POCKETED Compensation Funds, CASE EXHIBIT According to court records, Danial has been a police commander since April 2009.  , He was a freshman research officer at the time of the crimes, and he held the position of senior staff commander. In addition to his duties as an investigation commander, heContinue Reading
SINGAPORE: A car dealer cheated a customer into transferring the ownership of his Porsche, promising good renewal rates for his Certificate of Entitlement ( COE), but used the car to secure a S$ 100, 000 ( US$ 74, 000 ) loan for his own use instead.
The person also pocketed more than S$ 60, 000 from the purchase of another company’s Toyota.
Tor Kar Wai, a 53-year-old Singaporean, was sentenced to three years ‘ jail on Tuesday ( Jul 23 ) for his crimes.
He admitted guilt on two counts of lying and judicial breach of trust as an agent, with additional three other counts being taken into account.
Tor was a controlling producer and auto dealer for Atlantic Automobile at the time, according to the court.
He had formerly given a person a Porsche Panamera.
In January 2021, the victim’s husband approached Tor to maintain the COE for the Porsche.  ,
Tor claimed that if the car’s ownership was first transferred to Atlantic Automobile, he would refresh the Department at” a good price.”
He claimed that after the COE was renewed, rights may be transferred back to the man’s family and that his wife could continue to drive the Porsche in the interim.
The man consented, and he had his wife move the car’s ownership to Atlantic Automobile. At the time, the Porsche was for about S$ 111, 000.
Tor used the Porsche to secure a S$ 100, 000 product from Dickson Capital to Atlantic Automobile after taking over possession of the car, keeping the victim and his family in the dark.
To show possession of the Porsche to Dickson Capital, Tor used a forged order receipt that included the person’s name from a different file she had formerly signed.
Tor used the money he had to unlock various automobiles that he had put up as security for other money instead of refining the product.
He eventually made a default on the product, and Dickson Capital repossessed the Porsche from the victim’s family in September 2021.
To restore the vehicle, the victim paid Tor’s exceptional loan, suffering a reduction of S$ 69, 912.64.
Tor agreed to assist another person in buying a Lexus and selling her Toyota Harrier in February 2022 to pay the difference between the Lexus ‘ purchase price.
He sold the Toyota that exact quarter, receiving S$ 64, 652 from the customer. He gave the Lexus to the person, who then handed it back to the customer.
Tor, yet, used the money he had gotten from the Toyota sale to pay off his debt and spend at gambling.
User of the Lexus, who had not been paid, did not transfer rights to the person, but he instead used his spare key to retrieve the Lexus.
In the end, the girl did not get the Lexus. Otherwise, she lost the S$ 64, 652 from the price of her Toyota.
Tung Shou Pin, the deputy public prosecutor, requested 38 to 48 months in prison for Tor, claiming that he had a prior criminal judgment from 2005 that had expired in 2015.
Mr. Tung claimed that Tor had abused his position as a vehicle seller by defrauding the second victim and had purposefully deceived her into believing the Porsche equity would be returned.
According to Mr. Tung, the victim” suffered an enormous loss” because he had to spend Tor’s outstanding debt in order to prevent the Porsche from being auctioned.
Otherwise, Mr. Wee Hong Shern, the attorney for the defense, requested a word of about 20 months in prison.
He claimed that his client and his relatives have been devastated by the prosecution’s” crushing” sentence, which his family is considering divorcing.
Mr. Wee claimed that his customer had various careers while growing up, including seller, property agent, and car salesman.
Tor worked hard and specialized in sales after being declared bankrupt in 1997, completing his debt payments and suing for debt ten years later, according to Mr. Wee.
Tor’s decision to enter the horizontal buy business, which Mr. Wee described as “extremely poor decision according to COE fluctuations and safe-keeping considerations,” cost him half a million dollars.
The COVID-19 crisis and ensuing quarantine was” the slow demise knell” of Tor’s organization, as people were not interested in buying or renting vehicles, said Mr Wee.
He claimed Tor remembered that the SARS crisis had only been present for a short period of time and that he had borrowed money to pay for car maintenance and upkeep in the hopes that he would survive.
But, as his bills increased and he became “increasingly desperate to find the funds necessary to keep his business afloat,” he admitted to committing the crimes, according to Mr. Wee.
He claimed that his spouse, who has been turned down for a job, has a child and two nephews with her.
Tor may be devasted by a three- to four-year sentence due to his despair, according to Mr. Wee, who was a doctor in 2021.
District Judge Lim Tse Haw said the total amount misappropriated, including the fees taken into account, was more than S$ 100 000, with no reparation being made.
The most serious criminal breach of trust crimes are those committed by agents, with up to 20 years in jail, according to Judge Lim.
He claimed that Tor’s handling of the Porsche was” really reprehensible,” with the target suffering pain from having the vehicle abruptly towed ahead.  ,
He gave Tor a year to start his jail term so that he could finish up with his family issues.
Fourth days of highly anticipated, high-level Third Plenum discussions ( july 15 through July 18 ) among Chinese Communist Party leaders came to an unsettlingly ambigu readout.
However, the expected debate’s July 19 press event failed to soothe China monitors ‘ general idea of a non-event, even if some 300 measures were touted by the official Chinese media, most of which were now live.
As the second duct under President Xi Jinping’s assistance, expectations were running great for bold actions. That was n’t the case at his first plenum, in the spring of 2014, which could have only set the tone for his mandate so early after his appointment.
The next plenum under Xi, held in 2018, was more focused on modifying the terms of the Chinese Constitution to allow for his reinstatement than on making changes. This year’s chamber, on the other hand, was the first under an all-mighty Xi unlimited by name restrictions
It was also the first post-Covid crisis, which confined persistent imbalances in the Taiwanese economy, not the least of which is how little private consumption contributes to economic growth.
