China, Russia rebuke India

[ChinaToday]

St. Petersburg: India will have to wait for much longer than it had hoped to play kitty party with the group of five emerging economies and draw support from a common currency pool.

Though the group of five — Brazil, Russia, India, China and South Africa (Brics) — has agreed to a $100 billion common reserve, with China contributing the most, they are nowhere near to agreeing on how soon to make it functional.

In fact, India faced an embarrassing situation ahead of an informal meet of the heads of Brics nations, as officials from China and Russia rebuked India for its economic mess. They suggested India pay its own bill rather than lean on a common club for a bailout.

“We see the temporary difficulties of some Brics countries, mainly as difficulties in terms of international balance of payments,” said China vice finance minister Zhu Guagyao. “The policy options in response to such... difficulties include increasing interest rates or devaluing currencies.”

India has long suspected China of wanting to dominate the Brics agenda, while it has little common interest with Russia.

So it has tried to make cause with the weaker Brics economies like Brazil and South Africa in setting the agenda. This is believed to have delayed a settlement of the Brics Development Bank and the common currency pool.

BRICS fund fails to take flight

Reacting to India’s urgency in making the common currency reserve operational even South African finance minister Pravin Gordhan said: “We don’t know what the proposal is. This is India’s initiative to resolve India’s issues.”

Russia’s summit coordinator Ksenia Yudayeva told reporters: “The countries that faced the biggest recent capital outflows also have quite weak fundamentals.”

She suggested both domestic and international factors were at play in the most troubled economies, and it was not appropriate to blame global factors alone. Yudayeva said India had not approached other Brics nations for activating the currency swap arrangement.

She categorically declared: “We didn’t agree on specific measures yet,” adding that the specifics would only clear at the meeting of Brics finance ministers next month.

The currency pool, as explained by India’s sherpa at the G-20 summit, Planning Commission chief Montek Singh Ahluwalia, ahead of the St. Petersburg jamboree, will work like a common kitty from which member countries would draw foreign exchange in times of distress, with each member contributing to the withdrawal in proportion to its specific commitment to the pool.

Ahluwalia had earlier raised hopes of the currency swap arrangement being discussed threadbare among the Brics members in St. Petersburg. India’s foreign secretary Sujata Singh refused to be drawn into the controversy generated by the comments made by the Chinese and Russian officials, insisting: “I don’t want to comment on someone else’s comment on what I should be doing with my economy."

She said Ahluwalia would clarify India’s stand on Friday. Singh, however, insisted that the Brics leaders did discuss the current global crisis and the common currency reserve, adding that Prime Minister Manmohan Singh “welcomed the progress of the consolidated currency reserve arrangement and noted this initiative acquired even greater salience in the current environment of global currency volatility”.

The Brics countries have already agreed to a $100 billion currency stabilisation fund to tackle volatility ahead of an expected pullback of US monetary stimulus. China, with the world’s largest foreign exchange hoard, has committed the biggest share to the pool worth $41 billion, while Brazil, Russia and China will each give $18 billion, and South Africa $5 billion.

Asked if India’s $18 billion contribution to the pool would not deplete its precarious foreign exchange reserves further, the foreign secretary said no timeline had been drawn on making it operational, and hence fears of a further drawdown on India’s reserves were premature. Officials of other Brics members too agreed it would still take some time for the pool to become functional.

Russian deputy finance minister Sergei Storchak joined his Chinese counterpart in suggesting that details on the common reserve had to be worked out. They hinted that beyond the announcement, there was need for much more work on the reserve facility. A joint Brics development bank, will also take months to finalise with little agreement among member countries over burden sharing and its location.

China, Russia rebuke India | Deccan Chronicle

 

[IndoCarib]

I dont know why India is so enthusiastic about BRICS bank. First lets get out of the economic mess we are in. And all stake holders of the common reserve should contribute equally to the fund. Nobody should be allowed play 'boss' here. Yes I am talking about China !

