DOCSLIB.ORG

Official Record of Proceedings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Official Record of Proceedings LEGISLATIVE COUNCIL ─ 6 May 2009 7215 OFFICIAL RECORD OF PROCEEDINGS Wednesday, 6 May 2009 The Council met at Eleven o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, S.B.S., S.B.ST.J., J.P. THE HONOURABLE LEE CHEUK-YAN DR THE HONOURABLE DAVID LI KWOK-PO, G.B.M., G.B.S., J.P. THE HONOURABLE FRED LI WAH-MING, J.P. DR THE HONOURABLE MARGARET NG THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, G.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG DR THE HONOURABLE PHILIP WONG YU-HONG, G.B.S. THE HONOURABLE LAU KONG-WAH, J.P. 7216 LEGISLATIVE COUNCIL ─ 6 May 2009 THE HONOURABLE LAU WONG-FAT, G.B.M., G.B.S., J.P. THE HONOURABLE MIRIAM LAU KIN-YEE, G.B.S., J.P. THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE ANDREW CHENG KAR-FOO THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE ABRAHAM SHEK LAI-HIM, S.B.S., J.P. THE HONOURABLE LI FUNG-YING, B.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, S.B.S., J.P. THE HONOURABLE ALBERT CHAN WAI-YIP THE HONOURABLE FREDERICK FUNG KIN-KEE, S.B.S., J.P. THE HONOURABLE AUDREY EU YUET-MEE, S.C., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P. THE HONOURABLE WONG KWOK-HING, M.H. THE HONOURABLE LEE WING-TAT DR THE HONOURABLE JOSEPH LEE KOK-LONG, J.P. THE HONOURABLE JEFFREY LAM KIN-FUNG, S.B.S., J.P. THE HONOURABLE ANDREW LEUNG KWAN-YUEN, S.B.S., J.P. THE HONOURABLE ALAN LEONG KAH-KIT, S.C. THE HONOURABLE LEUNG KWOK-HUNG THE HONOURABLE CHEUNG HOK-MING, S.B.S., J.P. LEGISLATIVE COUNCIL ─ 6 May 2009 7217 THE HONOURABLE WONG TING-KWONG, B.B.S. THE HONOURABLE RONNY TONG KA-WAH, S.C. THE HONOURABLE CHIM PUI-CHUNG PROF THE HONOURABLE PATRICK LAU SAU-SHING, S.B.S., J.P. THE HONOURABLE KAM NAI-WAI, M.H. THE HONOURABLE CYD HO SAU-LAN THE HONOURABLE STARRY LEE WAI-KING DR THE HONOURABLE LAM TAI-FAI, B.B.S., J.P. THE HONOURABLE CHAN HAK-KAN THE HONOURABLE PAUL CHAN MO-PO, M.H., J.P. THE HONOURABLE CHAN KIN-POR, J.P. THE HONOURABLE TANYA CHAN DR THE HONOURABLE PRISCILLA LEUNG MEI-FUN DR THE HONOURABLE LEUNG KA-LAU THE HONOURABLE CHEUNG KWOK-CHE THE HONOURABLE WONG SING-CHI THE HONOURABLE WONG KWOK-KIN, B.B.S. THE HONOURABLE WONG YUK-MAN THE HONOURABLE IP WAI-MING, M.H. THE HONOURABLE IP KWOK-HIM, G.B.S., J.P. 7218 LEGISLATIVE COUNCIL ─ 6 May 2009 THE HONOURABLE MRS REGINA IP LAU SUK-YEE, G.B.S., J.P. DR THE HONOURABLE PAN PEY-CHYOU THE HONOURABLE PAUL TSE WAI-CHUN DR THE HONOURABLE SAMSON TAM WAI-HO, J.P. MEMBERS ABSENT: THE HONOURABLE WONG YUNG-KAN, S.B.S., J.P. THE HONOURABLE TIMOTHY FOK TSUN-TING, G.B.S., J.P. PUBLIC OFFICERS ATTENDING: THE HONOURABLE MRS CARRIE LAM CHENG YUET-NGOR, J.P. THE FINANCIAL SECRETARY THE HONOURABLE STEPHEN LAM SUI-LUNG, J.P. SECRETARY FOR CONSTITUTIONAL AND MAINLAND AFFAIRS THE HONOURABLE AMBROSE LEE SIU-KWONG, I.D.S.M., J.P. SECRETARY FOR SECURITY THE HONOURABLE MATTHEW CHEUNG KIN-CHUNG, G.B.S., J.P. SECRETARY FOR LABOUR AND WELFARE MS JULIA LEUNG FUNG-YEE, J.P. SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY THE HONOURABLE EDWARD YAU TANG-WAH, J.P. SECRETARY FOR THE ENVIRONMENT THE HONOURABLE MRS RITA LAU NG WAI-LAN, J.P. SECRETARY FOR COMMERCE AND ECONOMIC DEVELOPMENT LEGISLATIVE COUNCIL ─ 6 May 2009 7219 CLERKS IN ATTENDANCE: MS PAULINE NG MAN-WAH, SECRETARY GENERAL MRS VIVIAN KAM NG LAI-MAN, ASSISTANT SECRETARY GENERAL MRS JUSTINA LAM CHENG BO-LING, ASSISTANT SECRETARY GENERAL MRS PERCY MA, ASSISTANT SECRETARY GENERAL 7220 LEGISLATIVE COUNCIL ─ 6 May 2009 PRESIDENT (in Cantonese): Will the Clerk please ring the bell to summon Members to the Chamber? (After the summoning bell had been rung, a number of Members entered the Chamber) TABLING OF PAPERS The following papers were laid on the table pursuant to Rule 21(2) of the Rules of Procedure: Subsidiary Legislation/Instruments L.N. No. Consular Relations (Additional Privileges and Immunities) (India) Order .......................................................... 73/2009 Administration of Estates by Consular Officers Ordinance (Variation of Schedule: India) Order ..................... 74/2009 Consular Conventions (Application of Section 3) (India) Order ...................................................................... 75/2009 Consular Relations (Additional Privileges and Immunities) (Italy) Order ........................................................... 