It is also noteworthy that, since the first chamber under Xi, the physical environment has deteriorated significantly as a result of a much more intense US leadership, both under Joe Biden and Donald Trump.
In response to the Third Plenum, the readout and press conference addressed China’s difficulty with the outside environment while also addressing three important domestic issues, including the debt problems of local governments, the ailing real estate sector, and systemic financial risk.  ,
Three measures stand out from the plenum’s obscure reading: one, a force for more rapid industrialisation through transformation of rural than metropolitan area, two, greater centralization of governmental policy, and three, more focus on innovation and moving up the value-added ladder.
On the first, property system reform was particularly important in this readout. As industrialization progresses, there should be more infrastructure-building and a continual relocation of low-productivity workers from rural areas to cities, promoting progress.  ,
On the next point, a “national strategic planning program” that aims to organize more fiscal responsibility and lower local governments ‘ spending was mentioned.  ,
Given the enormous differences between their income and expenditures, especially given the decline in real estate investment since mid-2020, it is important and essential to strengthen local authorities finances. But the manner given in the Plenum’s display may be difficult.  ,
More consolidation of federal spending may have an impact on a number of important issues, including how China implements industrial policy or spends money on research and development, which has long been based on local government competition.
Innovation and professional policy were the third and final topic of discussion. Advancement of the so-called “new quality creative forces” was now high on the group’s policy plan a year before the chamber, so this came as no surprise.
But two phrases , stand out in the document:” the new system for mobilizing resources nationwide to make key technological breakthroughs” and developing “talent”.
It is hard to know whether the “new system” is really new, or if it is more of the same, namely conducting an innovation-centered industrial policy.
Despite the complaints from a large portion of the world about China’s overcapacity and its dumping of cheap exports into the global trading system, what is clear is that China’s leadership is quite content with its supply-centric growth model.  ,
That likely reflects the urgency with which Xi wants China to become more self-sufficient and less dependent on US technology. Additionally, innovation is anticipated to increase productivity and help to reduce China’s demographic decline’s negative effects on economic growth.
These three proposed solutions to China’s key structural issues, when combined, demonstrate that it is clearly attempting to reduce its structural deceleration through urbanization and increased industrial capacity supported by innovation, as well as raising its public finances and establishing more self-reliance.  ,
The purpose of these three measures is to create a virtuous cycle that reduces the systemic risks from the local governments ‘ debts and the real estate crisis.
The first impression of these measures, however, is that they will probably not be enough to solve China’s entrenched economic woes.
Firstly, neither consumer nor investor sentiment, both needed to restore economic vibrance, is likely to change based on such measures.
Notably, no specific reform was proposed to support household consumption at the Third Plenum and lessen excessive savings. This would require the creation of a well-functioning welfare state, which still does not seem to be in the Chinese leadership’s plans.
Second, and this is related to the first point, there does not seem to be any concern about China’s growing production capacity in the face of weak domestic demand and rising protectionist forces against Chinese imports in the US, EU, and other countries.
Finally, the Chinese government has harmed the private sector, which is generally more productive than state-owned enterprises, through stricter laws and other types of state crackdowns.
The plenum’s readout does not seem to give any hint of a change in direction. If anything, the opposite was signaled by omitting the adjective “decisive” when speaking about the role of the private sector in the economy compared to the 2013 and 2018 plenum readouts.
Overall, it was obvious that the Third Plenum was not a game-changer in terms of the reforms that were announced, especially given the difficulties China faces both domestically and internationally.
Chinese authorities appear to prefer to muddle through while retorting their convictions. The issue is that by this point, China has much more mud to deal with.
Bruegel’s senior research fellow and Natixis ‘ chief economist for the Asia-Pacific, Alicia Garca Herrero.
Pan , Gongsheng is n’t famed for acrobatic skills. However, the People’s Bank of China governor set out on a routine on Monday ( July 22 ) that will inexplicably test his motor coordination, agility, and financial balance.
Many traders were surprised to learn that the PBOC made the decision to split a crucial short-term coverage rate for the first time in nearly a year. Lowering the seven-day reverse mortgage rate by 10 base items to 1.7 % was aimed at supporting Asia’s biggest market after first-quarter economic development disappointed. And there are good chances that it wo n’t be the last cut as China has experienced the worst deflation since 1999.
However, the software Pan must carry out is a risky one because the PBOC struggles to stop the yuan from sagging. Officials have begun to establish a floor for 10-year government bond yields at, or about, 2.25 %, as a result. PBOC watchers generally concur that Pan’s group views that amount as a red column for costs, especially given that it hit a record low earlier this month of 2.18 %.
Juggling these dual challenges wo n’t be easy. On the one hand, China’s 4.7 % year-on-year growth rate during the January-March time was a wake-up call for President Xi Jinping’s Communist Party. The specifics in that reading, such as weak retail sales, sluggish industrial activity, and stagnant investment, demonstrate how Xi’s efforts to stabilize a burgeoning property sector and revive consumer prices have n’t been working as planned.
Negative forces, however, are raising another concern bells. Especially after the eagerly awaited Third Plenum planning session last week ended, Beijing must now demonstrate its commitment to economic reform.
As such, the PBOC rate cut is a” step in the right direction”, says analyst Zhang Zhiwei, chairman of Pinpoint Asset Management. However, economic plan is not the most crucial tool for coverage. The impact of governmental policy on the economy is crucial.
However, Pan’s cut smacked of greater necessity than many PBOC observers seemed to believe. As Zhang adds, the central bank “did n’t wait until the Federal Reserve cut first. This reflects they possibly recognize the upwards pressure on China’s business, so they need to take action to address the problem” quickly.
The lessons from Japan, of course, is that beating depreciation requires strong and fast rate activities. But the PBOC is also worried about the next quarter of its 2024 balancing act: letting the yuan weaken drastically.
