Jun 03

Six Four: He Xin’s 1990 speech at Beida

Written by: Buxi | Filed under:Letters | Tags:, ,
18 Comments » newest 2013-05-18 11:04:00

It is early June, and the minds of many Chinese again return to the tragic political upheaval of 1989. Over the next few days, we will translate a number of messages that tries to capture our conflicted feelings towards that violent summer. We especially welcome submissions from those with first-person memory of 1989.

He Xin (何新) is a noted Chinese scholar from the ’80s, variously labeled as “neo-conservative” or “ultra-nationalist” by Western analysts. Before and after June of 1989, he was attacked from both the left and the right: the left accused him of fomenting a coup alongside the students, and the right attacked him for being a “running dog” of the Communist Party for opposing the protests.

Below is a translation of the speech he delivered to the 1990 graduating class at Beijing University. He was received in a very hostile way, but spoke candidly of the reasons why he opposed the Tiananmen protests. Everything from this transcript is interesting; keep in mind the timing of the speech, and the (hostile) reactions of the Beida crowd… it gives us a flavor of China during the late 80s. Nineteen years later, a significant number of young Chinese believe He Xin made excellent points about the protests.

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Jun 03

Internet Lynch Mob gets their Fan

Written by: Buxi | Filed under:Analysis, News | Tags:,
9 Comments » newest 2008-06-04 16:26:59

Roland at ESWN gives us this excellent account of the Internet Lynch Mob again blindly rushing after a target… and sadly, this time, it’s gotten the wrong person.

Fan Xiaohua (范晓华) produced the official statement form the Mianzhu Communist Party Committee: “Comrade Fan Xiaohua (范晓华) has not been to Mianyang since May 12. She has not been to the May 1st Plaza of Mianyang. Mianyang and Mianzhu are not the same place. Comrade Fan Xiaohua (范晓华) and her family did not have any tents since May 12, so they could not be staying in one. Each night, Fan Xiaohua (范晓华) and her colleagues slept inside cars. Comrade Fan Xiaohua (范晓华) and her family have never owned a car. The Mianzhu city Communist Youth League car has license number Sichuan F70034. The Sichuan BD3732 license plate has been found to belong to Fan Xiaohua (范小华) of Jiangyou city who is not Mianzhu Communist Youth League secretary Fan Xiaohua (范晓华).

After Fan Xiaohua was involved in first stealing a disaster tent and second assaulting an old woman, arguably, he/she deserved some amount of public scorn. The problem with the Internet Lynch Mob is that it spreads rumors blindly. The Internet Lynch Mob has become judge, jury, executioner in one, and operates with little rational thought and discourse. I increasingly believe it’s becoming a scourage on modern Chinese society.

Roland provided a translation of part of a Southern Metropolis article on this. I’ll translate the rest; I completely agree with its sentiment:

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Jun 03

Today’s Xinhua article brings to our attention that China’s forex reserves have ballooned to $1.76 trillion as of the end of April. To put this number in perspective: it is about 15% of the US annual economic output.

Before people get carried away, allow me to explain what the forex reserves is not: it is definitely not the government’s money, so there is no sense in talking about the government spending it. It is also not some kind of surplus money sitting around with no purpose. The forex reserves is part of the collateral that backs RMB-denominated debt obligations of China, and that includes all Chinese money and government bonds.

According to this Xinhua article, which quotes AFP, which got its information from a “Chinese media source” (got it?), China’s forex reserves increased by $74.5 billion in the month of April, or $100 million per hour. (The article and all the English ones that copy it say $10 million, but they all did their math wrong!)

China’s (mainland) forex reserves is followed in size by Japan’s at $1 trillion, Russia’s at $548 billion, India’s at $316 billion, and Taiwan’s at $287 billion. Of course, only Japan is part of the G7 in this group, so it is an exercise for the reader to figure out how much the remaining 6 of the G7 have.

A large forex reserve gives currency stability and can be a defense of a country’s credit-worthiness. On the other hand, its rapid increase adds to the inflationary pressure in China. Besides trade surplus and foreign investments, nobody has a good idea for where all this extra money is coming from — from Chinese expats, perhaps? I know many of them have sent money back as the RMB rises something like 8% a year against the USD. (On a side note, isn’t it interesting that the shrill rhetoric of Congress to make China revalue the RMB or face punitive tariffs has all but vanished…)

Something to ponder, where is this all headed?