Is China launching a new economic stimulus package? The Wall Street Journal explains that “China has significantly accelerated approvals for new investment projects by companies and local governments“, Bloomberg quotes Xinhua as saying China Has No Plan for Large-Scale Stimulus, People’s Daily urges steady growth and prudent investing in 稳增长 要投资不要投资冲动 and the Financial Times provides a summary of what is known so far in China’s mini stimulus, explained. Stock markets on Tuesday welcomed news of some kind of stimulus but disappointment may await those expecting anything similar to the massive policy response we saw in 2008-9.
“Sina Weibo issued a new warning to users to keep themselves in-check with the introduction Monday of a points-based behavior measurement system…The system, dubbed “Weibo Credit,” encourages users to report each other for activities ranging from harassment of others to the spreading of “untrue information,” with each negative report resulting in a lower credit score — leading, ultimately, to the public humiliation of a “low-credit user” badge.”
In 新浪微博：发5条敏感信息将被禁言或封号 Caijing reports that Sina has recruited 5484 community committee members to help enforce new rules (新浪微博公开招募的5484名社区委员也开始履职，与新浪共同维护微博平台的秩序). It sounds like the Internet has helped China progress from neighborhood watch committees to Weibo watch committees. I have written a lot about Sina over at Digicha. People who still insist that Sina Weibo is the “Facebook+Twitter” of China misunderstand the competitive situation, the use case and the “cost structure with Chinese characteristics” that results from the information regulatory regime.
China Media Project provides an update on the use of Weibo by the Public Security organs in Chinese police storm into the era of social media, writing that “on May 24, People’s Daily Online Public Opinion Monitoring Center released a list of China’s top influential microblogs operated by public security offices at the provincial and sub-provincial level in China, determined on the basis of confirmed followers (认证粉丝数), follower activity levels (粉丝活跃率), original posts, average shares and comments and other criteria.” Digicha has a post from last October noting that Chinese Police Embrace Microblogs; it is good to see an update on their progress.
The censorship load is only going to increase, absent bigger changes, given that A Quarter of Chinese Children Under 7 Are Already Online (Tea Leaf Nation). My last startup tried to build a virtual world for Chinese kids, believing that the market would grow rapidly. At least we were right about the market, though we were very wrong about how to attack it. I am not sure if it is better to be right but screwup or to just be wrong…
James Fallows has a good post about China’s Internet and the country’s future in Is China’s Internet Actually ‘Slow’? And Does That Matter?. China’s Internet is only slow if you try to access the global Internet outside of China. Surfing on the Chinese Internet is very fast and you can find many copies of just about every service on the global Internet, with content differences of course. Innovation is a challenge here, and the CPC Central Committee Politburo just met and urged the country to “deepen the reform of its technological system and accelerate the building of a national innovative mechanism.” Internet control is a symptom of the political and cultural environment that stifles innovation, not the cause.
Disgraced former Beijing Party Secretary Chen Xitong is in the news after the leak of a new book based on interviews with him following his release from jail. Chen claims he was just following orders in 1989, that he was the innocent victim of a broader power struggle, and that the Tiananmen crackdown was a tragedy. People are getting very excited about this story, but I have a few questions. Do we think he would say “I had significant responsibility for the June 4 crackdown”? If he is innocent, who sold Wangfujing to the Hong Kong developers, and who is responsible for the destruction of a great neighborhood and landmarks like the Peking Opera theater that was razed? And why did his deputy, Wang Baosen, shoot himself in Pinggu?
The US military seems to be in full damage control over the report that special operators go into North Korea. David Axe details the reaction to his original post in Context of the Korea Special Forces Story along with confirmations from other reporters present at the talk. Expect Gen. Tolley to be in a different role soon?
Ian Johnson has a great story about Bill Porter, author of Road to Heaven: Encounters with Chinese Hermits and Zen Baggage: A Pilgrimage to China, who is finding a much bigger audience in China than he ever found in the West. There is much insight about modern China in Finding Zen and Book Contracts in Beijing.
