Xi’s governance of China book a hot seller


 

After its debut in Thailand, Cambodia and Pakistan, Xi Jinping: The Governance of China has become a top seller and been well-received among local officials and scholars, with many hailing the value of the book for both its language and its outreach.

The book, which outlines the political ideas of the top leadership in China, has been released in Thai, Khmer and Urdu versions in the respective capitals of the three countries in the past two weeks.

A Thai publisher sold more than 2,000 copies of the book in a single day after its launch in Bangkok on April 7, with many readers inquiring on social media about ways to purchase the book, reported Xinhua news agency.

Thai Deputy Prime Minister Wissanu Krea-ngam, who had read the book, said it was written in beautiful language, even though it was not in the form of a novel or essays.

“I believe that to be a great leader, one has to be a good reader, good thinker, good speaker, good writer and good doer, and I found President Xi has achieved all of them after I finished reading this book,” he said.

In Phnom Penh, more than 700 officials, scholars and entrepreneurs, including Cambodian Prime Minister Samdech Techo Hun Sen and five deputy prime ministers, attended the launching ceremony for the book on April 11.

Chea Munyrith, director of the Confucius Institute of the Royal Academy of Cambodia, said publishing a Khmer version will enable the Cambodian people to better learn about China and Xi himself.

Chea, who assisted in the translation of the book into Khmer, said it offers insights for government officials and scholars on how to properly manage a country.

“That is why it is important for the officials, students and scholars in Cambodia to read through the book,” he said.

At the launching ceremony of the Urdu edition of the book in Islamabad on Friday, Pakistani Prime Minister Nawaz Sharif said the book is as much about the contemporary world as it is about China.

“What has touched me most is that this book is not just about high-level politics, but also about moving stories of common people, their lives and inspirations about hard work and family values,” he said.

“This book is as much about the “Chinese Dream” as it is about the global dream to have a peaceful, harmonious and connected world,” he added.

Building a community of shared destiny is an important concept embodied in Xi’s thoughts on governance of the nation, said Jiang Jianguo, deputy head of the Publicity Department of the Central Committee of the Communist Party of China and minister of the State Council Information Office.

“And this concept has been included in the resolutions passed by United Nations organisations,” Jiang said in Islamabad.

Source: China Daily/Asia News Network

Related articles: 

China’s first cargo spacecraft to be launched

 

Ball of N.Korea nuke crisis kicked to Trump

 

6.9% growth points to robust economic prospects

Related posts:

Enter the Chinese Century: China is now the world’s No.1 economic power 

China puts its stamp on global governance at G20 Summit Chinese …

CNY 2017, Xi spreads love, inspires nation …


– The President’s latest appeal for diligence and hard work has sparked heated discussion and spread inspiration and confidence across the …

中國國家主席習近平2017年新年賀詞(Chinese President Xi Jinping 2017 New Year Address)

https://www.youtube-nocookie.com/embed/o4jS9hLiHUQ

President Xi Jinping (pic) struck a warm tone with his annual Spring Festival greeting calling on the whole nation to love their family and friends.

Love should reach to every family and bring warmth to all Chinese like a spring breeze blowing across the nation, he said on Thursday in his speech ahead of the Lunar New Year.

“The Chinese people have always valued love and high morality,” Xi told his audience at the Great Hall of the People in Beijing, which included senior government officials, military officers, renowned artists and ethnic community leaders.

He urged people not to neglect their family, comrades and loved ones, no matter how busy they are with their work. Love means not being hypocritical, not selfish and not outrageous, he said.

“A short greeting of ‘welcome home for Spring Festival’ would warm the hearts of millions of Chinese people,” he said.

Xi went on to wish all Chinese, including ethnic groups, those in Hong Kong, Macao and Taiwan, and those living abroad, an auspicious Year of the Rooster, an animal that symbolises good fortune.

China’s economic growth has remained one of the strongest in the world, and people’s livelihoods have continuously been improved, the president said, before calling on the nation to “roll up our sleeves to work harder”.

Xi said he hopes the people “not only have great dreams, but also show a hardworking spirit to fulfil those dreams”. He added, “The progresses in China’s development are achieved thanks to Chinese people’s diligent work.”

Jin Yanlei, a geography teacher in Dongying, Shandong province, said,

“President Xi has told us to roll up our sleeves to work harder, which I think is important not only for ourselves, but also for the nation, especially at a time when the global economy is sluggish.” — China Daily/The Star/Asia News Network

Malaysia’s PM Najib Razak : Chinese New Year TVC 2017

https://www.youtube-nocookie.com/embed/8DB9zIlQrh0

Related posts:

Jan 20, 2017, marked the inauguration of the 45th President of the
United States, Donald J Trump. Next week, the Lunar Year of the Mon…
https://youtu.be/fb74uSG-7Ro China-Malaysia Promising relationship: Najib delivering his speech in Beijing. ‘A digital economy with e…
Coming global economic crash, threat of WWIII, petitioned 2030 Agenda
for a One World Global Government under a New World Order. http://ji

 2017 – expect a bumpy year ahead worldwide 

Global Reset 2016~2017


In a world facing challenges and uncertainties, embrace opportunities for success through innovation.

“I went looking for my dreams outside of myself and discovered, it’s not what the world holds for you, it’s what you bring to it. –Anne Shirley”

THE world is currently at a paradox. Tensions and uncertainty for the future are rising in times of prevailing peace and prosperity. While changes are taking place at an incredibly fast speed, such changes are presenting unprecedented opportunities to those who are willing to innovate.

