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Edition 2178 FT | 27 Oct 2014
ANALYSIS
By James Kynge
Thrift as a virtue is embedded deep within China’s culture. The written ideograms
for words such as “save”
and “store” sparkle with the
feel-good symbols for grain,
fields, silk and children. By
contrast, the character for
debt shows a man standing forlornly one imagines - next
to a pile of cowrie shells, an
ancient form of IOU. Children are taught that “diligence is a cash cow and thrift
is a gold mine”, while adults
are warned in one somewhat
humorous proverb that “going to bed early to save candles is not economical if the
result is twins”.
Money, or the lack of it,
was also a main motive behind the Communist party’s
decision to open the economy to foreign investors more
than three decades ago. So
acute was the cash crunch
then that when in 1974 Deng
Xiaoping - the subsequent architect of capitalist reforms prepared to lead a delegation
to the UN, he found that only
USD38,000 in foreign currency remained in state coffers to pay for his trip.
So why, given such potent
reminders of the importance
of money management,
has China’s government in
the past five years swerved
so much off the financial
straight and narrow? Total
debts owed by the government, companies and households have ballooned to 240
per cent of gross domestic
product, virtually double the
level at the time of the global financial crisis.
This ratio, it is true, remains modest next to some
in the west; US debts stand
at 322 per cent of GDP,
Ireland’s at more than 400
per cent, while Greece and
Spain are at about 300 per
cent each. But the speed of
increase in China’s leverage has been beyond parallel, and because of elevated
Chinese interest rates (estimated by Fitch, a credit
rating agency, to average
7 per cent) the cost of debt
servicing has risen much
faster than in other indebted
bloomberg
The journey from luxury to thrift
will be a test of Beijing’s mettle
A man walks past Audi AG vehicles displayed at a dealership in Shanghai, China
To change from a
thrifty lifestyle to one
of luxury is easy, to shift
from luxury back to thrift
is hard
Chinese proverb
countries.
This year China is set to
pay an interest bill of about
$1.7tn, an amount not far
short of India’s entire GDP
last year ($1.87tn) but larger
than the economies of South
Korea, Mexico and Indonesia.
Ironically, the spending
splurge that generated these
debts took place as Beijing
kept up atavistic exhortations to be thrifty. Under
Hu Jintao, the president
during the financial crisis,
billboards setting out “Eight
Honours and Eight Shames”
were erected in cities across
the country, telling people to
“work hard and live plainly;
do not wallow in luxuries
and pleasures”. Xi Jinping,
the current president, has
cranked up the tempo still
further with a national frugality campaign.
One answer to the question
of why Beijing has fallen so
rapidly into hock is that it
had little choice but to do so;
the liabilities represent the
costs incurred from responding to the global crisis. The
collapse of US demand in
2008 hammered China’s export sector, throwing roughly 30m people out of work
in a matter of months and
obliging Beijing to launch
a stimulus programme that
drew impetus from the ambitions of local governments
to demonstrate their manifest destiny.
A dowdy northern provincial capital became famous
for building the second largest building in the world, after the Pentagon, to serve as
its administrative headquarters. New roads, railways,
ports, airports, bridges and
industrial parks took form
everywhere. Some 9,700 sq
km in new urban precincts equivalent to about 25 cities
the size of Detroit - sprang
up between 2008 and 2012,
according to Caixin, a Chinese magazine. In some
places “ghost cities” with
fewer than 1,000 inhabitants
per square kilometre now
stand as monuments to the
triumphs of local exuberance over actual demand.
The bill for most of this
frenzy has fallen upon local governments and their
thousands of “financing vehicles”. Indeed, their debts
and contingent liabilities
form the fastest growing
part of China’s total liabilities, alongside those of the
heavy industrial companies
that made the steel, cement
and equipment that fed the
construction boom.
But aside from providing
the stimulus to revive a flagging economy, the rising tide
of Chinese debt also derives
from subsiding economic
competitiveness. Thus when
Chinese officials this week
announced the slowest quarterly GDP growth rate - 7.3
per cent - in five years, they
did so with a warning that
the world should prepare
itself for a “new normal” of
slower economic expansion.
What they did not hint at
was the increasingly central
role that the welter of unpaid
loans is playing in sapping
China’s commercial dynamism.
