Changing China

Giant on the move

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from MediaFile:

Behind Wendi Deng’s billion-dollar spike

By Eric Ellis
The opinions expressed are his own.

Tiger wife or Trophy wife? Slam-down Sister or caring partner doing a Tammy Wynette? New York socialite or about-to-be global media mogul?

When Wendi Deng soared on Tuesday, 42 and pretty-in-pink, left across our TV screens to clobber the idiot cream-pieing her struggling octogenarian billionaire husband, my first thought was of Messrs Wang Chongsheng and Xie Qidong, two hale and delightful old men retired in the central Chinese city of Xuzhou, where Wendi grew up as Deng Weng Ge, or “Cultural Revolution Deng” as was a parent’s political imperative of those dark Maoist days.

Wendi Deng's middle school volleyball team in Xuzhou, China, early 1980s. She is in the middle of the back row.

Mr Wang was Wendi’s volleyball coach at Xuzhou’s No 1 Middle School, and Mr Qie her academic supervisor. Wang taught her volleyball, and rather too well for the scholarly Qie’s taste. Both men can be seen in this slideshow.) “She lagged behind other students because of playing volleyball," he complained when I met him in early 2007. Xie persuaded Wendi to give up volleyball and focus on university entry exams. "Because she had good health, she could stay very late at night to make up her study," he says. "She has a struggling spirit and made big progress. I also would say she is smart.” Giving succour to those of us who wonder what use high school ever is for later life, it seems that Wendi at least retained Wang’s ability to execute an Olympic medal-winning spike over the net.

Freedom — with Chinese characteristics

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At the Aspen Ideas Festival this week, I’m on a panel that’ll debate the issue of “How Much Freedom is Enough for China.”

Obviously the crux of the question is defining terms — starting with what is China, and who among its 1.3 billion people are you talking about.

from The Great Debate:

What is the best strategy against Chinese cyberattacks?

By Ian Bremmer
The views expressed are his own.

All eyes should be peeled on China, but not for the reason you think. While the biggest structural risk right now is global rebalancing, especially between China and the U.S., there is another important threat from China: cyberwars. Cyberattacks are one of the biggest fat tails (along with climate and North Korea).

It’s no surprise that the latest Google hack attack came from China. The presumption is that the vast majority of cyber attacks hitting the U.S. are coming from the Chinese government. It’s very hard to know where threats are originating – country-wise and/or person-wise -- because it’s very difficult to go back and figure out the paper trail. But at a minimum, there is an environment in China that tolerates cyber attacks.

from George Chen:

Is China Inc still credible?

By George Chen
The opinions expressed are the author’s own.

Chinese Premier Wen Jiabao once said there's something even more important and precious than gold -- people's confidence.

In recent weeks, I'm afraid global investors have been losing confidence in Chinese stocks from the New York to Shanghai markets. Sino-Forest Corp became the latest victim of a slump in overseas-listed Chinese companies. The company earlier this week accused short-seller and research firm Muddy Waters of defamation for alleging in a report that it had fraudulently exaggerated its Chinese forestry assets.

from MacroScope:

The iPod – the iCon of Chinese capitalism

Walking past Apple's sleek shop along London's Regent Street on Sunday, my wife asked me what I wanted for Father's Day.

"An iPad?" I ventured, half-jokingly.

"Are you sure you want one? Don't you care how they're made?" came her disapproving reply.

from Breakingviews:

China can’t afford to abandon nuclear power

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Wei Gu

Fears of a nuclear disaster after Japan's earthquake will harden minds against nuclear power. That could affect China most. The country, already the world's biggest energy consumer, plans to expand nuclear capacity by seven-fold by 2020. Whatever the risks, it has little choice, if it hopes to cut emissions without sacrificing growth.

from Reuters Investigates:

China’s U.S. debt holdings make it a powerful negotiator

Worrying about the power China has over the U.S. as America’s largest foreign creditor has become a national pastime. It’s a bipartisan issue in Congress and a favorite subject among pundits lamenting the decline in U.S. influence around the world. But could China really use its Treasury purchases to shape U.S. policy? Diplomatic cables released by WikiLeaks and obtained by Reuters suggest that has already happened.

Emily Flitter’s special report outlines a diplomatic flare-up between the two superpowers following the U.S. financial crisis. Chinese officials said they were worried about the safety of their U.S. investments. U.S. diplomats worked hard to ease the tensions, but the conflict ultimately led to the request of a personal favor by a top Chinese money manager in a meeting with U.S. Treasury Secretary Timothy Geithner.

from MacroScope:

Will China make the world green?

Workers remove mine slag at an aluminium plant in Zibo, Shandong province December 6, 2008. REUTERS/Stringer

Joschka Fischer was never one to mince words when he was Germany's foreign minister in the late '90s and early noughts. So it is not overly surprising that he has painted a picture in a new post of a world with only two powers -- the United States and China -- and an ineffective and divided Europe on the sidelines.

More controversial, however, is his view that China will not only grow into the world's most important market over the coming years, but will determine what the world produces and consumes -- and that that will be green.

from MacroScope:

Unlocking the Yuan

Reuters's top news and innovation teams have put together a web site on the yuan and the debate over its revaluation. Particularly worth a look after the weekend's statement by China that it would allow more flexibility in its currency exchange. You can access it here, but it looks like this:

Yuan2

from MacroScope:

Spend Save Man Woman

Far from being lauded as a virtue, China's high savings rate has been blamed for the economic imbalances underlying the global financial crisis. The criticism being that the Chinese spend too little and rely too much on exporting to Western consumers.

The IMF and World Bank have long called for Beijing to ramp up social spending so its citizens will feel less need to save for a rainy day and instead consume more.

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