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China’s Official Military Newspaper Warns: “War Is Not Far”

January 12, 2018

China’s Official Military Newspaper Warns: “War Is Not Far”

“War is not far from us. Regional situations around China are complex and unstable, and dangers are hiding under the peace. China cannot afford a military failure, so we must be fully aware of potential crisis and be prepared for battle at all times. When the country is on the brink of becoming a great military power, it’s also stepping into a period with high risks to national security,” the official People’s Liberation Army (PLA) newspaper wrote according to China’s Global Times.

The article first headlined on Tuesday in the PLA daily: “A soldier without desire for war-preparedness is not a good soldier.” The newspaper warned that Chinese soldiers are not ready for combat because many refuse to believe war is imminent.

Military experts agree that the threat of a conflict around China has increased in recent years.

“In regions like the Korea Peninsula, China-India border area and the Taiwan Straits, the PLA needs to be prepared for all possibilities. Our overseas interests in regions like Africa and the Middle East are also under threat due to local instability,” said Xu Guangyu, a retired major general and senior adviser of the China Arms Control and Disarmament Association according to the Global Times.

Last week, President Xi Jinping kicked off the new year with a rare speech to the military urging soldiers to be ready for war and “don’t fear death.”

China’s soldiers should “neither fear hardship nor death,” Xi told thousands of troops during an inspection visit last Wednesday to the People’s Liberation Army’s (PLA) Central Theater Command in northern Hebei province, according to the official Xinhua news agency.

The People’s Liberation Army (PLA) has been conducting war drills at home and abroad involving most of its military branches.

…click on the above link to read the rest of the article…

China’s Xi Warns Military: Be Ready For War & “Don’t Fear Death”

January 6, 2018

China’s Xi Warns Military: Be Ready For War & “Don’t Fear Death”

In what is being characterized as a rare address to the world’s largest fighting force, President Xi Jinping on January 04 urged the Chinese military to be ready for war and ‘don’t fear death’.

As the beat of the war drums gets louder in East Asia and abroad, Xi’s rare speech to the military kicked off the New Year with a grim warning, as China and other countries in the region could be preparing for a turbulent year ahead.

China’s soldiers should “neither fear hardship nor death,” Xi told thousands of troops during an inspection visit Wednesday to the People’s Liberation Army’s (PLA) Central Theater Command in northern Hebei province, according to the official Xinhua news agency.

https://www.zerohedge.com/sites/default/files/inline-images/20180105_xi.png

Xi advised the military to continue improving upon its equipment, tactics, technology, and combat readiness by engaging in “real combat training.”

He further said, the need to “create an elite and powerful force that is always ready for the fight, capable of combat and sure to win in order to fulfill the tasks bestowed by the Party and the people in the new era.”

In recent years, Xi has ushered in a period of modernization of China’s military, which has worried Asia and Washington alike. Xi is head of the Communist Party’s Central Military Commission, who is also the commander-in-chief of China’s two million-strong military. In October, he claimed his status to be the strongest leader in China that country has seen in decades during the 19th communist party congress.

Local Chinese media outlets report that Xi’s mobilization meeting with the entire armed forces is a first of its kind. Xi stated the goal of the Chinese military is to become a “world class” force by 2050. Perhaps, Xi has hinted at the time period when China expects to overtake the United States.

…click on the above link to read the rest of the article…

China Admits To Fake Data (Again) – Hidden Debt & Inflated Revenues

December 24, 2017

China Admits To Fake Data (Again) – Hidden Debt & Inflated Revenues

It’s not the first time (and it won’t be the last), but a recent nationwide audit found some local governments inflated revenue levels and raised debt illegally, once again crushing China’s credibility on the global stage when it comes to economic performance.

As Bloomberg reports, ten cities, counties or districts in the Yunnan, Hunan and Jilin provinces, as well as the southwestern city of Chongqing, inflated fiscal revenues by 1.55 billion yuan ($234 million), the National Audit Office said in a statement on its website dated Dec. 8.

The inspection, which covered the third quarter, also found that five cities or counties in the Jiangxi, Shaanxi, Gansu, Hunan and Hainan provinces raised about 6.43 billion yuan in debts by violating rules, such as offering commitment letters.

