‘Princelings’ in China Use Family Ties to Gain Riches
‘Princelings’ in China Use Family Ties to Gain Riches SHANGHAI — The Hollywood studio DreamWorks Animation recently announced a bold move to crack China’s tightly protected film industry: a $ 330 million deal to create a Shanghai animation studio that might one day rival the California shops that turn out hits like “Kung Fu Panda” and “The Incredibles.” What DreamWorks did not showcase, however, was one of its newest — and most important — Chinese partners: Jiang Mianheng, the 61-year-old son of Jiang Zemin, the former Communist Party leader and the most powerful political kingmaker of China’s last two decades. The younger Mr. Jiang’s coups have included ventures with Microsoft and Nokia and oversight of a clutch of state-backed investment vehicles that have major interests in telecommunications, semiconductors and construction projects. That a dealmaker like Mr. Jiang would be included in an undertaking like that of DreamWorks is almost a [...]
U.S., China Battle Over Audits
U.S., China Battle Over Audits BY DINNY MCMAHON AND MICHAEL RAPOPORT U.S. and Chinese regulators are headed toward a possible clash over how Chinese companies are audited. Beijing has moved to assert more control over Chinese affiliates of major accounting firms by requiring that Chinese citizens lead those firms and make up most of the partners. That action came after U.S. regulators increased pressure on a Chinese audit firm to force it to cooperate with a U.S. investigation. At issue is which superpower holds sway over accounting oversight and control of Chinese accounting firms—including affiliates of the so-called Big Four—that audit U.S.-traded companies. U.S. authorities want the firms to help them … BY DINNY MCMAHON AND MICHAEL RAPOPORT U.S. and Chinese regulators are headed toward a possible clash over how Chinese companies are audited. Beijing has moved to assert more control over Chinese affiliates of major accounting firms by requiring [...]
China blind activist to get passport ‘within 15 days’
China blind activist to get passport ‘within 15 days’ BEIJING: Blind activist Chen Guangcheng said on Thursday China had agreed to issue him a passport within 15 days, allowing him to go to the United States, after a bitter row between Beijing and Washington. It was the first indication of when Chen would be allowed to leave the country since he left the US embassy more than two weeks ago after seeking refuge there following his dramatic escape from house arrest. Speaking to AFP by telephone from the hospital where he is being treated, Chen also said authorities had promised to investigate murder charges brought against his nephew that he has said are motivated by revenge for his escape. “Officials visited yesterday, we filled out passport application forms for my myself, my wife and children,” said the 40-year-old legal campaigner, who triggered a diplomatic crisis when he fled to the [...]
China violated LAC 500 times in last two years
China violated LAC 500 times in last two years SHAREANDDISCUSS The government, as always, played down the issue by holding the transgressions took place due to “differing perceptions” about where the LAC actually lies. NEW DELHI: Needling India all along the unresolved 4,057-km Line of Actual Control (LAC), Chinese troops have crossed over into Indian territory over 500 times since January, 2010. But much more than the sheer number of these “transgressions” – the government refuses to call them “intrusions” – it’s the increasingly aggressive behaviour of the 2.5-million-strong People’s Liberation Army (PLA) along the LAC that remains a major worry. Many experts feel China, after building massive military infrastructure in Tibet Autonomous Region with five airbases, an extensive rail network and over 58,000-km of roads, is now resorting to “a slow but steady cartographic aggression” to keep India under pressure. The government, as always, played down the issue by [...]
China, Philippines Fishing Ban Defuses Tensions
China, Philippines Fishing Ban Defuses Tensions A territorial squabble between China and the Philippines over a small group of islands in the South China Sea has not evolved into a going green agreement. But a decision by both countries to implement a ban on fishing in the region has helped to temporarily defuse tensions between them. From May 16 – August 1, China said it will stop fishing in an area that encompasses the Scarborough Shoal (Huangyan Island to the Chinese), a small group of islands it claims as part of its territory. The Philippines responded by announcing plans for its own fishing ban in the area. While Philippine Foreign Minister Albert del Rosario said called it an opportunity to replenish the rich fishing grounds, his statement was preface by a comment that was more direct to the issue. “We do not recognize China’s fishing ban inasmuch as portions of [...]
