Tag Archives: NPC

NPC 34: XI JINPING RE-ELECTED CHINESE PRESIDENT

BY XUEFEI CHEN AXELSSON
BEIJING, MARCH 17(GREENPOST)– XI JINPING WAS RE-ELECTED AS THE CHINESE PRESIDENT WITH A FULL VOTE OF 2970 VOTES DURING THE THIRD PLENARY SESSION OF THE ONGOING NATIONAL PEOPLE’S CONGRESS IN BEIJING.

GREENPOST’S REPORTER XUEFEI CHEN AXELSSON ATTENDED THE ELECTION SESSION AND FILED THIS REPORT.

AT 9 THE PLENARY SESSON BEGAN AS USUAL.
The deputies  first approved the draft law of the national institution reform.
Then the voting process started.

Xi Jinping was elected as the Chinese president with a full vote of 2970 votes out of the total member of 2980 in which 10 absent.

Li Zhanshu was elected as the new chairman of the National People’s Congress Standing Committee.

Wang Qishan was elected as vice president of the People’s Republic of China.
Wang Chen was elected as vice president of the NPC standing committee together with others.

The elected leaders swore in front of the new constitution that was passed a few days ago during this session of the NPC Congress.

The result was even welcomed by the weather because it snowed and rained after such a dry winter in Beijing.

The premier will be elected on March 18th. please stay tuned.

Xuefei Chen Axelsson reporting from Beijing.

Feature 2: CPPCC ends, Smog is gone

By Xuefei Chen Axelsson

Beijing, March 15(Greenpost)– The smog was like a spirit to follow the NPC congress and CPPCC sessions over the past ten days except March 5.

But today when the CPPCC ends, the smog has finally gone with the wind.

Yesterday afternoon,  the Chinese People’s Political Consultative Conference held its plenary session to discuss the charter and select the new chairman.

When I arrived in front of the Great Hall of the People, the committee members just arrived.  They are mostly professionals from all walks of life such as doctors, teachers, lawyers, business people and sports stars.

I happened to see a tall man or maybe the tallest man in the world, Yao Ming.  When I visited Houston in 2002,  a black woman there said she liked to marry Yao Ming.

Yao Ming is really outstanding and about half a meter taller than others.

I also saw the film star Kai Li.  She is still very pretty.  For the first time I also locked a moble phone in the box because I happened to take two mobile phones.

The session smoothly passed the revision draft of the CPPCC Charter. Then it comes to the election process.  I experienced once the CNN journalist laughed at the Chinese election because they don’t think it is election. But I think since it is a real vote without signing your name, it should be considered as an election.  Everything is quite formal.

Finally Wang Yang was formally elected as the new Chairman of the CPPCC.  Yu Zhengsheng, also attended the ceremony and congratulated Wang with a broad handshake.

This shows that China can successfully and peacefully transfer their power without conflict.

I  felt very sleepy  and I was not sure I was tired or sick.  But when I arrived at apartment, I felt it was because I was tired.

Smog has gone with the wind to the Pacific Ocean

This morning the CPPCC held its closing ceremony and finally  CPPCC members approved its work report, Charter and other documents.  The CPPCC new chairman Wang Yang also made a key not speech.

He said CPPCC is not a decision making authority, but it can give good suggestions.  He vowed to make all efforts to support the Communist Party of China and the Chinese government to succeed in combating the three campaigns. That is to prevent serious risks, to get rid of poverty and to improve the environment to have a beautiful China.

When the sesson ends and when I came out of the Great Hall of the People, I saw a blue sky and white cloud.  Beijing is very beautiful again.  When I came back to the press center, I saw the news that it snowed in Shenyang too.

China is getting more and more beautiful and better and better in many aspects.

Xi Jinping, Li Keqiang , Li Zhanshu, Wang Huning, Zhang Dejiang and Wang Yang, Yu Zhengsheng and many others attended the closing ceremony too.

