CHINA – POLITICS

1. Beidaihe meeting – Just ended, but what happened?

   • An informal, closed-door but very important policy meeting where top leaders gathered. This year marks the first meeting after Xi and Li came to power
     • BBC interviews veteran analyst Johnny Lau：劉銳紹說，今年北戴河會議有兩個議題值得關注。首先，會議會談到即將召開的中共十八屆三中全會 （2013 Autumn)。大家會關注，習近平會不會在今年的北戴河會議上拿出一些屬於他的方案。其次，人們會關注，習近平在上台將近一年之後能不能凝聚各方的力量，從而鞏固自己的地位。
   • Did Jiang Zemin attend the meeting? 香港媒体《明报》8月2日引台湾《联合报》等消息源报道，中共前总书记江泽民及一大批退休政要陆续抵达北戴河度假区，正值中共高层一年一度非正式”北戴河会议”的时间点前夕，让外界颇多猜测
   • Wenweipo: 內部消息稱北戴河會議熱議劉鐵男
     • Liu Tienan, former deputy head of the National Development and Reform Commission and head of the National Energy Administration, has been expelled from the party and will be prosecuted on corruption charges. The Global Times acknowledged the role of the internet in cracking Liu’s case: “The public scrutiny boosted by the Internet has been showing its power. The authorities have been responding quicker and harsher than before. A joint campaign to fight corruption is surging.” The statement came in irony as a number of activists have been recently detained.
     • He has just been placed under criminal investigation for suspected bribe-taking.
   • NTDTV: 8月15日，海外《博訊網》稱， 剛結束的北戴河會議上，主要針對兩個主題做了決定：一個是處理周永康問題，另一個則是是否改革問題。
     • 多名中共高層認為，周永康的腐敗和罪行是中共歷史上迄今最嚴重的，遠超過以前所有貪腐案件。因此，周永康很可能會被拿下。 博訊報導引述消息稱，為周家族搞錢的四川商人吳兵被抓後，交代了周永康集團的很多黑幕。

2. The trial of Bo Xilai

• Coming up this Thursday in Jinan…hoping to wrap up before 十八屆三中全會？ Analysts point out that the trial process is going to be swift. The only less certain outcome is the sentencing
• Cannes Villa is expected to play a role in his trial as evidence of significant bribe-taking…possibly to erect a case for anti-corruption?
  • “The charge rests largely on the villa, which the Chinese authorities allege was bought by Mr. Xu and given to the Bo family, according to the three people with knowledge of the case…“These sums should not be considered a real and true accounting of the money, but rather the most appropriate amount as calculated from a political perspective,” one family associate said.”
• Trial sparked a campaign to clean up Bo’s legacy `
  • Exhibits in the Dalian Modern Museum which once boasted Bo’s achievements have been removed
  • Calls to abolish Chongqing police unit established under Bo and Wang
  • Previously, Wang Lijun’s calligraphy was removed from two giant stone orbs at the entrance to Chongqing’s Public Security Bureau HQ
• Meanwhile, Bo’s supporter Song Yangbiao was arrested after calling on fellow supporters to gatecrash the trial and free the accused
• Pei Minxin argued that the Bo Xilai affair has exploded myths about one-party rule: “Among these myths, the most alluring and widespread is the idea that the post-Mao leadership has perfected a system of managing internal conflict and maintaining elite unity… On paper, these arrangements seem flawless. But in practice, they can be gamed, and the competition for power inside an opaque regime that resists binding, well-acknowledged rules can be especially fierce. As Bo’s case shows, in such a system, the greater the prize, the more ruthless the fight. Winners prevail not because of their merits, but because of their ability to cobble together a more powerful coalition.”
• Economist: “The Chinese Communist Party is trying to turn the worst embarrassment it has suffered in recent years into an advertisement for its virtues. The imminent trial of Bo Xilai, a high-flying politician who was disgraced in March last year, is being trumpeted as, in the words of China Daily, an official paper, “reassuring proof that the leadership’s tough stance on corruption is by no means empty talk”.

