One thing is clear, whilst the quantity of educated manpower is critical to national strength, quality may matter more.
Parents quarrel about the quality of education for their kids, just as societies are deeply divided on education as it defines the future.
Is the current education system fit for purpose to cope with a more complex, fractious future, fraught with possible war?
According to Stanford University’s Guide to Reimagining Higher Education, 96% of university chief academic officers think that their students are ready for the workforce, where only 11% of business leaders feel the same.
As the population and work force grow, the gap between skills demanded by employers and the education received by school leavers is widening, so much so that many are finding it hard to get the jobs that they want.
As technology accelerates in speed and complexity, the quality of education becomes more important than ever. Is it for the elites or the masses?
The Greek philosopher Aristotle recognised that the aim of education is for knowledge, but there was always a different view as to have knowledge for the individual or whether education must prepare the individual to fulfil the needs of society.
Feudal systems hardly paid attention to the masses, whereas most ancient institutes of higher learning were for elites, either for religious orders or in Chinese history, to prepare for civil or military service, but blended with self-cultivation.
Conservative think tank American Enterprise Institute (AEI) has just produced a fascinating study on the implications of higher education for national security.
Covering the period 1950-2040, the study acknowledged that the United States attained uncontested power status, because it had the highest levels of educational attainment and manpower.
In 1950, the United States, with less than 5% of the world’s population, had 45% share of world population aged 25 to 64 with completed tertiary education.In comparison, India had 5% and China about half of that.By 2020, the United States’ share had dropped to roughly 16%, whereas China was catching up, whilst India had just under 10%.By 2040, depending on different estimates, China may double its share to between 15% and 20%, whereas India would have overtaken the United States with 12%, leaving the United States third with 10%.
It is a truism that education matters for economic growth and power.Every additional year of schooling for children is estimated to add 9% to 10% increase in per capita output.
If you add in “business climate” with improvements in education, health and urbanisation, these factors explain five-sixths of differences in output per capita across countries.
Under the liberal world order, America encouraged the spread of global education, so much so that the global adult illiteracy (those without any schooling) fell from 45% in 1950 to only 13% by 2020.
This worldwide expansion in education was good for the world, but it also reduced the comparative advantage of the education and technology front-runners, particularly the United States.
The AEI study reported that the share of global adult population with at least some tertiary education increased from under 2% in 1950 to 16% today and would approach 22% by 2040.
In 1950, eight of the top 10 largest national highly educated working age labour pool was in advanced countries. By 2020, their share was half.
By 2040, this is likely to be only three out of 10.
In essence, India and China would take the lead in total highly trained manpower, especially in science and technology, with the United States “an increasingly distant third place contestant.”
The AEI study illustrates why increasingly American universities will be more selective in their future foreign student intake, especially in science and technology which may have impact on national security matters.
As late as 2017, MIT manifested global ambitions in its strategic plan, “Learning about the world, helping to solve the world’s greatest problems, and working with international collaborators who share our curiosity and commitment to rigorous scientific inquiry.”
That global vision may be cut back in light of the growing geopolitical split into military blocs. Western universities may no longer be encouraged to train foreign students into areas where they can return to compete in key technologies.
In short, geopolitical rivalry will determine the future of resources allocated to education, research and development and technology.
No country can afford liberal education in which every student is encouraged to do what he or she wants to do.
Students today want to be more engaged in the big social issues, such as climate change and social inequality.
But at the same time, they expect more experiential immersion into careers that are more self-fulfilling.
Instead, institutes of higher learning are forced by economics to provide more shorter term courses to upgrade worker skills, using new teaching methods and tools, especially artificial intelligence, virtual reality etc.
At the national level, governments will push universities into more research and development and innovation to gain national competitiveness, including R&D on defence and national security sectors.This means that the education pipeline or supply chain will also be bifurcated like global supply chains that are being disrupted and split by geopolitics.
The conversation on what should go into the curriculum for education is only just beginning. Much of this is to do with funding.
As higher levels of education are more expensive, especially in the high technology area, whilst governments budgets are constrained, universities will turn to private sources of funding.
The more society polarises, the more likely that such funding would turn towards entrenchment of vested interests, rather than solutions to structural problems.
Education is controversial precisely because it is either a unifying social force or a divisive one.
One thing is clear, whilst the quantity of educated manpower is critical to national strength, quality may matter more.
