Chinese Economy Is In Real Trouble
As growth in major global economies slows as a result of high inflation, exacerbated by the Ukraine war, many economists are hoping that China will again come to the world’s rescue. But this is not 2008, when China’s then rapidly expanding economy and a huge stimulus unleashed by the Beijing government, helped Western countries to recover much faster from the financial crisis. This time, China’s economic woes run deep. The government has all but given up on this year’s target of 5.5% GDP growth and Premier Li Keqiang warned last month there was little appetite right now for more expansionary policymaking.
China’s Covid Policy:
Business and consumer activity in the world’s second-largest economy have been stymied by Beijing’s zero-COVID policy that sparked monthslong lockdowns on workers in dozens of cities, forcing many businesses to shut. Chinese leaders are loathe to reverse the draconian policy now, for fear of unleashing a bigger crisis.
“China has effectively not lived with COVID like the rest of the world. So there would be economic chaos if the virus were suddenly to rip through the country,” Jacob Gunter, senior analyst at the Berlin-based Mercator Institute for China Studies (MERICS). “There isn’t any built-up immunity — as they refused to import the mRNA vaccines — they don’t have a very advanced health care system and there’s a lot of vaccine hesitancy.” Worse still, the recent government crackdown on the debts of property developers sparked a real estate crash that forced one of the country’s largest builders, China Evergrande, to the edge of bankruptcy. Chinese homebuyers have stopped paying mortgages on unfinished apartments, bank loans for property purchases have fallen for the first time in a decade and the amount of residential floor space — a measure of new construction activity — dropped by nearly half in the second quarter.
China cuts while the world hikes rates:
“It’s the opposite of what’s happening everywhere else in the world where countries are ratcheting up their rates,”. “China has the opposite problems that we have in the United States and Europe,” adding that Chinese consumers are afraid to spend for fear of being sent into quarantine with no income. Botham said the latest rate cuts were unlikely to make much difference to economic growth for two reasons.
“One is that they will only immediately impact bank funding costs, with no requirement to pass them through to the real economy. The second, and more important, is that loan demand has fallen off a cliff. I suspect the PBoC [People’s Bank of China] felt like it had to do something, even though it knows whatever it does will have minimal impact,” he added.
With the prospect of further stimulus on hold, the central government has sought to deflect attention away from Beijing, telling regional governments to do more to help stabilize growth and boost employment opportunities, which was met with skepticism.
President Xi under pressure to boost demand:
Pressure is already building on China’s leaders after a state-backed newspaper called this week in a front-page report for new pro-growth policies. Citing Wen Bin, chief economist at China Minsheng Bank, said Beijing should use more stimulus to boost demand. The paper also called for more industrial policies and measures for the real-estate market which it said would drive a recovery in production and consumption.
Resistance to a fresh stimulus could ease in the next few months as President Xi Jinping seeks re-election as Chinese leader by the 20th National Congress of the Chinese Communist Party. The summit, which is due in November, according to Hong Kong newspaper Ming Pao, is likely to approve Xi’s third term.
World Suicide Prevention Day observed on 10th September
World Suicide Prevention Day (WSPD), celebrated annually on 10 September, is organized by the International Association for Suicide Prevention (IASP) and endorsed by the World Health Organization (WHO). The overall goal of this day is to raise awareness about suicide prevention worldwide. Objectives include promoting stakeholder collaboration and self-empowerment to address self-harm and suicide through preventative action.
World Suicide Prevention Day 2022: Theme
The theme of WSPD 2022, “Creating hope through action,” reflects the need for collective, action to address this urgent public health issue. This has been the triennial theme for World Suicide Prevention Day from 2021 to 2023.
World Suicide Prevention Day 2022: Significance
According to experts at WHO, the motive of World Suicide Prevention Day is to make people realise that committing suicide is not the only way to end their problems. Each and every one such as family members, friends, co-workers, community members, educators, religious leaders, healthcare professionals, political officials and governments should show their participation and prevent suicide in their region. Organizations like the International Association for Suicide Prevention (IASP) and World Health Organization (WHO) promote World Suicide Prevention Day worldwide.
World Suicide Prevention Day 2022: History
World Suicide Prevention Day (WSPD) was established in 2003 by the International Association for Suicide Prevention in conjunction with the World Health Organization (WHO). The 10th of September each year focuses attention on the issue, reduces stigma and raises awareness among organizations, government, and the public, giving a singular message that suicide can be prevented.
Volker Turk set to become next UN human rights chief
The United Nations (UN) General Assembly approved Volker Türk of Austria to be the global body’s Human Rights Chief by UN Secretary-General Antonio Guterres. Volker Turk replaces Verónica Michelle Bachelet Jeria, a Chilean politician who served at the office of the UN High Commissioner for Human Rights (OHCHR) from 2018 to 2022. Turk, currently serving as assistant secretary-general for policy.
Career of Volker Türk:
Previously, Volker Türk served as the Assistant High Commissioner for Protection at UN refugees, the UN Refugee Agency (UNHCR), Geneva. He had a long and successful career in the advancement of human rights globally. He served with the UN refugee agency in Malaysia, Kosovo and Bosnia Herzegovina, the Democratic Republic of Congo, and Kuwait. His immediate challenge will be the controversial report of the accusation on China committing crimes against humanity and possibly genocide (mass murder) against the Uyghur people and abusing Muslim minorities.
