“FALSE PEACE” He added that he would prefer exchanges with China “on the basis of equality and dignity,” stressing that Taiwan’s independence should not be exchanged for financial prosperity. ” Accepting China’s ‘ one- China ‘ process is not true serenity”, he said, referring to a Beijing theory that TaiwanContinue Reading
Discussed: 20 May 2024 at 12: 49
Srettha Thavisin, the prime minister, stated that the ethics issue senators have filed with the Constitutional Court, which could result in his expulsion, did not prevent him from doing his job.
While on a Sunday formal attend to Italy, the prime minister was questioned.
A group of acting lawmakers have complained to the mandate judge that Pichit Chuenban, the PM’s office minister, has been fired for breaking the law.
Mr. Srettha said that his focus on advancing the public curiosity was unaffected by the situation.
” No, I wo n’t lose my concentration. We are all working, and I have a group of working staff members who are comfortable in our ignorance… But I do not want to expound… it would be pressuring the Constitutional Court”, the excellent minister said.
Mr. Srettha claimed that he regarded balances on his authorities as routine and that he backed such practices. His aspect had come up with a justification for his sincerity.
Prior to joining Mr. Srettha’s team, Mr. Pichit was an advisor. But , he was also recently former prime minister Thaksin Shinawatra’s attorney in the lunch pay incident, which raised concerns about his registration to serve as a government minister.
When he represented Thaksin in a contentious area case up in 2008, he also served time in prison for contempt of court for corruption.
After they attempted to pay Supreme Court officers by handing them a snack with a paper case containing 2 million ringgit in dollars a month earlier, the Supreme Court sentenced Pichit and two of his colleagues to six months in prison on June 25, 2008.
In the Ratchadaphisek area circumstance, for which Thaksin received a two-year prison sentence in 2008, all three of Thaksin’s former partners Khunying Potjaman na Pombejra and his ex-wife Khunying Potjaman na Pombejra were represented.
The Constitutional Court is scheduled to meet on Thursday to decide whether to accept the lawmakers ‘ ethics complaint regarding Mr. Srettha and Mr. Pichit.
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Volatility is low
According to David P. Goldman, market volatility is at sudden highs, aside from gold rates, which suggests that central banks have a plan to build up their assets, such as China. He advises using buying volatility to hedge portfolios against political shocks.
Russia tries to overextend Russian forces in Kharkov drive.
James Davis evaluates Russian actions to launch a new front in the Kharkov area. Moscow’s intention appears to be to create a buffer zone and thinn Russian forces, possibly launching a southern offensive.
Biden’s great tariffs and China’s retribution
Scott Foster writes that the US Commerce Department’s steps against China, like as revoking Intel’s license to sell chips to Huawei, have harmed American firms ‘ profits and market opportunities, probably Intel in the line of fire.
Three devoted Pheu Thai Party soldiers have been left out in the cold thanks to the most recent case change, known as Srettha 1/1.
According to an observer, two chose to suffer the loss of their faces in silence, while the other refuses to accept the shame lying over.
The greats shown the door were Dr Cholnan Srikaew, who was replaced as public health secretary, Puangpet Chunlaiad, who lost her post as Prime Minister’s Office minister, and Chaiya Promma, who was deputy agriculture minister.
Following the reshuffle, Mr. Chaiya wasted no time yuttling a salvo at Pheu Thai and yutta warning that it was inappropriate to let the axe fall on him, with the Move Forward Party ( MFP ) snatching up the party’s sleeve for dominance in national politics.
No one else could better reflect Pheu Thai’s northern electors in the case, according to Mr. Chaiya.
Pheu Thai defeated the MFP with about 5.11 million votes in the Northeast despite their unexpected battle at the previous election in its enclave in the north. The MPs in Pheu Thai’s district prevented the MFP from wooing citizens, which was credited with this success.
Mr. Chaiya, an MP for Nong Bua Lam Phu and one of Pheu Thai’s most well-known officials in the Northeast, claimed it was district MPs like him who worked tirelessly to safe and keep the redoubt in the Northeast. This was done so that list prospects may use their reputation to run for office.
Mr. Chaiya warned that the MFP is quickly catching up with the major opposition party in areas where it was originally in the lead in several elections and is giving Pheu Thai a run for its money.
He noted that while winning in some constituencies in the general election next year, the MFP had little to do with regular campaign ads.
He claimed that it was high time the ruling party looked inside and discovered how to best prepare and formulate new strategies for the upcoming standard vote less than four years from today.
He said that it is wrong to sideline hard-working and devoted MPs who have tough devotion to their constituencies.
