CHINA’S AGING AND MEDICAL CARE

CHINA SEEKS WESTERN-STYLE CARE AMID EXPLOSION OF ELDERLY

Natasha Khan

Bloomberg, August 28, 2013

The Chinese increasingly eat, shop and play in ways their Western counterparts would instantly recognize. They’re aging like them too, living longer lives that are often limited by debilitating illnesses.

As the almost 200 million population of over-60s more than doubles in the next 40 years, China faces a deluge of infirm elderly who can’t live alone. Nor can they rely on Confucian tradition of children caring for their parents: the country’s one-child policy has left fewer offspring to share the load, while more Chinese are moving away from home to study or work.

While China spent 1.1 trillion yuan ($179.7 billion) over the past four years to cut the cost of drugs and provide basic medical coverage for more than 90 percent of its 1.3 billion people, services for the elderly have fallen behind. To plug the gap, Premier Li Keqiang said Aug. 16 the government will cut red tape and costs to spur foreign investment into the type of privately funded care that is common in the West.

“They’re going to be struggling with an enormous burden in terms of caring for their elderly,” said Benjamin Shobert, managing director of Rubicon Strategy Group in Seattle, which advises companies on how to enter Asian health-care markets. “They don’t really have two bites of the apple. Purely from a time-frame point of view, the next 10 years are critical.”

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CHINA’S SHADOW BANKING

CASH CRUNCH? CHINA'S TRUE CRUNCH TIME IS YET TO COME

China's 'shadow banking' sector could pose serious problems for the country in future

Linda Yueh

BBC News, June 24, 2013

How can a largely state-owned banking system experience a credit crunch? When the central bank decides to rein back credit.

The Chinese central bank has been reining back credit for some time now as it has sought to control housing prices. But, when the cheap money from the rest of the world began reversing (see my post on Great Reversal part II) due to the Fed signalling an end date for the era of cheap money, funds leaving emerging economies like China have made the situation more apparent.

Last week, the overnight lending rate between banks jumped to exceed 25% as banks became reluctant to lend to each other. But the lending rates fell again when the state-owned banks fell into line and resumed lending to each other.

Now, the Chinese central bank says that liquidity is "ample" and essentially indicated that it will not inject more cash, holding firm on the line of controlling credit growth in the economy.

As a result, the Chinese stock market fell into bear market territory led by the decline of banks. In other words, banks can't count on the central bank for cheap cash. In fact, the central bank wants to root out the poorly performing banks - especially those in the so-called shadow banking system.

(...) [article here]

CHINA AND NORTH KOREA

CHINA, NKOREA HOLD 'STRATEGIC DIALOGUE': OFFICIALS

Bangkok Post, June 19, 2013

A high-ranking North Korean official with long experience as his country's international nuclear negotiator held talks Wednesday with Chinese officials, Beijing's foreign ministry announced.

North Korean first vice foreign minister Kim Kye-Gwan and Chinese vice foreign minister Zhang Yesui co-chaired a "strategic dialogue" meeting between their ministries in the Chinese capital, foreign ministry spokeswoman Hua Chunying said.

"The two sides exchanged views on China-DPRK relations and the situation on the Korean peninsula," she told a regular briefing, referring to North Korea by the acronym of its official name, the Democratic People's Republic of Korea.

Kim also met Wu Dawei, China's special envoy for Korean peninsula affairs, Hua said.

The talks come amid ongoing tensions on the peninsula over the North's nuclear programme and mark the second high-level visit to China in less than a month by a North Korean official.

The visit also coincides with talks in Seoul on Wednesday and Thursday between United Nations' chief Ban Ki-moon and Chinese leaders.

China has come under pressure to encourage North Korea to halt its nuclear programme after the reclusive nation in February carried out its third underground nuclear test, which brought worldwide condemnation.

(...) [article here]

CHINA’S PROPERTY PRICES

CHINA HOME-PRICE GAINS ADD TO DILEMMA ON CASH CRUNCH: ECONOMY

Bloomberg News

Bloomberg, June 18, 2013

Chinese property prices rose at the fastest pace in more than two years in major cities, defying tougher government curbs and constraining the ability of policy makers to ease credit in response to weakening economic growth.

