Tag - China

Number of Chinese billionaires on the rise
Yes, iPhone 5 does exist
Pakistan our only all-weather friend: China
China supports Pakistan’s sovereignty, says vice PM
China Condemns Proposed US-Taiwan Arms Sale
Pakistan To Swap Currency With China

Number of Chinese billionaires on the rise

Publisher of luxury magazines and runner of a research institute — Forbes crowned machinery tycoon Liang Wengen as the nation s richest man.

“Even though the stock market is going down, the wealth of the most successful people in China is going up,” Russell Flannery, Forbes senior editor and Shanghai bureau chief, told reporters.

He pointed to a domestic building spree, higher demand for consumer goods and breakneck growth as driving the increase in wealth.

“The high GDP (gross domestic product) growth rate simply gives a big platform and a lot of room for people to find new businesses,” he said.

Liang, co-founder of machinery company Sany, topped the Forbes list with wealth of $9.3 billion. The Hurun report estimated his wealth at $11 billion.

The construction tycoon moved to the number one spot from third last year, as China s building boom created demand for Sany s cranes and excavators.

In second place on the Forbes list was Robin Li, co-founder of China s top Internet search engine Baidu, with wealth of $9.2 billion.

Baidu has reaped gains from the partial exit from the China market of rival Google, after the US Internet giant clashed with Beijing over censorship.

Two brothers took third and fourth place — Liu Yongxing of East Hope Group, China s largest animal feed producer, and his younger brother Liu Yonghao whose company New Hope Group has interests ranging from feed to finance.

Beverage magnate Zong Qinghou of soft-drink maker Wahaha fell to fifth place this year from first in 2010.

The total wealth of the 400 people on the list was $459 billion this year, up from around $423 billion last year, Forbes said.

The United States currently has about 413 billionaires, according to a list released by Forbes in March.

Yes, iPhone 5 does exist

LOS ANGELES – Apple-watchers had begun to wonder whether the ‘Let’s Talk iPhone’ event would consist only of new, cheaper models of iPhone 4 – or whether the usual sources who leak titbits about Apple were just slacking off this year. But yesterday a new leak seemed to confirm that a next-generation iPhone does exist. It might, however, be called iPhone 4S, not iPhone 5. Previously, the only ‘confirmed’ models seen in Apple’s official inventory had been a tweaked, cheaper iPhone 4 and new models of iPod Touch. The new device – reported via legitimate-looking photos of inventory entries posted on Apple websites such as 9 to 5 Mac, will ship with Apple’s dual-core A5 processor, the same nippy chip found inside iPad 2. It’s also likely to have a an eight megapixel camera, 1Gb of RAM and and and speech-to-text functionality – and possibly even more ‘voice’ functions. The ‘leak’ came via reports from Japanese IT websites about a speech by the head of Chinese mobile phone firm China Unicom, ‘confirming’ that iPhone 5 would offer the service.

Pakistan our only all-weather friend: China

ISLAMABAD: With no signs of an improvement in strained Pakistan-US relations, Islamabad and Beijing on Tuesday warmed to each other with rhetoric loud enough to be heard across the Atlantic.

“China categorically supports Pakistan‘s efforts to uphold its sovereignty, independence and territorial integrity,” said visiting Chinese Vice Prime Minister Meng Jianzhu at a meeting with Prime Minister Yousaf Raza Gilani. Meng went on to say that Pakistan was the only state with whom China enjoyed an “all-weather friendship.”

The PM responded to Meng’s resounding endorsements with equally grand words. “Your friends are our friends, your enemies are our enemies and your security is our security,” he told the visiting leader.

According to a statement from the PM’s media office, Gilani particularly mentioned close ties between China and Pakistan in the fields of terrorism, intelligence sharing and anti-narcotics. During Meng’s visit, China provided over Rs110 million in aid for law enforcement agencies in Pakistan.

“We will cooperate with you to the extent you want us to cooperate,” Gilani told Meng, who also held meetings with Pakistan’s top military and intelligence leaders during his two-day visit. Meng called on the Chief of Army Staff General Ashfaq Parvez Kayani and senior army officers at GHQ on Monday evening, accompanied by a delegation of high ranking Chinese officials.

Meng, a prominent leader in the Chinese State Council, arrived in Islamabad on Monday at a time when relations between Pakistan and the US had plunged into deeper uncertainty and distrust over the Haqqani network.

Experts said the Chinese were willing to support Pakistan in its efforts to counter pressure by the US but wanted Islamabad to defuse tensions with Washington, at least for now.

Meng stated that the Chinese foreign ministry would soon issue an official statement of solidarity with Pakistan in its right to sovereignty, independence and territorial integrity.

During Meng’s visit, the two sides signed $250 million in economic and technical agreements, according to the office of President Zardari.

