Category: Aggregated

Leading Chinese economists presented China’s revised economic policy to an unusual all-day meeting of the National Committee on U.S.-China Relations in New York City on Jan. 7. EIR correspondent William Jones reported from the meeting that despite frankly discussing the problems facing China confronting economic collapse in some important parts of the world, the economists were quite confident. China has continued to grow its economy at 8-9% annual rates for six years while the entire trans-Atlantic world was wallowing in collapse.  “China will maintain a 7-8% growth,” former World Bank vice president Justin Lin said.

China has confronted, first, the descent of some of its leading export markets into long-term economic recession. And secondly, the need to control credit bubbles in China’s real estate and commodities sectors which have blown up during the extraordinary growth of the past decade.

How have they blown up? Within days after the economists spoke, a major real estate bankruptcy took place Jan. 12, of the Shenzhen-based Kaisa Group, defaulting on $500 million in debt. The debtors were a dozen Wall Street-London financial firms — featuring Black Rock Financial, Standard and Chartered Bank, Fidelity Investments, and Lion Global Investors, as the Wall Street Journal reported in “Kaisa Group Defaults on Offshore Debt” earlier this week. This “offshore debt” is endemic in the real estate and commodities bubbles.

Overcoming these problems, Lin said,

“We have to improve labor productivity. And this will require continued investment.”

He also indicated that there is a continued transition relocating labor-intensive industries to other Asian countries and replacing them with higher value production.

This strategy has been successfully implemented in the rapid development of China’s high-speed rail systems, on which investment is huge: Five such new inter-city lines have opened within the past month.

 The second method stressed was what the world now knows as the two Silk Roads and the Asian Infrastructure Investment Bank — also called in China “going abroad,” with high-speed railroads also quickly becoming the hallmark of Chinese high-tech export. Qin Xiao, chairman of the Boyuan Foundation, said China’s plan is investing $350 billion outside China in the next decade in manufacturing and infrastructure alone.

The article, “One Belt, One Road at the Center of China’s Reform Program” will give a full report in this week’s EIR.

Leading Chinese economists presented China’s revised economic policy to an unusual all-day meeting of the National Committee on U.S.-China Relations in New York City on Jan. 7. EIR correspondent William Jones reported from the meeting that despite frankly discussing the problems facing China confronting economic collapse in some important parts of the world, the economists were quite confident. China has continued to grow its economy at 8-9% annual rates for six years while the entire trans-Atlantic world was wallowing in collapse.  “China will maintain a 7-8% growth,” former World Bank vice president Justin Lin said.

China has confronted, first, the descent of some of its leading export markets into long-term economic recession. And secondly, the need to control credit bubbles in China’s real estate and commodities sectors which have blown up during the extraordinary growth of the past decade.

How have they blown up? Within days after the economists spoke, a major real estate bankruptcy took place Jan. 12, of the Shenzhen-based Kaisa Group, defaulting on $500 million in debt. The debtors were a dozen Wall Street-London financial firms — featuring Black Rock Financial, Standard and Chartered Bank, Fidelity Investments, and Lion Global Investors, as the Wall Street Journal reported in “Kaisa Group Defaults on Offshore Debt” earlier this week. This “offshore debt” is endemic in the real estate and commodities bubbles.

Overcoming these problems, Lin said,

“We have to improve labor productivity. And this will require continued investment.”

He also indicated that there is a continued transition relocating labor-intensive industries to other Asian countries and replacing them with higher value production.

This strategy has been successfully implemented in the rapid development of China’s high-speed rail systems, on which investment is huge: Five such new inter-city lines have opened within the past month.

 The second method stressed was what the world now knows as the two Silk Roads and the Asian Infrastructure Investment Bank — also called in China “going abroad,” with high-speed railroads also quickly becoming the hallmark of Chinese high-tech export. Qin Xiao, chairman of the Boyuan Foundation, said China’s plan is investing $350 billion outside China in the next decade in manufacturing and infrastructure alone.

The article, “One Belt, One Road at the Center of China’s Reform Program” will give a full report in this week’s EIR.

Leading Chinese economists presented China’s revised economic policy to an unusual all-day meeting of the National Committee on U.S.-China Relations in New York City on Jan. 7. EIR correspondent William Jones reported from the meeting that despite frankly discussing the problems facing China confronting economic collapse in some important parts of the world, the economists were quite confident. China has continued to grow its economy at 8-9% annual rates for six years while the entire trans-Atlantic world was wallowing in collapse.  “China will maintain a 7-8% growth,” former World Bank vice president Justin Lin said.