Recently, most global currencies had weakened against the US dollar (USD). This may give rise to some concern, but it is worth placing in proper perspective that most countries would trade with a few countries instead of just one. Furthermore, we are living in a world with low economic growth, increased mobility and rapid urbanisation.

In such a global landscape, it is important to embrace change and innovation in a courageous way to shape a better future. In L.M. Montgomery’s Anne of Green Gables, Anne Shirley said, “I went looking for my dreams outside of myself and discovered, it’s not what the world holds for you, it’s what you bring to it.”

Paradox, change and opportunity

In the World Economic Forum Global Competitiveness Report 2016-2017, World Economic Forum head of the centre for the global agenda and member of the managing board Richard Samans stated that at a time of rising income inequality, mounting social and political tensions and a general feeling of uncertainty about the future, growth remains persistently low.

Commodity prices have fallen, as has trade; external imbalances are increasing and government finances are stressed.

However, it also comes during one of the most prosperous and peaceful times in recorded history, with less disease, poverty and violence than ever before. Against this backdrop of seeming contradictions, the Fourth Industrial Revolution brings both unprecedented opportunity and an accelerated speed of change.

Creating the conditions necessary to reignite growth could not be more urgent. Incentivising innovation is especially important for finding new growth engines, but laying the foundations for long-term, sustainable growth requires working on all factors and institutions identified in the Global Competitiveness Index.

Leveraging the opportunities of the Fourth Industrial Revolution will require not only businesses willing and able to innovate, but also sound institutions, both public and private; basic infrastructure, health and education, macroeconomic stability and well-functioning labour, financial and human capital markets.

World Economic Forum editor Klaus Schwab stated in The Fourth Industrial Revolution that we are at the beginning of a global transformation that is characterised by the convergence of digital, physical and biological technologies in ways that are changing both the world around us and our very idea of what it means to be human. The changes are historic in terms of their size, speed and scope.

This transformation – the Fourth Industrial Revolution – is not defined by any particular set of emerging technologies themselves, but by the transition to new systems that are being built on the infrastructure of the digital revolution. As these individual technologies become ubiquitous, they will fundamentally alter the way we produce, consume, communicate, move, generate energy and interact with one another.

Given the new powers in genetic engineering and neurotechnology, they may directly impact who we are, and how we think and behave. The fundamental and global nature of this revolution also pose new threats related to the disruptions it may cause, affecting labour markets and the future of work, income inequality and geopolitical security, as well as social value systems and ethical frameworks.


A dollar story

When set in a global landscape where there is uncertainty for the future, when compared to other countries, Malaysia’s economy is performing quite well.

ForexTime vice president of market research Jameel Ahmad said, “When you combine what is happening on a global level, the Malaysian economy is in quite an envious position.”

For 2016, the USD has moved to levels not seen in over 12 years. The dollar index is trading above 100. This was previously seen as a psychological top for USD.

The Malaysian ringgit (MYR) is not alone in the devaluation of its currency. All of the emerging market currencies have been affected in recent weeks.

Similarly, the British £(GBP) has lost 30% this year, falling from US$1.50 to US$1.25 per GBP. The Euro (EUR) has fallen from US$1.15 to US$1.05 in three weeks.

The China Yuan Renmenbi (CNY) is hitting repeated historic lows against the USD. The CNY is only down around 5%.

Jameel believes that the outlook for the USD will be further strengthened. While the dollar was already expected to maintain demand due to the consistent nature of US economic data, the levels of fiscal stimulus that US Presidentelect Donald Trump is aiming to deliver to the US economy will encourage borrowing rates to go up.

This means that it is now more likely than ever that the Federal Reserve will need to accelerate its cycle of monetary policy normalisation (interest rate rises).

Most were expecting higher interest rates in 2017. Trump has also publicly encouraged stronger interest rates. However, when considered that Trump is also promising heavy levels of fiscal stimulus, there is a justified need for higher interest rates, otherwise inflation in the United States will be at risk of getting out of control.

The probability for further gains in the USD due to the availability of higher yields from increased interest rates will mean further pressure to the emerging market currencies.

With populism resulting in victories in both the United States’ presidential election and the EU referendum in the United Kingdom in 2016, attention should be given to the real political issues in Europe and the upcoming political elections in 2017, such as those in Germany and France.

Jameel said, “Until recently, political instability was only associated with developing economies. We are now experiencing a strong emergence across the developed markets. This might lure investors towards keeping their capital within the emerging markets longer. Only time will tell.”

In Malaysia’s case, the economy is still performing at robust levels, despite slowing headline growth. Growth rates in Malaysia are still seen as significantly stronger than those in the developed world.

There are going to be challenges from a stronger USD and other risks such as slowing trade, but the emerging markets are still recording stronger growth rates than the developed world.

Adapting to creative destruction

In a world where changes are taking place rapidly, the ability to adapt to changes plays an important role in encouraging innovation and growth. Global cities are achieving rapid growth by attracting the talented, high value workers that all companies, across industries, want to recruit.

In an era where 490 million people around the world reside in countries with negative interest rates, over 60% of the world’s citizens now own a smartphone and an estimated four billion people live in cities, which is an increase of 23% compared to 10 years ago, these three key trends are shaping our times.

Knight Frank head of commercial John Snow and Newmark Grubb Knight Frank president James D. Kuhn shared that the era of low to negative interest rates has reduced investors’ expectations on what constitutes an acceptable return. The financial roller coaster ride that led to this situation has made safe haven assets highly sought after.

A volatile economy has not stopped an avalanche of technological innovation. Smartphones, tablets, Wi-Fi and 4G have revolutionised the spread of information, increased our ability to work on the move, and led to a flourishing of entrepreneurship.