CPPCC session concludes in Beijing

By Xuefei Chen Axelsson

Beijing, March 15(Greenpost)– Chinese People’s Political Consultative Conference ended this morning at the Great Hall of the People in Beijing.

The sky has become blue due to the cooler wind coming from last night. The Tiananmen Square is clean and clear.

Chinese leaders Xi Jinping, Li Keqiang, Li Zhanshu, Zhang Dejiang, Wang Yang participated in the conference.

The participants approved the work report presented by Yu Zhengsheng, Chairman of the 12th CPPCC session and the Charter revision draft of the CPPCC.

Wang Yang who is one of the members of the Political Bureau of the Communist Party of China was elected as the Chairman of the 13th CPPCC session with a full votes of 2144 votes who were present.

Wang Yang said the main task for the CPPCC in the following five years is to strictly exert its role of political consultation focusing on prevention and alleviation of serious risks, eradicating poverty and protecting environment.

CPPCC will actively make unremitting efforts to provide good suggestions to the Chinese government.

24 members including Zhang Qingli, Wan Gang and others were elected as vice Chairmen of the CPPCC standing committee.

Xia Baolong was elected as Secretary of the CPPCC standing committee.

A total of 300 members were elected as the members of the Standing committee among the over 2000 committee members all over China om March 14th.

2040 committee members attended the closing ceremony.

 

 

Feature: A Day in Beijing during the NPC Congress and CPPCC Session

By Xuefei Chen Axelsson

On March 13th, I got up early because on March 12 I stayed at home and watched Live TV broadcast to cover the National People’s Congress press conferences.  Due to the jetleg, I have to sleep early every day and get up very early.  This is good for me.

Smog, when will you go away?

In the morning, I looked outside through the window and found the smog was more serious than the previous days. But still, it was better than that of five years ago when I was in Beijing on 2013.

I took the bus No 10 outside the courtyard and it took me 20 minutes to arrive at Guomao.  After I got off the bus, I have to walk another 100 meters and then went into the subway.  Still I love it because it saved me a lot more walking.

I took the line one of the Subway to Tiananmen West. I was worried because on Sunday when I took the bus No. 1, it didn’t stop on Tiananmen West. But thanks to CPC, the subway stopped at Tiananmen West.

When I came out of the subway, I saw the trees along the Chang’An Avenue  very beautiful. It looked like an ink painting.  It was foggy and smoggy.

I hurried to the Great Hall of the People. The guards were strict but nice.  Quickly I arrived in the Hall and went through the security. The logistics were good. They provided a safety box and a key so that people could put their extra mobile phone in the box and locked it.

In the morning, it was Li Jianguo from NPC committee who presented explaination on China’s Supervision Law. This law shows the determination of the Communist Party of China to prevent corruption according to law.

Many Chinese delegations have visited Sweden and got to know how Sweden prevents corruption.

Emphasis was also given to supervision and both a Supervision Law and a Supervision department has been established. These are also the spotlights during this congress. It showed that Xi Jinping is determined to  prevent corruption according to law.

Chinese President Xi Jinping and Premier Li Keqiang attended the conference.  Li Jianguo presented a report on details of the Supervision law to illustrate why China forms supervision law and how it works to prevent  corruption.

After this report, Wang Yong delivered a report on State Council’s institutional reform.

For years, people feel it is difficult to get rid of the family planning committee. But now it is gone.  In stead, with the call from the soldiers, a new department on retired soldiers has been established to take care of their pension.

National Land Resources Ministry has been changed to Natural Resources Ministry. State Forestry Ministry has been taken away. More emphasis has been put on the rural areas development and environment protection.

Overall,  the State Council has cutt off 8 ministries, but also promoted some other ministries.  Foreign Affairs Ministry remains at the same level.

Tourism and Cultural Ministry merged into one and it was welcomed.

Delegates think the reform of the institutions  is quite reasonable.