The Soviet Union had the second largest share of educated manpower during the Cold War, but it did not save it from collapse.
Will our future education system provide leaders who are able to cope with the complexities of tomorrow?
As the poet T S Eliot asked in his poem “The Rock” in 1934, “where is the wisdom we have lost in knowledge?”
That question is being asked not just in universities, but by society as a whole.
Andrew Sheng writes on global issues from an Asian perspective. The views expressed here are the writer’s own.
Tesla's founder Elon Musk inks a deal to purchase Twitter with $44 billion in cash. Photo: website
News about Elon Musk's Twitter takeover has sparked continuous heated discussions in the US recently. The focus of some, however, has apparently been off the track. A New York Times reporter tweeted to question whether Twitter would become one of the platforms Beijing will gain leverage over in the future. It was re-tweeted and commented on by Amazon founder Jeff Bezos. There are also voices saying that Musk will have to seek a balance between his support for free speech and his business activities in China, and that China will exert influence on Twitter through Musk.
Many American media outlets didn't forget to "remind" people of the fact that Musk once "praised" China, and he encouraged people to visit China and see for themselves. At a critical moment when China and the US were locked in trade frictions in 2019, Tesla's Shanghai Gigafactory kicked into production. In merely over a year, Shanghai-made Teslas have accounted for more than half of Tesla's global delivery. Musk has dealt a lot with China and spoke out some truths about China's economy, they are regarded as "original sins" of Musk by some Americans. Many link Musk's Twitter deal with China and raise it to the level of "risks" or "threats", which shows how narrow the room for pragmatism and rationality toward China in the US has become. Similar incidents have become common in the US. Making an issue of China in every possible way has already become an "American disease." In the face of China's growing comprehensive national power that is closing the gap with the US', the confidence of many political elites in Washington has been declining. And these people are showing anxiety and over-sensitivity toward China, not letting go of any opportunity to hype the "China threat" theory. After Musk acquired Twitter, some from American media even urged Musk to cut off his business ties with China to "guarantee freedom of speech." Such extreme overbearingness hilariously overlaps their weakness.
An interesting phenomenon is that many China security-related discussions contain various "private interests" if you look at them closely. Some businesspeople, such as George Soros, blamed China for their failure due to their wrong investment decisions in China. Others try to show their allegiance to the US. For example, Bezos often stresses security with a high-profile patriotic posture, but what he actually eyes are Pentagon orders that are highly profitable. More lawmakers and politicians touch on the China topic in an exaggerated and forcible way, through which they attack opponents as "weak." The "China Threat" is becoming a tacit business approach or a code to seek attention.
From the national perspective, Sinophobia which is currently rampant in American society is not fundamentally different from "Japanophobia" that prevailed in the 1980s and 1990s. In both cases, the US regards a "chaser" as competitor, on which the US tried to suppress by any means to ensure its own competitive advantage. But the end of the story will be different because there is no way that Washington can overwhelm China in the same way that it coerced Japan to sign a Plaza Accord. Chinese people do not believe in fallacies, nor are we afraid of evil forces. We will never yield to threats or coercion. As to words and deeds of forcefully making an issue of China, they remind people of an ancient poem: Along the Yangzi River, apes moan ceaselessly. My boat has passed ten thousand mounts briskly.
It must be pointed out that making an issue of China can't save the US. Instead, it will continue to intensify all the problems Washington is facing, be they domestic or external, and squeeze the room to solve these issues in the future. Even some people of insight in the US have warned that the excessive attention on undermining Beijing's advantages could make Washington neglect its most important tasks at home and push its foreign policies to deviate from its course even further. "American hubris is always a danger, but so is exaggerated fear, which can lead to overreaction," wrote US scholar Joseph Nye last year. "The US and China must avoid exaggerated fears that could create a new cold or hot war," he added. It seems that those who are sick are unwilling to take medicine.
The US is trying to oppose China in every possible aspect, reflecting the peremptory squeezing of reality by the US' anti-China ideology. But the reality is also resisting the ideological pressure at all times. The twist has distorted some US elites' mindset, making them fall into hesitation and division. However, the "China threat" is not the root cause of Washington's internal and external problems. Reality will make them understand sooner or later that win-win cooperation is the effective cure for their disease.
Harvard & Cambridge: China's Era Already? You Bet!
