China releases white paper on national defense, expounds on missions, tasks of China's armed forces in new era

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China issues a white paper titled "China's National Defense in the New Era," the first white paper on national defense since the 19th National Congress of the Communist Party of China in 2017. CGTN brings you the latest information live from the press conference.

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A white paper titled "China's National Defense in the New Era" released by the State Council Information Office Wednesday expounded on the missions and tasks of China's armed forces.

China's armed forces endeavor to provide strategic support for consolidating the leadership of the Communist Party of China and the socialist system, safeguarding national sovereignty, unity and territorial integrity, protecting China's overseas interests, and promoting world peace and development, said the white paper.

The missions and tasks of China's armed forces were laid out in seven aspects:

-- Safeguarding national territorial sovereignty and maritime rights and interests;

-- Maintaining combat readiness;

-- Carrying out military training in real combat conditions;

-- Safeguarding interests in major security fields;

-- Countering terrorism and maintaining stability;

-- Protecting China's overseas interests;

-- Participating in disaster rescue and relief.

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Invest early for your golden years

Many procrastinate on starting a retirement fund thinking there is still a long way to go to retirement age. However, they fail to realise the effects of inflation on their retirement funds. To ensure you have enough time to build a stress-free retirement, here are some reasons you should start saving while you are young.

• Financial independence – As the saying goes, “Sikit-sikit lama-lama jadi bukit.” When it comes to investing your savings, the earlier you start, the greater the accumulated returns on your original investment thanks to compound yield. By investing consistently and regularly, you will be able to secure yourself a comfortable retirement without having to depend on others. Work towards accumulating enough to cover the cost of your basic necessities, lifestyle expenses and occasional splurge on luxuries.

• Saving is a good habit to develop – If you start saving for your future from a younger age, you will find that it becomes second nature. It will be easier to put aside some money for retirement. It helps to start with small amounts, especially for young adults who are just entering the workforce, so it is not as overwhelming. How you manage your paycheck will determine how you save for the rest of your earning years. A person who is used to saving on a monthly basis will find it easier to set aside 10% of her salary for retirement as opposed to an individual who is not used to spending her money prudently.

• Gain control over your future – When you set aside money for your retirement, remember that you are shaping your future. This is a task no one else will perform for you or push you to do. By saving consistently, you are ensuring that you are well prepared for any outcome when you leave the workforce. With sufficient savings, you will most likely be able to live your dream lifestyle even during your retirement years – promising you the peace of mind of a secure financial future.

Steps to successful retirement planning

Building a substantial sum for your retirement nest egg can be easy and painless if you start investing early and regularly. Public Mutual’s Direct Debit Authorisation facility allows you to invest regularly while employing the Ringgit Cost Averaging strategy.

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To cater to diversified investors’ needs and investment objectives, Public Mutual offers six PRS core funds and three non-core funds, which make a great pool of funds for investors to choose from. Young investors who have long-term investment horizons can consider investing in PRS non-core funds, which can yield better potential returns in the long term.

For more financial tips and investment guidance, visit instagram.com/invest_with_public_mutual

Disclaimer:

These articles are prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.

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Trump's racist tweets

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 Malaysians must learn from this ugly episode in the American history and be mindful not to do the same to our fellow Malaysians in any circumstances

PRESIDENT Donald Trump singled out four coloured members of the United States House of Represent­atives in his recent tweets.

He told them to “help fix the totally broken and crime-infested places from which they came from”.

He had accused them before of “spewing some of the most vile, hateful and disgusting things ever said by a politician”.

He even told them, “If you hate our country or if you are not happy here, you can leave.”

Trump’s action is beyond the pale of decency in politics.

For someone holding the highest office in the mightiest country in the world, making such a statement shows how the United States has changed since he took office three years ago.

The United States has been a country beyond recognition of late.

Under Trump, it has compromised all the principles it held true – openness, tolerance and magnanimity.

He fanned the anti-immigrant sentiments.

His stand on Muslim countries is worrying, so the “Muslim ban” he imposed isn’t too shocking. The list goes on.

But calling the four congresswomen who criticised him “haters of America” is something else.

Except for Ilhan Omar, a Muslim born in Somalia and a naturalised US citizen, the rest are all US-born.

Other than Ilhan, Rashida Talib is also a Muslim.

In fact, they are the first Muslim women to be elected as members of the House.