After that, I went to Fulihua  at Nan Lishilu area. I used to work in those area and I miss it very much.

So I went to the Molly shop where I used to buy clothes.  I bought four clothes.  I took a bowl of noodles for lunch.

And then I hurried to Great Hall of the People.  The reason for it is that there is an open press conference in the Xinjiang Ugyor Autonomous Region delegation.  Kurban,  a Ugyor who used to ride a donkey to come to Beijing to see  late Chairman Mao. Now his great grand daughter becomes the delegate representing the hometown people.

She said she worked in the Liaoning Submarine before she became the delegate.  With her family’s experience,  she saw the great changes in their life for better  in Xinjiang.

She said in particular, President Xi Jinping put up forward a policy that the Chinese cadres should help the Ugyor families to form a partnership.  This way leads to the Ugyor family to eradicate poverty quickly.  The Ugyors feel honored to have a Han cadre to be their contact.

She said she would follow her great grand father’s step and continue to work hard to improve the local people’s living standards.

Unity among different ethnic groups in Xinjiang is an important task to keep the region safe, stable and prosperous.

Tourism is an important industry in the region and also key for poverty eradication.

Xinjiang is a beautiful place.  It also receives support from Zhejiang Province as another kind of partnership.  That means the Chinese government asks the eastern provinces to help western provinces and regions.  This is also a good way to narrow down the gap between eastern and western regions.

After this press conference, I went back to the shop to fetch my clothes because I couldn’t take a lot of things to the Great Hall of the People.

In the evening, I met my former colleagues.  She said I can take bus No. 1 to Ritanlu from Nanlishilu.  I remember there were bus 52, 57 and 1. But now neither 52 nor 57  travel so long. Only bus No. 1 kept its pride to drive on the Chang’s Avenue, the No. 1 road in Beijing.

It is true that it goes quickly and I can get off directly in front of Beijing Radio.  Then we went to a Yunnan style restaurant to eat a hotpot sour fish, but not as sour as herring in Sweden.

One can put noddles into the pot and with some vegetables, it became a good meal.  We talked a lot about why I left Beijing for Sweden and what I did over the years.

They said your zigzagging life sounds very interesting and you should write a book about it.  I said I have written a big part of it but I never know how to end it. So it is going on but no end.

Then they drove me home which sits outside the third ringroad.  I was moved by their hospitality and felt very glad that almost every family nowadays has one or two cars in Beijing.

Beijing was shrounded with smog and the trees look like an ink painting.

When I came in to the apartment, I felt I was so excited that I couldn’t sleep.  I watched wechat news and then tried to sleep again. But it was one thirty already.

China has no need or intention to replace U.S.: Chinese FM

Xuefei Chen Axelsson

STOCKHOLM, March. 8 (Greenpost)–China is on a long march to modernization and it has no need or intention to replace the United States’ international role, Chinese Foreign Minister Wang Yi said Thursday.

“Some Americans allege that China will replace America’s role in the world. This conclusion is fundamentally wrong,” Wang said at a press conference on the sidelines of the annual session of the National People’s Congress.

Chinese Foreign Minister Wang Yi meets the press at a news conference in Beijing, on the sidelines of the national legislature's annual session on March 8, 2018. [Photo: Xinhua]

Chinese Foreign Minister Wang Yi meets the press at a news conference in Beijing, on the sidelines of the national legislature’s annual session on March 8, 2018. [Photo: Xinhua]

On trade frictions between the two countries, Wang said that trade war is never the right solution, as it will harm both the initiator as well as the target country in a globalized world.

“In the event of a trade war, China will make a justified and necessary response,” Wang said. “We hope China and the U.S. will have a calm and constructive dialogue as equals, and find a win-win solution.”

Despite elements of competition, China-U.S. ties are defined more by partnership, not rivalry, he added.

