborne, admitted the Treasury was undertaking crisis planning for a eurozone collapse.

The G20 deadlock led David Cameron to issue one of his starkest warnings about the impact on the UK economy, saying: "Every day the eurozone crisis continues and every day it is not resolved is a day that it has a chilling effect on the rest of the world economy, including the British economy.

"I am not going to pretend all the problems in the eurozone have been fixed. They have not. The task for the eurozone is the same as going into this summit. The world can't wait for the eurozone to go through endless questions and changes about this.

"We, like the rest of the world, need the eurozone to sort out its problems. We need more to happen in terms of detail on the European firewall."

Cameron hinted at worse to come, describing this as only "a stage of the global crisis".

There had been hopes that the G20 would agree to increase IMF resources by as much as $250bn to more than $1tn, but disagreements about the wisdom of it, structure, size and contributors to the fund left world leaders forced to pass the issue on to a meeting of G20 finance ministers next February.

The French president, Nicolas Sarkozy, had been eager to flourish a figure both to reassure the markets and to top his chairmanship of the G20.

Cameron revealed the friction, saying: "The very worst thing would be to try to cook up a number without being very specific about who is contributing what. If you cannot do that, it is better to say the world stands ready to increase resources to the IMF as necessary."

In the financial markets an early rise in share prices was reversed after it became clear that divisions in the G20 would prevent a deal in Cannes to boost the firepower of the European financial stability facility (EFSF) or the IMF. The yield on 10-year Italian bonds rose from 6.2% to 6.4%, the highest since the euro was founded, raising fears that the country would face problems financing its huge debts.

Obama, under pressure from Congress, was deeply reluctant to contribute to an expansion of IMF funds without clearer signs that the eurozone was sorting out its problems. Admitting that he had been given a crash course in European politics, Obama urged Greek and Italian parliaments to take decisive action to control their deficits and combat what he described as some of the psychological origins of the crisis.

He also urged the euro area to start putting some resources into the EFSF, which Europe hopes to turn into a bailout fund with at least €1tn to deploy.

But the German chancellor, Angela Merkel, said: "There are hardly any countries here which said they were ready to go along with the EFSF."

Berlusconi was summoned to a late-night hotel meeting with Merkel, Sarkozy, the IMF director general, Christine Lagarde, and Obama, where he was told that the IMF was to start monitoring to ensure tough austerity measures are implemented. The measures include changes to the labour market, pension reform and the sell-off of state-owned assets.

Italy has debts of €1.9tn, or 120% of GDP, and if it followed Greece down the path towards a financial bailout, or default, the impact on the European banking system would be vast. Italy faces new tests in further auctions of its debt this month – it has to raise €30.5bn in November and a further €22.5bn in December.

Sarkozy denied that the demands on Berlusconi represented an IMF coup, saying: "We never wanted to change governments, either in Greece or in Italy. That is not our role, that is not our idea of democracy, but it's clear that there are rules in Europe and if you exonerate yourself from these rules you exclude yourself from Europe."

Berlusconi, facing defections from his own party, insisted he had invited the IMF to offer advice. Berlusconi said on Friday he had rejected an offer of funds from the IMF – "I don't think Italy needs that" – and said his country was more solid than France or the UK.

British officials privately admit that potential economic collapse in Italy is now the single biggest concern gripping world leaders. One said: "We cannot have the Italians meeting in crisis every three days. We need some action."

The UK government will now focus on urging its European partners to make progress, and will continue to support extra cash for the IMF. Cameron said he would not need UK parliamentary approval for this as the Commons has already agreed to an increase that would cover the proposed UK additional contribution.

The EFSF has €440bn ($608bn) available to lend, of which roughly half is expected to be consumed by bailouts of Ireland, Portugal and Greece. Italy has nearly €2tn in debt outstanding.

The European Central Bank has purchased Italian debt since August, but will not carry on doing so indefinitely. The need to bolster the EFSF has led the EU to pursue countries outside the euro zone with surplus cash, such as China. 

Newscribe : get free news in real time

Related posts:

• Can EU solve its own debt crisis? 

• Eurozone seeks bailout funds from China 

China's Great Leap to Space Industry

Tweet

China's space industry to see accelerated expansion over next 10 years

BEIJING, Nov. 4 (Xinhua) -- China's space industry will develop quickly over the next 10 years as the country pushes ahead with its space programs after its first space docking on Thursday.