3. People’s Daily (Overseas Edition column 望海樓 ) attacks US constitutionalism in three consecutive commentaries. All three articles were published under the name of 馬鐘成（ 海洋安全與合作研究院高級研究員、中國社會科學院世界社會主義研究中心特邀研究員),  and all carried similar message challenging the notion of constitutionalism while insisting on Marxism, which led some to infer that 馬鐘成 as the short form of 忠誠馬克思主義

   • 《”宪政”是美国瓦解社会主义武器》5/8: 宪政只属于资本主义，和社会主义无法兼容。 … 有少数学者提出了“社会主义宪政”的主张。绝大多数主张“社会主义宪政”的学者，其实认同的还是自由主义思潮，只不过要通过和平演变的方式最终达到“资本主义宪政”的目的。另外还有少数主张“社会主义宪政”的学者，他们认为，我们的宪政是社会主义宪政，是在共产党领导下人民当家做主的宪政，与西方资本主义的那一套毫不相干。 … 当年的戈尔巴乔夫、叶利钦等人，就是以宪政理论为武器，废除苏联宪法中的社会主义因素，取消了苏共的执政地位，并最终瓦解了苏联。强大的苏联曾经一度在军事上压倒美国，然而从80年代开始，却在“民主社会主义”与“宪政”这两大信息心理战武器的攻击下土崩瓦解。中国的宪政思潮，也是在美国情报机构扶植的各种基金会的资助下产生并发展壮大的（*例如福特基金会资助的“当代世界比较宪政史研究”*）。这不能不让人警醒。 finger pointing at liberal intellectuals like He Weifang (贺卫方) who set up the mentioned research centre
   • 《美國憲政的名不副實》6/8： 美國的憲政之“名”，完全不符合憲政之“實”。美國憲政學者及其中國附庸們所宣揚的那種全面民主、自由並體現天意的“憲政”，在現實中是不存在的。這種憲政概念體系是美國迷惑人民大眾，維護自身專制統治的神話，也是美國壟斷資本寡頭及其在華代理人用來顛覆中國社會主義制度的信息心理戰武器。這種根本不存在的憲政制度，當然無法與社會主義兼容。 …中國憲法與其完全相反。… 戈爾巴喬夫搞的政治體制改革，就是因為以西方憲政為藍圖而徹底失敗。
   • 《在中國搞所謂憲政只能是緣木求魚》7/8： 而在当下中国社会盛行的“宪政”概念体系，本质上是一种信息心理战武器，就像当年为瓦解苏联而力推“民主社会主义”理论一般。 … 落实好中国的社会主义宪法，关键是要搞好党的建设，使中国共产党成为真正为人民服务的政党，使掌握中国各级权力的官员都认同宪法里的核心原则。否则，宪法就是一纸空文。
   • Analysts interpreted the high profile propaganda blitz to be a clear effort by the conservatives to jump-start a debate about the party’s new direction. Zhang Lifan argues that the publication of these articles “suggested a deep division over the political direction of the nation between the liberals and conservatives
   • Meanwhile, Hu Deping, Hu Yaobang’s son and liberal representative, published an article in 共识网 championing constitutionalism: 我写的社会主义宪政问题，其目的是为党的全面改革贡献自己的一点意见，具体原因则是某些报刊陆续刊载了一些反对宪政，批判社会主义宪政的文章。尤其是近几天来，在某报刊连登三篇使社会主义蒙耻的反宪文章。可能是某报刊准备要有组织地开展一次全民思想解放的大讨论，也可能是肯定其反宪观点。毛泽东在延安说过的民主，反宪观点认为那是针对蒋介石的；毛泽东讲过宪政，反宪观点认为社会主义宪政有更大迷惑性；毛泽东也讲过好公民，反宪观点认为公民社会是危险的陷阱。党的十八大以后，全党现在正开展一次理论联系实际的群众路线教育活动。我希望刊登此三篇反宪文章的媒体能组织对宪政持各种观点的同志采用一种适合的方式，在适当场合做若干次研讨，以求明确我党改革的方向是什么？改革的底线又是什么？
   • CMP’s David Bandurski analyzed the recent debate between constitutionalism and socialism
     • “Right on the heels of Xi Jinping’s speech, it became clear that political reform advocates in China were drawing strategic inspiration from Xi’s remarks, that they saw “firmly establishing the Constitution” as the ideal moderate strategy to push change on the basis of a document that already — or so they argued — constituted and represented a political consensus. …By late spring and early summer, the counterattacks against constitutionalism as a new way of framing the political reform debate had become relentless.”
     • “It must be emphasized that the overseas edition of the People’s Daily IS NOT, exactly, the People’s Daily, by which I mean it cannot be construed as representing an official view to the extent that (albeit very problematically) the China edition of the People’s Daily can. That sounds complicated, I know. But just remember that even the hometown People’s Daily can become a battleground for internal Party struggles, and so is not a simple reflection of consensus. … In this case, the overseas edition of the People’s Daily is being exploited by opponents of the constitutionalism drive, a case (if you will) of hitting line balls (打擦边球) politically. They are trading on the confusion over the nature and purpose of the overseas edition of the People’s Daily to try to suggest their views on constitutionalism are dominant and overriding.”
     • Meanwhile, Bandurski pointed out that they are still plenty of other voices that are worth reading.
   • WSJ notes this clear ideological division inside the party: “ Xi’s use of Maoist imagery, rhetoric and strategy sets him apart from his two predecessors—who both emphasized collective leadership—and suggests to many party insiders that he won’t pursue meaningful political reform during the 10 years he is expected to stay in power. In fact, he appears to be doubling down on China’s authoritarian political model, while borrowing elements of Mr. Bo’s Maoist revivalism and media-savvy politics to boost his own stature and revive public support for the party, according to political insiders and analysts.”