Alexandria Ocasio-Cortez came from a Puerto Rican family and Rashida’s family are Palestinian immigrants.

Ayanna Pressley is a black representative from Boston.

The attacks on Ilhan since she was elected have been particularly harsh.

Jeanine Pirro, a Fox News host, was yanked from the air for making an unprovoked attack on Ilhan and her religion.

Tucker Carlson, also of Fox News, called her a “grievance monster who hates the United States”.

Thanks to Trump, we are witnessing a new low in American politics.

To speak ill of sons and daughters of immigrants in a country of immigrants is something else.

For Trump, it is almost a pattern now – making remarks uncalled for as a president.

Naturally, the country erupted in bitter recriminations over those tweets.

But knowing Trump, he will not apologise; in fact, he boldly proclaimed: “I don’t have a racist bone in my body.”

To which Ocasio-Cortez responded in a tweet, “You’re right, Mr President – you don’t have a racist bone in your body. You have a racist mind in your head and a racist heart in your chest.”

In the United States, toxicity is in the air.

Racism is rearing its ugly head. The white supremacists are emboldened. The voice of anti-immigrant groups is getting louder.

Bigotry knows no borders. Immigrants as a whole are facing a backlash in countries where fervent nationalistic sentiments are at play.

In predominantly white countries, the voices of right-wing and supremacist groups are becoming deafening.

Australian-born Brenton Tarrant, who filmed himself on a shooting rampage at a Christchurch mosque, is the kind of right-wing extremist we fear.

As much as the rise of militancy in any religion is condemned, we must be on the lookout for the Tarrants of the world.

But more important is the rise

of ferocious identity contestation based on race and religion the world over.There is nothing wrong with nationalist or religious zeal. But taking it to the level of undermining and marginalising others is something else.

The rise of nationalist parties in Europe is one example.

There is always the argument about the changing landscape of the “European character” with the influx of immigrants.

Immigrants, too, have changed the United States, and not necessarily for the worse.

The talk about “if you are not happy, go back to your country of origin” is nothing new.

We have heard that uttered many times by individuals and groups to minorities. We have seen it happen here in Malaysia, too.

There are some who are taking that path, conveniently telling individuals from the other races to do so.

Those targeted are born here. They have no other place to go. Criticising a policy is not being disloyal.

Speaking their minds as what the four congresswomen in the United States did should not be construed as disrespectful or hating the country.

As much as we must register our outrage against Trump, we must also be mindful not to do the same to our fellow Malaysians in any circumstance.

That is the lesson we should learn from this ugly episode in American history.

By Johan Jaaffar, a journalist, editor and for some years chairman of a media company, and is passionate about all things literature and the arts. The views expressed here are entirely his own.

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Fitch affirms Malaysia’s rating at A- with stable outlook, but heed the economic warning

Fitch Ratings

KUALA LUMPUR: Fitch Ratings has affirmed Malaysia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A-' with a Stable Outlook.

According to a statement posted on the interantional rating agency's website on Thursday the key rating drivers were its strong and broad-based medium-term growth with a diversified export base.

However, it also was concerned about its high public debt and some lagging structural factor.

Main points:

* GDP to grow at 4.4% in 2019 and 4.5% in 2020

* Global trade tensions to impact economy

* Private consumption to hold up well, public investment to pick up

* Outlook for private investment is more uncertain

* Weak fiscal position relative to peers weighs on the credit profile

* General government debt to fall from 62.5% of GDP in 2019 to 59.3% in 2021

* Malaysia relatively vulnerable to shifts in external investor sentiment

* Fitch expects another 25bp rate cut in 2020 on the back of continued external and domestic uncertainty.

* Banking sector fundamentals remain broadly stable

Fitch said Malaysia's ratings balance strong and broad-based medium-term growth with a diversified export base, against high public debt and some lagging structural factors, such as weak governance indicators relative to peers.

The latter may gradually improve with ongoing government efforts to enhance transparency and address high-profile corruption cases.

Fitch expects economic growth to slightly decelerate in the rest of this year as a result of a worsening

external environment, but to hold up well at 4.4% in 2019 and 4.5% in 2020.

Malaysia is a small open economy that is integrated into Asian supply chains, but it also has a well-diversified export base, which helps cushion the impact from a potential fall in demand in specific sectors.

