Xi discusses fresh ties with Trump

Presidents' phone talk raises hope for final phase one trade deal: experts

WASHINGTON: The China-US phase one trade deal, reached on the basis of equality and mutual respect and against the backdrop of an extremely complicated international environment, will benefit both countries and contribute to peace and prosperity of the world, Chinese President Xi Jinping told his US counterpart Donald Trump.

In the phone call at the invitation of the US side on Friday, Xi expressed “grave concern” over the recent US “negative statements and actions” on issues related to Taiwan, Hong Kong, Xinjiang and Tibet, which he said interfered with China’s internal affairs, damaged China’s interests, and are not good for mutual trust and cooperation.

Xi told Trump that China hopes the US side will “conscientiously” implement the important consensuses reached in their multiple meetings and phone conversations, and pay close attention to China’s concerns, thus avoiding disturbing the bilateral relations as well as the important agenda of both countries, according to a statement released by the Xinhua News Agency.

Xi noted that the economic and trade cooperation between the two countries contributed tremendously to the steady development of their bilateral relations and to global economic growth.

As the modern economy and technology have connected the world, the interests of China and the US will become increasingly interlinked, and there will be some differences in the course of their collaboration, he said.

As long as the two sides adhere to mutually beneficial and win-win cooperation, and always respect the dignity, sovereignty, and core interests of the other country, they will be able to overcome the difficulties in the course of development, and push forward Sino-US economic and trade relations under the new historical conditions for the benefit of two countries and two peoples, Xi said.

Xi also said he is ready to maintain contact with Trump through various means, and exchange views on bilateral relations and international issues, and work together to promote a China-US relationship based on coordination, cooperation and stability.

In their phone call, Trump said the phase one trade deal is good for both countries and the rest of the world.

It has received positive responses from the markets of both countries and the world, according to the Xinhua report.

The US side is ready to keep close contact and communications with the Chinese side for the deal to be signed earlier and implemented, Trump said. — China Daily/ANN

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Xi: China-US trade deal benefits whole world

 China-US economic and trade exchanges ballast stone for bilateral ties: former Chinese official

China-US economic and trade exchanges, instead of bilateral economic and trade relations, is the ballast stone for bilateral ties because there involve more superstructure and actions, and they cannot be entangled , a former Chinese official said Saturday.

West shows ill will to ignore Macao's boom

Before the return, Macao's GDP per capita was much lower than that of Hong Kong, but it is now nearly double that of Hong Kong. This refutes all kinds of arguments. Time will tell.

Macao downgrade reveals Western bias

Macao's devt lesson for Hong Kong

If more Hongkongers can reflect on the region's development from Macao's experience, it will be beneficial to the future of Hong Kong.

2020 will provide respite from China-US trade tensions: expert

China-US trade tensions will be less fierce in 2020, although disrupting factors like issues concerning Xinjiang Uyghur Autonomous Region and Taiwan island will remain amid the hubbub generated by the US presidential election next year, an expert said Saturday.

West silent on Xinjiang's 'inconvenient truth'

Besides, Chinese media should take the initiative to post reliable information about hot-spot issues, such as the education and vocational training center in Xinjiang. More detailed planning can be made to increase the effectiveness of news diffusion. As long as Xinjiang develops toward prosperity, and Chinese media's publicity strategy improves, the truth will come to the light eventually. More people will recognize Western media's selective deafness strategy and break away from its lie of objectivity and freedom of the press.

Say no to Western media's double standards 

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China exposes the truth about Xinjiang, but the West ignores. Why? US hypocrisy on human rights & Trade War

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China airs Xinjiang truths

Fresh and shocking footage recorded in Xinjiang over the past two decades has been released in response to criticism of current prevention measures. The State Council Information Office of China has offered clear numbers to mark the progress made in Xinjiang, saying the U.S. is using double standards regarding anti-terrorism and extremism elimination. Why does the West have different standards for human rights issues with other nations and themselves? How are China's proactive preventative policies paying off? And what is the situation in Xinjiang today?

