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  1. #61
    Senior Contributor DOR's Avatar
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    China issues white paper on Asia-Pacific security cooperation

    BEIJING, Jan. 11 [2017] (Xinhua) -- China on Wednesday issued a white paper on policies related to Asia-Pacific security cooperation, which also clarified the nation's stance on issues of regional concern.


    Highlights:


    • China is prepared to take on greater responsibilities for regional and global security
    • Small- and medium-sized countries need not and should not take sides among big countries
    • Regional and international rules should be set through discussion with all countries concerned rather than being dictated by any particular country, and rules of individual countries should not automatically become international rules.
    • China remains committed to resolving disputes peacefully through negotiation and consultation and upholding peace and stability as well as freedom of navigation and overflight in the South China Sea.



    On territorial issues,


    China has indisputable sovereignty over the Nansha Islands and their adjacent waters. The Diaoyu Islands are an integral part of China's territory. China's sovereignty over the Diaoyu Islands has a sufficient historical and legal basis.

    In response to Japan's negative moves concerning historical and maritime territory issues, China urges Japan to abide by the four political documents and the four-point principled agreement on bilateral relations, properly manage and control disputes and conflicts, and avoid creating obstacles to the improvement of bilateral relations.


    Policy on Korea is muddled: look out for your own security, but don’t point those anti-ballistic missiles at me:


    The anti-ballistic missile issue concerns global strategic stability and mutual trust among major countries. China always holds the view that the anti-ballistic missile issue should be treated with discretion. Forming Cold War style military alliances and building global and regional anti-ballistic missile systems will be detrimental to strategic stability and mutual trust, as well as to the development of an inclusive global and regional security framework. Countries should respect other countries' security concerns while pursuing their own security interests, and follow the principle of maintaining global strategic stability without compromising the security of any country so as to jointly create a peaceful and stable international security environment featuring equality, mutual trust and mutually beneficial cooperation.

    Despite clear opposition from relevant countries including China, the US and the Republic of Korea (ROK) announced the decision to start and accelerate the deployment of the THAAD anti-ballistic missile system in the ROK. Such an act would seriously damage the regional strategic balance and the strategic security interests of China and other countries in the region, and run counter to the efforts for maintaining peace and stability on the Korean Peninsula. China firmly opposes the US and ROK deployment of the THAAD anti-ballistic missile system in the ROK, and strongly urges the US and the ROK to stop this process.


    Interesting lack of self-confidence on cybersecurity:

    cyberspace should be used to promote economic and social development, maintain international peace and stability, and improve the well-being of mankind. Countries should strengthen dialogue and cooperation on the basis of mutual respect, equality and mutual benefit, and build a peaceful, secure, open and cooperative cyberspace and a multilateral, democratic and transparent international Internet regime. It is imperative that a universally accepted international code of conduct is formulated within the UN framework.


    There’s also a side note for Mr Trump:

    China is willing to promote the sustainable, sound and stable advance of bilateral relations, and work with the new US administration to follow the principles of no conflict, no confrontation, mutual respect and mutually beneficial cooperation, increase cooperation in bilateral, regional and global affairs, manage and control divergences in a constructive way, and further bilateral relations from a new starting point, so as to bring benefits to the two peoples and other peoples around the world.


    Full text:
    http://news.xinhuanet.com/english/ch..._135973695.htm

  2. #62
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    Resolving China’s Corporate Debt Problem – an IMF Working Paper

    This late 2016 IMF study identifies credit to nonfinancial corporates as the main problem, not credit to households or to the central government. However, these nonfinancial corporates include local government financing vehicles, which means that there is an accounting action that can greatly reduce the problem: writing off local government debt to state-owned banks.

    Loans from the shadow or underground financial system are much less stable. However, they are also less systemic. The key risk here is where households have invested in unregulated “wealth management” products. The main solution is proper regulatory oversight backed up by an independent judicial system, which is to say, there is no solution.

    As the report notes, “The state controls most of the financial sector and SOEs which constitute the most leveraged part of the corporate sector.” That makes it, at least in part, an accounting problem. Understandably, there is no mention of the very poor quality of China’s statistics, which makes the IMF’s favorite solutions more difficult to justify.

    One thing we learned from the Asian Financial Crisis is that the first estimate of total nonperforming loans (for China, about 5%) ends up being one-third of the final figure, i.e., 15% in China’s case, which is painful but not dangerous.

    Finally, the comparison to other country’s financial crises is largely unhelpful. Thailand, for example, ran into trouble via a fixed exchange rate, unwarranted low interest rates and a foolish effort by the central bank to fight speculators. Spain was caught by the over-valued euro and easy cross-border capital movements. China has neither of these problems.

    Resolving China’s Corporate Debt Problem – an IMF Working Paper
    https://www.imf.org/external/pubs/ft...16/wp16203.pdf

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