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Chinesische Wirtschaft
Mrz 1st, 2017 by Gao

Thomas Piketty, Li Yang, Gabriel Zucman: Capital Accumulation, Private Property and Rising Inequality in China, 1978-2015 (PDF; World Wealth & Income Database)

This paper combines national accounts, survey, wealth and fiscal data (including recently released tax data on high-income taxpayers) in order to provide consistent series on the accumulation and distribution of income and wealth in China over the 1978-2015 period. We find that the aggregate national wealth-income ratio has increased, from 350% in 1978 to almost 700% in 2015. This can be accounted for by a combination of high saving and investment rates and a gradual rise in relative asset prices, reflecting changes in the legal system of property. The share of public property in national wealth has declined from about 70% in 1978 to less than 35% in 2015, which is still a lot higher than in rich countries (close to 0% or negative). Next, we provide sharp upward revision of official inequality estimates. The top 10% income share rose from 26% to 41% of national income between 1978 and 2015, while the bottom 50% share dropped from 28% to 15%. China’s inequality levels used to be close to Nordic countries, and are now approaching U.S. levels.

Cheng Enfu, Ding Xiaoqin: A Theory of China’s ‘Miracle’. Eight Principles of Contemporary Chinese Political Economy (Monthly Review)

China’s rapid economic development in recent years is often characterized as “miraculous.” Talk of a “Beijing Consensus” or “China model” has become commonplace in academic debates. But as we have written elsewhere, “theoretical problems have started to emerge with regards to the very existence, content, and prospects of the China model.” The key question, then, is what kind of economic theory and strategy underpin this “miracle.” China’s model has been variously described as a form of neoliberalism, or as a novel kind of Keynesianism. Against these positions, we hold that the country’s major recent developmental gains are the achievements of theoretical advances in political economy, originating in China itself, while the main problems that have accompanied China’s development reflect the damaging influence of Western neoliberalism. President Xi Jinping has emphasized the need to uphold and develop a Marxian political economy for the twenty-first century, adapted to China’s needs and resources.

Sit Tsui, Erebus Wong, Lau Kin Chi, Wen Tiejun: The Tyranny of Monopoly-Finance Capital. A Chinese Perspective (Monthly Review)

The tyranny of global monopoly-finance capital can be seen in part as monetary geopolitics backed by military power. Through investment schemes, it directly appropriates the production gains made by the physical and resource economies of developing countries. At the same time, it engages in financial speculation by buying long and selling short in capital markets. The end result is the plundering of social wealth. China is not immune to this tyranny. This article analyzes the causes and effects of China’s financial crises, which are in large part the fallout of crises occurring outside China. Crucial here is uncovering how financial capital–both domestic and foreign–has become alienated from the physical economy and “de-localized” in its pursuit of profits.

Erebus Wong, Lau Kin Chi, Sit Tsui, Wen Tiejun: One Belt, One Road. China’s Strategy for a New Global Financial Order (Monthly Review)

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the “Silk Road Economic Belt” and the “Twenty-First-Century Maritime Silk Road,” together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of “peaceful development.” Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance. The OBOR strategy combines land power and maritime power, bolstering China’s existing oceanic hegemony in East Asia.

Panama-Papiere
Apr 6th, 2016 by Gao

Matthias Müller: Sprachlos in Peking (Neue Zürcher Zeitung)

Staatschef Xi Jinping ist Korruption ein Dorn im Auge. Die Enthüllungen der «Panama Papers» wird er deshalb mit Argusaugen verfolgen. Auch Mitglieder seiner Familie nutzen jedoch «Briefkastenfirmen». …
Welche Chinesen Briefkastenfirmen gründeten, bleibt im Dunkeln. Deren Namen dürften für eine breite chinesische Öffentlichkeit jedoch keine grosse Überraschung darstellen. Im Fokus steht Deng Jiagui , der seit 1996 mit der älteren Schwester von Staats- und Parteichef Xi Jinping, Qi Qiaoqiao, verheiratet ist. Das Ehepaar war bereits 2012 in Visier westlicher Medien geraten, als die Nachrichtenagentur «Bloomberg» enthüllte, dass es über Vermögenswerte in Höhe von mehreren Hundert Millionen Dollar verfüge.

Huang Zheping: China’s elite—including Xi Jinping—are linked to offshore deals that hid millions of dollars (Quartz)

At least eight top Chinese officials are linked to offshore deals through associates, an investigation into 11 million leaked documents from one of the world’s largest offshore law firms shows. They include the brother-in-law of Chinese president Xi Jinping, whose offshore firms went dormant before Xi came into power, and the granddaughter of a former top leader who bought an offshore company for just $1.

