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Saturday, September 30, 2023

The world, including China, unwilling to lend to an empire that prints money


China's National Day, which falls on October 1, is just around the corner. For the Chinese people, September 30 marks the start of a seven-day holiday following the Mid-Autumn Festival.

In the upcoming days, they will enjoy the happiness and joy of the "long holiday," which they have earned through their hard work.

Meanwhile, across the ocean in the US, this year's October 1 is a critical day.

Federal government agencies will run out of funds previously approved by Congress at midnight on September 30, the end of the current fiscal year. A government shutdown due to the bipartisan inability to reach an agreement seems inevitable.

For the rest of the world, this situation appears to be a farce of a commonplace American political struggle. People are not concerned about whether Washington will shut down. Where exactly is the US debt ceiling? This is what worries them. Can it continue to rise indefinitely?

The US has not defaulted on its national debt in the past, which is why US debt has become the most reputable in the world. But it has now reached an alarming height - $33 trillion! That amounts to $100,000 per person across the nation! What's even more concerning is its growth rate, with an increase of $10 trillion in three years! That means $833 million is being added to the debt every hour since it crossed the $33 trillion mark.

A nation that frequently accuses other countries of creating debt has set a huge trap for the world in recent decades. Let us not overlook the fact that the US possesses the power to "print money," which it uses to sustain Washington's audacious habit of borrowing and spending recklessly, exemplifying its dominant "style" of hegemony. Government finances in the US have struggled for nearly half a century due to excessive spending without proper control, resulting in the continuous accumulation of federal government debt.

In the realm of election politics and hegemonic policy, the US has wasted significant financial resources. These resources have been used to cater to the interests of interest groups and self-serving politicians. Consequently, there has been an excessive increase in military expenditures to sustain hegemony, along with a continuous distribution of funds to appease voters.

Filippo Gori, an economist at the Organisation for Economic Co-operation and Development, has published an article entitled "America's Debt-Ceiling Disaster: How a Severe Crisis or Default Could Undermine U.S. Power," on the website of Foreign Affairs magazine (April 24, 2023).

The article points out that "because most international trade is in U.S. dollars, the United States can print money to pay for goods that it buys from abroad, allowing it to finance a large international trade deficit without having to worry that it will run out of cash."

This monopoly advantage, known as "too big to fail," has resulted in a peculiar situation where the US is "insolvent" but not officially bankrupt. As a result, the US must employ diverse strategies to uphold the dollar's dominance.

Another fundamental truth is that when the global community thinks about how the impact of this "Grey rhino" can be prevented and begins to make necessary preparations, the hegemony of the US and its foundation, the dollar, will surely be shaken.

China is a significant creditor of the US. The US' containment of China, particularly through creating military tensions in China's neighborhood, as well as the overall restriction on Chinese manufacturing and its impact on the livelihoods of the Chinese people, has heightened China's worry about the US reneging on its debts.

The hardworking Chinese people, who are about to enjoy a wonderful holiday, know that they work hard for the well-being of their families. If their hard-earned money were to be used to prop up an empire's hegemonic and brutal actions, as well as an unsympathetic political struggle, and then they were to be paid back in the form of "printed money," they would definitely say "no."

We believe that hard-working people around the world would share the will of the Chinese people.


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Thursday, September 28, 2023

Toward a Global Community of Shared Future

 



Editor's Note:

In the universe there is only one Earth, the shared home of humanity. Unfortunately, this planet on which we rely for our subsistence is facing immense and unprecedented crises, both known and unknown, both foreseeable and unforeseeable.

Whether human civilization can survive these has become an existential issue that must be squarely faced More and more people have come to the realization that rather than amassing material wealth, the most pressing task is to find a guiding beacon for the sustainable development of human civilization, because we all care about our future.

Chinese President Xi Jinping propounded the idea of building a global community of shared future ten years ago, answering a question raised by the world, by history and by the times: "Where is humanity headed?"

His proposal lights the path forward as the world fumbles for solutions and represents China's contribution to global efforts to protect our shared home and create a better future of prosperity for all.

Over the past decade the idea has been steadily enriched.In 2015, Xi fleshed it out with a five-point proposal in his speech at the General Debate of the 70th Session of the UN General Assembly. In 2017, he further proposed five goals for the world in his speech at the United Nations Office in Geneva. This represents the steady increase in the depth and scope of the vision of a global community of shared future.

The past decade has also seen steady progress in implementing the vision. From bilateral to multilateral and from regional to global dimensions, ground-breaking results have been achieved on every front. The Belt and Road Initiative (BRI), the Global Development Initiative(GDI), the Global Security Initiative (GSI), and the Global Civilization Initiative (GCI) have taken root and borne fruits, bringing prosperity and stability to the world and creating substantive benefits for the people.