Danny Haiphong. Photo:Courtesy of Haiphong
Editor's Note:
For the Chinese people, the past decade was epic and inspirational. The country, under the leadership of President Xi Jinping, has made great endeavors in boosting its economy, deepening reforms, improving the rights of its people and acting as a responsible power globally.
To help understand China's progress in the past decade, the Global Times (GT) has launched a weekly series of interviews with scholars from home and abroad, presenting a holistic view of China's governance philosophy. The following is an interview with Danny Haiphong (Haiphong), an independent journalist in the US and co-editor of Friends of Socialist China as well as a founding member of the No Cold War international campaign, on how China has made human rights protection a priority and how it has taken human rights moral high grounds.
GT: The US Department of State issued the 2021 Country Reports on Human Rights Practices on April 12, of which 90 pages are used to criticize China's human rights conditions. At the same time, 2021 was considered to be the US' most fatal year in history with more than 460,000 Americans killed by the coronavirus last year. Why does the US care more about human rights of China and other countries than its own record?
Haiphong: The US has politicized human rights for several reasons, none of which have anything to do with genuine concerns about the wellbeing of people. Constant speculation about human rights elsewhere provides a distraction from the shortcomings of the US' own political and economic system. The US possesses an abhorrent human rights record. An average of three Americans per day are killed by US law enforcement. Nearly one million Americans have died of COVID-19. US wars abroad have taken the lives of millions and destabilized entire regions.
Human rights are also an integral component of US foreign policy. Any nation deemed a threat to US hegemony is condemned for human rights violations. Often, the allegations are unfounded. This is certainly the case in relation to China. The US has spread insidious lies about the so-called human rights violations in China's Xinjiang Uygur Autonomous Region and Hong Kong Special Administration Region (HKSAR) to justify sanctions and military encirclement. The US' politicization of human rights is not only hypocritical, but a true danger to humanity.
GT: Since the outbreak of the epidemic, China has prioritized the protection of people's lives, what kind of human rights views do you think this reflects?
Haiphong: China's approach to human rights is people-centered. People come first. China's dynamic zero-COVID strategy is a case in point. Human life is the top priority. This priority has mobilized the entire society in a successful war against COVID-19 which has kept the death toll very low.
This doesn't mean tradeoffs do not exist. The protection of human life amid a deadly pandemic means that uncertainty and hardship are inevitable. But it is the people-centered human rights approach which keeps China and its legitimate leadership, the Communist Party of China, forward on the path to becoming a modern socialist country by 2050.
GT: How do you see the influence the "coexistence with the virus" policy has had on the US and other Western countries? Western media are attacking and smearing China's zero-COVID strategy. Why do they suggest China should also "lie flat" in its fight against the epidemic?
Haiphong: The politicization of COVID-19 in the US and other Western countries has created a public opinion crisis. Not only have large numbers of people been misinformed about COVID-19, but many have been convinced that China is to blame for their disastrous conditions. The truth is that the US and its Western allies neglected their domestic and global obligations to properly address the pandemic in the interests of humanity. Now these same countries want to see China plunged into a crisis through the abandonment of its successful strategy to contain the pandemic.
The reasons for this are simple. For one, China abandoning the zero-COVID strategy would validate the endless smears that the US has leveled against it. Furthermore, the US views China's zero-COVID strategy as a threat to its hegemony. This may seem silly, but it does have a material basis to it. China's zero-COVID strategy offers hope that COVID-19 deaths and cases can be reduced without completely sacrificing economic growth. The US knows that should China abandon this path, all of its progress would be threatened. This best serves the US' narrow and selfish interests.
GT: Chinese President Xi Jinping has emphasized unswerving adherence to China's path of human rights development, saying living a happy life is the biggest human right for the people. Over the past years, many surveys conducted by Western institutions showed Chinese people's rising levels of satisfaction with the government's performance. What does this demonstrate? How do you comment on China's human rights views?
Haiphong: Widespread popular satisfaction with China's government is an indicator of legitimacy. China's socialist governance system serves the people. Human rights development is thus much broader in China than in the West. Economic freedom, or the freedom to a livelihood without poverty, hunger, homelessness and instability is a top priority.
China's socialist governance system has built a foundation of legitimacy with the people by serving their needs and giving them real reasons to believe that their lives will be better than prior generations.