4. Xi Jinping promoted six senior military officers to the rank of full general

   • Analysts believed that to be a move to consolidate his influence within the military. SCMP: ‘Macau-based military commentator Antony Wong Dong said the promotions showed Xi was anxious to build his own team of PLA leaders, with Cai and Xu being two rising stars who will become his key aides in the army. “The promotion took place on the eve of the PLA’s founding anniversary, highlighting the importance of these six generals, who will help Xi implement reforms in the army.”’
   • SCMP: “Analysts say Xi, as the son of a revolutionary hero, might have greater clout than Jiang and Hu to win the trust of the top brass, and thus get the necessary political support to push for policy change…. Analysts note that Xi has moved quickly to deal with three key problems in the armed forces: lax discipline, declining morale and rampant corruption.”
   • Xi has started to tackle military corruption with greater resolution than his predecessor. From SCMP Wang Xiangwei: “In the name of national defence, the PLA usually receives land for free, which allows senior officers such as Gu and Wang to sell land to property developers for huge personal gains. There is also credible speculation the officers misappropriated military funds for drinking binges and other extravagances. This partly explains why Xi launched an anti-corruption drive targeting the military when he came to power in November.”

• Former official, the most trusted aide to Zhao Ziyang, Bao Tong, voiced a harsh criticism against Xi in an interview: “I can only see one thing: he has continued suppression. Besides that, I can’t see what else he wants to do. So I think he probably just wants to do one thing: to maintain his stability, maintain his position.”
  • Commenting on Xi’s crackdown on corruption, Bao said “…Such anti-corruption efforts are just for looking good, for fooling the ordinary people. If he really wants to fight corruption, why doesn’t he dare disclose the assets of officials? Why does he want to arrest citizens who are requesting officials to disclose their assets?”” He said Xi was “taking the road of Mao Zedong”.

CHINA – DIPLOMACY

1. New Japanese warship caused alarm in China’s defense ministry

• Japan unveiled on Aug. 6 its biggest warship since World War II, a huge flat-top destroyer which was believed to be able to launch fighter jets or other aircraft in the future. Recent reports have hinted that Japan’s “Self-Defense Forces,” may soon be renamed the “National Defense Forces,” freeing them from constitutional restraints. However, this was met with concerns from U.S. officials.
• Xinhua claims that the new ship is in direct violation of Japan’s constitution: The giant vessel was named Izumo, namesake of a Japanese cruiser once used during the invasion of China in the early 20th century. … So launching such a de facto aircraft carrier is in flagrant violation of the pacifist clause, and another alarming sign as the Japanese government is mulling to ditch the pacifist constitution and bolster the country’s military forces. […]Japan must reflect upon its history of aggression, stop rearmament, and return to the path of peace.”
• Bloomberg reports on the mutually increasing defense budget. Last year, after the Diaoyu/ Senkaku Islands dispute, China unveiled its first aircraft carrier and launched a new destroyer ship. “Yesterday’s unveiling of the 19,500-ton Izumo reflects Japan’s push to bolster its maritime forces as it faces off with China over East China Sea islands that both claim. Prime Minister Shinzo Abe’s decision to boost defense spending for the first time in 11 years coincides with China’s own defense budget expansion of 10.7 percent this year.”
• On August 8, China deployed ships to waters near islands disputed with Japan for a record 28 hours, drawing a formal protest as it repeated a strategy of pressing its territorial claims through bolder.