Global trade tensions are likely to have a detrimental effect on Malaysia's economy, as with many other countries, but this may be partially offset by near-term mitigating factors, such as trade diversion, in particular towards the electronics sector.

Private consumption is likely to hold up well and public investment should pick up again in the next few years after the successful renegotiation of some big infrastructure projects, most prominently the East Coast Rail Link.

However, the outlook for private investment is more uncertain. FDI inflows were strong in the past few quarters, but investors will continue to face both external trade and domestic political uncertainty.

The Pakatan Harapan coalition took office in May 2018 with very high expectations. It has set a number of policy initiatives in motion, but holds only a small majority in parliament and has seen its previously high public approval rates fall significantly.

Uncertainty about the timing and details of the succession of the 94-year old Prime Minister Tun Dr Mahathir Mohamad also continues to linger.

A weak fiscal position relative to peers weighs on the credit profile. The government's repeal of the Goods and Services Tax (GST) and replacement with the Sales and Service Tax (SST) soon after it took power has undermined fiscal consolidation.

The government aims to offset the revenue loss through measures to strengthen compliance, the introduction of a sugar tax and an increased stamp duty. Its fiscal deficit target for 2019 of 3.4% of GDP, which we believe will be met, includes a special dividend from Petroliam Nasional Berhad (PETRONAS, A-/Stable).

Political pressures and growth headwinds could motivate the government to increase its current spending, but we believe that if it does so, it would seek additional revenues or asset sales to contain the associated rises in the deficit and public debt.

Fitch estimates general government debt to gradually decrease from 62.5% of GDP in 2019 to 59.3% in 2021.

The debt figures used by Fitch include officially reported "committed government guarantees" on loans, which are serviced by the government budget, and 1MDB's net debt, equivalent at end-2018 to 9.2% and 2.2% of GDP, respectively.

The government guaranteed another 9.2% of GDP in loans it does not service. The greater clarity provided by the government last year on contingent liabilities negatively influenced the debt ratios, but this is partly offset by the improved fiscal transparency.

Significant asset sales, as intended by the government, could result in a swifter decline in the debt stock than its forecast in its base case.

Progress in implementing reforms that institutionalise improved governance standards through stronger checks and balances, and greater transparency and accountability would strengthen Malaysia's business environment and credit profile.

The World Bank's governance indicator is still low at the 61st percentile compared with the 'A' category median of 76th.

An important change is that all public projects are now being tendered, which increases transparency, creates a level-playing field and should bring down project costs. Prosecution of high-profile cases may also help reduce corruption levels over time.

Malaysia has been running annual current account surpluses for the past 20 years, and Fitch expects it to continue to do so in the next few years, even though the surplus is likely to narrow to below 2% of GDP.

Foreign-reserve buffers were US$102.7 billion (4.7 months of current account payments) at end-June 2019, while other external assets are also significant, including from sovereign wealth fund Khazanah.

Malaysia is nonetheless relatively vulnerable to shifts in external investor sentiment, partly because of still-high foreign holdings of domestic government debt, although these have fallen to 21% from 33% three years ago.

Moreover, short-term external debt is high relative to reserves, although a significant part of this constitutes intra-group borrowing between parent and subsidiary banks domestically and abroad, reflecting the open and regional nature of Malaysia's banking sector.

Monetary policy is likely to remain supportive of economic activity, after Bank Negara Malaysia's (BNM) reduced its policy rate by 25bp to 3.0% last May, which seemed a pre-emptive response to increased external downside risk.

Inflationary pressures are limited with headline inflation at 0.2% in May 2019, still low due to the repeal of the GST and lower domestic fuel prices.

Fitch expects another 25bp rate cut in 2020 on the back of continued external and domestic uncertainty.

Banking sector fundamentals remain broadly stable. Elevated, but slightly declining household debt at 83% of GDP and property-sector

weakness should be manageable for the sector, but present a downside risk in case of a major economic shock.

The sector's healthy capital and liquidity buffers, as indicated by the common equity Tier 1 ratio of 13.4% and liquidity coverage ratio of 155% at end-May 2019, help to underpin its resilience in times of stress.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Malaysia a score equivalent to a rating of 'BBB+' on the Long-Term Foreign-Currency (LT FC) IDR scale.