E-FAST- India’s first National Electric Freight Platform Launched by NITI Aayog, WRI
NITI Aayog and World Resources Institute (WRI), launched India’s first National Electric Freight Platform- E-FAST India (Electric Freight Accelerator for Sustainable Transport-India). The National Electric Freight Platform brings different stakeholders together with the support of the World Economic Forum, CALSTART, and RMI India.
Key points related to E-FAST India
The platform aims to raise awareness of freight electrification bolstered by an on-ground demonstration pilot and evidence-based research.
It will support scalable pilots and inform policies aimed at accelerating freight electrification in India.
The launch of E-Fast India has witnessed participation from major automobile industries, logistics companies, development banks, and fin-tech companies.
It will help strengthen the partnership and identify freight solutions and support them.
The launch of E-Fast India was followed by the launch of WRI India’s Total Cost of Ownership (TCO) Evaluator.
The TCO Evaluator is an intuitive excel-based application, which helps in analyzing cost components and performance parameters.
The parameters included light, medium, and heavy-duty freight and compared electric variants with their diesel, petrol, and CNG counterparts to identify their impact on TCO per km.
Singapore awarded ‘Meritorious Service Medal’ to Lamba, Former Navy Chief of India
Former India Chief of Naval Staff, Admiral Sunil Lanba has been conferred Singapore’s prestigious military award, the Pingat Jasa Gemilang (Tentera) or Meritorious Service Medal (Military) (MSM(M)), by President Halimah Yacob. Admiral Lanba has been conferred the award for his outstanding contributions in enhancing the strong and long-standing bilateral defence relationship between the Indian Navy and the Republic of Singapore Navy.
Under Lanba’s leadership:
Both navies concluded the Bilateral Agreement for Navy Cooperation in November 2017 and the Implementing Arrangement for Mutual Coordination, Logistics and Services Support in June 2018, which established the framework for greater Navy-to-Navy interactions and expanded collaboration in areas of mutual interest such as submarine rescues, maritime-security information-sharing and logistics support.
With Lanba’s support, both navies also commemorated the Silver Jubilee of the Singapore-India Maritime Bilateral Exercise in 2018 and successfully conducted the inaugural Singapore-India-Thailand Maritime Exercise (SITMEX) in September 2019. These professional exchanges have strengthened interoperability and deepened mutual understanding and trust between personnel from both militaries.
SBI-WAARE collaborate to Fund Projects for Customers and Channel Partners
SBI-WAARE collaborate: The largest solar panel producer in India, WAAREE, has an agreement with State Bank of India (SBI) for unsecured solar project financing through the Surya Shakti Solar Finance Scheme and working cash for channel partners under EDFS (Electronic dealer finance scheme). Through the Surya Shakti Solar Finance Scheme, WAAREE plans to leverage a credit line of more than $500 million and offer loan borrowers a digital platform for a simple application process.
SBI-WAARE collaborate: Key Points
Through its network of Channel partners (SBI and WAARE), which serves the client base in the farthest reaches of the nation, WAAREE boasts the broadest presence throughout India.
Commercial Institutions, Industries, Resorts, Hotels, Manufacturing Units, and Warehouses will make full use of this unsecured financing instrument in order to switch to solar energy.
Increasing solar adoption will therefore help India’s energy security and hasten the decarbonization of power.
The complete ecosystem has been built up to guarantee that consumers receive all the assistance and advice required to select the appropriate equipment, address technical issues at their doorsteps, and quicken loan approvals.
SBI-WAARE collaborate: WAAREE, a Top Performer
Through a plethora of Innovative products and the high-wattage Solar panels that are required today, WAAREE has always been at the forefront of industry advancement. By becoming the only producer in India to have a 650Wp Solar panel classified in ALMM, WAAREE has achieved distinction. The need for high-quality, high-efficiency solar panels is met by WAAREE’s state-of-the-art panel production facilities, which are equipped to produce panels with a Wp rating of 540 or higher. The Economic Times has named WAAREE “India’s Best Brand” in the renewable energy sector. In its 2022 Scorecard, which is published to highlight the success of international manufacturers, PVEL, a lab with a worldwide reputation for photovoltaic testing, identified WAAREE as one of the Top Performers.
DRDO & Indian Army Successfully Conduct Six Flight-Tests of QRSAM Off Odisha Coast
Defense Research and Development Organization (DRDO) and the Indian Army completed six flight tests of the Quick Reaction Surface to Air Missile (QRSAM) system from Integrated Test Range (ITR), Chandipur, on the Odisha Coast, as part of evaluation trials.
Key points related to QRSAM System
QRSAM is a short-range Surface Air Missile (SAM) system, which is designed and developed by the DRDO.
The QRSAM aims to provide a protective shield to the moving armored columns of the Army from aerial attacks.
The six flight tests were carried out against high-speed aerial targets mimicking various types of threats to evaluate the capability of the QRSAM as a short-range Surface Air Missile (SAM) system.
The different threat scenarios include long-range medium-altitude, short-range, high-altitude-maneuvering target, low-radar signature with receding and crossing target, and salvo launch with two missiles fired in quick succession.
These tests were conducted in the final deployment configuration consisting of all indigenously-developed sub-systems, including the missile with indigenous radio frequency seeker, mobile launcher, fully automatic command and control system, surveillance, and multi-function radars.