 

[[Bregs]]

China the world leaders obsession with India refuses to go down,

while Brazil, Russia and India (Not china again after contributing 41 billios $)will each give $18 billion, and South Africa $5 billion.

 

[[Bregs]]

I dont know why India is so enthusiastic about BRICS bank. First lets get out of the economic mess we are in. And all stake holders of the common reserve should contribute equally to the fund. Nobody should be allowed play 'boss' here. Yes I am talking about China !

Chinese or Russian Govt. have not bossed around as being preached here in these threads. only if the govts of countries think same way like the threads being made here the world peace by now would have been doomed

 

[IndoCarib]

Chinese or Russian Govt. have not bossed around as being preached here in these threads. only if the govts of countries think same way like the threads being made here the world peace by now would have been doomed

When they contribute more, they will throw their weight on the rest. Much like what US does for being the biggest contributor to the World Bank.

 

[Chinese-Dragon]

When they contribute more, they will throw their weight on the rest. Much like what US does for being the biggest contributor to the World Bank.

India is the one here who is eager for the fund to become operational.

Since India's economy is being hit the hardest.

 

[Fattyacids]

I dont know why India is so enthusiastic about BRICS bank. First lets get out of the economic mess we are in. And all stake holders of the common reserve should contribute equally to the fund. Nobody should be allowed play 'boss' here. Yes I am talking about China !

We don't want to be the boss. China is not India, we are not super power.

 

[Grevion]

Would be a common benefit for all BRICS countries. How come only India would be the one to have benefits from it when we along with everyone are contributing.Let China be the self appointed Boss if they want,Nobody cares unless everybody accepts.

 

[Genesis]

India is the one here who is eager for the fund to become operational.

Since India's economy is being hit the hardest.

You know this is perfect, looking at the current situation, we may even be able to go to 50 billion and have the headquarters in China.

Though I got to say India, if you don't want us to dominate this group, simply fix your economy, problem solved. Don't delay progress from your own personal feelings.

 

[freshmint]

The problem is that some Chinese forget what was the situation of China from much before its independence in 1949 to 1991 and how it managed its trade and economy with so much foreign aid and loans and generous barter deals provided by the USSR from at least 1949-1961 and the Chinese back stabbed the Russians with claim on Russian territory and these are the very Chinese who are jeopardizing China's and world security by their arrogant behavior.

The Chinese gave Russians very low quality footwear in a very generous barter deal which the Russians could hardly afford in 1992-93 in exchange for Su-27s which gave a 25-year (two generation!!!!) leap to Chinese aircraft technology while during that time China had huge foreign reserves and it could have very well paid for them in hard currency. The West never offered the Chinese any contemporary military technology during the time that the Chinese were allied to the West until the West dumped them over Tiananmen Square massacre. The West never trusted the Maoists in China.

The Westerners never ever took any Chinese goods in barter for their much more expensive goods during this period and the thing is that the Chinese never even dared to offer their goods in barter to the West. The Chinese very obediently offered hard cash for goods imported from the West which at times were not at all needed by the Chinese but went to decorate the mansions of corrupt wealthy Maoists.

But with the Russians, the Chinese played like fox and sensing that the Russians were in dire need of hard cash due to Soviet collapse, instead of paying them hard cash, the Chinese gave them cheap footwear that came apart in less than two months.

 

[Fattyacids]

The problem is that some Chinese forget what was the situation of China from much before its independence in 1949 to 1991 and how it managed its trade and economy with so much foreign aid and loans and generous barter deals provided by the USSR from at least 1949-1961 and the Chinese back stabbed the Russians with claim on Russian territory.

China has always been a sovereign country, we are not India. China paid back the loan when Sino-Soviet split. There is no territorial dispute with Russia. The British created India and other princely states, did the British give India the rights to bully and annex its neighbors?

 

[freshmint]

China has always been a sovereign country, we are not India. China paid back the loan when Sino-Soviet split. There is no territorial dispute with Russia. The British created India and other princely states, did the British give India the rights to bully and annex its neighbors?