There are several causes why Xi’s group wants to avoid a weakened yuan. One of the effects of it is that it may make it more difficult for developers of distressed properties to pay off their onshore bill. Beijing should never require or want another definition at the Evergrande Group level.
Second, Xi worries that the yuan’s years of development may be wasted by a weaker exchange rate. Since 2016, when the renminbi was added to the International Monetary Fund’s” special , drawing , right” box joining the dollar, yen, euros and ounce, its use in business and banking has soared.
In 2023, the renminbi topped the renminbi as the money with the fourth-largest communicate in global bills, according to financial communications service , SWIFT.  , It furthermore overtook the buck as China’s most used cross-border economic device, marking a second. Any reason why Xi is devaluing the yuan might stifle growing confidence in the coin.
Third, Xi barely wants to make China a bigger problem in the US elections. The only thing that Democrats and Republicans can agree on is the need to be more wary of China. Why, then, does a falling swap rate inspire Washington?
The strong dollar will be a big emphasis in the months leading up to November 5 thanks to Trump’s selection of Senator JD Vance as his running mate. Trump’s guaranteed levies of up to 60 % on all domestic products are the same as those that may increase in scope if Republicans believe Beijing is manipulating exchange rates.
All of these factors help explain why the PBOC’s motion on Monday “was very reasonable and suggests that additional coverage signal may be incremental,” according to Shane Oliver, an economist at the financial services company AMP.
However, the negative pressures that are weighing down Xi’s$ 17 trillion economy are genuine and have the potential to get worse.
According to Andrew Hencic, a senior analyst at TD Economics  ,” China’s entire business is in a condition of excessive source as it continues to deal with the dead housing market and related debt overhang.”
Domestically, “economy-wide rates continue to sink”, Hencic noted. China’s sinking produce business — and manufacturing —capacity utilization is a good illustration of the accumulating slack in the sector, according to the report.
According to Hencic, history has shown that it takes a extremely long time to restore price growth by rebalancing supply and demand following a fiscal shock, which has had significant negative effects on households and businesses. This might indicate that China’s companies and developers will experience a protracted period of low prices power, which will have significant effects on consumers around the world.
Economist , Alicia , Garcia-Herrero at Natixis information that “increasingly significant problems have been piling up for China during the last few years, including the destruction of the real estate industry, the difficult financial situation of regional governments, fast declining returns on assets because of over-investment and the negative pressures in the economy”.
Garcia-Herrero adds that” the response to all these woes,  , as aired by China’s leadership , during the past few months, will be the further strengthening of China’s manufacturing capacity under the mantra of  ,’new productive forces.'”
China’s manufacturing capacity accounts for nearly a third of the world’s, while its consumption accounts for less than half of it. One might anticipate that measures to encourage private consumption would be the main takeaways from the third plenum given this enormous imbalance, but this does not appear to be the direction China’s leadership is going in, Garcia-Herrero said.
For now, many economists worry that Xi’s efforts to boost consumption are n’t gaining traction. Policies like these can encourage households to save less and spend more.
” The year-on-year decrease in excess savings growth has not yet translated into increased consumption”, says Tommy Xie, head of Greater China research at OCBC Bank. This may be related to households shifting their deposits to wealth management products and paying off their loans early.
Analysts at Maybank add that “instead of quick-fix stimulus, policymakers would need to address the root causes of consumers ‘ risk-averse behavior and encourage them to spend their incomes.” This calls for structural solutions to address fundamental issues like the prolonged downturn in real estate, the shaky employment market, the shoddy social safety nets, and mounting debt burdens.
All of this makes economists attempting to assess the effects of global spillovers. While the overall impact is still largely modest, according to Morgan Stanley’s economists, “it gives central banks like the Federal Reserve and the European Central Bank more leeway to take monetary easing measures throughout the year.”
The PBOC, however, concentrates more on global currents than on domestic events. Many economists anticipate that Beijing will use a series of coordinated monetary and fiscal maneuvers to quicken economic demand and prices.
More policy easing is necessary for the duration of this year, particularly on the fiscal and housing fronts, according to Goldman Sachs economist Lisheng Wang.
Follow William Pesek on X at @WilliamPesek
The third plenum’s decision document, which lists a wide range of transformation goals that must be met by 2029 and includes more than 300 policy measures, promises that the main expenditure will reduce the amount of localities ‘ group of spending responsibilities.
” The document seems to indicate an important fiscal reform ( is ) coming”, said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
In a word he wrote on Sunday, he wrote that” I think the goal is to help local governments make their fiscal positions lasting by adding more income sources and shifting some costs to the main government.”
Zhang anticipates that the local government tie program will have a more positive impact as the regulations will be relaxed to allow for greater use of the funds.
He said that the second duct did not change the president’s policy objectives, but it introduced innovative measures to obtain such objectives
Taxation and central-local marriage reforms have long been regarded as the most difficult and essential components of a genuine reform of China’s financial system since Beijing began marketplace changes more than four decades ago.
In the 1980s, China set up a de facto tax obtaining system, with large profit retention rates for regional governments. But, that weakened the central government ‘ fiscal power, making some reforms difficult to implement.
The tax-sharing transformation in 1994, launched by then-premier Zhu Rongji, eased the main government’s income deficit but was blamed for leading to problems such as increased responsibilities on local institutions.
Regional institutions then used land use rights auctions to raise more money, which helped to fuel the real estate bubble.
Getty ImagesFollowing a small victory in the election, India’s coalition government will release its first national budget on Tuesday.
A weakened Mr Modi, depend for the first time on alliance companions, is broadly expected to herald in a update in his spending plans, while maintaining fiscal prudence.
According to analysts, the new government may need to concentrate more on the remote bulk, who have lost out on the country’s rapidly expanding GDP in favor of the rich.