New home prices in Beijing, Shanghai and Guangzhou posted the biggest gains in May since at least January 2011, and 69 of the 70 cities tracked by the government showed increases, the most since August 2011, National Bureau of Statistics data showed today in Beijing. Inbound non-financial investment rose 0.3 percent in May from a year earlier, the weakest in four months, according to the Ministry of Commerce.

The property gains limit the ability of Premier Li Keqiang to counter an economic slowdown that showed signs of deepening in May. The central bank today refrained from adding cash to the financial system and money-market rates reached the highest level in seven years this month, a liquidity squeeze that Fitch Ratings says may accelerate a banking crisis.

“The government is in a dilemma right now,” said Zhang Zhiwei, Hong Kong-based chief China economist at Nomura Holdings Inc., who previously worked at the International Monetary Fund.“It’s difficult for China to tighten the property market, while it also needs to bolster the economy, which has a strong reliance on property.”

(...) [article here]

CHINA AND THE SERVICE SECTOR

CHINA SETS FOCUS ON SERVICE INDUSTRIES

Bao Chang

The China Post, June 17, 2013

WU--I -- Now is the best time for China to develop its service trade, and the country can become one of the biggest outsourcing service providers in the world within the next few years, Wei Jianguo, former vice minister of commerce and secretary-general of China Center for International Economic Exchanges, said on Saturday.

At present, outsourcing service buyers in developed economies are moving their focus from investing in labor-intensive industries to the outsourcing service in high technology and research and development sectors.

“China should seize this unprecedented opportunity and get a foothold in the transaction of the world's service trade and gain an advantage compared with other emerging economies which are also seeking new opportunities in the outsourcing industry upgrading,” Wei said.

Wei was speaking at the Sixth Global Outsourcing Summit in Wuxi, in East China's Jiangsu province.

Jointly organized by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, the Asia-Pacific CEO Association and the People's Government of Wuxi Municipality, the summit targets the promotion of multinational outsourcing and insourcing cooperation, and looks at the city's transformation amid economic globalization.

(...) [article here]

AIR POLLUTION AND SOLAR ENERGY IN CHINA

CHINA MAKES FRESH PROMISES ON AIR POLLUTION, PLEDGES SUPPORT FOR SOLAR

Reuters, June 15, 2013

SHANGHAI (Reuters) - China's cabinet approved new measures to combat air pollution on Friday, in the latest step by China's new leadership to address the country's enormous environmental problems, with pollution a key source of rising social discontent in China.

The government also promised to support China's troubled solar power industry, despite problems with overcapacity and ongoing trade disputes with the United States and Europe.

In a meeting chaired by Premier Li Keqiang, the State Council approved 10 anti-pollution measures, the council said in a statement posted on its website late Friday.

In particular, the State Council promised to:

- Accelerate the installation of pollution control equipment on small, coal-fuelled refineries.

- Curb the growth of high-energy-consuming industries like steel, cement, aluminum, and glass.

- Reduce emissions per unit of GDP in key industries by at least 30 percent by the end of 2017.

- Improve indicators used to evaluate the environmental impact of new projects and deny administrative approvals, financing, land, and other support to projects that fail to meet high standards.

- Strengthen enforcement and collection of fees and penalties that companies pay based on their emissions.

- Use legal action to force industries to upgrade pollution controls and establish or revise industry-level emissions standards.

(...) [article here]

US, CHINA, AND INDIA

THE G-2 DILEMMA

The current dynamic between the US and China poses challenges for Delhi

C. Raja Mohan

The Indian Express, June 11, 2013

The informal California summit over the weekend between the US and Chinese presidents, Barack Obama and Xi Jinping has unveiled a new phase in great power relations and demands a significant recalibration of India’s recent foreign policy assumptions. Although the summit did not produce any major breakthroughs, its very conception is based on the American recognition that a measure of political understanding with China is necessary for the management of the challenges confronting Asia and the world.

Any talk of US-China collaboration makes India rather nervous. Two recent occasions come to mind. In June 1998, barely weeks after the Indian and Pakistani nuclear tests, presidents Bill Clinton and Jiang Zemin declared the intent to build a strategic partnership and promote non-proliferation in the subcontinent. New Delhi went into a paroxysm denouncing the prospects for a Sino-US “condominium” in Asia.