Fast-growing cities are taking centre stage in the innovation economy and in most of the global cities, supply is not keeping pace with demand for both commercial and residential real estate.

Consequently, tech and creative firms are increasingly relying upon pre-let deals to accommodate growth, while their young workers struggle to find affordable homes.

As the urban economy becomes increasingly people-centric, regardless of a city being driven by finance, aerospace, commodities, defence or manufacturing, the most important asset is a large pool of educated and creative workers.

Consequently, real estate is increasingly a business that seeks to build an environment that attracts and retains such people.

Knight Frank chief economist and editor of global cities James Roberts said, “We are moving into an era where creative people are a highly prized commodity. Cities will thrive or sink on their ability to attract this key demographic.

“A characteristic of the global economy in the last decade has been the phenomenon of stagnation and indeed decline, occurring alongside innovation and success. If you were invested in the right places and technologies, the last decade has been a great time to make money; yet at the same time, some people have lost fortunes.

“The locations that have performed best in this unpredictable environment have generally hosted the creative and technology industries that lead the digital revolution, and disrupt established markets.” The rise of aeroplanes, automobiles and petroleum created economic booms in the cities that led the tech revolution of the 1920s and 30s. Yet elsewhere, recession descended on locations with the industries that lost market share to those new technologies like ship building, train manufacturing and coal mining.

In a world where abundant economic opportunities in one region live alongside stagnation elsewhere, it is not easy to reconcile the fact that countries that were booming just a few years ago on rising commodity prices are now adapting to slower growth.

Just as surprising are Western cities that are now thriving as innovation centres, when they were dismissed as busted flushes in 2009 due to their high exposure to financial centres.

Roberts said, “This is creative destruction at work in the modern context. The important lesson for today’s property investor or occupier of business space, is to ensure you are on-the ground where the ‘creation’ is occurring and have limited exposure to the ‘destruction’. This is not easy, as the pace of technological change is accelerating at a speed where the old finds itself overtaken by the new.

“However, real estate in the global cities arguably offers a hedged bet against this uncertainty due to the nature of the modern urban economy, where those facing destruction, quickly reposition towards the next wave of creation.”

The industries that drive the modern global city are not dependent upon machinery or commodities but people, who deliver economic flexibility.

A locomotive plant cannot easily retool to make electric cars, raising a shortcoming of the single industry factory town. Similarly, an oil field in Venezuela has limited value for any other commercial activity.

However, a modern office building in a global city like Paris can quickly move from accommodating bankers in rows of desks to techies in flexible work space. Therefore, there is adaptability in the people in a service economy city which is matched by the city’s real estate.

In the people-driven global cities, a new industry can redeploy the ‘infantry’ from a fading industry via recruitment. Similarly, the professional and business service companies that served the banks, now serve a new clientele of digital firms.

In contrast, manufacturing or commodity-driven economies face greater barriers when reinventing themselves.

Today, landlords across the world struggle with how to judge the covenants of firms who have not been in existence long enough to have three years of accounts, but are clearly the future.

Consequently, both landlord and tenant need to approach real estate deals with flexibility. Landlords will need to give ground on lease term and financial track record, and occupiers must compensate the landlord for the increased risk via a higher rent.

Another big challenge for the Western global cities will be competition from emerging market cities that succeed in repositioning themselves away from manufacturing, and towards creative services. The process has started, with Shanghai now seeing a rapid expansion of its tech and creative industries.

The big Western centres still lead in services, but the challenge from emerging markets cities did not end with the commodities rout. They are just experiencing creative destruction and will emerge stronger to present a new challenge to the West.

From Mak Kum Shi The Star/ANN
 

Related posts:
Why the US dollar will remain strong despite cheap money at near zero interest rates?

Oct 3, 2016 THE Fed failed to raise interest rates on Sept 21, giving many markets … Since the US dollar is the world’s benchmark currency, with roughly two thirds of … Modern finance and money being managed like a Ponzi scheme!

Jun 15, 2016 Either way, at near zero interest rates, the business model of banks, …. Modern
finance and money being managed like a Ponzi scheme! Mar 5 …

Bizarre world of new debt, low, even negative interest rates a threat …

 Oct 12, 2016 Bizarre world of new debt, low, even negative interest rates a threat to … The huge jump there has been due to policies of easy money and low, zero or even negative interest rates, … The debt of non-financial corporations in emerging economies … In some countries, the problem is compounded by currency …
Coming global economic crash, threat of WWIII, petitioned 2030 Agenda
for a One World Global Government under a New World Order…

Mar 5, 2016 Modern finance and money being managed like a Ponzi scheme! Economic Collapse soon? Ponzi  schemes and modern finance. Andrew…

 

The Age of Uncertainty

 Jul 24, 2016 When bull elephants like Trump trumpet their charge, beware of global
consequences. By Andrew Sheng Tan Sri Andrew Sheng writes on.

What Trump means for Asian investors?


In the lead-up to January 20 when Donald Trump becomes US president, Asians are guessing about the outlook for their savings.

Trump is particularly difficult to read because he made so many wild statements on the campaign trail. Everyone accepts that campaigning politicians promise heaven and deliver mostly hell, but when they win elections, most become much more sober. So far, it looks like Trump’s policy will follow his campaign threats.

The Trump presidency will be bi-polar – either highly successful if he reboots American dynamism, or one that may bankrupt the country trying, including getting involved in another war.

His rise to power has been accompanied by wild swings in investor mood as markets yo-yo from hesitation to rally, with the Dow currently peaking.

So far, Trump family members appear to have more clout than was the case with any previous , with perhaps the exception of President Bill Clinton.

Disappointingly, the favourite to be Trump’s treasury secretary is ex-Goldman Sachs banker Steven Mnuchin, which means Wall Street would have another insider running the status quo. It remains to be seen whether he can simultaneously deliver the promised spending on infrastructure, tax cuts for the rich and containment of effects of a stronger dollar.

All signs are that the dollar will strengthen, bringing echoes of the famous phrase, “my dollar, your problem”. In its latest health check on the US economy, the International Monetary Fund reported in June that “the current level of the US dollar is assessed to be overvalued by 10-20 per cent and the current account deficit is around 1.5-2 per cent larger than the level implied by medium term fundamentals and desirable policies”. The IMF thinks that the risk of the dollar surging in value is high, and estimates a 10 per cent appreciation would reduce American GDP by 0.5 per cent in the first year and 0.5-0.8 per cent in the second year.

Trump is likely to be highly expansionary in his first year because the Republicans, having control of the Congress, Senate and the White House, must revive growth and jobs to ensure voters give them a second term. Note carefully that Trump’s election promises of stopping immigration, scrapping the Trans-Pacific Partnership (TPP) trade deal, imposing sanctions on China and cancelling the North American Free Trade Agreement (NAFTA) are all inflationary in nature.

This is why if the Fed does not raise interest rates in December this year, it may be under pressure next year not to take any action to slow a Trump economic recovery. The Fed’s independence will be called into question, since Trump’s expansionary policy will put pressure on his budget deficit and national debt, already running at 3 per cent and 76 per cent of GDP respectively. A 1-per-cent increase in nominal interest rates would add roughly 0.7 per cent to the fiscal deficit, making it unsustainable in the long run.

Those who think that recovery in US growth would be good for trade are likely to be disappointed. So far, the recovery (which is stronger than in either Europe or Japan) has led to little increase in imports, due to three effects – lower oil prices, the increase in domestic shale oil production and more onshoring of manufacturing. The US current account deficit may worsen somewhat to around 4 per cent of GDP, but this will not improve unless sanctions are imposed on both China and Mexico, which would in turn hurt global trade.

Why is a strong dollar risky for the global economy?

The answer is that the global growth model would be too dependent on the US, while the other economies are still struggling. Europe used to be broadly balanced in terms of current account, but has moved to become a major surplus zone of around 3.4 per cent of GDP. Germany alone is running a current account surplus of 8.6 per cent of GDP in 2016, benefiting hugely from the weak euro.

Japan has moved back again to a current surplus of 3.7 per cent of GDP, but the yen remains weak at current levels of 107 to the dollar. I interpret the Bank of Japan’s QQE (qualitative and quantitative easing) as both a financial stability tool and also one aimed at ensuring that the capital outflows by Japanese funds would outweigh the inflows from foreigners punting on a yen appreciation.

The Bank of Japan’s unlimited buying of Japanese government bonds at fixed rates would put a cap on losses for pension and insurance funds holding long-term bonds if the yield curve were to steepen (bond prices fall when interest rates rise). Japanese pension and insurance funds have been large investors in US Treasuries and securities for the higher yield and possible currency appreciation.

In short, the capital outflow from Japan to the dollar is helpful to US-Japan relations. Prime Minister Shinzo Abe was the first foreign leader to call on Trump and likely dangled a carrot: Tokyo will fund Trump’s expansionary policies so long as Japan is allowed to re-arm.

From 2007 to 2015, US securities held by foreigners increased by $7.3 trillion to $17.1 trillion, bringing its gross amount to 94 per cent of GDP, official figures show. Japan already holds just under $2 trillion of US securities and, as a surplus saver, has lots of room to buy more.

The bottom line for Asia? Don’t expect great trade recovery from any US expansion. On the other hand, Asian investors will continue to buy US dollars on the prospects of higher interest rates and better recovery. This puts pressure on Asian exchange rates.

Of course, it’s possible that US fund managers will start investing back in Asia, but with trade sanctions and frosty relations between US-China in the short-term, US investors will stay home. If interest rates do go up in Asia in response to Fed rate increases, don’t expect the bond markets to improve. The equity outlook would depend on individual country responses to these global uncertainty threats.

In short, expect more Trump tantrums in financial markets.

Think Asian By Andrew Sheng, a former central banker, writes on global issues from an Asian perspective.

 

Related posts:
Disruptive Donald J.Trump, US president-elect policies

 Nov 12, 2016 By Andrew Sheng, Asia News Network/The Star The writer, a Distinguished Fellow of Hong Kong-based think-tank Fung Global Institute, writes …

Jul 24, 2016 When bull elephants like Trump trumpet their charge, beware of global consequences. By Andrew Sheng Tan Sri Andrew Sheng writes on.

Dealing with the new abnormal negative …

Jun 15, 2016 When bull elephants like Trump trumpet their charge, beware of global consequences. By Andrew Sheng Tan Sri Andrew Sheng writes on.

Mar 5, 2016 Modern finance and money being managed like a Ponzi scheme! Economic Collapse soon? Ponzi schemes and modern finance. Andrew…

 

Beware when elephants Trump-et! Trump victory a major …

Mar 19, 2016 When bull elephants like Trump trumpet their charge, beware of global consequences. By Andrew Sheng Tan Sri Andrew Sheng writes on…

One phone to rule all; Fintech, the healthy disruptors of

 Apr 16, 2016 WHO dominates the phone dominates the Internet. The whole world of information is now available in your hand, replacing your own mind as a …

https://rightways.files.wordpress.com/2016/11/dd58a-penang_andrew2bsheng.jpgRejuvenating George Town, Penang 

Oct 30, 2010 THINK ASIAN By ANDREW SHENG EVERY time I open my window, I see paradise – not heaven, but a neon sign for Paradise hotel in Penang …
Why do Chinese think differently from the West? 
 Aug 6, 2016 By Andrew Sheng, Asia News Network The writer, a Distinguished Fellow with the Asia Global Institute, writes on global issues from an Asian …

Oct 3, 2016 We will know by November, By Andrew Sheng Tan Sri Andrew Sheng is Distinguished Fellow, Asia Global Institute, University of Hong Kong.

 

The alchemy of money

 May 14, 2016 In medieval times, only those with real money could afford alchemy. If it was true then, it remains true today. Tan Sri Andrew Sheng writes on …

US electoral democracy is failing, enter the China model? 21st century belongs to strivers


Authoritarian regimes and dictators around the world must feel vindicated by the just concluded presidential race in the United States, the one-time champion of liberal democracy that had the habit of exporting if not imposing its political system and the accompanying values to the rest of the world.

It is not so much the final outcome of last week’s race as the entire democratic process that is being questioned or scrutinized in and outside the US.

In the run-up to the Nov. 8 election, spectators of American politics were served with the tale of a contest between two candidates, both with problematic backgrounds and flawed characters.

More negative revelations about the candidates emerged as the election day neared to raise serious questions about their credibility and competency of whoever is elected to lead the world’s most powerful country.

The American media had rightly if not unkindly described this as an election where voters had to choose between the lesser of two evils.

When that choice fell on Donald Trump rather than Hillary Clinton, there was more indignation, both at the outcome as well as the electoral process.

What went wrong with the system, many people asked?

Is the American electoral system failing that we should question its effectiveness and efficiency in picking national leaders? Or are we seeing signs of fatigue in the system that has evolved in the last two centuries? To describe this as a systemic breakdown of the electoral process would probably go too far, and would give pretext for countries to conveniently discard or to forget liberal democracy.

Maybe it is worth recalling that just eight years ago, the same system gave America its first black president in Barack Obama, who was reelected in 2012. This year, the same system almost produced the first US woman president.

Still, the 2016 American presidential race, from the process to the final outcome, gives plenty of ammunition to those who doubt the ability of liberal democracy in producing great leaders.

The timing could not be worse, coming as the US superpower status is waning, through a combination of its own failing strengths and the rise of China challenging America’s supremacy.

Liberal democracy a la America had its strong appeals in recent history that it seemed to be the natural or only course for any nation to go. Theories were postulated about the first wave, second wave and third wave of democracy. There may not be a fourth wave, at least not until nations are convinced that this is really the best way to move forward.


Enter the China model
.

Because it is a system that has proven efficient and effective, and certainly delivered the economic goods, it is now being touted as the better option than liberal democracy for developing countries looking for the right kind of nation-building model, including in the way they pick their leaders.

One caveat about the China model, however: Forget freedom and basic rights, the fundamental tenets that underpin liberal democracy.

What matters is that the system brings economic growth and development and raises people’s prosperity. The suppression of some freedoms and rights — big or small is relative — is the price nations have to pay to ensure stability, a prerequisite to development.

Freedoms and basic rights can come later, if at all.

In The China Model — Political Meritocracy and the Limits of Democracy (2015, Princeton University Press), author Daniel A. Bell shows how China introduced a meritocratic system that has produced leaders the nation can be proud of.

The leaders that have come out of this system have consistently produced rapid growth rates that turned China from a large poor developing country to the second-largest economy in the world in these last two decades.

The system still ensures periodic changes of national guards to prevent China from becoming a dictatorship. It offers a degree of predictability to ensure stability, a factor sorely missing in liberal democracies. It is not a perfect system by any measure, but it is a model that has evolved in China out of the socialist system that the founding fathers of the People’s Republic of China launched in 1949.

But if countries are not comfortable with the costs to freedom and basic rights that the China model entails, they should probably take another look at the US democracy, and consider 2016 as an aberration rather than a system that is failing, a system that is suffering from fatigue and needing reforms.

Americans need to look at the role of the political parties and the way they produced presidential candidates. Surely a country of 320 million people deserved better choices than Trump and Clinton. How their track records and flawed characters got past the political screening system is simply baffling.

The US electoral system — including the primaries and the conventions — is simply too long and too expensive for any country to emulate. For that price, Americans should feel they are being shortchanged by the system.

This year’s voter turnout, estimated at 58 percent this year, is another reflection of the growing public apathy toward the electoral system or the candidates it produced.

The 2016 American presidential race saw the ugliest and most divisive campaigns ever seen that inevitably would leave behind a sour taste, even if Clinton gave a gallant concessionary speech.

The US election has become one big and long political show of selecting the most popular, but not necessarily the most capable candidate. One could compare it with American Idol, but even this reality TV show has been pulled out due to viewers’ fatigue.

If this is the picture of democracy, then many nations around the world would want none of it.

The US electoral system actually has built-in self-correcting mechanisms such as the two-term limits and the various institutional checks-and-balances to prevent the emergence of a despot.

The First Amendment, and the independent media, ensure that people will always have the right to speak up and to be heard, even if they have made the wrong choice.

But these may not be enough to restore the faith in liberal democracy in producing great leaders. This faith has further waned after the 2016 US presidential election. One could also throw in Brexit as another product of a democratic exercise in the Western world that has gone wrong.