” Do n’t forget that Pheu Thai has been given a chance by Isan]northeastern ] voters many times already.
What does the group have to offer in exchange for their unwavering help, the question is today. “he said.
While Mr. Chaiya expressed his frustration, a communication lamenting Dr. Cholnan’s removal from the cupboard had trampled on his pride circulated on social media.
The message was posted on the day before the most recent cabinet appointments took effect on the Mor Cholnan FC Mai Mee Drama ( Dr. Cholnan’s Fan Club, No Drama ).
A profile picture of a Dr. Cholnan image that was allegedly operated by Dr. Cholnan’s long-standing followers was posted to the site. A comment next to the photo claimed that the original public health minister had been abandoned and discarded while others ruthlessly searched for power.
It was shared frequently, although access to the Social blog’s comment box was restricted.
At the same time, some social critics were candid about Dr Cholnan’s resignation.
They claimed that Dr. Cholnan previously demonstrated leadership skills despite having led the Pheu Thai Party, which explains why he had been exempt.
Jittakorn Bussaba, a political scientist and well-known journalist, claimed on the Naewna website talk program that despite having been given the Pheu Thai command, he continued to be in the shadow of Paetongtarn, the head of the Pheu Thai Family, a position that is believed to have been created specifically for her.
Dr. Cholnan has then taken over as Pheu Thai president as the youngest child of paroled former top Thaksin Shinawatra, who is believed to still have a lot of influence in Pheu Thai.
The group, according to Mr Jittakorn, showed little respect for Dr Cholnan as its leader. The fact that the party did not even choose him among the three applicants for prime minister in the previous election served as an example.
The three are now Prime Minister Srettha Thavisin, Ms Paetongtarn, and Chaikasem Nitisiri, who held no major party article at the time of his candidacy.
While Dr. Cholnan was standing next to her, with his head bent forwards and his fingers clasped in front of him, during the election campaign, Ms. Paetongtarn spoke on stage and at gatherings while” with her head held high and her again straight” and” with her head held high and her again straight.”
The critic suggested that Dr. Cholnan may consider leaving Pheu Thai if he believes the organization is not treating him fairly and should support the Bhumjaithai Party, which has been seeking to strengthen in Nan, where Dr. Cholnan has been elected numerous times.
Dr Cholnan, he suggests, may come where he might be appreciated.
Following new maneuvers by the ruling party that could stress connections between two partnership partners, political observers are then monitoring the possibility of a broken within the Pheu Thai-led partnership.
Anutin: Wary of plant are- listing
One is Prime Minister Srettha Thavisin’s contact for the change in the legal standing of cannabis. The Bhumjaithai Party, which effectively advocated for legalizing marijuana during the prior administration, is not in favor of the premier’s position.
The flower was delisted in 2022 as a Category 5 opiate, except extract containing more than 0.2 % THC, the substance that creates the psychedelic result.
However, decriminalization without extensive laws to regulate and control its use sparked a public outcry and concerns about its use, misuse, and potential long-term effects.
Pheu Thai and the Democrat Party claimed that the proposed rules were too weak, and Bhumjaithai sponsored a cannabis power bill that was shot down in its second studying in congress.
Common health regulations as well as the medicinal plant law, which do not sufficiently support all cannabis uses, now make it possible for people to use cannabis for clinical and research purposes.
Pheu Thai announced during the campaign leading up to last year’s election that it did not support cannabis liberalization and that it would fight against illicit drug abuse.
Eight months after taking office, Mr. Srettha demanded that a May 8 meeting be held to discuss the issue of narcotics be held in the Ministry of Public Health, stating that the decision was in the public’s best interests.
Anutin Charnvirakul, the leader of Bhumjaithai, the minister of interior, Somsak Thepsutin, and Tawee Sodsong, the justice minister, were among those present at the meeting.
Mr. Somsak was “unable to wait to complete it.” ]PM Srettha Thavisin ] has given the ministry until the end of this year to reclassify cannabis as a narcotic, “he said”. The sooner, the better,” said Mr Somsak.
Mr Anutin, who served as public health minister in the Prayut Chan- o- cha administration, was apparently cautious about Bhumjaithai’s stance on the reclassification issue.
The Narcotics Control Board had approved the marijuana use as a narcotic, and he was the only person who could object to that decision at the meeting.
Political watchers view Mr Srettha’s move on cannabis as damaging to the Bhumjaithai Party, especially considering the prime minister’s” people’s interest “remark.
This could be seen as implying that the coalition partner’s cannabis policy was ill- thought- out and driven by personal interests, they noted.