76/2009 Administration of Estates by Consular Officers Ordinance (Variation of Schedule: New Zealand) Order........ 77/2009 Consular Conventions (Application of Section 3) (New Zealand) Order ............................................. 78/2009 Consular Relations (Additional Privileges and Immunities) (Russia) Order........................................................ 79/2009 Administration of Estates by Consular Officers Ordinance (Variation of Schedule: Russia) Order................... 80/2009 LEGISLATIVE COUNCIL ─ 6 May 2009 7221 Consular Conventions (Application of Section 3) (Russia) Order....................................................................... 81/2009 Inland Revenue (Double Taxation Relief and Prevention of Fiscal Evasion with respect to Taxes on Income) (Socialist Republic of Vietnam) Order................... 82/2009 Electronic Transactions Ordinance (Amendment of Schedule 3) Order 2009.......................................... 83/2009 Electronic Transactions (Exclusion) (Amendment) Order 2009 ........................................................................ 84/2009 Port Control (Public Cargo Working Area) Order 2009...... 85/2009 Product Eco-responsibility Ordinance (Commencement) Notice...................................................................... 86/2009 Product Eco-responsibility (Plastic Shopping Bags) Regulation (Commencement) Notice..................... 87/2009 ORAL ANSWERS TO QUESTIONS PRESIDENT (in Cantonese): Questions. First question. Financial Assistance for Unemployed Middle-class People 1. MR LEE CHEUK-YAN (in Cantonese): President, under the impact of the financial tsunami, the unemployment situation of various sectors in Hong Kong is deteriorating rapidly. Most middle-class people find it difficult to maintain their living once they lose their jobs. However, they are not eligible to apply for Comprehensive Social Security Assistance (CSSA) because the values of their assets exceed the prescribed limit. In this connection, will the Government inform this Council whether it will introduce interim measures, including temporarily relaxing the prescribed asset limit of the CSSA Scheme and setting up temporary loan schemes for the unemployed, so as to provide short-term financial 7222 LEGISLATIVE COUNCIL ─ 6 May 2009 assistance for the unemployed middle-class people; if it will; of the details; if not, the reasons for that? SECRETARY FOR LABOUR AND WELFARE (in Cantonese): President, the Government has been highly concerned about the difficult economic environment and employment situation triggered by the financial tsunami, and has been responding to the challenges proactively through a multi-pronged strategy. In response to the economic recession and rising unemployment, the Government will give priority to various measures that could preserve jobs and support employment. Among the 62 000 job and internship opportunities introduced in the Budget, some of them require personnel with higher academic attainment and professional knowledge. Those positions will be suitable for the unemployed middle-class affected by the financial tsunami. The key to preserving jobs is to restore economic stability so as to enable the development of businesses. Hence, the Government has also introduced measures with such effects. For example, in December last year, we set up the Special Loan Guarantee Scheme with a guarantee commitment of $100 billion. The Government will provide a guarantee of up to 70% for loans approved by participating lending institutions. The Scheme has so far benefited 5 700 businesses which altogether employ more than 106 000 people. The measure therefore has a positive effect on preserving jobs. As regards employment support, the Labour Department (LD) provides comprehensive employment services to all job seekers, including the middle class. In the face of rising unemployment caused by the financial tsunami, the LD will adopt a more proactive approach in providing employment assistance to employees who have lost their jobs in redundancy or closure exercises. Furthermore, $400 million has been earmarked for the LD to enhance and integrate its various employment and training programmes. On welfare services, we also aim to provide a series of comprehensive services ranging from family welfare to services for young people and the elderly so as to cater for the needs of different segments of the community. People in need, be they middle-class or