Juliette Garside, David Pegg: Panama Papers reveal offshore secrets of China’s red nobility (Guardian)

The eight members of China’s Communist party elite whose family members used offshore companies are revealed in the Panama Papers.
The documents show the granddaughter of a powerful Chinese leader became the sole shareholder in two British Virgin Islands companies while still a teenager. Jasmine Li had just begun studying at Stanford University in the US when the companies were registered in her name in December 2010. Her grandfather Jia Qinglin was at that time the fourth-ranked politician in China…
Also in the data are Hu Dehua, the businessman son of Hu Yaobang, the Communist party’s general secretary ousted in 1987…

Johnny Erling: Der Panama-Skandal erreicht Chinas Führung (Standard)
Panama Papers – The Power Players: Deng Jiagui | Li Xiaolin (International Consortium of Investigative Journalists)
Powerful force is behind Panama Papers (Global Times)

A huge leak of confidential documents from Mossack Fonseca, a Panama-based law firm alleged to have been a facilitator of money laundering for its clients has shocked international public opinion. Over 11 million documents were passed to German newspaper Sueddeutsche Zeitung by an anonymous source. These documents have been reportedly investigated by some 300 global journalists for a year.
The Western media soon collected the most eye-catching information from the documents and leaders of non-Western countries have been scrutinized. Most media led with the allegations that a close friend of Russian President Vladimir Putin had laundered $1 billion. The Western media has opaquely described it as „Putin’s money laundering.“ …
The Western media has taken control of the interpretation each time there has been such a document dump, and Washington has demonstrated particular influence in it. Information that is negative to the US can always be minimized, while exposure of non-Western leaders, such as Putin, can get extra spin.
In the Internet era, disinformation poses no major risks to Western influential elites or the West. In the long-run, it will become a new means for the ideology-allied Western nations to strike a blow to non-Western political elites and key organizations.

In den Medienberichten weniger prominent platziert:
Tsai Ing-wens Bruder hatte Beziehungen zu Anwaltskanzlei Mossack Fonseca (Radio Taiwan International)

Tsai Ying-yang, der Bruder der kommenden Präsidentin Tsai Ing-wen, hatte Beziehungen zur Anwaltskanzlei Mossack Fonseca. Das wird aus den kürzlich veröffentlichten Dokumenten der im Rahmen der Steuerhinterziehung genutzen panamaischen Anwaltskanzlei deutlich. …
Die Kanzlei [Mossack Fonseca] wurde 1977 von Jürgen Mossack, dem Sohn des Waffen-SS Rottenführers Erhard Mossack gegründet. Der US-Auslandsgeheimdienst CIA führte seinen Vater nach dem zweiten Weltkrieg für Spionagezwecke in Panama. Dort gründete der Sohn Jürgen Mossack die in die Schlagzeilen geratene Kanzlei zusammen mit dem panamaischen Anwalt Ramón Fonseca Mora.

Mia Lamar, Ned Levin: Five Things to Know About Hong Kong and the ‘Panama Papers’ (Wall Street Journal)

Hong Kong features prominently in a massive trove of documents allegedly leaked from Panamanian law firm Mossack Fonseca & Co., according to reports published by international media outlets…
Hong Kong Was Mossack Fonseca’s Busiest Office…
China Laws Help Drive Hong Kong Offshore Activity… Chinese technology giant Alibaba Group Holding Ltd., which went public in New York in 2014 in a record-beating $25 billion offering, is incorporated in the Cayman Islands, for instance.

Peter Wolter, Ernst Wolff: »Geldanlegern ist dort fast alles erlaubt« (junge Welt)

