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Stand up to China, think tank urges

The Taiwan Thinktank yesterday urged political parties to pay attention to China’s democratic development and refrain from falling into an “economic diplomacy” trap, which it said has replaced human rights with money power.

In a report published yesterday, the think tank said China has launched “global economic diplomacy” in the attempt to expand its global domination. It has increased its investment in the eurozone and hopes to salvage the European economy and has done the same in Africa in a bid to expand its influence on that continent.

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US diplomat slams China for opposing visit to Taiwan

American Institute in Taiwan Chairman Raymond Burghardt yesterday said Chinese pressure on Missouri Governor Jay Nixon to cancel a visit to Taiwan was “unacceptable” and inconsistent with Beijing’s claims it sought to improve ties with Taipei.

Nixon last month scrapped plans to visit Taiwan after a Chicago-based Chinese diplomat warned the trip could imperil a project by China to turn St Louis airport into a hub for Chinese cargo in the US.

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Newsflash

China’s local government debt may be 3.5 trillion yuan (US$540 billion) larger than auditors estimated, potentially putting banks on the hook for deeper losses that could threaten their credit ratings, Moody’s said yesterday.

Moody’s reviewed a report released by China’s state auditor last week, which found that local governments had chalked up 10.7 trillion yuan of debt. Moody’s said it identified more loans funded by banks after accounting for discrepancies in figures given by various Chinese authorities.

Investors worry the pile of loans, about half of which were racked up during a 2008 stimulus spending binge, could destabilize the Chinese economy in the long run. If banks have to absorb heavy losses, it could restrict lending.