China has confronted, first, the descent of some of its leading export markets into long-term economic recession. And secondly, the need to control credit bubbles in China’s real estate and commodities sectors which have blown up during the extraordinary growth of the past decade.

How have they blown up? Within days after the economists spoke, a major real estate bankruptcy took place Jan. 12, of the Shenzhen-based Kaisa Group, defaulting on $500 million in debt. The debtors were a dozen Wall Street-London financial firms — featuring Black Rock Financial, Standard and Chartered Bank, Fidelity Investments, and Lion Global Investors, as the Wall Street Journal reported in “Kaisa Group Defaults on Offshore Debt” earlier this week. This “offshore debt” is endemic in the real estate and commodities bubbles.

Overcoming these problems, Lin said,

“We have to improve labor productivity. And this will require continued investment.”

He also indicated that there is a continued transition relocating labor-intensive industries to other Asian countries and replacing them with higher value production.

This strategy has been successfully implemented in the rapid development of China’s high-speed rail systems, on which investment is huge: Five such new inter-city lines have opened within the past month.

 The second method stressed was what the world now knows as the two Silk Roads and the Asian Infrastructure Investment Bank — also called in China “going abroad,” with high-speed railroads also quickly becoming the hallmark of Chinese high-tech export. Qin Xiao, chairman of the Boyuan Foundation, said China’s plan is investing $350 billion outside China in the next decade in manufacturing and infrastructure alone.

The article, “One Belt, One Road at the Center of China’s Reform Program” will give a full report in this week’s EIR.

A piece from the January 12th New York Times, “In China, Projects to Make Great Wall Feel Small” places the awe-inspiring ambition of China’s infrastructure projects in stark relief to the virtually negligible plans in the United States. While they try and foist some serious Trans-Atlantic pessimism onto the remarkable achievements of China, planned and already built, they cannot ignore the sheer volume of projects underway. While briefly reporting the international scope of China’s development (including the Nicaragua Canal and the tunnel under the Bering Strait), it focuses on their domestic construction.

“In November, the powerful National Development and Reform Commission approved plans to spend nearly $115 billion on 21 supersize infrastructure projects, including new airports and high-speed rail lines,” writes the Times.  A large coded map shows the major projects, including:

• a $36 billion tunnel from Dalian to Yantai, the world’s longest underwater tunnel, through the Bohai Sea.

• Shanghai Tower, a $2.4 billion skyscraper, at 2,073 feet is the world’s second-tallest building.

• in Dalian, a 163-mile urban transit system and the world’s largest offshore airport, a $4.3 billion development on an artificial island being created with landfill, covering more than eight square miles.

• in Gansu, the world’s biggest wind turbine farm, with a capacity of 20,000 megawatts by 2020.

• in Beijing, The New Century Global Center, the biggest building in the world, nearly three times the size of the Pentagon.

• Jiaozhou Bay bridge, the world’s longest sea-crossing bridge, 26.4 miles, with six lanes for car traffic, opened in 2011.

• Shanghai Yangshan Deepwater Port, built 20 miles out in the East China Sea, connected by one of the world’s longest bridges, making the Shanghai port system the world’s largest container shipping port.

Also included, of course, are the South-to-North water diversion, the West-to-East pipelines, and the vast high-speed rail lines, now at 12,000 km and growing.

The NYTimes wrote:

A piece from the January 12th New York Times, “In China, Projects to Make Great Wall Feel Small” places the awe-inspiring ambition of China’s infrastructure projects in stark relief to the virtually negligible plans in the United States. While they try and foist some serious Trans-Atlantic pessimism onto the remarkable achievements of China, planned and already built, they cannot ignore the sheer volume of projects underway. While briefly reporting the international scope of China’s development (including the Nicaragua Canal and the tunnel under the Bering Strait), it focuses on their domestic construction.

“In November, the powerful National Development and Reform Commission approved plans to spend nearly $115 billion on 21 supersize infrastructure projects, including new airports and high-speed rail lines,” writes the Times.  A large coded map shows the major projects, including:

• a $36 billion tunnel from Dalian to Yantai, the world’s longest underwater tunnel, through the Bohai Sea.

• Shanghai Tower, a $2.4 billion skyscraper, at 2,073 feet is the world’s second-tallest building.

• in Dalian, a 163-mile urban transit system and the world’s largest offshore airport, a $4.3 billion development on an artificial island being created with landfill, covering more than eight square miles.

• in Gansu, the world’s biggest wind turbine farm, with a capacity of 20,000 megawatts by 2020.

• in Beijing, The New Century Global Center, the biggest building in the world, nearly three times the size of the Pentagon.