Companies are affected
because, according to estimates by Standard Chartered bank, some 32 per cent
of new credit these days is
used simply to pay off the
interest on existing debts.
Consumers are compromised because overall debt
service charges now equate
to about $1,290 out of the
annual per capita GDP of
$6,800. Local governments still the main agents of investment - are also feeling
the pinch, as was clear from
a finance ministry proposal
this week to allow them to
issue new bonds purely to
fund the repayment of their
maturing liabilities.
Fitch sees the confluence
of these pressures creating
a fundamental inflection
point in one of the greatest
growth narratives in history. China’s rapid “catch-up”
phase - during which growth
averaged 10.2 per cent over
three decades - is giving way
to a credit-fuelled expansion
that is getting progressively
slower.
Managing this will not be
easy. To quote one Chinese
proverb: “To change from
a thrifty lifestyle to one of
luxury is easy, to shift from
luxury back to thrift is hard.”
Copyright The Financial
Times Limited 2014
27.10.2014
Syndicated articles from
F2
© The Financial Times Limited 2014. All Rights Reserved. Not to be redistributed, copied or modified in anyway.
PROFILE
By Ming Liu
The Soviet-style apartment
block in Beijing, set behind
a luxury sports car dealership and a showroom for a
private aircraft manufacturer,
doesn’t seem like the kind of
place someone who is used to
broadcasting to 85m television viewers would choose to
live in.
It is also a far cry from the
gleaming China Central Television (CCTV) headquarters,
the distinctive tower nicknamed “big trousers” by locals - as much a reference
to its design as it is a fitting
metaphor for the state broadcaster’s size and reputation.
Founded in 1958, CCTV’s 40
channels are today beamed
around the world to a potential 1bn viewers, with programming that ranges from
news and academic lectures
to variety shows and historical dramas. The state-owned
national broadcaster, always
led by a senior Communist
party official, is also regularly
described as a mouthpiece for
the Chinese government.
James Chau, 36, has worked
for CCTV for more than a
decade; first as a primetime
news anchorman and today
as a special contributor focusing on major news and special events. He also has 1.6m
followers on Weibo, China’s
version of Twitter. Inside his
ground-floor, two-bedroom
apartment, warm light from
an inset balcony floods the living room, which has a curved
jade-colored sofa and a large
painting of a grandmother and
two children posing in a rural
Chinese setting.
Dressed in a brown blazer
and white trousers, Chau is
all smiles and has a disarming
sense of humor - two characteristics he has put to good use
throughout his career. He was
the first Chinese journalist to
interview Aung San Suu Kyi,
arguably the world’s most famous living dissident, while
other interviewees have included Robert Mugabe (who
after the show asked Chau
if he was married, and why
not), China’s first lady Peng
Liyuan, and fashion designer
Diane von Furstenberg (who
told him that if she were a
20-year-old today, she would
live in Beijing rather than New
York). Chau was also the first
journalist to secure a one-onone interview with Malaysia’s
defense minister and acting
transport minister after the disappearance of Malaysia Airlines Flight 370 in March.
Chau recalls the first time he
visited his apartment. “[The
building was] so ugly on the
outside. But the friends I was
with said, ‘Give it a chance.
You don’t know what’s inside’. It’s sort of a metaphor
xinhua
Live from Beijing
for life - that content is more
important than the packaging.”
The apartments were originally built for senior government officials and Chau has
lived here for 10 months. The
flat is three times larger than
his previous home but Chau
moved here for personal reasons, following a loss in his
life. “I wanted an unfamiliar
space that was not associated
with anyone. I feel calm when
I walk in”. Ground-floor living
and the unassuming exterior
also feels safer to him than any
of the modern high-rises he
has lived in previously.
Beautiful artworks hang on
the walls - as well as more
unusual objects such as the
lightbox-mounted X-ray of his
mother’s shoulder (“She almost always wears pearls; apparently when being X-rayed
for a dislocated shoulder,
too”).
Born in London, his father
was raised in Hong Kong
while his mother was born
to “ethnic Chinese parents
from Indonesia and Malaysia”. Chau entered the Royal
Academy of Music aged 12 to
study piano but stopped playing at 16 after a car accident.
