Tag Archives: President Hu Jintao

Wall Street tycoon creates $300M China scholarship

A U.S. private equity tycoon announced Sunday the establishment of a $300 million endowed scholarship program in China for students from around the world, and billed it as a rival to the prestigious Rhodes Scholarship.

Stephen A. Schwarzman, founder of the private equity firm Blackstone, said he would give $100 million as a personal gift and raise another $200 million to endow the Schwarzman Scholars program at Beijing‘s Tsinghua University. It will be the largest philanthropic gift with foreign money in China‘s history, according to the tycoon and the university.

The Wall Street mogul said China‘s rapid economic growth and rising global influence would define the 21st century, as U.S. ties to Europe did to the 20th century — when the Rhodes Scholarship was created at Oxford University with the goal of producing outstanding leaders.

China is no longer an elective course, it’s core curriculum,” he said in Beijing.

By partnering with the prestigious Chinese university, Schwarzman said he hoped the educational program would train future world leaders and play a positive role in relations between China and the United States.

“For future geopolitical stability and global prosperity, we need to build a culture of greater trust and understanding between China, America and the rest of the world,” he said.

Tsinghua — known for its engineering programs but in the midst of transforming itself to be more comprehensive in academic offerings — also has produced many of China‘s senior leaders, who have traditionally been technocrats. It is the alma mater for both President Xi Jinping and former President Hu Jintao.

The $300 million endowment will allow 200 students each year to take part in a one-year master’s program at Tsinghua — all expenses paid — in public policy, economics and business, international relations or engineering, beginning in 2016. Schwarzman said 45 percent of the students would come from the United States, 20 percent from China and the rest from other parts of the world.

Already, $100 million has been raised in the last six months from private donors, Schwarzman said.

Both President Barack Obama and Chinese President Xi Jinping sent congratulatory letters, which were read out loud at the announcement ceremony at the Great Hall of People — China‘s symbolic heart of political power. “That was pretty remarkable to listen to,” Schwarzman said. “That was pretty awesome.”

Vice Premier Liu Yandong attended the announcement and gave a speech.

The announcement also was the top news on state-run China Central Television’s evening newscast, which is typically reserved for the activities of China‘s top leaders.

The program’s advisory board includes former world leaders such as France’s Nicolas Sarkozy, Britain’s Tony Blair, Canada’s Brian Mulroney and Australia’s Kevin Rudd. Former U.S. secretaries of state Henry Kissinger, Colin Powell and Condoleezza Rice are also on the board, as is renowned cellist Yo-yo Ma.

“The board shares my belief that fostering connections between Chinese students, American students and students from around the world is a critical aspect of ensuring geopolitical stability now, and into the future,” Schwarzman said.

He said the program would be jointly governed by the Schwarzman

From: http://feeds.foxnews.com/~r/foxnews/national/~3/s3L7W_YZFLY/

China's new leadership faces myriad challenges

China named the Communist Party‘s No. 2 leader, Li Keqiang, premier on Friday as a long-orchestrated leadership transition nears its end, leaving the new leaders to confront uneven economic growth, unbridled corruption and a severely befouled environment that are stirring public discontent.

The rubber-stamp legislature endorsed Li for the post, voting 2,940 in favor, with three opposed and six abstaining. A day earlier, the legislature similarly appointed Xi Jinping to the ceremonial post of president, making him China‘s pre-eminent leader following his ascent last November to head the Communist Party and the military.

Though the outcome of the legislative session was a foregone conclusion, it’s the result of years of fractious behind-the-scenes bargaining. They hail from different factions: Li Keqiang (pronounced lee kuh chahng) is a protege of the now-retired President Hu Jintao while Xi Jinping (pronounced shee jin ping) is the son of a revolutionary veteran with backing among party elders.

After Li’s selection was announced, he and Xi shook hands and smiled for photographers in the Great Hall of the People. Evidence of their and their patrons’ ability to forge consensus will be seen Saturday when appointments to the Cabinet and other top government posts are announced.

The son of a revolutionary veteran, Xi cuts an authoritative figure with a confidence and congeniality that was lacking in his predecessor, the aloof and stiff Hu. New Premier Li, from a low-level officials’ household, has appeared to be a cautious administrator, like Hu, and has not been associated with particular policies on his rise.

Together, Xi and Li now steer a rising global power beset with many domestic challenges that will test their leadership. Chief among them are a sputtering economy that’s overly dominated by powerful state industries.