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劉曉明：中國沒有政治犯 反問主持有否去過新疆－ BBC News 中文 | HARDtalk

香港政治動蕩的重要性遠遠超出了這個狹小地域的邊界，它給習近平帶來嚴峻的挑戰。 如果北京不能平息香港對自由的呼籲，這如何告訴外界北京在其他地方威權統治的可持續性？ BBC時政談話類節目《HARDtalk》邀請中國駐英國大使劉曉明來談談中國政府如何應對內外壓力。

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China to U.S.: Stop interfering in Xinjiang

With less than a week until the deadline on December 15, Beijing and Washington are widely expected to hammer out a partial trade deal. Jitters persist over the U.S. imposing fresh tariffs on Chinese goods. But recent events may throw a monkey wrench into a deal, such as impeachment hearings on the U.S. president, and unwelcome U.S. intervention in Hong Kong and Xinjiang. Could these weigh heavily on China-U.S. trade talks? Can they keep trade talks on track?

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China slams U.S. over human rights violation

Chinese foreign ministry has criticized the U.S. over human rights violations.

China has paid close attention to UN reports and comments and is shocked by the violation of human rights by the U.S. and some European Union member countries. The human rights conditions have been deteriorating. recently in the U.S. and some EU countries.

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习近平答BBC记者“人权没有最好、只有更好

中国领导人习近平10月21日下午在唐宁街首相府与卡梅伦会晤后举行联合记者会。其中BBC记者库恩斯伯格问他有关人权的问题。习近平说在人权方面"没有最好、只有更好"。

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习近平访英首日行程结束

BBC电视节目《广角镜》（Panorama）在习近平访英前播出的The Xi Factor《习近平因素》引起广泛关注。在纪录片中，BBC中国编辑凯瑞（Carrie Gracie）从习近平的家庭背景说到他集权于一身的经过。

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解读习近平：纪录片The Xi Factor 二之一

BBC电视节目《广角镜》（Panorama）在习近平访英前播出的The Xi Factor《习近平因素》引起广泛关注。在纪录片中，BBC中国编辑凯瑞（Carrie Gracie）从习近平的家庭背景说到他集权于一身的经过。

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Trainees in Xinjiang education, training program have all graduated

Trainees participating in education and training programs of standard spoken and written Chinese, understanding of the law, vocational skills and deradicalization at vocational education and training centers in northwest China's Xinjiang Uygur Autonomous Region have all graduated, a regional official said Monday.

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'Trainees have all graduated' | The Star Online

  Will we see a China-U.S. trade deal this Sunday?

China and the U.S. are just days away from imposing additional tariffs on each other's goods. Can a "phase one" deal be reached by this Sunday's deadline?

Guests: Zhao Hai, research fellow at Chinese Academy of Social Sciences; Einar Tangen, current affairs commentator.

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  China airs Xinjiang truths

  By Liu Xin Source:Global Times
  

  ---

  

  Photo:Screengrab of CGTN

  
  China's state broadcasters consecutively aired three documentaries from Thursday illustrating the anti-terrorism efforts in Northwest China's Xinjiang Uyghur Autonomous Region, a terrorist organization East Turkistan Islamic Movement's (ETIM) role in plotting terrorist attacks in China and US hypocrisy on human rights issues. The documentaries sparked wide discussions on domestic and overseas media.
  
  Many netizens commented that the documentaries disclosed rare video footage on terrorist attacks that Xinjiang had suffered, fully reflecting the severe threat of terrorism Xinjiang was facing. They also said Western media that criticized China's Xinjiang policies should watch these videos carefully.
  
  But many Western media, especially those which tried to hype the "leaked documents" on vocational education and training centers in Xinjiang in recent weeks, kept silent over the heated discussions on the Chinese mainland generated by the documentaries.
  
  Chinese mainland experts said that some Western media outlets selectively report what fits their stereotypes and interests. These outlets also went great lengths to slander on Xinjiang. Their silence on the documentaries showed their double standards in regards to China's Xinjiang issues, they said.
  
  Two of the three documentaries were newly made and aired on CGTN on Thursday and Saturday respectively, telling of the overall counter-terrorism work in Xinjiang and ETIM's role in inciting terrorist attacks in China's Xinjiang and other Chinese cities.
  
  One documentary, initially aired in April 2018, was streamed again on CGTN on Friday night, deploring the human rights crisis created by the US in the Middle East since 2003.
  