- China Boosts Investment – WSJ.com
China has significantly accelerated approvals for new investment projects by companies and local governments, part of a campaign to support growth in the world’s second-largest economy.
- Confusion Surrounds Giant IPO for Insurer – Deal Journal – WSJ
A $6 billion listing of a giant Chinese state-owned insurer is taking on new twists and turns as bankers gear up for an increasingly taxing deal.
In addition to previous demands that already have raised eyebrows among bankers, People’s Insurance Co. (Group) of China Ltd. is now asking banks that want to be on the deal to seek so-called cornerstone investors, according to people familiar with the matter.
- Letter From Zhang Ziyi’s Lawyer Threatening Legal Action Over Rumors
Posted on Weibo
- Beijing set for tax reform test|Economy|chinadaily.com.cn
Beijing will soon start a pilot program to replace turnover tax with value-added tax to accelerate structural adjustments in the economy, a statement from the local tax office said. It will be the second trial zone after Shangha
- Liang calls on Manila to show restraint|Politics|chinadaily.com.cn
rst face-to-face talks by defense ministers held in Phnom Penh
Defense Minister Liang Guanglie urged the Philippines to show “discreet in both words and deeds” over the Huangyan Island issue and make tangible steps toward regional peace and stability.
Liang made the remarks while meeting his Philippine counterpart Voltaire Gazmin on Monday on the sidelines of the defense ministers’ meeting of Southeast Asian countries in Phnom Penh, the capital of Cambodia.
- 新刺激计划或为误读 地方加快储备新项目 – 宏观 – 21世纪网
Talk of new stimulus misguided? Just moving forward projects already in the 12th 5 year plan?//
- 广东财政大幅减收 收支矛盾渐显 – 宏观 – 21世纪网
Guangdong’s fiscal revenues shrink dramatically in fist 4 months of 2012
- 人民日报-胡锦涛在中共中央政治局第三十三次集体学习时强调 着力提高我国工业发展质量效益 努力从工业大国向工业强国转变
Page 1 People’s Daily on Hu’s comments at recent Politburo meeting, for study
China Ocean Fishing Association established. there are not enough fish in the oceans…
- Chinese Vice Premier says ocean fishing key to food security – Xinhua | English.news.cn
China needs to further develop the ocean fishing industry to ensure the country’s food security, according to Vice Premier Hui Liangyu.
- YOU On Demand Uplisted To NASDAQ – Yahoo! Finance
Never heard of them. Muppet bait, wrapped in a dumpling?//
NEW YORK, May 29, 2012 /PRNewswire/ — YOU On Demand Holdings, Inc. (NASDAQ:YOD), China’s leading national Pay-Per-View (PPV) and Video On Demand (VOD) platform, today announced that it has been approved to list its common stock on the NASDAQ Capital Market. Trading on NASDAQ will commence at 9:30 a.m. EDT on May 30, 2012. YOU On Demand’s common stock will trade under the new ticker symbol “YOD” (formally OTCBB: CBBD).
Philippine and PRC Defense MInisters meet
- 章子怡团队发公开信否认被禁出境传闻 称将追责_新闻_腾讯网
Zhang Ziyi denies rumors of investigation
- Eric Testroete In North Korea – Business Insider
- Police bust kidney-transplant ring — Shanghai Daily
THE ringleader of a kidney-trafficking gang that housed kidney sellers in a residential complex in Hangzhou has been arrested and 28 sellers have been rescued, police said yesterday
- After Taiwan Trip, NY Congressman Orders Ethics Training for Staff – ProPublica
Rep. Bill Owens, D-N.Y., is ordering ethics training for his staff following a ProPublica story on a trip the congressman and his wife took to Taiwan that was organized by lobbyists.
- Chinese VOD operator YOU on Demand debuts on Nasdaq — paidContent
Never heard of it, very skeptical//
YOU On Demand, a New York-based company that’s established a significant presence in the Chinese video on demand market, will begin trading on the Nasdaq Wednesday.