The findings are a blow to China’s bid to rein in data fraud, which has been widespread in some of the poorer provinces where officials were incentivized to inflate the numbers as a way of advancing their careers.

Concern from investors wanting to be able to trust data out of the world’s second-largest economy led to the government trying to crack down on the practice, with President Xi Jinping saying in March that data fraud “must be throttled,”according to the state-run Xinhua News Agency.

While historically investors would rapidly shrug this news off and buy more stocks, with Chinese sovereign bond yields near their Maginot Line of 4.00%, losing credibility could be critical.

A new supervisory body was set up within China’s statistics office in April to bolster and ensure data authenticity and quality.

The country is also shifting to the latest United Nations-based statistical standard and using computers — rather than local reports — to calculate provincial gross domestic product, the chief economist said in September.

Kyle Bass Warns: Xi Has “Built The Chinese Economy On A Foundation Of Sand”

October 26, 2017

Kyle Bass Warns: Xi Has “Built The Chinese Economy On A Foundation Of Sand” 

Earlier this week, Chinese leader Xi Jinping became the third ruler in the communist country’s history to have his named enshrined in its constitution – and the first to receive this honor while still alive. But as China celebrates its most popular, and most powerful, leader since at least Deng Xiaoping, Kyle Bass, hedge fund manager and noted China bear, told Bloomberg the Communist Party will one day regret standing idly by as Xi consolidated his power.

“Today Xi is celebrated in media reports, but when future historians look back, he will be blamed for recklessly building the Chinese economy on a foundation of sand,” Bass, founder of Hayman Capital Management, said in an email Wednesday.

“Xi desperately seeks credibility, but true developed economies do not impose severe capital controls or move short-term rates hundreds of basis points overnight in attempts to manipulate their own currency.”

Xi, who launched the twice-a-decade National Party Congress last week with a three-hour speech where he laid out his vision for “communism with Chinese characteristics in a new era,” the philosophy that was enshrined in the country’s constitution by a unanimous vote. In a move that seemingly confirms suspicions that Xi plans to break with precedent and seek a third term after his second ends in 22, Xi appointed five new members to the Politburo,

China’s most powerful body, all of whom are too old to be viewed as credible heirs. Typically, Chinese leaders have pointed to a successor or possible successors by the time they begin their second term, ensuring that there’s a clear path of leadership transition.

…click on the above link to read the rest of the article…

Trump Warns Xi: Trade War With China Begins Monday

August 13, 2017

Trump Warns Xi: Trade War With China Begins Monday

As if there weren’t enough geopolitical and social stress points in the world to fill a lifetime of “sleepy, vacationy” Augusts, late on Friday night President Trump spoke to Chinese President Xi Jinping and told him that he’s preparing to order an investigation into Chinese trade practices next week, according to NBC. Politico confirms that Trump is ready to launch a new trade crackdown on China next week, citing an administration official, a step that Trump delayed two weeks ago under the guidance of his new Chief of Staff Gen. Kelly, but now appears imminent. It is also an escalation which most analysts agree will launch a trade war between Washington and Beijing.

As Politico details, Trump on Monday will call for an investigation into China over allegations that the nation violated U.S. intellectual property rights and forced technology transfers, the official said. While it’s unclear how much detail Trump will get into in the announcement, administration officials expect U.S. Trade Representative Robert Lighthizer to open an investigation against China under Section 301 of the Trade Act of 1974. The ordering of the investigation will not immediately impose sanctions but could lead to steep tariffs on Chinese goods. Trump has expressed frustration in recent months over what he sees as China’s unfair trade policies.

As we discussed two weeks ago, Trump had planned to launch the trade investigation more than a week ago, but he delayed the move in favor of securing China’s support for expanded U.N. sanctions against North Korea, the senior administration official said.

The pending announcement also comes amid heightened tension between the United States and China, even after the Trump administration scored a victory in persuading Beijing to sign onto new United Nations sanctions on North Korea. Still, Trump has delayed trade action before, amid pressure from business groups and major trading partners:

…click on the above link to read the rest of the article…

Trump’s Currency War Battle with China Goes

August 8, 2017

Trump’s Currency War Battle with China Goes Live

Welcome to the currency wars. The Trump administration has entered a new low in relations with China. The change comes after the White House announced it is officially beginning to take aim at China’s economic strategy.