Olarn Thinbangtieo, a lecturer in political science at Burapha University, told the Bangkok Post that Pheu Thai would win over the public if it reinstated marijuana on the drug list.
After seeing its popularity decline consistently over the past few months, he predicted that the ruling party will win some points with this policy.
According to Mr. Olarn, Mr. Srettha’s actions may also lead to rifts with the United Thai Nation ( UTN) Party, which saw one of its ministers resign the cabinet just days after the reshuffle.
He was referring to Krisada Chinavicharana, who resigned as the country’s deputy finance minister due to the work arrangements made by Pichai Chunhavajira, who had just been appointed. The Public Debt Management Office’s responsibilities fell to Mr. Krisada.
Mr. Krisada claimed in his letter of resignation that the media misled him because he and Mr. Pichai had a different work philosophy and that Mr. Pichai had not treated him with respect when they collaborated.
Due to the fact that he was from a different party, the division of responsibilities was widely seen as a ruling party’s move to lessen the role of the deputy minister in the Finance Ministry, which is the main component in the implementation of the digital wallet scheme.
The tension will likely grow even more so after Energy Minister and UTN leader Pirapan Salirathavibhaga asked for the relief measure, especially given Mr. Srettha’s refusal to allocate funds from the government’s central budget reserves to alleviate the hardship caused by high energy prices.
The prime minister has requested that the state’s Oil Fuel Fund be used to stabilize oil prices, and that if it runs out, the central budget reserves be used to replenish it. The Oil Fuel Fund reported that as of May 5, Mr. Pirapan’s situation caused legal issues because it was 109 billion baht in the red.
There is a chance that Bhumjathai and UTN could face a backlash from their own supporters because of the ruling party’s actions. According to Mr. Olarn, it is possible that Pheu Thai’s coalition parties will withdraw their support for the digital wallet scheme in retaliation.
I recently came across reports about the possible appointment of a fresh US ambassador to Bangladesh while scrolling through Twitter on a new morning. Peter Haas may also go down as the most influential US minister in Bangladesh’s new history, but David Meale appeared to be on the verge of taking over.
Actually for a brief moment, the idea of a foreign minister exerting major impact in a democratic country of 180 million might look strange. But Bangladesh’s history of political instability has created opportunities for additional actors to act, exercise their authority and form the country’s course in many ways.
I had a casual conversation with a reputed senior journalist who I viewed as a mentor, and this unpleasant reality first came to mind. Over tea and biscuits, he dropped a facts weapon:” Faisal”, he said, “remember, in Bangladesh, just three people truly hold influence: the Prime Minister, the Indian High Commissioner and the US Ambassador”.
Years later, as my monitoring expanded from focusing on business and equipment to focusing on the wider social scenery, I realized his words were deep wisdom. They were unquestionably accurate.
Consider the time leading up to Bangladesh’s January 2024 federal election. For more than a year, the US Ambassador’s every shift was monitored and scrutinized below by a captivated state. Has accurred to prominence in news stories, yet for seemingly unimportant things like a home excursion to neighboring India.
Ambassador Haas was elevated to a prophecy position on chat shows and YouTube programs run by expelled Bangladeshis and well-known experts. Individuals hoped he would intervene and stop Bangladesh from becoming an totalitarian state.
Under the Biden administration, the expectation was that he would somehow re-establish voting right and a functioning democratic system, enabling Bangladesh to experience real politics, something the US supports internationally.
Well, that assumption on Haas was n’t simply false. Following the US’s sanctions against the Rapid Action Battalion (RAB) and seven of its major former leaders only three months prior, he arrived in Bangladesh in March 2022.
A Bangladeshi military unit called RAB was accused of serious human rights violations, including judicial killings and disappearances involving political opponents of Prime Minister Sheikh Hasina, who has for the past ten and a half decades been in power in the South Asian country with an extraordinary iron grip.
Ambassador Haas had a huge success in Bangladesh since his appearance, giving prior consideration to meetings with human rights organizations and significant political parties. His numerous press appearances have been covered extensively in relation to the importance of completely, fair, and all-royal elections.
Some economists believed that his statements reflected a change in US plan. They saw it as a departure from examining Bangladesh only through the lens of India, as had been assumed for a while.
The Bangladesh Nationalist Party ( BNP ) gained new life as a result of the perceived support of the US. The group held significant rallies all over the country despite being plagued by various politically motivated legal cases brought against its users.
Regular Bangladeshis anticipated a better outcome in the future vote after going through two contested elections with restricted voting rights.