2. President Ma stop over in NY

• On a trip to South and Central America, Ma quietly stopped over in NY but remained discreet to avoid upsetting China. He met Michael Bloomberg and some congressmen, and visited NYU.
• Beijing has refrained from criticizing Ma’s stay  tacit consent to support Ma?
• Some background info from SCMP: 1995年，時任台灣總統李登輝曾在美國過境並高調訪問母校康奈爾大學，引發海峽兩岸緊張局勢。 2001年，時任美國總統布什批准當時的台灣總統陳水扁過境紐約，中央政府有向美國抗議。 2006年，美方要求陳水扁只能過境阿拉斯加，隨後遭受中央政府抗議，陳水扁幾乎取消行程。台灣媒體稱，馬英九在處理與美國關係時遵守「低調」原則，並建議隨行媒體不要報導他訪問紐約。

3. Cairo Massacre on August 15 harks back memories of Tiananmen Square

• Guardian titled its article “Military Crackdown: Egypt’s Tiananmen Square”
• China’s Foreign Ministry: “China follows closely the situation in Egypt and is deeply worried about the developments. China urges parties concerned in Egypt to bear in mind the interests of the country and people, exercise maximum restraint to avoid further casualties and dissolve differences through dialogue and consultation to restore order and social stability.”
• Xinhua’s article: 过渡政府和军方对此次清场行动的时机有着缜密考虑。之所以选择在过渡政府提议和解、西方和海湾国家调停、宗教人士倡议和谈等努力均告失败之后进行，是希望让埃及民众和国际社会看到，武力清场是最后不得已的解决方案，以求减轻舆论对过渡政府和军方的压力。
• Diplomat examines the lack of clarity and the dilemma between approving and criticizing the military crackdown in the Chinese statement: “This rather vague and ambiguous statement is typical of Chinese diplomacy. Yet it also reflects the reality that there are many “contradictions” in China’s views of the military crackdown in Egypt, and its broader interests in the Arab country more generally. Perhaps more than anything, China’s views on the military crackdown itself is full of contradictions. On the one hand, China has little interest in criticizing Egypt given its long-standing policy of not intervening in the internal affairs of other states. Additionally, China does not want to come out too harshly against a military crackdown given the ever-looming possibility that it may one day have to (again) deploy the People’s Armed Police and/or Liberation Army to put down similar, large-scale unrest in China.”

CHINA – SOCIETY

1. UN Environment Program study on China’s resource consumption

• Study finds that the speed and scale of resource consumption in the past 38 years in China has no precedent in history, and calls into question whether Beijing’s urbanization policy is really sustainable.
• Meanwhile, local governments face urbanization challenges. Li Tie, director-general of the China Centre for Urban Development” We are facing rejection from so many mayors and city elites who have enough ability to influence decision-making….Nobody wants…migrants to be their neighbours and share their so-called civilized space.” More obstacles include strains on local govt finances (who is to pay for urbanization), the dangers of overbuilding and the cost of scrapping the hukou.
• More towns, however, will be added to a list of more than 1800 for urbanization. Seven ministries issued a notification to ask provincial govts to recommend more townships with relatively large populations, good potential for economic growth and strong innovative capability to pioneer urbanization. The goal was to ensure each county-level govt had at least one such township.

2. Party newspaper questioned the aggressive skyscraper push in recent years, attributing to vain local government officials. After the planned Sky City in Changsha, which would become the world’s tallest building, Shanghai started building Shanghai Tower, which would become the second tallest in the world. “在市场经济条件下，超高层建筑是被逼出来的，因为服务业规模太大，而土地资源有限，不得不向空中要空间。但在我国的一些城市，“第一高楼”与宽马路、大广场一样，往往成为政绩攀比的工具，一些地方官的虚荣心决定了城市的天际线”

• In response to the govt building ban last month, some luxurious govt offices have quietly changed their names to “business centre”, integrated service building” and “citizen service centre”, masked their appearances and resorted to all manners of subterfuge to circumvent the recent state campaign against excessive spending.