After receiving his masters at
Cambridge he moved to Hong
Kong to work in television
and, 10 years ago, moved to
Beijing. “I didn’t know anybody. I came to China to learn
- not just about a rising power but about a country which
in itself contains the biggest
chunk of the human family. I
wanted to learn what most of
the world was doing”.
He landed his role at CCTV
after speculatively calling the
broadcaster and asking for a
job. “It’s about having guts
and honesty and knowing
what you want - and what you
can offer in return,” he says.
When asked what it is like
being western-born and educated but working, ultimately, for the Chinese govern-
racy protest. Unsurprisingly,
CCTV’s coverage of what
became known as the Umbrella Revolution was decidedly
pro-Beijing. Yet, Chau later
insists: “If we look at it broadly, this has been an object lesson in responsible democracy.
The authorities have made
their point, the protesters have
made their point and they went
back to their respective work.
This leaves open the argument
You are working
for a combination
of elements - a news
station, government
agency and a country
CCTV’s James Chau
ment, Chau gives the kind of
response one might expect
from a star journalist at a state
broadcaster. “You are working
for a combination of elements
- a news station, government
agency and a country. Quite
often what you read in the paper and watch on television
gives you a clear idea of where
China is headed next - what
policy it may be testing out
further. Being the first to share
that is very special - it makes
the station a true influencer”.
Days after this interview,
thousands of demonstrators
took to the streets in Hong
Kong as part of a pro-democ-
to dialogue - and Beijing has
always said that, in any situation, it is open to dialogue.”
Chau leads the way into the
“red room” - painted, partly,
as a nod to “Forbidden City
red” and partly as homage to
the photographer Lord Snowdon, formerly Princess Margaret’s husband, and who Chau
interviewed when he was at
Cambridge. The red room is a
multifunctional space - study,
guest room, retreat - where
Chau sees himself spending more time in the future.
In August, Chau announced
emotionally on air that he was
stepping down as an anchor-
man to become a special contributor for CCTV. It would
give him the opportunity to escape the “everyday humdrum
of going to the studio” as well
as enabling him to cut down
on travel to make time to finish
his book - a collection of interviews with “global thought
leaders” such as Arianna Huffington and Muhammad Yunus.
Chau also wants to focus
on his HIV/Aids work (he is
a goodwill ambassador for
UNAIDS - the joint UN programme on HIV/Aids, for
which Chau was appointed in
2009, as UNAIDS’s first ambassador to China).
Several other journalists have
also left CCTV recently but under very different circumstances. Nearly a dozen top CCTV
employees have been targeted
in the sweeping anti-corruption
campaign of China’s president
Xi Jinping, which has ensnared
both businessmen and government officials. Some 63,000
have been punished, from
stripped party memberships to
death sentences.
Did Chau know any of the
CCTV staff who have been
detained? “I knew one person
in particular whom I worked
with when I was coming up.
So that came as a surprise.”
When pushed further, Chau
again tows the party line. “I
think no one needs to be afraid,
apart from the people who are
corrupt themselves,” he says.
“I support the president’s anti-corruption campaign, as
do all Chinese people. Who
wouldn’t? It costs the country
billions every year and everyone is sick of it . ”
Warming to his theme, he
continues: “This is going to be
the legacy of this presidency
because [Xi] has the courage,
capacity and opportunity now
- not to say that others haven’t
been wanting to do it. He has
taken this incredible bold step
to create a new standard here.”
Chau’s bed, which is made
up in white and blue trimmed
sheets, is framed by white curtains that hang from the ceiling. “I had this madcap idea
recently in London. I didn’t
want a four-poster - I find it
very old, and my ceilings aren’t high enough - so, with
two guys and a drill, we created this effect ourselves.” Of
the design, he adds, smiling:
“It’s a bit English, a bit Napoleonic - which is all a bit aspirational of me to say, because
that makes me somewhere
between a queen and an emperor.”
Given the worsening air
pollution in China, does Chau
have any air filters? If he does,
they are well concealed. “I actually have three. But I hide
them because they’re ugly.”
Still, Chau says the pollution
hasn’t deterred him from staying on in Beijing, as it has so
many expats as well as locals.
“It’s not going to keep me
from living here - and living
my dream.”