Chinese leaders want to nurture self-sustaining growth based on domestic consumption and reducing reliance on exports and investment. Consumer spending is rising, but not as fast as Beijing wants, which has forced the government to support an economic recovery with spending on public works and investment by state companies.

“If the official data is to be believed, China has been moving in the wrong direction for the past decade — towards ‘more investment, less consumption,'” wrote Standard Chartered economists Stephen Green and Wei Li in a research note. “This could create problems.”

An increasingly vocal Chinese public is expressing impatience with the government‘s unfulfilled promises to curb …read more
Source: FULL ARTICLE at Fox World News

No Retirement For China's Banking Elite Amid Political Transition

By Simon Montlake, Forbes Staff

China‘s once-in-a-decade leadership change has put a new generation in the hot seat, led by Xi Jinping, the president-in-waiting. Last November‘s congress elevated Xi to secretary-general of the ruling party and head of a seven-man central committee. China‘s new cabinet will be confirmed next month when the national legislature meets in Beijing, with President Hu Jintao keeping a low profile as he prepares to hand over the baton to his successor. But not everyone is going quietly into the night. Central bank governor Zhou Xiaochuan, who recently turned 65 and had been expected to step down after the legislative meeting, now appears to be digging in his heels. Reuters reported Wednesday that Zhou would avoid compulsory retirement by joining a national consultative assembly as a vice-chairman, which would put him at a sufficient rank to hold onto the governor’s post. The South China Morning Post also cited unnamed sources as saying that Zhou would stay on and wanted to see through his financial reform agenda, including the gradual unshackling of China‘s currency. He has served as governor of the People’s Bank of China since 2002. …read more
Source: FULL ARTICLE at Forbes Latest

China elder Jiang Zemin takes a public step back

Influential Chinese ex-President Jiang Zemin has been moved down the top leadership’s pecking order — at least in public — as the ruling Communist Party prepares for the final stages of a generational handover in power.

The official Xinhua News Agency said Wednesday in a brief dispatch that Jiang asked party leaders to group him with other retired elders when announced and seated at major formal events. Jiang used to be second to current President Hu Jintao in the protocol at major events, reflecting his status as former president.

Xinhua praised Jiang’s request as “reflecting the noble character and sterling integrity and open-mindedness of a Communist.”

The announcement comes as the party lays the groundwork for the final phase of its leadership transition this spring, when Vice President Xi Jinping will become president and other top Communist officials will be appointed to government positions. Xi succeeded Hu as party leader in November at a pivotal congress, in a transition that had been planned years earlier.

Analysts said Jiang’s move has symbolic significance, but it remained unclear whether he would relinquish his behind-the-scenes influence on party affairs.

“In terms of the symbolism, this is a step forward to mitigate and to guard against the so-called geriatric politics: the old men interfering, retired old cadres who have no position still having a big say in party affairs,” said Willy Lam, a China politics expert at the Chinese University of Hong Kong.

“But on a practical level, it’s difficult to prevent Jiang Zemin from still trying to do whatever he can to interfere in party affairs,” Lam said. “In the Chinese context, tradition dies hard and you have a long record of retired party elders still interfering in party politics.”

It is unclear if Hu will fill the seat in the public hierarchy after Jiang vacates it. Hu has indicated a desire to fully retire from politics and urged greater transparency within party affairs based on equality and “democratic principle.”

China‘s political transitions are still in their infancy, since the days of strongman leaders such as Deng Xiaoping.

China‘s party elders, many among them veteran revolutionaries, enjoy tremendous clout even though they typically have no official posts any more. They continue to make their preferences known and work behind the scenes to promote their proteges and allies to top posts. That burnishes the credentials of retired leaders, ensures them some say in affairs of state, and — perhaps most importantly — protects them and their families from being investigated over corruption or other improprieties committed while in office.

Foremost among the former leaders is Jiang, who oversaw a four-fold expansion of the economy, the reversion of Hong Kong from British to Chinese rule, and the country’s entry into the World Trade Organization. Jiang stepped down as party leader in 2002, although he led the commission that controls the armed forces for another two years.

Unlike Jiang, Hu stepped down from his post as chairman of the military commission at the same time as he handed over the party leadership to Xi, and his decision won plaudits from the military and praise from Xi. Hu’s example could have laid pressure on Jiang to move aside.

When Hu retired as party general secretary and head of the military commission, “Xi Jinping very heavily praised him,” University of Chicago political scientist Dali Yang said. “But it also read almost like kind of a rebuke of Jiang because many people saw that if Hu is being heavily praised for retiring cleanly, then what about Jiang? That really put Jiang on the defensive.”