grassroots, could benefit from such services. We realize that some people in the community, including the middle class, may LEGISLATIVE COUNCIL ─ 6 May 2009 7223 encounter emotional or family problems as a result of the recent financial turmoil. As such, we have taken prompt action to strengthen our support for them. For example, the Social Welfare Department has in 2008-2009 provided additional funding of $2.17 million to the Multi-purpose Crisis Intervention and Support Centre of the Tung Wah Group of Hospitals and the Family Crisis Support Centre of Caritas-Hong Kong to set up two 24-hour Financial Crisis Emotional Support Hotlines. These hotlines provide 24-hour emotional support services. More than 7 000 calls have been received since the launching of the hotlines. About 22% of these calls, including those from the middle-class, require follow-up services. Besides, to address the needs of people and their families affected by the financial tsunami, the Community Investment and Inclusion Fund Committee has adopted the theme of "power of resilience in times of adversity" for the next round of applications, with a view to encouraging interested organizations to put forward innovative proposals which can help middle-class people and their families cope with adversity and enhance their support network.
Load more

Recommended publications
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • Journal of Current Chinese Affairs
    China Data Supplement March 2008 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC ......................................................................... 2 LIU Jen-Kai The Main Provincial Leadership of the PRC ..................................................................... 31 LIU Jen-Kai Data on Changes in PRC Main Leadership ...................................................................... 38 LIU Jen-Kai PRC Agreements with Foreign Countries ......................................................................... 54 LIU Jen-Kai PRC Laws and Regulations .............................................................................................. 56 LIU Jen-Kai Hong Kong SAR ................................................................................................................ 58 LIU Jen-Kai Macau SAR ....................................................................................................................... 65 LIU Jen-Kai Taiwan .............................................................................................................................. 69 LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Studies Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 March 2008 The Main National Leadership of the
    [Show full text]
  • New Territories East Cluster Report 2012/13
    1 TABLE OF CONTENTS Hospital Authority Vision, Mission and Values ........................................................................ 5 Message from CCE .................................................................................................................... 6 Messages from HCEs & DHCE ............................................................................................... 8 I. Overview of Cluster Performance ................................................................................ 10 II. Cluster Governance & Organization ........................................................................... 12 III. Key Achievements of Targets 2012/13 A. Allay Staff Shortage and High Turnover .................................................................... 16 B. Better Manage Growing Service Demand ................................................................... 16 C. Ensure Service Quality and Safety ............................................................................ 18 D. Enhance Partnership with Patients and Community .................................................. 20 E. Ensure Adequate Resources for Meeting Service Needs ............................................ 20 IV. Key Achievements of Cluster Functions 2012/13 A. Administrative Services ............................................................................................. 22 B. Communications ....................................................................................................... 25 C. Finance ...................................................................................................................