As friction between the world’s greatest economic powers deteriorates toward a high stakes currency war, the global economy could see spillover in financial, geopolitical and trade arenas.

The White House recently announced its plan to open up fresh investigations into Chinese trade and intellectual property practices. Now that China’s 100 days are upfollowing Trump’s meeting with President Xi Jinping, the White House is no longer holding back on contempt for China.

President Trump campaigned on a hardline message on China, but seemingly backed off of rhetoric after entering office. That approach changed after his geopolitical targeting on Twitter that lashed out at the Chinese government and the lack of action toward North Korea.

Donald J. Trump

✔@realDonaldTrump

I am very disappointed in China. Our foolish past leaders have allowed them to make hundreds of billions of dollars a year in trade, yet.

hem to make hundreds of billions of dollars a year in trade, yet…

Conditions on the Korean peninsula appear as though they will continue to escalate, and as they do the expectation is that it will drive a major wedge between the U.S and China. What that means is conditions are extremely ripe for a trade and currency war between the respective economic powers and their global trade operations.

All hope is not lost, yet. That is primarily because a significant amount of pressure has been placed on the North Korean regime. Seemingly, as goes the China-North Korean relationship so swings the pendulum of the Trump administration.

…click on the above link to read the rest of the article…

Xi warns Obama against threatening China’s sovereignty & national interests

April 1, 2016

Xi warns Obama against threatening China’s sovereignty & national interests

US President Barack Obama(not shown) and China's President Xi Jinping take part in a bilateral meeting on the sidelines of the Nuclear Security Summit at the Walter E. Washington Convention Center on March 31, 2016 in Washington, DC. © Mandel Ngan
US President Barack Obama(not shown) and China’s President Xi Jinping take part in a bilateral meeting on the sidelines of the Nuclear Security Summit at the Walter E. Washington Convention Center on March 31, 2016 in Washington, DC. © Mandel Ngan / AFP
China has warned the US that it will protect its sovereignty in the disputed waters of the South China Sea and rejects attempts to use international laws and freedom of navigation as a pretext to undermine its national security interests.

In a meeting with US President Barack Obama at the fourth Nuclear Security Summit in Washington DC, his Chinese counterpart Xi Jinping said that while he believes in the peaceful resolution of conflicts through direct talks, China will take steps to protect its national interests and sovereignty.

“China will firmly safeguard the sovereignty and related rights in the South China Sea,” Xi said in a meeting, according to Xinhua news.

While acknowledging that Beijing “respects and safeguards the freedom of navigation and overflight other countries are entitled to under international law,” Xi stressed that China will “not accept any freedom of navigation as an excuse to undermine China’s sovereignty and national security interests.”

The US has been taking steps to counter China’s growing influence in the region and has increased its regular naval patrols in the South China Sea as part of “freedom of navigation” drills near the disputed islands chain.

Washington has also increased air surveillance in addition to stepping up US-led war games with its Asian allies. In response China deployed its surface-to-air missile systems on Woody Island earlier this year, in addition to military aircraft.

…click on the above link to read the rest of the article…

China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls

September 8, 2015

China Loses All Control, Spends 600 Billion Yuan On Plunge Protection In August, Tightens Capital Controls

Back on July 20, Caijing reporter Wang Xiaolu suggested that China Securities Finance – the state-owned plunge protection vehicle – may be set to exit the market. That sent futures plunging and ultimately led to Mr. Wang’s arrest late last month. Under duress, Wang would later “admit” that he “shouldn’t have released a report with a major negative impact on the market at such a sensitive time.”

Of course Wang wasn’t the last person to speculate about how long China would be willing to spend billions propping up the market, and indeed it certainly seems as though Beijing tried to scale back the manipulation two weeks ago only to see the SHCOMP crash 8%, a move which promptly triggered a global rout of epic proportions. One additional 8% decline and a dual policy rate cut later, and CSF was back in the market desperately trying to arrest the inexorable slide ahead of Xi Jinping’s lavish military parade on September 3.

So in case anyone still harbored any doubts about the degree to which China most certainly has not wound down the plunge protection effort, Goldman has updated its analysis on the “national team’s” efforts on the way to concluding that China spent an additional CNY600 billion propping up the market in August.

