China Builds Four Weather Stations to Monitor Diaoyu Islands
They’re for three-dimensional monitoring of lightning around the islands but undoubtedly it has to do with the sovereignty dispute with the Japanese.
Reuters reports the Meteorological Observation Center with China Meteorological Administration (CMA), has set up new three-dimensional lightning indictors in four different areas of the islands.
‘We have set four monitoring stations in Zhoushan and Wenling in Zhejiang Province, Fuding and Pingtan in Fujian Province. The monitoring can cover such a large area, as well as Diaoyu Islands. It covers 600 kilometers away from the shore base, with a precision of one kilometer,’ Ma Qiming, professor of the CMA told Reuters
It is hoped the four new stations will be able to provide the time, position, strength of thunder and lightning over the Diaoyu Islands.
Thunder and lightning disaster are common in China and casualties as a results of such weather events can reach 1,000.
-Big Pond News
US Auditors to Observe in China
Finally, so good news about Sino-US trust-building in the midst of all the China bashing going on in the US presidential campaign and generally.
U.S. authorities have reached a tentative agreement to observe official auditor inspections in China, moving a step closer to better oversight in that country, an official at a U.S. audit watchdog group said on Friday.
The plan to allow U.S. observers in China will be a “trust-building exercise” that could lead to more cooperation, Lewis Ferguson, a board member of the Public Company Accounting Oversight Board, said in prepared remarks.
The PCAOB announced in May that it was close to an agreement to observe audit inspections in China. The watchdog has been trying for years to gain access to China to address a rash of accounting scandals at Chinese companies listed on U.S. stock exchanges.
Since 2010, U.S. investors have lost billions of dollars on China-based companies listed on U.S. exchanges after questions were raised about the companies’ accounts.
“We are working toward and have tentatively agreed on observational visits,” he said, without spelling out when the tentative agreement might become final.
– Reuters
Official Fired for Grinning
The story is funny and not.
A Chinese safety official who was photographed grinning at the scene of a deadly bus accident last month has been fired, the China News Service and BBC report.
Yang Dacai, head of work safety in Shaanxi Province, was found guilty of “serious wrongdoing” for “inappropriate behavior of ‘grinning’ as well as wearing luxurious watches.”
Photos posted online of Yang smiling at the scene of an Aug. 26 crash between a bus and gas tanker truck that killed 36 people, and of him wearing fancy watches, went viral and generated public outcry, the BBC says.
Here’s how Yang explained his happy face:
“My heart was heavy when I reached the scene… Junior officials appeared nervous when they were updating me on the situation. I was trying to get them to relax a little, so maybe, in an unguarded moment I got a little too relaxed myself.
– USA Today
Chinese Investment in Northern Canada
Ten provincial and territory premiers wound up their Council of the Federation (COF) mission to China yesterday, the second since 2008. While in Beijing, they met with Chinese Vice-Premier Wang Qishan, Commerce Minister Chen Deming, top officials of the state assets commission and the National Development and Reform Commission, along with a vice-mayor of Shanghai.
Notably, they also huddled with the head of CNOOC on Canadian resources trade and investment at a time when the Harper government is reviewing the Chinese oil giant’s takeover bid for Calgary-based Nexen Oil. The bid has been ovewhelmingly approved by company shareholders but, as noted in earlier posts, is stirring up much debate over Chinese state corporate investment in the Canadian oil and gas sector.
In Hong Kong at the end of the trip, after meetings with Financial Secretary John Tsang and a visit to the Hong Kong Stock Exchange, Nova Scotia Premier Darrell Dexter, Chairman of COF, summed up by saying: “This mission has demonstrated to China’s business and political leaders that Canada’s provinces and territories value their collective and unique relationship with China. Increased trade with China means more jobs for Canada. The mission has already accomplished results for each of the provinces and territories…”
Premier Bob McLeod of Northwest Territories seemed most active among his colleagues, calling for a major boost in Chinese investment and trade with his jurisdiction. He encouraged more Chinese interest in metal and diamond mining, noting encouraging talks between rare metals specialist Avalon Resources and Chinese investors, co-development of new oil and gas fields, and Chinese help with hydro development along the MacKenzie River, while not forgetting the territory’s traditional strength in high-end wild furs.
“The Northwest Territories economy has been built on luxury items – furs, gold and now diamonds. Over time, mining became the driving force of our economy. Today our mineral resources are still our biggest asset and represent the best opportunity for China…(In terms of the traditional economy), China is one of the top buyers (of NWT fur). Demand from China has been increasing year after year, with buyers interested in mink, marten, arctic fox, and red fox”, he informed officials and businessmen in Beijing and Hong Kong.
