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Week in China Modi's Moment 1 Talking Point 5 Week in 60 Seconds 7 China and the World Week in China 8 China Consumer 9 Shipping 11 Economy 13 Internet and Tech 15 Banking and Finance 26 September 2014 16 Society and Culture Issue 254 19 And Finally www.weekinchina.com 20 The Back Page Modi’s moment m o c . n i e t s p e a t i n e b . w w w Why both Japan and China have been trying to woo India’s new leader this month Brought to you by Week in China Talking Point 26 September 2014 Not exactly a love triangle Xi looks to repair relations in India. His main motivation? Japan Passage to India: China's President Xi Jinping is greeted by Prime Minister Narendra Modi hinese names can be hard to what lies beyond it. Indians feel a Delhi, was the first by a Chinese Cpronounce, even if they are mixture of admiration and fear for head of state in eight years. written in Pinyin. That said, an In - the Chinese, especially in economic The Indian Prime Minister soon dian newscaster made a pretty fun - terms, but those emotions are made it clear how pleased he was to damental error during the visit of based on very little information. welcome Xi. the Chinese president last week. Most Chinese, on the other hand, “I attach great importance and Mistaking the “Xi” in Xi Jinping for believe that India is “dirty” and priority to our relations with China. Roman numerals, she referred to “chaotic”. Only the most adventur - We are two ancient civilisations China’s leader as “Eleven Jinping” ous tourists travel there and many with a long history of engagement. live on air. Chinese businesses have avoided China is our largest neighbour, and The Indian state broadcaster Do - the Indian economy too, preferring India’s neighbourhood occupies a ordarshan later apologised – telling to look first at other markets. special place in my national devel - Reuters it was “an unpardonable But now it seems that Chinese opment plans and foreign policy,” mistake” and sacking the offending President Xi and Indian Prime Min - Modi said in a speech delivered on journalist – but the error high - ister Narendra Modi are keener to the first day of Xi’s trip. lighted a more serious point: boost relations between two of The next day, addressing an au - knowledge about China within Asia’s great powers. dience at a think tank in New Delhi, India is low, even amongst the edu - The first stage of that revival Xi responded: “China and India cated classes. came last week when Xi concluded have a combined population of over P h o t o The two nations may share a his week-long tour of central and 2.5 billion. If we speak with one S o u r 4,000-kilometre border (much of it South Asia with a visit to India. The voice, the whole world will listen, c e : R e disputed) but there is surprisingly three-day trip, which took in Modi’s and if we join hands, the whole u t e r s little knowledge on both sides about home state of Gujarat as well as New world will pay attention.” 1 In the future, finance will help new growth flourish. There are grounds for cautious optimism in the real economy — but creating sustainable growth always needs careful encouragement. New income streams should be built on opportunities that have longevity and new solutions prepared for technology that will continue to evolve. In this era of transparency, HSBC is working with clients to help create conditions in which businesses can flourish. By connecting the developed and the developing world, we can help you protect and cultivate real growth — and so create that success that lasts. There’s more on the future of finance at www.hsbcnet.com/growth HSBC operates in various jurisdictions through its affiliates, including, but not limited to, HSBC Bank plc who is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, The Hongkong and Shanghai Banking Corporation Limited, HSBC Securities (USA) Inc., member of NYSE, FINRA and SIPC, and HSBC Bank USA, NA. Issued by HSBC Holdings plc. AC22067 Week in China Talking Point 26 September 2014 So why the shift? could become part of a coalition of For the past 10 years India has been democratic nations looking to ‘con - ruled by the left-of-centre Congress tain’ a rising China. Party and its allies. It largely lacked Under the Bush administration a cohesive China policy during this Washington was keen to develop period and even appeared reluctant India as a counterbalance to Chi - to engage with its undemocratic nese power. Japan has always main - neighbour. Instead the narrative tained high levels of investment in was more of China as an aggressor: India, Nepal, Bangladesh and a country intent on claiming huge Bhutan too. Its Prime Minister Abe chunks of India’s territory and an Shinzo has even spoken of creating economy willing to flood the sub - an “Asian Security Diamond” continent with cheap, faulty goods. And with Abe Shinzo stretching from India to Australia Gujarat, run by Modi before he and Hawaii “to protect the mar - became prime minister in May, this recent trip because of insta - itime commons of the Indian was one of the few regions to bility there. Ocean and the Western Pacific”. It’s adopt a more positive attitude. not hard to guess that China is the During his thirteen-year stint as But what does China get out of target of this Abe initiative. Gujarat’s boss, Modi attracted a big closer relations? Tellingly, Modi made his first for - proportion of the Chinese invest - China’s motives are a little more eign visit this month and it was to ment made in India. Gujarat also complicated. Tokyo. Abe bear hugged him on his enjoyed more rapid economic Firstly, increased engagement arrival and reporters were informed growth than many of its peers, with India fits neatly with Xi’s mis - that Modi was one of only three earning itself a nickname as ‘the sion to boost Chinese influence people that Abe follows on Twitter. Guangdong of India’. across the region. And if relations To sweeten ties Tokyo promised $34 So perhaps it follows that Modi thaw across the Himalayas, New billion of foreign direct investment will try to replicate much of what he Delhi is more likely to lend its sup - within five years, and discussed achieved in Gujarat at the national port to Chinese initiatives such as deepening military ties, including level. In short, his primary aim in the 21st Century Maritime Silk via the sale of Japanese aircraft to reviving the dialogue with China is Route (see WiC253). Such schemes the Indian navy. development. He wants help with are important to China because “From this day on, Prime Minis - bulking up India’s industrial base, they allow Beijing more say in the ter Modi and I will work hand-in- and assistance with renewing its development of the region. (By con - hand to dramatically strengthen creaking infrastructure, most no - trast, countries that participate in relations in every field and elevate tably its British Raj-era railway net - the projects hope to see increased ties to a special, strategic global work and possibly with building trade with China, as well as get partnership,” Abe pledged. nuclear power plants too. loans to help them build infra - Modi responded to these over - In addition Modi wants to cool structure.) tures: “We intend to give a new mutual tension over disputed bor - Modi has already given his thrust and direction to our defence der areas. He also looks keen to blessing to a related project, the cooperation, including collabora - work with China to help both coun - Bangladesh-India-China-Myan - tion in defence technology and tries increase their international mar (BCIM) Economic Corridor. equipment, given our shared inter - standing and influence through the And although military strategists est in peace and stability and mar - creation of institutions such as the in New Delhi have expressed con - itime security. The 21st century Asian Infrastructure Development cerns about the Maritime Silk belongs to Asia... but how the 21st Bank – which will be based in China, route, it seems that he may be century will be depends on how but headed by an Indian. mulling that too. strong and progressive India-Japan If a closer relationship means “India believes that reconnecting ties are.” that China’s friendship with Pak - Asia is important for its collective In a veiled attack on China, re - P h o t o istan weakens, that would be a prosperity,” he said in his speech. ported Reuters, Modi also criticised S o u r bonus. For instance, the Indian There are other reasons for get - the expansionist mood of countries c e : R e media was quick to trumpet that ting New Delhi on side and they in - that have encroached on the seas u t e r s Xi dropped the Pakistan leg of clude Beijing’s concerns that India and territories of others. 3 Week in China Talking Point 26 September 2014 Modi is in a good position to play China and Japan off against each Planet China other and win concessions from Strange but true stories from the new China these increasingly antagonistic East Asian rivals. Arguably India has never mat - UNIFORM APPROACH . With violence on the rise in Chinese hospitals (see tered more, from the perspective of WiC252), the authorities are coming up with some innovative solutions to the Asian balance of power.
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