    [Show full text]
  • Issue 1 2013
    ISSUE 1 · 2013 NPC《中国人大》对外版 CHAIRMAN ZHANG DEJIANG VOWS TO PROMOTE SOCIALIST DEMOCRACY, RULE OF LAW ISSUE 4 · 2012 1 Chairman of the NPC Standing Committee Zhang Dejiang (7th, L) has a group photo with vice-chairpersons Zhang Baowen, Arken Imirbaki, Zhang Ping, Shen Yueyue, Yan Junqi, Wang Shengjun, Li Jianguo, Chen Changzhi, Wang Chen, Ji Bingxuan, Qiangba Puncog, Wan Exiang, Chen Zhu (from left to right). Ma Zengke China’s new leadership takes 6 shape amid high expectations Contents Special Report Speech In–depth 6 18 24 China’s new leadership takes shape President Xi Jinping vows to bring China capable of sustaining economic amid high expectations benefits to people in realizing growth: Premier ‘Chinese dream’ 8 25 Chinese top legislature has younger 19 China rolls out plan to transform leaders Chairman Zhang Dejiang vows government functions to promote socialist democracy, 12 rule of law 27 China unveils new cabinet amid China’s anti-graft efforts to get function reform People institutional impetus 15 20 28 Report on the work of the Standing Chairman Zhang Dejiang: ‘Power China defense budget to grow 10.7 Committee of the National People’s should not be aloof from public percent in 2013 Congress (excerpt) supervision’ 20 Chairman Zhang Dejiang: ‘Power should not be aloof from public supervision’ Doubling income is easy, narrowing 30 regional gap is anything but 34 New age for China’s women deputies ISSUE 1 · 2013 29 37 Rural reform helps China ensure grain Style changes take center stage at security Beijing’s political season 30 Doubling
    [Show full text]
  • News China March. 13.Cdr
    VOL. XXV No. 3 March 2013 Rs. 10.00 The first session of the 12th National People’s Congress (NPC) opens at the Great Hall of the People in Beijing, capital of China on March 5, 2013. (Xinhua/Pang Xinglei) Chinese Ambassador to India Mr. Wei Wei meets Indian Chinese Vice Foreign Minister Cheng Guoping , on behalf Foreign Minister Salman Khurshid in New Delhi on of State Councilor Dai Bingguo, attends the dialogue on February 25, 2013. During the meeting the two sides Afghanistan issue held in Moscow,together with Russian exchange views on high-level interactions between the two Security Council Secretary Nikolai Patrushev and Indian countries, economic and trade cooperation and issues of National Security Advisor Shivshankar Menon on February common concern. 20, 2013. Chinese Ambassador to India Mr.Wei Wei and other VIP Chinese Ambassador to India Mr. Wei Wei and Indian guests are having a group picture with actors at the 2013 Minister of Culture Smt. Chandresh Kumari Katoch enjoy Happy Spring Festival organized by the Chinese Embassy “China in the Spring Festival” exhibition at the 2013 Happy and FICCI in New Delhi on February 25,2013. Artists from Spring Festival. The exhibition introduces cultures, Jilin Province, China and Punjab Pradesh, India are warmly customs and traditions of Chinese Spring Festival. welcomed by the audience. Chinese Ambassador to India Mr. Wei Wei(third from left) Chinese Ambassador to India Mr. Wei Wei visits the participates in the “Happy New Year “ party organized by Chinese Visa Application Service Centre based in the Chinese Language Department of Jawaharlal Nehru Southern Delhi on March 6, 2013.