CHINA – ECONOMY

1. Mainland cities quietly get stimulus from central govt

• Unlike the nationwide stimulus in 2008, central govt is quietly offering financial stimulus to key cities and provinces to maintain local growth. Agbank agrees to provide HK$314b loan to Shanghai. The next is believed to be Guangdong province where export sector was hit. Analyst said the new Disneyland and Shanghai’s new free-trade zone will be a major beneficiary of the bank loan.
• On July 3, Beijing announced it would build the mainland’s first HK-style free-trade zone in Shanghai, as part of Beijing’s effort to make Shanghai one of the world’s top three financial centres by 2020. Shanghai is expected to be a testing ground for major policy reforms, including the liberalization of interest rates and foreign exchange rates.
• People’s Daily Overseas editorial criticizes the 4T stimulus in 2008: 為緩解當前經濟下行壓力，投資將在穩增長中繼續發揮重要作用。國家發改委主任徐紹史近日稱，中國投資需求潛力依然巨大，支撐投資增長的基礎比較穩固，全年投資有望保持穩定增長。他透露，下半年，國家將採取多方面措施，充分發揮消費的基礎性作用和投資的關鍵性作用。有關專家指出，新一輪投資更加注重其合理性和科學性，不是簡單地為刺激經濟打一劑「強心針」，而是有利於經濟結構的調整和可持續性發展。“当时四万亿投资是应急，有些项目没有充分论证其可行性和风险性，而且政府行政干预过多，造成了投资效益不太高，有些还加剧了经济结构的扭曲，加剧了产能过剩。”中国国际经济交流中心信息部部长徐洪才接受本报记者采访时说，此轮投资是通过增量资金投入，带动资本的存量结构和经济结构的调整，而且政府不再大包大揽，其资金只是起引导作用，更多的是把投资机会让给了民间和市场。据了解，新一轮投资重点明确。徐绍史说，要保证有限的政府投资投向经济社会发展的重点领域和薄弱环节，主要包括：“十二五”规划明确的重点建设任务，棚户区改造及市政配套基础设施，交通基础设施，城市基础设施和公共服务设施，农村电网改造升级，具备建设条件的能源项目，芦山地震灾后恢复重建

HONG KONG – POLITICS

1. Violence occurred as suspected triad members voiced “support” for CY Leung during his visits in Yuen Long

• They created a stand-off against anti-CY Leung protesters, and were filmed beating an LSD member, and were later arrested by the police. Policemen accused of not intervening the fights
• CY Leung accused of stoking political division, instigating fights between camps which resemble the Cultural Revolution
  • Willy Lam: 北京、中聯辦以至梁振英賣港集團肆意發動有特殊背景的「愛字派」與「幫字派」團體在香港進行文革式的批鬥運動，同時名義上政治中立的紀律部隊在統戰的利誘下已向北京跳「忠字舞」… 但在大陸跑慣碼頭的CY知道如何炮製陰謀論。他與北京駐港數以千計的幹部為了保住權勢與飯碗大肆渲染「新美帝」在港的「顏色革命」陰謀，說甚麽佔中運動獲得CIA的支持，在香港打前哨戰，以配合奧巴馬「重返亞洲」兼圍堵中國的陰險謀略。……所謂CIA亂港的陰謀論刺激了習總脆弱的神經。小習與現任中央港澳協調小組組長、同樣思想僵化的張德江商議後敲定了以下的計劃。第一，通過滲透與統戰掌握「槍桿子」的控制權，確保警隊、廉政公署、入境處與海關等高層的「忠誠」；第二，通過同樣招數盡量操控筆桿子，即香港的傳媒；第三，在香港發動文革式的批鬥攻略，一方面搶佔輿論地盤與「道德高地」，二方面狠狠打擊如佔中運動等「反中亂港」分子的氣燄。有特殊背景的人士同時會以民主派身份加入佔中行列，在內部進行分化與搗亂等指定動作。負責文攻武衞的除了傳統土共、新移民與安全部駐港人馬外，也包括部份有頭有面、經常向北大人獻媚的傳媒、政界與學術界人士。

2. Radio Talk-show host Chow Yong 周融 formed 幫港之聲 (Silent Majority for Hong Kong) to counter Occupy Central

• From its website: 我們不能解決所有人的問題，甚至舒解他們的憤怒。我們不是問題的來源及起因，為什麼因少數人的不滿，憤怒，而要無辜大眾的我們受傷害？這是一個羣眾行動。我們恐懼！但不想害怕，不願屈服！為何少數人可支配香港，令我們受傷害，令我們的家人受苦？我們是團結所有敢怒不敢言，沉默的大多數，用聲音，以行動告訴少數的他們：停手！我們不想中環這一塊玻璃被打破。打破後，不知多少年月後才回復正常？而這段可長不短的時間，香港人要經濟上，生活上受苦。你我聯合起來，我們才有大眾的聲音，那是最大的道德力量，來阻止佔中這傷害行動。 http://www.silentmajority.hk/
• Chow published a commentary on MP: 佔領中環的三位主事人，兩教授一牧師，戴耀廷、陳健民和朱耀明，在推廣和企圖「正義化」（justify）佔中行動時，往往拉上印度國父甘地及美國黑人領袖馬丁路德金作為例子，但似乎從未仔細指出相同之處。
  • …英國人用印度棉對印度經濟侵略，甘地以自織棉做Khadi抗命。我們香港人的說法是「冤有頭，債有主」，甘地沒有提出什麼「佔領孟買，癱瘓加爾各答」行動，對不對？假如甘地是威脅傷害一衆老百姓來反英，他還會是印度國父、民間聖雄嗎？.
  • 馬丁路德金最漂亮非暴力抗爭一役是「向華盛頓進軍」。25萬來自美國各地的人，在1963年8月28日聚集在林肯紀念碑，聽着「我有一個夢想」的演辭。這促使美國國會一年後通過Civil Rights Act，廢除種族歧視。 問題是進軍完畢，有否因利乘便馬上來個「佔領華盛頓」（Occupy Washington DC）？事實是馬丁路德金和一衆領袖在集會完畢後，馬上和甘迺迪總統會議。25萬民衆呢？慶祝一夜後和平地回家去了。
• Occupy Central organizer Chan Kin-man replied in an op-ed, criticizing Chow for not respecting history. He pointed out, for example, the fact that Martin Luther King did organize in series of occupation in Birmingham, which was the reason why he wrote the Letters from Birmingham during his arrest: 由於杯葛行動被視為觸犯當地法律，馬丁路德金被捕下獄。但為了實踐人人平等的精神，他在伯明翰繼續組織一連串「佔領行動」，前前後後被捕29次。

PUBLICATION HIGHLIGHTS

1. New book 《朱鎔基上海講話實錄》by former premier Zhu Rongji, which collects 106 of his speeches, letters and commentaries as Shanghai mayor between December 1987 and April 1991, was published on August 12 as party leaders are hammering out new policies at Beidaihe

• Reveals how conciliatory talks with student leaders in June 1989 defused tensions after crackdown and details two meetings in 1988 and 1990 with CY Leung whom Zhu sought advice for land ownership and housing. …but analysts said since the editing was commenced two years ago, it should not be read as an attempt to influence HK politics.

2. Gabriel Lafitte, Spoiling Tibet: China and Resource Nationalism on the Roof of the World, Release October 8, 2013

• “Tibet until now has not linked meaningfully to the Chinese economy, and mining on a significant scale has been minimal. China’s 12th Five-Year Plan for 2011 onwards however is due to change all of this, with massive investment in world scale mining of copper, gold, silver, chromium and lithium for the world’s factory, with devastating environmental and social outcomes. Despite great interest in Tibet worldwide, Spoiling Tibet is an entirely unique authoritative guide through the torrent of online posts, official propaganda and exile speculation.”
• Book Review by Kerry Brown: “This is a timely and well written book, concise and illustrated with many examples. Forward-thinking officials in both Beijing and Tibet itself must be well-aware of the issues raised here, and of the real possibility that mismanagement of the environment of this region, let alone its politics, could be disastrous for the country, region, and, as Lafitte makes clear, the whole world. Hopefully, this book will provoke a more enlightened, less partisan debate about what to do now.” Kerry quotes that “despoiling the Tibetan region […] would be a disaster for the rest of China.”

3. China Newsweek 2013.7.15 Vol. 619 published a detailed report on China’s shadow banking (see newspaper cutting)

• An inevitable product under fixed interest rate + 2008’s RMB 4T stimulus
• Commercial banks seek higher leverage/ high returns by investing in 1) local financial platform; 2) Real estate; 3) SME manufacturing
• …but high leverage might cause a nationwide financial crisis on a small spark

4. Nanfeng Chuang 2013.7.31 Vol. 494 published a special story about the future of the four-years old Weibo

• Can Weibo maintain itself as a public space without heavy political intervention and commercialization?
• Can Weibo form a more stable monitoring mechanism to report on corruption and official scandals?

5. New edition of Quotation of Chairman Mao publishing soon (see newspaper cutting)

• As before, it is edited and compiled by the PLA; similar content, with minor removal and addition – what will be added and deleted will be something to be watched!