Copyright The Financial
Times Limited 2014
mon 27.10.2014
特刊
Music that lives (and uplifts)
in the hands of Jordi Savall
David Ignaszewski
U
Physical Geography
The Mediterranean Sea: This
is indeed a rare opportunity for
music lovers living in and familiar with the Pacific Rim to hear
a wide range of music from the
Mediterranean dating back to a
millennium ago. The title of this
concert, Mare Nostrum (“Our
sea”), stems from Roman times,
when founders of the Empire
referred to that expanse of water bordering the southern tip of
Europe and northern shores of
Africa, extending eastward to modern-day Turkey and Israel, Syria
and Lebanon. Although Gibraltar
is the western gateway opening
to the Atlantic Ocean, we should
not forget the ancient islands within the Mediterranean with fascinating histories, among them
Cyprus and Rhodes.
Normally we associate water
and ancient civilizations with naval battles (for which there had
been plenty among European
nations onward from Napoleon
as well as tracing backward to
the Christian alliance’s ongoing
conflicts with the Ottoman Empire). But belligerence aside, the
Mediterranean Sea has proven
to be a gainful trading route for
many centuries, through which
the Near East and Western Europe shared many a living tradition,
let alone the abundance of food
and great weather that the region
enjoys even today.
Jordi Savall’s Odyssey Savall is perhaps most popularly known as the viola da
gamba player who arranged and
recorded the music for the 1991
French film Tous les matins du
monde (“All the mornings in the
world”), recounting the story of
17th-century viol master Marin
Marais (played in the film by the
actor Gerard Depardieu). But Savall had little to do with France in
his early life.
He was born an hour outside
Barcelona (the northern part of
Spain that is defiantly Catalan,
with its own distinct language and
cultural traditions). As a young
boy, Savall sang in choirs, later on
taking up the cello. By the 1970s,
he established himself as a viola
da gamba virtuoso all over the Europe, organizing early music ensembles and taking every opportunity for solo displays. That
sense of musical discovery, to say
nothing of his travels throughout
Europe, was rather a throwback to the troubadour tradition.
As a musical ambassador, Savall
unearthed musical repertoire
long neglected, breathing new life
in performances and recordings,
the latter of which he has made
F3
Acclaimed musician plays in Macau
By Joanna C. Lee
NESCO’s “Artist for
Peace” Jordi Savall
brings a multi-cultural
experience that crosses
East and West, past and present.
His curated programs feature
“centuries-old songs and dances
glow with sadness and jump for
joy,” according to New Yorker critic Alex Ross.
FEATURE
more than 160 to date.
Scholar, Curator, Teacher, Producer, General Impresario: As
mentioned earlier, Savall’s popular success in Tous les matins
du monde made him a star (he
won a French “Oscar,” the César
Award) and catapulted him as a
champion for early music. Fame
came with its challenges, and
rather than rest on his laurels,
Savall extended his horizons, developing new projects and new
ideas in the past two decades that
truly merit him as a leading “mu-
As musicians,
we have the
capacity to
understand
people from
different
cultures
Jordi Savall
sic humanitarian.”
His recording, Jerusalem City of Two Peaces:
Heavenly Peace and Earthly Peace (accompanied by a 400-page
glossy hardback book), won him
the MIDEM Classical Award in
2010.
For him, spreading peace and
engaging with audience and musicians alike are paramount. “As
musicians, we have the capacity
to understand people from different cultures,” he has said. “Every
time you play music from other
cultures, it means you have a
certain sympathy [and respect].
This is essential for any kind of
dialogue, and in our projects, we
involve music from different cultures because we have so much to
learn from them. With music, we
can help people understand our
history.”
World Music: Illuminating New Paths and
Familiar Sounds Instruments featured in this concert originate from around the Mediterranean. Some of them travelled
from one region to another, attesting to the fact that music is uni-
versal, crossing lands and seas, as
well as spanning many centuries,
despite wars and battles and religious differences.
Apart from the vielle (medieval
fiddle) that is Savall’s own expertise, there is the rebec, another
ancestor of the violin family that
can be traced to the Arabian peninsula and Morocco. In fact, the
rebec was such a popular instrument that it was ubiquitous in
teahouses throughout the Ottoman Empire.
You might even find instruments that look vaguely familiar on a
Chinese stage. The kaval, an end-blown flute originating from
mountain shepherds throughout
the Balkans, has different tunings depending on whether they
are from Turkey or Greece. It is
definitely a distant cousin of the
Chinese xiao.
