A new study by Robert Kaplan — to be printed later this month in Foreign Affairs magazine — concludes that Washington and Taipei should work together to make the prospect of war seem “prohibitively costly” to Beijing.
“The United States could then maintain its credibility with its allies by keeping Taiwan functionally independent until China became a more liberal society,” Kaplan says.
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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. |