Chinese Foreign Minister Wang Yi answers questions on China's foreign policy and foreign relations at a press conference for the first session of the 13th National People's Congress in Beijing, capital of China, March 8, 2018.[Photo: Xinhua]

Chinese Foreign Minister Wang Yi answers questions on China’s foreign policy and foreign relations at a press conference for the first session of the 13th National People’s Congress in Beijing, capital of China, March 8, 2018.[Photo: Xinhua]

Citing a latest poll, Wang said over 50 percent of the American people have a favorable view of China and the figure has been rising steadily in recent years.

“I hope people will not focus just on the problems of U.S.-China relations, but also pay attention to the positive aspects,” he said.

“The more China develops, the more it can contribute to the world,” the foreign minister said, stressing China’s commitment to peaceful development and win-win cooperation.

Photo from Xinhua

Green Post congratulates the opening of the CPPCC

Xuefei Chen Axelsson

London, Mar.3(Greenpost)–Green Post likes to congratulates the opening of the annual Chinese CPPCC session.

This is an important event in Chinese people’s life with committee members will give suggestions and proposals to the government in implementation of government work plans.

The well known Nation People’s Congress will be held on March 5.

Green Post likes to congratulates NPC session too.

Xinhua Insight: Lawmakers approve China’s five-year plan against economic headwinds

BEIJING, March 16 (Xinhua) — Chinese lawmakers on Wednesday approved the country’s economic and social development blueprint for the 2016-2020 period, which sets targeted average annual economic growth at above 6.5 percent in the next five years.

A total of 2,778 lawmakers, or 97.27 percent, voted in favor of the five-year plan at the closing meeting of the annual session of the National People’s Congress (NPC).

China has set 2020 as the target year to realize the first “centenary goal” of building a moderately prosperous society in all respects, pledging efforts to double GDP and per capita personal income from the 2010 level before the Communist Party of China’s 100th anniversary of founding in 2021.

To this end, the five-year plan aims to keep medium-high growth in the next five years. By 2020, the size of China’s economy is expected to exceed 90 trillion yuan (13.8 trillion U.S. dollars), compared with 67.7 trillion yuan in 2015, according to the plan.

Addressing fellow lawmakers at the closing meeting, top legislator Zhang Dejiang called the 13th Five-Year Plan a document of “guiding importance” in the final stretch toward building a moderately prosperous society in all respects.

His words came amid rising economic headwinds in China, with uncertainties clouding global economic recovery.

China’s economy expanded 6.9 percent year on year in 2015, the slowest in a quarter of a century, weighed down by a property market downturn, falling trade and weak factory activity.

The government now hopes to shift the economy from the previous mainstay of exports and investment toward services and consumer spending.

According to the five-year plan, the reform and opening up drive will continue between 2016 and 2020.

China will push ahead urbanization and agricultural modernization, coordinate development in urban and rural areas, and work to improve the people’s well-being across the board so that all people can share the fruits of development.

An innovation-driven development strategy shall be implemented, while industries must be propelled toward medium-high end, the document read.

By 2020, advances should be made in core technologies such as information communication, new energy, new materials, aviation, biological medicine and intelligent manufacturing, it said.

The environment is another key priority in the 2016-2020 plan.

As binding targets, water consumption per 10,000 yuan of GDP will fall 23 percent by 2020, while energy consumption per unit of GDP will be cut by 15 percent. Carbon dioxide emissions will also be cut by 18 percent.

Major progress should be made on the China-proposed Belt and Road Initiative, and the service trade’s share in total foreign trade would be increased.

“The five-year plan has offered a clear roadmap for the fulfillment of our centenary goal,” said Liu Xiya, an NPC deputy.

In his government work report, Premier Li Keqiang said China had successfully fulfilled all the main tasks and targets set out in its 12th Five-Year Plan (2011-2015), setting a positive tone for the implementation of the new one.

Chinese can derive great confidence and a strengthened sense of unity from the country’s achievements, drawing on them to forge ahead on this new leg of the journey toward the Two Centenary Goals, he said.