China's own human rights views are driven by deep experience with other political systems. During the "century of humiliation," various political models were imported from the outside without success. This includes the colonial and feudal systems in the 19th century and the Western democratic model in the early 20th century. Only the socialist conception of human rights has been capable of bringing prosperity and a better life to the Chinese people.
One further note. Legitimacy and human rights development in China isn't a paternalistic affair. The interests of the people not only drive policy in China but the Chinese people possess numerous mechanisms to participate in the running of the country. This means that while China prioritizes economic human rights, political human rights play an important role in facilitating a balanced and harmonious society.
GT: The definition of human rights in the US and the West has become narrower and narrower. They place too much emphasis on political rights while ignore the most basic human rights to survival and development. Why don't the most basic human rights such as people's rights to health, survival and development get enough attention in the West?
Haiphong: The West has for centuries been driven by a model of development that places profit accumulation over the rights of the people. And it isn't just a benign profit that drives all development in the West, but capitalist profit which tends to concentrate wealth in the hands of a few private investors and monopolies. The anarchy of the market reigns supreme, and it is private monopoly capital which essentially dictates government policy. People's need for housing, gainful employment, and healthcare are viewed as profitable ventures in and of themselves. This means that their administration is built around exploitation rather than human development.
The US, for example, is the so-called richest country in the world yet has millions of people without healthcare, a place to live, or a job that can satisfy the basic needs of survival. Hundreds of thousands of people sleep on the street each night, and still more find themselves filing for bankruptcy due to medical debt. Students attending university carry with them the weight of more than a trillion in collective student loan debt to private loan servicers and banks. Political parties in Washington DC hold the view that these issues are incapable of being resolved but that private military and financial institutions should be subsidized in the hundreds of billions. The US political system doesn't just ignore the needs of the people, it proactively worsens the economic situation for the majority.
GT: What is the significance of China's human rights proposition for redefining human rights worldwide, especially for developing countries to explore their own path in human rights development and protecting people's fundamental rights?
Haiphong: China's position on human rights provides a model for countries with shared histories of Western-imposed colonialism and development. Sovereignty and respect for self-determination are prerequisites for these countries to choose their own development paths. Unfortunately, due to unilateral measures such as sanctions and unequal trade arrangements, the US and the West have prevented many countries the opportunity to exercise sovereignty in their development paths. This has caused great suffering and strife worldwide.
China's approach to human rights prioritizes sovereignty and the right to development, and these principles have been applied to the implementation of socialism with Chinese characteristics. Economic development serves everyone, not just rich investors inside or outside of China. Furthermore, China's economic growth has not been achieved through isolationism but rather robust cooperation with all countries on the basis of equality. Developing countries seeking to both exercise their sovereignty while also reaping the benefits of increased global connectivity can look to China as a model of how the rights of the people do not need to be sacrificed for economic growth and vice versa.
China-EU leaders' meetings send positive signal towards world peace, development: Vice FM
Chinese President President Xi meets with European Council President Charles Michel and European Commission President Ursula von der Leyen via video link at the 23rd China-EU leaders' meeting on April 1, 2022.
Photo: Xinhua
Chinese President Xi Jinping, during a video meeting with EU leaders on Friday, offered four suggestions on how China and the EU can cooperate to help with the current Ukraine crisis, especially on supporting the EU play a primary role in promoting communication among the EU, the US and NATO and finding solutions to build an effective and sustainable EU security framework.
Observers said that China is offering pragmatic solutions to the EU while encouraging the EU to be diplomatically independent on the Ukraine crisis; and instead of pressuring China to join in sanctioning Russia and being kidnapped by the US, the EU should take control of its own destiny and take action for its security.
President Xi met with European Council President Charles Michel and European Commission President Ursula von der Leyen via video link at the 23rd China-EU leaders' meeting on Friday and exchanged views on bilateral cooperation and the Ukraine crisis.
China finds it deeply regrettable that the situation in Ukraine has come to where it is today. China's position on the Ukraine issue is consistent and clear-cut. China always stands on the side of peace and draws its conclusions independently based on the merits of each matter.
While offering suggestions to help with the Ukraine crisis, Xi said that China supports the EU's efforts toward a political settlement of the Ukraine issue, and has been encouraging peace talks in its own way. China will stay in touch with the EU to prevent a bigger humanitarian crisis.
