Chinese state-owned enterprises will be seeing a lot more of the European Commission in the future.
The commission has fined companies up to 10 percent of their global turnover for failing to notify or complete preclearance - even where there were ultimately no competition concerns.
The technical reason is this: The commission only reviews deals if the parties generate enough turnover in the EU. Take the recently cleared joint venture between China General Nuclear Power Corporation and French energy company EDF. Second, once the deal fell within the EU jurisdiction, the commission's competition assessment looked not only at CGN's activities in the nuclear and other energy markets, but at those of all Chinese SOEs - in Europe and around the world. The CGN transaction was ultimately cleared, but this took months of detailed information-gathering and submissions to the commission. Other deals have involved Chinese SOEs with enough EU turnover of their own to trigger an EU filing without the need to aggregate their turnover with other Chinese SOEs. This was the case for the acquisition of Pirelli by China National Tyre and Rubber Co, a wholly owned subsidiary of China National Chemical Corp. Up to this point, the commission has tended to widen its net to encompass the turnover and activities of SASAC-controlled SOEs. Chinese SOEs would be wrong to consider these consequences as being limited to deals involving activity in the EU. This means that, for example, a joint venture between a Chinese SOE and a Japanese conglomerate that will only produce and sell goods in China could be caught, provided the Japanese conglomerate has enough EU turnover. As noted, transactions requiring an EU filing must be cleared by the European Commission before they can be implemented or significant fines can be imposed. This may be as a result of the deal being reported in the media through notification of another competition authority (for example, the Chinese Ministry of Commerce), or because the parties notify the commission of another deal that refers directly or indirectly to the earlier deal that wasn't the sbuject of a notification.
The other implication is that Chinese SOEs notifying about transactions will need to provide information not only about their own activities, but also about other Chinese SOEs in the same or related markets.
Chinese SOEs will therefore need to consider their future transactions carefully with their advisers before stepping ahead.
The Centre for European Policy Studies, the European Union's leading think tank, released a report recently outlining reasons why Beijing and Brussels should launch free trade agreement talks.
The opinion of most experts is in line with that of the team led by Jacques Pelkmans, a senior research fellow at the CEPS. Their arguments range from giving China market economy status first to the need to deal with terrorism, the migrant crisis and economic challenges. In addition, they say Brussels is busy talking with Beijing about a bilateral investment agreement, and that it is more willing to conclude and ratify this agreement first before entering into free trade talks. Compared with Brussels' reaction, Beijing has been more proactive in pushing for such discussions.
When President Xi Jinping paid his first visit to the European Union's headquarters in Brussels two years ago, he raised the idea that both sides should do a feasibility study on an FTA.
China and the United Kingdom also agreed to push such talks at the Beijing-Brussels level during Xi's visit to the country last year. Pelkmans' team says in its report that Brussels has slowly gotten accustomed to China's urgency. Some may say the market economy of China is not sophisticated enough for Brussels to consider a strategy of combined talks similar to those between Brussels and Washington on the proposed Transatlantic Trade and Investment Partnership. But Brussels and Beijing are already talking about an investment pact, which aims to achieve "deep and comprehensive" goals. In some ways, the ongoing talks basically show Brussels' recognition of the openness and sophistication of China's economy, which has been developing for decades.
What's more, China has already entered into FTAs with a number of non-EU countries in Europe, including Switzerland and Iceland. Some may say that it would be encouraging and promising for both sides to start such talks, but that Brussels is preoccupied with other pressing tasks. With thousands of bureaucrats in Brussels, there is no problem forming a task force to officially launch feasibility studies with the aim of initiating talks with Beijing.
From feasibility studies to ratification, being optimistic, Brussels and Beijing will need at least five years to remove barriers and establish an FTA.
Then, negotiators from Beijing and Brussels can engage in the give-and-take process to unlock the great potential that is locked behind trade barriers.
Not quite sure what my preconceptions were, but one impression has been shattered - favorably, I might add. Preparing for my first trip to Beijing, I was prepared, based on my previous experience of Asian cities, for teeming, jostling hordes, chaotic traffic, and - for a foreign visitor - completely incomprehensible mass transit systems. Well, this past week I have been proved wrong on many counts, above all about the metro system. And provided you have sussed out your journey with the aid of a metro system map, getting the right train is child's play. I walked past my local station at Huixinxijie Nankou on April 24 twice before realizing that the drab, gray building that looked like an electricity substation was in fact the entrance to the metro system.
And I can't put my finger on it, but the anonymity of the subway system's logo doesn't help when trying to find your station.
I'm not looking at this through rose-tinted spectacles - my first Beijing subway trip was at the height of the rush hour. Beijing is, like Manhattan, laid out in a logical grid pattern, with broad four-lane boulevards, which somehow lessen the impact of the towering steel and glass skyscrapers.
I suspect, however, that the broad boulevards may be the city's undoing when it comes to traffic. As a Chinese friend pointed out not long after my arrival, China's blooming middle class has come late to mass car ownership. Now the object of desire is a locally built Audi, BMW or Honda, or its Chinese designed and built equivalent. Traffic jams seem to occur at every major road junction, where any semblance of order seems to disappear. Provided you can show the driver your destination written in Chinese or point it out on a map, it's fine. I took a taxi from my apartment block to Tian'anmen Square - a must when you are in Beijing - and it cost me an eminently reasonable 20 yuan, no tip needed. When I came out to head home, I jumped into a taxi - identical in color to others - to find it had no meter, and the driver demanded 100 yuan for the journey back, no haggling. To this day, I can't work out if it was a cowboy cab, or just one I hadn't been told about. Different parts of China's 13th Five-Year Plan (2016-20) have been discussed intensively in recent months. This five-year plan is probably one of the most important documents on the planet when it comes to long-term global security and sustainability. Before discussing the three key sustainability areas of the plan, a historic perspective is needed to fully understand its importance. This leadership when it comes to strategies for implementation is not because China has better experts, but rather because its planning processes are not held back by old vested interests in the same way as in Western countries. From a global perspective, three areas are especially important to support and ensure positive development in China that will be crucial for global sustainability. Second, open international innovation platforms for global public goods should be established. Third, it is time to ensure that we can turn global catastrophic risks into drivers for innovation.
As acknowledged in the five-year plan, the transition from an old industrial economy based on traditional drivers to a new service economy based on new drivers will be difficult and sometimes painful.
Action in the three areas above will not cost very much, but will be crucial to secure a strategic transition to a sustainable economic system globally and establish a new generation of international collaboration. What overall data don't reveal, however, is how much of that corporate debt was incurred by companies siding with local governments' shaky, if not shady, investment plans, which don't easily generate sound returns, and how much of it is owned by companies destroyed or crippled by mismanagement on the policy level.
A not inconsiderable number of small and medium-sized enterprises (mostly privately owned) may have died miserable deaths due to policies inconsistent with market forces.
The boss of a meat-processing company in Beijing complained that, in a time of food inflation after the 2008 financial crisis, the government used to forbid companies like hers from raising product prices even when they had to spend a lot more at the slaughterhouse. Her story illustrates the vulnerability of SMEs to not just changes in market conditions, but also government policies that fail to respond to the changes. Financial conditions can be equally disappointing in some large state-owned companies, especially those no longer competitive because of their outdated technology and the burden of paying for the benefits of their large and aging workforce. At times, the disease also affects companies with a technological edge that might help them become industry leaders.
With many cases like those cited above, one can imagine that even though data showed some new growth in the first quarter of the year, debt has still kept rolling over in many Chinese companies from several years ago. In the end, Chinese banks will have to face the shadow from all this buildup of corporate debt at a time when companies have difficulty selling all their inventory.
The financial map of China shows, as banking specialists report, a more rapid rise in nonperforming loans (loans that may not be repaid) in the country's central and western regions than its city clusters in the Yangtze River Delta, the Pearl River Delta, and Bohai Bay. The problem of China's mounting corporate debt won't easily go away even when some of the zombie companies among the SOEs get liquidated - if the government musters the political will. The danger, for which the central government and the central monetary authority must be prepared, is perhaps that at a certain point in the economy's transition, some extraordinary measures will be needed to cut the general debt level of the companies that are still able to generate new income.
The proposed debt-equity swap is the first plan of this kind, as a design for large companies, although economists warn that the swap can't be used as only another round of bailouts for the companies that have practically lost their core competence and won't ever be able to compete in the real market. Only companies that have reformed their management and shed their redundant work force are eligible for the swap, they say. What may be done more easily for the small companies is to have a general tax cut, as the government is apparently doing, even though it still may take some time for the benefit of the tax cut to be borne out. Having said all this, one can see that, almost inevitably, 2016 will continue to be a difficult year to manage China's debt problem, although it is also pointless to claim that the problem is here to stay.
While China continues to struggle to qualify for the 2018 World Cup, it has set an ambitious goal to become a dominant football nation in Asia by 2030 and a global power by 2050. The National Development and Reform Commission, the top economic planner, announced the long-term goal this month, and although some fans doubt whether it can be realized, the policy to boost Chinese football is a welcome move. Such plans have been implemented in the past by the traditional Asian powers, Japan and South Korea, as well as World Cup winners Brazil and Germany. In 2013, the South Korean football association set a goal of becoming a top-10 side by 2033 and promised 300 billion won ($260 million; 231 million euros) to support the plan, which also includes increase the number of players to 10 million. The English Football Association started a grassroots program last year and plans to spend 250 million pounds ($361 million; 321 million euros) to build more fields and train more coaches. After being beaten 7-1 by Germany in the semifinals that year, the host Brazil increased its investment in the youth training. Learning from the experiences of these giants, China has chosen to move on reform track, starting with youth. According to its short-term plan (2016-20), China will establish a three-tier amateur league that will include grassroots clubs in 100 cities and could involve more than 50 million people. With state support, Chinese football can form a virtuous circle like those in Western and South American countries. Today, if a boy in England wants to play the beautiful game, his parents have only to visit the official website of the sports governing body, the Football Association, and type in their address to get detailed information on a center providing free coaching close to their home. To test the effectiveness of China's reform, a good criterion may be to check after a decade or so whether a young Chinese person can find a training academy as easily as an English peer. The manganese steel boiler rumor has been so widespread that people in the southern city of Guangzhou have made a beeline to buy glass boilers to replace them. Even though one scientist after another has explained that WiFi signals have nothing to do with radioactive materials such as those used in nuclear power plants, people still do not believe them, because it requires too much background information to understand how WiFi signals are transmitted.
Had people got the full information on the blasts, the actual damage caused and the chemicals released into the air, such misinformation would not have spread.
Some rumors are targeted at specific groups, such as senior citizens or the parents of students. Even after the World Health Organization issued an official statement saying the biggest risk such vaccines carry is being ineffective, many people kept spreading the rumor; some even refused to get their children vaccinated.
This is a typical example of a rumor that takes advantage of people's psychological weakness.