According to Rathin Roy, a former associate of the prime minister’s Economic Advisory Council, Mr. Modi’s second term will distract him with the idea of leaving a lasting tradition and may “tempt” him to do something to promote economic prosperity for the masses.
It is the one area where his legacy may claim that he has consistently failed in the past. ”
In the 10 times that he’s been in power, Mr Modi has poured billions of dollars into state sponsored system, building sea roads and motorways. He has also instituted tax breaks for large corporations and introduced subsidies to encourage production that is export-focused.
India’s fragile micro economy has stabilized, and its property industry have soared.
But so have injustice and remote problems.
AFPDespite having the lowest overall growth in 20 years, BMW vehicles have recorded their highest income ever in the second half of this year.
Pay have stagnated, family savings have dropped and well-paying work remain out of reach for most Indians.
India’s regional disparities are also dramatic. According to Mr. Roy, the majority of the nation resides in northern and eastern India, where per person revenues are lower than those of Nepal and where health, deaths, and life expectancy are worse than those of Burkinabe.
Nine out of ten economists now claim that Modi 3’s greatest concern is being hampered by chronic joblessness. 0. According to a post-election survey, eight in ten Indians support taxing the super-rich, and tenth of the economists think that growth has n’t been inclusive.
The destiny of remote majority in north India contrasts stark with that of those who live in cities while wandering through its economic heartland.
The state of Uttar Pradesh’s northeastern state of Muzaffarnagar is only a few hours from Delhi, the country’s money. Barring the state-of-the-art bridge that cuts through the wide open grounds, it feels like a place that ’s been mostly bypassed by the state ’s beautiful economic growth.
Sushil Pal’s community has tilled the prairies of Behra Asa community for years. It’s difficult toil that barely pays again, he told the BBC.
Despite supporting Mr. Modi’s group in the previous two elections, Mr. Pal did not choose to support it this time. The prime minister ’s promises to increase land earnings, he says, has remained only that- a claim.
“My revenue has gone over. The price of labor and inputs have increased, but not for my grain, according to Mr. Pal. Before the votes, they only moderately raised the cost of wood procurement.
I make all the money that I can to pay for my children ‘ education and education. One is an expert but has n’t had a career for two years, ” he said.
AFPAn export-focused furniture factory, located just down the road from his industry, has seen its turnover decline by 80 % in the last five years as global commands dried up following a post-Covid revenue increase.
Rajneesh Tyagi, the landlord, said he would have liked to market directly to mitigate the pause abroad, but continuing remote stress means there’s no demand for his products.
The farm economy is in decline, and high farmer debt and unemployment are the biggest obstacles to growing local demand, he added. “They have no capacity to buy anything”.
The backbone of India’s economy is represented by Mr. Tyagi’s business, which is representative of a wide range of microîntreprinders. India Ratings, a credit ratings agency, estimates 6. 3 million enterprises have shut down between 2015 and 2023, costing 16 million informal jobs.
In contrast, profits reported by India’s 5,000 listed companies rose sharply by 187 % between 2018 and 2023, spruced up in part because of tax cuts, according to commentator Vivek Kaul.
As Mr. Modi begins a third term in office, Mr. Modi will face the biggest challenges, bridge such glaring gaps between the formal and informal sectors of the economy and bring prosperity to India’s villages.
According to economists at Goldman Sachs, his first post-election budget may experience a “tilt ” toward welfarism, though not necessarily a reversal of more money being spent on large infrastructure projects.
A larger-than-expected dividend transfer from the central bank ( 0. According to the Wall Street bank, a government surplus of 3 % of GDP will help to boost welfare spending and maintain capex while focusing on the rural economy and job creation.
Even those who manage the finances of some of India’s wealthiest people agree with this view.
Given the government’s budgetary priorities, according to Rajesh Saluja, CEO and managing director of ASK Private Wealth, and how to tackle poverty reduction can be done “without upsetting the fiscal math,” given the high revenues and tax collections.
Getty ImagesBut economists warn more cash handouts are a poor substitute for real reform-led development. Some 800 million Indians already receive free grain, and some states invest close to 10 % of their income in welfare programs.
The budget will need to outline a strategy for how the government intends to invest millions in the workforce and increase earning potential.
The unorganized sector’s reduced footprint has implications for employment generation. Therefore, a prudent combination of policy that allows the coexistence of both formal and informal sectors must be pursued in the interim, according to Sunil Kumar Sinha, principal economist at India Ratings.
To meet its enormous domestic demand, Mr. Roy suggests that India should encourage low-end, labor-intensive manufacturing in industries like textiles and agri-food processing.
Economists at India’s largest bank SBI have suggested extending production-linked incentives Mr Modi has offered to exports-oriented sectors to small enterprises.
“So far, when we think of manufacturing, we are thinking of posh people. We are thinking of supercomputers. We are considering bringing Apple to town and producing a few iPhones, Mr. Roy said.
“These are not things that 70 % of India’s population consumes. We should produce in India what 70 % of India’s population wants to consume. If I’m able to make 200-rupee ($ 2. 4, £1. 8 ) shirts in this country and not let that import demand leak to Bangladesh and Vietnam, it will boost manufacturing. ”
At the National Conservatism 4 Conference in Washington, D.C., on July 8, Assistant Editor of the Asia Times David P. Goldman delivered these notes.
The” Long March” analogy is n’t my idea. Chinese politicians talk of Mao ‘s , legal war , method of encircling , the places from the land.
Why is this important? Due to low birth prices, the working-age people in high-income nations will decrease by a third this century. In the case of Taiwan and South Korea, it’s more like three-quarters.  ,
I have no faith in China’s invasion of Taiwan because they do n’t fight for what will eventually turn out to be ripe fruit.  , But the working-age inhabitants of so-called , Middle-Income , states will increase by half.  ,
Younger people who may work in today’s market are the world’s most scarce resource.  , Empires of the previous fought over place. China ‘s , goal is to control people.  ,
In 1979 , China took a state of landowners and turned them into business personnel, and multiplied GDP per capita 30 days. Think of South Korea as it now plans to convert a mill workforce into a state of professionals.  , That’s a noisy and expensive move.  , But China is doing it.
