China: Xi’s third term – part one: growth, investment and consumption

Michael Roberts Blog | October 16, 2022

China’s Congress of the Communist Party takes place this week.  This is an important event not only for China, but globally.  The Western media have concentrated on the fact that current party leader Xi Jinping will be confirmed for an unprecedented third term as party leader and thus also continue as President of China when the National Congress meets next March.

Naturally, the Western pundits are strongly opposed to Xi having a third term.  The FT’s Keynesian guru, Martin Wolf reckoned Xi’s continuation in power would ‘dangerous’ for China and the world. “It is dangerous for both. It would be dangerous even if he had proven himself a ruler of matchless competence. But he has not done so. As it is, the risks are those of ossification at home and increasing friction abroad… Ten years is always enough.. It is simply realistic to expect the next 10 years of Xi to be worse than the last.”  And apparently, that has been bad enough.

Read More »

China: Xi’s third term – part two: property, debt and common prosperity

Michael Roberts Blog | October 18, 2022

In part one of my analysis of China’s economic future, I dealt with the claims that China would slow towards stagnation because its investment rate was too high, the working population was falling fast and the economy needed to become like mature Western capitalist economies based on consumption-led growth.  I argued that the Western capitalist model was hardly great shakes, given its regular and recurring crises and the much lower levels of consumption growth.  Anyway, in an economy, consumption does not lead investment and national output.  On the contrary, it is investment that leads in capitalist economies just as much as in China.

Read More »

China: Xi’s third term – part 3: chips, dual circulation and imperialism

Michael Roberts Blog | October 20, 2022

Even as Xi Jinping was promising China’s Communist Party’s national congress that China would “resolutely win the battle” in key areas of technology, employees of technology companies in China and elsewhere were being told to down tools. Dozens of the hundreds of executives and engineers with US citizenship or green cards who work in or with China’s semiconductor sector, many of them born in China, have been told by their employers – whether those are foreign or Chinese companies – to stop work while their employers seek clarification of a new US rule that bars US citizens and residents from supporting China’s advanced chip-making industry without a licence.

Read More »

Sanctions and the New Cold War on China

Carlos Martinez

Stop the Wars at Home and Abroad! | August 2022

Background

The instinctive attitude of the United States towards the Chinese Revolution was of course one of hostility. In a protracted war between progress and reaction, between the future and the past, the governments of the US and the People’s Republic of China were, and are, are on opposite sides of the barricades. Hence shortly after the formation of the PRC in 1949, the US maintained a strict embargo on China.

With the move towards rapprochement in the early 1970s and a tacit agreement to ‘peacefully coexist’, the embargo was finally removed. Then with China’s strategic shift to integrate into the global economy, the trickle of trade and investment gradually expanded into one of the largest and most important economic relationships in the world, with bilateral trade volume currently standing at just over half a trillion dollars annually. Thousands of US businesses have generated enormous profits from their investments in China and (particularly in recent years) from selling to a vast and growing Chinese market.

Read More »

ECONOMIST RICHARD WOLFF: SANCTIONS AGAINST RUSSIA, INFLATION & CLASS WAR

Mintpress News | September 12, 2022

European countries, as well as the United States, continue to be imperiled by an economic crisis following the imposition of sanctions on Russia. The policy has backfired spectacularly and has had worse economic ramifications on those levying the sanctions, than those being sanctioned. In this week’s episode, Lowkey speaks to respected U.S. economist Dr. Richard Wolff, discussing the links between the war in Ukraine, inflation, and the class war at home.

Before exploring the people’s definition of inflation, Dr. Wolff contextualizes the economic crisis currently unfolding across the West.

Read More »

U.S. IMPERIALISM IS A PAPER TIGER

Mao Tse-tung

[JoP Editorial Note: In commemoration of the great revolutionary Mao Tse-tung’s 46th death anniversary on 9 September, we reproduce this valuable piece on imperialism.]

The United States is flaunting the anti-communist banner everywhere in order to perpetrate aggression against other countries

The United States owes debts everywhere. It owes debts not only to the countries of Latin America, Asia and Africa, but also to the countries of Europe and Oceania. The whole world, Britain included dislikes the United States. The masses of the people dislike it. Japan dislikes the United States because it oppresses her. None of the countries in the East is free from U.S. aggression. The United States has invaded our Taiwan Province. Japan, Korea, the Philippines, Vietnam and Pakistan all suffer from U.S. aggression, although some of them are allies of the United States. The people are dissatisfied and in some countries so are the authorities.

