China Readings for October 2nd

  • Russia makes clear its military ambitions / Activities in Far East show desire to boost ability to compete with Japan-U.S. alliance, China : National : DAILY YOMIURI ONLINE (The Daily Yomiuri) – Russia has been increasing its military activities in the Far East, including in seas near Japanese territories, with the apparent goal of rebuilding combat capabilities that were diminished following the breakup of the Soviet Union.

    The activities are also designed to restore military balance with the U.S.-Japan alliance, and as a response to China's military buildup, according to military analysts.

  • Internet firms co-opted for surveillance: experts | Reuters – not in China but in US and elsewhere. Panopticon irresistible to security services, most people don't know/care?//

    Internet companies such as Google, Twitter and Facebook are increasingly co-opted for surveillance work as the information they gather proves irresistible to law enforcement agencies, Web experts said this week…

    "The marginal cost of surveilling one more person is now essentially approaching zero."

  • Monetary tightening takes toll on China’s small, mid-sized businesses – Some entrepreneurs have disappeared and others have jumped off buildings almost every week since April in eastern China's Zhejiang Province.

    At least 80 cash-strapped businesspeople in Wenzhou, China's entrepreneurial capital, have gone into hiding or declared bankruptcy to invalidate more than 10 billion yuan (1.6 billion U.S. dollars) in debt owed to individual creditors pooled from the informal lending market, according to a Xinhua investigation.

    Just last week, two local entrepreneurs in Wenzhou killed themselves by jumping from buildings and another broke his leg in a similar suicide attempt.

    The tragedies in Wenzhou are extreme cases of small and mid-sized private companies struggling to survive a liquidity crunch amid the country's macro control policies which have been set to cool inflation and reign in the runaway property market.

  • China Calls for Internet Crackdown After ‘Prostitute Diary’ Blog Is Shut – Bloomberg – heard from good source weeks ago that october rectification coming, people will need to watch what they say on weibo, arrests should be expected. grim//

    China’s government told its 500 million Internet users to stop spreading “malignant tumors” online or face punishment, the official Xinhua News Agency reported, citing a Cabinet spokesman it didn’t name.

    Users in China must “abide by the law, show self- discipline and refrain from spreading rumors,” the spokesman for the State Council’s State Internet Information Office said, according to Xinhua.

  • Shift in Sentiment Toward China’s Internet Darlings – WSJ.com – Investors dumped the stocks of some of China's biggest Internet companies, as scandals with some smaller Chinese firms has shaken Wall Street's confidence in the country's businesses.

    U.S.-listed shares of China's leading search engine, Baidu.com Inc., and Sina Corp., the operator of the country's Twitter-like messaging service, plunged 16% and 18%, respectively, in the last two days of trading on the Nasdaq Stock Market even though these companies haven't been accused of wrongdoing.

  • China’s lavish building projects are often monuments to graft – latimes.com – Reporting from Wangjiang, China— There are no highways running through this impoverished rural county. Children study in dilapidated schoolhouses. On many streets, you're just as likely to run into a chicken as you are a pedestrian.

    Yet the Wangjiang local government is constructing a headquarters on a slab of land the size of the Pentagon building — a sprawling edifice of granite and glass with a $10-million price tag in a county where the average resident earns $639 a year.

    "The government building is so grand, but at the same time, many people are still living in poverty here," said Ye Daoman, a local farmer and activist.

  • China Economic Watch | The Internal Cost of China’s Currency Policy – It is currently costing the Chinese central bank about $240 billion per year to hold down the value of the Chinese currency relative to other currencies.  This cost is growing rapidly.  The cost would decrease significantly if China allowed its currency to float and began reducing its foreign reserves, although there would likely be a one-time capital loss at the time the currency begins to float.
  • 坚决制止捏造事实编造谎言在网上传播的行为_时政频道_新华网 – original chinese about quashing net rumors. perhaps the october internet rectification campaign i have been hearing about really is coming// 

     新华网北京9月30日电 国家互联网信息办网络新闻宣传局负责人30日发表谈话,对最近有人在网上捏造所谓“微博名妓若小安”等谎言予以谴责,要求有关属地管理部门和各网站依法查处,坚决制止在网上捏造事实、编造谎言等扰乱网络传播秩序和社会秩序的行为,维护社会和谐稳定。

  • China vows to punish posters of Internet rumors – Yahoo! News – BEIJING – China is renewing threats to punish people who post falsehoods on the Internet as the government tries to rein in a medium that has become a source of lively debate and criticism.

    A spokesperson for the State Internet Information Office said in a statement released late Friday that Internet rumors were malignant tumors that harm social stability. The statement carried by the Xinhua News Agency calls on Internet users to abide by laws and stop spreading rumors.

  • Alipay’s Transfer Sowed Doubt in China Internet Companies, Renren CEO Says – Bloomberg

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