    [Show full text]
  • Xi's System, Xi's Men: After the March 2018 National People's Congress
    Xi’s System, Xi’s Men: After the March 2018 National People’s Congress Barry Naughton The National People’s Congress meeting in March launched a significant administrative reorganization and approved the appointment of a new generation of economic technocrats. The technocrats are skilled and generally support market-oriented reforms. The reorganization is generally market-friendly, but its main purpose is to create a more disciplined and accountable administration to serve as an instrument for Xi Jinping. Last year, after the 19th Communist Party Conference in October, Xi Jinping laid out a general economic program for the next three years. This March, at the 13th session of the National People’s Congress, Xi introduced significant changes in the administrative structure and fleshed out the personnel assignments that will prevail for the next few years. These changes demonstrate once again how firmly Xi is in control of economic policy and personnel. Even if Xi had not also changed the constitution to eliminate term limits for the president (himself) and vice-president, these changes would be enough to demonstrates Xi’s power and ruling style. The policy framework laid out at the end of 2017 allows space for renewed system reforms. As explained in the previous contribution to CLM, successful economic management in 2017 has permitted Xi to prefer “high quality” growth over “high speed” growth, and in particular to launch “three battles”: reducing financial risk; eliminating poverty; and improving the environment.1 While deepening economic conflicts with the United States have certainly complicated the policy environment, until now the Xi administration has stuck to this basic policy orientation.
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Wednesday, 16
    LEGISLATIVE COUNCIL ─ 16 October 2013 483 OFFICIAL RECORD OF PROCEEDINGS Wednesday, 16 October 2013 The Council met at Eleven o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE ABRAHAM SHEK LAI-HIM, G.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, S.B.S., J.P. THE HONOURABLE FREDERICK FUNG KIN-KEE, S.B.S., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P. THE HONOURABLE WONG KWOK-HING, B.B.S., M.H. 484 LEGISLATIVE COUNCIL ─ 16 October 2013 PROF THE HONOURABLE JOSEPH LEE KOK-LONG, S.B.S., J.P., Ph.D., R.N. THE HONOURABLE JEFFREY LAM KIN-FUNG, G.B.S., J.P. THE HONOURABLE ANDREW LEUNG KWAN-YUEN, G.B.S., J.P. THE HONOURABLE WONG TING-KWONG, S.B.S., J.P. THE HONOURABLE RONNY TONG KA-WAH, S.C. THE HONOURABLE CYD HO SAU-LAN THE HONOURABLE STARRY LEE WAI-KING, J.P. DR THE HONOURABLE LAM TAI-FAI, S.B.S., J.P. THE HONOURABLE CHAN HAK-KAN, J.P. THE HONOURABLE CHAN KIN-POR, B.B.S., J.P. DR THE HONOURABLE PRISCILLA LEUNG MEI-FUN, S.B.S., J.P. DR THE HONOURABLE LEUNG KA-LAU THE HONOURABLE CHEUNG KWOK-CHE THE HONOURABLE WONG KWOK-KIN, B.B.S.