When the US made a fresh card plan for Bangladesh in late March of last year, the anticipation increased. According to that plan, the US would impede its visa applications for those found to be obstructing the election process. The news had a major influence on Bangladeshi world.
This is because Bangladeshis who are looking for education or employment opportunities have long sought out the US as their best place. It’s also broadly understood in Bangladesh that the US has considerable control over the government’s connections with other world powers, including the European Union, UK, Canada and Australia.
A restriction on US visa may also make it harder to obtain permits from these nations.
All kinds of rumors and rumors were fueled by the US card policy’s large nature. Popular due to a restricted local media environment, Bangladeshi protesters in exile published unfounded names of politicians allegedly targeted in untrue lists.
People are ruminating about potential US intervention in the long-running Awami League government in daily conversations and online.
With the new visa regulations, US Ambassador Haas has become a key figure in discussions about what the opposition parties have called “restoring democracy” in Bangladesh.
Seen as an embodiment of a potential US intervention, his popularity skyrocketed. Golam Maola Rony, the leader of the BNP, humorously described this situation as “god in the sky and Haas on earth” to protect them from oppression on a TV talk show.
The general public opinion of the US and Haas had grown to such a high level that when Israel began launching a disproportionate offensive against Palestinians in retaliation for Hamas ‘ attack, criticism of the US remained almost nonexistent, even among Islamic political parties.
This was unprecedented, as Bangladeshis were seen demonstrating against the US government in previous instances where anything happened in Palestine, knowing that Israel would be left in the middle of the Middle East without the US’s support.
In mid- November, Bangladesh’s Election Commission declared the January 7 poll schedule. The BNP’s request that the election be held under a neutral caretaker government, a system that the country’s High Court had abolished, was not received.
In response, the party was adamant about avoiding the election based on its previous polls, where it won only seven out of 300 seats in a contest that was widely regarded as highly rigged. No free and fair poll could be conducted under a partisan government, it was certain.
As the BNP and its allies ‘ street protests grew more frequent throughout the nation, there was a period of unrest. Increased police response and legal proceedings followed these protests.
Coinciding with this political tension, the vital readymade garment ( RMG) sector, responsible for over 80 % of the country’s export earnings, was shaken by demonstrations demanding a minimum wage increase. Tragically, some workers lost their lives during these protests.
Adding to the anxieties, the US announced a new policy, the” Memorandum on Advancing Worker Empowerment, Rights, and High Labour Standards Globally”. With this directive, the US was able to impose sanctions, trade restrictions, and visa restrictions on nations that violate labor rights. Many Bangladeshis saw this as a potential threat of broad economic sanctions aimed at the RMG sector.
During that tense period, US Ambassador Haas’s actions became a constant source of national attention. Every action taken by the US ambassador and embassy was subject to thorough analysis, which led to speculation and conflict of interest.
By spreading false information, social media and even major news outlets exacerbated the situation. The investigation soared to the point where some national newspapers turned the story into a speculative one about Ambassador Haas’s family’s trip to India before Christmas.
The outcome of the January 7 election was a foregone conclusion right away because the main opposition party had boycotted, but all political parties and regular people had high expectations for the US’s reactions.
Within a day of the results, the US publicly criticized the fairness of the election while being concerned about opposition members ‘ arrests. It also emphasized the US’s” commitment to continued partnership with Bangladesh.”
According to the US, this partnership aims to “promote a free and open Indo-Pacific region, support human rights and civil society in Bangladesh, and strengthen people-to-people and economic ties.”
The absence of a US or other international intervention was seen by Awami League politicians as a disapproving of the results of the election by the West. The opposition eventually grasped the same reality: there would n’t be a US- led push to remove the Awami League government.
Finally, most analysts and activists were forced to accept the new political environment in the old setting after months of online activism and commentary. Some political pundits and analysts, however, are still dissecting the US’s moves and trying to make a sense out of its Bangladesh policy.
Should it adopt a more lenient stance or adopt a tougher strategy to encourage democratic reforms? Will it completely abandon its values-based approach in favor of a purely interest-driven strategy, or will it make an effort to strike a balance between the two principles?
The common people’s intense interest in the US, its foreign policy toward Bangladesh, and more recently, the American ambassador have all waned. Ambassador Haas quickly became a focal point for hundreds of millions of Bangladeshis for a while, likely without realizing it.
Many people thought of him as the embodiment of the supposed values-based relationship between the US and Bangladesh. That will most likely have ended with his coming departure and the lack of US-motivated change.
Faisal Mahmud is a Dhaka- based journalist.