In accordance with its rating criteria, Fitch's sovereign rating committee decided not to adopt the score indicated by the SRM as the starting point for its analysis because it considers it likely that the one-notch drop in the score to 'BBB+' since March 2018 will prove temporary.

Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR.

Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The main factors that, individually or collectively, could trigger positive rating action are:

* Greater confidence in a sustained reduction in general government debt over the medium term.

* An improvement in governance standards relative to peers, for instance through greater transparency and control of corruption.

The main factors that could trigger negative rating action are:

* Limited progress in debt reduction, for instance due to insufficient fiscal consolidation or further crystallisation of contingent liabilities.

* A lack of improvement in governance standards

KEY ASSUMPTIONS

* The global economy and oil price perform broadly in line with Fitch's Global Economic Outlook (June 2019). Fitch forecasts Brent oil to average USD65 per barrel in 2019, USD62.5 in 2020 and USD60 in 2021.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'A-';

Outlook Stable

Long-Term Local-Currency IDR affirmed at 'A-';

Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'F1'

Short-Term Local-Currency IDR affirmed at 'F1'

Country Ceiling affirmed at 'A'

Issue ratings on long-term senior unsecured local-currency bonds affirmed at 'A-'

Issue ratings on global sukuk trust certificates issued by Malaysia Sukuk Global Berhad affirmed at 'A-'

But heed of Fitch’s economic warning

Fitch Ratings has affirmed Malaysia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A-' with a Stable Outlook.

The international Fitch Ratings has given us a warning on the outlook for the Malaysian economy, which we should not ignore.

In preparing for the 2020 Budget, the government’s economic and financial planners should take heed of this friendly warning and act sooner rather than later. We should not let this warning pass, without having more consultations with Fitch, on how serious their constructive criticism could turn out to be.

Fitch Ratings has affirmed Malaysia’s long-term foreign currency issuer default rating at A-, with a stable outlook. But we must seriously take note of the several reservations that Fitch has made, and consider and monitor them, to remain on even keel and progress further.

What are these warnings?

High public debt

The national debt is now confirmed by Fitch to be high. By whatever standard of measurement used – by us, the IMF or the World Bank and other agencies – there is now consensus that our debt is indeed high, although still not critical.

However, the debt has to be watched closely. We have to ensure better management of our budget expenditures and strive to strengthen our budget revenues, to reduce the pressure to borrow more in the short to medium term.

Some lagging structural factors

The structural factors would refer to our need to raise productivity, increase our competitiveness and meritocracy and strengthen our successes, in combating corruption and cronyism.

How far have we advanced to deal effectively with these longstanding structural issues? In the minds of our foreign and even domestic investors, how successful have we been compared to the previous regime?

Fitch expects the economy to slow down to 4.4% this year and 4.5% in 2020. With the US -China trade war looming large and the general world economic uncertainty, investors can get even more jittery and hold back their investment plans. Thus, the low economic growth rates for this year and ahead should not be ruled out.

If the economy softens further to around 4% per annum, the implications of unemployment, and especially for our graduates, could be worrisome. The small and medium businesses and farmers and fishermen and smallholders in our plantation industries could suffer much from any slowdown.

But we are still slow and are struggling in trying to restructure the economy. We have not yet adopted major changes of transformation of the economy, which is largely raced-based to the vital requirement, to become more needs-based in our policies and implementation.

We need a New Economic Model but it has been difficult to adopt it as soon as possible.

Weak governance relative to peers

To be fair, many measures have been taken to strengthen the institutions of government. We have seen this in the parliament select committees, the Election Commission, the MACC and the civil service and other institutions.

We cannot do too much too soon, as good governance takes much longer to restore and build, after several decades of neglect in the past. But our people and investors are somewhat impatient for more rapid changes for better governance.

Fitch has, however, subtly warned us to compare our “weak governance relative to our peers”. Thus, we have to take note of the more rapid progress made by our neighbouring countries in Asean, like Vietnam, Thailand and Indonesia and, of course, Singapore, to measure our real success in good governance.

Investors have the whole world to choose from, to put their money where their mouth is. They also need not look at the comfortable physical climate and tax incentives alone to be attracted to invest in Malaysia.

Racial harmony, religious understanding and political stability are also major considerations for both domestic and foreign investors and professionals. This is where the reduction of the brain drain is important. But we continue to have strong outflows of brain power, which is debilitating.

