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China Announces Stimulus Plan to Revive Economic Growth
Deutsche Welle
12 Oct 2024, 12:24
Photo: CFOTO/picture alliance
China has announced a sizable increase in its government debt issuance to support its local governments, its low-income citizens, the property market, and state banks' capital.
Finance Minister Lan Foan said on Saturday that the country will issue 2.3 trillion yuan (€297 billion or $325.5 billion) in special bonds in the next three months to boost the economy.
What else did the minister say?
The aid program is believed to be the biggest since the 2007-2008 global financial crisis.
"In the next three months, a total of 2.3 trillion yuan of special bond funds can be arranged for use in various places," Lan said at a briefing in Beijing.
He added that the debt ceiling will be lowered for local governments, freeing up funds for them to spend on infrastructure and job protection.
"At present, we are accelerating the use of additional treasury bonds, and ultra-long-term special treasury bonds are also being issued for use," Lan said.
He also said there will be more "counter-cyclical measures" this year.
"There is still relatively big room for China to issue debt," Lan added.
Why does China need fiscal stimulus?
Fiscal stimulus in China has been the subject of intense speculation in financial markets after a September meeting of the Communist Party's top leadership, the Politburo. The meeting signaled an increased sense of urgency about mounting economic impacts.
The world's second-largest economy is facing strong deflationary pressures due to a sharp downturn in the property market and weak consumer confidence. This has exposed its economy's over-reliance on exports, at a time when its global trade ties are becoming increasingly tense.
A wide range of economic data has missed forecasts in recent months. This has raised concerns among economists and investors that the government's target of around 5% growth this year is in jeopardy and that a longer-term structural slowdown may be looming.
The long-awaited stimulus came on top of a series of measures announced in recent weeks, including interest rate cuts and liquidity for banks.
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Baloch Activists Call for Unity Against China-Pakistan Alliance at 5th International Conference
Baloch activists gathered in Geneva for the 5th International Conference of the Baloch National Movement highlighted human rights abuses perpetrated by Pakistan and China and called for international attention and action.
Hammal Baloch, a central committee member of the Baloch National Movement (BNM), said that through the event, they want to show the world the real face of Pakistan.
"Through the event, we want to show the world the real face of Pakistan. Pakistan often attempts to portray Balochistan in a positive light, showcasing it as a region where infrastructure is developing and prosperity is flourishing. However, mainstream media is entirely banned there. Consequently, the Baloch National Movement strives to utilize every international platform available each year to project the voice of Balochistan to the global audience."
Emphasizing the severity of the crisis in Balochistan. Hammal further said, "A genocide is occurring in Balochistan. It's not just that people are being killed; rather, there is a genocide of everything. The education system is being destroyed, and culturally, people are being eradicated. Gwadar is being fenced off. Efforts are being made to prevent democratic voices from being raised there."
Outlining the key objectives and outcomes of the conference, Naseem Baloch, Chairperson of the Baloch National Movement, said that their primary aim is to unite these diverse groups in a coordinated effort to achieve liberation from Pakistan and China's control.
He said, "Today's conference focused on the policies of China and Pakistan, and we were joined by representatives from Sindhi, Kashmiri, Pashtun, and Uyghur communities. We addressed crucial issues such as the struggles for autonomy in Sindhudesh, Pashtunistan, and East Turkistan. Our primary aim is to unite these diverse groups in a coordinated effort to challenge the China-Pakistan alliance and swiftly achieve liberation from their control."
Highlighting the conference's crucial role in addressing human rights abuses, Faheem Baloch, Coordinator for the Baloch National Movement's Foreign Affairs Department, stated, "The primary goal of this conference was to bring to light the human rights violations committed by Pakistan and China. The speakers offered valuable insights and focused on the specific challenges faced by Baloch women. We are hopeful that such events will not only persist but also become more impactful and effective in the future."
The Baloch National Movement (BNM) is a political organization advocating for the rights and autonomy of the Baloch people, an ethnic group primarily residing in the Balochistan region. The movement seeks greater political and economic autonomy for Balochistan, often citing historical grievances, marginalization, and the exploitation of natural resources in the region.
The BNM aims to address issues such as the lack of development, human rights abuses, and political suppression faced by the Baloch community. Its goals include achieving self-determination and preserving Baloch's cultural identity. (ANI News).
Two European Firms in Focus of Hezbollah Pager Explosions
The Taiwanese company whose name appeared on the pagers that detonated across Lebanon has denied manufacturing the devices. That has put relatively unknown Hungarian and Bulgarian firms in the spotlight.