Lab modules, a space station and 10 to 20 spaceships will be launched into space over the next 10 years, the Shanghai Securities News said Friday, but did not reveal its source.

The country will spend around 300 billion yuan (47.47 billion U.S. dollars) in manufacturing those craft, according to the newspaper.

There are 20 or so space voyages being planned in China, the newspaper reported, citing Wu Ping, spokeswoman of China's manned space program. The spaceflights will shore up demand for spacecraft manufacturing and launch services.

Space infrastructure has been included as one of China's strategic new industries which the government plans to foster over the next five years.

China started its three-stage manned space program in 1992.

In the first stage the country sent the astronaut, Yang Liwei, into space as part of the Shenzhou-5 mission in 2003. It was the first time for China to send a person into space.



Also as part of the initial stage, two astronauts conducted extravehicular activities during the Shenzhou-7 mission in 2008.

Now during the second stage China is focusing on space docking.

It achieved its first space docking in wee hours of Thursday when Tiangong-1 and Shenzhou-8 connected in space.

The next significant events will be the launching of Shenzhou-9 and -10, and one of the missions will be manned.

China will complete the second stage after it establishes its own space lab around 2016, Wu said.

In the third stage, China plans to develop and launch multiple space modules, with a goal of assembling a 60-tonne manned space station in 2020.

"The successful docking means China will enter a phase of massive production of spacecraft. The space economy is about to take off," according to Dongxing Securities.

Chinese Space Program

Roaming outer space in an airship, 1962

The succesful launching of the Shenzhou V, the Divine Vessel, on 15 October 2003, with taikonaut Yang Liwei on board, marked a giant leap forward in the Chinese space program that saw its origins in the 1960s. With this result, China joined the club of space-travelling nations that previously had been limited to the United States and the Soviet Union/Russian Federation. A previous Chinese launching , in 1970, had already brought a satellite into orbit that endlessly broadcast Dongfang hong (东方红, The East is Red), not the national anthem, but probably one of the best known Chinese tunes, eulogizing Mao Zedong. The success of this mission was solely ascribed to the genius of Mao Zedong Thought, which had guided the scientists and workers. In reality, Qian Xuesen (1911-2009), a rocket engineer formerly attached to the Jet Propulsion Lab in Pasadena, California, U.S., who had been expelled in the 1950s for suspected Communist sympathies, designed China's first missiles, earning him the accolade of being the father of the space program.

Little guests in the Moon Palace, early 1970s

In the early 1970s, the Chinese space program was brought to a halt as a result of the political turmoil of the Cultural Revolution. After Deng Xiaoping returned to power in the later 1970s, the program was revived in the 1980s. Clearly, the military industrial complex also benefitted greatly from this development, thus enabling the People's Liberation Army to demonstrate how well it responded to the political demands to modernize. Space also appealed to the popular imagination, as can be seen from the relatively abundant use of space-related imagery in posters published in the 1980s and 1990s.

Our past, present and future, 1987

We are in the process of creation, 1994

Under Jiang Zemin, however, the program, now named the 921 project, really took off in the 1990s. Successes in space exploration are very much seen as results of the CCP's support for advanced scientific projects that is part and parcel of his theory, the "Three Represents". The Party has appropriated the space mission rather as another justification for its continued rule, and attempts to use it even further to fan patriotism. In this patriotic discourse, space activities are another indication that demonstrate that China has shaken off the humiliation it has suffered in the past at the hands of the Western imperialist powers and is becoming a nation once more to be reckoned with.

Continue the struggle to realize the basic strategy and the historic duty of the Party, 2002

Moreover, space exploration and scientific research in general are part of the Party strategy to combat specific religious behavior that it sees and terms as superstition. Even in materials aimed at Falun Gong adherents, space imagery has been used in an attempt to bring them back into the fold.

Uphold science, eradicate superstition, 1999

Aside from the numerous benefits for the CCP's legitimacy, military developments and further space exploration, it stands to reason that the Shenzhou-mission will be exploited endlessly for propaganda purposes. Colonel Yang, for example, immediately was turned into an instant hero. According to media reports, 10.2 million sets of commemorative stamps have been issued. Unfortunately, no commemorative posters seem to have been published! In their absence, I reproduce some earlier artists' impressions of Chinese space travel below.