On the occasion of the 78th session of the United Nations General Assembly, the Chinese government has released this white paper to comprehensively introduce the historical context in which the concept of building a global community of shared future was born, the ideological connotations the concept contains, the cultural soil it is rooted in, the path it advocates for realization and the vivid practices it has achieved.The purpose is to enhance international understanding and comprehension, foster broad consensus, and better collaborate with countries around the world in building a community with a shared future for mankind.

Our journey ahead will be a lengthy and arduous one. But as long as we press ahead with perseverance, there will be much to expect. Successes and setbacks await us, but hopes abound.

Building a global community of shared future depends on the joint actions of all countries. When all countries unite in pursuing the cause of common good, plan together, and act together day by day toward the right direction of building a global community of shared future, we can build an open, inclusive, clean, and beautiful world of lasting peace, universal security and shared prosperity and jointly create a better future for all of humanity.


Toward a Global Community of Shared Future Graphics: Chen He, Tang Tengfei,Liu Xidan,Xia Qing/GT
Toward a Global Community of Shared Future Graphics: Chen He, Tang Tengfei,Liu Xidan,Xia Qing/GT



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China’s first sea-spanning high-speed railway to open in E.China’s Fujian

The Fuzhou-Xiamen high-speed railway route map is seen on the picture. /China State Railway Group Co., Ltd.

A high-speed train drives on the Wulong River Bridge part of the Fuzhou-Xiamen high-speed railway, August 31, 2023. /CFP

A high-speed train drives on the Wulong River Bridge part of the Fuzhou-Xiamen high-speed railway, August 31, 2023. /CFP

China's first 350km/h cross-sea high-speed railway to start ... - CGTN

A Fuxing bullet train commences a test operation along the Fuzhou-Xiamen high-speed railway on September 4, 2023. Photo: VCG


China's first sea-spanning high-speed railway capable of a top speed of 350 kilometers per hour is expected to start service in East China's Fujian Province on Thursday. The line shortens the travel time between Fuzhou and Xiamen to at most 55 minutes in a bid to enhance the connectivity between the two major cities in the province, the Xinhua News Agency reported on Wednesday.

With a total length of 277 kilometers, the railway starts from Fuzhou, passes through Putian, Quanzhou and Xiamen and ends in Zhangzhou.

The high-speed railway is yet another intelligent railway route to enter commercial service following the Beijing-Zhangjiakou high-speed railway and Beijing-Xiong'an high-speed railway, demonstrating new progress in the intelligentization of China's high-speed railway technology.

The railway was designed using the latest modeling technology based on digital information, which realized the integrated management of high-speed railway's design, construction and operation.

The BeiDou Navigation Satellite System, intelligent robots and environmentally friendly materials were adopted to facilitate the construction of cross-sea bridges. An intelligent command and dispatch system is used to ensure trains stay on schedule and operate efficiently. A big data analysts system can monitor and report all potential weather disasters, ensuring the safe operation of each train on the route.


The opening of the railway connects multiple cities along Southeast China's coast and forms a belt full of tourism sites. It will also form a high-quality traffic channel connecting Ningbo in East China's Zhejiang Province and Guangzhou in South China's Guangdong Province with other high-speed railway routes that have already been completed or are still under construction.

Wang Jianmin, a senior cross-Straits expert at Minnan Normal University in Fujian Province, told the Global Times that the opening of the Fuzhou-Xiamen high-speed railway shows China has the technological ability to build a cross-Straits railway.

"What's more, it also offers expectations for people on the both sides of the Straits that the railway will be the foundation of a cross-Straits railway in the future," said Wang.

Wednesday, September 27, 2023

Malaysia's FDI figures down but not out

The year-on-year (y-o-y) decline in FDIs for 1H23 was also due to the strengthening of the US dollar, which capped FDI inflows, on top of the uncertainties before the state elections. - Nixon Wong


PETALING JAYA: Since coming into power last November, the unity government has made it abundantly clear it is eager to keep Malaysia as a magnet for foreign investments.

Prime Minister Datuk Seri Anwar Ibrahim has travelled to several countries to promote Malaysia as an investment destination, including to China in April and recently, as well as to the ongoing 78th United Nations General Assembly in New York, following the Invest Malaysia New York event in The Big Apple.

On the other hand – while Anwar has been busy making stops worldwide to foster economic ties on behalf of the country – the official numbers from the Statistics Department showed that for the first half of 2023 (1H23), foreign direct investment (FDIs) into Malaysia amounted to RM15.1bil, only a third of the funds that came in at the same time last year.

For the whole of 2022, Malaysia had managed to garner RM74.6bil of FDIs, which plainly means that it would be a mountain to climb for the country to match that number this year.