The “uplisting” of the over-the-counter stock, which closed Tuesday up over 6 percent to $5.25 a share, is a milestone for the company, which was founded by World Wrestling Entertainment scion Shane McMahon and now has a 20-year contract with the Chinese government to run nationally sanctioned VOD services in the country.
- China’s State Grid steps up Brazil push | beyondbrics
If there are fears that Brazil’s economy may have lost some of its lustre, Chinese companies are not showing it.
State Grid on Wednesday became the latest from China Inc to snap up a Latin American asset being disposed of by a European company. The world’s largest utility by asset size said it would buy the Brazilian electricity transmission assets of Spain’s Actividades de Construcción y Servicios for $531m plus debt of $411m.
- Chen and Yao’s plan to ‘set the record straight’ | SCMP.com
Disgraced Politburo member Chen Xitong was reluctant to talk about the past for fear of political repercussions until scholar Yao Jianfu mentioned a conversation he had with purged leader Zhao Ziyang
- Electric-car safety tests faulted | SCMP.com
After deaths of driver and two passengers in a fire when a sports car rammed an electric taxi at high speed, experts say tests don’t simulate high-speed impact
- Wine from the Gobi desert aims at booming market | Reuters
Chateau Hansen, which first planted vineyards beside the Gobi in the early 1980s, says the hot, dry summer and plentiful water from the nearby Yellow River make the location among China’s best for wine production.This moderate-sized vineyard near Wuhai city, 670 kilometres (416 miles) west of Beijing, now boasts 250 hectares of Merlot, Cabernet Sauvignon and Cabernet Gernischt grapevines.
- Shipwrecked China Worth $43 Million to Be Fished From Sea – Bloomberg
At the bottom of the ocean off Indonesia, a cargo of blue-and-white Chinese porcelain worth about $43 million has lain submerged for more than 400 years.
- Ex-IMI California Executive Pleads Guilty in Bribery Case – Bloomberg
Paul Cosgrove, the former head of worldwide sales at IMI Plc (IMI)’s California unit Control Components Inc., pleaded guilty to violating the U.S. Foreign Corrupt Practices Act.
Cosgrove, 65, pleaded guilty today in federal court in Santa Ana, California, to paying a bribe to a Chinese government official, the U.S. Justice Department said in a statement. He faces as long as 15 months in prison at his sentencing, according to the statement.
- A Quarter of Chinese Children Under 7 Already Online | Tea Leaf Nation
so we were not wrong about the market at red mushroom, we were just wrong about how to run a business….not sure if better to be right but screwup or just be wrong completely…
- Amazon.com: Zen Baggage: A Pilgrimage to China (9781593761325): Red Pine: Books
- Amazon.com: Road to Heaven: Encounters with Chinese Hermits (9781562790417): Bill Porter, Steven Johnson: Books
- [toread] Finding Zen and Book Contracts in Beijing by Ian Johnson | NYRblog | The New York Review of Books
- Algal bloom kills millions of abalone in E China – Xinhua | English.news.cn
Eight red tides have occurred this year off the coast of east China’s Fujian province, and the algal blooms have killed millions of abalone, according to local authorities.
- Experts warn of challenges in gov’t car regulation – Xinhua | English.news.cn
An expert on public administration research said China’s efforts to regulate public spending on government cars have made some progress, but spending remains high.
- Numbers Show China’s Still Working – China Real Time Report – WSJ
In the midst of gloom about China’s economic outlook, new labor market data provides an optimistic counterpoint — and a possible explanation for why a long-anticipated stimulus has been slow to arrive.
- Six held in child sex case |Hot Issues |chinadaily.com.cn
Chen Yongke, spokesman for the bureau, said on Monday that he couldn’t reveal information such as names, ages and schools for people involved in the prostitution case due to privacy protection concerns, and simply referred to them as “students”.According to a local source who asked to remain anonymous, however, the students include more than 20 junior middle school students in three local schools.