In a Beijing summit in November 2009, Obama and Hu Jintao declared their commitment to seek stability in the subcontinent. Travelling to the US three weeks later, Prime Minister Manmohan Singh sought assurances from the US president that Washington’s partnership with Beijing will not be at the expense of Delhi. Looking back a little further, in the early years of the Cold War, India continually urged America and the Soviet Union to end their confrontation and seek peaceful coexistence. When America and Russia sought to achieve precisely those objectives in the 1970s, Delhi became anxious about superpower hegemony and protested nuclear agreements between them that constrained India’s strategic options.

The current dynamic between America and China will pose even greater challenges to Delhi. In the 1970s, Delhi neutralised the impact of Sino-American rapprochement by a tighter embrace of Soviet Russia. Today, Moscow is much closer to Beijing and is not eager to balance a rising China.

(...) [article here]

WEAKER DEMAND IN CHINA

CHINA LEADERS TESTED ON GROWTH RESOLVE AFTER SLOWDOWN: ECONOMY

Bloomberg News

Bloomberg, Jun 10, 2013

China’s new leaders face a test of their resolve to forgo short-term stimulus for slower, more-sustainable growth after May trade, inflation and lending data trailed estimates, signaling weaker global and domestic demand.

Industrial production rose a less-than-forecast 9.2 percent from a year earlier and factory-gate prices fell for a 15th month, National Bureau of Statistics data showed yesterday in Beijing. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth moderated and new yuan loans declined.

The data add pressure on President Xi Jinping and Premier Li Keqiang to shore up growth less than three months into their tenure, after first-quarter expansion unexpectedly slowed. While the figures boost the case for easing monetary policy or approving more spending, the government’s room is limited by rising home prices, financial risks and overcapacity.

“The May data will force China’s leadership and the central bank to rethink growth and inflation -- it seems they were too optimistic about growth and too concerned about inflation,” said Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd. in Hong Kong. “It’s a test for China’s leadership to see whether they are determined to reform.”

(...) [article here]

SLOW GROWTH IN CHINA

CHINA'S SLOW GROWTH CAN BE GOOD NEWS

Junheng Li

Forbes, June 6, 2013

Over the past 33 years, China thrived on a singular economic model: high-volume manufacturing of low-margin products for the rest of world. Today, that growth model has stalled – and not just for cyclical or near team temporary reasons, but because it has come to the end of the line. That is evidenced by the excess capacity that has built up in many sectors such as steel, cement, solar panels and construction materials, as well as the rising cost structure, declining global competitiveness and shrinking corporate profitability of many Chinese companies.

According to a study by brokerage CLSA on 428 publicly traded Chinese companies (excluding banks), corporate margins have declined from approximately 30% in 1997 (before the Asian Financial Crisis) to 10.5% currently. A lack of R&D and innovation has hindered Chinese companies from moving up the value chain, and China is falling behind in global competitiveness. Many state-owned enterprises (SOEs), including state-owned banks, are kept afloat by taking on increasingly more debt from banks or from each other. Excluding banks, Chinese companies’ return on equity has declined by approximately 35%, while corporate leverage has increased approximately 33% since 1997.

The picture is clear. Despite its unprecedented achievement of lifting 500 million people out of poverty in as little as thirty-three years, China’s economy has become a prisoner of its own success.

(...) [article here]

CHINA AND THE SLD

SHANGRI-LA LOST FOR CHINA

Bonnie Glaser

Asia Times, June 5, 2013

The Shangri-La Dialogue (SLD), launched by the Institute of International Strategic Studies (IISS) in 2002, brings together Asia-Pacific defense ministers and experts from around the world to discuss regional security challenges and opportunities for cooperation.

The 12th SLD convened in Singapore from May 31 to June 2. IISS Director General and Chief Executive John Chipman noted in his opening remarks that the meeting took place "after a year of heightened tensions in the Asia-Pacific, recognizing that defense diplomacy is needed to contain disputes, limit provocations and inspire conflict prevention".

For a vast number of the attendees, much of the instability in the region can be traced to China's assertive defense of its expansive sovereignty claims in the South China Sea and East China Sea.

Concern about China was the main theme of the opening keynote speech delivered by Vietnamese Prime Minister Nguyen Tan Dung. Although China was not singled out by name, it was clear that his references to growing risks to "maritime security and safety as well as freedom of navigation" were delivered with China in mind.