In 2020 I wrote of China’s prepare to Sino-form the , Global South. It is very knowledgeable about getting people who make$ 3 per day to make$ 10 or$ 20 per day.
China’s populace has been in collapse, but its very educated population is growing:
Ten , and a half million  , university graduates, up 60 % in 10 years, 2X our , total , – , and a third are professionals. That ‘s , more architecture graduates , than the rest of the world combined.  ,
Between 1990 and 2010, South Korea’s industrial output quadrupled, and its manufacturer workplace decreased by a second.
Will China decline?  , Assess the US and China , overall debt problem: the , US , is , 262 % of GDP,  , and , China , is , 278 % of GDP–
However, China lends the earth a trillion dollars annually, and we do so. Countries with strong current account surpluses and positive growth do n’t experience financial crises.
China has gotten several things wrong,  , but it got two big things straight.
The first is AI software to production. It can produce a$ 9, 000 electric vehicle at a profit, or 2, 400 5G base stations a day , in a plant , with , 50 , workers – I saw this. It also claims to own a , factory , that may produce 1, 000 cruise missile vehicles a day.  ,
We ca n’t produce enough artillery shells to supply Ukraine. China may produce as many ship-killing weapons as it wants.  , That’s the biggest , change in comparative power since shotguns replaced muskets.  , A , US warship can bring 100 weapon ships. There’s no limit to how many weapons China can start from the mainland.  , We talk about prioritizing China: With what?
We’re really rearranging the balcony guns on the Titanic.
China has 3 million 5G base facilities. We have 100, 000. China dominates important industries—telecom system, Tesla, renewable energy, drones, material and manufacturing — and it’s aiming at semiconductors. Biden’s Treasury Secretary goes to China and says,” Please, you’ve got too much industrial capacity, do n’t export so much”! What about OUR power?
]embedded information]
The conversion of the Global South was another important factor China did well.  , It doubled export to the Global South since Covid , – now exports more to the International South than to all established businesses.  , Assimilates billions of people into its monetary realm. Compared to our 230 000, it did this with 200 troops stationed outside of China.  ,
We spent$ 7 , trillion on long war. China spent$ 1 trillion , on Belt and Road Initiative assets.  , Who got more control?
40 nations have submitted applications to the BRICS class.
This is n’t about authoritarianism versus democracy. Imports from China to governments like India increased just as much as those to Russia. How invaders govern themselves is a constant concern for the Chinese. They want to rely on Chinese tech and supply chains to make the planet agnostic.
This is a gigantic effort:  , Four , out of five workers , in the World South , are  , immured , in the so-called casual business.  , They pay no , fees, receive some service, have no access to capital and world businesses.
China is assimilating them with modern and transportation facilities.  , That connects persons to world markets.  , Huawei and ZTE now , give more , than half the world ‘s , telecom network and more than two quarters of the business in the Global South.  ,
BYD is building EV species in , Mexico,  , Brazil, Thailand, Turkey and Hungary. The$ 9, 000 EV is today’s equivalent of the Model T for the Global South – a car the average family can afford.  , That’s as big as the Model T was for the United States.
However our place deteriorates.
When Donald Trump left office, our trade deficit in goods was$ 800 billion a year. Then it’s half again as great, at$ 1.2 trillion a year.
The majority of the new exports are from the Global South.  , We put tariffs on goods from China, but China rather shipped parts to Mexico, Vietnam, India and a few different states, which sold the finished products to us. We import less from China, but our reliance on Chinese supply stores is higher.  ,
Like the , Sorcerer ‘s , Apprentice, we smashed the enchanted brush that was flooding us, and now we have a hundred.
The industrial production indicator of the Fed is lower than it was before COVID.  , Capital goods orders are down more than 10 % after prices.
Worst of all: We presently import more of the goods used to produce another goods than we do at home. To make more and buy less, we need more money goods, but we’ll have to import , more investment goods today in order to buy less in the future. That’s why across-the-board taxes does perform more , harm than good.
We , cut off China’s access to advanced device solutions, but China has worked around most of these restrictions. It can make the cards it needs for commercial technology, 5G , telecom, and other real , market applications. Again and again,  , we overestimated the effects of our punishment and underestimated China’s ability to adapt.
Taking potshots , at the elephant , has n’t done much good.  , We have to get our own rhino.
We need a nationwide effort on the size of the Kennedy Moonshot , or the Reagan Strategic Defense Initiative.  , In 1965 12 % of all federal expenditures went to R&, D.  , Now it’s 2.4 %.  ,
When there is a national crisis, professional policy is immediately adopted.
Trump ‘s , missile defence is the way to go.  , Reduce our forth deployment , and focus resources on high-tech protection.
We have faster cards. But it’s not just about processing rate:  , It’s know-how, training, an business culture and industrial , areas, and we’ve allow these pass. Trump is correct to impose higher tariffs on Chinese electric vehicles; we must safeguard our production foundation. He is also correct in recommending Chinese automakers set up species in the US. China is back of us in business technology. This right some of China’s IP.
Two basic ideas:
We may combine with Japan, South Korea, and Germany to contend with China ‘s , Long March through the Global South. We collectively possess more assets and more money.
We may ask our NATO partners to meet us in , creating the technology that will , determine the outcome of the 21st , era. We wo n’t persuade them to rebuild conventional armies. But , joining us at the cutting edge of technology is an offer they ca n’t refuse.