China supports Pakistan’s sovereignty, says vice PM

ISLAMABAD: China on Tuesday extended its full support to Pakistan’s sovereignty, independence and territorial integrity and vowed to work with Pakistan for progress and peace in the region and the world.

Prime Minister Yusuf Raza Gilani who met the Deputy Premier of China Meng Jianzhu here at the PM House termed China as its close friend.

Jianzhu said Pakistan was the only country enjoying all-weather friendship with China.

Gilani said “a friend of China is Pakistan’s friend, its enemy Pakistan’s enemy and China’s security Pakistan’s security.”

He said the two countries together can progress and prosper and bring the dividends of development to their people.

The meeting was also attended by Interior Minister Rehman Malik, Foreign secretary Salman Bashir and ambassadors of the two countries.

China Condemns Proposed US-Taiwan Arms Sale

China strongly condemned the latest U.S. plan to sell arms to Taiwan, and is calling on Washington to revoke what it is calling an erroneous decision. It is still unclear if the decision will lead to substantive rifts with Washington, as such sales have in the past.

Foreign Ministry spokesman Hong Lei made clear China’s firm opposition to the latest U.S. plan to sell weapons to Taiwan.

Hong called the plan erroneous and said it will “inevitably cause damage to China-U.S. relations.” He said the deal will hurt bilateral relations and cooperation in military and security. However the spokesman gave no details when asked about specific retaliatory action.

The spokesman said the plan not only damages Sino-American relations, it undermines China’s national security and reunification efforts.

U.S. Embassy officials confirmed that senior Chinese Foreign Ministry officials called in Ambassador Gary Locke over the arms sale.

US deal

The Obama administration Wednesday informed the U.S. Congress on plans for a more than $5 billion upgrade of Taiwan’s F-16 fighter fleet. The deal did not include new and more advanced F-16 fighter jets, although U.S. officials said those sales may still be considered in the future.

Miles Yu is an East Asia and military history professor at the U.S. Naval Academy. He stressed that his views are his own, and he does not speak on behalf of the U.S. government.

Why China is mad

He says he thinks that while the sale will help Taiwan upgrade its military capabilities, the more important issue is how the deal underscores the link between the U.S. and Taiwanese militaries.

“What really China was protesting was not just these fighters, but the fact that the United States is so committed to the defense of Taiwan and Taiwan’s democracy and Taiwan’s system. And I think that riles China more than anything else,” said Yu.

Last year, Beijing suspended military exchanges with the United States after a $6.4 billion arms sale, which included missiles, Black Hawk helicopters and high-tech systems.

Yu says China always has expressed its displeasure at U.S. arms sales to Taiwan, but that the situation is especially sensitive now because of upcoming elections in the United States and in Taiwan.

“China, historically, always tends to overreact on issues like this, and every time they overreact, the election result is against their wish,” said Yu.

Taiwan is a separately-governed island that China considers part of its territory. The Chinese government has not renounced using force, if necessary, to prevent the island from declaring independence.

The United States is obliged by U.S. law to help Taiwan defend itself.

Pakistan To Swap Currency With China

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currency-swapThe sources in the Pakistan Ministry of Finance told Dawn that they are considering entering into currency swap agreements with China and Malaysia for containing the declining foreign exchange reserves. According to the sources the foreign investment has declined by 25 per cent.

The Ministry has already asked the State Bank to work out a strategy in consultation with the central bank of China for a currency swap arrangement.

According to a senior official of the ministry ‘China already has such an arrangement with 18 countries and the central bank of Malaysia is also working over this aspect,’

The figures available at the State Bank indicate that the foreign currency reserves declined by $700 million within the last one month.

The SBP data indicates that the dollar reserves on Nov 7, 2009 were $14.27 billion and it has dropped considerably to $13.57 billion by Dec 5 and this sharp decline has resulted in the increase of the green back rates to more than Rs84 per dollar.

According to the plan Pakistan will be approaching the trading partners like China, Malaysia and the like minded countries with proposals for the currency swap. As per the plan the Chinese authorities would pay in rupees for the purchases made by their companies in Pakistan.

Pakistan would ask China to procure yarn in rupees and not in dollars, which is one of the commodities being purchased by Chinese importers in large quantities from Pakistan in recent times.

Subsequently Pakistan would ask China to sell Pakistani importers machinery and other capital goods in yuan as against the existing arrangement of trading in dollar terms.

‘The arrangement requires that the central banks of both countries have adequate deposits of each others’ currencies,’ the plan said.

The plan also said that Pakistan was importing edible oil worth billions of dollars from Malaysia and similar arrangements will be proposed to them to sell edible oil in rupees, while ringgit deposits would be made in State Bank.

However, the proposed currency swap arrangement is at its initial stage and official of the State Bank told Dawn that it might take some time to prepare for this new option and make it operational with the banking system.

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