Source: FULL ARTICLE at Fox World News

Pollution highlights the price China is paying for rapid development

By David Piper

Beijing has developed into an impressive modern city over the past two decades. But a tourist visiting the Chinese capital over the past four days would have difficulty seeing many of its ancient and modern landmarks because of the horrendous pollution hanging over the city.

China‘s capital has been notorious for its smog over the past few years, as have most northern Chinese cities.

In Beijing, the smog unexpectedly appears and is likely to be when there is no wind to blow away the pollution, as is the case at the moment.

At first you believe, charitably, it’s just morning mist. But it doesn’t disappear and just lingers all day.

More than 20 years ago, when I first visited, Beijing, like many Chinese cities, was a very different place.

There was only the odd skyscraper and factory. Most people used bicycles to get around rather than the car.

With the current levels of pollution, it might be healthier to sit in your car for hours in a traffic jam and let the air filters do their work rather than breathe in the polluted air as you cycle around Beijing.

The smog seems to have just enveloped the city, making it dangerous for people to even go outdoors.

The Beijing Municipal Environmental Monitoring Center is recommending that children and the elderly stay indoors.

Local media has reported a sharp rise in people seeking treatment at hospitals in the capital for respiratory problems.

Despite the danger, Beijing‘s streets have remained fairly busy.

People, of course, get used to the smog, but I know friends who live there and when the smog arrives they try to stay home and switch on the air purifiers.

The pollution figures at the moment are staggering.

Pollution is measured in the amount of small particulates in the atmosphere.

According to the Beijing authorities, measurements show the air containing more than 700 micrograms per cubic meter in many parts of the city over the weekend.

To put that into context, the World Health Organization considers it safe to only have as much just 25 micrograms per cubic meter.

There has been some controversy recently over whether the local readings were accurate or if officials were trying to understate the problem by giving lower readings.

Last year, U.S. diplomatic missions in China were giving their own air quality readings, and they were very different from the official Chinese accounts.

In response, China announced it was illegal for foreign embassies to issues their own readings.

But the U.S. has said it would continue tweeting air pollution levels in China, as they were helpful for US nationals living and traveling abroad.

The U.S. Embassy in Beijing tweeted over the weekend that its hourly readings were “beyond index.”

The highest number it got on its data was the equivalent of a massive 886 micrograms per cubic meter.

“This is really the worst on record, not only from the official data but also from the monitoring data from the U.S. Embassy — some areas in (neighboring) Hebei province are even worse than Beijing,” said Zhou Rong, climate and energy campaigner at Greenpeace.

The U.S. Environmental Protection Agency‘s air quality index would easily categorize pollution readings taken by the U.S. Embassy as “emergency conditions” with the whole population at risk.

If these levels were reached in any U.S. city, there is likely to be uproar and perhaps even some panic because of the danger to health.

And the people of Beijing, and in other Chinese cities affected by pollution, have increasingly voiced their anger over air quality.

China‘s growing middle classes have been gaining a voice in recent years over improving the quality of life, but it’s often been difficult to organize when the communist authorities view any form of opposition as a criticism of its rule.

The Chinese authorities do seem to have listened to the recent criticism. The biggest cities now release hourly pollution data.

And the state-controlled Chinese media seems to have been given the “green” light to voice criticisms over pollution levels.

An editorial in The China Daily warned the country had to balance development with quality of life.

“In the middle of a rapid urbanization process, it is urgent for China to think about how such a process can press forward without compromising the quality of urban life with an increasingly worse living environment,” said the editorial.

The state-controlled Global Times even urged the government to “publish truthful environmental data to the public” and take measures to solve the pollution problem in China, which it called the “biggest construction site in the world.”

China‘s leaders do seem to increasingly understand the problem, and during his address to the Communist Party Congress last November outgoing President Hu Jintao warned that the country needed to “reverse the trend of ecological deterioration and build a beautiful China.”

They, of course, only need to look to Chinese philosophy and the concept of Yin and Yang, which highlights the seemingly opposite but interdependent forces in the natural world, to find a solution.

The difficulty China has is that it wants to continue its rapid economic expansion.

But the cost seems to be growing as quickly.

A study by Beijing University and Greenpeace showed that the premature deaths of 8,600 people in four Chinese cities in 2012 cost $1 billion in economic losses.

China has to decide if the cost of economic progress is just too high.

Source: FULL ARTICLE at Fox World News