The oldest pictorial recording of
the oud dated from 5,000 years
ago. This Arabian equivalent of
the European lute (which is related to the guitar) also spread eastward in the form of the pipa. The
kanun is associated in playing technique with the zheng, while the
santur spread around Europe as a
hammered dulcimer best known
for gypsy music, but also looks
uncannily familiar to Chinese
eyes as a variation of the yangqin.
Together these instruments weave a sonic fabric that is at once
familiar and new to ears familiar
with Asian musical traditions.
The Purity and Immediacy of the Voice The
three singers featured in this program hail from different countries
sharing Mediterranean waters:
Israel, Turkey and Greece. Religious and spiritual songs in the
evening connect with each other,
to the universe, and to all deities.
This penchant for the voice for
Savall must have begun with the
love for his late wife Montserrat
Figueras (1942–2011), who had
shared the “Artist for Peace” title with him. Figueras’s striking
vocal prowess, her indefatigable
spirit, and her expressive persona
had been vividly captured in the
many recordings she made with
Savall.
Of all musical instruments, the
human voice is the most intimate, with the ability to convey love
and admiration hardwired into all
civilizations. While instruments
travelled from one region to another and repertoire evolved, the
voice has remained more distinct,
tied to specific lands, languages
and dialects. Regardless, melodies that are soulful and joyful can
resound in any setting.
This concert promises to be one
that introduces but also inspires.
We must remember that Christian, Sephardic, Turkish and
Arabic communities had existed
side by side, sometimes on more
friendly terms than in others. And
breaking barriers, even in the
smallest gesture of a musical performance, is one way of moving to
a more peaceful understanding of
the world we live in.
Joanna C. Lee is a Honorary Research
Fellow at the Centre of Asian Studies
at the University of Hong Kong
concert on nov 29
The Macau Cultural Centre
presents the iconic musical
collector Jordi Savall and the
Hespèrion XXI in their debut
concert at the Grand Auditorium on November 29 (Saturday). Brought as one of CCM’s
15th anniversary programmes,
this Mediterranean musical
journey will bring the audience
into an exquisitely curated repertoire, travelling along ancient
and meaningful compositions
performed with now rare instruments.
F4
NATURE
27.10.2014 mon
自然
By Michael Graczyk, Austin
A
frigate carrying French
colonists to the New World that sank in a storm off the
Texas coast more than 300
years ago is being reassembled
into a display that archeologists
hope will let people walk over
the hull and feel like they are on
the ship’s deck.
The 1686 wreck of the 54-foot
oak frigate La Belle — in an expedition led by famed Mississippi River explorer Rene-Robert
Cavelier Sieur de La Salle — is
blamed for dooming France’s
further exploration of what
would become Texas and the
American Southwest.
But La Salle’s short-lived Fort
St. Louis near the shipwreck
site in Matagorda Bay, about
100 miles southwest of presentday Houston, also convinced
Spain to boost its presence in
the region to ward off a feared
French territorial expansion.
“In a very real way, it’s responsible for our Hispanic heritage
we have today,” said Jim Bruseth, curator of the La Belle pro-
ap photo
Remains of French ship being
reassembled in Texas
Work to reassemble the 54-foot oak French frigate La Belle begins at the Bullock
Texas State History Museum in Austin, Texas
ject at the Bullock Texas State
History Museum. “They had
nobody here, and it started the
process of settling Texas.
“History oftentimes turns on
seemingly small events,” Bruseth said. “We have that actual
ship, the remains of it here,
that’s the icon of that event.”
Beginning Saturday, visitors
to the Austin museum will be
able to watch Bruseth and other
archaeologists put the wrecked
ship back together and talk
with them as they work. The
reassembly is expected to be
complete by spring.
“It’s going to be a lot of fun. It’s
like a dinosaur, big and dynamic and magnetic,” said Peter
Fix, one of the assembly team
members and chief conservator for Texas A&M University’s
Center for Maritime Archaeology and Conservation. “Once we
get the framing up it’s going to
look like a big beached whale, a
bone carcass. And that’s dynamic and hopefully it will pique
curiosity.”
The keel and other large
structural pieces of La Belle
— resembling old railroad ties
— were discovered in 1995 by
Texas Historical Commission
archaeologists.
