October 29 – People’s Daily, the newspaper of the Communist Party in China, published a front-page editorial on Wednesday offhandedly criticizing Chinese Premier Wen Jiabao, and drawing attention to the Communist Party’s little-known internal debate on the direction of national policy.
The article seemed to take a jab at Wen’s past comments on democratic political reform, citing that his views are not in line with the Party’s ideals and too often look toward Western models of governance in structuring such political reform, which Wen has said must accompany China’s swift economic development. Continue reading
Oct. 29 – Michael Cembalest, chief investment officer at J.P. Morgan Private Banking, has placed his clients’ trust firmly on Indian equities and not Chinese.
In his well-read “Eye on the Market” newsletter, sent to the bank’s high net worth individuals, he noted that since China began its market reforms, India has in fact well outperformed China. So far this year, India’s equity market has provided investors with a return of 22 percent while Shenzhen, South China’s bourse in the booming city next to Hong Kong, has actually shrunk by 3 percent. Continue reading
Oct. 28 – The 2010 Forbes China Rich List, released on Thursday, reveals the entrance of 49 members into the burgeoning ranks of U.S. dollar billionaires in China, raising the total number to 128.
Zong Qinghou, chairman of the beverage giant Wahaha, tops the list with a US$8 billion net worth, up from $4.8 billion last year. Continue reading
Oct. 28 – A new supercomputer built in China is poised to take the number one spot in the twice-yearly Top 500 list of the world’s fastest supercomputers scheduled to be released in November.
Previously ranked seventh when the index was last released in June, China’s Tianhe-1A can now reach sustained performance levels of 2.507 petaflops – 43 percent faster than any other known supercomputer. Continue reading
Oct. 27 – Operating at speeds of up to 350 kilometers per hour (220 miles per hour), China’s domestically built CRH380 train began service between Shanghai and Hangzhou on Tuesday.
The new US$4.4 billion ultra high-speed railway cuts the previous transit time in half, making the 202 kilometer run from Shanghai’s new Hongqiao Railway Station to Hangzhou Station in about 45 minutes. Continue reading
Oct. 27 – China came in at 78th and India at 87th out of the 178 territories ranked in Transparency International’s 2010 Corruption Perceptions Index (CPI), a measure of domestic, public sector corruption released on Tuesday.
Using a compilation of 13 surveys and assessments undertaken by international bodies such as the European Union, the International Monetary Fund and the World Bank, the 2010 CPI measures the degree to which public sector corruption is perceived to exist in 178 of the world’s regions, scoring each territory on a scale from 0 (highly corrupt) to 10 (very clean). Continue reading
Oct. 26 – The International Air Transport Association (IATA) confirmed on Monday that the Asia-Pacific region has overtaken North America as the world’s largest air travel market.
The Asia-Pacific region saw 647 million passengers travel by air in 2009 while 638 million people flew on commercial flights in North America, the IATA said at an aviation business conference on Monday to launch the Singapore Airshow. Continue reading