1.
China reveals
its new party line: We're trying to save the world from the US
CNBC
25 Sept 2018
China hit out against
the U.S. in a 71-page paper, accusing
President Donald Trump's administration of
"trade bullyism practices" that have become "the greatest source
of uncertainty and risk for the recovery of the global economy."
The document, published on Monday,
outlined the Chinese government's response to criticisms leveled against it by
the U.S. Issues addressed in the report include the trade imbalance between the
two countries, Beijing's subsidy policy and alleged
intellectual property theft by China's companies.
Meanwhile,
Beijing called out Washington for practices that
it said inhibit fair competition in the U.S. — such as subsidies — and
allegedly abusing national security laws to obstruct the "normal
investment activities" of Chinese companies on American shores.
Of
note, those claims from China's leadership mirror exactly what many experts say Beijing has, in
fact, done. Yet despite the longstanding evidence of Chinese
protectionism, the Monday white paper sought to position Asia's largest
economy as the global standard-bearer for fair trade.
"China
does not want a trade war, but it is not afraid of one and will fight one if
necessary," Beijing said in the document. "We have a highly resilient
economy, an enormous market, and the hard-working, talented and united Chinese
people. We also have the support of all countries in the world that reject
protectionism, unilateralism and hegemony."
"The
US government has taken extreme trade protectionist measures, which have
undermined the international economic order, caused damage to China-US trade
and trade relations around the world, disrupted the global value chain and the
international division of labor, upset market expectations, and led to violent
swings in the international financial and commodity markets. It has become the
greatest source of uncertainty and risk for the recovery of the global
economy," the paper said.
The
document was released on the same day as an escalation in
the trade dispute between the world's two largest economies. The Trump
administration levied tariffs on an additional $200 billion of Chinese goods on
Monday, while the government of Chinese President Xi Jinping retaliated by
targeting roughly $60 billion worth of U.S. imports.
China
stopped short of issuing new threats against the U.S. in the paper, which was
published in full by state media outlets such as the People's Daily and Xinhua,
establishing a definitive party line on the trade war issue. To some experts,
the paper's content showed that China wants to retain the appearance of the
victim in its trade fight with the U.S.
"The
white paper that the Chinese government put out responding to the many
allegations by the U.S. is very interesting. It shows again that China really
wants to retain the moral high ground on this issue," Eswar Prasad, a
professor at Cornell University, told CNBC's "The Rundown."
"They've
been very careful to make the point that they're only striking back when
they're struck," he added.
Importantly,
American officials have claimed that China is, in fact, the aggressor in the
dispute because it took advantage
of the U.S. for many years.
A
'knife to China's neck'
The
two largest economies in the world have tried to find common ground on trade
and business policy disputes, but several rounds of negotiations in recent
months have not produced any breakthroughs. Over the weekend, Beijing
reportedly cancelled mid-level
trade talks with Washington and called off a proposed visit to the
U.S. by Chinese Vice Premier Liu He.
It's
not clear when both sides will meet again, but a senior White House official said last
week the U.S. is optimistic about finding "a positive
way forward." But it's difficult to hold negotiations with the U.S.
putting a "knife to China's neck," China's Vice Commerce Minister
Wang Shouwen said at a Tuesday news conference.
A
solution can only be reached if both sides are on equal footing and show
sincerity, Wang added, reiterating the white paper's content that called for
"mutual respect" and "win-win cooperation" between China
and the U.S.
"Win-win"
is a frequent refrain from Chinese officials on any geopolitical issue, but
many outside experts have expressed concern that the term may be meaningless
rhetoric in some cases.
And
while China proclaimed through its state-run media on Monday that "no one can
take us down," it demanded that the U.S. treat it with respect.
"China
has kept the door to negotiations open, but negotiations can only happen when
there is mutual respect, equality good faith and credibility. Negotiations
cannot be conducted under the threat of tariffs, or at the cost of China's
right to development," the white paper said.
But
experts are not optimistic that a common ground can actually be reached between
the two economic giants.
"I
think there is a fundamental miscalculation on the two sides that is going to
lead to a prolonged trade war," Prasad said.
He
explained that China seemed to take the view that Trump would be under
political pressure to strike a deal before the November mid-term elections. But
with a strong domestic economy and surging stock markets, the U.S. president
has no impetus to compromise, according to the Cornell expert.
William
Zarit, chairman of the American Chamber of Commerce in China, also said the
conflict will likely get worse.
"How
is this going to end? It has to end with the two leaders coming up with some
kind of accommodation. Unfortunately … tactics that the U.S. side has been using,
it doesn't give the Chinese any room to step back," Zarit told CNBC's
"Squawk Box" on Tuesday.
"I'm
not so sure that the U.S. side is well aware of what is actually going on and
how to best deal with the Chinese," he added.
2.
President Moon presses UN members on need to
officially end Korean War The Arirang 2018-09-27
President
Moon Jae-in has brought the international community up to speed on North
Korea.
Addressing UN member nations on the last leg of his trip to New York, the president, spoke of the progress made with Pyeongyang from getting the regime to put down its nuclear weapons to disclosing its will for peace and prosperity in front of the world.
The South Korean president, for the first time on the UN stage, also referred to bringing an official end to the Korean War.