Over the summer, Avalon Resources signed a landmark agreement with the Deninu First nation for an option to buy a small share of the company’s proposed rare earth mine at Thor Lake, about 130 km east of Yellowknife, paving the way for regulatory approval. Last February, Jinan-based Zhongrun International Co. bought nearly 9.62% of Canadian Zinc Corp. which is developing a new mine at Prairie Creek that has just cleared an environmental review.
Similar to SaskTel’s cooperation with Chinese telecom equipment giant Huawei to launch a fixed wireless service for voice and broadband in rural Saskatchewan, NWT’s Ice Wireless will be working over the long term with Markham, Ontario’s Iristel and Huawei Canada to provide 3G services to rural and remote communities throughout the MacKenzie Valley region.
Premier McLeod also toured Suntech’s solar panel manufacturing facility in Shanghai. Suntech is a world leader in solar panel design and manufacture. The NWT government is exploring the application of new energy technologies to ease the territory’s dependence on imported diesel as well as to lower its greenhouse gas emissions.
Meanwhile, Chinese investment has also flooded into neighbouring Yukon’s resource sector at the expense of Alaska, complained a US-based northern news service. Northern Cross, 60% owned by CNOOC, is actively drilling in the Eagle Plains area of northern Yukon. Yunnan Chihong Zinc and Germanium Co. entered into a JV with Selwyn Resources a couple years go to invest some $100 million to advance the Selwyn (lead/zinc) Project.
In 2008, Jiuduicheng Molybdenum Group Co. and Northwest Nonferrous International Investment Co. bought out Yukon Zinc that is developing its high grade poly-metal Wolverine Mine. The Yukon Council of First Nations is also talking to the Chinese about investment in their realms.
Not to be outdone, Advanced Explorations Inc., backed by investments of up to $1 billion in Chinese capital, is planning development of big iron ore deposit at Roche Bay on the Melville Peninsula in Nunavat that has the potential of producing 5.5 million tonnes a year. It will be the territory’s second giant iron ore mine. The JV partners are Xinxing Ductile Iron Pipes Co, one of the world’s largest makers of cast iron pipe, and China Huaxin International.
Similarly in northern Quebec, Wuhan Iron and Steel Co., China’s third largest steel works, has formed a JV with Adriana Resources Inc. to a develop an iron ore project. Quebec is also seeking Chinese investment to support the massive Plan Nord, a $80 billion, 25-year plan to develop the northern parts of the province.
Chinese Vino Winning International Praise
McCain to Double Up Potato Processing in Harbin
McCain Foods Ltd. announced plans Wednesday to double the capacity of its potato processing plant in Harbin, China. The company said the Harbin plant was built in 2005 and was one of several potato processing plants McCain has in the region.The expansion is expected to be completed next year.
– Canadian Press
China’s Puzzling Love for US Treasuries
I’ve heard many times People’s Bank of China (PBoC – China’s central bank) officials explain the buying of US treasuries as a sure bet but that was before the US sparked world financial crisis. For the life of me, I don’t understood why they’re still buying (after a short lull), especially in view of the ‘fiscal cliff’ imminent in Congress and the depth of American national debt which is approaching 100% of GDP.
China, the largest foreign holder of Treasury debt, boosted its holdings to $1.15 trillion, up 0.2 percent from June. Japan, the second-largest buyer of Treasury debt, increased its holdings 0.6 percent to $1.12 trillion.
The Treasury Department says total foreign holdings rose 0.7 percent in July to a record $5.35 trillion.
– AP
China Unicom Anchors in Toronto
One of China’s largest telecom companies is setting up shop in Canada to capitalize on the flourishing trade relationship between the two countries.
China Unicom announced Tuesday that it has opened an office in Toronto as it embarks on the latest leg of its North American expansion. The Beijing-based company, which operates a global network that covers more than 240 countries, said Canada is a key growth market along with the United States and the Asia-Pacific region.
Saskatchewan Premier Brad Wall Interviewed on CCTV
China Central Television’s (CCTV9 English channel) Dialogue host Yang Rui interviewed Saskatchewan Premier Brad Wall on the province’s bustling economy and Canada-China trade, investment and other issues over the weekend. Great publicity for Saskatchewan but too bad it wasn’t on a major Chinese language channel such as CCTV1 or CCTV2. Then, the impact would be stupendous.
http://english.cntv.cn/program/dialogue/20120916/100739.shtml
APF on Canada’s Engagement With Asia
Here are a couple graphics on Canada’s engagement with Asia and status of free trade agreement talks with Asian countries.
The full report can be downloaded from: http://www.asiapacific.ca/research-report/securing-canadas-place-asia-means-institutions-and-mechanism