For many analysts, the apparent political ambiguity before the six-state elections back in August had played a role in discouraging foreigners to commit their funds to Malaysia, and with that having been resolved, they are looking forward with more optimism.

According to Nixon Wong, chief investment officer for Kuala Lumpur-based fund management firm Tradeview Capital, the year-on-year (y-o-y) decline in FDIs for 1H23 was also due to the strengthening of the US dollar, which capped FDI inflows, on top of the uncertainties before the state elections.

However, he believes the tide could be changing, with major global players such as Germany’s Infineon Technologies AG as well as Intel Corp, Amazon Web Services and Tesla Inc of the United States having set up shop in the country or pledged to commit further investments.

Moving forward, he told StarBiz: “I believe with the initiatives on green energy generation and increasing adoption of environmental, social and governance (ESG) principles in doing business could attract more FDIs our business environment becomes a better match to the ESG criteria these global players are looking into.

“Also, momentum could be built by taking advantage of trade diversions due to uncertain geopolitical tensions that include the United States-China trade conflict and the Russia-Ukraine crisis.”

At the same time, Rakuten Trade head of equity sales Vincent Lau is similarly expecting “more FDI good news” towards the end of the year and into 2024.

“Of course, there were also other factors for the y-o-y pullback (in FDIs into the country) such as the high interest rates environment globally, but there is a sense of relief now that politically the country is stable. This, coupled with the aggressive efforts of the Prime Minister, means things should improve from here,” he predicted.

Having said that, Lau believes the upcoming tabling of Budget 2024 would be essential to clarify Putrajaya’s policies on many issues, including how it intends to further encourage and more importantly ease the entrance of FDIs into the country.

Besides that, he noted that the targeted subsidy reforms and the possible amendments on the government’s tax base could also set the tone for FDIs if further details could be ironed out next month.

While recognising it may be a big ask for Malaysia to surpass the RM74.6bil FDI amount of 2022 for this year, Lau is hopeful of the situation over the longer term as the government has been active in its efforts in attracting investments.

“This can also be seen by Bursa Malaysia organising its first physical Invest Malaysia New York in six years last week, which is part of a push for investments for the Madani Economy initiatives,” he told StarBiz.

Offering his views from an economical perspective, Centre for Market Education (CME) chief executive Dr Carmelo Ferlito opined that FDI quarterly volatility has been a consistent trend over the long term, and therefore should not set off any alarm bells yet.

In addition, he said the 2022 FDI data is likely to have been boosted by the post-lockdown recovery that the country experienced last year, an effect that is quickly fading.

While the news has been flushed with reports of FDIs being granted approvals since the start of year, such as the RM170bil commitment by China and RM23bil pledge by Japan that was announced in July, Ferlito suggested it may be more meaningful to look at implemented FDI’s instead of just approved ones.

He said that back in April, the CME has backed a call by former second finance minister Datuk Seri Johari Abdul Ghani for the setting up of a special committee under the International Trade and Industry Ministry to monitor investments in Malaysia.

“The commission would have had to monitor not only the inflow of FDIs and the approvals, but also how many get implemented, as well as the reason why some of them are not implemented and so on. It was a good proposal, and we think it deserves to regain interest,” he says.

With Anwar having called for the cutting down on red tape and striving to improve the ease of doing business, Ferlito said the Prime Minister is aware there are issues for foreign businesses to enter the country which are related with institutional arrangements.

As such, he has urged Anwar to take the lead in creating a reform process to achieve those goals of reducing red tape and increasing the ease of doing business, as advocated in the Prime Minister’s Ekonomi Madani speech.




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Sunday, September 24, 2023

The financial impact of having a stroke

 

One way to alleviate some of the costs incurred after a stroke is to review your health insurance to ensure you are getting all the benefits you are entitled to. — Freepik

A big financial impact

The aftermath of a strokr can be expensive with medicines, assistive devices, home modifications, and caregiver costs, coupled with potential loss of income. 


The financial impact of a stroke can be overwhelming and unpredictable.

The lifetime cost of ischaemic strokes – which comprise over 80% of strokes and are caused by blockage of blood vessels supplying part of the brain – were estimated at US$140,481 (RM659,698).

This includes the cost of inpatient care, rehabilitation and follow-up care.

A study that looked at the cost of post-stroke outpatient care in Malaysia in 2015, found that the average total cost incurred was US$547.10 (RM2,569.18).

Of this figure, 36.6% was spent on attendant care, 25.5% on medical aids, 15.1% on travel expenses, 14.1% on medical fees and 8.5% on out-of-pocket expenses.

The main factor in the cost of post-stroke outpatient care was the severity of the stroke.

Increased costs was also associated with a haemorrhagic stroke – the other main type of stroke, which is caused by the bleeding, or haemorrhage, of a blood vessel in the brain.