(...) [article here]

US, CHINA AND NORTH KOREA

NORTH KOREA COMMON GROUND FOR US, CHINA

George Gao

Asia Times, June 4, 2013

UNITED NATIONS - US President Barack Obama is set to host his Chinese counterpart, Xi Jinping, on June 7-8 for their first bilateral meeting as heads of state. Figuring on their agenda is how to address a precarious North Korea, which is armed with a small nuclear arsenal and vying for a bigger one.

In the past seven years, North Korea has suffered a spate of UN Security Council sanctions, the most recent of which was co-drafted by the US and China in March under resolution 2094. The resolution prohibits the transfer of any materials and financial assets into North Korea that may contribute its nuclear program. The resolution also prevents some luxury goods from entering the country.

But in general, UN sanctions have yet to halt North Korea's nuclear developments, much less disarm its nuclear arsenal.

"Clearly, UN sanctions have not been effective, as evidenced by North Korea's continued development and testing of nuclear weapons since sanctions were first introduced in 2006," said Charles K Armstrong, a professor of history at Columbia University and the director of the Center for Korean Research.

(...) [article here]

THE SHANGRI-LA DIALOGUE SEEN BY CHINA

CHINA MEDIA: SHANGRI-LA DIALOGUE

BBC News, June 3, 2013

Media and experts discuss territorial tensions and US military deployments in Asia following a security conference in Singapore, while the Hong Kong press note a rift among the pro-democracy camp ahead of the 4 June vigil.

Global Times expresses disappointment at US Defence Secretary Chuck Hagel's declaration at the Shangri-La Dialogue in Singapore that the US will redeploy 60% of its fleet and overseas-based air force to the Asia-Pacific region by 2020.

It says his remarks have spoiled the atmosphere ahead of a key summit between the Chinese and US presidents later this week.

"The military redeployment is a self-deceiving and misguiding effort to check and balance China. This is also an embodiment of the fact that the US is nearly exhausted when it comes to dealing with China's rise," it says.

China Daily also criticises Mr Hagel's "unwarranted accusations" on Chinese state-backed cyber-attacks.

"Compared with China's consistency, the US is sending a mixed, and even confusing, message... The US defence chief should be told that such unconfirmed allegations neither help solve the issue, nor help build strategic mutual trust between the two countries," it says.

In Global Times, Han Xudong, a professor at the National Defence University, says "Western" media "hype about China's growing military power and the US' military redeployments serves multiple ulterior motives including helping the US to export more arms as well as build a US-led security system in Asia-Pacific.

(...) [article here]

US-CHINA TALKS

CYBERSECURITY TOPS OBAMA'S AGENDA FOR CHINA TALKS

Julie Pace (AP)

The Guardian, June 2, 2013

AP White House Correspondent= WASHINGTON (AP) — President Barack Obama will be looking for signs from China's leader at their upcoming meeting that Beijing is ready to address its reported high-tech spying, which the White House sees as a top threat to the U.S. economy and national security.

The talks between Obama and Chinese President Xi Jinping will be followed by a July meeting between U.S. and Chinese officials focusing on cyberespionage, along with other strategic and economic issues. Secretary of State John Kerry announced the U.S.-China meetings when he visited Beijing in April.

The summit Friday and Saturday at a California estate also is aimed at establishing personal ties between Obama and Xi as relations between the two global powers grow increasingly complex.

Obama needs Xi's help in stemming nuclear threats from North Korea and Iran, combating the violence in Syria, and continuing the U.S. economic recovery.

(...) [article here]

CHINA, THE US AND CYBER ESPIONAGE

HAGEL CHIDES CHINA FOR CYBER ESPIONAGE

Ernesto Londono

The Washington Post, June 1, 2013

SINGAPORE — Secretary of Defense Chuck Hagel took China to task for alleged cyber espionage on Saturday, drawing a sharp response from a Chinese general who questioned whether America’s growing military presence in Asia is anything more than an affront to Beijing’s rise.

Delivering the keynote speech at the Shangri-La Security Dialogue, Hagel said the U.S. is “clear-eyed about the challenges in cyber,” and echoed past administration assertions that the “growing threat of cyber intrusions,” targeting U.S. government and industry portals “appear to be tied to the Chinese government and military.”