  Topics of "New documentaries on Xinjiang's anti-terrorism work" and "Unveiling the black hand behind Xinjiang's terrorism" were viewed 390 million times and 230 million times respectively on Sina Weibo, China's Twitter-like social media.
  
  CGTN also uploaded these two documentaries on YouTube and the first episode, "Fighting terrorism in Xinjiang" was watched more than 150,000 times.

  Some internet users commented on Sina Weibo that they had visited Xinjiang and enjoyed the splendid landscape, friendly atmosphere and safety, but they had no idea that Xinjiang used to suffer such grim terrorism and extremism threats.
  
  Leonard Brownies, one  internet user from abroad commented on Twitter after watching one documentary that "This is FACT. Some stupid Western fake news media should see this."
  
  The documentaries were "very touching and reflect truth on Xinjiang in a clear way," Erkin Oncan, a Turkish reporter, told the Global Times on Sunday.
  
  "Unlike the Western propaganda news, the documentaries tell what was really happening in Xinjiang by original videos and remarks of witnesses and participants of terrorist attacks."
  
  

  Photo: Screengrab of CGTN

  
  Pretending to be blind
  
  Few Western media outlets reported discussions about the documentaries on the Chinese internet as of press time.
  
  This is in sharp contrast to extensive coverage by Western media such as the 17 media partners of the International Consortium of Investigative Journalists (ICIJ) on "leaked government files" on Xinjiang.
  
  Erkin said that he was not surprised to see many Western media "pretend to be blind" at the Chinese documentaries as their reports on Xinjiang were in line with "some Western countries' political agenda, not with the principles of journalism."
  
  By making public rare video footage of terrorist attacks including the Urumqi riots on July 5, 2009 and the Tiananmen Square terror attack on October 28, 2013, "the documentaries tear the hypocrisy mask off the US," said Li Wei, a counter-terrorism expert at the China Institutes of Contemporary International Relations in Beijing.
  
  "It claims to protect human rights but supports terrorist groups and interferes in China's domestic affairs."
  
  For some Western media and US politicians, who know clearly the previous severe terrorist threat in Xinjiang and still chose to smear China's anti-terrorism policies in the region, they would ignore the documentaries on purpose, Li asserted.
  
  "They give no care to the truth but want to hype Xinjiang issue to make troubles for China," he said..
  
  "These documentaries disclosed many rare and original video footages of terrorist attacks happened in Xinjiang and other cities in China. China used to release some information on terrorist attacks but images of the documentaries are more powerful than words."
  
  Li said that the bloody scenes of terrorist attacks, the cruelty of terrorists and the tragedy of innocent people's deaths not only left a strong impression on the audience but also reminded people the hefty price the regional government and local people have paid for restoring peace and stability in Xinjiang.
  
  Li told the Global Times that these documentaries target people who were fooled by fake news of some Western media but wanted to know true stories of Xinjiang.
  
  "I believe that people who have conscience would get to know and give just comment on China's strenuous efforts on countering terrorism and on protecting local residents' human rights in Xinjiang," said Li.
  
  
  

  

  China's approach in Xinjiang best answers Western criticism

  ---

  China's approach has been in consonance with the real protection of human rights by conforming to the rule of law, guaranteeing better livelihood, and ensuring the right to survive and develop of every terrorist and extremist who can be saved. This is the best response to groundless condemnation by the US-led Western world.

China outraged by US law on Hong Kong

Beijing slams meddling in internal affairs

The nature of this is extremely abominable, and harbours absolutely sinister intentions. Chinese foreign ministry statement

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HONG KONG: China summoned the US ambassador and threatened retaliation after US President Donald Trump signed legislation supporting Hong Kong protesters, just as the world’s top two economies edge towards a trade truce.

Trump signed the legislation under heavy pressure from Congress, where it attracted rare bipartisan support, and in a statement spoke of his “respect” for Chinese President Xi Jinping, calling for both sides to “amicably settle their differences”.

But Beijing lashed out furiously, summoning the US ambassador, threatening unspecified “firm countermeasures” and warning Washington not to implement the legislation.

“The nature of this is extremely abominable, and harbours absolutely sinister intentions,” the Chinese foreign ministry said in a statement.

“China strongly urges the US side to correct mistakes and change course,” the ministry added later.

