Archive for the China Youth Daily Category

Real US motives in pressing China on RMB issue [People’s Daily]

Posted in Anti-China propaganda exposure, Black propaganda, Bourgeois parliamentary democracy, China, China Youth Daily, China-US relations, Early 21st Century global capitalist financial crisis' US origins, Economic crisis & decline, USA, Yuan appreciation on September 30, 2010 by Zuo Shou / 左手

 

September 19, 2010

An increasingly vocal movement is rising in America to force China to appreciate the RMB.  Hundreds of congressmen jointly wrote a letter to the Obama Administration calling for action.  The U.S. Congress held a two-day public hearing to discuss legislation to “punish” China.  Various interest groups were waving flags and shouting battle cries.  U.S. Treasury Secretary Timothy Geithner also made an unprecedented tough gesture.  Furthermore, congressmen all united behind the banner of protecting American jobs.  But, is this what they are really thinking of?

Since the outbreak of the financial crisis, the U.S. economy has continued to decline. In particular, the soaring unemployment rate has reached a very high level, exceeding the critical point of 10 percent in 2009, and it is now still as high as 9.6 percent.

With only less than two months ahead of the U.S. midterm congressional elections, the congressmen who cannot find an effective method to solve the unemployment problem — the key to keeping their seats — have chosen the RMB issue as their target in the country’s dense trade protectionist atmosphere.

According to the logic of congressmen and some economists, the artificially undervalued RMB exchange rate has given China’s export products unfair comparative advantages, which widen the trade deficits between China and the United States, and subsequently have taken away job opportunities in the United States.

Many reasonable Americans refuted the logic in theory and practice.  Philip Levy, a scholar at the American Enterprise Institute said economic data shows the RMB exchange rate is not the reason behind the trade deficit between China and the United States, nor is it necessarily associated with the unemployment rate in the United States.

On Sept. 15, a piece of less-noticed news came from the other side of the earth when American congressmen were heatedly discussing how to force the RMB exchange rate to appreciate at a hearing of the House Education and Labor Committee.  China’s Anshan Iron and Steel Group Corp (Ansteel) signed an official agreement with U.S-based Steel Development Company (SDC) in Beijing to build a steel mill in the United States.

Under the agreement, the two sides will jointly establish a plant to produce deformed steel bars with an annual output of 300,000 tons in Amory, Mississippi in the southeastern area of the United States.  This is Chinese enterprises’ first steel production project in the United States.

However, the project, which will not only stimulate the American economy but also create job opportunities, encountered unexpected obstacles in the United States.  Fortunately, the U.S. government finally approved the investment, setting a precedent for a Chinese steel company to build a steel mill in the United States.

The success of Anshan Iron and Steel Group reminds us of a large number of Chinese companies’ failure to open up shop in the U.S. market.  For example, China National Offshore Oil Corporation tried to acquire the Union Oil Company of California; Huawei tried to purchase U.S. software supplier 2Wire Inc. and Motorola Inc.’s wireless equipment unit; and Northwest Nonferrous International Investment Company tried to purchase a tiny Nevada gold mining company Firstgold, but all the proposed purchases were blocked by the U.S. government.

From a purely economic point of view, these investments would have helped to accelerate the U.S. economic recovery and create many job opportunities for the American people.  However, because they were from China, the U.S. congressmen who had given top priority to increasing employment seemed to forget the severe unemployment problem in their country, and started playing the “U.S. national security” card again and again.

The U.S. congressmen and interest groups are opposed to Chinese currency policies and have been forcing China to revalue the RMB, and their reason is that the undervalued RMB has led to job losses in the United States.  When Chinese companies planned to invest in the United States, which would create a large number of job opportunities, they still said no, and their new reason is that these investments will threaten U.S. national security.

Derek Scissors, an expert on the Chinese economy at the U.S.-based Heritage Foundation, explained that the U.S. opposition to China in terms of the RMB and investments seems to be self-contradictory, but in fact, the ultimate purpose is the same, which is to harm China.

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After 159 Years, DPR Korea Participates in its First World Expo [159年后,朝鲜首次参加世博会], China Youth Daily [中国青年报]

Posted in 2010 World Expo, China Youth Daily, DPR Korea, Shanghai, Sino-Korean Friendship with tags , , , on May 6, 2010 by Zuo Shou / 左手

DPR Korea Pavilion at the 2010 Shanghai World Expo (China Youth Daily/Zheng Pingping)

 

It’s the first I’ve heard of this being DPR Korea’s first World Expo…congratulations and good luck to them! 

Following is a bit of the translation of Zheng Pingping’s China Youth Daily article by Adam Cathcart from his “Sinological Violoncellist” blog.  I laud his translation, but I differ with him in using the formal name of “DPR Korea” versus the misnomer of “North Korea” favored by Mr. Cathcart, which neither the Korean nation nor Chinese media uses in English translations.  Look at how they display their nation’s name in English near the top of their own pavilion in the photo… 

Excerpt:  [This year’s pavilion marks] the first North Korean participation in the World Expo dating from the event’s inception in London in 1851.   The…Korean pavilion has become the destination for many Chinese tourists, who, at peak times, need to queue [排队] for about half an hour.   Li Jian, visiting Shanghai on his first day on a trip from Changzhou, bought a…Korean oil canvas, and afterwords [sic] sought out Li Songyun, wearing a Kim Il Song [sic] pin, to ask him the name of the painter.    Li Songyun told China Youth Daily reporters that “DPRK-China friendship has a long history, and that Chinese in their 40s and 50s had heard songs from the […Korean] film the “Flower Girl” so many times they could repeat them.  Therefore [he went on to say] the Expo provided an excellent opportunity to give a little surprise to the people of Shanghai and the Chinese people to leave them with a good impression of present-day DPRK.  [Trans. Adam Cathcart] 

这是自1851年英国伦敦举办第一届世博会以来,朝鲜第一次参加世博会。朝鲜馆成为很多中国游客的目标,高峰时期进入朝鲜馆,要排队半个小时左右。来上海参加世博一日游的常州市民李健,购买了一幅朝鲜的工艺画后,又回到入口,向佩戴着金日成头像的李成云询问画家的名字。  李成云对《中国青年报》记者说,朝中友谊历史久远,四五十岁的中国人都对《卖花姑娘》这样的朝鲜歌曲耳熟能详,所以要借世博会的机会,给上海市民、中国人民带来惊喜,给他们留下今日朝鲜的好印象。 [Original article by Zheng Pingping / 郑萍萍]