Get subscribed to our newsletter
Get interesting updates to your email inbox.
By Gaurav Sharma
In the short span of three weeks this month, the Shanghai Stock Exchange shed a massive $ 4 trillion in stock value, sparking renewed suspicion on China as the economic counterpart to America’s hegemony in the global financial markets.
The abrupt crash, apart from casting a shadow on the strength of the Chinese currency and markets has also brought to question the reformist striving of Xi Jinping, who was given the mandate of not only sweeping-out rampant corruption from the Communist Party but also of economically empowering a burgeoning middle class.
But does the pitch alarm raised by Western media over the Chinese stock market plunge and notions of a Chinese “slowdown” hold any merit to predictions of an impending economic collapse or is it merely a classic case of jumping the gun via concoction of overblown fallacies?
Almost as soon as it plummeted, the market bounced back with much gusto. Despite predictions that its growth would be laggard this year, the Chinese stock market has managed to sustain the 7 per cent quarterly growth rate it had aimed for.
Firstly, the notion that a vast majority of the Chinese population is invested in the stock market is a myth. The Financial Times has quashed this misconceived notion by stating that a meager 6 per cent of the Chinese people have invested in the market which largely include a small coterie of billionaires.
Moreover, the larger Chinese industrial workers do not have their wages held-up in stock options and neither does the elderly population have its retirement pension at risk. This is in stark contrast to the intertwined nature of the financial crisis that rocked the developed world in 2008.
(Employees had their salaries connected as part of stock-options with New York Stock Exchange and more than 50 per cent of the American population was invested in the stock market)
Secondly, the ‘free market’ in China is kept under close watch by the Communist Party, the founding and ruling party of China comprising of more than 88 million workers. Although many leaders in the party were indicted for corruption charges, people on the ground believe that with the change in leadership, China would be restored back into a successful socialist society.
In fact, Xi Jinping has been described by the Economist as a leader enjoying ‘unusual popularity’, surpassing that of Mao Zedong, the renowned Chinese communist revolutionary who founded the Communist Party of China(CPC).
In line with the new leadership of Xi Jinping’s ambitious ‘Going out’ strategy, China has shifted from an expansionary mode to an exporter of goods and services, a policy measure aimed to appease its South East neighbours of the hawkish military stance undertaken in the South China Sea.( Also known as ‘Peripheral Diplomacy’ in geo-political parlance)
Massive infrastructural projects spanning across construction of road, railways, bridges and hospitals have been put under the charge of Chinese state-owned companies in emerging nations such as Ecuador and the Galapagos Islands as part of its emergence into Latin America and the Pacific.
As a counterpart to US’ construction of the Panama Canal to link the Atlantic and the Pacific and serve as a detour of South America, China has decided to build a 170-mile canal cutting through Lake Nicaragua.
Under the One Belt One Project, China has mooted plans to revitalize the Silk route; comprising of the New Silk Road Economic Belt connecting it with Europe through Central and Western Asia and Maritime Silk Road providing China with connectivity to South Asia and Africa. China has also undertaken major construction activity in the Gilgit-Baltistan region, a disputed territory between India and Pakistan. It is building a 7000 megawatt power hydroelectricity plant in Bunji.
For fostering such a development strategy, China has allocated a massive corpus of $40 billion to the “Silk Road Fund” to ensure financial flows within the network of global infrastructure plans.
Meanwhile, in the economic space, the Chinese state development bank has overtaken the World Bank in international lending. To add to the growing clout of its currency -the renminbi, China has launched an internationally funded organization called the Asian Infrastructure Investment Bank (AIIB), as a direct rival to the US-backed World Bank and the Asian Development Bank.
As a reminder of China’s emergence as the new economic powerhouse, the institution has drawn the support of 57 countries, including allies of USA. The unprecedented assent came despite attempts by the US to forestall such moves by kindling doubts about the loosening of lending standards.
Although the Eastern neighbors, Philippines and Japan refused to join the bank citing it as a plan to buy the loyalty of friends and working on “questionable” principles of governance and transparency, the bank is projected to grow to almost twice its size-from $ 50 billion to $100 billion.