Strong tech company results are obscuring China’s gross domestic product ( GDP ) data, which some analysts believe will indicate better days for Xi Jinping’s largely underperforming economy.
China’s standard data readouts these weeks can make for disturbing reading. Deflationary pressures are making headlines, but there are n’t any indications of a clear and sustained acceleration.
Case in point: news on Friday ( May 17 ) that China’s consumer spending lost steam in April, rising just 2.3 % year on year versus 3.1 % in March.
Industrial output accelerated, while, expanding 6.7 % over the same time. The discrepancy demonstrates how the Chinese market is still reliant on global demand and the uneven nature of growth.
According to Lynn Song, chief economist for Greater China at ING Bank,” the history of this week’s statistics is that of prevailing prudence by households and the private sector, as financial sales and fixed property purchase came in weaker than expected.”
Alibaba Group, Tencent Holdings, and another Chinese tech behemoths are, however, presenting a pleasant counternarrative of financial green stems that suggest Beijing’s signal initiatives are gaining some sway.
Alibaba, the e-commerce giant, reported its biggest annual growth increase in the first quarter, with net income rising 10 %. Gaming giant Tencent, meanwhile, reported a 62 % surge in net profit.
Example abound among other island computer systems, suggesting Beijing’s efforts to achieve this year’s 5 % GDP growth target are fairly working.
They even mention Team Xi’s renewed assurance that the country’s government is finally committed to resolving the housing crisis that is the source of the country’s sagging consumer prices and uncertain economic prospects.
According to UBS’s planner Meng Lei, current property sales and fresh starts have yet to reach bottom, while total earnings have remained pressured despite subdued demand in the first quarter.
However, Meng predicted that as house exercise stabilizes and inflation recovers, earnings will increase as inflation and household income rise.
Venu Krishna, a planner at Barclays, continues,” The club for the party to offer has been set very high, but the Big Tech basics still look good below and we think there’s room to run over the next pair of rooms.” Post-quarter income from the largest companies in the S&, P 500, and now the big tech adjustments have increased even more.
This year, Xi’s group unveiled plans to address real land troubles some economists compare to Japan’s 1990s awful- product debacle. According to reports, Beijing is reportedly coercing local governments and state-owned corporations to purchase thousands of properties that have not been sold.
Strong efforts to clear China’s extensive undisclosed housing stock may significantly increase consumer and business confidence.
Reversing the turmoil narrative had likewise stifle Xi and Premier Li Qiang’s ability to boost capital markets, rebalance growth engines toward new products and services, and create more potent social safety nets. The former effort is essential for influencing customers to invest more and keep less.
In a fresh document, JPMorgan asserts that” we believe this could be a game change in the sense that home sales may at least maintain rather than worsen.”
Franklin Templeton also cited positive indicators that the real estate nightmare is coming to an end in a note to clients. The signs that” Chinese authorities have been easing home purchase restrictions – these restrict buyers to purchases in their home province and/or limit the purchase of a second property” and that” they have been lowering mortgage interest rate floor limits” encourage this.
As Beijing addresses economic headwinds more forcefully, count Michael Burry among the China tech optimists. The investor made famous by the book ,” The Big Short”  , upped his bets on Alibaba and JD.com in the first quarter of this year.
According to recent filings, JD is the top holding by Burry’s Scion Asset Management, with its stake in the e- commerce giant increasing by 80 % in the first quarter, representing an additional 50, 000 shares.
Burry, who saw the 2008 US subprime crisis coming better than peers, has seen a zigzag in China tech investments recently.
Burry’s most recent bets demonstrate the cautious yet discernible return by global investors as China’s stock market shifts from a US$ 7 trillion rout from a 2021 peak to January 2024.
Among Burry’s new holdings is in search engine giant Baidu, sometimes likened to China’s Google. Those on which he’s scaling back include Amazon, Google parent Alphabet and Warner Bros Discovery.
Of course, the decisions of one investor do n’t make or break global investment trends. It’s interesting that a well-known value investor known for his grave warnings and cataclysmic predictions is bullish on a sector that many Western peers have left for dead in recent years.
According to Brendan Ahern, chief investment officer at KraneShares, a provider of exchange-traded funds in China,” we believe many Asia-focused investors who have been overweight India and Japan are becoming concerned about India’s high valuations and Japan’s continued currency weakness.”
According to Ahern,” China’s equity market could benefit from investors shifting profits from high-value markets to low-value markets.”
It also highlights the dangers of Xi and Li failing to take bold financial decisions at the moment. Since 2015, a well-established cycle of boom-bust cycles has plagued Chinese markets. In the summer of that year, Shanghai shares plunged 30 % in just a few weeks.