To quash rumors about technologies, it is best to expand popular science education, promote transparency and take strict action against rumormongers, or those who spread lies to make profits.
How to deal with the unprecedented security threats that Asia faces tops the agenda at the two-day Conference on Interaction and Confidence Building Measures in Asia, which opened in Beijing on Thursday. In particular, the shadows of war looming over the Korean Peninsula, as a result of the repeated nuclear and missile tests by the Democratic People's Republic of Korea in defiance of the latest UN Security Council resolution, and the tensions building up in the South China Sea as a result of the frequent "freedom of navigation" operations being conducted by the United States, which challenge China's maritime sovereignty, pose severe and worsening threats to regional peace and stability. They also risk compromising economic prosperity in Asia, which accounts for more than one-third of the world's GDP and is home to 60 percent of the world's population. Failures to solve these and other issues have partly stemmed from a lack of trust among the countries involved, and each pursuing its own national interests.
Participants at the conference should make the best use of the platform to try and build up trust and explore ways to set up a new framework that defines regional security cooperation on a larger scale. Addressing the opening ceremony of the fifth CICA foreign ministers' meeting, President Xi Jinping stressed China's resolve to prevent "war or chaos" on the Korean Peninsula and to achieve its denuclearization through dialogue and consultation. And he reiterated that, while China will firmly safeguard its sovereignty, rights and interests, it is willing to engage in friendly consultations and dialogues to make the South China Sea "a sea of peace, friendship and cooperation". China, the largest country in Asia and a UN Security Council permanent member, now holds the rotating presidency of the CICA, and it is determined to play its due part in safeguarding and promoting security in Asia in a responsible way. As Xi said, China is committed to forging a new kind of international relations featuring cooperation and reciprocity.
Which was reflected in the State Oceanic Administration's news the same day that it is working on a new plan for cooperation in the South and East China seas by focusing on partnerships between China and ASEAN and East Asian countries. The government's decision to turn to Western public relations companies to tell "China stories" has drawn much attention both at home and abroad. It is reported that five international PR companies have now offered "China promotion" programs to the Information Office of the State Council, China's Cabinet. While any decision is yet to be made and the actual effects of the new form remain unknown, such an approach should still be applauded. There do exist complicated factors behind the foreign media's failure to cover China in an objective way, but this is also to a large extent related to the rigid, stereotyped manner officially used by the government. Besides, the promotion of China's image in other countries has been excessively focused on local governments and elite circles in the past, while ignoring ordinary people, causing polarized impressions of China among the official and non-official circles in other countries. The past publicity approach is far from enough to present foreign audiences with a genuine picture of China today after the rapid economic and social changes that have taken place since the launch of reform and opening-up. While making huge efforts to improve its image to foreign countries at the official level, efforts to open the "last mile" of road to improve its image overseas on the individual level is also necessary. THE STATE COUNCIL held a news conference on food security on Tuesday, in which it explained the recent rapid increase in grain imports despite the huge domestic reserves. Since the 2008 global financial crisis, the global grain market has changed because the supply has increased greatly while the demand declined. China currently produces 600 million tons of grain, which barely meet the domestic demand; additionally it must import 60 million tons of beans to support its food processing industries. Besides market competition, many countries consider grain a strategic material, and they may curb exports when they find China is in huge need of them. Of course, the grain importing companies can improve on the policy, too, by better storing and selecting grain and negotiating better prices in the global market.
PREMIER LI KEQIANG visited a town in Chengdu, capital of Southwest China's Sichuan province, on Monday, during which he played badminton with a robot.
In order to play badminton, a droid needs high-accuracy vision and image processing, as well as precise motion control. In this process, the most important technology is high-accuracy vision, because the robot needs it to recognize the shuttlecock and make its move. In industrial automation, the technology can measure as accurately as 0.1 millimeter, and it is necessary for self-driving cars.
Early in 2011, Zhejiang University developed Wu and Kong, two special sporting droids, which could play table tennis with each other and with human players.
AFTER DISCOVERING a crack in a road, Li Weiqi, an auxiliary traffic police officer in Hangzhou, capital of Zhejiang province, East China, promptly directed traffic around it while four of his colleagues placed cones around it. A lot of people remarked when forwarding the video that the officers did their duty with humble hearts, and their actions showed their dedication to their job. While delivering a speech on Sino-Japanese relations on Monday, Kishida mentioned his first visit to Beijing since Shinzo Abe took office as Japanese prime minister in December 2012.
Kishida's proposal is not new, though, because similar attempts have been made in the past to improve relations between the two neighbors. On the one hand, these unsolved problems have dealt a major blow to the political trust between the two countries.
That the two governments think and act differently when it comes to defending their national interests is primarily responsible for the vicious diplomatic circle that continues. Although open to bilateral meetings, China believes that both sides should take a step back before the negotiation falls into a game of pointing fingers. To put an end to the finger-pointing circle, Japan, first of all, must stop encroaching upon China's strategic interests like it did before and during World War II, because China is willing to and well capable of safeguarding its sovereignty.
On its part, Beijing should neither shut the door to leadership meetings with Tokyo nor turn a blind eye to the significance of high-level communications, outcomes aside.
That requires Chinese decision-makers to look squarely at the need to hold diplomatic talks with Japan. As head of the Mei Lanfang Peking Opera Troupe, Mei Baojiu trained the next generations of artists and during his 70 years on stage, took 70 disciples. Mei Baojiu's father, whose parents and even grandparents were actors, too, rose to almost super-human fame in the 1930s and 1940s, in no small parts due to the foreign press, to the point when Mei Lanfang became synonymous with Peking Opera. Mei Baojiu, during his final 10 years, realized two things: First, the grand plays and the history of Peking Opera must be part of the national curriculum (done, since 2008). Indeed, at no time in its history has Peking Opera enjoyed more prestige: Performances are organized from New York to Tokyo, from Munich to Edinburgh.
Sheng Laiyun, a spokesman for the National Bureau of Statistics, says that judging from the positive changes of these key indicators, we can safely conclude that a good start has been made for China's economic growth for the whole of 2016.
But Zhao Xijun, deputy director of the School of Finance, Renmin University of China, says more time is needed to make an accurate judgment about the future trend of China's economy, because non-governmental investment is not so good despite the accelerated growth in investment. Although the Producer Price Index stayed generally above 50 percent, small and medium-sized enterprises still face a hard time, which means the government has to make greater efforts to activate their business activities. Although the 6.7 percent growth is slightly lower than that in previous quarter, China's macroeconomic performance is better than market expectations in terms of composite prices, fixed-asset investment, and total currency and credit volumes. Aside from improving macroeconomic indexes, people have confidence in China's economy also because of the smooth progression of the ongoing economic restructuring, which includes intensive fiscal policies comprising increased infrastructure investment, the recovery of the real estate sector and a loose monetary policy that has reduced enterprises' financing costs. But there is no reason to be over-optimistic about the dynamics of the "economic recovery".
Whether or not China works out follow-up financial and tax policies will decide whether its economic recovery will continue.
Even before the publication of first-quarter data by the National Bureau of Statistics, a series of positive signals, such as the rise in the official Purchase Managers' Index in the past eight months and a considerable increase in non-manufacturing PMI, suggested a better economic performance. The PMI of 50.2 percent in the manufacturing sector in March was seen by many as a sign of China's economy gaining steam after bottoming out.
In the short term, the stable economic recovery may lower the possibility of further interest rate cuts, thus easing the pressure for the yuan's depreciation. In Shanghai, the subway is an efficient and environmental friendly means of mass transportation for the 24 million residents in a city where streets are increasingly clogged by the growing number of cars and where air is often filled with car exhaust fumes.
The average daily number of rides on the Shanghai Metro has already exceeded 9 million and is on the way to hitting 10 million. Yet while it is a great way to get around the city, the lack of etiquette on the subway has become a major hazard, especially during daily rush hours. The great thing, compared with previous years, is that most people are finally lining up to get on the train, but that does not mean they will let people get off first. Although Chinese rarely hug each other, even family members, that is not the case in the Shanghai Metro. Such intimacy is truly embarrassing and almost never happens in Washington and New York, where the rush-hour subway is also extremely crowded. While "excuse me" is among the very first English phrases learned by those mostly young folks during Shanghai's rush hours, they don't use it at all. What's worse is that those not getting off will often block the door instead of stepping out first to leave a passage for others.
Once out of the car towards the exit escalators, most Shanghai riders do not observe the "stand on the right and walk on the left" rule despite public campaign promoting those rules in the past years.
As someone who likes to walk up the escalators as an exercise, I find few Shanghai subway users do, and they will stand on both sides. And that could also be the case for many other Chinese cities operating and building their subways. As announced by Chinese Foreign Ministry spokeswoman Hua Chunying on Wednesday, Japanese Foreign Minister Fumio Kishida will finally make a three-day visit to Beijing tomorrow, a visit he and his government have eagerly anticipated. This is understandable considering the strained bilateral ties and, more recently, the Tokyo-orchestrated G7 declaration on the East and South China seas. Tokyo has appeared anxious for high-level exchanges, but it has a lot to clarify and explain to Beijing.
The Shinzo Abe administration has a serious credibility problem in handling relations with neighboring countries, China in particular, so Beijing's frustration and disappointment is justifiable as well as understandable. As both Beijing and Tokyo have admitted, however, the two countries are inescapable neighbors. Some may resist such a meeting at such a juncture, believing the atmosphere is simply not right. That is exactly why Japan's top diplomatic envoy is arriving in town tomorrow and planning to stay till Sunday.
Like his colleagues at home, Kishida may go back on his words soon after he returns from a China visit.
After all, he had just talked about establishing a new kind of bilateral relations "commensurate with the new times".
Like it or not, Beijing and Tokyo have to communicate and coordinate on many thorny issues, of which the sanctions on Pyongyang is one.
And it does matter how China and Japan manage their relationship and if they get along well.
Since its "return to Asia", the United States is increasingly using the South China Sea as an arena in which to wrestle with China, as indicated by its sending warplanes into the airspace near China's reefs and islands or sailing warships through the 12-nautical-mile waters around the isles in a move to escalate its military deployment in the region. From the "not-by-name" criticism of China by the G7 at a recent meeting in Japan, to a military deal struck with the Philippines aimed at strengthening their joint naval patrols, the sailing of a Japanese quasi-aircraft carrier to the South China Sea, and encouraging more of its allies to join the game, it seems the US is intent on encircling China.
