China on Track for 7.5% Annual Growth, Premier Says
Sept. 11, 2014
Chinese Premier Li Keqiang says
China is on course to hit its annual growth target of about
7.5 per cent this year.
This, as he sought to reassure a high-profile gathering of
Chinese and overseas executives that the world's number two
economy continues to welcome foreigners and remains committed
Mr Li's comments at a gathering of the World Economic Forum
come as more foreign companies in
China express worries.
Recent polls by business groups showed rising concerns about
the country's slowing economic growth, the pace of overhauls
and stepped-up enforcement of the country's pricing and
Mr Li reiterated
China's stance that it treats foreign and domestic companies
equally when it enforces the law.
US Sees Hurdles in China Joining Pacific Trade Pact
May 23, 2014
China's Vice President Li Yuanchao
and U.S. Deputy Secretary of State William Burns (L) pose for a
photo as they shake hands during a meeting at the Great Hall of the
People in Beijing, Jan. 22, 2014.
Washington wants progress on an investment treaty with Beijing
before it considers expanding an eventual Pacific-region trade pact
to include China, a top U.S. official said on Thursday.
U.S. Trade Representative Michael Froman said the United States was
open to other countries joining the Trans-Pacific Partnership (TPP)
being negotiated by Washington and 11 other nations.
However, before China can be considered, Washington wants movement
on a bilateral investment treaty.
“We'll want to see whether we can make progress there first,” Froman
said during the World Economic Forum in Davos, Switzerland.
Beijing said in May it would consider joining the TPP, which would
establish a free-trade bloc stretching from Vietnam to Chile and
Japan, encompassing about 800 million people and almost 40 percent
of the global economy.
Other countries, including South Korea, have also expressed interest
in joining, although Washington has said they would have to wait
until the current negotiators reach a deal.
Washington had hoped for a deal by the end of 2013, but that did not
happen in part because of differences over farm tariffs between the
United States and Japan.
The countries already in the talks are the United States, Canada,
Japan, Australia, New Zealand, Singapore, Malaysia, Brunei, Vietnam,
Chile, Mexico and Peru.
The United States and China agreed in July to restart stalled
negotiations on an investment treaty, with Beijing dropping efforts
to protect some sectors of its economy.
Froman said the renewed talks with Beijing would be part of a larger
“That's where I think our focus should be because those are key
elements of any investment chapter,” he added.
IMF Warns More Work Needed to Reduce Big Bank Risk
January 23, 2014
FILE - Staff stand in a meeting room at Lehman
Brothers offices in the financial district of Canary Wharf in
London, September 2008.
Big banks still pose a threat to the global financial system because
there is a general assumption that governments will come to their
rescue in case of trouble, an International Monetary Fund executive
said on Thursday.
“It is astonishing that officials in countries are still largely
ill-equipped to deal with a Lehman Brothers-style bankruptcy, where
assets and liabilities are scattered across multiple jurisdictions
and entities,” Jose Vinals, tasked with financial oversight at the
IMF, said in a blog post.
The 2008 bankruptcy of investment bank Lehman Brothers marked the
height of the global credit crisis, and many of the reforms that
have since been implemented were aimed at preventing a repeat of
such a collapse.
During the financial crisis, a number of the world's big banks were
bailed out by governments with billions of dollars in taxpayer
“The not-so-good news is that, despite these efforts, implicit
subsidies to these systemically important financial institutions
remain too large,” Vinals said, who said a related IMF study was due
The problem of so-called too-big-to-fail banks is a priority for
regulators in the Group of 20, which is due to convene in November
and expected to discuss a global financial reform agenda, Vinals
The G20 includes Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, the Republic of
Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK,
the United States and the European Union.
The Basel III bank capital rules require banks to borrow less to
fund their business, so they are better able to deal with problems.
Governments have also told banks to draw up plans that would enable
them to systematically unwind their businesses if the necessity
The United States and Europe are putting into place so-called
resolution authorities that would protect the wider financial system
without the use of taxpayer funds in the event a bank needed to be
Vinals said the G20 had “yet to do much of the heavy lifting” to
sort out what would happen if a bank with major operations abroad
were to go under.