In many countries, liberal democracy is no longer considered the best political system in selecting national leaders. It is not the only way forward. The China model has never been more attractive alternative in some countries, including Indonesia, still grappling with nation building.

America can help restore faith in liberal democracy by carrying out the necessary electoral reforms. It needs to show once again that democracy is the best political system in selecting leaders because it is based on the principles of respecting freedoms and basic human rights.

Yes, America can be great once again. But probably it would be asking too much from the new elected president.

By Endy Bayuni, Editor-in-chief of The Jakarta Post

Can China overtake US to lead the world?

Trump’s trade tempest

Discussions were running high on global governance among Western public opinion on the eve of the Asia Pacific Economic Cooperation (APEC) leaders meeting in Lima, Peru. Some Western media outlets hold the US is giving up its global leadership following Donald Trump’s election as US president on promises to abolish the Trans-Pacific Partnership (TPP) and withdraw from the Paris climate deal. They believe a rising superpower, China, will replace the US to lead the world.

Trump’s campaign remarks do reveal his intention to retract US global strategy. He seemingly wants to focus more energy and resources on reviving the US economy and social development. But as the US has been central to globalization, Trump is unlikely to take on the traditional isolationist road.

The West likes to use “leadership” to define the function of a major power. Admittedly, different countries have different powers and obligations due to varied national strength. The world after the Cold War was dominated by US leadership. Washington designed and maintained a string of systems, including the world trade system, the financial system, the Internet system, the security pattern and so on.

The US has invested much into maintaining this leadership and also gained considerable benefits. In the foreseeable future, it’s impossible for the US to abandon its global leadership.

The US sought supremacy over everything in the past few years. However, it didn’t have enough national strength to bolster this unrealistic goal. Trump appears to be redesigning the US leadership, withdrawing the country from fields in which he thinks resources are being wasted. China thus will gain some room to exert its influence, but is China ready?

China still cannot match the US in terms of comprehensive strength. It has no ability to lead the world in an overall way, plus, neither the world nor China is psychologically ready for it. It’s beyond imagination to think that China could replace the US to lead the world.

But as China is rapidly developing, bringing about changes to the global power structure, its participation in global governance will be a natural and gradual process, which Beijing cannot rush or escape.

If Washington withdraws from the Paris climate deal, China can stick to its commitment, yet it won’t be able to make up for the loss caused by the US. Or if the US takes on an anti-free trade path, the messy consequences will be beyond China’s ability to repair.

But on the other hand, the US, under the leadership of Trump, cannot rope in China’s neighboring countries to contain China or isolate China from the world trade system. Obama’s administration had worked to undermine China-initiated projects, such as the Asian Infrastructure Investment Bank and the “One Belt and One Road” initiative, but to no avail.

So Sino-US cooperation is the only choice for future global governance. For a long time to come, the leadership of the US will be irreplaceable, meanwhile, China’s further rise is inevitable.

– Global Times

Commentary: 21st century belongs to strivers 

“The 21st century is the time for the Chinese,” said the CEO of a Chinese mobile phone company at the recent launch of a new product. The CEO remarked that Western bigwigs will finally be surpassed by Chinese strivers who are determined to change their lives through hard work.

He further explained that, although some companies in developed countries are leading the world in many aspects, their bureaucracy, laziness, arrogance and ego will hinder their development.

To some extent, all Chinese people in the past 100 years are strivers who have managed to change their own fates and the fate of their country through sheer diligence; this trend is vividly illustrated by the process of reform and opening-up. After keeping their noses to the grindstone despite hardships and difficulties, Chinese people have finally succeeded in ushering in a new era.

Those who have doubted China over the years were not aware of the strivers’ true personalities. The strivers desperately thirst for better lives. They are able to bear unbearable hardships and endure unendurable suffering. Such morale and pluck can never be defeated.

The struggle of a software company in Guangdong, which has grown from a small enterprise into an industry titan, offers an inspiring story. During a trip to Germany for an exhibition shortly after the company’s founding, both boss and employees slept on park benches in order to save money. More importantly, none of them complained about having to do so.

In 2009, China needed to build a large exhibition area, as the guest of honor of that year’s Frankfurt Book Fair. However, shortly before the opening of the event, construction was not yet complete because of German workers’ fixed schedule. Therefore, the Chinese exhibitor invited workers from China to complete the work, and that team was able to finish before the opening ceremony.

It is the effort, hard work and sweat of these strivers that have contributed to China’s current development. Their willingness to struggle came from a thirst to change their fate.

In recent years, many Chinese enterprises are expanding their business in Africa. Instead of spending money on entertainment, Chinese employees there save money to make phone calls to their families back home. This priority was not received well by some locals, who believe that one should enjoy life with one’s money. As a result, people cooked up stories that Chinese employees in Africa were prisoners sent by the Chinese government. Believing these rumors, some Western media outlets even slammed China for human rights violations. Finally, a media outlet from the U.K. discovered the truth. These Chinese workers are just the same as their Western counterparts: they love their families and hope to change their lives through hard work. They consider it their life purpose to improve the quality of life of their families, especially their children. The U.K. outlet ultimately concluded that the unyielding spirit of Chinese people is unrivalled, and they will certainly change the world.

Hard work pays. This is the basis for social function. Any society will collapse without such faith.

China is no longer the impoverished country it was 30 years ago. Even so, the enterprising spirit of its citizens has endured. The country needs to stay confident, especially during the “new normal” of slower economic growth. As long as its people have the faith to change fate through hard work, they should fear no difficulty.