Vom Skandal um die Panama-Konten profitieren in erster Linie die US-amerikanischen Steueroasen…
Es ist ganz offensichtlich ein Manöver der USA, sich selbst als weltweit beste Steueroase zu präsentieren. Wenn man die bisher vorliegenden Informationen über diese Panama-Papiere heranzieht, fällt auf, dass dort vor allem Gegner der USA angeschwärzt werden – die USA selber bleiben aber außen vor. Banken dieses Landes werden überhaupt nicht erwähnt, ebenso wenig Konzerne. Soweit ich weiß, werden auch keine Privatpersonen aus den USA genannt.
Das Interessante dabei ist, was nicht veröffentlicht wurde. Durch die Publizierung von Teilen dieser Papiere wird nämlich Druck auf Steuerhinterzieher aller Länder ausgeübt, ihr Schwarzgeld anderswo in Sicherheit zu bringen – niemand von ihnen kann wissen, ob nicht auch er in der Liste steht. Diese Leute werden sich vorsichtshalber eine neue Steueroase suchen: die USA. …
[Die USA] haben sich in den vergangenen Jahren – weitgehend unbemerkt von der breiten Öffentlichkeit – als neues Steuerparadies etabliert. Seit der Jahrtausendwende haben Regierung und Finanzkreise in Washington einen Krieg zum Beispiel gegen die Schweiz geführt: Deren Banken wurden genötigt, das Bankgeheimnis aufzuweichen. …
Parallel dazu wurden aber die US-Bundesstaaten Nevada, Delaware, South-Dakota und Wyoming als Standorte für derartige Konten etabliert. Dort gilt das Bankgeheimnis ohne Einschränkungen, den Geldanlegern ist dort fast alles erlaubt. …
Natürlich ist es gut, dass einige dieser Schiebereien jetzt an die Öffentlichkeit kommen. Aber letzlich versucht doch nur ein Übeltäter, andere Bösewichte zu beschmutzen, um von sich selbst abzulenken. Die wahren Schuldigen am Finanzchaos, die ganz großen Firmen und die Finanzinstitute der Wallstreet, bleiben mit Sicherheit ungeschoren.

Corporate Media Gatekeepers Protect Western 1% From Panama Leak (Craig Murray)

Whoever leaked the Mossack Fonseca papers appears motivated by a genuine desire to expose the system that enables the ultra wealthy to hide their massive stashes, often corruptly obtained and all involved in tax avoidance. These Panamanian lawyers hide the wealth of a significant proportion of the 1%, and the massive leak of their documents ought to be a wonderful thing.
Unfortunately the leaker has made the dreadful mistake of turning to the western corporate media to publicise the results. In consequence the first major story, published today by the Guardian, is all about Vladimir Putin and a cellist on the fiddle. As it happens I believe the story and have no doubt Putin is bent.
But why focus on Russia? Russian wealth is only a tiny minority of the money hidden away with the aid of Mossack Fonseca. In fact, it soon becomes obvious that the selective reporting is going to stink.
The Suddeutsche Zeitung, which received the leak, gives a detailed explanation of the methodology the corporate media used to search the files. The main search they have done is for names associated with breaking UN sanctions regimes. The Guardian reports this too and helpfully lists those countries as Zimbabwe, North Korea, Russia and Syria. The filtering of this Mossack Fonseca information by the corporate media follows a direct western governmental agenda. There is no mention at all of use of Mossack Fonseca by massive western corporations or western billionaires – the main customers. And the Guardian is quick to reassure that “much of the leaked material will remain private.”
What do you expect? The leak is being managed by the grandly but laughably named “International Consortium of Investigative Journalists”, which is funded and organised entirely by the USA’s Center for Public Integrity. Their funders include

  • Ford Foundation
  • Carnegie Endowment
  • Rockefeller Family Fund
  • W K Kellogg Foundation
  • Open Society Foundation (Soros)

among many others. Do not expect a genuine expose of western capitalism. The dirty secrets of western corporations will remain unpublished.

Clifford Coonan: Panama Papers: China describes revelations about its leaders as ‘groundless’ (Irish Times)

Und anderswo:
Self-censorship sensed as Japan’s TV stations replace outspoken anchors (Japan Times)

Hosts Ichiro Furutachi of TV Asahi’s influential “Hodo Station” and Shigetada Kishii of the TBS evening news program “News 23″ will both be replaced in April. NHK, too, is considering pulling longtime anchorwoman Hiroko Kuniya from its “Close-up Gendai” news and features program.
Furutachi has often been criticized by the government and its supporters for his commentaries…
Kuniya’s departure has long been whispered about as she is known for asking big-name politicians tough questions. However, she has survived until now.
Similarly, Kishii expressed opposition to contentious security bills before they cleared the Diet last September and called on fellow opponents to speak up.

Siegfried Knittel: Beschneidung der Pressefreiheit in Japan nimmt zu (Standard)

Journalisten beklagen ein zunehmend repressives Klima in Japan. Der Rücktritt dreier bekannter Fernsehmoderatoren sorgt für Unruhe…
Ins Blickfeld der ausländischen Presse geriet Furutachi, Macher der abendlichen Nachrichtensendung „Hodo Station“ des linksliberalen Asahi TV, im vergangenen Jahr, nachdem der Kommentator Shigeaki Koga in Furutachis Nachrichtensendung bekanntgemacht hatte, dass der Sender ihn auf Druck der Regierung zum Rücktritt gedrängt habe. Nun traf es Furutachi wegen seiner in „Hodo Station“ geäußerten Zweifel an der Verfassungskonformität der im vergangenen Jahr verabschiedeten Verteidigungsgesetze selbst.

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