A Hungarian firm, BAC Consulting, has been linked to the thousands of pagers that exploded in Lebanon on Tuesday, killing at least 12 people and leaving nearly 3,000 wounded.
The name of the Budapest-based firm first cropped up in a statement by a Taiwanese manufacturer, Gold Apollo, whose label appeared on the devices. Gold Apollo said it did not manufacture the devices and that they were made by its Hungarian partner, BAC Consulting.
"The product was not ours. It was only that it had our brand on it," Gold Apollo founder and president Hsu Ching-kuang told reporters at the company's offices in the northern Taiwanese city of New Taipei on Wednesday.
"We may not be a large company, but we are a responsible one," he said. "This is very embarrassing."
Gold Apollo said in a statement that the AR-924 pager model was produced and sold by BAC, which it said was authorized to use its trademark for product sales in specific regions. "The design and manufacturing of the products are entirely handled by BAC," the statement said.
Hsu said there had been problems with remittances from BAC, the Reuters news agency reported.
"The remittance was very strange," Reuters and others reported him as saying at a press conference. He added that payments had come through the Middle East.
Hsu didn't elaborate further and didn't provide any proof of a contract with BAC showing that his company has had a licensing agreement for the past three years.
Meanwhile, Telex, a Hungarian media outlet, has reported that it was Norta Global, a company based in Bulgaria's capital Sofia, that supplied the pagers to Hezbollah. The Bulgarian company, owned by a Norwegian citizen, was reportedly behind the deal with Gold Apollo, although on paper it was BAC that signed the contract, Telex wrote.
The New York Times reported on Wednesday that BAC was part of an Israeli front and that at least two other shell companies were created as well to obfuscate links to Israeli intelligence officers.
What does BAC Consulting do?
According to BAC Consulting's website, the firm develops "international technology cooperation among countries for the sale of telecommunication products." It adds that the cooperation involves "scaling up a business from Asia to new markets e.g. developing countries."
The company, which claims to have over a decade of consulting experience, lists telecommunication as one of its key areas of expertise, and says it integrates "the best past technological lessons and practices from different geographical areas."
BAC Consulting also lists the Nelkhael gold jewel collection as one of its businesses, saying it assists in the branding and marketing of the jewelry line.
According to the official company register in Hungary, BAC is involved in activities ranging from the manufacture of electronic medical devices and electronic components to the extraction of natural gas and crude oil.
Meanwhile, Hungary has officially responded to the pager issue. Government spokesman Zoltan Kovacs said on social media platform X that BAC "is a trading intermediary, with no manufacturing or operational site in Hungary." He added that the pagers in question have never been in Hungary.
China's Shanghai Hit by Second Major Typhoon in a Week
More than a hundred thousand people were evacuated from Shanghai as Typhoon Pulasan brought heavy rains that broke local records in parts of the Chinese megacity.
Streets and neighborhoods in Shanghai were again flooded on Friday as the Chinese megacity was battered by Typhoon Pulasan, just days after Bebinca, the strongest storm to hit the megacity since 1949.
Pulasan is the 14th typhoon this year. It made its second landfall in Shanghai on Thursday evening, after making its first landfall in Zhejiang Province earlier in the day.
The torrent of rain broke local records in parts of Shanghai. Two weather stations recorded more than 300 millimeters (almost 1 foot) of rainfall in six hours, the highest in their districts since records began, the state-run Xinhua news agency said. Overall, 151 of 614 weather stations recorded heavy or extreme rainfall, Xinhua added.
Videos posted on social media Friday showed Shanghai residents wading through calf-deep water in some neighborhoods, though there have been no reports of serious damage or casualties.
More than a hundred thousand evacuated
Because of the typhoon, the city evacuated 112,000 people, Xinhua said, and some ferry and train services were suspended.
The city's flood control office said 649 ships were either evacuated or returned to port to seek shelter, 54 train services were suspended and 26 ferry services were halted.
The storm is expected to gradually weaken as it moves inland, although rain continued to fall in the city on Friday morning, according to Xinhua.
Two typhoons in one week
On Monday, the stronger Typhoon Bebinca felled more than 1,800 trees and knocked out power to 30,000 homes. Authorities evacuated more than 400,000 people in Shanghai ahead of the storm.
Scientists say climate change caused by greenhouse gas emissions is making extreme weather more frequent and intense.
China is the world's biggest emitter of greenhouse gases. But its per capita emissions pale in comparison to rival economic powerhouse the United States.