Xi noted that the root cause of the Ukraine crisis is regional security tensions in Europe that have built over the years. A fundamental solution is to accommodate the legitimate security concerns of all relevant parties. China supports Europe, especially the EU, in playing a primary role, and supports Europe, Russia, the US and NATO in holding dialogue to face up to the tensions that have built up over the years and find solutions for a balanced, effective and sustainable security framework in Europe.
Xi also pointed out that China and the EU need to commit themselves to keeping the situation under control, preventing a spillover of the crisis, and, most importantly, keeping the system, rules and foundation of the world economy stable, to bolster public confidence.
Xi's four proposals on the Ukraine crisis are pragmatic and rational, and take into account the long-term considerations. Since the crisis has already taken place, the key was not to emotionally blame each other but to offer practical solutions, Wang Yiwei, director of the institute of international affairs at the Renmin University of China, told the Global Times.
Xi's proposals highlighted the potential cooperative areas for China and the EU to help ease the situation based on the consensus that both China and the EU called for a ceasefire and peace talks, Wang said.
To prevent a regional conflict from spreading also shows that the West should not just impose sanctions but to cut their losses, Wang said, warning that too many sanctions may result in economic stagnation, inflation and even a debt crisis for Europe.
Hours before the China-EU leaders' meetings on Friday, Chinese analysts warned that China-EU relations cannot be kidnapped by the Ukraine crisis, and Europe should no longer be abducted by the US in foreign policy, as it will greatly undermine the EU's own interests, making it difficult to ensure economic recovery and people's livelihood, and runs counter to Europe's aim of pursuing strategic independence.
Before the talks, several sources from Europe claimed that Brussels is seeking to warn Beijing about supporting Russia in the Ukraine crisis, and some EU officials said any help from China to Russia would "jeopardize" relations with its biggest trade partners - Europe and the US - saying trade between China and the bloc is much higher than that between China and Russia.
The EU should have a clear understanding that standing with the West to sanction Russia does not conform to the principle of China's diplomacy, Cui Hongjian, director of the Department of European Studies at the China Institute of International Studies, told the Global Times on Friday.
"The EU is now kidnapped by the US on security, but that does not conform to the strategic independence the EU has pursued," Cui said, noting that to avoid being caught in hot water again, the EU must take control of its own destiny. And developing ties with China provides the EU an opportunity to develop in a more balanced and comprehensive way in the long run.
It will result in a great negative impact on the EU if it takes trade measures against China. "Especially amid the impact of an energy ban with Russia, damaging trade cooperation with China will make Europe fail to ensure its post-pandemic economic recovery and people's livelihood," Cui said, noting the EU would be "very unwise" to do that.
Expanding cooperation
During the talks on Friday, President Xi also pointed out that the Ukraine crisis has come on top of a protracted COVID-19 pandemic and a faltering global recovery. Against such a backdrop, China and the EU, as two major forces, big markets and great civilizations, should increase communication on their relations and on major issues concerning global peace and development, and play a constructive role in adding stabilizing factors to a turbulent world.
Xi stressed that, since last year, China-EU relations have made new progress despite challenges, and China-EU cooperation has achieved new results despite difficulties. It has been proven that China and the EU share extensive common interests and a solid foundation for cooperation, and that only through cooperation and coordination can the two sides resolve problems and rise to challenges.
President Michel and President von der Leyen said that China is an important force in the world. The EU attaches great importance to China's international standing and role, and to developing relations with China. The EU reaffirmed its commitment to the one-China principle and expressed its desire for candid exchanges with China to sustain the good momentum of EU-China relations. It also expressed readiness to keep deepening cooperation with China
The past year has seen growing challenges in China-EU relations, especially after the China-EU Comprehensive Agreement on Investment was stalled by the unilateral freeze taken by the European Parliament in May. However, economic and trade ties between the two remain strong and continue to expand. In the first two months of 2022, the EU surpassed ASEAN as China's biggest trading partner after losing the spot in 2021, as trade between China and the EU surged 14.8 percent year-on-year at $137.16 billion.
"China and the EU can work together in dealing with some of the impact of the Ukraine crisis or the global economy by establishing pragmatic cooperation mechanisms, which will also benefit China-EU relations," Cui said.
