The first ever Center for Gandhian Studies, is expected to be launched in Shanghai’s Fudan University, when Prime Minister Narendra Modi visits China from May 14-16.
Modi will arrive in Chinese city of Xian on May 14 where he would hold informal talks with Chinese President Xi Jinping and later travel to Beijing on May 15 for the formal talks.
With Yoga increasingly becoming popular as a fitness program, Modi is also expected to announce the setting up of a Yoga College which will be established at Yunnan Minzu University in China’s Yunnan province.
According to officials, the staff for the centre will be provided by the Indian Council of Cultural Relations (ICCR)
The university already has a centre for Indian studies. However, this is the first time a centre dedicated to Gandhian studies is being established in China even though a few books on Gandhian thoughts have been published in the Chinese language earlier.
Despite being contemporaries, Gandhi and former chairman of the Communist Party of China Mao Zedong have contrasting views on national liberation.
Whereas, Mahatma Gandhi advocated non-violent struggle, Mao firmly believed in the dictum of “power flows through the barrel of the gun”.
Modi is expected to end his visit in Shanghai where he would attend a series of events including an address to the Indian community.
China’s November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years as domestic demand softened further, underlining rising risks to the economy as China works to defuse a trade dispute with the United States.
The world’s second-largest economy has been loosing momentum in recent quarters as a multi-year government campaign to curb shadow lending put increasing financial strains on companies in a blow to production and investment.
The slowdown in Chinese industries has started to weigh on consumer sentiment this year, tapping the brakes on retail sales. Big-ticket items have been the first to be hit, with auto sales declining since May.
Pace of retail sales slows
Retail sales rose 8.1 percent in November from a year earlier, data from the National Bureau of Statistics showed Friday, below expectations for an 8.8 percent rise and the slowest since May 2003. In October, sales increased 8.6 percent. Auto sales fell a sharp 10.0 percent from a year earlier.
The slump was in line with data released by China’s top auto industry association, which showed sales dived 14 percent in November, the steepest drop in nearly seven years.
The stresses on broad activity have been compounded by a sharp escalation in China’s trade dispute with the United States, which has threatened to fracture global supply chains, chill investment, exports and growth.
Pace of industrial output slows
Industrial output rose 5.4 percent in November, missing analysts’ estimates and matching the rate of growth seen in January-February 2016. Factory output had been expected to grow 5.9 percent, unchanged from October’s pace.
Over the weekend, China reported far weaker than expected November exports and imports, reflecting slower global demand and waning domestic factory activity as profit margins narrow.
With economic growth at its weakest since the global financial crisis, Chinese policymakers are ramping up spending, pushing banks to increase lending and cutting taxes to shore up businesses and ward off a more damaging slump.
The weaker November industrial output and retail sales growth numbers showed that downward pressure on the economy is increasing, said Mao Shengyong, spokesman at the statistics bureau.
Still on track to hit growth target
But China is on track to hit its 2018 economic growth target of around 6.5 percent, Mao told reporters.
“On balance, the latest data show an economy that is under pressure on both the external and domestic front, with policy efforts to shore up growth still falling short,” Julian Evans-Pritchard, senior China economists at Capital Economics, wrote in a note.
A temporary 90-day trade war truce agreed by the United States and China early this month may have removed some of the immediate pressure on the economy.
The impact on China’s economy from the Sino-U.S. trade frictions are not apparent yet, Mao cautioned, adding that the nation will face more “external” uncertainties in 2019.
Indeed, even in the unlikely event the world’s top two economies reach a durable resolution in their dispute, ebbing domestic demand, mounting household debt and a cooling real estate sector point to a further slowdown in growth next year. (VOA)