Ukraine War: / Russia Has Lost Over 70,000 Soldiers So Far
Since the start of the Russia-Ukraine war more than two and a half years ago, the Russian military has lost over 70,000 soldiers. BBC and Russian news outlet Mediazona confirmed this information in a report published on Friday.
Russian media regularly updates the number of soldiers killed and injured, along with their names and identities. Additionally, Russia’s Ministry of Defense and related agencies also release casualty figures. The names of Russian soldiers buried in cemeteries are also recorded.
BBC and Mediazona used these three sources to gather data and contacted the families of the deceased soldiers to verify the information.
Key Stats:
Russian soldiers killed in the Ukraine war: 70,112 (confirmed by BBC and Mediazona)
Volunteer fighters among the deceased: 13,781 (13% of total deaths)
Age range of volunteers: Mostly between 42-50 years old
Oldest identified volunteer: 71 years old
At least 250 volunteers aged: 60 or older
According to BBC’s report, “Based on our calculations, 70,112 Russian soldiers have been killed in the war. We have confirmed their names, identities, and deaths. However, the actual death toll is likely much higher, as many families of deceased soldiers and officials have been unwilling to share information with the media. Furthermore, we do not have complete casualty data for those fighting for Russia in Donetsk and Luhansk in eastern Ukraine.”
Of the 70,112 identified Russian soldiers, 13,781 were volunteer fighters. These were civilians who later joined the Russian military in response to the state's call. Volunteers make up 13% of Russia's total deaths in the war over the past two and a half years.
Most of these volunteer fighters come from economically disadvantaged cities and villages in Russia, where finding satisfactory employment is difficult. Many joined the military out of necessity. Most of these volunteers enlisted willingly, drawn by the fact that current military pay is 5 to 7 times higher than before. Additionally, the Russian government offers various social benefits, such as free medical care for soldiers' children and tax exemptions. Beyond regular pay, volunteers receive a significant lump sum payment upon joining. For those in financial hardship, these benefits are highly appealing.
The majority of these volunteers are between 42 and 50 years old, with some being even older. The oldest volunteer fighter identified in BBC’s report was 71 years old. The list also includes at least 250 volunteers aged 60 or older.
In addition to Russian citizens, other countries’ volunteers, primarily from Uzbekistan, Tajikistan, Kyrgyzstan, and other Central Asian nations, are also fighting in the Russian military.
Despite the high pay and benefits, there have been complaints about the poor quality of the gear issued to the soldiers. According to several soldiers interviewed by BBC and Mediazona, the uniforms, helmets, and bulletproof vests provided by the government are cheap and of poor quality, unsuitable for the harsh winters.
One volunteer soldier, speaking anonymously, said, “The uniforms, helmets, and bulletproof vests given by the government are cheap and of poor quality, especially for the severe winters here. There are better quality items available, but you’ll have to buy them yourself.”
(Source: BBC)
Japan: Heavy Rains Trigger Evacuation in Quake-Hit Region
Tens of thousands of people have been asked to evacuate to safety in the Ishikawa region which is still recovering from a devastating earthquake earlier in the year.
Japanese authorities ordered tens of thousands of people to evacuate the quake-hit Ishikawa region on Saturday as heavy rains triggered floods and landslides.
The Japanese Meteorological Agency issued the highest level of rainfall alert across multiple cities in the Ishikawa prefecture, warning of a "life-threatening situation."
They expect up to 20 centimeters (7.8 inches) of rainfall within the next 24 hours through Sunday noon.
"It is a situation in which you have to secure your own safety," forecaster Satoshi Sugimoto told reporters, warning of "heavy rain of unprecedented levels."
Japan braces for damage
In Ishikawa, at least 12 rivers had breached their banks and flooded plains by Saturday morning, the land and infrastructure ministry said.
Local authorities ordered some 44,700 residents from the cities of Wajima, Suzu, and Noto to evacuate. Another 16,000 residents in Niigata and Yamagata prefectures were also told to evacuate, as per the Fire and Disaster Management Agency.
While there have not been any reports of injuries so far, one person has been reported missing and authorities said some homes and infrastructure in the prefecture had been damaged. Some 6,500 homes had also been left without power, Hokuriku Electric Power Co. said.
On January 1, a 7.6-magnitude earthquake hit the region killing over 230 people and damaging key infrastructure from which Ishikawa's local economy is still recovering. Wajima and Suzu were the worst-hit cities in the earthquake.
"Heavy rain is hitting the region that had been badly damaged by the Noto earthquake, and I believe many people are feeling very uneasy," said Chief Cabinet Secretary Yoshimasa Hayashi.
