Zhejiang Province Pilots Demonstration Zone to Achieve Common Prosperity
On June 10, the Chinese government issued a guideline on building the eastern province of Zhejiang into a demonstration zone for achieving high-quality development and common prosperity. It also aims to create an important window for fully demonstrating the superiority of the socialist system with Chinese characteristics in the new era.
China also wants to achieve a level of common prosperity and explore viable ways to achieve this goal. The eastern region may take the lead in realizing modernization but considering the unbalanced economic development of various regions in China, it is necessary to select some regions as demonstration zones. Zhejiang Province has a relatively high degree of wealth and a good balance of development. Zhejiang has also achieved remarkable results to explore and solve problems, including unbalanced development. It has the foundation and advantages for the construction of a demonstration zone for common prosperity.
Trump Proclamation 10043 Still Effective for Suspending Entry of Certain Students and Researchers From China
While many Chinese applicants have successfully obtained US visas, Chinese students from certain universities of science and technology are still unable to obtain their visas. Presidential proclamation 10043 signed by former President Trump is becoming the biggest obstacle for those Chinese students to study in the United States. Proclamation 10043 has suspended the entry of certain Chinese students and researchers connected to the PRC’s, “Military-Civil Fusion Strategy.” Those who are affected by proclamation 10043 are mainly graduate level students and those from so-called “sensitive colleges”, as well as other related personnel. To fight back, Chinese students who were rejected entry by order 10043 have jointly reported the problem to their schools. This has aroused concern in American universities. Some universities have lobbied Washington to terminate the policy as soon as possible.
Andrew Sheng: Re-thinking Emerging Market Debt and Development Finance
Post-pandemic debt levels have increased for emerging market economies (EMEs). The world is in a low-productivity liquidity trap because reserve currency countries can use quantitative easing (QE) to generate excess liquidity. Yet EMEs have insufficient funding to invest for long-term sustainability. International banking with the reserve currency exorbitant privileges have seined a growing consumer trend of global credit. However, EMEs’ share of global funding is declining as they cannot use QE and their liquid assets placed with advanced markets earn 4 per cent less than their borrowing from the system. The global financial system is no longer serving the world’s savers and EMEs. The author presents some reform options, including debt relief, MDB capital increases, and domestic capital market reforms. The post-pandemic is a superb time to consider major IMS reforms that can avoid future financial crises.
Pushing Booster Shots for Vaccinated Frontline Personnel is Under Heated Debate
On June 14, Guangzhou notified two confirmed cases of the COVID-19 virus among medical staff. These cases stirred people’s nerves. As first-line epidemic prevention personnel, they were vaccinated. This convinces many people of the idea about giving booster shots to front-line personnel, such as medical care and nurses. It went like wildfire on Chinese social media platforms.
As of June 15, China mainland has witnessed a total injection of 920 million doses of COVID-19 vaccine. Some special groups, such as reporters who are supposed to travel to Japan to prepare for their Olympic news coverage, have received notifications of voluntary vaccination booster shots. They need to make a quick decision: whether to get a booster shot or not. These booster shots refer to supplementary vaccinations based on the disappearance of antibodies. This follows the completion of vaccinations to maintain the body’s immunity to the virus. According to information released by the World Health Organization, the current protection period of the novel coronavirus vaccine should be more than half a year, after which the antibody may fade more significantly. It has been nearly half a year since the pioneers in China received shots against COVID-19.