One dare not say that the 21st century is destined to be the era of China, but it certainly belongs to the strivers who are determined to change their lives through work.

This article was edited and translated from 21世纪属于渴望奋斗改变命运的”泥腿子”

Source: People’s Daily

Related:

Hopefully death knell for TPP signals US is about to change tack

Related posts:

TPPA in danger of collapse after its biggest critic wins US presidency

Why we fail at corporate governance with corrupt officials?


 

Malaysia still suffers from corporate scandal after another, says Musa

PETALING JAYA: Malaysia is great at formulating legislation for corporate governance but lacks the ability to implement and enforce these, said former deputy prime minister Tun Musa Hitam (pic).

“As far as I can remember, Malaysia is the leading developing country that currently occupies the top half of the list in formulating legislation, rules and regulations for corporate governance.

“But when it comes to implementation and enforcement, we occupy the lower half of the list,” said Musa, who is also World Islamic Economic Forum chairman. Delivering his keynote address at the Women’s Institute of Management’s Conference on Integrity and Corporate Governance, Musa said that in the past, government and corporate leaders were required to attend a course on corporate governance.

“It is quite obvious that these efforts are to no avail and the programme seems to have been scrapped.

“After all our training, Malaysia still suffers one corporate scandal after another,” he said.

The country’s weakness in corporate governance lay in its inability to enforce the rules and was the major cause of its many scandals, he said.

Musa said that good governance extended to areas relating to corruption, abuse of power, accountability, application of corporate social responsibility (CSR), transparency and protecting shareholder interest.

“If you ensure transparency and accountability in decision making, apply CSR and care about shareholder interest, then you are practising good corporate governance,” he said.

Good corporate governance, Musa pointed out, could only happen if all the laws were implemented without fear or favour.

“This is most crucial for good corporate governance and it is up to the chairman and board of directors to administer this,” added Musa.

Another important ingredient was leadership with integrity, he said.

“Leadership by example produces good governance and in my experience, if this is practised, even the most influential person can be persuaded to act in the broader interest of the corporation and shareholders.” By Jo Timbuong The Star

Corporate governance – a shared responsibility

TUN Musa Hitam was spot on when he said at a conference on Monday that a company’s directors and managers were practising good corporate governance when they ensured transparency and accountability in decision making, applied corporate social responsibility, and cared about the shareholders’ interests.

These are indeed essential ingredients if we want our companies to be run well.

And Musa was right in pointing out that good corporate governance could only happen if the laws were implemented without fear or favour.

This matters because corporate governance thrives in an environment in which the rules are clear and robust, and the regulators are firm and consistent.

However, corporate governance is not just about complying with the letter of the law. It is also about directing and controlling a company through practices, structures and processes.

Many of these elements are voluntary; a thin line separates government oversight and the straightjacketing of business with an overkill of statutory prescriptions.

For example, most experts on corporate governance agree that the roles of chief executive officer and chairman of the board ought to be separated so as to avoid concentrating a lot of decision-making power in one person.

And yet, it is perfectly legal in Malaysia for an individual to wear these two hats at the same time. It is the same in some developed countries.

It remains a hot topic, but it is clear that most regulators continue to be reluctant to outlaw this practice of combining CEO and chairman duties.

The biggest challenge is to persuade company stewards to embrace the principles of corporate governance without being prodded by the authorities and their volumes of laws.

For this to happen, the directors and managers have to be convinced that good corporate governance adds significant value to their companies.

There are many studies that have concluded exactly that, but these findings mean little if there is still the perception that most people do not care about corporate governance.

Let us look at the listed companies, whose value is measured constantly in the stock exchange as investors buy and sell the companies’ shares.

On paper, a company with a poor track record in corporate governance would have trouble getting attention in the stock market.

And yet, we have frequently seen such companies at the centre of feeding frenzies sparked by speculation that the share prices will soar for whatever reason. This is not a great advertisement for corporate governance.

Nor is it encouraging that shareholder activism in Malaysia is limp. Many of those who own small amounts of shares in a company are often indifferent to how the company is performing, preferring instead to focus on the share price.

And when they do turn up at the shareholder meetings, it is seldom to engage with the board and management and to ask tough business questions.

The regulators and company stewards alone cannot push the corporate governance agenda.

Investors and other stakeholders too must show that they appreciate the fruits of good corporate governance, instead of complaining bitterly only after companies have collapsed and huge investments have gone down the drain. The Star Says

A-G: GLCs should adopt best practices

Praise and encouragement: Ambrin speaking during the WIM Conference on Integrity and Governance at the One World Hotel in Petaling Jaya.

“In theory, the country’s best practices could be easily adopted wholly or in part by most GLCs. But in reality this is not always the case as you can see from our audit findings with regard to the business performance and corporate governance of these GLCs.

“If guidelines are not being adhered to or given exemptions, it may severely compromise the governance and expose the companies to risk of fraud and corruption,” he said in a keynote address at the Women’s Institute of Management (WIM) conference on integrity and governance yesterday.

The 2015 Auditor-General Report (Series 2) was released two days ago, in which issues like poor management of the Cooking Oil Stabilisation Scheme and weaknesses in the management of medicinal supplies at health clinics nationwide were highlighted.

On the issue of GLCs that were not doing well, Ambrin said these companies were supposed to contribute to wealth creation for the government and act as a trustee to the public.

“Instead, they might become a burden, asking for bailouts and additional grants or to convert their loans to equity so they can continue to exist as a going concern, but to whose benefit really, one might ask,” he said.

The Auditor-General also observed that based on his audit experience, there were times where a GLC’s board of directors had been conveniently bypassed on major decisions.