In Hong Kong, the government expressed “extreme regret” after Trump signed legislation requiring an annual review of freedoms in Hong Kong and banning the sale of crowd control equipment like tear gas.

“The two acts are obviously interfering in Hong Kong’s internal affairs,” the city government said in a statement, warning the move would “send the wrong message to the protesters”.

And Beijing’s liaison office in the city condemned Washington’s “disgusting conduct”, saying it would bring “trouble and chaos” to Hong Kong.

Hong Kongers have protested in huge numbers over the last six months.

The territory’s leaders have offered few concessions and police have cracked down on protesters in increasingly violent clashes.

More than 5,800 people have been arrested and nearly 1,000 charged, with detentions skyrocketing in the last two months.

Yesterday, police entered the campus of the Hong Kong Polytechnic University, to which they have laid siege for days.

Most protesters have now left, some of them arrested and beaten as they tried to flee, and police were collecting evidence including Molotov cocktails and archery bows at the ransacked site.

The violence has done little to dampen public support though, with pro-democracy candidates winning a landslide victory in local council elections over the weekend.

The Hong Kong Human Rights and Democracy Act requires the US president to annually review the city’s favourable trade status and threatens to revoke it if the territory’s freedoms are quashed.

Trump also signed legislation banning the sale of tear gas, rubber bullets and other equipment used by Hong Kong security forces in putting down the protests. - AFP

Read more:.

Hong Kong society needs to jointly resist US provocation

“One country, two systems” is China's independent constitutional arrangement and US intervention damages its external environment. Hong Kong society should be vigilant. To maintain “one country, two systems,” the Chinese mainland and the HKSAR need to work together. Anyone who colludes with external forces to undermine “one country, two systems” must pay a heavy price.

US move on Hong Kong dims deal hopes

---

US President Donald Trump's decision to sign a bill into law that interferes with China's internal affairs related to Hong Kong has cast a cloud over prospects for a highly anticipated phase one trade deal, with Chinese experts warning Washington of countermeasures if it attempts to link Hong Kong affairs with the ongoing negotiations.

 

Greater connection to the mainland would safeguard HK stability

If China can take the initiative in its competition with the US, it would build confidence among Hongkongers and inspire them to love the country while making the mainland more attractive from their perspective.

 

Pompeo's futile efforts to discredit CPC

The CPC has led Chinese people to be truly independent, realize great economic growth in the past decades, fundamentally reshape people's livelihood, and regain dignity in the world. The CPC has dedicated itself to the great rejuvenation of China. This is a consensus of Chinese people, and many Westerners cannot imagine how unshakable it is.

 

Time for HK pan-democrats to build consensus

Pan-democrats gained more seats, but they should maintain political sobriety. The young newly elected, in particular, should keep a distance from those who betray the country and Hong Kong, and have the courage to explore a new political path in accordance with the “one country, two systems” principle. Hong Kong is a part of China, and never will it belong to the US or the West. Only by keeping this in mind and acting accordingly will they have a solid political career.

China needs to counter Western public opinion war

The most effective way to counter US public opinion war against China is to raise our voices while doing our own things well. We must strengthen our ability to expose slander and Western lies. Since the US launched the trade war with China, China has been expanding its openness while fighting back. China's image in international trade is becoming increasingly better than the US' and people can see it.

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US cannot break China’s supply chain

The US has once again disparaged the Chinese economy to entertain itself. US President Donald Trump on Saturday claimed China's supply chain was "all broken, like an egg," and said China wanted a deal more than the US did.

The fact is, however, senior US officials are talking about trade wars and trade deals almost every day, while Chinese officials rarely do this. Anyone who knows a little bit about psychology can figure out that such responses of the US reflect anxiety, rather than calmness.

Is China's supply chain broken like an egg? Chinese telecom giant Huawei has not begged the US to be "magnanimous." It is now US companies that are asking to be excluded from US restrictions.

Being placed in the Entity List has certainly caused difficulties for Huawei, but such hardships are far from delivering vital blows to fling the company down. Some US elites are clamoring for knocking Huawei down, but their indecent acts have only stimulated Huawei's strength and growth. And Chinese people generally believe that this high-tech company will be increasingly strong.