The launch of the AIIB follows the establishment of the New Development Bank, popularly known as BRICS Bank– jointly funded by India, Brazil, India, China and Russia to counter IMF as a contingent reserve facility in 2010.
Declining western dominance?
American approach to the meteoric rise of China has been defensive, as a natural reaction to hold on to its fast slipping hegemonic power. It had castigated Britain for siding with the AIIB, saying that the bank would give China unilateral powers (26 per cent voting share).
While stating such an argument America innocuously forgets that under the Bretton Woods system, it possesses sweeping powers over the appointment of heads of World Bank while under the IMF quota it has almost four times as much power as China in its funding programs.
Europeans have pursued largely the same course, with the IMF being a puppet body in their hands. Back in 2010, almost every emerging market economy which was member of the IMF had opposed the Troika plan to bailout Greece through loans (a plan which would make it more indebted) and had instead argued for debt relief. The suggestions were ignored and have landed Greece to the brink of economic collapse.
Keeping in mind, the economic bullying that the world has seen through the domination of international financial bodies led by the US and EU, isn’t it appropriate for the world to side-line itself from the monopoly of US dollar and the Euro and instead settle financial exchanges in local currency?
In line with China’s ambition for breaking the monopoly of the west in global financial transactions, Russia has made clear its plans for achieving economic independence by 2030.
Under the Shanghai Cooperation Organization (SCO), Russia and China are vying for merging China’s Silk Road plan with Russia’s Eurasian Economic Union. The fine-print of the plan is to fulfil Russia’s demand for capital, in light of the tighter western sanctions imposed against it while at the same time allow China the leeway to reach the west by crossing a single unified tariff zone.
Moreover, the membership to the SCO, which includes Central Asian nations such as Tajikistan, Kazakhstan, Kyrgystan, Russia, China and is expanding by the day. During the Ufa talks, Russian premier Vladimir Putin said that he will invite Iran to join the SCO while Azerbaijan, Armenia, Cambodia and Nepal will join the SCO as dialogue partners. Meanwhile, India and Pakistan will become full time members.
While critics view the rise of China with much suspicion, raising concerns that “American imperialism would now be replaced by Chinese imperialism”, a more correct assertion, will be that the rise of the dominant unipolar world after the cold war is being trampled over and replaced by a flourishing multi-polar realpolitik.
A multi-currency global financial structure spells doom for the American hijacking of the global economy. A new evolutionary phase in geopolitics is brewing, a welcome change indeed.
As robots evolve to do more work around us, the UK-based humanoid robot manufacturer Engineered Arts has infused more human-like facial expressions into one of its robots, which may leave you with an eerie feeling.
In a video posted on YouTube, the robot called 'Ameca' displays various human expressions, like appearing to "wake up" from sleep, as its face shows confusion and frustration when it opens its eyes.
Follow NewsGram on Twitter to stay updated about the World news.
Once awake, 'Ameca' starts looking at its hands and arms, opens its mouth and raises its eyebrows, just like a human does.
At the end of the video, Ameca smiles and holds a welcoming hand out towards the viewer.
According to Engineered Arts, the humanoid bot is currently unable to walk and it is working towards giving it the ability in the near future.
"Designed specifically as a platform for development into future robotics technologies, 'Ameca' is the perfect humanoid robot platform for human-robot interaction," says the company.
The 'Ameca' hardware is a development based on its own research into humanoid robotics and built on its advanced 'Mesmer' technology.
Ameca' on display at the CES 2022 conference in Las Vegas in the US in January.Unsplash
Also read: NASA humanoid robot dances to technology
Engineered Arts is slated to put 'Ameca' on display at the CES 2022 conference in Las Vegas in the US in January.
"Human-like Artificial Intelligence needs a human-like artificial body. Artificial Intelligence and Machine Learning systems can be tested and developed on Ameca alongside our powerful 'Tritium' robot operating system," the company posted on its website. (IANS/PR)
(Keywords: Humanoid Robot, Ameca, Technology)
Microsoft has disrupted the activities of a China-based hacking group, gaining control of the malicious websites the group used to attack organisations in the US and 28 other countries around the world.