His optimism was shared by Liu. “The next five years will mark the home stretch to 2020 target, and there is every reason to believe that we can deliver on those targets since our economic fundamentals are still sound,” she said.

The drafting of the new plan started early. A plenary session of the Communist Party of China (CPC) Central Committee last year was dedicated to review proposals for the five-year development blueprint and set its overarching principles.

A draft version of the plan was submitted to lawmakers for review at this year’s annual legislative session, during which dozens of changes were made.

Kan Ke, an official with the secretariat of this year’s NPC session, said the formulation of the final document was a very China-style political process: The proposition of the ruling Communist Party becomes the will of the state in a due course of legislative procedures.

He added that the drafting process was in line with the evolution of modern state governance, and is conducive to the implementation and enforcement of the Party’s decisions.

His words were echoed by Zheng Yongnian, professor and director of the East Asian Institute of the National University of Singapore.

Zheng hailed the consistency of China’s political and economic design in comparison with the West, where “a political party may make plenty of pledges before elections, but fail to deliver after coming to power.”

Kan agreed. “Coherence is the basis for our economic and social development. This is where our institutional superiority comes from,” he said.  Enditem

 

Editor  Xuefei Chen Axelsson

 

China to make law to get tax from property

IN-DEPTH

China Focus: Property tax legislation moving forward, though slowly

BEIJING, Aug. 6 (Xinhua) — China’s long discussed and often stagnated property tax plan has once again come under the public spotlight following its inclusion in the national legislation plan this week.

The Standing Committee of the National People’s Congress (NPC), China’s legislature, included a property tax law in its legislation plan, signalling lawmakers’ determination to push ahead with the reform, although progress has been extremely slow.

“Conditions to enact these laws are ripe,” said the Standing Committee website. “The 12th NPC plans to review them within its tenure [which ends in early 2018].”

Prof. Shi Zhengwen of fiscal and financial law at the China University of Political Science and Law expects the law to be passed by the end of 2017.

But the passing of the law does not necessarily mean it will be put into effect right afterwards, analysts said, citing the timing and specific clauses in the law as possible obstacles for its implementation.

The coverage, tax rates and possible exemptions for houses under a certain size are among the most debated topics that need a serious balancing of interests, insiders involved in the legislation said.

China’s current housing tax mechanism mainly taxes development and sales of a property, without taxing home ownership or the market value of homes.

The low cost of holding property has led to speculation as investors tend to purchase multiple houses and hold them off the market in hopes of further appreciation, which has fuelled price rises in major cities already wrestling with tight supply.

As part of efforts to cooling the property market amid growing public complaints over runaway housing prices, China introduced a trial property tax in cities like Chongqing and Shanghai in 2010.

The Chongqing tax tryout focused on high-end housing while the Shanghai method mainly targeted ownership of multiple houses.

Due to limited rates ranging from 0.5 to 1.2 percent, however, the taxes were seen as too low to be effective in keeping local housing prices in check.

Rumors later spread that more cities, including Wuhan, Hangzhou and Xiangtan, were “technically ready” to join the pilots, but none made any concrete moves, which some analysts have blamed on a lack of legal backing.

In a first sign of the central leadership’s determination, a reform plan approved by the Third Plenary Session of the 18th Communist Party of China Central Committee in 2013 made clear that the legislation of taxes in the property sector would be accelerated.

As the country’s growth started to face increasing downward pressure in recent years and the property market began to cool, discussions on property tax have gradually died down as more attention has shifted to supporting growth.

Balancing the relationship between the property tax’s possible impact on the market and economic development will be central to the reform agenda, said Zhang Bin, a researcher at the Chinese Academy of Social Sciences.

“In the longer term, the aim of the property tax legislation is to increase taxes on home ownership to improve the price mechanism,” he said.

Zhang Dawei, chief analyst at Centaline Property, pointed out another factor that may hamper the implementation of the tax — property registration.

Given that property registration has yet to be finished, there will be a very low possibility of the property tax being implemented in the short term, which in turn will have limited impact on the market, Zhang said.

With a clear reform roadmap and transparent policies, the public could be more prepared for possible policy changes to help stabilize market expectations to avoid wild swings in prices, analysts said.

China’s real estate market took a downturn in 2014 due to weak demand and a surplus of unsold homes. The cooling has continued into 2015, with both sales and prices falling and investment slowing.

The persistent weakness in the sector, combined with shrinking exports due to uneven global economic recovery, dragged China’s growth to 7 percent in the first half of the year, prompting the government to introduce an array of policies such as easing mortgage rules and removing purchase restrictions to activate the market.

On the back of the policies, new home prices have continued to rise for the third consecutive month in July, with average prices in a sample of 100 cities rising 0.54 percent month on month to 10,685 yuan (1,747 U.S. dollars) per square meter, according to a survey conducted by the China Index Academy, an independent research institute. Enditem

Xinhua Insight: China adopts new law on national security

Xinhua Insight: China adopts new law on national security

BEIJING, July 1 (Greenpost) — China’s top legislature on Wednesday adopted a new national security law highlighting cyber security and demanding the establishment of a coordinated, efficient crisis management system.

Of the 155 lawmakers present at a bimonthly session of the National People’s Congress (NPC) Standing Committee, 154 voted for the legislation. One abstained.

The new law, which will be signed into force by President Xi Jinping later Wednesday, covers a wide spectrum of areas including defense, finance, science and technology, culture and religion.

Outer space activities and assets, as well as those at ocean depths and in polar regions, were also brought under the national security umbrella.

A national security review and regulatory system and relevant mechanisms would be set up to censor items that have or may have an impact on national security, including foreign investment, particular materials and key technologies, network and information technology products and services, projects involving national security, it said.

Security is a top issue in China. A National Security Commission headed by Xi was established in 2013. An overall national security outlook put forward by Xi was also incorporated in the new law.

Speaking to reporters at a press conference, Zheng Shuna with the Legislative Affairs Commission of the NPC Standing Committee said the law was crucial in the face of “ever-growing security challenges”.

“We are under dual pressures […] Externally speaking, the country must defend its sovereignty, security and development interests, and internally speaking, it must also maintain political security and social stability,” Zheng said.

Thus, overarching legislation is needed to guide responses to national security threats and risks, she said.

Ma Huaide, vice president of China University of Political Science and Law, also said the law could provide a sound framework for future legislation on national security.

The first national security law took effect in 1993 and primarily regulated the work of national security agencies, whose major duty is counterespionage. It was renamed the Counterespionage Law in November.

The new law, meanwhile, said national security means that “the country’s state power, sovereignty, unity, and territorial integrity; its people’s wellbeing; its sustainable economic and social development; and other major interests are comparatively in a state of being in no danger and free of any threat from both within and without, and that the aforementioned state can be constantly guaranteed.”

Zheng rejected the notion that the definition was “too broad”.

“The definition does not cover broader areas compared with other countries,” she said.

“Any government will stand firm and ensure that there is no room for dispute, compromise or interference when it comes to protecting their core interests,” she said. “China is no exception.”

When asked to comment on the inclusion of activities and assets in space, deep sea and in polar regions in the new law, Zheng pointed to similar legislation in the United States, Japan, Russia and Europe.

China’s explorations and development in outer space, the international sea bed and polar regions have contributed to better understanding and utilization of resources, and was “conducive to the common interests of mankind,” she said, adding that China had the right to protect its activities, assets and personnel in these “new frontiers”.

One key element of the new law is a clause on cyberspace sovereignty. China will make Internet and information technology, infrastructure,information systems and data in key sectors “secure and controllable”, it read.

The country will strengthen its capability to protect cyber and information security, and enhance Internet and IT research, development and application.

