China confronts a challenging international environment and must boost domestic consumption, said Li Daokui (李稻葵), an academic adviser to the People’s Bank of China, at a financial forum in Beijing yesterday.
China’s economy retains strong growth potential even as the international situation grows more complicated after the global financial crisis, said Li, appointed in March as one of three academic advisers to the central bank.
Pressure to let the yuan rise will grow, while both China and India face swelling trade protectionism against export goods, he said.
“Pressure for yuan appreciation is just starting and far from ending,” Li told an audience of corporate leaders.
“China faces challenges including the housing price surge that’s impeding progress in urbanization,” Li said.
The yuan strengthened 0.68 percent last week, the most since May 2008, to 6.7235 per US$1 in Shanghai, taking its gains to 1.5 percent since a two-year peg ended in June, according to the China Foreign Exchange Trading System.
Non-deliverable yuan forwards reflected traders’ bets that the yuan will gain 1.5 percent in the coming 12 months.
Consumer prices jumped 3.5 percent from a year earlier last month, the most in 22 months, a statistics bureau report showed on Sept. 11.
Industrial output gained 13.9 percent, compared with the 13 percent median estimate of economists surveyed by Bloomberg.
China’s GDP grew 11.9 percent from a year earlier in the first quarter, the fastest pace in almost three years. Inflation topped the government’s 3 percent target.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique