Word: china
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...China marks the 60th anniversary of the founding of the PRC and the 30th anniversary of Deng Xiaoping's reform and opening policies, there are countless examples of how the country has changed over the decades. In the sphere of foreign media coverage, perhaps the most obvious came last week, when 300 news executives arrived in Beijing for the country's first World Media Summit, held Oct. 8 through Oct. 10. President Hu Jintao addressed the gathering, saying China would "safeguard the legitimate rights and interests of foreign news organizations and reporters and facilitate foreign media coverage of China...
...growing differential in interest rates is only one element in this process. On the day Australia raised interest rates, Britain's Independent newspaper reported that the Gulf Arab states and China, Russia, Japan and France are working to end the use of the dollar in oil trading by 2018. Citing "Gulf Arab and Chinese banking sources in Hong Kong," the newspaper said the plan is to price oil using a basket comprising gold, euro, yen, renminbi and a new unified currency for the Gulf Cooperation Council countries...
...hypothetical Martian would also scratch his head at the notion of paper money. The dollar has no intrinsic value. It has become the world's storehouse of value because it is backed by the economic might of the U.S. If another super-economy emerges, be it the European Union, China, India, Brazil or Russia, then that new power's currency could replace the dollar as the world's reserve currency, just as the dollar replaced sterling in the last century. (See pictures of the best-selling cars in China...
...three-day event offered an opportunity for some of the world's top media executives to make appeals to Beijing. Reuters editor in chief David Schlesinger called on China to improve the disclosure of economic data by not leaking it to insiders before official announcements and to improve access for foreign journalists. News Corp. CEO Rupert Murdoch asked Beijing to "open its digital door" and improve foreign media and entertainment companies' access to mainland markets. "The embrace of the digital is as vital to China today as its decision 30 years ago to take its place in the global economy...
...While Murdoch and others called for greater access in China, Beijing is pushing its media voice abroad. Earlier this year the government reportedly set aside more than $4 billion to expand the global reach of the state-run broadcaster CCTV and the Xinhua News Agency. Last year CCTV created French and Spanish channels, and this year it added Russian and Arabic. The official China Daily newspaper began publishing a U.S. edition, and the Global Times, a nationalist tabloid run by the People's Daily, launched an English-language version. In January, Liu Yunshan, the head of the Communist Party...