On the Ukraine crisis, China and the EU, as two major powers, could strengthen cooperation on promoting peace talks between Russia and Ukraine, and between Russia and the US, and provide humanitarian assistance to Ukraine as well as explore economic cooperation to achieve a stable world economy, analysts said.
Xi's speech highlighted that China and the EU should act as two major forces, and offset uncertainties in the international landscape with the stability of China-EU relations, Wang said.
Wang stressed that stable China-EU relations meant that their relations cannot be abducted by the Ukraine crisis, human rights issues or by some countries like Lithuania.
China called for cooperation with the EU as Chinese
Premier Li Keqiang stressed on Friday that the two sides should seek
"new highlights" in their relationship and strengthen "policy
coordination" in major areas.
Aerial photo taken on Oct 15, 2019, shows a view of the Lujiazui area in Shanghai. [Photo/Xinhua]
Impressive development: Joggers at the Lujiazui financial district in Shanghai. The 5.5% target for economic growth indicates that China’s economy is rebounding after the extensive pandemic-induced lockdowns. — Bloomberg
Experts laud Beijing’s priority on economic stability `
BEIJING: China’s efforts to prioritise its economic stability are significant in many ways, experts say, as the nation’s consistency and policies offer good prospects for benefits through shared development during the post-pandemic recovery. `
On March 5, Premier Li Keqiang delivered the government work report to the fifth session of the 13th National People’s Congress (NPC), in which he expounded on the “milestone” year 2021 and major tasks ahead. `
Gerald Mbanda, a Rwandan researcher and publisher on China and Africa, said the report was “impressive” as most of the socioeconomic development targets had been achieved and some exceeded their goals. ` China “has offered a great lesson that irrespective of political, economic and racial differences, the world community can enjoy the benefits of shared development, rather than competing in isolation,” Mbanda said. `
He praised China’s commitment to peaceful global development and promoting the shared values of all humanity, both of which have been central in global developmental projects like the Belt and Road Initiative, the mega infrastructure project.
New targets `
The premier also announced a series of targets for China’s development in 2022. `
These include gross domestic product growth of about 5.5%, some 11 million new urban jobs, achieving stable macroeconomic performance, maintaining job security, expanding high-level opening-up and achieving peak carbon emissions and carbon neutrality.Muhammad Faisal, a research fellow at the China-Pakistan Study Centre at the Institute of Strategic Studies Islamabad, said this year’s NPC session was “significant in many ways for focusing on national economic recovery and growth after the pandemic”. `
“Although the set target of economic growth of around 5.5% is the second-lowest target during the past three decades, it indicates that China’s economy is rebounding after extensive pandemic-induced lockdowns,” he said. `
The scholar welcomed China prioritising its economic stability in 2022, which he called a “crucial year”, by offering new measures like tax cuts for businesses and the construction sector. `
The premier announced a new package of tax refunds and cuts totalling 2.5 trillion yuan (US$395.62bil or RM1.65 trillion) this year to support enterprises. — China Daily/ANNSource link
Dennis Munene, executive director of the China-Africa Center at the Africa Policy Institute, said the report clearly shows China's commitment to offering its citizens "strategic public goods" to spur economic growth and development in the post-COVID-19 era. `
Munene said the new package of tax-and-fee policies for micro, small, and medium-sized enterprises is conducive to improving their cash flow, promoting consumption-driven investment, and further improving the system for refunding value-added tax credits-credits on a consumption tax levied on goods and services at each stage from production to sale. `
Faisal said as China seeks to return to a normal life and mode of production, this year could indicate the easing of restrictions and the adoption of targeted interventions against the pandemic. `
"Premier Li emphasized that local cases must be handled in a targeted manner and the normal order of work and life must be ensured. This is an important statement, considering the extensively enforced measures during the past 24 months," said Faisal. `
Glenn Wijaya, an adviser to the Center for Indonesia-China Studies, welcomed China's consistent efforts in prioritizing the green sector. `
"Green economy is something that is already ingrained (in China).Thus, this is something that is extremely constant throughout. Low carbon is a good illustration of this. It is something that is mandated by law," Wijaya said. `
China "will lead other major nations in reducing carbon emissions, because, unlike other countries, it is consistent throughout, from political pronouncements to laws and regulations that influence businesses," Wijaya said. `
"Although difficult challenges were met, the work report's great achievements give the Chinese people courage and strength to push forward with confidence in the leadership, for the commitment to improving the lives of the people, as well as giving hope that the country is steadily progressing toward realizing the Chinese Dream of national rejuvenation," Mbanda said.