The US cannot even defeat one Chinese enterprise by making full use of its whole country's power. Now it is claiming it will break the supply chain of all of China as an egg. Is such bragging too exaggerated? We wonder how the public opinion and voters in the US can tolerate such a boast. The voters are seemingly quite gullible.

The US is suffering an economic downturn, and many indicators demonstrate that its good days are coming to an end. US state leaders and senior officials are like cheerleaders, taking turns to cheer up the stock index.

In terms of economic situations, Chinese officials' description is absolutely more objective and calm than the US side. China recognizes that the trade war has brought negative impacts, and our efforts to eliminate such effects are open and timely. The US, however, is trying to cover up the effects of the trade war it has launched.

China has already focused its efforts on solving its own problems. We will not bet on the idea that reaching a deal will fundamentally change China-US economic relations. Most Chinese believe that whether there is an agreement or not, turmoil between the two countries will not end. Chinese society is in favor of reaching a trade deal, but it is also patient.

Including Chinese companies such as Huawei in the Entity List will cause long-term damages to US business community's reputation. Foreign companies may be on guard against US enterprises in the future while building their own supply chains, which will certainly offer more opportunities for US competitors.

The US is so keen on imposing sanctions, and is fond of applying sanctions on related third-parties. Betting on US companies may work in a short term, but cannot serve as a long-term strategy. The US has trodden business ethics under foot in this round of China-US games. It is even pleased with itself for overtly destroying China's supply chain. At the strategic planning in the US, there are no such concepts like honesty and morality. The Chinese society has clearly observed this, as has the entire world.

Fortunately, China has the widest range of manufacturing sectors in the world, which has given the country a special strength in the global supply chain. China is not afraid of any game against the supply chain. Producers without China's supply chain will certainly feel more pain than China.

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China gets into blockchain race with US

Blockchain is perhaps best known for underpinning the operation of cryptocurrencies such as bitcoin, which Beijing may seek to replicate.PHOTO: REUTERS

One example of the potential application of blockchain technology is a newly launched app by the Communist Party that asks members to explain why they joined and what party loyalty means to them. (Photo: AFP/Greg Baker)

BEIJING: China has launched an ambitious effort to challenge the US dominance in blockchain technology, which it could use for everything from issuing digital money, to streamlining a raft of government services and tracking Communist Party loyalty.

The technology received a crucial endorsement from President Xi Jinping last week, a signal that the government sees blockchain as an integral part of the country's plan to become a high-tech superpower.

Beijing is the latest in a handful of countries to have adopted a law strictly governing the encryption of data - particularly blockchain technology, which allows the storage and direct exchange of data without going through an intermediary.

Reputedly unfalsifiable, blockchain is a database shared across a network of computers. Once a record has been added to the chain it is almost impossible to change.

It is perhaps best known for underpinning the operation of cryptocurrencies such as bitcoin - which Beijing may seek to replicate as it pushes ahead with its plans for a world-leading government-run digital currency.

Blockchain technology received a crucial endorsement from President Xi Jinping last week, a signal that the government sees it as an integral part of the country's plan to become a high-tech superpower. (Photo: AFP/Andrew Caballero-Reynolds)

Although the new law for blockchain "is still rather vague", the country is clearly one of the most active in terms of regulation, Stanislas Pogorzelski, editor of specialist site Cryptonaute.fr, told AFP.

"China has understood very well that to stay a superpower, you have to be at the forefront of new technologies," said Pogorzelski.

Blockchain is set to play a key role in many sectors in the future, including digital finance, internet of things, artificial intelligence and 5G.

LESS HUMAN INTERVENTION 

Bitcoin(FX:BTC/USD)Stock market insights from social media

Updated https://sentifi.com/currencies/bitcoin

It could also serve to make China's vast bureaucratic system more efficient.

The official Xinhua news agency said a blockchain-based system had been used for the first time to automatically generate and file an enforcement case in Chinese court against a party who failed to pay damages in a mediation agreement.

With less human intervention, such systems could make judicial enforcement in China "more intelligent and transparent," the agency said.

Chinese shares jumped this week as investors piled into stocks linked to blockchain, after Xi said China should step up research and development of the technology.

"Blockchain should play a bigger role in strengthening Chinese power in cyberspace, developing the digital economy and promoting socio-economic development," Xi said.