US Secretary of Defense Ash Carter, in particular, is doing what he can to peddle a "China containment" scheme. The South China Sea territorial disputes are between China and other claimant countries, but increasingly these are becoming an issue between the US and China. Without the support of the US, such countries as Vietnam and the Philippines would not have been emboldened to openly confront China. The freedom of navigation in the South China Sea has never been impeded by China, but the US perception that the waters are where its core interest lies has caused Washington to break its promise "not to take sides" in deeds. This self-conceived idea of the South China Sea being a core interest is why Washington is seeking to engage in the area. Despite the seemingly disadvantageous position it is in, China has to be patient and make ceaseless efforts to develop and build up its national strength. A NUMBER OF illegal blood exchanges have been unveiled in an undercover report based in the First Affiliated Hospital of Soochow University, East China's Jiangsu province. Due to the country's serious shortage of blood resources, hospitals are only allowed to use their blood stocks when a patient is dying, meaning that those in less critical conditions who require blood are supposed to turn to friends or relatives for blood donations.
However, many of the donors turn out to be strangers paid by the "blood dealers", who sell their donations for about four to five times higher than the regular price to patients in need. The blood donor rate in China was about 0.95 percent of its population in 2014, less than the 3 percent needed to meet the basic needs of the country. This means if the off-the-record blood trade is curbed, hospitals will not have enough blood to treat all the patients who need a blood transfusions. And in the face of stricter restrictions, blood dealers will be more careful, keeping their business under the radar, which may mean patients have to pay more for blood donations.
In other words, simply punishing the wrongdoers will not serve as a fundamental cure to the nationwide blood shortage. Also, more efforts have to be made to cut the red tape in both donation and use of blood, especially when the donors and receivers are not in the same city.
CHINA'S GRAIN output was 621 million tons last year, the 12th consecutive year the country's grain yield increased. The voices calling for abolishing grain subsidies at home and increasing grain imports are louder than ever before.
But policymakers should be clearheaded that farmers may not choose to grow grain anymore if they don't receive subsidies, which means the country would have to rely on imports which poses a risk to the nation's food security. Many developed countries and regions subsidize their farmers to ensure grain self-sufficiency.
A GROUP OF middle-school students in Bozhou, East China's Anhui province, refused to hand in their examination papers to an invigilator and even attacked him. The authorities have ignored the difference between right and wrong and hurt the teacher's professional dignity. The "solution" has also exposed the authorities' ignorance of the basic rules of education.
Based on the understanding of the concept of equal rights, it has become a general consensus to build some kind of teacher-student relationship. Although teachers and students are equal as human beings, students are under the guardianship of the teachers in schools. The replacement of business tax with VAT will eliminate multiple taxes on the same products and help the market play a more decisive role in resource distribution.
Propelling the all-round pilot reform is not an easy task, however, because it involves so many industries.
VAT collection and management, however, can become easier if local tax officials, who have abundant experiences in the field, closely cooperate with the national tax authority. During the initial stages of the pilot reform, the newly collected VAT revenue was allocated to the local authorities, which won the support of local governments and helped promote the program. Owing to technological progress and the development of emerging industries, the distinctions among various industries are becoming more and more vague, which means there should be a more appropriate way of dividing the VAT revenue between the central and local governments. In the short term, it would be more pragmatic to increase the proportion of local authorities' share in the VAT revenue if there is no fundamental reform in fiscal relations between the central and local governments. The all-round pilot tax reform faces challenges, but it provides a very good opportunity to the authorities to correct the errors in the tax system by, for example, establishing a normative VAT system through legislation as soon as possible.
The possible legislation should consider merging (and gradually reducing) the different tax rates into the VAT to simplify the new tax structure. Besides, the possible VAT legislation should properly deal with tax exemptions for special industries, including finance and agriculture, in order to establish a modern VAT system.
The author is a researcher at the National Academy of Economic Strategy, Chinese Academy of Social Sciences.
The US and the Philippines recently conducted their annual joint military exercise, called Balikatan 2016(Shoulder-to-Shoulder 2016).
The Philippines has been the main focus of the US since it's the only Washington ally that has a dispute with China in the South China Sea. For the US, its increased military presence in the South China Sea is essential to fulfill its security commitments to its allies, particularly the Philippines. China and the US have recently intensified their power struggle in the South China Sea because of their competing security interests and strategic outlooks.
Manila has a pivotal role to play, in preventing or exacerbating the possibility of an unintended military conflict between the two giants. But if the Philippines fails to improve its relations with China while continuously enhancing its defense alliance with the US, it can become a catalyst for the proverbial "Thucydides trap" in the vast sea where China and the US could collide.
The author teaches international studies at Miriam College in Quezon city of the Philippines, and is director of the Center for Intelligence and National Security Studies. The grand prophecy, however, will not come true unless all countries take immediate action to tread the green path to economic growth. This is why it was inspiring to see the installation of several recharging stations for electric cars in the parking lot of my residential community at the weekend. Electric car owners in the community had a tough time recharging their vehicles with makeshift equipment. The installation of a couple of new recharging stations has made life much easier for people who own the electric cars in the community. The sales of new-energy vehicles, including all-electric and hybrid cars, in the country more than tripled last year thanks to substantial government subsidies.
The subsidy scandals and the subsequent slowing of sales growth, however, will cast a shadow on the green vehicle sector in China, which is caught between the need to sustain the development of the world's largest auto market and the urgency to cut emissions from cars that have been choking major cities. As such, Chinese policymakers have to take effective measures to increase the share of new-energy cars in the domestic auto market, which saw 6.53 million vehicles being sold in the first quarter of the year. Therefore, policymakers have no choice but to strengthen supervision on government subsidies for electric cars which will allow dubious claimants to be punished and real pioneers to receive the benefits. Moreover, policymakers should double their efforts to boost something they are good at - infrastructure investment - this time to help dramatically increase the use of electric cars. The sales of green cars have been disproportionately higher than the installation of recharging facilities in recent years and that has dampened consumers' enthusiasm to buy new-energy vehicles.
That more recharging stations are being installed in public places as well as residential communities in Beijing is a clear sign that local authorities are determined to see the expansion of the new-energy vehicle sector. Nevertheless, the very importance of green cars for the city's, the country's and global efforts to combat climate change should make the investment in recharging facilities worthy of the cause that global leaders agreed to fight for on Earth Day. This is the 40-something Yu's first trip to Japan; he speaks not a single word of Japanese. Yu rode a bicycle to Mashiki to help with the rescue and relief work during the day and returned to sleep in one of the evacuation centers in Kumamoto city at night.
China-funded companies and organizations based in Japan, too, have opened their wallets and hearts to help the quake survivors by raising 18 million yen ($161,000).
Suppose the bank credibly commits that it will never cancel an investment before maturity, and stores 20% of apples in reserve. Alternatively, we could make an infinite period model, with the good equilibrium being a steady state with the bank's assets staying constant over time because flows in equal flows out. Even if people are 100% confident that the bank is solvent, there can still be bank runs if people cannot predict their own future needs for liquidity, and fear that the bank might become illiquid in future. Even if deposit insurance guarantees that your deposit is safe, you might see a bank run if there is expected to be a delay in paying out that insurance. But the real problem with the Diamond Dybvig model is, ummmm, that it's a real model, not a monetary model. The Bank of Canada is not supposed to follow any simple instrument rule, like a Taylor Rule, if that simple rule leaves out any information that might be relevant for the Bank's internal inflation forecast. When we talk about the Bank of Canada offsetting rather than accommodating changes in fiscal policy, it is important to understand that we are talking about changing the nominal interest rate relative to what it would have been otherwise without the fiscal policy change, and not relative to what the nominal rate was in the past.
If the Bank of Canada does what it is supposed to do, and what it says it does, then a temporary increase in the fiscal deficit will cause a temporary rise in the nominal and real interest rate (and nominal and real exchange rate), relative to what would have happened otherwise.
You can get that from a model where the Bank of Canada holds the money stock constant, and the demand for money gets increasingly interest-elastic at lower interest rates so the LM curve gets flatter.
Figure 1 uses data on major economies from the April 2016 Consensus Forecast from Focus Economics and plots their anticipated fiscal balances along with Canada's (taken from the 2016 Budget).
These are ultimately two very different policy positions and yet I think this is at the heart of the policy debate over the current global growth slowdown. To see why I think that Neo-Fisherian equilibrium sucks, let's suppose the government imposes a price ceiling and a price floor.
If the central bank instead announces a rule like R = r + (1+c)P, we get a unique equilibrium, with or without the non-binding price ceiling and floor. If P* < -r we get only one equilibrium where inflation hits the price floor and the ZLB is binding. The central bank prints money, lends it to the government, and the government sooner or later spends it (or uses it to cut taxes or increase transfer payments).
Second off, if the government of Canada owns the Bank of Canada (which it does), and if the Bank of Canada pays all its profits to the government (which it does), it does not matter what interest rate the Bank of Canada charges the government of Canada. Third off, even if the Bank of Canada refused point blank to buy government of Canada bonds (either directly or indirectly), and bought commercial bonds instead, money is fungible. If I lend money to Tom, and Tom lends money to Dick, and Dick lends money to Harry, am I indirectly lending money to Harry? If the government of Canada owns the Bank of Canada, which it does, then de facto direct or indirect Bank of Canada lending to the government of Canada, at an irrelevant rate of interest, is neither a Bad Thing nor a Good Thing.
What would make a difference is if we passed a law that said the Bank of Canada could only lend to the government of Canada, and the government of Canada could only borrow from the Bank of Canada. Any money the Bank of Canada prints lets it buy assets, which earn interest, which give the Bank of Canada profits, which it pays to the government, which the government eventually spends. And the ECB is a bit weird, because it isn't really owned by any single government, so maybe things are different in the Eurozone. Suppose someone asked me to design an experiment to test whether Basic Income would be a Good thing. If the experiment were temporary, and known to be temporary, it probably wouldn't be able to tell you that. If people do spend the extra money on taking time off work, that doesn't mean they spend it all immediately. It could be even worse than that, because people tend to bunch their leisure towards the end of their lives. You might need to run the experiment for three score and ten years to get some idea of the life-cycle effects.
Helicopter Bonds is when the government prints some bonds and drops them out of a helicopter, so whoever picks up the bonds now owns them. If we consolidate the balance sheets of the central bank and the government that owns that central bank, that means we can see Helicopter Bonds as a form of Qualitative Easing.
B is an Open Market Operation, in which I print $100, buy $100 worth of bonds from you, and reverse that operation one year later. If the central bank had a Price Level Path target, or an NGDP level path target, then helicopter money is equivalent to raising that Price Level path target, or NGDP level path target.


Does this upward-sloping relationship mean that if you want to print and lend more money you must now raise the nominal rate of interest you charge on loans?
If people observe you printing and lending more money, they know that will cause inflation and nominal interest rates to be higher than they otherwise would be. But if you knew that other things were equal, and you simply wanted to print and lend more money because you wanted to cause higher inflation, so you wanted people to borrow more money from you, what would you do? If Canada's Employment Insurance program was designed solely to insure workers against the loss of employment, it would look very different. If Employment Insurance worked like insurance, people who were at greater risk of being laid off would pay higher premiums or receive lower benefits.
I could have drawn this graph twenty years ago, and the overall pattern would have looked much the same. That 1990s reform changed EI from a system that chronically run deficits to one that often ran surpluses. Yet in the long run this evolution has led the Employment Insurance system away from its core focus of insuring against loss of employment and towards a greater focus on social development-type goals, and leaves us asking - again - what is Employment Insurance for? Looking at the existing range of programs financed through EI, and how they are structured, it seems that there are four things that Employment Insurance is for at Canada at the present time. Regional and industrial policy: EI is for supporting certain Canadian regions and industries.
Now it could be argued that people who remain on EI in low unemployment regions are lazy people who are simply not trying, whereas people who remain on EI in high unemployment regions are hard working individuals for whom there is no job available. Yet it is not obvious that EI is the best vehicle for financing programs with broader social goals such as training or compassionate care leave. The self-employed can, in fact, chose to participate in Employment Insurance and claim maternity and parental benefits. There are some telling numbers buried in the Employment Insurance Monitoring and Assessment Report. On my wish list: behavioural nudges integrated into the EI on-line system, for example, links to job sites, productivity software, etc. Freeways With Rapid Transit estimated that Vancouver's traffic congestion was costing between one and two million dollars a year in 1958. To understand political choices, one needs to know who makes the decisions, and what their interests are. This basic political economy calculus explains why, for decades, the trans-Canada highway stopped just west of Boundary Road. The story of how Vancouver escaped the freeway curse also demonstrates just how hard planning can be. It is unfathomably difficult to imagine a€?what if?a€? Transportation networks define the contours of a city.
Planners make transportation recommendations with little idea of the full consequences of various alternatives, yet the impact of their recommendations echo for decades. Likewise, people 50 years from now will either bless or curse us today for the decisions we make. But the point I want to make here is that patient cannot use economic medicine effectively unless they understand how it works.
This is not to say that carbon taxation is a bad idea, or that carbon taxes are impractical. That means that if the Canadian government is funding economic research, and wants to generate any benefit at all to the average Canadian, that research has to build knowledge of Canada-specific constraints, it has to train Canadian experts, and it has to build Canadian policy capacity.
The normal way to approach that question is to multiply $10,000 by the population, then subtract the cost of Social Assistance (welfare) that would be eliminated, to get the net cost of implementing Basic Income. I think this is how economists normally think about it, though I am not 100% sure about that. Suppose under the current system an individual with zero income gets $10,000 in social assistance. Now consider scrapping the current system, and replacing it with a $10,000 basic income given to everyone, and a 50% tax rate on all (earned) income starting at zero (the $20,000 personal exemption is eliminated). Half the population (0.5 million) will be getting social assistance under the current system, and on average they will be getting $5,000 after clawback. That makes it sound like we have to increase taxes by $7,500 per person on average to switch from the current system to basic income. This is a flawed economic strategy (not necessarily a flawed political strategy) because unlike 2008-09 when GDP actually fell, Canada (aside from Alberta) is not suffering from a deficiency in aggregate demand or consumer spending but from low economic productivity. I have always seen Reel Club under Wildfire when I would go out to eat at Oakbrook Center, but I never went in until last week when a friend suggested we go there for lunch. I was tempted to get the lobster roll as well, but I opted for sushi since seafood is one of Reel Club’s specialties.
Between our meals and the delicious pop-overs that were brought to our table before we had even ordered, it was safe to say we had very little room for dessert. Our server was very attentive with refills of water, iced tea, and the previously mentioned delightful popovers as well as informative about the happy hour and weekend brunch the restaurant offers on Sundays from 11 am. Reel Club partners with the Shedd Aquarium to ensure sustainably harvested seafood is served, but this does not compromise the taste or the freshness of each meal.
I am such an advocate of the River North neighborhood when it comes to restaurants and bars. However, I understand oysters are an acquired taste and not everyone is going to be excited about these flavorful and almost buttery appetizers.
I also tried caviar for the first time at GT, and I can now add that to the list of my favorite seafood.
The decor of the restaurant is cool and modern with a basic black and white color palette with touches of wood and netting, which seemed reminiscent of a fishing boat. We were sad to find out one of our go-to diners in Westmont closed, but Intern Amy has the scoop on the tasty place that replaced it. If you liked Moondance before, you will be happy to know the food is still as good as ever.
If you are debating where to grab breakfast any day of the week, make sure to check out this new and improved hotspot conveniently located in the James Crossing Shopping Center on the corner of Ogden Avenue and Route 83.
So you have a MojoBistro mobile app, and you have a Twitter account, what do you do next to promote your restaurant?
Whether you have a dedicated social media team member or not, here are some tasty tweets to schedule on a periodic basis to keep your fans engaged with your restaurant via your mobile app. Place your order at the counter and the very attentive wait staff brings your order out to the table. Which brings me to the bakery, after your meal, even if you don’t need groceries, I highly encourage you to walk around the store. Although this is an extremely popular place for lunch or dinner, make sure to keep it in mind when thinking of places to grab a drink after work or on the weekends. If you really love it, make sure to join the Cellar Club where you will get monthly tastings and your choice of three favorite wines to bring home.
Although most commonly known for the vast selection of local and global craft beer, Old Town Pour House Oak Brook offers delicious meal options for both lunch and dinner. The downtown atmosphere is a low key yet classy place to lunch and is easily converted to a swanky bar on nights and weekends, and the Oak Brook location is more of the same. Brian Pautsch wouldn't turn down a trip to Mama Maria’s Taco and Tequila Bar in Orland Park, Illinois!
Chris Pautsch is a foodie with a taste for the fine dining at Perry’s Steakhouse and Grill at Oakbrook Center.
Keith Franklin has a taste for the Meed, a honey wine, at Ethiopian Diamond, or the margaritas could pull him in the direction of a Mago Grill and Cantina. Recently, a question was posed on LinkedIn as to whether or not a business should invest in a mobile app.
The first thing a company needs to have before making this decision is a strategy, documenting what the objectives and goals are and the possible technologies that will accomplish them. Overall, the goals of your company should be thoroughly reviewed before making your decision. Do you have additional questions about the benefits of either a mobile app or a responsive website? MojoBistro mobile apps are exclusive to the restaurant industry and offer proactive restaurant owners the chance to engage with customers from the comfort of their own mobile phones.
Stop by our booth this weekend at the 2014 NRA show to get a full tour of our app offerings, including ordering, from one of our mobile app experts. 2014 is quickly approaching and with it comes a new set of resolutions for a better, brighter year.
Start off the new year with these mobile apps on your phone and sticking to your resolutions will be a piece of cake! Ray Pun, Strategic Marketing Manager at Adobe, recently sat down with Small Business Trends to discuss his insights into Adobe's recently released Digital Index 2013 online shopping data for Cyber Monday.
For more from Ray Pun, make sure to check out Brent Leary's interview for Small Business Trends. A neighborhood staple located in the heart of downtown Arlington Heights, Uptown Cafe has been serving up delicious breakfast and lunch items for years. Stepping through the doors is like walking back in time with the memories of meals past and the friendly greetings from the owners.
MojoBistro has the rundown on what is sure to be trending in the restaurant industry starting in 2014. Ice Cream Sandwiches: As food trucks and pop-up restaurants continue to grow in popularity, these portable desserts are about to get the same treatment as the cronut of yesteryear.
Seafood: Sea-to-table will introduce far out fish dishes including octopus and monkfish liver. Infused Ice: Bars and restaurants are enhancing the flavor in their drinks with infused cubes of ice.
This Thanksgiving was a record breaker for mobile app usage with an upswing in use of 68% over last year. One of the first things you may notice when you are seated is the removable table center and controls on the side of the table.
Each menu item is accompanied with a large selection of banchan—traditional Korean side dishes. The restaurant does not look like much from the outside, but enter through the doors and you are greeted with warm wood accents, vibrant colors and a welcoming atmosphere. If you are looking to try something new, I would definitely recommend you make the trip out to Woo Lae Oak. At MojoBistro, we have put together our top marketing tips to help you attract customers during the holiday season. For more tips and inspiration for your restaurant, make sure to check out the MojoBistro Blog!
Located in the Ritz-Carlton, deca offers an unparalleled Thanksgiving day brunch and dinner. Spend your Thanksgiving meal at the luxurious Palmer House Hilton with seating options available in the dining room or mezzanine, overlooking the hotel’s historic lobby. Offering the largest selection of menu items out of all the restaurants on the list, ZED451 has got your family covered. Gourmet dining at a reasonable price meets the holidays at Red Door’s Thanksgivukkah feast. After a run of decisions by the EU regulator, such businesses are much more likely to have to file deals in the EU than Chinese private-sector businesses, or indeed SOEs from other countries. Filing deals can be time-consuming and expensive, with large information requests from the regulator. When it comes to a Chinese SOE, the commission takes the view that it is insufficiently autonomous of the Chinese state.
When a deal is caught by the EU, the commission then has to decide if it raises any competition concerns.
It also means that much more data needs to be gathered and provided to the commission - not just about the SOE doing the deal, but also about all Chinese SOEs in the sector.
The commission only looked at the deal, which involves the construction and operation of three nuclear power plants in the United Kingdom, because CGN is a Chinese SOE.
And this was a deal that, according to the commission, ultimately did not raise any competition concerns. But they have still had to contend with a competitive assessment that has taken into account the activities of other Chinese SOEs. It was also the case in relation to the joint venture between DSM and Sinochem in the chemicals sector.
Indeed, most of the deals it has reviewed have involved SOEs operating in key markets that tend to be the preserve of SASAC SOEs. Given that there are thousands of such businesses in China, the information-gathering involved may be harder than counting the bricks in the Great Wall. A joint venture between two non-EU businesses may trigger EU jurisdiction, even if the joint venture will not be at all active in the EU, providing the two parent groups have sufficient EU turnover from their other unrelated activities. Even if the Chinese SOE does not have enough turnover in the EU, the turnover of its sister Chinese SOEs may push the deal over the jurisdictional line.
Not only can they be imposed, but they almost certainly will be imposed if the commission learns of them.
Notified cases involving Chinese SOEs are therefore likely to require longer prenotification discussions with the commission (or, if this is not done, the risk of such cases being referred to a detailed phase 2 investigation will increase). However, there have been voices saying that, although it would benefit both sides to reach a deep and comprehensive free trade deal, it is too early to take action right now. The country stated in a recent foreign policy update that entering FTAs with its partners is at the top of its agenda. So it is not reasonable for Brussels to postpone the FTA because of China's lack of market economy status. They treat China as a market economy, and the agreements have already boosted trade flows by big margins.
However, the leadership, especially top European leaders, should keep the big picture in mind even when dealing with the different crises the EU faces.
China is undergoing decisive reforms, so launching free trade talks could also speed up domestic reforms.
The most important thing now is for the leaders of both sides to take the first step and agree to launch a feasibility study at their annual summit this year.
All the stations are labeled in Chinese and Roman script on maps, and once you've picked which line and boarded your train, a helpful sign above the doors illuminates with a green light for the next station, and a soothing female voice alerts you just before arrival, and again on arrival, to the station in Mandarin and English.
It wasn't unpleasant, and we were all happy in the knowledge that we were dodging the undoubted traffic jams above our heads. Certainly you feel less claustrophobic than in, say, downtown New York City or London's central financial district. I'm told that the route out to the airport is almost permanently backed up because of a series of ill-designed junctions en route. Few, if any, speak any English - fair enough, as London isn't exactly littered with Mandarin-speaking cabbies. Now, after the National People's Congress has approved the plan, it is time to put the full final document in a global context. There are many aspects that deserve further elaboration, but three parts are of particular importance for governments, companies and NGOs around the world that want to support global sustainability.
If implemented successfully, the 13th Five-Year Plan would position China as the global leader when it comes to the next economic revolution. The result is a strategy in which, instead of setting the old economy against the new, China focuses on how the old industries can help and be helped in the transition to the connected and sustainable service economy. These new models will be based on concepts such as connectivity, sharing, circular economy, networked solutions, transformative transparency, and global sustainability. Among the actions needed in China and abroad are a review of current incentive structures, new guidance for public procurement, smarter taxation, and a review of old laws that today support old unsustainable companies while holding back new sustainable clusters of companies. Support for the establishment of a permanent international coordinating body for global public goods is one important aspect. There are already a number of challenges, such as climate change, biodiversity loss and nuclear weapons where better collaboration is needed. The international support for global sustainability that the 13th Five-Year Plan can deliver must begin now.
He works with companies, governments and NGOs as a strategic economic, technology and innovation adviser. That is how much debt, or indebtedness, it can manage, now that, according to a recent Bloomberg report, the economy's overall indebtedness was 246.8 percent of its GDP in 2015, higher than 2008 by 80 percentage points.
Deteriorating more rapidly than the country's GDP growth was the financial health of many companies.
The boss of a privately owned producer of machine parts in Wuxi, an industrial town in southern Jiangsu province, reported that he hasn't seen any return from his new factory to supply quality steel pipes for nuclear power stations for two years because of the government's across-the-board ban on the development of such projects after Japan's Fukushima nuclear disaster in 2011. The weaker and smaller that companies are, the more easily they tend to be dragged down by debt. As a result, the South Korean men's national team now plays more friendlies with top teams, while the country has also won the right to host the 2017 Under-20 World Cup. Thanks to decades of efforts, it now has a multi-tiered league made up of 28,000 teams and 4.8 million players, which is equal to Italy. During 2001 and 2002, clubs nationwide began setting up training schools for children, drawing the young generation back to the game. Last year, the football-crazy nation set up a new national training center for talented youngsters.
About 70,000 pitches will be built, while the number of schools specializing in football training is set to increase from 8,000 to 20,000.
Unlike ones about social incidents, they have one thing in common: fabricating the negative effects certain modern technological breakthroughs have on human health. Unless a person majors in natural science or engineering, compulsory education remains his or her main source of knowledge about science. The rumor mills use words that an average person is familiar with but does not fully understand. Fourth on the top-10 list is about the Tianjin blasts on Aug 12, which destroyed chemical tanks.
When it comes to their children's safety, many parents choose to believe in rumors to avoid complications rather than taking real preventive measures. In other words, only when people get enough and proper information will they stop believing in rumors associated with technologies.
But efforts must be made right now to establish such partnerships and a rule-based crisis-control mechanism in Asia. The different publicity perspectives used for domestic and foreign readers often leave an overseas impression of "hypocrisy". Any regime changes in foreign countries may also cause inconsistency in those countries' attitudes toward China.
Indeed, cooperation with Western public relations companies in itself is a new "China story".
Considering the appreciation of the renminbi against the main global currencies, grain importing has become a profit-making business. It has once again emphasized the need to defend food security and decrease the country's reliance on the global market. The supply in the global market is 300 million tons at the most and more than 70 nations are trying to buy them. It has to recognize the shuttlecock in flight and calculate its trajectory and then anticipate where it can hit the shuttlecock. High-accuracy vision means the droid takes photos with two cameras installed in its eyes, and finds the object's exact location by comparing their pictures.
Now it is widely used in robot navigation, 3-dimensional measuring, as well as Virtual Reality, which has suddenly gained popularity.
In that sport, the robots need to recognize the ball more precisely than in playing badminton. Although not thrilling, it demonstrated the efficiency of the substitute officers, which is worthy of praise.
Nobody takes responsibility for a damaged pavement or manhole cover; nobody repairs dilapidated pipelines, or sewers that cause accidents, even deaths.
In addition to praising the officers, we should all learn from them and do our jobs with due diligence. He said, "the only choice" for the two countries is to try to contribute to the world through friendship and cooperation, and urged both sides to expand cooperation and improve understanding and trust between their peoples. But that Beijing-Tokyo ties still worsened has a lot to do with some inescapable yet game-changing disputes over, for example, the territorial status of the Diaoyu Islands, how Japan sees its militarist past, and its increasingly clear military ambitions. On the other hand, the rigidness of the two countries' stances could lead bilateral relationship further astray. Finding it difficult to understand Japan's refusal to compromise, the Chinese government has been questioning whether Tokyo is sincere in pushing for diplomatic dialogues and will fight back when it seeks to infringe on Beijing's legal interests. Regular high-level exchanges can be a small leap for both countries, too, as long as they are candid and honest. However, only his youngest son from his second marriage, Mei Baojiu, followed into his father's footsteps, at the age of 10. And second, Peking Opera must be brought, if subsidized (as opera is in Germany, say), to international audiences.
In fact, Chinese Opera is technically the biggest in the world: Germany has 80 opera ensembles, China 1,000.
Perhaps because of the emerging positive signals, the International Monetary Fund recently raised its forecast for China's growth in the next two years by 0.2 percentage points, compared with its lowered growth forecast for many other economies.
In fact, China's industrial production, fixed-asset investment and consumption have seen a steady rise.
Other analysts, too, believe China's economy will stop sliding and, instead, begin to stabilize as more signs point to domestic enterprises facing a better future.
Nevertheless, China should focus not only on the rate of its economic growth but also the quality of growth. Despite the slight decline, the 6.7 percent growth in the face of complicated economic circumstances at home and abroad testifies to the government's admirable macro-regulation capability. The encouraging first-quarter data, to a large extent, should be attributed to the increase in real estate and infrastructure investments, which are closely related to the loose monetary policy. But in the context of the ongoing economic restructuring, the evidently improved economic situation will give China a bigger space to implement the needed reforms.
But from the middle- and long-term perspective, whether China's economic recovery will continue still depends on whether structural reforms are effectively implemented to make economic operations more efficient. Now the network, 617 kilometers in total, is larger than that in London, New York and Moscow, although it will be overtaken in a few years by Beijing which has an ambitious construction plan underway. You will be forced to have free hugs from strangers in a packed car, which are so packed that some say you need to take a run up to get on.
Maybe they are just exhausted after the horrible rush hour ride, an exercise itself indeed. And for Shanghai, the route length is expected to reach 800 km by 2020, with a total of 18 lines and some 500 stations, New York City, at 469, has the most subway stations in the world at present.
Not to say they have grown too dependent on each other economically to pretend they can live well without dealing with the other.
It will be interesting to hear how he explains Tokyo's recent moves that were provocative to China. That leaves enough room for the blood dealers to rake in huge profits in illegal blood exchanges, as patients have no choice but to pay extra money to save their lives. The priority for the authorities is to establish a transparent donation and compensation mechanism for donors to encourage more people to donate blood. Yet, 20 percent of the growth is the result of technological progress and the use of chemical fertilizers, and the remainder from the willingness of farmers to grow grain because of the incentive of government subsidies. The school authorities' response has been to ask the two parties to apologize to each other. Recent years have seen quite a few incidents of students creating brawls in exam halls and invigilators trying to defend themselves. The teacher-student relationship has been equated with that between consumers and service providers, which is worse than violating the interests of teachers.
However, equality of persons in education does not mean teachers and students have equal powers and rights. The pilot program of replacing business tax with VAT will be extended to the remaining four sectors - property, construction, finance and consumer services - to cover all goods and services. To push forward the reform, therefore, the national tax authority and local tax bureaus have to deepen their cooperation. For tax collection and management, however, local tax bureaus have to employ huge human, physical and financial resources.
After all, one of the main reasons for the tax reform is to integrate national and local taxes in order to improve tax services and reduce taxpayers' burden.
But with the all-round implementation of tax reform, this arrangement has to be changed, because it is equal to dividing the VAT revenue between the central and local authorities on the basis of classification of industries.
If the local government's share of the VAT revenue could increase to 50 percent from the current 25 percent, it may solve the problem of insufficient local fiscal revenue.
In addition, the range of VAT input tax deduction should be further regulated, because neutral VAT requires only levying tax on the added value parts.
This has resulted in disputes because of the US' regular deployment of advanced American aircraft and warships pursuing "freedom of navigation operations" in the region. The primary focus of the drill was to help the Philippine military improve its capability for "territorial defense" against the backdrop of rising tensions in the South China Sea.
The Philippines is also the US' front line state in the pursuit of enacting the US policy in the South China Sea, because it provides the US military effective access to the waters as Washington implements its "rebalance to Asia" strategy. Though Washington publicly declares that its increased naval and air presence in the South China Sea is not aimed at confronting Beijing militarily, China regards the US military presence as a form of strategic encirclement of the country. Though the South China Sea is not yet a military problem, increased military activities by the two major powers have increased the risk of unintended military conflicts in the area. To repair its damaged ties with Beijing, Manila has to resume direct bilateral talks by reopening channels of communication at the highest levels of decision-making.
This shows local authorities in Beijing are doing their bit to help the city embrace electric cars. Stories about some electric car owners having to wait until midnight for their turn at the recharging stations were not uncommon. The number of electric cars may be small compared with the more than 1,000 gas-engine cars in the community, but it signals a new beginning for these cleaner vehicles in the city. Although scandals involving companies trying to cheat the government out of subsidies earlier this year slowed the sales of new-energy cars, the first quarter saw a 100 percent increase in their sales year-on-year. Since less than 1 percent of the cars in China are electric, the sales of green cars have to increase dramatically to help build a low-carbon future. They should also welcome competition from Western manufacturers like Tesla if they consider the amazing rise of a number of world-class smartphone makers in China since the introduction of Apple's iPhones as a positive sign. But the failures of previous infrastructure programs such as installation of electronic information billboards at bus stations and useless parking meters along the roads require the authorities to exercise caution while investing in public infrastructure. After watching the earthquake jolt Kumamoto on TV, he packed his bags and came to what should be a strange place for him to lend a helping hand. But I think that David would be wrong if we made a small change to the Diamond Dybvig model. In the good equilibrium there is no sunspot and only agents who get the munchies ask for their apples back. All that is required for runs, despite suspension of redemptions, is that investments take more than 2 periods to mature. Having a deposit in an illiquid bank is functionally not the same as having a deposit in a liquid bank, even if both are solvent. If there really were only one bank that created money, the problem of bank runs due to fear of illiquidity would not arise. The Bank of Canada is supposed to do what is needed to ensure that its own internal forecast of future inflation (at a roughly 2-year horizon), conditional on the Bank's information, remains at the 2% target. The Bank is supposed to respond to new information about any shock to Aggregate Demand to prevent that shock affecting its forecast of inflation, whether that shock is positive or negative. For example, the only information in the Taylor Rule is the output gap (the difference between current output and potential output) and the inflation gap (the difference between current inflation and target inflation). Despite the hue and cry, Canada's deficits are going to be relatively minor compared to those of most of the G-7 as well as the three BRIC economies depicted. In a New Keynesian model, individual firms choose how much to raise their prices, and the inflation rate is the average of their individual choices. But let us suppose that ceiling and floor are never a binding constraint on the Neo-Fisherian equilibrium inflation rate.
There might be some limit on how quickly some firms can print new menus or catalogues to raise or lower prices. If the Bank of Canada charges the government of Canada an extra gazillion dollars in interest, that simply means the Bank of Canada earns an extra gazillion dollars in profits, and the Bank of Canada pays an extra gazillion dollars to the government of Canada. If the Bank of Canada switches from buying government bonds to buying commercial bonds, the people who would have bought commercial bonds now buy government bonds instead.
That law would tie monetary and fiscal policy together, like two runners in a three-legged race, so neither could change without changing the other. Sooner or later, the government of Canada will spend any money printed by the Bank of Canada.
If you gave anyone (say) $10,000 per year whether they worked or not, everyone would stop working. Because getting $10,000 per year for one year is very different from getting $10,000 per year for life. It is exactly as if, when the government gives me a government bond worth $100, the government demands I give it my personal IOU (my personal bond) for $100 worth of future taxes. That does not mean it is impossible for a positive shock to be followed by a negative shock.
I print $100, and give you $100, and at the same time tell you (lead you to expect) that I will take $100 away from you next year, and burn it.
Because the stock of money will be permanently higher than it otherwise would be, and so the price level or NGDP level will be permanently higher than it otherwise would be. You take some of the money you have earned as income, that you don't want to spend yourself, and lend it to people who want to borrow so they can spend it instead of you. Everyone knows you are the one that's printing money, and knows that the faster you print money the higher will be the inflation rate, other things equal.
But they do not know that it will cause inflation to be higher in future than it was in the past. You simply tell people you are going to be printing more money because you want higher inflation, start printing and lending more money to whichever (safe) borrowers bid the highest, and let the market figure out what interest rate you can get on your loans.
The only thing you are allowed to announce is the nominal rate of interest you charge for loans. One plausible interpretation is that people think that you, or other savers, wanted to save less, or that borrowers wanted to borrow more, so you simply raised the rate of interest to match the new equilibrium so you didn't have to print more money. There would be experience rating, so workers or employers who used the EI system repeatedly would see their premiums increased or benefits decreased.
As the next picture shows, workers in a handful of industries receive, on average, substantially more than they contribute in benefits from Employment Insurance. Yet there are all sorts of factors that make it hard for people to find work after they have lost a job - being older, being a recent immigrant, having low levels of education, having a disability, and so on. It should be pretty obvious that I have serious concerns about using EI as a tool for industrial and regional policy. The travel time contour map below, taken from the 1958 study Freeways With Rapid Transit, shows how bad it was. The travel time contour map below, taken from the 1958 study Freeways With Rapid Transit, shows how bad it was. Most people who live and work in Vancouver today were not around to participate in the transport debates of the 1950s and 60s a€“ yet their lives are shaped, for better or for worse, by choices made half a century ago.
A patient does not have to understand what antibiotics are, or why antibiotics are effective. All that is required is for someone somewhere in the world to create an effective antibiotic and put it into a pill. When pathbreaking research can readily be encapsulated into little knowledge pills, it doesn't matter where research is done, or who does it.
Yes, it's possible for an economic expert to fly into a country, feed the locals knowledge pills in the form of workshops and consultant reports.
How much would it cost to implement a Basic Income, where everyone gets (say) $10,000 per year?
And suppose that there is a clawback rate of 50% on any income earned by someone on social assistance, so someone earning $20,000 would get no welfare at all.
Todaya€™s federal budget is designed to address Canadaa€™s uncertain economy by running large deficits to stimulate spending. Indeed, commitment to fiscal responsibility is eroded in this budget by the repeal of the Federal Balanced Budget Act and the failure to set any plan to balance the budget. All of their rolls come with an option to order a half of a roll, which makes it easy to try more than one type at a time.
However, the warm brownie topped with vanilla ice cream with a side of salted caramel on the side seemed too good to resist, and I think it goes without saying that it was! Weather you want to share some sushi at the bar with some friends after work or plan to go out for a nice dinner, Reel Club caters to all occasions. GT Fish and Oyster has plenty of other options including king crab legs, lobster mac and cheese, mussels, and non-fish options like eggplant, duck, pork, and tenderloin. There was two different options one from California and one from Israel (we opted for the more local option for the check’s sake). I started with a martini and then switched to a glass of wine from their extensive bottle list.
However, if you are in the area and want to stop in there is seating at the bar and a long table up front that multiple couples were sharing.
Check back weekly to find other Restaurant Raves for great dining spots around the Chicago area. The basic setup is the same, but with vast improvements to the decor and all of the favorite Moondance menu items are still there (phew)!


The tortilla soup was a regular favorite before, and customers were elated to see it on the Citrus menu. No problem, they have plenty of high chairs, booster seats, coloring menus, and crayons to keep them satisfied while they wait for the food.
And for social media measuring benefits, use bitly to make a custom link to your app download so you can track how many people click through your tweet to get your restaurant's mobile app. Standard Market in Westmont is your one-stop-shop for a quality meal and groceries in the Western suburbs. Along with all of the other menu items you can taste the freshness from start to finish of each ingredient. While you wait you have your choice of water infused by fruits and vegetables such as raspberries and cucumbers. The produce section is the equivalent of the world’s best farmers market and just around the corner is the bakery with cakes, tarts, and cookies galore.
The wine shop, located at the back of the store complete with patio seating, is a great place to unwind and taste some wine paired with cheeses from all over the world. A new location with the same great food and wide variety of beer is now open at Oakbrook Center. The outdoor patio at the Oak Brook Pour House features two fireplaces perfect for a cozy yet posh night out with a new flame or old friends. Keith also says he wouldn't turn down a trip to Florence, Italy for some authentic Italian food.
Dan prefers places that keep the kids entertained as well as fed so he says Dave and Buster’s is the best place ever to go with his kids. This is a great selection for the Chicago sports fan dad who appreciates a good steak and a cold brew. The basis for the inquiry was to point out the efficiency of this mega-trend over other current and traditional methods.
User Engagement: Mobile apps can significantly increase your user engagement and keep your company relevant by taking advantage of some unique characteristics like social, interactivity, real-time, and geo-location. Single Website and URL: This option covers all devices as content is adjusted based on the device and screen size. SEO: More efficient and can be easier as you do not need to create separate content for a mobile website.
Cost: The cost of a responsive site is usually quite a bit less than a customized mobile app, and there is no extra maintenance required. The technology that best provides the functionality you need and the convenience for the customer should tip the scales in the direction you need to go.
Come visit us at booth #6070 within the Technology Pavilion to check out our new features including in-app and online ordering. Our full suite of app features includes reservation system integration, push notifications, coupons, social media, events, photo galleries, menus, locations, and new this year, in-app ordering! Customers are granted access to your full carry-out or delivery menu within the custom-branded app, they select a time for pick-up or delivery, they can choose to enter their payment info or pay at pick up, and then, you receive a notification of the order on your custom MojoBistro iPad to accept or deny the order. A custom-branded mobile app from MojoBistro builds a connection with your customer that goes above and beyond food and atmosphere.
To make it a bit easier to stick to this year’s resolutions, here are some apps that will help you develop better habits, stay sharp, keep up to date and be more effective in your activities. Manilla: Stick to your budget this year with Manilla, a website and app that stores your bills in one place, sends you reminders when they are due and files them for you.
The statistics, collected by Adobe, back up claims that we are now living in a mobile age, with a record 18.3 percent of sales originating from mobile devices, an increase of 80 percent over last year.
If you are a regular, you can bet that the owner Georgia will be greeting you by name and with a warm hug. The wait staff are super friendly and the owners are constantly walking around, visiting with customers and helping with orders when things get busy. 2014 is set to continue blurring the lines of hospitality, as vegetables are incorporated into desserts and ice cream sandwiches get the gourmet treatment. Follow in the well-received footsteps of the ramen burger or dessert pizza with your own concoction. Look for local eateries to begin implementing a more multipurpose design with fine dining on one side and a more casual atmosphere on the other. From small geographic regions to a single city focus, specialized ethnic cuisine is becoming very specific.
These entertaining presentations are sure to delight customers and translate to an increase in sales. In addition to dining on delicious turkey, catching up with the family and cheering on their favorite football team, mobile device users logged 1.3 billion app sessions over the Thanksgiving weekend. Stop in to Woo Lae Oak out in Northwest Suburban Rolling Meadows for a taste of authentic Korean delights. Take a trip out to the Northwest Suburb of Rolling Meadows for a bit of authentic, traditional Korean dining. Once removed, the center of the table transforms into a grill that allows your food to be cooked right in front of you.
Wait staff dressed to the nines in slacks and crisp dress shirts bustle throughout the restaurant, visiting with guests and answering questions regarding the menu. As the holiday season moves through December and into January, the desire for dining out and entertaining increases as customers are looking to celebrate out and about with their family and friends. Go traditional with brined and roasted turkey, sauteed green beans and cranberry chutney or try something out of the ordinary with seafood gumbo and sushi and sashimi prepared to order.
An expansive spread starts with autumn greens and Belvedere cheeses before moving on to entrees of smoked lake trout and maple honey molasses-roasted turkey. Pumpkin raviolo, wild boar terrine, fame consomme and turkey roulade all promise a savory take on your Thanksgiving staples. Oven-roasted turkey, pineapple glazed ham and traditional sides such as stuffing, brown-sugar glazed sweet potatoes and green bean casserole are sure to please even the pickiest of eaters. You can be sure that everyone can find something to enjoy with their bountiful Thanksgiving buffet.
Dine on everything from roasted turkey breast and brussel sprouts with lamb bacon to noodle kugel and latkes.
It therefore counts not only the turnover of the Chinese SOE doing the deal, but also the turnover of all other Chinese SOEs (or at least those controlled by China's State Assets Supervision and Administrative Commission). For example, does the deal involve a significant overlap between the parties in an already concentrated market?
If it had been a private company, the deal would not have fallen within the EU jurisdiction, as the company's sales in Europe are far below the threshold.
Paris has its instantly recognizable M, usually atop some art deco style ironwork, while Moscow's underground rail system stations sport a huge, distinctive red letter M. One slightly bizarre note - on a patch of real grass near my office someone has carefully filled in a bare patch with plastic AstroTurf. Now, China is moving so fast into uncharted territories that it is hard to use any country as inspiration to any significant degree. On the research side, it is now on the same level as the European Union, Japan and the United States. For new business models to be sustainable they must deliver solutions that are so resource efficient that 10 billion people or more can use the service without destroying the planet. New business models often are much more resource efficient, using information and communication technology together with new materials and robotic solutions, so it is important that the benefits are shared within society.
It could also include strategic support for smart city development in China that supports an accelerated uptake of a new generation of sustainable solutions around the world.
But there are also emerging challenges in areas such as nanotechnology, synthetic biology and artificial intelligence.
The old economy is destroying the planet and is not resource efficient enough to allow the approximately 10 billion people that will live on the planet by 2100 to live a good life. Indeed, other than household debt, which had a very low starting point, corporate debt saw the largest increase from 2008 to 2015, by more than 60 percentage points.
But that knowledge may not be enough to understand some technologies we use in daily life, let alone those applied in modern industries.
The rumor is that the blasts caused a cyanide leak that could poison people in Beijing if they get wet in the rain.
Soon after the recent scandal over the illegal sales of expired or improperly stored vaccines, a rumor spread that such vaccines could lead to severe health problems, even death.
It is hard to root out such misinformation because people not fully informed tend to flow with the tide. Instead of a technological breakthrough, the droid that plays badminton in Chengdu can be better called a good, practical model that uses these technologies. Li and his colleagues did their best to fulfill their duties to the best of their abilities. The actions of the Hangzhou officers are in stark contrast with the irresponsibility of others charged with serving the public. Instead, Japan's senior officials keep requesting to meet their foreign counterparts to reiterate Tokyo's claim (and improve their approval ratings in the country), in the hope that the latter offer a compromise and save them from doing so. His older sister, Mei Baoyue, also a gifted opera artist, played mostly Sheng, or male roles.
The Mei family had always insisted that it's jing, not yang - from xiyang - meaning Western. The Mei Pai (Mei School) of Peking Opera, for example, is considered zhongyong, or moderate.
The Stiftung Oper in Berlin reports that the average opera-goer in Germany is 51 years old.
The Mei family saga is more fascinating, perhaps, than the fictional Buddenbrooks (by Thomas Mann): add the cross-dressing male divas and the spectacular kitsch and klimbimof reenacting Ming and Qing dynasties' eccentricities. That's why it is puzzling that the Bozhou school authorities asked the teacher to apologize to the students. Teachers and students cannot be equals when it comes to teaching and examinations, especially in schools where minors are students.
Because minors are intellectually and physically immature, they often fail to properly recognize their own interests. VAT will be levied with different tax rates to ensure the implementation of the tax reform and ease the tax burden on various industries.
So after the pilot reform of replacing business tax with VAT, the national tax authority's workload will greatly increase, because this round of trial reform will involve more than 11 million enterprises and over 2 trillion yuan in tax revenue.
The two major powers have accused each other of "militarizing" the South China Sea disputes. So far, the US has conducted two major "freedom of navigation operations" in the South China Sea using guided-missile destroyers USS Lassen in October 2015 and USS Curtis Wilbur in January 2016. This year's drill was the 32nd Balikatan between the two allies, but it also involved two other US military allies, Japan and Australia. The fear of US encirclement, in turn, has prompted China, too, to increase its presence in the South China Sea by building islands on the seven reefs of Nansha Islands (called Spratlys in the Philippines). Though public opinion in the Philippines continues to reject Chinese buildup in the Nansha Islands, Filipinos continue to admire China's culture, civilization and economic prosperity as evidenced by the growing number of Filipino visits and investments in China.
And of the 58,125 such vehicles sold, 42,131 were electric cars, up 140 percent year-on-year. Now suppose there is a sunspot and a run on the bank in the second period of the 4-period model.
Because any money spent by one agent immediately goes into the account of another agent at the same bank. Using a Taylor Rule implies ignoring any information the Bank of Canada might have about shocks to the natural rate of interest. For example, if the Bank gets new information that leads it to expect inflation will fall below target unless it cuts the overnight rate of interest, and at the same time gets new information about fiscal policy, the Bank might decide to leave the rate of interest where it is. The Bank's expectations will almost certainly be wrong, of course, because it lacks a true crystal ball model of the economy.
If the Bank of Canada held the nominal interest rate constant the LM curve would be horizontal.
If the central bank raises the nominal interest rate, the equilibrium inflation rate rises one-for-one.
The second is where all firms raise their prices to the ceiling, and each firm wants to raise its price some more, but isn't allowed to.
Or it might be that if firms raise or lower prices too quickly the monetary system collapses. The fiscal deficit in any month would have to equal the amount of money printed in that same month. Those who have read the literature may tell me they are well aware of these problems, or that I'm wrong about something. Maybe the effect of getting $10,000 per year for one year will be that people will retire one year earlier.
It's identical to a bond-financed lump-sum tax cut (because only net taxes=taxes-transfers matter).
It is exactly as if the government and I simply swapped a government bond for my personal bond. In my example above, where half the population is borrowing-constrained and unable to sell their personal bonds at all, Helicopter Bonds is just an extreme case of Qualitative Easing where their personal bonds are extremely unsafe or illiquid.
It does mean it is equally likely that a positive shock will be followed by a positive shock as by a negative shock. Or, as I argued in my old post, raising the Price level or NGDP level path target converts some existing money into helicopter money.
Suppose you want to lend more than people want to borrow at the current rate of interest you charge, and you are unwilling to lend to riskier borrowers. Because as far as everyone else is concerned, you are just another lender of money, not the ultimate printer of money.
But you hire an excellent lawyer who discovers an obscure law that lets you, and only you, go on doing what you have been doing. And if people do interpret your raising the interest rate that way, your action will have exactly the opposite effect than the one you wanted.
Especially if, with a negative interest-elasticity of the demand for money, an increase in the nominal interest rate will mean a smaller real stock of money demanded, so the immediate effect would be for people to pay back some portion of their existing loans. But because EI has administrative costs, pays for training, and in some years runs a surplus, workers in most industries have a benefit-to-contribution ratio below one.
Canada's Unemployment Insurance program (as it was then known) was radically overhauled in 1971. But they also created fiscal room which could be used to finance new programs like compassionate care and expanded parental leaves, or the labour market development agreements. What is the sense behind privileging region of residence, and not the many other factors that contribute to the ease by which people can find employment?
By way of contrast, someone who is laid off towards the end of a recession will receive relatively more generous benefits, even though the economy at this point is starting to recover, and job prospects will be better.
To put that number into perspective, in 2015 fifteen percent of Canadian workers were self-employed (CANSIM 282-0012). It would swoop around the West End and across Stanley Park, where it would connect with a twinned Lion's Gate Bridge. The freeways that were built rapidly became congested in a way that 1950s planners failed to foresee. Then it can be shipped to someone with a bacterial infection, and the patient will be cured.
If Canadian cement producers have to pay a carbon tax, but international producers do not, then carbon taxation would increase of the cost of producing cement domestically relative to importing it (and decrease the competitiveness of our exports). The knowledge pills can be shipped from wherever they are manufactured to people all around the world, who just swallow them and receive the benefits of that knowledge. And suppose that there is a personal exemption so that the first $20,000 of income is tax free, but that any income earned above $20,000 is taxed at 50%. It costs nothing to replace the existing system with the proposed new system with basic income for everyone. By construction, every individual pays exactly the same amount of taxes net of transfer payments under both systems. My friend had been craving a lobster roll for a couple of days at this point, so her meal decision was easy. Reel Club offers both table and booth seating as well as an outdoor area that is perhaps perfect to sit at on a summer afternoon for happy hour.
Their portions are small plates and perfect for sharing and trying many different dishes as opposed to just one. A one and one sixteenth ounce of caviar was served with blinis and six different pairings that included egg white, egg yolk, pickled onion, and chives. Going out to breakfast on Saturday and Sunday is frequently the most relaxing part of my weekend.
The new restaurant looks and feels tremendously fresher and has been brightened with white walls and vibrant lime, orange, and yellow accepts on the booths, flatware, tables, and wells. This is a bowl filled with brown rice, seasonal market vegetables, and peanuts all topped with a peanut ginger glaze. Beverages choices are not limited to Coke or Pepsi products but include smoothies, juices, and a plethora of high-end wine and beer.
When you are done with your meal you and every member of your party are served a small, warmed brownie or cookie from the bakery. The staff is very helpful when making a decision and eager to offer any suggestions they may have. From the truffle popcorn appetizer, to the large and in-charge pork belly grilled cheese, these items will not disappoint. Your choice of seating varies from traditional tables and booths, to bar-style seating and spacious private dining areas. The menu variety and functionality of the space lends its atmosphere to both a family-friendly vibe as well as a nighttime hangout.
You should consider touch screen navigation, interactive features, and the incorporated use of other phone features such as GPS and cameras. However, you do still have to think about what information makes it on the mobile-sized site. However, there are companies that have invested a lot of money into solving some common business problems with a mobile app and made that platform available to the market at a lower cost than designing frameworks from scratch.
You just have to find the right formula and use it correctly to turn it into something that will be successful and lasting for your business. The final transaction goes through your restaurant’s existing point-of-sale system for your convenience. Actively build restaurant loyalty and engage your customer base by offering your restaurant virtually in your customer’s pocket.
It can be easy to get started but often, after a few days, we lose track or start making excusing.
Now it is easy to see exactly how much cash you have left and stick to your planned budget. With the Push.co app, you can enable real time notifications for your favorite blogs and news sites. When comparing mobile experiences, Adobe found that the average time spent in a mobile app versus on a mobile website ranged from two and a half times longer to four times longer depending on the mobile device used. Overall, Uptown Cafe is just a great option for those looking for a cost-friendly, delicious, low-key meal at a quaint neighborhood cafe. This increase highlights a growing usage trend as mobile and mobile apps continue to gain in popularity. The chicken was tender with just a tad of heat while the brisket was the thinnest I have ever seen and cooked to perfection. Our server was amazingly helpful, patiently answered all our questions and explained the dining process.
With this potential influx of customers, it is important that you make sure your restaurant is on their list of hot spots. Whether it is a Christmas-themed happy hour or a New Year’s Eve countdown, the holidays are the perfect time to celebrate.