Chinese State Councilor and FM Wang Yi held a press conference on the sidelines of the fifth session of the 13th National People's Congress on Monday, where he answered questions related to foreign policy matters. Here are the highlights:
While innocent civilians in Ukraine are suffering from the flames of conflict, which have brought the world under threat of being ripped further apart, some forces, as opposed to fixing the division, are taking advantage of the turbulence to smear China by peddling false information, aiming to "launch a war" against China.
In light of the rampant illegal bitcoin mining operations and financial
losses from illegal electricity tapping nationwide, Tenaga Nasional Bhd
(TNB) is looking at ways to legalise mining operations by imposing
special tariffs. - NSTP file pic
`
PUTRAJAYA: In light of the rampant illegal bitcoin mining operations and financial losses from illegal electricity tapping nationwide, Tenaga Nasional Bhd (TNB) is looking at ways to legalise mining operations by imposing special tariffs. `
TNB chairman and chief executive officer Datuk Baharin Din said a proposal has been drawn up with special tariff rates for Bitcoin mining and this had been forwarded to the Energy Commission (EC) for approval. `
"We have made a proposal with our recommendations to legalise Bitcoin mining by charging them a special commercial rate but the proposal is still being reviewed by the EC," he said. `
Baharin said they first discovered the electricity tapping for Bitcoin mining in 2018 when at a time there were only 610 cases.
"But, last year the numbers jumped to 3,090 premises being used, and the tapping was done haphazardly, with the illegal operations posing a huge risk to the premises as well as others in the vicinity, through electricity sharing. `
"In addition, the (electricity) volume these illegal miners have been tapping was also way too high and detrimental to everyone," he said. `
Baharin said to undertake such tapping exercises, a person must be technically competent because it is a highly risky venture. `
"There are no safety elements included while they tap the electricity illegally for the machines and it can catch fire easily or cause a power outage," he said. `
Baharin was speaking to reporters after sharing the recent success of Op Power, a nationwide joint operation by MACC, police, EC and TNB which managed to cripple 998 illegal Bitcoin mining premises last month. `
Also present at the press conference today were MACC chief commissioner Tan Sri Azam Baki and EC chief executive officer Abdul Razib Dalwood. `
Azam said 18 suspects have been arrested and TNB losses from 2018 until last year are estimated to be RM2.3 billion. `
"The raids were carried out in Perak, Selangor, Pahang, Kedah, Melaka, Johor and Penang whereby 998 premises were found to have tampered to draw electricity (illegally). `
"We also identified 23 suspects paying and accepting bribes to allow these premises to operate but five have not been picked up due to Covid-19," he said. `
He said those arrested were receiving and paying money so that these illegal operations can be carried out. `
"One of the suspects picked up ran 500 premises on his own and on estimation, he pays about RM500 a month for each," he said, adding that the total bribe for the Os Power is estimated to be RM2.37 million. `
Azam said the payments were made either through cash or cryptocurrency monthly to and from these suspects. `
He said MACC has also frozen 126 accounts totalling up to RM4.47 million and seized 1,157 mining machines worth RM2.3 million in last month's nationwide joint operation. `
He said all those arrested will be charged for money laundering under the MACC Anti Money Laundering Act 2001.
Penang property market to rebound amid lingering challenges
`
THE Penang property market, which had actually started seeing a rebound in transactions since last year, is expected to resume its recovery path into 2022. `
CBRE|WTW director Peh Seng Yee says the Penang property market can expect a “rebound amid lingering challenges” this year. `
“We do expect a recovery in market activity for 2022. Prices of landed properties will continue to remain resilient. `
“For the high-rise sub-sector, it will continue to be a buyers market,” he says at the launch of CBRE|WTW’s 2022 Market Outlook Report, recently. `
Peh adds that future launches will generally comprise self-sustained developments that will be on a smaller scale, while at the same time fulfilling the demand for affordable units. ` Knight Frank Penang executive director Mark Saw also says the residential sub-sector in Penang has improved, posting higher volume and value of property transactions as of the third quarter of 2021.