- Whither Mongolian democracy? | East Asia Forum
Beyond the questions relating to Enkhbayar’s case, Mongolian democracy will continue to confront a number of significant challenges. These include poverty, corruption, economic distortion and inequality, as well as some continued problems with human rights violations. The quality of democracy is measured through a wide range of indicators, and Mongolia has shown real improvement across many of them. The trial of the former president joins a list of aberrations seen over the years, but is not a fatal obstacle in the country’s transit toward democracy.Todd Landman is Professor of Government and Director at the Institute for Democracy and Conflict Resolution, University of Essex.
- China Has No Plan for Large-Scale Stimulus, Xinhua Says – Bloomberg
“The Chinese government’s intention is very clear: It will not roll out another massive stimulus plan to seek high economic growth,” Xinhua said today in the seventh paragraph of a Chinese-language article on economic policy, without attributing the information. “The current efforts for stabilizing growth will not repeat the old way of three years ago.”
- Chinese VP talks charity with Bill Gates – Xinhua | English.news.cn
Chinese Vice President Xi Jinping on Tuesday met with Bill Gates at the Great Hall of the People, calling for closer cooperation between the Bill & Melinda Gates Foundation and its Chinese partners on medical care, agriculture and technology.
- FT Alphaville » China’s mini stimulus, explained
As of yet, no numbers are attached to the package, but many of the measures appear similar –approval of infrastructure projects, subsidies for consumer goods sales, encouragement of non-budgetary sources of financing. The key constraints are policymakers’ hesitation to repeat the mistakes of the 2008-11 stimulus and the banks’ reticence to lend on such a grand scale. The “new” idea in the 2012 package is more private-sector participation, though we are yet to be convinced that enough has been done to make that a reality.
- Chinese Democracy Has its Benefits – China Real Time Report – WSJ
A little bit of democracy has gone a long way to improving people’s lives in China.
Such is the conclusion arrived at by four economists who recently published the results of an investigation into the economic effects of China’s village elections.
Studying elections from 1982 through 2005, the quartet found villages that elected their leaders spent 27% more, on average, on “public goods” such as schools, tree plantings and irrigation canals than villages that didn’t hold elections. Elected officials also helped vastly reduce the gap between rich and poor.
- International – James Fallows – Is China’s Internet Actually ‘Slow’? And Does That Matter? – The Atlantic
- Chinese police storm into the era of social media – China Media Project
On May 24, People’s Daily Online Public Opinion Monitoring Center released a list of China’s top influential microblogs operated by public security offices at the provincial and sub-provincial level in China, determined on the basis of confirmed followers (认证粉丝数), follower activity levels (粉丝活跃率), original posts, average shares and comments and other criteria.
- China seen bringing forward stimulus plan – MarketWatch
- Chinese Censorship 3.0? Sina Weibo’s New ‘User Credit’ Points System – China Real Time Report – WSJ
- Quanjude Peking duck restaurant accused of selling ‘gutter oil｜WantChinaTimes.com
- Hu Jintao sought Jiang Zemin’s advice in Bo Xilai affair｜Politics｜News｜WantChinaTimes.com
payback time for a wave of real estate trust products. can they be extended?
- 网曝杭州现“卖肾基地” 内有30余名“供体”(图)_资讯频道_凤凰网
Illegal Kidney-selling base in Hangzhou?
- NHK WORLD English
The Tokyo Metropolitan Police has asked that a Chinese diplomat submit himself for questioning over a foreign resident registration card he allegedly obtained fraudulently.
Diplomatic personnel are not required to register as foreign residents. But police suspect that a 45-year-old first secretary of the Chinese embassy in Tokyo concealed his status when registering at Tokyo’s Katsushika Ward Office in 2008.
The diplomat allegedly then used his registration card to open a bank account. Police say tens of thousands of dollars in probable consultation fees were paid into the account by Tokyo companies. Diplomats are prohibited from such activities by an international t
- 社科院“限购放松”预言被指假信号 业内称年内没可能-财经网
sino-ocean land holdings in trouble?
- 新浪微博：发5条敏感信息将被禁言或封号 – 资讯中心 ·ChinaVenture投资中国网
sina has recruited 5484 community committee members to help enforce new convention? 新浪微博公开招募的5484名社区委员也开始履职，与新浪共同维护微博平台的秩序
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