China Times Video

US republicans prepare to fight tax increases

Times Video — Tue, 20 Sep 2011 12:36:32 +0000

US republicans prepare to fight tax increases

www.youtube.com/watch?v=DkwXWekRYKg

As expected, U.S. Republican leaders have criticized President Barack Obama’s proposal for a new tax on millionaires, calling it “class warfare” and predicting it will face heavy opposition in Congress.

Republicans say the proposal would limit growth and hurt corporate investment in an already-stagnating economy. In addition, they predict it will reduce the employment rate, as the country’s wealthy may slash job creation. Meanwhile, many Republicans see the proposal as a political move by the president before the 2012 election.

The populist proposal would set the stage for a battle with Republicans over tax and spending priorities.

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China issues own iron ore price index

Times Video — Tue, 20 Sep 2011 12:33:02 +0000

China issues own iron ore price index

www.youtube.com/watch?v=b2L6-SzBPcM

China launches its own iron ore price index, according to the China Iron and Steel Association, or CISA. The move is designed to improve pricing power over the key steel making ingredient.

China, by far the world’s biggest steel producer, has been eager to gain more say over iron ore prices on the world market. CISA has long complained that the indexes now in use and published by Metal Bulletin, The Steel Index, and Platts, favor the iron ore exporting countries.

The new index is expected to better serve China’s steel sector by using methodologies that are more transparent. It will include prices of iron ore concentrate on a dry basis from 32 domestic mines in 14 regions as well as import deals at eight ports.

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Hybrid rice output hits record high

Times Video — Tue, 20 Sep 2011 12:27:02 +0000

Hybrid rice output hits record high

www.youtube.com/watch?v=lSlAc_BNSjg

The yield of China’s hybrid rice breed, which is known as super rice, has exceeded 900 kg per mu (0.067 hectare), setting a new world record in rice output.

The rice breed, DH2525 (Y two superior No. 2), produced a harvest of 926.6 kg per mu during its trial plantation in Longhui County in central China’s Hunan Province, according to the provincial academy of agriculture at a press conference on Monday.

To ensure the accuracy of the yield, a team of experts under the Ministry of Agriculture (MOA) randomly selected three out of the 107.9 mu trial field’s 18 plots and supervised the harvest on Sunday.

However, the breeding can not be deemed a success until the new breed produces the targeted yield of over 900 kg per mu on at least 100 mu of farmland for two consecutive years, said the team’s leader Cheng Shihua.

“We have another year to go,” he said.

DH2525 was developed by Yuan Longping, known as the “father of hybrid rice,” who started developing hybrid rice in the 1960s. His research team reached the target unit yield of 700 kg per mu and 800 kg per mu in 1999 and 2005, respectively, setting world records both times.

With skills honed by his team over several decades, Chinese farmers are estimated to have harvested 300 billion kilograms more in aggregate output. Their hybrid rice, therefore, has become known as super rice.

Wang Huayong, a farmer who contracted the trial field, said the field had a yielded 841.6 and 872 kg of rice per mu over the past two years, respectively, and the yield finally exceeded 900 kg per mu this year.

“The seed was further upgraded, new manure was used, and we also received the guidance of Mr. Yuan himself,” Wang said.

Eighty-one-year-old Yuan visited the field in early September and checked the growth situation.

“He issued a clear instruction on water management in the field,” said Wang.

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China: Shaanxi mudslide claims at least 14 lives

Times Video — Tue, 20 Sep 2011 12:26:09 +0000

China: Shaanxi mudslide claims at least 14 lives

www.youtube.com/watch?v=x6Lb6JIOe90

The death toll has climbed to 14 and 18 others remain missing after Saturday’s rain-triggered landslide that buried several workshops in northwest China’s Shaanxi Province.

“Ministry of land and resources has sent a team of specialists to help with the rescue work and pinpoint the cause of the accident,” said Zhu Zhisheng, vice mayor of Xi’an, the provincial capital.

The landslide happened at around 2 p.m. Saturday, with almost 100,000 cubic meters of rock and mud unleashed down a mountain in Baqiao, a suburban district of Xi’an.

It buried a brick factory and destroyed part of a nearby ceramics plant, said Zhu.

On Sunday, heavy rain flooded a main railway line in the central Henan Province. Repair work continued Monday.

It is not immediately known when traffic will resume.