Japan has been repeatedly hit by heavy rains in recent years, which scientists say is the result of human-driven climate change. The warmer atmosphere holds more water which increases the risk of heavy rainfall and subsequent flooding and landslides.
Heavy Snowfall Forces Road Closures in South Africa
Heavy snowfall caused major disruptions in South Africa's KwaZulu-Natal province on Saturday. Motorists were forced to spend the night in their vehicles as one of the country's main highways, the N3, was blanketed with unusually thick snow. Roads in the area have been closed, and traffic authorities have warned motorists to delay journeys and keep clear of the area.
Portion of N3 highway closed
"Heavy snowfall continues to blanket the busiest N3 highway, particularly between Warden and Tugela Plaza in KwaZulu-Natal, making travel extremely dangerous," South Africa's Department of Transport said in a statement.
"The ministry is deeply concerned about the situation, especially as many travelers spent the night stranded at filling stations and along the N3, unable to move due to the road closures," the department said, adding that various emergency services were being deployed to the area.
Authorities said that no deaths or injuries had been reported thus far. Road safety organization Arrive Alive warned that visibility along the N3 was poor and that the cold and wet conditions were set to continue. "The risk remains high for more snowfalls and the formation of black ice as temperatures drop into the night," the group warned and made a series of posts on X, showing the extent of the snowfall.
South Africa's Border Management Authority said three border posts with the kingdom of Lesotho had been closed as "the current conditions pose a significant danger."
Many road users posted videos on social media showing cars, trucks and minibusses stuck in deep snow. Motorist Muhammad Goolam told the Newzroom Afrika channel that he and his children had spent the night in his car outside the town of Harrismith, situated 270 kilometers (170 miles) southeast of Johannesburg. "Over 13 hours, food supplies out, I don't see us managing to drive out of here without any assistant from emergency personnel," he said.
China Expands Global Security Footprint Through GSI Foreign Training Program
China’s Global Security Initiative (GSI) is advancing its reach as Beijing announces plans to train 3,000 foreign law enforcement officers over the next year, according to the South China Morning Post. This ambitious program, part of a broader effort to safeguard Chinese interests abroad, includes countries involved in the Belt and Road Initiative (BRI) and represents another step towards China’s growing role as a global security provider.
The initiative reflects China’s longstanding request to station private security personnel in countries like Pakistan to protect the China-Pakistan Economic Corridor (CPEC), while several nations in Africa have already accepted Chinese guards to protect BRI projects. However, the latest move signals a shift in China’s approach—utilizing local law enforcement in host countries rather than its own personnel to protect assets.
The announcement came during the 2024 Global Public Security Cooperation Forum held in Lianyungang, Jiangsu province, where China’s public security minister, Wang Xiaohong, outlined the country’s plans. Wang emphasized that the training program would enhance global security cooperation by sending Chinese police consultants and operational units abroad. These efforts aim to bolster local law enforcement capacity, tackle cross-border crime, and conduct joint patrols to protect Chinese interests.
This year’s conference, themed “Win-win cooperation under changing circumstances: building a global public security community,” drew over 2,100 participants from 122 countries. It included forums on tourist security, police education, and capacity building, solidifying China’s role as a key player in global security. Wang met with security officials from countries including Malaysia, Zambia, Nicaragua, and Russia, focusing on boosting security along BRI infrastructure projects and enhancing cooperation in tackling telecom fraud, drug trafficking, and other transnational crimes.
The GSI, introduced by President Xi Jinping in 2022, is not limited to training but extends to brokering high-level security agreements. China’s mediation in the Iran-Saudi Arabia peace talks and its peace proposal for Ukraine are prime examples. The GSI underscores China’s rejection of hegemonism and politicized security cooperation, presenting itself as a counterbalance to the Western-led security architecture.
However, critics argue that China’s security training programs risk promoting authoritarian tactics, particularly in regions like Africa, where China has deepened its investments. As Beijing expands its global influence, these efforts are seen by some as a strategic move to undermine the existing US-led security order.
China’s 2022 security pact with the Solomon Islands highlights its growing presence in the Pacific, and its pledge to provide 5,000 training opportunities for law enforcement over the next five years signals a long-term commitment to shaping global security dynamics. As the Quad summit approaches, analysts suggest that China’s GSI presents a challenge to Western security alliances, stressing the need for a coordinated response to Beijing’s expanding influence.
In essence, China’s GSI reflects a broader strategy to protect its commercial interests while positioning itself as a global security leader, particularly in developing regions. Whether through police training or high-level security agreements, China’s growing footprint in global security is reshaping international dynamics.
Source: Nepalpana