A garden in outer space, 1985

Heaven increases the years, man gets older, 1989

Aside from the political use of the space mission, its success really has struck a chord with the people. They feel proud and consider China's joining of the space family as another indication that the country is regaining some of the splendor and importance it had during its imperial past. As a result, a number of Chinese companies have included the Chinese conquest of space in their printed and television advertising. Jianlibao, a sports drink, already featured a Chinese taikonaut walking on the moon in one of its television commercials broadcast in early 2003.

Bringing his playmates to the stars, 1980

On 12 October 2005, China launched its second manned spacecraft, the Shenzhou VI, for a multi-manned, multi-day mission. Colonels Fei Junlong (mission commander) and Nie Haisheng (mission operator) embarked on a flight scheduled to take three to five days, during which they will undertake a number of scientific experiments. The launch is part of a more encompassing space program that includes space walks, the docking of a capsule with a space module and the launch of a permanent space lab. Moreover, in 2006, China started with the selection of women astronauts.

Warmly welcome the visit to Hong Kong of the nation's first taikonaut Yang Liwei and representatives from the manned space flight program, 2003

Sources:

Leonard David, Shenzhou Secrets: China Prepares for First Human Spaceflight
Matthew Forney, "Great Leap Skyward", Time Asia, vol. 162, n. 12 (29 September 2003

China Opens 'Space' Post Office on Docked Spacecraft

by Robert Z. Pearlman, collectSPACE.com Editor

Video still showing China's Shenzhou 8 spacecraft docked with the Tiangong 1 lab module on Nov. 3, 2011. CREDIT: China Central Television View full size image

China opened a new post office Thursday (Nov. 3) with a street address that is 213 miles (343 km) above the Earth.

Coinciding with the country achieving its first ever docking in space between the unmanned Shenzhou 8 spacecraft and Tiangong-1 space lab module, the "China Post Space Office" opened for business both on the ground in Beijing Aerospace City and, at least virtually, on board the newly established orbital complex.

Located on the ground near China's mission control, the Beijing Aerospace Command and Control Center (BACC), the new space post office even has its own zip code that extends into orbit: 901001.

Like any postal facility, the office will process letters and, in this case, e-mails, making it possible for the public to write Chinese astronauts, or "taikonauts," on the ground and in space. The space post office will offer domestic and international delivery as well as philatelic products, with more services expected to be introduced as China's aerospace industry eventually expands.

Yang Liwei, who in 2003 became China's first taikonaut in space, will serve as the post office's honorary chief.

A partnership between the China Post Group Corporation and the China Manned Space Engineering (CMSE) Office, the post office will also sell philatelic collectibles depicting China's major events in space. Among the first souvenirs offered are cancelled envelopes, or "covers," celebrating the Shenzhou 8 and Tiangong 1 docking complete with a commemorative postmark. [Photos From China's 1st Space Docking Mission]

China's postal service has issued other commemoratives for its country's previous space accomplishment but not through a dedicated "space" post office.

Shenzhou 8, which launched on Oct. 31 EDT, caught up with and docked at the Tiangong 1 space lab module on Nov. 2 EDT. The two unpiloted spacecraft will remain linked for 12 days before the Shenzhou detaches, backs away, and then approaches again. After the second demonstration of docking techniques, Shenzhou 8 will return to Earth.

In addition to demonstrating docking, Shenzhou 8 is also flying space life science experiments for both China and Germany.

The first docking established China as the third nation to achieve such a space feat with spacecraft designed to carry astronauts, after the United States and Russia. The orbital hookup marked a step forward toward China's plans to deploy a manned space station by 2020.

Russia has operated a makeshift post office on its space stations since the 1970s and continues to operate such a service on the International Space Station.

The Russian space office consists primarily of a postmark device that is only used in space. Cosmonauts use the ink stamp to mark letters and postcards as having flown in orbit, but also use it to mark other space souvenirs including crew notebooks, equipment and patches.

Follow collectSPACE on Facebook and Twitter @collectSPACE and editor Robert Pearlman @robertpearlman. Copyright 2011 collectSPACE.com. All rights reserved.