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China’s lunar probe Chang´e 2 explores deep space

Times Video — Tue, 20 Sep 2011 12:25:20 +0000

China’s lunar probe Chang´e 2 explores deep space

www.youtube.com/watch?v=esOMsDiZt4A

Zhongxing-1A, the satellite, carried by a Long March-3B rocket carrier, blasts off from the Xichang Satellite Launch Center in the southwestern Sichuan Province, China, Sept. 19, 2011. China has successfully launched a new communication satellite, Zhongxing-1A, from the Xichang Satellite Launch Center of Sichuan Province on 0:33 am.

The satellite will be capable of providing communication, broadcasting and data transmission services for users in regions of China.

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U.S. Treasury Secretary Geithner Tax reform is necessary

Times Video — Tue, 20 Sep 2011 12:24:19 +0000

U.S. Treasury Secretary Geithner Tax reform is necessary

www.youtube.com/watch?v=ohMlvWy-dKE

Thousands evacuated as floods hit SW China

Times Video — Tue, 20 Sep 2011 12:23:22 +0000

Thousands evacuated as floods hit SW China

www.youtube.com/watch?v=s-gliQ4YH3M

At least 14 people died, 11 others were missing and more than three million people were affected in rain-triggered flooding in southwestern Sichuan Province as of 2 p.m. Monday, the local government said.

Direct economic losses totaled 6 billion yuan (937.5 million U.S. dollars). More than 16,700 hectares of crops were affected by heavy rains and flooding. Floods also toppled 31,000 houses across the province, according to the local government.

The State Flood Control and Drought Relief Headquarters has sent special work teams to the province to gauge flood damage and direct disaster relief operations.

Rescuers are searching for the missing people.

Torrential rains have ravaged many parts of Sichuan since Friday. In Bazhong, Dazhou and Guang’an cities particularly, 1.06 million people were evacuated ahead of what was expected to be the worst flood since records began in 1847.

Floods claim 57 lives as rain wreaks havoc

More than 12 million people have been affected by the latest round of heavy rains, while strong flooding has forced more than 1.21 million people to evacuate in Henan, Shaanxi and Sichuan provinces, according to the Ministry of Civil Affairs.

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“China Zun”: Jewel of Beijing´s skyline – Beijing China Tallest Skyscraper

Times Video — Tue, 20 Sep 2011 12:22:35 +0000

“China Zun”: Jewel of Beijing´s skyline -- Beijing China Tallest Skyscraper

www.youtube.com/watch?v=p5ZPMqaJPyY

A groundbreaking ceremony for a new skyscraper took place in Beijing’s central business district (CBD) on Monday, marking the beginning of construction on what will eventually be the city’s tallest skyscraper.

The design of the China Zun building was inspired by an ancient Chinese wine vessel, according to the CITIC Group, the building’s developer. The building will serve a variety of functions, serving as both an office building and a tourist destination, according to the group.

The China Zun will dwarf the nearby China World Trade Center Tower 3, a 330-meter-tall building that is currently the tallest in the city.

Aiming to top China’s more environmentally-friendly skyscrapers, the group said that the building will feature the latest energy-saving technology in order to encourage the efficient consumption of energy.

The building’s top floor will function as a sightseeing platform and cafe, providing visitors with a panoramic view of the CBD, the group said.

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U.S. President Barack Obama unveils deficit reduction plan

Times Video — Tue, 20 Sep 2011 12:21:20 +0000

U.S. President Barack Obama unveils deficit reduction plan

www.youtube.com/watch?v=9Lv5gjsve2w

U.S. President Barack Obama vowed on Monday to restore the country’s fiscal credibility by announcing a new deficit plan which will raise taxes on the rich and reduce government spending on other programs.

The plan, which is the president’s fourth package of deficit- reduction ideas this year, also serves as Obama recommendations to a bipartisan congressional debt reduction committee to pay for a 447-billion-dollar jobs bill that he announced on Sept. 8.

Job creation and debt reduction are the two top priorities of the Obama administration as the 2012 presidential election battle is on its way. “Washington has to live within its means,” Obama said from Rose Garden of the White House, urging two parties of the Congress to take their responsibility to address the country’s debt challenge.

According to a fact sheet released by the White House, Obama’s plan will produce approximately 4.4 trillion dollars in deficit reduction, including 1.1 trillion dollars in presumed savings from winding down the wars in Iraq and Afghanistan. The provision has been part of Democratic and Republican budget proposals in the past.