    [Show full text]
  • China and the SDR Financial Liberalization Through the Back Door
    CIGI Papers No. 170 — April 2018 China and the SDR Financial Liberalization through the Back Door Barry Eichengreen and Guangtao Xia CIGI Papers No. 170 — April 2018 China and the SDR: Financial Liberalization through the Back Door Barry Eichengreen and Guangtao Xia CIGI Masthead Executive President Rohinton P. Medhora Deputy Director, International Intellectual Property Law and Innovation Bassem Awad Chief Financial Officer and Director of Operations Shelley Boettger Director of the International Law Research Program Oonagh Fitzgerald Director of the Global Security & Politics Program Fen Osler Hampson Director of Human Resources Susan Hirst Interim Director of the Global Economy Program Paul Jenkins Deputy Director, International Environmental Law Silvia Maciunas Deputy Director, International Economic Law Hugo Perezcano Díaz Director, Evaluation and Partnerships Erica Shaw Managing Director and General Counsel Aaron Shull Director of Communications and Digital Media Spencer Tripp Publications Publisher Carol Bonnett Senior Publications Editor Jennifer Goyder Publications Editor Susan Bubak Publications Editor Patricia Holmes Publications Editor Nicole Langlois Publications Editor Lynn Schellenberg Graphic Designer Melodie Wakefield For publications enquiries, please contact [email protected]. Communications For media enquiries, please contact [email protected]. Copyright © 2018 by the Centre for International Governance Innovation The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Centre for International Governance Innovation or its Board of Directors. This work is licensed under a Creative Commons Attribution — Non-commercial — No Derivatives License. To view this license, visit (www.creativecommons.org/licenses/by-nc-nd/3.0/). For re-use or distribution, please include this copyright notice.
    [Show full text]
  • China's Challenge to the International Monetary System
    China’s Challenge to the International Monetary System: Incremental Steps and Long-Term Prospects for Internationalization of the Renminbi By Brendan Kelly Issues and Insights Vol. 9-No 11 Honolulu, HI June 2009 Pacific Forum CSIS Based in Honolulu, the Pacific Forum CSIS (www.pacforum.org) operates as the autonomous Asia-Pacific arm of the Center for Strategic and International Studies in Washington, DC. The Forum’s programs encompass current and emerging political, security, economic, business, and oceans policy issues through analysis and dialogue undertaken with the region’s leaders in the academic, government, and corporate areas. Founded in 1975, it collaborates with a broad network of research institutes from around the Pacific Rim, drawing on Asian perspectives and disseminating project findings and recommendations to opinion leaders, governments, and members of the public throughout the region. Table of Contents Page Executive Summary ……………………………………………………………… iv China’s Challenge to the International Monetary System: Incremental Steps and Long-Term Prospects for Internationalization of the Renminbi …………………………………………… 1 Introduction …………………………………………………………………… 1 Recent Developments in China’s Renminbi ………………………………… 2 Special Drawing Rights ………………………………………………………. 3 Internationalization of a Currency – Theoretical Framework ……………… 6 Settlement or “Invoice” Currency …………………………………………… 6 Commodities Pricing ………………………………………………………… 8 Reserve Currency……………………………………………………………… 11 Lessons from the Internationalization of the Yen …………………………… 12 Lessons from the Pound to Dollar Transition ………………………………. 14 Determinants of Future Reserve Competition ……………………………… 14 The Road Ahead For the Renminbi …………………………………………. 15 About the Author ………………………………………………………………… 19 iii iv Executive Summary At the first formal Brazil, Russia, India, and China summit on June 16 in Yekaterinburg, Russia, reform of the international financial and monetary system topped the agenda of the heads of the world’s key emerging economies.