Many top fund managers have found that success in bolstering capital markets, increasing transparency, and reducing the dominance of state-owned enterprises has been too inconsistent since then. Xi’s headline- grabbing clampdown on tech platforms, including Alibaba and Tencent, beginning in late 2020 and arguably still ongoing, also torpedoed confidence in the sector’s future profitability.
And so John Woods, chief investment officer for Asia at Lombard Odier, speaks for many when he worries China’s equity rally is at odds with fundamentals.
” The equity rally may be driven by a combination of fear of missing out, hopes of a Chinese economic recovery, Beijing’s pro- growth policy stance, foreign investor rotation from US and Japan stocks, as well as attractive valuations, particularly in technology- related names”.
Furthermore, Woods notes,” the stability and consistency of Hong Kong’s dollar peg to the US dollar also offers foreign investors some confidence. Meanwhile, Chinese authorities would like to sustain the rally with policy proposals. The most recent proposal would exempt individual mainland investors from a 20 % tax on Hong Kong-listed dividends.
Yet the rally” seems to be expectation- based and liquidity- driven”, Woods says. ” Whether it can continue largely depends on China’s corporate revenue outlook”.
And the broader economy’s ability to turn the corner. The good news is that the first-quarter earnings for China’s major tech companies are encouraging signs of green growth.
According to Allianz Global Investors, “tighter control of costs has fed through into improved bottom-line profitability. While top- line growth has generally been as muted as expected.” A notable increase in dividend payouts has been witnessed in addition to the improved earnings picture. The dividend hikes have, to an extent, been spurred by a recent regulatory push, but from a fundamental perspective, there certainly appears to be room to increase dividends”.
The bad news is that Xi’s reform team has a lot to prove in light of the market’s frequently wild gyrations since 2015.
Analysts at Morgan Stanley, for example, counsel caution about the upside for mainland shares. ” We see near- term technical overbought signals, which could deter further buying by global quant funds”, they write. Consumption and the housing market” could continue to be under pressure” due to” continuing pressure on deflation and corporate earnings.”
The same goes for financial reforms. Along with China’s ever-present regulatory risks and concerns about growth, tech shares are subject to headwinds as a result of worries about the property crisis and the yuan asset exodus.
This latter dynamic is being complicated by the US Federal Reserve’s reluctance to ease interest rates, extending the “higher for longer” era for yields.
The success of Huawei Technologies  and other companies in avoiding US sanctions designed to stifle the sector has contributed to the bull case surrounding China technology.
How China Inc. has been catalyzed by US presidents Donald Trump and Joe Biden to innovate and advance up the value-added scale is one of the potential unintended consequences of attempts to undermine the semiconductor industry.
US sanctions were characterized as “double-edged sword,” according to Bernstein analyst Qingyuan Lin. It “may stifle China’s progress in cutting-edge regions, and they also compel it to expand its supply chain, pursue self-sufficientness, and prosper in sectors that benefit from increased domestic substitution.”
However, Xi’s success in promoting private sector innovation over outdated state-owned enterprises depends on whether Chinese tech shares gain a wider audience. In theory, Beijing must do so more quickly and credibly to establish equal playing fields, strengthen capital markets, promote transparency, and strengthen corporate governance.
And, of course, to end a property crisis that has China in global headlines for all the wrong reasons. Beijing is now asking SOEs to purchase unsold property, which would introduce non-commercial distortions in a market already fraught with them. This is significant because it is already rife with them.  ,
In February, Premier Li called for “pragmatic and forceful” steps aimed at “boosting confidence”. He urged policymakers to” concentrate on addressing real-world problems that concern both consumers and businesses.”
Li’s comments came around the time Beijing statisticians were confirming the lowest annual , foreign direct investment , since 1993— just$ 33 billion in 2023. The figure, which records monetary flows involving foreign- owned entities in China, was 82 % lower than the 2022 tally.
Xi’s efforts to rebuild confidence have been hampered by MSCI’s earlier this year decision to remove dozens of Chinese companies from multiple indexes. The action highlighted the need for reform as investors look for less risky places to invest, including Japan, which is nearby.
The trick is to take the lessons learned in 2015 and subsequent years.
At the time, Xi’s Communist Party loosened rules on leverage, reduced reserve requirements, delayed all initial public offerings, suspended trading in thousands of listed companies and allowed mainlanders , to use apartments as collateral to buy shares. Then, Xi’s government rolled out advertising campaigns to buy stocks out of , patriotism.