Newscribe : get free news in real time 

Related previous posts:

• China completes nation's first space docking

• China's space station program
• Made in China: Country's new supercomputer uses homegrown chips

Can EU solve its own debt crisis?

Tweet

EU can solve its own crisis, no need for China to step in

By TEE LIN SAY linsay@thestar.com.my

SERI KEMBANGAN: China does not need to help in the eurozone debt crisis because Europe has enough money to solve the problem on its own, said Standard Chartered head of research (east global research) Nicholas Kwan.



“It is now politics that is getting in the way,” he said at a discussion on “Building Financial Hubs Rethinking the World of Money” at the 3rd World Chinese Economic Forum.

Kwan said people must not be misled to think that with China stepping in, the eurozone problem could be solved. Europe's economy is US$14 trillion (RM42 trillion), while China's US$3.26 trillion (RM9.78 trillion) in foreign reserves is only a quarter of that figure.

“To ask China to help would be to give China some limelight. Even if China were to help, they cannot expect China to help in a big way. If Germany is not interested to help, then why should China?”

Kwan said China had spent too much money investing, particularly in US treasuries, which were yielding a very low interest rate.

“I don't think China can cut down anytime soon in US treasuries, but they can do some passive diversification. Moving forward, they can reduce the proportion of new investments in the treasuries,” he said.

Kwan said that one good thing about the financial crisis was that every economy had a share in it. In the case of China, it had invested too much US dollars to a single huge borrower. “As everyone is affected, everybody has an interest for the world to recover,” he said.

IHS senior director and Asia-Pacific chief economist Rajiv Biswas said that growth for Europe in the medium term would be constrained at less than 2% but, at the same time, would not be negative.

Rajix expected moderately positive growth in the United States, with gross domestic product (GDP) expanding at an average of 2% over the next decade.

He said that much of China was moving in the middle-income group. “A large share of GDP to consumption will increase as a result of this. Moving forward, domestic consumption in China will become a lot more important,” he said.

Kwan added that previously, if growth in the United States and Europe were to stop, other economies would follow suit. However, this has now changed, especially in Asia and China, as the emerging economies are now able to create markets among themselves.



“While Asia would still be affected by the slowdown in the West, now they can offset some of the growth that is missing,” he said.

Tembusu Partners Pte Ltd chairman Andy Lim said the four sectors he liked in China were healthcare, resources, clean technology and education.

“When we invest in China, we never ask them to show us their books. We know it is of no use. What we first do is to spend time getting to know these entrepreneurs in the first 12 months. Secondly, we talk to their peers.

“Then thirdly and very importantly, we need to know what the entrepreneur's relationship with the local authorities are. This makes a huge difference to the bottomline. Finally, we look at their books,” said Lim.

Maybank Investment Bank Bhd director and head of dealing, equities, Lok Eng Hong said Malaysia recently made it as China's top 10 investment destinations. The top few destinations were Hong Kong, the United States, South Korea and Australia.

Chinese President Hu delivers speech at G20 Summit

Play Video

In French resort city of Cannes, Chinese President Hu Jintao has delivered a speech at the G20 Summit. He pointed out that some major economies are experiencing an economic slowdown, and some countries are facing acute sovereign debt problems. Hu called for greater attention and more concerted efforts to solve these problems.

In his speech, Hu Jintao pointed out that the world economy is facing instability and uncertainty and encountering growing risks and challenges. As the premier forum for international economic cooperation, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability.

Hu also made five specific proposals. First, ensuring growth while paying attention to balance. He called on different countries to introduce new and strong measures to ensure that the fiscal and monetary policies are fully implemented and that funding is channeled into the real economy to boost production and employment.

Second, he urged pursuit of a win-win outcome through cooperation. Hu said world leaders should strengthen unity and send a strong signal of cooperation to the world so as to boost the confidence of the international community in global economic recovery and development.

Third, improve governance in the course of reform. Hu proposed that the world should advance the reform of the international monetary system in a steady manner and oppose trade and investment protectionism in order to build a fair, equitable and non-discriminatory international trading system.

Hu’s fourth proposal was to strive for progress through innovation. He urged innovative thinking, a system and mode for advancing economic and social development and to bring into full play the basic role of the market in resources allocation while avoiding blind pursuit of profit and malicious competition.