Zheng said cyberspace sovereignty was the embodiment and extension of national sovereignty, adding that the Internet is an important aspect of the nation’s infrastructure.

“Internet space within the People’s Republic of China is subject to the country’s sovereignty,” she said.

China is willing to cooperate with other countries in safeguarding cyber security, building a peaceful, secure, open and cooperative cyberspace, and establishing a multilateral, democratic and transparent international Internet management system, Zheng said.

The new law also vowed that an Internet and information security system would be established to ensure cyberspace security, enhance innovation, speed up development of “strategic” technology and beef up intellectual property protection and application.

A coordinated, efficient crisis management system under a centralized leadership will be set up, it said, adding that national security crises-related information must be published in a timely manner.

Chinese citizens are obliged to report anything that undermines national security, and protect national secrets in line with the Constitution and laws, it read. Enditem

 

 

 

 

China ratifies int’l pact against tax avoidance

China ratifies int’l pact against tax avoidance

 

BEIJING, July 1 (Greenpost) — China’s top legislature has ratified an international convention combating tax avoidance.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters was submitted by the State Council, China’s cabinet, to a bimonthly meeting of the National People’s Congress Standing Committee for review. It was ratified before the meeting closed on Wednesday.

The pact will enable China to participate in global initiatives against tax avoidance and evasion by cooperating with other states in the assessment and collection of taxes.

Wang Jun, administrator of the State Administration of Taxation, signed the convention on behalf of the Chinese government in 2013 in Paris.

The State Council hopes the convention will help China meet its commitments to the international community as well as squeeze shelter for Chinese tax dodgers.

It will not be applied to Hong Kong and Macao for the time being, according to the agreement.

The convention was developed by the Organization for Economic Cooperation and Development and the Council of Europe in 1988 and updated in 2010, when it was opened to all countries.

Seventy had signed it as of March. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson

 

China’s top legislature ratifies BRICS bank agreement

 

China’s top legislature ratifies BRICS bank agreement

BEIJING, July 1 (Xinhua) — China’s top legislature ratified an agreement on the founding of BRICS New Development Bank (NDB), which will fund infrastructure projects in the bloc and other developing economies, on Wednesday.

The approval was given at the bimonthly-session of the National People’s Congress Standing Committee, which runs until July 1.

The agreement was signed by the bloc’s five members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

It will enter into force only when all BRICS countries have submitted documents of acceptance, ratification or approval.

The Shanghai-based NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among the founding members.

It will have a three-tier governance structure — a board of governors, a board of directors, a president and vice presidents.

As agreed by the five countries, the first chair of the board of governors will be nominated by Russia, the first chair of the board of directors by Brazil, and the first president by India.

They also agreed to set up a NDB African regional center in South Africa.

The board of governors is expected to hold the first meeting on July 7 in Russia to appoint members of the board of directors and the management led by the president, according to the Ministry of Finance.

Rules regarding procedures will be made and the bank’s five-year development strategy discussed at the meeting.

The inaugural management team will take their posts in Shanghai in middle July, according to the ministry.

The NDB is expected to launch late this year or early next year.

The bank’s establishment will be an important achievement for financial cooperation among BRICS members, said Finance Minister Lou Jiwei.

It will promote infrastructure construction and sustainable development of the emerging and developing economies, he said.

The bank also helps promote reform of global economic governance, he said.

Once the agreement is approve by the NPC Standing Committee, the Chinese government will provide 10 billion U.S. dollars on time as prescribed, Shi said while elaborating on the deal at the NPC Standing Committee session on June 24.

For the time being, the agreement will not apply to Hong Kong Special Administrative Region, according to the top legislature’s decision. Enditem

China mulls cyber security law

China mulls cyber security law

BEIJING, June 24 (Xinhua) — China’s top legislature is considering a cyber security law, according to a statement released Wednesday.

The draft law was submitted to lawmakers for its first reading at the bimonthly session of the National People’s Congress (NPC) Standing Committee which runs from Wednesday to July 1.