It was the latest public charge from the Obama administration, which has concluded that calling out China publicly could curb what U.S. officials call a brazen and sophisticated quest for American secrets stored online.

“We are determined to work more vigorously with China and other partners to establish international norms of responsible behavior in cyberspace,” Hagel said in a conference hall packed with Asian military officials.

China has denied Washington’s accusations, most pointedly last week, when it said it did not need to steal American military hardware blueprints because it was more than capable of producing its own.

(...) [article here]

CHINA AND THE WORLD ORDER

WORLD EYES CHINA'S COEXISTENCE STRATEGY

Liselotte Odgaard

Asia Times, May 29, 2013

China is no longer merely a passive recipient of the world order, but it has become a key factor in determining the foreign and defense policy choices that are open to other international actors.

Beijing seems to have positioned the country as a global great power in a political sense. It has achieved this position by means of a strategy of coexistence that was recently reiterated in the Chinese defense white paper. This strategy is designed to change the context for other states' international behavior without promoting a completely new world order.

Instead, China's version of world order is founded in a revised interpretation of the existing UN system, invoking the principles of absolute sovereignty and non-interference. It is an interest-based order designed to protect China against overseas interference and maintain international peace and stability without any obligations for extensive cooperation.

Beijing seeks to influence the context more often than directly shaping the behavior of other international actors. This coexistence strategy does not require economic and military capabilities at US levels to exercise this type of influence, because it relies on the persuasiveness of its version of world order as an advantage for others without promoting a China-centric model of interaction.

(...) [article here]

7% GROWTH IN CHINA

LI TELLS GERMANY CHINA TARGETS 7% GROWTH FOR DECADE: ECONOMY

Bloomberg News

Bloomberg, May 28, 2013

Chinese Premier Li Keqiang told German business leaders his country is confronted by “huge challenges” as it seeks 7 percent annual growth this decade, down from more than 10 percent in the previous 10 years.

China needs growth of about 7 percent to double per capita gross domestic product by 2020 from the level in 2010, Li said yesterday in Berlin after meeting with Chancellor Angela Merkel during his first trip abroad as premier. Expansion is cooling from the pace that propelled the nation to become the world’s second-biggest economy.

Li, who succeeded Wen Jiabao as premier in March, is signaling the limits of leaders’ tolerance for slower growth as Europe’s debt crisis curbs shipments abroad, manufacturing weakens and a government anti-extravagance campaign restrains restaurant and retail sales. The comments came days after President Xi Jinping said China won’t sacrifice the environment to ensure short-term expansion and policy makers outlined plans for a bigger role for the private sector.

“I don’t think it’s a change of policy stance, but I do feel that in the past several months we’ve started to hear more and more signals from the central government that they want to tolerate lower growth,” said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong.

Yesterday’s comments at a Germany-China business forum compare with Li’s remarks at a March 17 press conference that China must average 7.5 percent growth through 2020. State-media transcripts that day said Li gave a 7 percent figure.

(...) [article here]

THE DOWNTURN OF CHINA’S ECONOMY

CHINA'S ECONOMY FACES A ROUGH RIDE IN THE NEXT FEW YEARS

G. Bin Zhao says China's economy faces a rough ride in the next few years as the new leadership introduces major changes but the nation will emerge as a global powerhouse in two decades

G. Bin Zhao

South China Morning Post, 27 May, 2013

The world couldn't hide its disappointment when China's first-quarter GDP growth dropped to 7.7 per cent, slightly lower than market expectations. Unfortunately, this might just be the start; worse news could be just around the corner. Indeed, there are a number of reasons why the Chinese economy faces a downturn over the next few years. So, just how bad can it get?

First, the current leadership transition is an issue. It is clear the new Chinese leaders will introduce many changes, because they understand there is absolutely no alternative to secure China's long-term growth. Without major policy adjustments, any notion of turning the nation into a real superpower over the next few decades will just be an unrealistic dream. Certainly, the transition process will lead to social pain, particularly for the economy. In the meantime, the world needs to be aware of this so that another severe slide in China's gross domestic product will not come as a big blow to the global economy.