I conducted a study as a young scientist for Reagan’s National Security Council that claimed SDI may pay for itself through human spinoffs. I was bad: It paid for itself ten times over.  , This is n’t our first dance. We can do it again. We are more in need of warning than of education.
43 days ago
By Joel Guinto & BBC Vietnamese Service, BBC News
EPABefore police officers opened the door to the second floor of the Grand Hyatt Erawan in Bangkok, there was little to suggest what had transpired.
No-one was heard to cry, or had rung for help. No-one had also made it to the entrance.
Yet inside, it appeared to be showing no signs of conflict, with the unopened late breakfast still waiting patiently on the table for the guests to enjoy.
The group’s soon check out of the resort was the only sign of the dread inside the locked area, according to the outside of Room 502.
And still in were six body, opposite tea cups laced with poison.
No time did it take the police to determine whether the room’s occupants had consumed the contaminated drink or to identify the suspected victims.
But time after authorities revealed the terrible discovery, great concerns remain: why them- and who did it?
FacebookFour of the patients are Taiwanese citizens- Thi Nguyen Phuong, 46, her father Hong Pham Thanh, 49, Thi Nguyen Phuong Lan, 47, and Dinh Tran Phu, 37.
The various two are National people of Asian origin- Sherine Chong, 56, and Dang Hung Van, 55.
According to investigators, Chong was believed to have borrowed 10 million baht ($ 280, 000, £215, 000 ) from husband and wife Hong Pham Thanh and Thi Nguyen Phuong to invest in a hospital building project in Japan. The pair, who owned a design firm, had apparently tried in vain to get their money up.
In truth, it was scheduled to take place in Japan in a few days.
On the face of it, this appointment appeared to be an attempt to talk about the matter in advance of the situation.
Chong, who according to US media reported living in Oakland, California, had asked her to serve as her entity with the few regarding the purchase, so Thi Nguyen Phuong Lan was present.
But how were the various two connected to the situation?
At the meeting working for Chong, Dinh Tran Phu, a powerful make-up actor whose audience includes Vietnamese artists, actors, and beauty kings, was present.
His father, speaking to BBC Vietnamese, emphasised the point he had travelled to Thailand with his ordinary users, certainly with strangers.
A close companion, however, said he knew both Thi Nguyen Phuong and Thi Nguyen Phuong Lan, having introduced them to solutions at a friend’s resort in Da Nang, where he lived.
Dang Hung Van’s participation in the hotel suite meeting was not immediately clear.
The hotel appointment had a sixth name, according to police, the sister of one of the six. That man left Thailand last week and went back to Vietnam, but authorities said she was uninvolved in the event.
Over the weekend, the group checked into the hotel separately, and they were given five rooms, four of which were on the sixth floor and one of the second.
Chong checked into Room 502 on Sunday. The five others came to see her in her collection that morning, but they each returned to their particular sleeping quarters for the evening.
Before noon on Monday, Dang Hung Van ordered six cups of tea while Dinh Tran Phu, the make-up designer, ordered fried corn from their respective areas. They asked that it be delivered to Room 502 at 14: 00 local period.
Chong started receiving the meal purchases at Room 502 a few minutes before 14:00. At the time, she was by herself in the hotel.
According to authorities, she turned down the customer’s offer to make teas for her gathering. Additionally, the servant discovered that she” spoke very little and was clearly under anxiety.”
Shortly after that, the rest of the team began arriving. The pair went in lugging a briefcase.
At 14: 17, all six could be seen by the entrance before it was shut. From that point on, there was no indication of internal activity.
They had planned to arrive on Monday, but they omitted to do so.
Officers discovered the six dead on the floor when they entered the room at 16:30 on Tuesday.
ReutersThe first investigation revealed that two initially attempted to get to the suite’s entry, but they were unable to do so on time.
All the body bore indications of poison poison, which may- in particular doses- kill within minutes. Their inner organs turned “blood purple,” another indication of cyanide poisoning, while their teeth and claws had turned black purple, indicating a lack of oxygen.
Researchers claim that” no other trigger” exists that would account for their deaths, “aside from cyanide.”
To rule out any additional waste and identify the “intensity” of the deadly substance, more checks are being conducted.
Cyanide starves the body’s tissue of air, which can cause heart attacks. First symptoms include dizziness, shortness of breath and diarrhea.
Those found using it illegally in Thailand are subject to two-year prison sentences.
Police have not named the deceased, but they believe one of the deceased was responsible for the poison and was motivated by mounting debts.
According to Vietnamese outlet VN Express, investigators said Chong had been sued by all the other five over their failed investments.
The gathering in Bangkok was called to discuss a lawsuit, but the effort failed.
Getty ImagesAuthorities have sought a declaration from the group’s visit manual in Bangkok, 35-year-old Phan Ngoc Vu.
According to the report, the arbitrator Thi Nguyen Phuong Lan, the guide, requested that anyone purchase standard medication containing snake bloodstream for her joint pains before she passed away.
Additionally, there are the two copper beverage containers that the hotel’s officers discovered in the collection.
The tanks were placed beside the cyanide-laced vases, near the dining tables.
Leaders want the issue to be resolved quickly, but one thing is for sure.
Authorities in Hanoi and their Thai rivals should work closely together on the investigation, according to Vietnamese Prime Minister Pham Minh Chinh.
As for Thai authorities, it could n’t have come at a worse time for Thailand. To revitalize its tourism sector, a crucial financial foundation that has yet to completely recover from the crisis, it had just expanded visa-free access to 93 nations.
Barely a year before, a 14-year-old boy shot dead two people at a luxury shopping mall, also in Bangkok.
Srettha Thavisin, the prime minister, was with officers at the Grand Hyatt on Tuesday evening. He claimed that the public’s health was unaffected and that it was a personal matter.
For the people left on, the shock is evident.