Finally, he called on promoting common prosperity through development. He said that as a developing country, China stands ready to promote mutual assistance with other developing countries and will work with them to advance durable peace and common prosperity.

To further help the least developed countries in their development endeavor, China will, in the context of South-South cooperation, give zero-tariff treatment to 97 percent of tariffed items exported to China from the least developed countries that have diplomatic ties with China.

This year marks the tenth anniversary of China’s accession to the WTO. In the past decade, China’s economy has made significant advances and its contributions to world economic growth. On the other hand, China is confronted with quite a few challenges in its efforts to maintain steady and fast growth. Hu said he was convinced that, through hard work and with the understanding and support of the international community, China’s economy has bright prospects. And continued steady and fast economic growth in China will serve the interest of global economic growth.

Hu calls for joint efforts to promote growth, financial stability
Chinese President Hu Jintao on Thursday urged the world's major economies to work together to promote growth and financial stability. "It is imperative that we stand on a higher plane, transcend differences on specific issues, move beyond short-term considerations, and jointly seek ways to overcome the crisis and sustain development," Hu told the Group of 20 (G20) summit here. <Full Story>

China makes more contributions to world economic growth: Hu
Chinese President Hu Jintao said Thursday that his country is making more contributions to world economic growth as its economy has made strides in the past decade. <Full story>

China pledges more help to other developing countries
Chinese President Hu Jintao said Thursday that his country will provide more help to other developing countries. <Full story>

Chinese President Hu's speech at G20 Summit in Cannes

China's Hu Says Europe Can Solve Crisis On Its Own


(RTTNews) - Chinese President Hu Jintao said on Thursday that Europe has the absolute "wisdom and ability" to solve its debt problems. 

After meeting French President Nicolas Sarkozy at Cannes ahead of the G20 meeting, he said that recent reform package agreed upon by EU leaders during last week's summit demonstrated Europe's determination and will to end the crisis.

According to a statement from the Ministry of Foreign Affairs, Hu said that he expects the implementation of the reforms to solve all the difficulties currently facing the region, and help in its economic recovery.

by RTT Staff Writer

Related articles

• Eurozone seeks bailout funds from China Oct 29, 2011
• Q&A: Why China won't ride to Europe's rescue (cnn.com)
• China to Possibly Aid Europe and Invest in Financial Bailout (prweb.com)
• We can't cure Europe's malaise, says China (independent.co.uk) 

China completes nation's first space docking

China spacecraft dock together in orbit

Tweet

China took a crucial step towards fulfilling its ambition to set up a manned space station on Thursday by completing its first successful docking high above Earth, state media reported.



The Shenzhou VIII spacecraft joined onto the Tiangong-1 experimental module at 1737 GMT, silently coupling more than 343 kilometres (213 miles) above the Earth's surface, the Xinhua news agency said.

The spacecraft, whose name translates as "divine vessel", is a modified version of the capsules that took the first Chinese astronauts into space as part of the rising power's ambitious exploration programme.

China aims to complete construction of a space station by 2020, a goal that requires it to perfect docking technology -- a delicate manoeuvre that the Russians and Americans successfully completed in the 1960s.

The technology is hard to master because the two vessels, placed in the same orbit and revolving around Earth at high speed, must come together progressively to avoid destroying each other.

China sees its space programme as a symbol of its global stature, growing technical expertise, and the Communist Party's success in turning around the fortunes of the once poverty-stricken nation.

Chinese leaders including Premier Wen Jiabao were at the Beijing Aerospace Flight Control Center to watch a live broadcast of the docking, while President Hu Jintao, who is in France for the G20 summit, sent a congratulatory message.

"Breakthroughs in and acquisition of space docking technologies are vital to the three-phase development strategy of our manned space programme," Hu said.

The docking took eight minutes and was aided by microwave radars, laser distance measurers and video cameras.

The two spacecraft, each weighing about eight tonnes, smoothly captured, cushioned, connected and locked onto each other, Xinhua reported.

"To link up two vehicles traveling at 7.8 km per second in orbit, with a margin of error of no more than 20 centimetres, is like 'finding a needle in a haystack'," Zhou Jianping, chief designer of China's manned space programme, said.


"This will make it possible for China to carry out space exploration on a larger scale."

He said the country was now equipped with the technology and capacity to construct a space station, adding that Shenzhou VIII might be used as the prototype for a series of spaceships.