Second, economic growth is no longer the top priority on the Chinese agenda. Since the growth target is set at 7.5 per cent, the market should not expect any stimulus plan when it fluctuates to around seven per cent, or goes lower. As President Xi Jinping recently emphasised, the days of "ultra-high-speed" growth in China are over. Thus, policymakers will tolerate further economic decline.

(...) [article here]

CAN INDIA DETER CHINA?

STRATEGIC DETERRENCE AGAINST CHINA

Mandeep Singh Bajwa

The Hindustan Times, May 26, 2013

Deft diplomacy working patiently and paying no heed to shrill calls for upping the ante has resolved the tense situation arising out of the Chinese intrusion in Ladakh. To back up the diplomatic initiative, the military subtly flexed its muscles. The army presented the government with a number of options, including a show of strength, if necessary, implemented in a regulated manner to apply pressure.

XIV Corps consisting of an infantry division, a mountain division, certain specialised troops, an artillery brigade and an armoured battle group maintained a high level of operational readiness to meet any possibility. Long-range observation systems and UAVs (unmanned aerial vehicles) were used to keep a track of the People's Liberation Army (PLA) movements and build-up.

The pattern of Chinese behaviour means that we can expect more posturing on our borders. What are our options in strategic terms to deal with intrusions and nibbling away at our territory? While there has been a significant addition to our defence post-62, they need to be further strengthened in the view of increasing Chinese capabilities. However, the greatest truth in warfare is that a purely defensive strategy never works in the long-term.

We, therefore, need to build an offensive wherewithal with the capacity to strike deep into enemy territory while keeping our own base intact. The raising of mountain strike corps for the northern and eastern theatres with lightweight artillery, heavy light helicopters and bold, new concept of aggressive action can no longer be delayed. We also need to build a limited offensive capability for the central sector as well as in all defensive corps.

(...) [article here]

HOT MONEY IN CHINA

THROWING COLD WATER ON HOT MONEY

Xin Zhiming

China Daily, May 25, 2013

The Chinese economy has become very attractive to speculative hot money. But by allowing the yuan to rise strongly, the authorities cause doubts whether the challenge is handled in a proper and coordinated manner.

Despite the slowing of its economy in the first quarter, foreign capital has been flowing into China to cash in on yuan appreciation and relatively high interest rates.

It is difficult to calculate the exact scale. However, some indicators, such as its foreign exchange purchases and value of exports, cast light on the abnormal influx of capital.

The country's new foreign exchange purchases an indicator for monitoring capital inflows amounted to 1.2 trillion yuan ($193.5 billion) in the first quarter, a huge increase on the 500 billion yuan for the whole of 2012.

According to the State Administration of Foreign Exchange, China had a surplus of more than $100 billion in its capital and financial accounts in the first quarter, compared with $20 billion for the fourth quarter of 2012.

Moreover, the jump in export growth in April, which was 14.7 percent year-on-year, is far higher than market expectations of about 10 percent, resulting in a 114.5-billion-yuan trade surplus. In March, China registered a trade deficit of 7.24 billion yuan.

These abnormal changes indicate an undefined amount of speculative money has been flowing into China.

(...) [article here]

CHINA AND PAKISTAN

IS PAKISTAN DELUSIONAL ABOUT CHINA’S SUPPORT?

Firstpost., May 23, 2013

Islamabad: Chinese Premier Li Keqiang praised the Sino-Pakistan relationship to the hilt on Thursday, urging the "all-weather friends" to boost cooperation in business, trade, energy and infrastructure and build a long-vaunted economic corridor.

But not everyone is convinced China has Pakistan interests totally at heart.Li arrived in the Pakistani capital on Wednesday on the second leg of his first official trip since taking office in March and after a visit to Pakistan and China's arch rival, India. He leaves for Switzerland and Germany later on Thursday.

"We want to achieve dynamic balance in our trade," Li said in an address to the Senate.

"We are ready to work with Pakistan to speed up the project of upgrading the Karakoram Highway, actively explore and develop the long-term plans of building a China-Pakistan economic corridor, expanding our shared interests."

The Karakoram Highway, built through towering mountains with China's help, links northern Pakistan with western China.

Li expressed hope for financial, maritime, agricultural, defence and energy cooperation, and praised Pakistan for its "tenacity and fortitude" and "creating one miracle after another".

"The China-Pakistan friendship has stood the test of hardship and is more precious than gold," he said.

(...) [article here]