BBC Vietnamese got hold of the make-up writer’s family, Tuy, on the phone, but she was sobbing but violently that she hung up after a brief chat. She claimed that she believed her son was simply going on a regular job vacation.
His parents, Tran Dinh Dung, claimed in a separate interview that when he last saw his brother, he did not notice anything unusual.
President Xi Jinping’s Communist Party delivered a number of the proper messages to wary investors concerned about the state of Asia’s largest economy at this year’s Second Plenum meeting, including pledges to “unswervingly stimulate” the private sector.
But Xi’s team , picked a difficult time to keep international investors guessing about , how , it plans to revive a US$ 17 trillion economy , facing a , quadfecta , of troubles at house. And at a time when Chinese imports are being blocked by the West’s ever-increasing walls.
True, Xi’s gathering generally waits several times before offering more detailed ideas about retooling. Later this month, businesses hope to learn more after China’s 24-member Politburo enacts.
However, if ever there was a time to break with convention, it’s today. Xi did n’t hold the event in 2018, heightening expectations for clear economic smoke signals. Amid intense international confusion, the usual flow, drip, drip disclosure plan failed to study the intensity of the day.
With the eyes of the world on the five-yearly approach program, Xi’s internal circle had an excellent opportunity to reset the reform tale. There was no better time to explain how Beijing will stop the , home problems, maintain regional government finances, boost consumer demand and tackle mounting statistical challenges.
What investors got instead were vague pledges of “high-quality development”,” Chinese-style modernization” , , “innovative vitality”  , and “actively expanding domestic demand”.
In fact, this is a make-or-break time for China’s partnership with foreign funds. Although it’s nice to hear rumors about supply-side updates and about increasing domestic demand, more quality is required. The rebalancing of Chinese expansion engines has never been more important as the US and Europe’s strategy is to restore global trade wars.
” China’s administration has promised to continue fully deepening reformation in a wide range of areas”, says Julian Evans-Prichard, China scholar at Capital Economics. There are” a few indicators” that the recently concluded Third Plenum represents a significant shift in policymaking.
Chinese companies dropped on Friday as a result of Xi’s disappointment with his party’s lack of specifics regarding revamping plans. The MSCI China , Index , fell as much as 1.6 %, while the nation’s Hong Kong-listed equities dropped more than 2 %.
There were indeed enabling pivots, especially surrounding , sustainability. Belinda Schäpe, a policy analyst for China at the Center for Research on Energy and Clean Air, says that the communication” for the first time mentions coal lowering.” ” This elevates China’s commitment to reducing emissions and tackling climate change , to a new level”.
Tianchen Xu at the Economist Intelligence Unit says that “innovation and efficiency improvements top all priorities, about quickly, amid the magnificent scenery of US-China rivalry”. Mostly, though, the Third Plenum appears to mark” a continuation of existing policy tweaks”, Xu notes.
Many will argue that the Global South’s rise mutes the indirect effects of the new tariffs from Washington and Brussels. And, to some extent, that’s true. However, much of the Global South would also suffer significant blows as the world heads in the direction of” a trade war on all fronts,” as Gavekal Dragonomics analyst Yanmei Xie puts it.
Xi ca n’t control who wins the US election , on November 5.  , But whether it’s Joe Biden dictating trade policies or a Donald Trump 2.0 White House, 2025 is already littered with potential economic landmines. All the more reason for Xi and Li Qiang to take bold action right away to fix China’s fundamental flaws and advance its innovative game.
It’s not like the economic environment will likely change significantly after six months. There’s little doubt, Xie adds, that a “new spirit of mercantilism is abroad in the US, with Donald Trump’s Republican Party proposing a ‘ baseline tariff’ on all goods imports, as well as targeted higher tariffs on imports from China, should it capture the White House”.
Trump’s pick for vice president, US Senator JD Vance, said this week that” together we will protect the wages of , American workers , and stop the Chinese Communist Party from building their middle class on the backs of American citizens”.
Vance is a staunch supporter of revoking China’s “most favored nation” trade status. Trump, in contrast, has previously remarked in interviews that he may soon begin a second term in office in 2025. Vance, too.
As Trump tells Bloomberg:” I think manufacturing is a big deal, and everybody that runs for office says you’ll never manufacture again. We have currency problems, as you know. Currency. When I was president, I fought very strongly and hard with President Xi and with] Japanese leader ] Shinzo Abe.  , So we have a big currency problem because the depth of the currency now in terms of strong dollar/weak yen, weak yuan, is massive”.
How a , Trump-Vance team , might proceed is an open question. The Federal Reserve should be abolished, according to the” Project 2025″ plan that Republicans are considering. That, in theory, could allow Trump’s White House to set US interest rates. Or might Trump try to create a new” Plaza Accord” that will require Beijing and Tokyo to accept more favorable exchange rates?
Trump, remember, has talked openly about defaulting on US public debt as a negotiating tactic. Or reversing some of the debt that China holds as a form of retaliation. At present, Beijing holds about US$ 770 billion of US Treasury securities.
Moody’s Investors Service may revoke Washington’s most recent AAA credit rating because of the mere whiff of such policies being considered. That, at a moment when the US national debt is hitting US$ 35 trillion, could shoulder-check trade-reliant economies through the Global South.
This is just another reason why Xi and Li need to “roll up their sleeves.” To put real life on the backs of reform pledges, both past and present, rather than just to batten down the hatches.
It’s unclear if Xi had intended to signal a change in his current outlook on state-led development and ally concerns among Chinese and foreign investors. Many people find it hard to resist the Third Plenum outline because it resembles the current course.
” Investment-led growth has peaked in China, as the , financial system , can no longer generate the same pace of credit expansion as in the past decade”, says , Logan , Wright, director of China , markets , research at Rhodium Group. ” With this source of growth drying up, household consumption growth will be the single most significant determinant of China’s long-term economic trajectory and growth rate.”