He added that companies should have at least some, if not all, the best practices required to ensure integrity and good governance in their organisation.

“For example, I am very impressed with Khazanah, they have a high standard of governance and are very professional, so to me they are a model GLC.

“Of course we don’t expect smaller companies to have the full-scale best practices that they have, but at least have some elements like a standard operating procedure, internal audit committee, and a good board of directors,” he said.

Former Law Minister Datuk Zaid Ibrahim said merely having policies for integrity and good governance in place were not enough.

“Malaysians need to talk about it and live it in order to move a step ahead,” said Zaid who was a panellist at the conference.

He said putting integrity into action may be challenging because of restrictive laws like the Official Secrets Act but that shouldn’t stop people from doing so.

Zaid said if Malaysians were committed to the principles of integrity and good governance, they needed to be courageous in their cause.

“You cannot defend integrity without courage but be prepared to pay a price for it. You might not get promoted, or get the title, or the contract you want but integrity needs to be cultivated, no matter the price,” he said.

Zaid also said the courage to fight for integrity must come from within and individuals cannot expect the higher-ups to lead the way.

“You must own it and start with yourself,” he said, adding that the more people embrace the idea of integrity, the higher the chance of creating a society driven by morals and truth.

–  By LOSHANA K SHAGAR and JO TIMBUONG The Star

Related:

1MDB global embezzlement and money-laundering scandal – more …

 

Related posts:

Bring corrupt culprits to court fast

MINISTER in the Prime Minister’s Department Datuk Paul Low recentlytold the Dewan Rakyat that the Malaysian Anti-Corruption Commission…

 

Sabah’s watergate scandal unfolds, engineers nabbed, civil service back in vogue

Oct 15, 2016 Sabah’s watergate scandal unfolds, engineers nabbed, civil service back in vogue …. Civil service back in vogue – for the wrong reasons.

 

https://youtu.be/01stOYgM9x0 It was a record haul by the Malaysian Anti-Corruption Commission – RM114mil seized from two top officer…
Jabatan Air Negeri Sabah – http://malaysianlogo.blogspot.my/2014/06/jabatan-air-negeri-sabah-sabah.html KOTA KINABALU: Everywhere in Sab…
  Jabatan Air Negeri – Customer Service How the millions were stolen? 1. Contracts broken down to small packages of RM100,000 ea…
  

Water Corruption | SSWM http://www.sswm.info/content/water-corruption The Star Says: A crisis of integrity and a lesson to be learnt …

It pays to learn from China


Malaysia can achieve high income nation through Belt and Road initiative, says minister

https://www.youtube-nocookie.com/embed/IjEEOkPW8Zc

MALACCA: Malaysia can learn from China which is skilled in attracting and profiting from the knowledge and skills of its human capital, said Datuk Seri Dr Wee Ka Siong.

The Minister in the Prime Minister’s Department said China was creating an innovative economy and not just a high-income one driven by strong domestic consumption.

“China’s leadership is building on ambitious growth targets based on equality, efficiency and evaluation. We need to emulate this trait,” he said. Dr Wee was speaking at the opening ceremony of the 8th World Chinese Economic Summit (WCES)

WCES is organised by the Asian Strategy and Leadership Institute (Asli) with the aim of promoting global and regional dialogue on the emergence of China as the world’s largest economy and bringing together the global Chinese diaspora.

Dr Wee said that Malaysia, through its participation in China’s Belt and Road initiative, would be able to achieve its aim of becoming a high-income economy by 2020.

“China can appeal to a variety of demographics within Malaysia. By utilising the diversity and skills of the multi-ethnic Malaysian workforce, China can further capitalise on business ventures in the region.

“This can include leveraging on the country’s Mandarin-speaking citizens in order to effortlessly conduct business, or using Malaysia’s large Muslim population to expand investment into the Middle East,” Dr Wee said.

One of the projects that came into the picture as an effect of Belt and Road was the Melaka Gateway that attracted an investment of RM43bil from China.

China’s southern province of Guangdong, which has established a friendly state and province relationship with Malacca, has expressed its interest in investing RM8bil in an energy project in the state that will create between 5,000 and 20,000 jobs for the locals, Dr Wee said.

On e-commerce, which currently contri­butes 16% to the GDP, he said that only 55% of local consumers use the Internet for shopping.

The appointment of Chinese Internet billionaire Jack Ma of Alibaba Group as the Government’s digital economy adviser will help tap the vast potential of that market.

The e-commerce market (excluding e-services) in Malaysia for this year was expected to reach US$991.1mil (RM4.3bil) in revenue, while the global e-commerce industry was projected to surpass US$3.5 trillion (RM15.3 trillion) within the next five years, said Dr Wee.

Related posts:

Stop bitting the helping hand

Many of the negative responses over the deals with China seem to be politically motivated, stemming from ignorance and, in some cases, et…


The new China Syndrome: don’t tell Chinese balik Tongsan, Tongsan coming to Malaysia

That is what is sorely needed to improve MCA’s chances of winning back
the Chinese vote in the next general election, which is Najib’s ult…

Jack Ma advisor to Malaysian Govt on digital economy to start with e-FTZ

https://youtu.be/fb74uSG-7Ro China-Malaysia Promising relationship: Najib delivering his speech in Beijing. ‘A digital economy with e…

Keep China’s faith in us; Relationship with China is crucial, says expert

Malaysia-China ties to a new high

Malaysian PM Najib given official welcome at China’s Great Hall of the People https://youtu.be/v87tJF3uO7U   Prime Minister …

%d bloggers like this: