LANCASTER, the United States, Oct. 6 (Xinhua) -- Chinese carmaker BYD unveiled Friday its expanded battery-electric bus manufacturing facility, North America's largest, in the U.S. city of Lancaster in southern California. BYD, which stands for "Build Your Dreams," is also the world's largest manufacturer of rechargeable batteries. The company's electric bus, supported by its solar panels, LED lighting and energy-efficient technologies, is able to run over 248 kilometers after a single charge, which is among the longest in the world. This expansion is an addition of a new wing to the current BYD Coach and Bus space, bringing the total manufacturing facility to nearly
The US government shutdown and the debt ceiling crisis have increased global concerns regarding the impact of the dysfunctional US political system on the international financial system, in particular, and the global economy more generally.
BEIJING, Sept. 28 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) has announced it will invest 150 million U.S. dollars in the International Finance Corporation (IFC)'s Emerging Asia Fund to address the infrastructure gap in Asia.
China has launched a new initiative to build a “Maritime Silk Route” linking the Pacific and Indian oceans. It was first proposed by President Xi Jinping during a visit to Indonesia in October 2013. Furthermore, Premier Li Keqiang has announced the establishment of a Yuan 3 billion ($500 million) maritime cooperation fund to promote this initiative.
The Communist Party of China, which at one time sent tremors throughout the capitalist world particularly the Western countries, has just introduced another dramatic package of home-grown market-oriented reforms. In fact, the outcomes of the Third Plenary of the Central Committee of the Communist Party offer important insights for Sri Lanka. The Pathfinder Foundation (PF) is focusing on these reforms to convey the message that they offer considerable scope for being customized to reflect the specific conditions of the Sri Lankan economy. In considering these reforms, it is important to take into account the political and social characteristics of Sri Lanka. The level of ambition of the reforms that have just been announced by the Chinese authorities has surprised almost all commentators. Some skeptics claim that the actual implementation of the reforms will fall short of what is promised due to resistance from vested interests and/or a lack of political will. This is unlikely, particularly as President Xi Jinping has personally taken charge of the mechanisms that have been established to oversee these economic reforms. He will lead the group on “Comprehensive Deepening of Reforms” which has been tasked with implementing the planned changes. It is very unlikely that President Xi will compromise or back down now that he has staked his personal authority behind these reforms.
The US government shutdown and the debt ceiling crisis have increased global concerns regarding the impact of the dysfunctional US political system on the international financial system, in particular, and the global economy more generally. There is an increasingly-held view that US Treasuries are no longer “riskless assets” as the second debt ceiling crisis in just two years has now raised the spectre of possible US government default. This raises concerns about the US dollar’s position as the unrivalled global reserve currency. Several world leaders have expressed.
China’s Steadfast Friendship
Sino-Lankan relations are on the threshold of a transformative leap forward. Contacts between Sri Lanka and the Middle Kingdom go back several centuries to the visits by the monk/scholar Fa Hsien and the impressive naval fleet of Admiral Zheng He. In the post-colonial era, the historic Rubber-Rice Pact (1952) was the landmark that initiated the very cordial relations that have prevailed between the two countries during the subsequent decades. China has been a steadfast friend which has played a very important role in protecting the unity and territorial integrity of the country.
Central Bankers in major economies, particularly the US Federal Reserve and the European Central Bank, always knew that it was extremely risky when they embarked upon quantitative easing. Such a policy has never been tested on such a large scale. However, the Central Bankers have adopted the position that the cost of a prolonged slump across the advanced world would be greater than the threat of inflating unsustainable bubbles in the world’s financial markets. This judgment is about to be put to the test.
Pathfinder Foundation focuses on economic and developmental issues. On the face of it, this topic seems to be largely political. However, in practice, it has significant direct and indirect economic ramifications.
The recent decision to authorize the development of Integrated Tourism Resorts, including gaming, has stirred up much controversy. It is an issue that needs to be examined in a hard headed and rational manner, devoid of emotion, hypocrisy and opportunism. Gambling stirs up passionate, moral indignation which does not resonate with the reality of life in Sri Lanka.
Burdening the Poor or Cost Reflective Pricing?
The Pathfinder Foundation (PF), since its inception has consistently argued in favour of cost reflective pricing for every State Owned Enterprise (SOE). This is based on the premise that losses of SOEs are invariably a burden on the public, particularly the poor and vulnerable, in one way or the other. In practice, the public are equivalent to the shareholders of these enterprises. The losses incurred by SOEs have eventually to be borne by the public in the form of higher taxes and/or interest rates. As 80% of Government revenue is collected from regressive indirect taxes, the pain is borne disproportionately by the poor.
The Pathfinder Foundation (PF) welcomes the efforts currently underway to address the chronic losses incurred by the CEB; and congratulates the Public Utilities Commission of Sri Lanka (PUCSL) and other stakeholders for conducting a professional Public Hearing. PUCSL is also to be commended for its proactive stance in cutting the costs put forward by the CEB to the tune of Rs. 40 billion.