Given the severity of the property crisis and deflationary pressures of the present, it seems as though merely providing stimulus will be less effective this time.
Another issue is the US’s continued efforts to slow China’s growth as a tech superpower. Biden unveiled a new round of tariffs on Chinese electric vehicles earlier this week, totaling 100 % of Trump’s.
Biden also slapped new taxes on mainland solar cells, batteries, construction cranes and medical equipment as well as steel and aluminum.
Team Xi has already stated that it will “take resolute measures to defend its rights and interests.” That could, in turn, see Biden up the sanctions ante ahead of the November 5 election, putting China’s tech industry on edge.
The next wave of restrictions, it seems likely, will attempt to stymie China’s ambitions in the field of artificial intelligence. Already, the specter of heavy- handed regulation – and Xi’s party putting its own priorities ahead of tech development – are clouding China’s AI future.  ,
Even before Biden’s latest tariffs, analysts at Barclays were doubtful about China’s ambitious goal of reaching 70 % self- sufficiency in semiconductors by 2025. The endeavor is still “at the start of a very long journey”, Barclays says.
China is indeed moving quickly toward a faster transition of its economy, moving away from property to technology and services. Tech profits are telling the story, and they are piqued by optimism in some circles that the economy is moving on a more dynamic, value-added path.
Follow William Pesek on X at @WilliamPesek
Lawrence Wong, the newly elected prime minister, unveiled his case line-up back of his inauguration. Why did n’t he pick a 4G peer as his deputy? And what is the PAP’s strategy as it approaches the upcoming General Election?
Assistant Professor Walid Jumblatt and Zulkifli Baharudin, past Nominated Member of Parliament, tell Steven Chia and Crispina Robert that the movements are tactical.
The doctor, originally built by the British in 1938 as the American Military Hospital Singapore, is an important location with considerable historical and heritage price, said Mr Ong.  ,
Alexandra Hospital may continue to play a crucial part in the Queenstown neighborhood, just as it has for the past 80 years, he added.
” Over the years, it has been collaborating with Queenstown’s effective age areas, reaching out to as many elderly as possible, promoting preventive health, managing serious problems, and enhancing wellness literacy”.
As part of the reconstruction, there will be a medical home on the same school offering about 450 bedrooms. This is to better assist people in Queenstown, which is home to one of the region’s oldest groups.  ,
Deepfakes and artificial intelligence are increasingly being used in votes around the world, including in the United States, Pakistan, and Indonesia. The most recent video distribution in India highlights the difficulties faced by government. An American IT department screen has been in place for years to restrict access to contentContinue Reading
Getty ImagesLee Hsien Loong, the island nation’s long-serving prime minister, is stepping down, bringing the end of a social time for the beach state.
On Wednesday evening, Mr. Lee did fully hand over the reins to deputy prime minister Lawrence Wong and finance minister Lawrence Wong.
Only three prime ministers, all of whom are members of the People’s Action Party ( PAP ), have been in Singapore since 1965, when it first gained independence.
The first was Lee Kuan Yew, Mr. Lee’s papa, who dominated Singapore for 25 years and is widely regarded as the father of modern Singapore.
Even though Mr. Lee will be in the cabinet as a top minister, analysts believe the transition indicates a shift in Singapore’s political leadership as it leaves the Lee family’s shadow.
In his last meeting as prime minister with regional media over the weekend, he thanked Singaporeans for their assistance.
” I did n’t try to run faster than everybody else. I made an effort to get everyone to work with me,” he said. ” And I think we did include some success”.
He added that he had tried to “do ( things ) my way” in a different fashion from his father and other predecessor, Goh Chok Tong.
While his parents was still in power, Mr. Lee joined elections in 1984 as a parliamentarian. Before taking over the head in 2004, he rose up the ranks under Mr. Goh, Singapore’s next prime minister.
The beginnings of his political profession were unavoidably marred by extreme attention. The Lees ‘ family was accused of corruption and claimed that they were creating a political dynasty, which critics have consistently refuted. In secret, some Singaporeans joked about “fami- Lee politicians” and the godhead of “father, boy, and the sacred Goh”.
But over two years as president of Singapore, Mr Lee made his mark.
Under his view, Singapore’s market developed and grew, as the area transformed into an international economic powerhouse and major tourist destination. Its GDP per capita has more than doubled in the last 20 times. Mr. Lee’s administration is also credited with successfully guiding the nation through a number of recessions, the Covid crisis, and the global financial crisis.
With his social lineage and grandfatherly, formal image, Mr Lee is typically nicely- liked by Singaporeans. He has topped the most popular politicians in Singapore in surveys, and his area constantly receives the highest voting discuss in elections.