"The general sentiment of Xi's comments was simple," said Anthony Pompliano, who writes a daily cryptocurrency newsletter.

"Blockchain technology is really important for the future and China plans to be the global leader," Pompliano added.

LOYALTY TEST

According to analyst Kai von Carnap of the Mercator Institute for Chinese Studies, blockchain-backed tools have potential applications that go well beyond improving administrative efficiency in China.

"More interesting will be those targeting party discipline, internal stability and ideological loyalty," Von Carnap told AFP.

 

Chinese shares jumped this week as investors piled into stocks linked to blockchain, after Xi said China should step up research and development of the technology. (Photo: AFP/Hector Retamal)

One example is a newly launched app by the Communist Party that asks members to explain why they joined and what party loyalty means to them.

Blockchain technology is then used to store their responses on a permanent, widely distributed ledger - recording their thoughts in cyberspace forever.

"NOT A FAN"

As China trumpets its push for more blockchain technology, it is hoping to outpace trade-war rival the United States, whose President Donald Trump tweeted his disdain for cryptocurrencies in July.

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he wrote.

The contrast between the world's two biggest economies is "striking", according to Pompliano, who says "bitcoin, blockchain technology, and digital assets are not a priority for America".

Facebook chief executive Mark Zuckerberg had to defend his plans to launch a digital coin called Libra to the US Congress in October, after it faced a torrent of criticism from all sides - including governments who see it as a threat to their monetary sovereignty.

"I don't think Libra will succeed," Huang Qifan, vice director of the CCIEE, an economic think-tank that advises Beijing, said this week in remarks widely reported by state media.

"It is better ... to have sovereign digital currencies issued by a government or a central bank," he said.

Last year China released a damning report on existing digital currencies, saying they were "increasingly used as a tool in criminal activities."

But while Beijing banned cryptocurrencies two years ago, it is fast-tracking preparations for its own state-run virtual currency, which is supposed to facilitate transactions and reduce costs.

The anonymity of cryptocurrencies allows users to buy and sell freely without leaving a digital trail - but China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China.

Source: AFP/zl   Source link

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US ‘hegemonic tariff’ will not make America great again

Photo: VCG

Sustaining hegemony is selfish in nature, especially when hegemony is in decline. The nature of the US wielding the tariff baton, sanctioning other countries' officials and companies is a "hegemonic tariff."

This can be defined by a series of its behaviors, including cracking down on Chinese tech giant Huawei and lobbying its allies to reject Huawei's 5G technology without solid proof; blacklisting Chinese companies for their alleged connections with so-called human rights issues in China's Xinjiang Uyghur Autonomous Region; declaring trade wars against the world; frequent military interventions in other countries' domestic affairs, claiming human rights are superior to sovereignty, and overthrowing governments of other countries.

Take trade wars. China is not the only target of the US. Washington has not even cut its allies some slack. Since 2018, not only Venezuela, Cuba, Ukraine, Turkey have been hit by US sanctions. Quite a few of traditional US allies, including Canada, Japan and South Korea, have also been sanctioned by the hegemonic power. Washington's goal is simple: To protect its domestic market and expand foreign markets to maximize global trade. This philosophy is also called "America First," and the US believes it is able to seek more interests through hegemonic means.

While the US is busy charging its "hegemonic tariff," it is putting the blame on China. The Atlantic published an article on Saturday entitled "The NBA-China Disaster Is a Stress Test for Capitalism," claiming "Chinese companies, furious over [US] public sympathy for Hong Kong, were swift in their vengeance. They suspended licensing agreements with the NBA." It then concluded that firms with business in China pay "values tariff."

This is deliberately confusing right from wrong. It shows the US does not respect Chinese sovereignty, while even wishing to impose its own values and political views on the Middle Kingdom.

Hegemonic measures are no longer effective. Trade lasts only when based on mutual respect, equality and mutual benefit. When US companies make money from around the world, they can achieve their goals smoothly only by complying with others' laws and respecting their public opinion.

However, Washington is now becoming increasingly narrow-minded and selfish, regarding mutual benefit as US losses. Worse, it is asking the world to compensate for its losses, urging others to make contributions to "America First" through political, financial and military means.

The Atlantic article noted "the partnership between the NBA and China, which is worth billions of dollars over the next decade, is now in jeopardy." This is exactly the consequence of the US obsessing over hegemony as well as the US obsessing with its so-called moral high ground.

China will not pay a penny for the US "hegemonic tariff," and will take countermeasures to take back what the US has seized from it. The chances of the US profiting from its hegemony are dwindling.

The key to making America great again is to boost the country's competitiveness and innovation, rather than slapping "hegemonic tariffs."

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Broad measures spelt out under Budget 2020 will likely sustain the economy, if there is no further escalation in trade fights.

A glimmer of hope emerged after the US outlined the first phase of a deal to settle some issues related to trade, but there is a lingering suspicion that China could be just buying time as it will most likely not concede to any loss of sovereignty.

China is developing its own ecosystem that could be “outside the reach” of the US, and it is possible that the time bought with such rearguard actions may allow China to achieve its aims.

Malaysia, a trade dependent economy, can only hope that it all works out well, if it can integrate into both ecosystems, said Inter-Pacific Securities head of research Pong Teng Siew.

More stimulus measures would be undertaken should the global economy worsen and in the worst case scenario, Malaysia would have room to spend more if it increases the budget deficit, currently at 3.2% of the gross domestic product (GDP).

The worry is that a further deterioration in global trade tensions may push the global economy into recession. If that does not happen, these Budget 2020 measures should be able to sustain the economy, according to RHB Research Institute chief Asean economist Peck Boon Soon.

Given the external headwinds that continue to pose more downside risks, it looks like Budget 2020, which attempts to spread out its positive effects, has been designed to brace for rough times.

Some positive impetus could be derived from measures to support tourism, construction and infrastructure, as well as small and medium scale enterprises (SMEs), said AmBank Research head Anthony Dass.

Tourism-related businesses such as food and beverage, accommodation, travel and transport, shopping and entertainment will likely benefit.

Recognising the importance of SMEs in driving growth, a string of measures to facilitate their financing needs, ease of doing business, faster adoption of high technology and green initiatives, should also bode well.

The bottomline is that resources are limited while the government still aims for fiscal consolidation and repayment of all debts.

Spreading out these scarce resources will probably succeed in paring off any broad-based slowdown, but it will be hard to make a dent when the sense of a loss in economic momentum is gradually settling in, said Pong.

More measures are required to stimulate the economy but in view of the gloomy global outlook and domestic issues, it is still overall, a good budget.

However, the allocation between capital and operating expenditure is still imbalanced; there is too little capital expenditure and there appears to be ‘little effort’ to reduce operating expenditure.

This will have a long term effect, especially in an aging society, according to Areca Capital CEO Danny Wong. In view of concerns over the lack of investments and falling revenue, efforts to boost foreign direct investments and tourism are welcome but more robust steps are required.

A correction in property prices may be a remedy for the overhang and inaffordability issues especially among young people.

The budget tries to forestall a price pullback, which would affect developers stuck with high land prices, by allowing foreigners to fill the demand gap.

But demand has evaporated, partly caused by the migration of mid-level talent and delays in household formation, the driver of long term demand and new home construction. Developers, lulled by the padding of demand through low interest rates for borrowers, high financing margins and easy access to debts, find it hard to lower prices.

They had thought the elevated level of demand was sustainable but it was not. Reduced prices may mean less profits but possibly a lifeline by way of cashflows, and may help restore delays in household formation and loss of talent, said Pong.

A worrying trend is that more and more young Malaysians are moving out of the country in search of jobs.Even mid-level expertise and talent is migrating; previously, it was mostly those who were highly mobile internationally.

A major cause is the lack of growth in real purchasing power.

Is the projected GDP growth of 4.8% achievable?

With the government continuing its spending and development initiatives, growth should remain robust, supported by services and construction, higher production from agriculture and mining. But manufacturing is expected to moderate.

Malaysia can achieve its 4.8% growth target, said Hong Leong Bank chief operating operating officer, global markets, Hor Kwok Wai.

However, in view of slower world GDP growth of 2.8%, AmBank Research expects growth of 4.0% with an upside of 4.3% for Malaysia.

Coming up with a further set of stimulus, should things worsen, may be a challenge.

Columnist Yap Leng Kuen is watchful of the tech war. The views expressed are the writer’s own.

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