China plans to make more than 20 manned space voyages in the next decade, Xinhua said.

A Chinese astronaut trainer is among six volunteers who will emerge on Friday into the outside world after spending almost 18 months in isolation at a Russian research centre to test the effects on humans of a flight to Mars.

China began its manned spaceflight programme in 1990 after buying Russian technology and in 2003 became the third country to send humans into space, after the former Soviet Union and the United States.

In September 2008, the Shenzhou VII, piloted by three astronauts, carried out China's first space walk.

The Shenzhou VIII spacecraft took off on Tuesday from the Jiuquan base in the northwestern province of Gansu from where Tiangong-1 -- or "Heavenly Palace" -- also launched on September 29.

The two vessels will stay linked together for around 12 days before separating and uniting again at a later date, said Wu Ping, spokeswoman for China's manned space programme.

If this mission is a success, China will launch two more spacecraft next year to dock with Tiangong-1 -- the Shenzhou IX and Shenzhou X -- at least one of which will be manned.

Two women are among the astronauts who are training for this mission, Xinhua said. If they are chosen to go, they will be the first women to be sent into space by China.

In preparation for the manned flight, two life-size dummies have been placed on board Shenzhou VIII.
Electronic data will be transmitted back to Earth to help researchers assess the impact of the flight on human breathing, temperature and blood pressure.

The spacecraft is also being used by Chinese and German researchers to conduct joint experiments in life sciences and microgravity, the first time another country has been given any access to China's manned space programme.

China plans to launch a space laboratory before 2016, and hopes to have a space station in orbit capable of accommodating long-term stays in space by around 2020, officials have said.

(c) 2011 AFP

Newscribe : get free news in real time

China spacecraft dock together in orbit

Two unmanned Chinese spacecraft docked successfully and were orbiting the Earth together on Thursday in a step that moves China closer to manning its own space station in about a decade.

The Shenzhou 8 craft that was launched on Tuesday docked with the already orbiting Tiangong 1 module, said Wu Ping, spokeswoman for China's manned space program.

The assembly has orbited Earth six times, with onboard instruments working normally, she said.

The US and Russia are the only other countries to master the space docking technique. It was "a milestone success and sets a sound foundation for continued missions", Wu said.

The joint assembly will fly for another 12 days doing tests, then a second docking will be followed by two days' flight. Shenzhou 8 is scheduled to return to Earth on November 17, she said.

"Our aim is to try our best to perform multiple tests within one launch so as to maximise our benefits through limited launches," Wu said.

China launched its own space station program after being turned away in its repeated attempts to join the 16-nation International Space Station. That was largely on objections from the United States, which is wary of the Chinese space program's military links.

Experts see no explicit military function for the Chinese space station.

In terms of technology, the launch of the Tiangong-1 places China about where the US was in the 1960s during the Gemini program. But experts say China progresses further than the US did with each launch it undertakes.

Two more docking missions with the Tiangong 1 model are planned next year, one of them manned. China will set up a space lab by 2016, Wu said, and its actual station will be launched in three sections between 2020 and 2022.

All the parts of the docking mechanism and the more than 600 onboard instruments were designed and made by Chinese state-owned and private companies, she said.

President Hu Jintao praised the docking in a message from France en route to the Group of 20 economic summit. Premier Wen Jiabao and other top officials watched the docking from an aerospace centre in Beijing, the official Xinhua News Agency reported.

At about 60 tons when completed, the Chinese station will be considerably smaller than the International Space Station, which is expected to continue operating through 2028.

China launched its first manned flight in 2003, joining Russia and the United States as the only countries to launch humans into orbit. The Chinese space program also calls for one day landing on the moon, possibly with astronauts.

Asked by a reporter what real benefits the Chinese government's investment in its space program brought to ordinary citizens, Wu said "It's fair to say that aerospace technology is closely linked to the everyday life of the people."

She said the benefits of past space travel ranged from the use of satellites for navigating in cars and television broadcasting to the designs of nappies for babies and the freeze-drying of ingredients used in instant noodles.

© 2011 AFP  Newscribe : get free news in real time

Related post:

China's space station program  

TM ringing up a hefty bill

Tweet

Ringing up a hefty bill

Telekom to make good the error of overcharging senior subscriber

By SIMREN KAUR simren@thestar.com.my

A RETIRED businessman said he could not take it “sitting down” when he was overcharged by over 100% by Telekom Malaysia Bhd for a subscription package.