The law aims at “safeguarding cyberspace sovereignty and national security,” according to the draft.

Cyber security has become an important issue concerning national security and development as well as public interests, said Lang Sheng, deputy head of the Legislative Affairs Commission of the NPC Standing Committee, at the session.

The 68-article draft law suggests mechanisms to guarantee the safety of Internet products and services, operation, network data, as well as information.

The draft also highlights “development,” prescribing national strategies for cyber security and supportive measures to promote cyber security, Lang said.

Key information-related infrastructure will be put under protection, according to the draft.

The draft also stresses protecting citizens’ personal information from being stolen, leaked or used illegally.

State Council departments related with cyber security will establish systems for cyber security monitoring, warning and reporting. An emergency response mechanism will also be set up, according to the draft. Enditem

 

China’s top legislature reviews BRICS bank agreement

China’s top legislature reviews BRICS bank agreement

BEIJING, June 24 (Xinhua) — China’s top legislature started reviewing an agreement on the founding of the BRICS New Development Bank (NDB), intended to fund infrastructure in the BRICS bloc and other developing economies, on Wednesday.

The agreement was signed by five of the bloc’s members — Brazil, Russia, India, China and South Africa — on July 15 last year during the sixth BRICS summit.

It will enter force only when all BRICS countries have deposited instruments of acceptance, ratification or approval.

The agreement over the Shanghai-based bank had been ratified in India and Russia by April 27, said Vice Finance Minister Shi Yaobin while elaborating on the deal at the bimonthly session of the National People’s Congress (NPC) Standing Committee.

The NDB will have initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion U.S. dollars will be equally shared among founding members, under the agreement.

It will stipulate a three-tier governance structure — a board of governors, a board of directors and management led by the president.

As agreed by the five countries, the first chair of the Board of Governors will be nominated by Russia, the first chair of the Board of Directors by Brazil, and the first president of the bank by India, Shi said.

They also agreed to set up an African regional center of the NDB in South Africa.

The establishment of the bank will be a milestone in financial cooperation among BRICS members, according to Shi.

Aside from its main funding function, it will help enhance the bloc’s role in the international arena and promote reform of global economic governance, he said.

The agreement will initially not be applied in the Hong

Kong Special Administrative Region after the foreign ministry consulted with the regional government.

Once the agreement is approve by the NPC Standing Committee, the Chinese government will subscribe 10 billion U.S. dollars on time as prescribed, Shi said.

He also noted that the NDB, the Asian Infrastructure Investment Bank and the Silk Road Fund would operate independently although all three were financed by the government. Enditem

Consumption contributes more to China’s GDP growth

Consumption contributes more to China’s GDP growth

Stockholm, June 3 (Greenpost) — Consumption contributed more to China’s economy last year, while investment growth declined.

Consumption contributed 50.2 percent to China’s gross domestic product (GDP) growth in 2014, 0.2 percentage points more than the previous year, data from the National Bureau of Statistics (NBS) showed on Wednesday.

Investment contributed 48.5 percent, down from 54.4 percent in 2013, and net exports contributed 1.3 percent to 2014 GDP growth, up from the negative 4.4 percent contribution rate the previous year.

China’s economic growth over the past two decades relied heavily on capital investment and exports. To steer the economy onto a more sustainable track, the government has been trying to encourage more domestic consumption, rather than over relying on investment and exports.

GDP last year was 64.08 trillion yuan (10.47 trillion U.S. dollars), up from 58.97 trillion yuan in 2013.

Consumption amounted to 32.83 trillion yuan, up from 30.1 trillion in 2013.

GDP grew 7.4 percent last year, the weakest annual expansion in 24 years. The official growth target was set at around 7 percent for 2015 by the Chinese government in March at the annual session of the National People’s Congress. Enditem

Source Xinhua

Editor  Xuefei Chen Axelsson