A twist on customers' favorite traditional desserts is a great way to spice up your holiday offerings.
Do not miss out on dessert which includes such sweet options as pumpkin pie, cinnamon flan and cranberry almond puffs.
Leave room for dessert, with options ranging from pumpkin chiffon and pecan pies to chocolate layer cake and New York-style cheesecake. The commission would normally look at the activities of the parties directly involved in the deal.
It is only because the commission aggregated CGN's sales with those of other SOEs that these thresholds were met. The transition from an old industrial economy to a new and sustainable service economy also requires the kind of systemic overview that the plan provides. But when it comes to actually ensuring implementation for the transition, the five-year plan is ahead and is a global reference document. If sharing is not ensured, inequity on the national and international levels is likely to explode, given already unsustainable levels today. An average person may know the two words but may not understand how WiFi works and what radioactivity actually means. Given the bleakness of bilateral ties in recent years, his visit will be closely watched as it is the first meeting between foreign ministers of the two countries in more than four years.
Something so simple would make traveling on the subway easier and more pleasant for everyone. If China increases its grain imports, it will probably stimulate higher global grain prices and make the conditions in these countries even worse. The US Navy has also strengthened its military presence in the region and its warships have made port calls to Asian allies, particularly the Philippines, Japan, South Korea, Thailand and Australia. The US is convinced that China's "artificial" islands in the Nansha Islands can have no other but military purpose. In fact, most of the presidential candidates for the May 2016 Philippine elections say they would improve Manila's relations with Beijing if elected.
He said his experience as a volunteer in Wenchuan, Southwest China's Sichuan province, which was devastated by a powerful quake in 2008, inspired him to lend a helping hand in Mashiki. There is also an investment technology (planting apples in the ground) which gives a strictly positive rate of return at maturity, but a negative rate of return if you cancel the investment before maturity. An agent who does not have the munchies in the second period will rationally join that run on the bank, falsely claiming that he does have the munchies.
The Bank offsets the change in fiscal policy by cancelling a planned cut to the overnight rate. The third is where all firms cut their prices to the floor, and each firm wants to cut its price some more, but isn't allowed to. Does it really matter whether the Bank of Canada bought those bonds directly from the government, or indirectly from someone else (who could be anyone) who bought them from the government? You could have an independent monetary policy, or you could have an independent fiscal policy, but not both. Mightn't there be times when you wanted to run a deficit, but wanted to reduce the stock of money?
In which case, the experiment will show zero effect for everyone, except the small fraction of people who were planning to retire soon. The government borrows money from the population by selling bonds, then gives them the money back, and lets them keep the bonds.
And in the world of Ricardian Equivalence, where it doesn't matter whose name is on the bond, the net effect is zero. Qualitative Easing is when the central bank changes the composition of the asset side of its balance sheet, leaving the liability side unchanged. You decide to lower the rate of interest you charge, so people will want to borrow more from you.
You lend out not only the money you have saved from your income, and the money you have borrowed from other savers, but you also lend out the money you have printed. Because people will save more, and borrow less, so you actually print less money, and so inflation falls, compared to what would otherwise have happened.
Why use Employment Insurance for regional subsidies, rather than another scheme, such as equalization?
These programs were not only desirable in and of themselves, they also, by delivering benefits to groups of workers traditionally ill-served by EI, such as employees in the health care industry, bolstered the political base of the EI program. The illogic of this system becomes starkly apparent when a part of the economy experiences sudden fluctuations in the employment rate. Now it may be that self-employed women are choosing to finance their own parental leaves, rather than opting into EI.
The choice was made by Vancouver city councilors looking to please their constituents, who had little interest in financing roads that would primarily serve suburbanites, having parts of their property tax base appropriated and paved over to make freeways, and disrupting the fine folks living close to the Arbutus corridor. Given our free trade agreements, it is not obvious we would be able to impose a carbon tariff on imported cement to protect our domestic producers.
The Main Lobster Roll came on a New England style roll stuffed with fresh lobster with garlic butter drizzled on top.
I went with a party of five and we got a dozen and a half order that included every type of oyster they had from both the East and West coasts, and I still could have eaten more. So, you can imagine my disappointment when I found out one of my go-to places, Moondance Diner in Westmont, had closed. My coffee mug was never empty before I was offered a refill and the food came out hot quickly after it was ordered. The others being located on Fullerton Avenue in Lincoln Park and on Aurora Avenue in Naperville.
The wait staff is accommodating, friendly and eager to offer any recommendations on food and beer.
If you are stopping in during the lunch or dinner hour and are not planning on shopping, definitely take advantage of the valet parking services as parking in that area is tight. The kids love the racing games and games that award tickets so they can pick out a toy when the family leaves.
A good rule of thumb is to design for the mobile size first and add as you get to larger desktop views. Our all-in-one iPad app ordering management system makes it simple and easy for your employees to manage to-go and delivery orders.
From easy-peasy in-app reservations to no-nonsense in-app ordering, a MojoBistro app offers your diners a non-stop, 24-hour connection to your restaurant. With Lift, you can track your habit-forming activities as an added motivator to keep you going. The menu is filled with traditional breakfast favorites included loaded omelets, fluffy pancakes and over sized waffles.
They are more than happy to refill any side dishes and are attentive without being intrusive.
Incorporating seasonal touches and holiday decorations adds a fresh quality to the dining experience and is a great way to set the festive mood for your customers and staff. Focus on greeting and thanking your customers rather than sharing your other promotional messages. Maybe it is a free slice of peppermint pie with an order over a certain dollar amount or discounted sales of a creative seasonal menu item. From a food drive to donating a percentage of sales to a local charity, your good deed is sure to create some buzz and drum up warm feelings.
From Yule logs and pumpkin cakes to eggnog cheesecake and sugar cookie milkshakes, these holiday desserts are sure to win rave reviews with your fans.
But when it comes to Chinese SOEs, the commission has been looking at the activities of all other Chinese SOEs in the relevant market, not just the ones doing the deal. The move will reduce the government's tax revenue by more than 500 billion yuan ($76.99 billion), but simultaneously it will ease the tax burden of enterprises.
As China's neighbor and the US' long-time ally, the Philippines has been strategic in its unique role.
Each agent has a 10% probability of becoming impatient (getting the munchies) and wanting to eat all his apples this period. The reason is that he might get the munchies in the third period, and if the bank suspends redemptions he will be unable to satisfy his future cravings, so he wants to join the line before the bank runs out of stored apples, so he can store apples at home. Either the amount of money printed would determine the fiscal deficit; or the fiscal deficit would determine the amount of money printed. If a one year experiment cuts working life from (say) 40 years to 39 years, the effects of a lifetime of basic income will be 40 times bigger than measured by a one year experiment. If you simply give everyone in the experiment a free $10,000 per year, then (as Stephen Gordon tweeted) good things will very probably happen. At the end of the day the population has the same amount of money, and more government bonds. So Helicopter Bonds causes half the population to sell their government bonds to the other half, so they can spend the proceeds.
The faster you print money and lend it out, the faster the total stock of money grows, and the higher the inflation rate, and the higher the expected inflation rate, and the higher are nominal interest rates across the whole economy.
Premiums rose to cover expenses until the early 1990s, when the system was again overhauled and made substantially less generous. The rolls were served with a side of garlic mayo dipping sauce along with traditional soy sauce. The oysters take a while to come to your table as they are freshly shucked in the kitchen, so I recommend ordering them when you order your drinks to get them as soon as possible.
Multiple flat screen TVs, indoors and out, make this a desirable destination to watch a good game accompanied by an even better beer. Sweet Baby Ray's is the perfect choice for the dad who loves to BBQ but wants to relax on his big day even without a special buffet.
Once you have downloaded the app, you can write your own habits, draw on suggested habits from the community or even join a group of people who are working toward the same goal. Everest encourages you to take your goal and break it down into more manageable, bite-sized bits. If you are looking for something besides your usual breakfast menu, Uptown Cafe also offers a wide range of standard diner fare including wraps, burgers and soup. This is the perfect way to make customers feel special and entice them to keep you in mind when planning their holiday celebrations. Spread the news of your fundraiser by reaching out to the local media and posting on social media. In this sense, the tax reform shows the government is serious about helping enterprises tide over the tough economic situation and further stabilize the macroeconomy.
Those probabilities are independent across agents, and there is a large number of agents, so exactly 10% of agents will become impatient each period. The government now pays interest to the public, and the public now pays interest to the Bank of Canada, and the Bank of Canada pays that interest back to the government as profits. In general, adding an extra constraint on choices leads to worse choices, because the constraint sometimes prevents you choosing something you would have chosen. But what we want to know is whether good things will happen if we give a group of people $10,000 per year each and that same group of people have to somehow pay for that $10,000 per year each.
Again, it is exactly as if the government and I swapped a government bond for my personal bond. If you want to save and lend more of your income, you will need to lower the rate of interest you charge your borrowers. And the central bank wants to keep inflation at the 2% target, so adjusts its own money printing one-for-one to your money printing, so your counterfeiting activities have no effect on the money supply growth rate and no effect on the inflation rate. There is an upward-sloping relationship between the nominal rate of interest and the rate at which you print and lend money.
If you want to print and lend more money you must first lower the rate of interest you charge borrowers, so they want to borrow more.
I would love to go back soon for their happy hour to try some of the other rolls they offer. Your delivery folks will love our in-app map systems with geo-fence to verify that the order is placed with your delivery zone. Now there are exceptions to that general rule, like time-inconsistency in dynamic games, where adding a constraint on your own choices lets you change others' expectations of your future choices, which changes their current actions in ways that make you better off despite the extra constraint.
What we want is a self-funding or revenue-neutral experiment (except for the cost of paying the researchers).
But in this case, where Ricardian Equivalence is false, it does matter whose name is on the bond. The greater the substitutibility between you and other lenders, and the smaller you are in the total market for loans, the more elastic will be the demand curve you face. They give each kid a little gift bag that has an activity sheet – connect the dots game, etc.
The app will plot your check-ins on a calendar and highlight when it becomes a regular occurrence. From pumpkin pancakes in the fall to the fruit festooned waffles in the spring, make sure you give them a try. The subjects would have to give up all other forms of support that the basic income is designed to replace, and pay the extra taxes that would be needed to make up the difference. Because only the government will buy a bond with my name on it, if I am one of the borrowing-constrained half of the population.
Only in the limit, as the market for loans approaches perfect competition, does your downward-sloping demand curve become perfectly elastic at the market rate of interest.
If you want to print more money and lend more money, you will need to lower the rate of interest you charge your borrowers.
A male enters: 6-inch-high-heels, enormous facial expression, effortless walk, gestures rehearsed a million times.
But the most fun Dan says is when he makes handcuffs and tells the kids they can’t escape from him.



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