All oppressed nations want independence.

Everything is subject to change. The big decadent forces will give way to the small new-born forces. The small forces will change into big forces because the majority of the people demand this change. The U.S. imperialist forces will change from big to small because the American people, too, are dissatisfied with their government.

In my own lifetime I myself have witnessed such changes. Some of us present were born in the Ching Dynasty and others after the 1911 Revolution.

Read More »

China and India approve nasal COVID vaccines — are they a game changer?

Scientists hope the immunizations, delivered through the nose or mouth, will prevent even mild cases of illness.

Emily Waltz

Nature | September 06, 2022

CanSino Biologics’ inhaled vaccine has the same ingredients as the company’s COVID-19 shot that is already available in China.Credit: Chen Yuancai/VCG/Getty

Two needle-free COVID-19 vaccines that are delivered through the nose or mouth have been approved for use in China and India. China’s new vaccine, announced on Sunday, is inhaled through the nose and mouth as an aerosolized mist, and India’s, announced on Tuesday, is administered as drops in the nose.

These mucosal vaccines target thin mucous membranes that line the nose, mouth and lungs. By prompting immune responses where SARS-CoV-2 first enters the body, mucosal vaccines could, in theory, prevent even mild cases of illness and block transmission to other people — something COVID-19 shots have been unable to do. Vaccines that produce sterilizing immunity would be game changing for the pandemic.

Read More »

The U.S. Government’s Frauds About Taiwan

Eric Zuesse

Current U.S. Government policy regarding Taiwan is directly violating prior commitments that the U.S. Government had made to the Chinese Government regarding Taiwan, which commitments will here be summarized by excerpts from the first of those previously made commitments:

https://history.state.gov/historicaldocuments/frus1969-76v17/d203
https://archive.ph/lvJX8
203. “Joint Statement Following Discussions With Leaders of the People’s Republic of China”
Shanghai, February 27, 1972. …
the two sides stated that:
—progress toward the normalization of relations between China and the United States is in the interests of all countries;
—both wish to reduce the danger of international military conflict;
—neither should seek hegemony in the Asia–Pacific region and each is opposed to efforts by any other country or group of countries to establish such hegemony; and
—neither is prepared to negotiate on behalf of any third party or to enter into agreements or understandings with the other directed at other states.
Both sides are of the view that it would be against the interests of the peoples of the world for any major country to collude with another against other countries, or for major countries to divide up the world into spheres of interest.

Read More »

Iran-Russia-China Military Exercises in Venezuela a Slap in the Face for Washington

Orinoco Tribune | August 14, 2022

An underground combat drone base of the Iranian Army in an undisclosed location. Photo: Defapress.ir.

Iran, Russia and China, along with Venezuela, will conduct a joint military maneuver just 2,000 kilometers from US territory, in a challenge to Washington.

The military exercises with drones and sniper commands, led by Russia, will be held during August 13–27 in the city of Barquisimeto, Lara state, in northwestern Venezuela.

A total of 37 countries will participate in these military exercises, among which, in addition to the aforementioned, are Algeria, Belarus, Vietnam, India, Kazakhstan, Uzbekistan, and Myanmar.

Read More »

‘Get Out!’ People In Taiwan Protest Pelosi’s Visit Amid China’s Missile Drill

Countercurrents | August 03, 2022

Tuesday’s protest in Taiwan. Photo: Fan Lingzhi/Global Times

Civic groups, politicians, and business and industry representatives on the island of Taiwan on Tuesday protested against U.S. House Speaker Nancy Pelosi’s visit, amid China’s missile drill.

Protest

Media reports said:

The Taipei-based Chinese Patriotic Concentric Association took to the street at a site near the Grand Hyatt hotel in the Xinyi district, where Pelosi was planned to stay. The crowd ranged from a few hundred to about 1,000 people from various civic groups.

Gu Xijun, the vice president of the above group, told the Global Times that the protests and boycotts “will accompany Pelosi wherever she appears in Taiwan.”

Zhang Xiuye, another Taiwan resident who has participated in the rally, told the Global Times that U.S. politicians constantly create cross-Straits tensions and use Taiwan as their ATM.

Read More »