Researchers
built a dam around the site,
pumped it dry, then retrieved
the nearly intact hull that had
been preserved in up to 6 feet
of mud.
In 2012, the 600 waterlogged pieces were taken to Texas
A&M, where the timber was
stored at 60 degrees below zero
in the world’s largest archaeological freeze-dryer to remove
more than three centuries of
moisture.
Once the assembly is finished,
the hull will be encased in a
glass cabin-like structure so
people can have the sensation
of being on the ship’s deck,
peering into the hull and its
cargo holds “and understand
that they’re not looking at just
a bunch of dirty old boards,”
Fix said.
La Salle was the first European to travel the Mississippi
River south to the Gulf, claiming all the land along the river
and its tributaries for France in
1682. Three years later, he sailed from France with more than
300 colonists aboard four ships
including La Belle to establish a
settlement at the mouth of the
Mississippi — a destination he
missed by 400 miles.
By then, one ship had been lost
to pirates. Another ran aground
and sank. A third eventually
headed back to France, leaving
La Belle as his only lifeline. That
was severed with its sinking.
Then the colony at Fort St. Louis was ravaged by disease, rattlesnakes, water shortages and
Indians. Its inhabitants died or
were killed while La Salle led a
handful of men inland, where
he wound up killed by some of
them.
The museum exhibition also
includes cannons and rifles,
ammunition, cooking utensils, tools, building materials,
trinkets like beads, bells and
mirrors and even some of the
1,603 Jesuit rings recovered.
“We couldn’t be any luckier in
that sense,” Bruseth said. “Rather than the ship being empty
when it wrecked, everything he
had left that you need for a colony was in the Belle.” AP
ASK THE VET
by Dr Ruan Du Toit Bester
Feline Obesity Causes
O
besity causes in felines may be
various starting from genetics to
lack of exercise and an inadequate diet.
You must be aware of the possible causes
and try to prevent obesity in your pet, as
this is associated with many health problems.
Genetic Factors
Just like in humans, certain cats are
prone to being overweight. This is due to
the genetic information inherited from
the parents.
Medical Conditions
Certain medical conditions will cause
obesity in your pet:
- Hormonal imbalance, which can affect the metabolism and may lead to weight gain
- A heart condition, which will not allow
the pet to exercise and he can easily gain
weight, due to inactivity
- Arthritis, which will also make certain
movements painful and the cat will refrain from moving
Older pets may also be more prone to
obesity, as the cat will be less active and
will sleep more. If he eats the same food,
he will most likely gain weight.
Inadequate Diet
An inadequate diet can lead to weight
gain. The cat may eat more than he needs
and all the excess energy will turn into
fat.
Many owners tend to over feed their
cats in Macau. The cat should have a diet
that is adjusted to his size, breed and
age. You should work closely with your
vet to find the amount of energy your pet
needs for his daily activities and administer the exact same amount.
You should also make sure that the cat
eats quality food that contains fewer
fillers, which can contribute to obesity.
Lack of Exercise
The lack of exercise can contribute to
weight gain. A sedentary cat is very likely
to become obese. This is due to the fact
that he consumes more food than he
needs and all the remaining energy will
be deposited. A cat can easily become
obese if he fails to exercise.
The amount of exercise required by a
cat will depend on his breed and age, but
he will need to play or consume his extra
energy each day. On average, cats need
around 15 to 30 minutes of exercise per
day. Exercise may not be recommended
if the pet has arthritis or a heart condition. In this case, the diet has to be adjusted so that the pet eats only as much
as he needs.
Dangers of Obesity
Obesity can present certain health dangers, so you need to prevent obesity in
your cat.
Obesity is linked to these health problems:
- Heart problems, as the heart has to
work extra to pump blood to the fat tissues as well
- Early onset of arthritis
- Diabetes, which can occur if the cat
can no longer assimilate the blood sugar properly Obese cats will have a lower life expectancy.
Consult your vet if you suspect your pet
may be overweight. The vet can establish
if your cat has a normal weight and make
certain diet and exercise recommendations.
If you have any questions regarding
your pets health e-mail us at info@rvcmacau.com
Hope this helps Till next week
Dr Ruan
Ask the Vet:
Royal Veterinary Centre
Tel: +853 28501099, +853 28523678
Emergency: +853 62662268
Email: royalveterinary@gmail.com