`
Prop chtProp cht ` “The Penang state government’s commitment to increase home ownership with plans for a range of affordable homes in various strategic locations, extension of the Penang Home Ownership Campaign until June 2022 and enforcement of mandatory installation of fibre optic telecommunication infrastructure for all new developments, will spur the state’s residential property market.” `
EPF payout 6.1% for 2021, Look beyond EPF for retirement
EPF posts stronger performance amid economic rebound, focuses on rebuilding members’ savings `
In terms of challenges, Peh says scarcity of sizeable land in Penang will still continue to pose development constraints. `
“Additionally, the prolonging effects of the pandemic, especially with the new Omicron variant, could result in cautious spending and a wait-and-see approach. `
“Stringent lending guidelines and concerns over job security could also potentially derail the market,” says Peh. ` On the outlook of the Penang office market, Peh says the segment is expected to remain healthy this year, with stable rentals and occupancy rates. `
“The prospects of co-working spaces still remain encouraging,” he says. `
As for Penang’s retail sub-sector, Peh says the removal of movement restrictions since last year has been a boost to this sector. `
“We see normalisation amid ‘freedom euphoria’. However, we expect rentals to be flattish and a widening gap between the newer and older shopper complexes.” `
As for Penang’s hotel sub-sector, Peh says this segment is set for a steady recovery if the pandemic is significantly contained. `
“The segment can be spurred further by travel bubbles and other government initiatives. `
“We also see pent-up demand for medical tourism and intensifying market competition for the hotel sub-sector.” ` Meanwhile, Knight Frank Malaysia in its real Estate Highlights for the second half of 2021, says the Penang residential market is expected to pick up this year, supported by a series of measures announced under various stimulus packages and Budget 2022. ` “This will encourage people from various income levels to purchase their dream homes. The overhang of high-rise residential properties, especially in the category of condominiums and apartments, has also been growing.” `
With limited new supply of purpose-built offices in the state (existing and future), Knight Frank says the occupancies and rental rates for better grade purpose-built office buildings are expected to hold steady. ` “Meanwhile, with the growing work-from-home trend, some business premises have been converted into co-working space.” `
Knight Frank noted that the country’s vaccination rate has continued to improve and with further easing of restrictions, the retail segment is expected to slowly recover. `
“Selected retailers are expected to embrace the rise of eCommerce as they head down the path of recovery.” `
It adds that Penang’s industrial segment has continued to remain strong and steady throughout the pandemic. ` “This is especially with the Penang state government’s commitment to expand another two industrial parks in Batu Kawan, with focus on the logistics industry and the remaining phases for mixed industries. ` “This industrial park is set to continue its history of the successful Bayan Lepas Industrial Park.” ` Meanwhile, CBRE|WTW in its 2022 Market Outlook Report says property transaction activities in Penang increased for the period of January to September 2021.
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“A total of 11,981 properties valued at RM7.23bil were transacted, reflecting 13.9% and 33.9% increase in volume and value, respectively, year-on-year. `
“As more businesses are allowed to operate, the Penang property market has generally rebounded.” `
CBRE|WTW is optimistic that the rebound will extend into this year. `
“However, the rebound would be gradual as the pandemic lingers on, along with a sluggish economy and higher cost of living.” `
CBRE|WTW also expects to see more bargain hunting for residential units this year. `
“The overhang remains a concern. Prospective purchasers can negotiate for more discounts in addition to the incentives offered,” it says. `
According to the National Property Information Centre (Napic), there were 30,290 unsold completed residential units (overhang) worth RM19.75bil as at September 2021, compared with 30,926 units worth RM19.99bil in the previous corresponding period. `
Of the 30,290 overhang units, 18,829 units (or 62.2%) comprised high-rise units, while 6,803 units (22.5%) consisted of terrace houses. `
The bulk of the overhang units were focused mainly in Johor (6,441 units), Penang (4,638 units), Kuala Lumpur (3,863 units) and Selangor (3,376 units). ` Napic says 33.7% of the overhang properties consisted of units ranging between RM500,000 and RM1mil, while 28.4% comprised units ranging between RM300,000 and RM500,000. `
Units below RM300,000 comprised 25.5% of the total overhang, while units above RM1mil (12.4%) consisted of the remaining unsold units during the period under review. `
Knight Frank concurs that the overall property overhang status continues to remain elevated, especially in the high-rise residential segment. ` “The performance of the residential sub-sector is improving gradually, registering higher volume and value of property transactions as of the third quarter of 2021,” it says.