Here’s Goldman:

In our note: China musings: How much has the government bought in the market? (Aug 5), we estimated potential government purchases in the stock market based on: (1) our top-down liquidity model; and (2) bottom-up analysis on fund flow changes in key investment channels based on public information released by relevant media sources.  

…click on the above link to read the rest of the article…

 

 

 

Panicked Chinese Government Imposes Desperate Measures to “Aggressively” Rescue a Lot More Than Just Crashing Stocks

July 6, 2015

Panicked Chinese Government Imposes Desperate Measures to “Aggressively” Rescue a Lot More Than Just Crashing Stocks

Stock-market rescue measures, concocted by the government, have been hailing down for days, including an interest rate cut by the People’s Bank of China a week ago. But the collapse proceeded with brutal relentlessness. So now, Premier Li Keqiang pulled out all stops and the State Council is calling the shots in the market, the craziest, most desperate shots.

From July 4 last year through June 12 this year, the Shanghai Stock Exchange (SSE) soared 150%. It was the era when stocks would create unlimited wealth out of nothing in no time, when all comers, from street vendors to farmers, would get their government-promoted chance to get rich quick.

“When our national economy is in its worst shape in more than a decade and many corporates have run into trouble, our stock market suddenly shot up to make everybody happy,” George Chen, Managing Editor for the International Edition of the South China Morning Post, wrote in mid-April. He described the phenomenon this way:

The bulls can always find reasons to defend why the market was up, but I rarely heard anyone explaining the disconnect between the weak real economy and the so-called bull run.

Even the state media probably got over-excited. One Chinese newspaper commentary tried to name the surprising market performance as the latest achievement of President Xi Jinping because the top leadership in the country wanted to “create a new opportunity for wealth redistribution for everyone” to narrow the income gap. Redistribute wealth through the stock market in a socialist country like China? Sounds an exciting new economic theory.

He must have caught some flak from the bulls at the time.

Then came June 13. In the three weeks since, the SSE plunged nearly 30%, including 5.8% on Friday, wiping out nearly $3 trillion in get-rich-quick riches, despite the efforts undertaken by the government and the PBOC to put a stop to it.

 

…click on the above link to read the rest of the article…

China Mocks G7 As “Gathering Of Debtors”, Warns “Confrontation Will Be A Disaster For Europe”

June 16, 2015

China Mocks G7 As “Gathering Of Debtors”, Warns “Confrontation Will Be A Disaster For Europe”

Vladimir Putin didn’t get an invite to the Angela Merkel-hosted G7 Summit in Bavaria last week, which means the Russian President not only missed out on two days at the scenic Castle Elmau, but also on lederhosen shopping with US President Barack Obama who, judging from eyewitness accounts and a variety of amusing photo ops, channeled his inner Clark Griswold upon touching down in the Bavarian town of Krun. The G7 isn’t pleased with Russia’s ‘behavior’ in Eastern Europe and so, Moscow has been expelled from the cool kids club until such a time as the Kremlin agrees to uphold Western democratic values.

(Obama in Krun)

But the G7 is an equal opportunity exclusionist which means it’s not just former superpowers that aren’t welcome, but rising superpowers as well, which means you won’t be seeing Xi Jinping at the table either.

But “Big Uncle Xi” (as he is affectionately known in China) likely isn’t losing any sleep because in the eyes of Beijing, the G7 — much like the IMF and the ADB — is a relic of a global economic and political order that is well on its way to obsolescence if it isn’t there already.

(Xi Jinping; illustration: The New Yorker)

The Global Times (which, it should be noted, is owned by the ruling Communist Party’s official newspaper, the People’s Daily) has more on why the G7 is largely irrelevant in the modern world.

Via The Global Times:

The G7 summit concluded in Germany last week. Chinese scholars and media barely showed any interest to this outdated informal institution, except for a Declaration on Maritime Security issued by G7 foreign ministers. The declaration expressed their concerns on “unilateral actions” in the South China Sea, with China as the obvious target.

Judging from the agenda and outcomes of this year’s G7 summit, it has run counter to the global trend of peace, development and cooperation and become mere of a geopolitical tool.

…click on the above link to read the rest of the article…

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