Wright explains that a highly unequal distribution of income and low levels of household income restrict household consumption in China.
” Fiscal transfers from the state to lower-income households would catalyze additional spending, as would a more progressive distribution of income”, he says. ” Reducing savings rates alone is unlikely to boost overall spending significantly, given the low levels of savings among lower-income households”.
Later this month, after the Politburo confab, Xi’s inner circle would be wise to offer specific policy shifts and timelines for implementation.
After all, expectations were quite high heading into this week. It’s the first Third Plenum of the party’s 20th Central Committee since 2013. Xi delayed the last one, which would’ve convened five years ago.
The event comes as , China , grew just 4.7 % year on year in the first quarter. A year-long property slump, a population decline, and investors worry that Xi may be more concerned with top-down control than creating new economic energy from the ground up as Beijing struggles with its worst deflationary run since 1999.
A flurry of news leaks in state media as the week began set the stage for disruptive steps to grow the private sector, boost local authorities ‘ income through tax cuts, liberalize the “hukou” system for local registration, and boost mainland competition in the artificial intelligence space.
A number of bigger-picture questions remain unanswered, including the status of more assertive efforts to remove bad assets from property developers ‘ balance sheets to prevent defaults, establishing more vibrant capital markets, creating social safety nets to encourage households to save and spend more, and the fate of internet platforms unsure about the regulatory outlook.
Investors are well-versed in the opacity of senior party officials. What’s needed, though, is policy clarity — and , the sooner the better.
Party magazine Qiushi quoted Xi as saying that “forging Chinese modernization requires staying independent and maintaining self-reliance.” We must continue to advance our country and our country with our own resources, as well as keep a firm understanding of China’s development and progress.
Words with which few could quibble. But also phrases devoid of the , how, when, where , questions that continue to surround the , Xiconomics , era now into its 14th year.
” In 2013 expectations were very high for that Third Plenum, the communique came out and was disappointing, then a few days later the full resolution was released, and people got excited that there was a lot more substance to the reform plans” , , says longtime China watcher Bill Bishop, who writes the Sinocism newsletter. I’m not sure if a similar dynamic will occur this time.
But, Bishop adds,” those still hoping for any change of course will likely be disappointed. The leadership believes they are heading in the right direction, and the communique again reveals how far the reform process has advanced in a comprehensive way since the 2013 Third Plenum.
There still seems to be a conflict between policies aimed at increasing economic security and expanding the supply-side of the economy, according to Evans-Pritchard of Capital Economics, and those aimed at increasing market forces ‘ influence and rebalancing growth toward consumption.
Wherever things lie, policy-wise, Xi’s inner circle would be wise to match the barrage of slogans emanating from Beijing with details and timelines. The sooner the better.
SINGAPORE: Malaysia will decide by this year whether it’s full steam ahead with plans for a high-speed rail ( HSR ) line between Kuala Lumpur and Singapore, as it shortlists proposals from a narrowing list of private consortiums to back the project, an official has confirmed.  ,
Transportation Minister Anthony Loke expressed hope that the Cabinet would make a decision on the viability of the multi-billion dollar project by the end of the fourth quarter in an interview on Wednesday ( Jul 17 ).
” Once we have a plan decision to deal with the high-speed road, we will start negotiations with Singapore”, he said, as quoted in local media.  ,
According to Mr. Loke, the government has now shortlisted three of the seven consortiums that submitted proposals in response to a late-year data request.
He did not give the associations ‘ names, but he confirmed that it is the government’s policy to grant the HSR project to a group that is at least 51 % owned by Malaysian businesses.
Regional news outlet The Edge reported in March that China Railway Construction Corporation, Berjaya Land Bhd, and YTL Corp. had been shortlisted for the job.  ,
Berjaya Rail, a subsidiary of Berjaya Land, announced it had joined the Malaysia Rail Industry Corporation ( MARIC ) as a new member on Wednesday. An organization of 50 important railroad companies aims to foster private-public cooperation in the development of railroad network.  ,
The 350km-long HSR task, which can go at a rate of 350km/h, was initially proposed in 2013 and resulted in a legally binding contract being signed in December 2016 with the intention of having the line operating by 2026.
Nevertheless, it was originally canceled after numerous postponements at Malaysia’s ask and a potential termination of a deal in December 2020.
Malaysia paid more than S$ 102 million ( US$ 75.8 million ) in compensation to Singapore for the terminated project.
Following the 2022 primaries and his recent visit to Singapore where he met with leaders of the country, the discussion of a reincarnation grew.
In a statement released on August 3, 2013, acting acting transport secretary Chee Hong Tat, Singapore was ready to discuss any new proposals from Malaysia for the KL-SG HSR venture in great belief,” starting from a fresh slate.”
In December last year, the Sultan of Johor, Ibrahim Iskandar, who became Malaysia’s prince in January, advocated for the restoration of the job, suggesting it be routed via Forest City, a mega-development in which he owns a play.
The HSR wants to cut the average car trip moment between Kuala Lumpur and Singapore from more than four days to 90 days.
As a government-funded project, it is estimated to cost up to RM100 billion ( US$ 21.4 billion ). According to Mr. Loke, the price may get lower depending on the chosen plan.  ,
Nevertheless, he cautioned that while the government is not ruling out support, it is not keen on providing a maintain due to concerns over increasing the country’s debt burden.
He added that the HSR was ultimately join with Malaysia’s$ 10 billion East Coast Rail Link (ECRL), which will connect the East and West coasts of Peninsular Malaysia by the end of 2026, with service scheduled to begin the year after that date.  ,
He likewise mentioned discussing a plan to join Thailand’s rail network, which would ultimately aim to connect more of Southeast Asia to China by road.
” I’m confident we can keep pushing and trying to persuade our rivals from Thailand and Laos to take part in this whole thing,” he said.  ,