• Jiaozhou Bay bridge, the world’s longest sea-crossing bridge, 26.4 miles, with six lanes for car traffic, opened in 2011.

• Shanghai Yangshan Deepwater Port, built 20 miles out in the East China Sea, connected by one of the world’s longest bridges, making the Shanghai port system the world’s largest container shipping port.

Also included, of course, are the South-to-North water diversion, the West-to-East pipelines, and the vast high-speed rail lines, now at 12,000 km and growing.

The NYTimes wrote:

A piece from the January 12th New York Times, “In China, Projects to Make Great Wall Feel Small” places the awe-inspiring ambition of China’s infrastructure projects in stark relief to the virtually negligible plans in the United States. While they try and foist some serious Trans-Atlantic pessimism onto the remarkable achievements of China, planned and already built, they cannot ignore the sheer volume of projects underway. While briefly reporting the international scope of China’s development (including the Nicaragua Canal and the tunnel under the Bering Strait), it focuses on their domestic construction.

“In November, the powerful National Development and Reform Commission approved plans to spend nearly $115 billion on 21 supersize infrastructure projects, including new airports and high-speed rail lines,” writes the Times.  A large coded map shows the major projects, including:

• a $36 billion tunnel from Dalian to Yantai, the world’s longest underwater tunnel, through the Bohai Sea.

• Shanghai Tower, a $2.4 billion skyscraper, at 2,073 feet is the world’s second-tallest building.

• in Dalian, a 163-mile urban transit system and the world’s largest offshore airport, a $4.3 billion development on an artificial island being created with landfill, covering more than eight square miles.

• in Gansu, the world’s biggest wind turbine farm, with a capacity of 20,000 megawatts by 2020.

• in Beijing, The New Century Global Center, the biggest building in the world, nearly three times the size of the Pentagon.

• Jiaozhou Bay bridge, the world’s longest sea-crossing bridge, 26.4 miles, with six lanes for car traffic, opened in 2011.

• Shanghai Yangshan Deepwater Port, built 20 miles out in the East China Sea, connected by one of the world’s longest bridges, making the Shanghai port system the world’s largest container shipping port.

Also included, of course, are the South-to-North water diversion, the West-to-East pipelines, and the vast high-speed rail lines, now at 12,000 km and growing.

The NYTimes wrote:

By three methods we may learn wisdom: first, by reflection, which is noblest; second, by imitation, which is easiest; and third, by experience, which is the most bitter.
ConfuciusThe Analects

China is doing what the rest of the world, especially the United States, should be doing: building massive infrastructure projects, to improve the quality of life for their citizens, and helping to export that technology around the world. The United States used to hold this position of global prominence.

For China, as only typical of the orientation of the BRICS nations, this orientation is natural and obvious. One particularly stark example: China has celebrated the opening of 1800 miles of new high speed rail lines, opened within the last six weeks, bringing their national total to 8,700 miles of high speed rail. Compare that to the United States, where California just broke ground on 800 miles of high speed rail, which will be completed by 2029, and has 453 existing miles currently.

So whether it be high speed rail, their commitments to mining the moon for Helium-3 for Fusion power development, recommitting their country to nuclear power, along with developing their own model of nuclear power plant, helping to finance a massive gas line throughout Asia, or helping to build dams throughout the developing world, China is committed to progress. We report on some of their most recent, and most breathtaking projects below. At this rate, they are set to make the Great Wall feel like the U.S. Rail Grid.

By three methods we may learn wisdom: first, by reflection, which is noblest; second, by imitation, which is easiest; and third, by experience, which is the most bitter.
ConfuciusThe Analects

China is doing what the rest of the world, especially the United States, should be doing: building massive infrastructure projects, to improve the quality of life for their citizens, and helping to export that technology around the world. The United States used to hold this position of global prominence.

For China, as only typical of the orientation of the BRICS nations, this orientation is natural and obvious. One particularly stark example: China has celebrated the opening of 1800 miles of new high speed rail lines, opened within the last six weeks, bringing their national total to 8,700 miles of high speed rail. Compare that to the United States, where California just broke ground on 800 miles of high speed rail, which will be completed by 2029, and has 453 existing miles currently.

So whether it be high speed rail, their commitments to mining the moon for Helium-3 for Fusion power development, recommitting their country to nuclear power, along with developing their own model of nuclear power plant, helping to finance a massive gas line throughout Asia, or helping to build dams throughout the developing world, China is committed to progress. We report on some of their most recent, and most breathtaking projects below. At this rate, they are set to make the Great Wall feel like the U.S. Rail Grid.