The Microsoft Digital Crimes Unit (DCU) said in a statement that a federal court in Virginia granted its request to seize websites of the hacking group called 'Nickel', enabling the company to cut off Nickel's access to its victims and prevent the websites from being used to execute attacks.
Follow NewsGram on LinkedIn to know what's happening around the world.
"We believe these attacks were largely being used for intelligence gathering from government agencies, think tanks and human rights organisations," said Tom Burt, Corporate Vice President, Customer Security and Trust at Microsoft.
Obtaining control of the malicious websites and redirecting traffic from those sites to Microsoft's secure servers will help the company protect existing and future victims while learning more about Nickel's activities.
Also Read : Fortnite : A Gold Mine for Hackers
"Our disruption will not prevent Nickel from continuing other hacking activities, but we do believe we have removed a key piece of the infrastructure the group has been relying on for this latest wave of attacks," Burt said late on Monday.
To date, in 24 lawsuits - five against nation-state actors -- Microsoft has taken down more than 10,000 malicious websites used by cybercriminals and nearly 600 sites used by nation-state actors.
"We have also successfully blocked the registration of 600,000 sites to get ahead of criminal actors that planned to use them maliciously in the future," the tech giant informed.
"We believe these attacks were largely being used for intelligence gathering from government agencies, think tanks and human rights organisations."Unsplash
In some observed activity, Nickel malware used exploits targeting unpatched on-premises Exchange Server and SharePoint systems.
"However, we have not observed any new vulnerabilities in Microsoft products as part of these attacks. Microsoft has created unique signatures to detect and protect from known Nickel activity through our security products, like Microsoft 365 Defender," the company noted.
Nickel has targeted organisations in both the private and public sectors, including diplomatic organisations and ministries of foreign affairs in North America, Central America, South America, the Caribbean, Europe and Africa. (IANS/SP)
(Keywords : hacking, China, Microsoft, website, victim, intelligence, attack, malicious, traffic, server, company, disruption, lawsuits, cybercriminals, vulnerability.)
- Chinese Cyber Operations Scoop Up Data For Political, Economic ... ›
- Hackers Steal $120mn In Crypto From Blockchain-based DeFi ... ›
Chip manufacturer MediaTek on Monday announced that it is focused on making 2022 a year aimed at rapid growth, business success, substantial expansion in Research and Development capabilities.
MediaTek's plans to boost technology democratisation and enable access to disruptive connectivity with its range of mainstream to flagship 5G chips.
"We at MediaTek are focused on making 2022 a year aimed at rapid growth, business success, and substantial expansion in our R&D capabilities. For 2022, we are focused on further strengthening our presence in India, offering incredible experiences to customers, and supporting the country's technology initiatives with our expertise and collaboration with leading OEMs," Anku Jain, Managing Director, MediaTek India said in a statement.
Follow NewsGram on LinkedIn to know what's happening around the world.
In the flagship segment, MediaTek recently announced the Dimensity 9000 chip, which is a milestone of innovation and a rise to the incredible, built-to-power flagship 5G smartphones in the world, the company claims.
MediaTek Dimensity 9000 features a single Cortex-X2 performance core clocked at 3.05GHz, three Cortex-A710 cores at 2.85GHz and four Cortex-A510 efficiency cores at 1.8GHz.
It packs a 10-core Arm Mali-G710 that takes care of graphics processing, the report said.
The chipset also comes packed with MediaTek's fifth-generation APU with six total cores for AI processing.Unsplash
Also read: Realme Unveils First 5G Smartphone
The chipset also comes packed with MediaTek's fifth-generation APU with six total cores for AI processing.
The chipset can handle screens with up to a 180Hz refresh rate at Full HD+ resolutions. It is also the first chipset to have an 18-bit image signal processor, offering the ability to capture 4K HDR video using up to three cameras at the same time, or still photos using up to a massive 320MP sensor. (IANS/PR)
(Keywords: 5G, smartphones, Mediatek)