Addressing UN member nations on the last leg of his trip to New York, the president, spoke of the progress made with Pyeongyang from getting the regime to put down its nuclear weapons to disclosing its will for peace and prosperity in front of the world.
The South Korean president, for the first time on the UN stage, also referred to bringing an official end to the Korean War.
"Ending the Korean War is a pressing issue, and something that must be achieved in order to reach our ultimate goal of peace. I hope related nations take bold steps on denuclearization so we can declare an official end to the war."
Adding to his case for a peaceful Korean Peninsula, President Moon revealed his administration's plans to utilize the joint economic potential of the two Koreas.
He mentioned his previous proposal of setting up a rail network including the North and the U.S., which would -- in theory -- connect the two Koreas to other Northeast Asian nations, just like the coal and steel community that paved the way for the creation of the European Union.
"The East Asian Railroad Community could become a starting point for a community of East Asian nations on energy and economy, or even perhaps a multilateral peace and security system.
He added through such plans, the Koreas will help to reinvigorate the stalled economic potential of East Asia, a part of the world that accounts for a quarter of the world's economy.
The South Korean leader also touched upon humanitarian issues, saying Korea, which suffered under Japan's wartime system of sexual enslavement, will be front and center of stamping out sexual violence in the region.
"The President is closing out his 4-day trip to New York, much of which he spent briefing South Korea's allies and international dignitaries on his latest summit with North Korea's Kim Jong-un.
What's next-- is to see those seeds of diplomacy bear fruit, perhaps starting with international backing for the new economic map on the Korean Peninsula, while waiting on the next meeting of the two key actors-- round two of a Kim-Trump summit .
3.
Abe’s Third Term as Japan’s Prime Minister May Be
His Hardest Yet
The Bloomberg Sep.07, 2018
Prime
minister seeks to tackle chronic woes in next term
After
two terms of mixed reform results, Prime Minister Shinzo Abe is vowing to
tackle some of Japan’s most intractable problems in the third.
Abe
is heavily favored to win a Sept. 20 vote to lead the ruling Liberal Democratic
Party for another three years, with one local newspaper poll showing 87 percent
of eligible lawmakers favoring his return. The prime minister and his only
rival, former Defense Minister Shigeru Ishiba, registered their candidacies
Friday in Tokyo, marking the official start of the campaign.
In
recent weeks, Abe, 63, has signaled plans to follow his “Abenomics” policies of
monetary easing, fiscal stimulus and structural reform, with a more
controversial agenda focused on demographic issues. But the prime minister’s
record of watering down proposals after resistance from the public and vested
interests has left many skeptical about his resolve to see it through.
Golden Years
Japan's
social security costs are rising fast as the country ages
Source:
Japan Cabinet Office
“It’s
been characteristic of the Abe government for the last three or four years that
they say all the right things,” said Robert Feldman, a senior adviser at Morgan
Stanley Mufg Securities in Tokyo. “Somehow the budget and the actual laws they
pass don’t get them toward the things they say they want to do.”
Here’s
a look at Abe’s agenda:
Foreign Workers
Spooked
by a labor shortage crippling sectors such as elderly care, Abe’s pushing to
crack open Japan’s restrictive immigration laws. He’s pledged to create a new
residential status for lower-skilled foreign workers next year that would
accept laborers for limited stays without their families. The existing foreign
“intern” system has been dogged by allegations of forced labor. In an essay published
by Hanada magazine last month, Abe said foreign workers must be paid the same
as their Japanese counterparts and be protected from exploitation. Still, he
argues it’s not “immigration” because they can’t stay.
Retirement Age
Jobs
for life could become more common in Japan, if Abe gets his way. In an
interview with the Nikkei newspaper this week, the prime minister said he
wanted to focus the next year on creating an environment for people to stay
working throughout their lives. That could mean bolstering opportunities for
mid-career job changes and encouraging people to stay on past 65. Japan already
has a relatively high proportion of elderly workers, including about 30 percent
male and 16 percent of female senior citizens.
Social Security
Abe’s
counting on keeping more elderly people in the labor force in year one of his
next term. Because it’s essential to healthcare and social security overhauls
he’s planning in years two and three. Abe told the Nikkei that he was
considering allowing workers the option of delaying pension payouts past the
age of 70, in exchange for higher monthly payments when they do. The Japanese
already have among the world’s longest life expectancies -- at about 87 years
for women and 81 years for men -- and Abe said he wants to promote lifestyle
incentives to lengthen healthy life spans.
Sales Tax
Abe
is also seeking to raise the consumption tax to 10 percent from the current 8
percent in October of next year. The last increase to 8 percent in 2014
triggered a recession, leading Abe to twice delay a second hike. Abe told the
Nikkei that measures like exempting food from the next increase would help
deflect another economic hit.
Constitutional Amendment
Abe
pledged in a policy pamphlet distributed to party lawmakers ahead of the
election to push ahead with a controversial plan to change the pacifist
provision of the country’s postwar constitution. He said he would seek to
present the LDP’s amendment to the next session of parliament and push for an
early vote. The plan faces a rocky road: Natsuo Yamaguchi of Abe’s coalition
partner, the Komeito Party, said last month he didn’t think there had been much
progress on consensus-building to support the plan.
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