Fitch warns that the PH government holds only a small majority in Parliament and has seen its previously high public approval rates fall significantly. Fitch’s assessment is quite correct. This has been due to too much politicking and allegation of sex scandals. All this does not give confidence to investors and even consumers who will be dampened in their enthusiasm to increase consumption and investment.

Fitch Ratings has subtly and politely warned us of the challenges we are facing. It has also emphasised in its usual guarded fashion the essential need for us to take heed of their advice and warnings, to make the necessary socio-economic and political adjustments, changes and even transformation, without undue delays.

We could face a real slowdown all round if we don’t consolidate our strengths to overcome our lingering weaknesses to forge ahead for a better Malaysia in the future – for all Malaysians.

By Tan Sri Ramon Navaratnam, chairman of the Asli Centre for Public Policy.

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China submits 5G technologies to International Telecommunication Union (ITU) as global standards.

ITU: Committed to connecting the world

Huawei, ZTE are major patent holders

China has formally submitted its 5G technologies to the International Telecommunication Union (ITU), and analysts said that as Chinese companies have made considerable contributions to the next generation of wireless communication in patents and technology breakthroughs, it is highly likely the industry will adopt Chinese proposals as global standards.

The proposed solutions included radio interface technology based on technologies for new radio developed by 3GPP for 5G networks and the narrowband Internet of Thing, China's IMT-2020 promotion group - the official organization under the auspices of the Ministry of Industry and Information Technology - said in a statement sent to the Global Times on Thursday.

"Our submission represents China's understanding of 5G technologies, considering the integrity and advance of 5G technologies. Meanwhile, we support the development of a global unified 5G standard under 3GPP," the statement said.

3GPP is a global standards organization that collaboratively develops standards and specifications for the telecoms industry.

The Chinese delegation consists of representatives from major telecoms companies and research institutions including Huawei, ZTE, China Mobile, China Unicom and the China Academy of Information and Communications Technology.

Final results for global standards for 5G technologies will be announced in June 2020, according to the statement.

China has been in a leading position in 5G development, and the ITU submission shows the global industry's recognition of the country's contributions to the 5G sector. Once Chinese solutions are adopted, the nation will have more say in standard-setting, and future technology development, Li Zhen, an industry expert at Beijing-based CCID Consulting, told the Global Times on Thursday.

"It's very possible that [the Chinese standards] will be adopted," he said, noting that the Chinese companies, particularly Huawei, already have a large portfolio of 5G core technology patents.

In terms of 5G standard essential patents, Huawei has the largest portfolio followed by Nokia, ZTE, LG and Samsung, according to the data as of this month, compiled by IPlytics. The number of declared 5G patent families held by Chinese companies accounted for nearly 40 percent of total declared patents.

The US remains highly vigilant in keeping Huawei out of the country's 5G market, although US President Donald Trump had promised his government will ease restrictions on the Chinese company at a recent G20 meeting in Japan.

However, the US, as well as its major allies, could issue administrative orders to bar Huawei but they can't really avoid it because the tech giant has already established many footprints in 5G core technologies, analysts said.

"Also, 5G development is not led by the US, which needs support from different countries that have their respective strengths and weaknesses in research and development," Li said.

Huawei announced it would seek $1 billion in patent fees from major US carrier Verizon for more than 230 patents, which has become a common business practice, as the company is both a licensee and licenser of primary core patents, especially in 5G, Song Liuping, a senior executive of the company, told the Global Times in an interview in June.

On 5G, the company has contributed around 2,000 standard, essential patents, making the company top in the industry, Catherine Chen, board member of Huawei, told an ongoing panel in Brussels on Thursday in commenting the impact of Entity List US imposed on the firm.

Still, Chinese companies might face fierce competition from their foreign rivals in pushing forward their 5G technologies as global standards. South Korea, another leader in 5G commercialization, has also proposed the adoption of its 5G technologies, the Yonhap News Agency reported on Thursday, citing the country's science ministry.

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Read more:

• Huawei says it has signed over 50 5G contracts, 28 from Europe
• Huawei’s 5G chipsets finished all network tests
• First 5G phones get 3C certificates

 

US goodwill gives Huawei more time

While some positive signs emerged for further China-US trade talks as the US softens its stance on Huawei, insiders suggested that the goodwill of Washington may win more time for the Chinese technology giant to restructure and develop its business.
Source: Global Times | 2019/7/23 20:13:40

 

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