    [Show full text]
  • 1409-Cp.Record-Econ
    record month 2014 economy september 2014 1 economy september 2014 september position this month's themes The banking sector shuddered at troubling signals from fiscal policy 财政政策 credit markets at the end of Q3. Accelerating NPLs suggest —PPP to serve as litmus test economic transition is a false start. new Budget Law disappoints 3 In theory, ameliorating credit market risk and redirecting economic activity should be mutually reinforcing processes. In monetary policy 货币政策 practice, banks’ heightened risk protocols are a tourniquet on —SMEs failing to thrive targeted stimulus. mid-year credit growth drop does not sway PBoC 5 Impervious to pleas for more liquidity, the centre is determined pledged supplementary lending: too indirect to guide not to resort to a proven but short-sighted formula of interest rates broad stimulus and investment. But the 'new normal' is a 资本市场 destination, not a roadmap. Monetary policymakers and capital market economic planners have few ready alternatives. —insurance fund investment goals contradict 'ten opinions' lend official endorsement to insurance 8 New strategies are being tested. PBoC's cautious experimentation with intermediate monetary tools, and banking 银行业 CBRC's conservative multi-pronged approach to disposing of —tight credit preventing structural shift toxic assets, are unlikely to have a marked effect short-term. non-performing loans prompt asset price worries 10 Mid- and long-term, economists are divided. 垄断 Ambitious reform plans for the fiscal system and insurance monopoly industry stay tentative, if not vague, leaving open the —anti-monopoly will not always insulate SOEs possibility for an easy exit. The new Budget Law will prompt a anti-monopoly campaign stirs domestic debate 12 pickup in infrastructure projects.
    [Show full text]
  • LC Paper No.CB(2)415/12-13(05) for Information on 8 January 2013
    LC Paper No.CB(2)415/12-13(05) For information on 8 January 2013 LegCo Panel on Food Safety and Environmental Hygiene Usage and Promotion of Gardens of Remembrance, Scattering Cremains at Sea and Internet Memorial Service Purpose This paper briefs Members on the usage of the Gardens of Remembrance, scattering cremains at sea and the Internet Memorial Service and sets out the Administration’s efforts in the promotion of these services. Background 2. Owing to the scarcity of land in Hong Kong, the Government has, over the past few decades, actively encouraged cremation as a means of disposal of the bodies of the deceased. The statutory six-year exhumation cycle for coffin burials has been implemented and maintained in all public cemeteries while a 10-year exhumation cycle is being adopted for non-permanent coffin burials in cemeteries managed under the Board of Management of Chinese Permanent Cemeteries (BMCPC). We have also ensured that there are adequate cremation facilities to provide cremation sessions for the public in a timely manner. The above measures have proved effective, and the number and percentage of cremations out of the total number of deaths have risen substantially in the past 36 years from 7 300 and 35% in 1975 to 37 900 and 90% in 2011 respectively. 3. With a growing and aging population, the annual number of deaths is projected to increase from 42 700 in 2010 to 50 300 in 2020. Correspondingly, the number of cremations is expected to increase from 38 000 in 2010 to 47 300 in 2020.
    [Show full text]
  • China's Economic Decisionmakers
    China Foto Press China’s Economic Decisionmakers The country’s new economic leadership team will need to work together to balance China’s economic growth with its sociopolitical challenges Cheng Li etween the 17th Chinese Communist Party Although President Hu Jintao and Premier Wen Jiabao will (CCP) Congress in October 2007 and the 11th retain their government positions for another five-year National People’s Congress (NPC) in March term, most top economic decisionmakers, including three 2008, the PRC government will have under- vice premiers in the State Council, will be replaced by first- gone a major personnel transition. Senior gov- timers. These leaders are expected to shape the country’s Bernment leaders who were not elected to the new CCP economic policy for the next five years and beyond. Central Committee or Central Committee Politburo in An understanding of China’s emerging economic leader- October will likely be replaced by newcomers. The leader- ship team—the key players, their credentials, how they dif- ship turnover will be the greatest, and most consequential, fer, and the policy initiatives they may propose—is essential within China’s top economic decisionmaking team. for the outside world, especially for the international busi- 20 March–April 2008 chinabusinessreview.com FOCUS: POLITICS & ECONOMY ness community. Such an understanding is important for premier who has served in the position since Wen’s first two reasons. First, China is rapidly becoming a global eco- term as premier, will most likely remain in charge of agri- nomic powerhouse, and PRC government policies—includ- cultural affairs. Zhang Dejiang is expected to take primary ing monetary, trade, industrial, environmental, and ener- responsibility for industrial development and foreign trade gy—will likely have a large impact on the global economy.
    [Show full text]