Leading a safe and cost-effective life post-stroke requires a combination of self-care, medical management and lifestyle adjustments.

Here are some steps that can help:

> Follow medical advice

It’s important to follow your healthcare provider’s advice on medication, rehabilitation and lifestyle modifications.

This may include taking medication as prescribed, attending rehabilitation sessions, and making changes to your diet and exercise routine.

> Manage chronic health conditions

If you have other chronic health conditions such as high blood pressure or diabetes, it’s important to manage these conditions to reduce the risk of future strokes and other health complications.

> Make home modifications

Consider making modifications to your home to reduce the risk of falls and improve your safety.

This may include installing grab bars, non-slip mats and handrails.

> Use assistive devices 

Assistive devices such as canes, walkers and wheelchairs, can help you maintain your mobility and independence.

> Adopt healthy habits

Adopting healthy habits such as eating a balanced diet, exercising regularly and getting enough sleep, can help you maintain your overall health and reduce the risk of future strokes.

> Stay socially active

Staying socially active and engaged can help reduce the risk of depression and improve your overall quality of life.

Consider joining a social group or doing volunteer work.

> Manage finances

Stroke can have a significant financial impact on the family, especially if the stroke patient is the sole breadwinner.

So it’s important to manage your finances carefully.

By following these steps and working closely with your healthcare team, you can lead a safe and cost-effective life post-stroke.

Managing the financial impact


As mentioned above, no doubt, one of the biggest challenges post-stroke would be the financial impact on the patient and their dependents.

Financial burdens following a stroke may be due to medical expenses and decreased income because of the inability to work, whether it is the patient themself or a family member who has to quit their job to become a full-time caregiver to the patient.

Addressing financial needs post-stroke can be challenging, but here are some strategies that can help:

> Review your insurance coverage

Examine your insurance coverage to make sure it includes all the necessary benefits and services, such as rehabilitation and home healthcare.

Consider speaking with an insurance specialist to ensure you are getting the most out of your coverage.

> Explore disability benefits

If you are unable to work because of stroke, you may be eligible for disability benefits.

Socso provides a range of benefits for employees, including medical treatment, rehabilitation and financial assistance.

There are also many NGOs (non-governmental organisations) that offer financial assistance to stroke patients and their families, including the National Stroke Association of Malaysia (Nasam), Stroke Care Malaysia, etc.

These organisations can help with medical bills, transportation costs and other expenses related to stroke care.

> Create a budget

You and your dependents should review your daily expenses and financial commitments to see what can be adjusted to compensate for the decrease in income and increase in stroke-related expenses.

A leaner budget might have to be created for the family to follow, to ensure that you don’t go into unsustainable debt, or even bankruptcy.

What’s good for yourself

It is also important, though challenging, to develop a sense of what is good for oneself after a stroke.

Here are some methods that can help:

> Listen to your body

Pay attention to your body and how it responds to different activities and situations.

Take note of what makes you feel better or worse. and adjust your routine accordingly.

> Set realistic goals

Set achievable goals that are tailored to your abilities and interests.

This can help you build confidence and a sense of accomplishment, which can improve your overall well-being.

> Prioritise self-care

Make self-care a priority, including getting enough rest, eating a healthy diet, and engaging in physical activity, as recommended by your healthcare providers.

> Seek support

Connect with others who have experienced stroke or other health challenges.

Consider joining a support group or seeking individual therapy to help you process your emotions and develop coping skills.

> Practice mindfulness

Mindfulness practices such as meditation, yoga or deep breathing, can help you become more aware of your thoughts and feelings, and develop a greater sense of inner calm and well-being.

> Experiment and adjust

Be willing to experiment with different approaches to self-care and self-discovery, and be open to adjusting your routine as needed.

By focusing on self-care, seeking support, and staying open to new experiences and perspectives, stroke patients can develop a greater sense of what is good for themselves and their overall well-being.

In a nutshell, it is not impossible for a person to regain a normal life after a stroke.

The real challenge lies in how stroke survivors can manage their post-stroke life and deal with the challenges from then on effectively.

Remember, there will always be light at the end of the tunnel for stroke survivors!

Dr Lee Tze Yan is a senior lecturer in molecular medicine at Perdana University. Matthew Teo Yong Chang is an occupational therapist specialising in stroke rehabilitation and senior lecturer at Manipal University College Malaysia. For more information, email starhealth@thestar.com.my. The information provided is for educational and communication purposes only, and should not be considered as medical advice. The Star does not give any warranty on accuracy, completeness, functionality, usefulness or other assurances as to the content appearing in this article. The Star disclaims all responsibility for any losses, damage to property or personal injury suffered directly or indirectly from reliance on such information.