Kenneth Lieberthal, a former National Security Council officer on Asia in the Clinton administration urged the leaders in the U.S. and China to focus their cooperation on fighting climate change. Mr. Lieberthal pressed the issue in Beijing at the release of his study on climate change in cooperation with the Brookings Institute. The study calls for strong cooperation between the U.S. and China so that the two countries can create momentum for other nations’ efforts against global warming.
A report by the China Development Research Foundation, a government think tank set up by the State Council, calls for more than $839 billion to establish a nationwide social security system by 2020. Investting in social security would benefit the entire population and especially rural dwellers and migrant workers. The report plans spendings on pension security, health care, education, housing, employment, and minimum living standard security. Currently China’s social security system is far from nationwide coverage and focuses mainly on urban dwellers.
The China Banking Regulatory Commission announced a tougher stance on overseas acquisitions and investments of the country’s five biggest lenders–Bank of China, Industrial & Commercial Bank of China, China Construction Bank, Bank of Communications, and Agricultural Bank of China. The commission expressed concerns that risky overseas investments of the banks under its supervision might undermine their financial health at the same time that the Chinese government is calling for an increase in lending to spur domestic consumption.
The current dire situation in China’s labor market is expected to be the center of attention during the country’s annual parliamentary sessions this year. With about 20 million migrant workers having lost their jobs and more and more college graduates unable to find employment insiders expect the government to increase efforts and investments to boost employment.
A draft law for a new overarching food safety commission in China is expected to be passed over the weekend. The new commission would reduce the overlapping responsibilities between the existing food security institutions and could help guarantee a more efficient law enforcement. The decision to strengthen national food security came after a number of food scandals shocked China and the world.
