AsiaCast

Asia Cast for Monday 4th January

A Japanese Airlines Boeing 747 at Tokyo International Airport. (By Hyougushi/Flickr)

In this Bulletin…

- Economists say Beijing is guilty of protectionism;
- Japanese government offers national airline extra credit ; and
- Natural disaster areas declared as flooding hits Australia’s east.

But first we have our Shen Yun quote of the day

[audio]

For more information please visit
www.shenyunperformingarts.org.

Our SOH focus on China is next

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Chinese state media has said an explosion at a fireworks factory killed nine workers and injured eight others. The blast destroyed seven workshops at the factory in Shaanxi Province.

State media said the factory manager fled after the explosion. Police have launched a search for him.

China has a huge fireworks industry that is notorious for its lax safety standards.

The central government has announced a number of campaigns in recent years to make the industry safer. But the drive for profits means accidents continue to occur. Mostly at illegal or poorly run workshops.

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Some economists believe China is using protectionist measures to give its exports an unfair advantage. Two economists who spoke to NTDTV said Beijing was underrating the Chinese currency and dumping low priced commodities on overseas markets.

In December 2009 the US announced an increase in the tariff on some Chinese steel. The European Union also extended an anti-dumping measure on Chinese leather shoes in December 2009.

Beijing has complained about the actions of both the US and the European Union. Accusing them of protectionism.

But one economist told NTDTV that many Chinese products are cheaper in the US than they are in China. Another said that placing anti-dumping duties on Chinese exports levelled the playing field.

The Epoch Times has more details on this story.

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And now for the rest of today’s Asia Cast

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Japan has agreed to double the amount of credit being offered to the national airline. The Japanese government has said it will make up to 200 billion yen, that’s 2.2 billion US dollars, available to Japan Airlines.

A state-run bank offered Japan Airlines aid of 100 billion yen in November 2009. over half of that has already been paid out.

The airline has made a loss in four of the past five years. Its share price fell to record lows last week as speculation mounted it would file for bankruptcy.

The announcement was made before trading resumed on the Tokyo Stock Exchange on Monday, after the New Year’s holiday.

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North Korea’s state-run media said tens of thousands of people converged in central Pyongyang in support of the government’s policies for 2010.

The Korean Central News Agency said Premier Kim Yong Il was among the government officials who attended the rally.

State media said more than 100,000 people attended the rally in Pyongyang on Saturday.

The communist government laid out its policies for 2010 in a special editorial published on New Year’s Day. State media said that in the editorial North Korea stated its commitment to lasting peace and a nuclear-free Korean peninsula.

Analysts are unsure if Pyongyang will follow-up the statement with firm action on ending its nuclear programme.

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