But he has not escaped censure nor discussion.
His government’s decision to let in large numbers of refugees to resolve employment shortfalls in the late 2000s triggered serious suffering. As Singapore became wealthier, social injustice increased and the money gap widened. Under Mr. Lee, the PAP received its lowest-ever voting discuss in 2011 and again in 2020.
According to Singapore leadership expert Donald Low, an educational with the Hong Kong University of Science and Technology,” Lee Hsien Loong’s major reputation would be the way he supercharged the economy.”
” But in the first half of his career, that came at the price of increasing suffering at rising injustice, the higher occurrence of foreigners, competition for jobs, overcrowding and the possible degradation of membership identity”.
Social analyst Sudhir Vadaketh claimed that Mr. Lee’s administration was” entirely ready to support the higher immigration they deemed essential for their push to become a worldwide city.”
By “failing to get a purchase- in” from Singaporeans, they seeded” a really bad form of prejudice and hatred” that persists to this day, said Mr Vadaketh who runs the impartial information magazine Jom. According to surveys, a growing number of Singaporeans believe racism is a problem and that the pandemic caused it to become more prevalent.
Some analysts also claim that Mr. Lee’s government has not adequately addressed a complex, long-term issue involving public housing, which is where the majority of Singaporeans reside. These flats are leased from the government for 99 years and will lose value as they get older. Many people’s savings are invested in these apartments.
The government has tried to address these issues by enforcing stricter immigration laws, creating new housing initiatives, and updating proposed anti-racism laws.
A simmering private family feud over the property of Mr. Lee’s father broke out in the public in 2016, one year after Lee Kuan Yew passed away. Singaporeans watched agogically as their most prominent family slugged it out as the PM was plunged into a years-long public conflict with his siblings.
At one point, Mr Lee’s siblings called him a “dishonourable son” and alleged he was capitalising on their father’s legacy to build a political dynasty. They also asserted that he was using the “organs of the state” against them and that he was abusing his power. Some members of Mr Lee’s family including his brother now live abroad in self- imposed exile, claiming persecution.
Mr Lee has denied all these accusations. Additionally, he stated that neither his children are interested in politics.
Mr. Wong, a former economist and civil servant who at one point served as his principal private secretary, is now set to take over the reins of Mr. Lee.
It is uncharted waters not only for Mr Wong but also Singapore, which has had a Lee leader for 45 of its 59 years of nationhood. ” He is the first PM without a Lee in waiting, and this allows Singapore to be a more normal democracy”, said Mr Low.
The Lees have always had such a significant impact on Singapore, and Mr. Vadaketh praised the fact that we are about to transition sociopolitically.
Mr. Wong’s appointment as his successor was telegraphed two years ago when he was appointed deputy prime minister, as is customary for the PAP.
But the 51- year- old was not the obvious choice from the start. When his political cohort, known as the “4G” or fourth-generation PAP leadership, made their debut more than ten years ago, was viewed as a dark horse.
Another minister, Heng Swee Keat, was slated to take over as PM before he bowed out citing his age and health.
It became clear that Mr. Wong would be the pandemic’s leader in Singapore. As co- chair of a government taskforce, he became a familiar face to Singaporeans, appearing in weekly press conferences calmly explaining convoluted anti- Covid measures.
His team and the local media have written about his reputation as an “everyman.” He is the first PM to study in non- elite local schools, just like most Singaporeans, and he was born in a public housing estate.
Following a nationwide consultation exercise that he launched, he has promised to build a more inclusive Singapore with more support for an ageing population and the needy. He has also promised to spread a message of unity. He stated in a recent interview with The Economist that Singaporeans would” not at all” become a minority and that immigration would continue to be regulated.
He also signalled no deviation in his approach to one of the biggest foreign policy issues for Singapore, the US- China relationship, by insisting the government sides with neither superpower- rather, he said, they are “pro- Singapore”.
Mr Low described him as an “open- minded conservative” who would be amenable to making changes but would likely introduce them “incrementally, marginally, rather than in a ‘ big bang'”.
This is why analysts believe he represents a wise choice by the PAP to emphasize continuity, which he is also eager to demonstrate.
When Mr. Wong revealed his cabinet lineup on Monday,” Continuity and stability are important considerations, especially as we are approaching the end of this term of government.”
He made mention of the requirement for the government to hold an election by November of that year. As Singaporeans decide on their future in a post-Lee era, it will be Mr. Wong’s biggest political test, having held a public vote for the first time as prime minister.