The center piece of the new plan is a 1.5 trillion dollars tax increase over the next decade. This part is also most controversial and caused strong opponent from the Republicans.

Besides tax increase, the deficit cut plan will include 1.2 trillion dollars from the discretionary cuts and 580 billion dollars reduction and reform of a wide range of mandatory programs. Moreover, it will save 430 billion dollars in additional interest payments.

“This will be the biggest spending cut in (U.S.) history,” he said, adding that everyone must pay a “fair share” including the wealthy and big corporations.

The White House expects that the U.S. deficit to GDP ration, currently about 9 percent, to fall to 2.3 percent of GDP in 2021.

Obama said that his administration will reform the social welfare programs, but it will not abandon the fundamental basis of the country.

Facing a sluggish economic growth and stubbornly high unemployment, Obama unveiled a job plan on Sept. 8 including measures like payroll tax cuts for employers and employees as well as new investment in infrastructure projects.

The newly proposed deficit reduction plan is considered as a sister plan of the Obama administration’s job plan.

A 12-member Congressional committee, formally named the Joint Select Committee on Deficit Reduction, which was created by a bipartisan debt reduction deal inked last month, will consider Obama’s plan and propose their solution later this year.

The so called “super committee” needs to reach an agreement and send to the Congress for approval by Dec. 23. Otherwise, 1.2 trillion dollars in cuts to defense and entitlement programs would take effect automatically in January 2013.

Obama said that he would veto any debt-reduction bill that cuts spending but does not raise taxes.

Again, he renewed a “balanced approach” to trim the deficit with a mix of tax increases and budget cuts, emphasizing on “the values of shared responsibility and shared sacrifice”.

However, the new plan is believed to have little chance of getting through the Congress in one piece.

Republicans have consistently opposed any measures resembling tax hikes, saying they will hurt the struggling U.S. economy.

The Heritage Foundation, a Washington-based think tank said that Obama’s idea on tax increase is “war on job creators”.

House Budget Committee Chairman Paul Ryan, a Republican, said that “if you tax job creators more, you get less job creation.” Senate Minority Leader Mitch McConnell argued that the President’s plan is “a bad thing to do in the middle of an economic downturn.”

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Palestinian leader meets Ban Ki Moon on UN membership

Times Video — Tue, 20 Sep 2011 12:20:13 +0000

Palestinian leader meets Ban Ki Moon on UN membership

www.youtube.com/watch?v=NSIHkb3YOjM

Palestinian Authority President Mahmoud Abbas said here Monday that he will formally apply for the UN membership on Friday, a UN spokesman told reporters.

Abbas, who is here in New York at the UN Headquarters for the annual debate of the UN General Assembly, made the statement in his meeting with UN Secretary-General Ban Ki-moon, according to Ban’s spokesman Martin Nesirky. “The secretary-general and President Mahmoud Abbas had a constructive meeting today,” said Nesirky, adding that President Abbas had informed the secretary-general of his intention to submit on Friday an application for membership in the United Nations.

Last week, Ban told a press conference that he will pass the application to the Security Council if asked to do so by the Palestinians.

After that, the global peace and security body would examine it and come up with a resolution to recommend Palestinian statehood to the General Assembly. However, the U.S., a strong ally of Israel and one of the five permanent members of the 15-nation Council, is likely to use its veto power to thwart the Palestinians.

If the statehood bid in the Security Council fails, Abbas and the Palestinians could bring their case straight to the General Assembly, where it has widespread support. In this scenario, though, the Palestinians would only be able to gain non-member observer statehood. This would be a step up from their current status of permanent observer, but would not allow them to cast votes at the UN.

“The secretary-general reiterated his support for the two-state solution and stressed his desire to ensure that the international community and the two parties can find a way forward for resuming negotiations within a legitimate and balanced framework, and discussed with President Abbas the ongoing Quartet efforts in this regard,” Nesirky said, adding President Abbas had stressed his commitment to a “negotiated solution.”

The Quartet, which groups the United States, the European Union, Russia and the United States, is a diplomatic group in search of the two-state solution — an independent Palestine State to live in peace with a secure Israel.

Asked if the secretary-general had a preference concerning the Palestinian bid for UN membership, the spokesperson said this was a matter for member states to decide through the established procedures.

In response to a question on a meeting of the Quartet envoys, Nesirky said they held regular meetings and had met on Sunday in New York.

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