Categories: India News Tags: China, Defuses, fishing, Philippines, Tensions
China to enforce fishing ban in disputed waters
China to enforce fishing ban in disputed waters SHAREANDDISCUSS BEIJING: China is set to enforce its annual fishing ban in the South China Sea, but the Philippines says it will not recognize the ban in waters both countries claim. The ban that begins on Wednesday is meant to conserve resources and curb over-fishing. The official Xinhua News Agency cited a South China Fisheries Administration Bureau official on Sunday as saying the ban includes waters around Huangyan island, which Manila calls Panatag Shoal. Philippine foreign secretary Albert del Rosario says his nation does not recognize the Chinese ban and suggested Filipinos would continue to fish in its territorial waters. Ships from both nations have been standing off at the shoal since April 10. Its popular name is Scarborough Shoal. Chinese enforcement of the ban has previously sparked tensions with Vietnam. China to enforce fishing ban in disputed waters
China growth risks signal need for fiscal action
China growth risks signal need for fiscal action Beijing: China may need a back-up plan to stop economic growth being cut short by a surprise dip in demand at home and abroad that suggests monetary policy easing steps taken since the final quarter of last year are insufficient to deal with the downturn. The People’s Bank of China cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan for lending to add to the roughly 800 billion injected in two previous 50 bps cuts since the government tilted its policy stance towards growth in October. The move came after data on Friday showed the economy weakening, not recovering, from its slowest quarter of growth in three years. Industrial production growth slowed sharply in April and fixed asset investment – a key growth driver – hit its lowest level in nearly a [...]
China, Japan, South Korea in Trade Talks
China, Japan, South Korea in Trade Talks BY AARON BACK, TOKO SEKIGUCHI AND YUKA HAYASHI The leaders of China, Japan and South Korea agreed to begin free-trade negotiations this year, opening the possibility of an agreement that could rival the world’s largest free-trade zones in size, although it is likely to be far less comprehensive or rigorous. “The free-trade agreement will unleash economic vitality of the region and boost economic integration,” Chinese Premier Wen Jiabao said at a news conference with Japan’s Prime Minister Yoshihiko Noda and South Korean President Lee Myung-bak, during a three-way summit between the Asian nations in Beijing. The three countries accounted for 19.7% of global gross domestic product in 2010, … BY AARON BACK, TOKO SEKIGUCHI AND YUKA HAYASHI The leaders of China, Japan and South Korea agreed to begin free-trade negotiations this year, opening the possibility of an agreement that could rival the world’s [...]
Japan’s Leader Turns Trade Focus to China, South Korea
Japan’s Leader Turns Trade Focus to China, South Korea BY YUKA HAYASHI AND TOKO SEKIGUCHI TOKYO—Japan’s prime minister pledged Saturday to accelerate efforts to form a free-trade agreement with China and South Korea, an ambitious pact that could create an integrated trade zone rivaling in size the North American Free Trade Agreement and the European Union. As Japan increases its reliance on rapidly expanding demand in China and other Asian neighbors to fuel its own sluggish economy, Tokyo is trying to avoid getting left behind the waves of trade liberalization sweeping the region. Japan wants to start formal negotiations on the trilateral pact, known as an FTA,”as soon as possible,” and will urge the other … BY YUKA HAYASHI AND TOKO SEKIGUCHI TOKYO—Japan’s prime minister pledged Saturday to accelerate efforts to form a free-trade agreement with China and South Korea, an ambitious pact that could create an integrated trade zone [...]
Death toll in China storms rises to 40
Death toll in China storms rises to 40 Beijing: The death toll from hail and rain storms in a mountainous area in northwest China has risen to 40. The official Xinhua News Agency says that another 18 people are missing and that power supplies and telecommunications networks have been disrupted in Minxian county in Gansu province. Xinhua said late on Saturday that nearly 30,000 people were evacuated following the storm, which battered the county on Thursday. Relief teams have taken blankets and clothing into the area. For NDTV Updates, follow us on Twitter , Facebook , Google+ and Pinterest Death toll in China storms rises to 40