The complaint lodged by the businessman, who wished to be known only as Yong, 68, was initially rejected by the company.

However, the company later admitted there were errors in the billing and agreed to provide him with a rebate after Yong visited the TM Bhd outlet in Bayan Baru, Penang, accompanied by a reporter from The Star yesterday.

“I’m happy that my struggle for justice has been worthwhile,” he said.

Yong said he was billed RM334.11 in September when his monthly bill never exceeded RM150.

Double take: Yong, 68, bringing along his erroneous phone bill to successfully fight his case at the Bayan Baru TM Berhad outlet in Penang..

“I happened to scrutinise the bill and noticed that I was overcharged for the ‘BlockBuster Deal 1MBps’ which I signed up on July 27 this year.

“Under the plan, I was supposed to pay RM110 per month with free local and outstation calls to Telekom fixed lines.



“I will also be charged 10 sen per minute for calls to handphones and other fixed lines nationwide,” he said.

However, Yong said he was charged up to RM0.90 per minute for calls to Kuala Lumpur and mobile numbers.

“How can this be so? It is clearly stated that I should only be charged 10 sen per minute,” he said.

Yong then filed a complaint with the TM Bhd outlet in Bayan Baru on Oct 13 and the matter was referred to the company’s headquarters.


However, he received a letter from TM Berhad on Oct 21 claiming that the bill was correct.

“I was not satisfied as they did not even give any reason as to why I was overcharged,” said Yong, who then called The Star to seek assistance.

Yong then approached the TM Bhd outlet in Bayan Baru again accompanied by a reporter.

TM Bhd Bayan Baru customer service officer Norhashimah Yacob said they checked through the system and found errors in the billing.

“The mistake is regretted. We will provide Yong with a rebate for the amount he was overcharged in his future billings,” she said.

Yong said that Telekom subscribers should check their bills regularly to ensure there were no discrepancies.

“If I were illiterate, then I would not have been able to do anything,” he said. 

China's space station program

Tweet

Play Video

VIDEO: CHINA´S SPACE STATION PROGRAM CCTV News - CNTV English

China has a long-term goal for its space exploration program. And the launch of the Shenzhen 8 Space Shuttle is one of the missions that will be accomplished during the program’s undertaking.

According to the China National Space Administration or CNSA, China’s Space Program consists of three stages.

Phase 1 is the launch of a manned space shuttle that will execute various space experiments. The Shenzhou 5 and 6 have completed this stage’s mission.

The launch of a space laboratory marks Phase 2 of the program. One of the missions during this stage will be the docking of a manned space shuttle and space lab, which is a prototype of China’s ultimate space station to carry out experiments.



Shenzhou 7 was the third human spaceflight, which included the first Chinese extra-vehicular activity or EVA, a milestone during this phase. The launch of the Tiangong Space Lab and Shenzhou 8 to 10 Space Shuttles is expected to complete the rest of the second phase missions, which paves the way for China’s ultimate goal of constructing a space station. Its operation is part of Phase 3, which will take place in the future.

Tiangong-1 is the first Chinese space laboratory module. It is intended as an experimental testbed to develop rendezvous and docking capabilities needed to support a larger space station complex. Tiangong-1 is expected to be visited by three Shenzhou missions during its operational lifetime: the unmanned Shenzhou 8 in 2011, and the manned Shenzhou 9 and 10 in 2012.

After spending approximately two years in orbit, Tiangong-1 will return to earth in 2013. It will be replaced over the following decade by the larger Tiangong-2 and Tiangong-3 modules, which will conduct more sophisticated space experiments and probes. Tiangong 2 will fulfill various experiments, introduce new technologies, and possibly develop space medicine. The full-size, multi-module Tiangong 3 space station will have astronauts stationed inside. The station will be supplied by cargo shuttles.

CNSA says the Tiangong 3, China’s first full-size space station, will be a realistic and multi-functional station to perform experiments, production, probing and storing, which they believe will produce fruitful results. For example, the space station will have the ability to develop new types of vegetables and fruits or produce new materials in space. China has set a goal of having its space station to be in place by 2020.