Chinese Maoist annexation of lands of neighboring countries like Tibet and parts of India, Vietnam, and Russia in the far East has been a source of international tension for well over 50 years.

WE CAN ALSO ADD HONG KONG, MACAU, AND MANY OTHER PARTS ON THE BORDERS OF CHINA IF the Chinese claim any part of India. By the same expansionist claims being fomented by Maoists, Russia should ask for Alaska from USA and parts of China including Port Arthur.

We all know that the common Chinese people are not at all interested in being forced like fodder in war and then getting forcibly resettled over occupied lands by the Maoists. it is only the pampered Maoists who are warmongering and trying to endanger world peace.

 

[Fattyacids]

Chinese Maoist annexation of lands of neighboring countries like Tibet and parts of India, Vietnam, and Russia in the far East has been a source of international tension for well over 50 years.

WE CAN ALSO ADD HONG KONG, MACAU, AND MANY OTHER PARTS ON THE BORDERS OF CHINA IF the Chinese claim any part of India. By the same expansionist claims being fomented by Maoists, Russia should ask for Alaska from USA and parts of China including Port Arthur.

We all know that the common Chinese people are not at all interested in being forced like fodder in war and then getting forcibly resettled over occupied lands by the Maoists. it is only the pampered Maoists who are warmongering and trying to endanger world peace.

Tibet belongs to China since Qing dynasty. When the emperor abdicated the throne, all territory transferred to the new republic, it's legally binding. Tibet is recognized by UN. But Kashmir is not. See the difference?

Back then, there is no such thing as India border, only British Raj border. India should consult its creator, the UK, about the actual border before taking unilateral action of annexing other princely states. See, China is sovereign country, not a princely state, that's why 1962 war erupted.
If India had done that, South Asia would be a land of peace and harmony.

 

[freshmint]

Tibet belongs to China since Qing dynasty. When the emperor abdicated the throne, all territory transferred to the new republic, it's legally binding. Tibet is recognized by UN. But Kashmir is not. See the difference?

Back then, there is no such thing as India border, only British Raj border. India should consult its creator, the UK, about the actual border before taking unilateral action of annexing other princely states. See, China is sovereign country, not a princely state, that's why 1962 war erupted.
If India had done that, South Asia would be a land of peace and harmony.

South Asia and China would be a land of peace and harmony:

1. If Mao was not born and there would have been a democratic government in China.

2. If China had not committed the greatest war crime of providing nuclear weapons to Muslim terrorists, the Pakistanis.

3. If the Maoists and their pampered worshipers understood that the people of neighboring countries of China do not want to live under the occupation of dog and cat meat eating low IQ Maoists.

4. As for Tibet, the UN did so because the Soviet Union persuaded it to do so and not because China was right. The Soviet Union did not want Mao to get a heart attack if it voted against China. You must know that Maoist China was not a member of UN until 1971. Mao was an ally of the Soviet Union but the Soviets never expected the Maoists to back-stab the soviets in such a ghastly manner by claiming the Russian territory a theirs.

5. Also China should sign more mutually acceptable legally binding treaties which it has persistently refused to do so since half a century. For example, in commercial and military technology, the Chinese openly pilfer so much technology and do not give a damn to copyright laws. Territories are not like copying goods and not respecting copyright laws.


If you are taught right history which i doubt, China was not a member of the UN until 1971 hence the concept of China being older than India is not valid. China should consult its creator state Russia, the heir to the Soviet Union
and also UK, the creator of Hong Kong and Portugal for Macau before making any territorial claims.

See, the world would become much more peaceful if the Chinese are not allies of terrorist Muslims.

the most important point accepted the world over is that a man is known by the company he keeps.China being unconditional friends with terrorist Pakistan is not good for the security of world. China has dug its own grave by providing nuclear bomb to Muslims. But see how responsible India is. India has not yet provided small briefcase nuclear bombs to Xingiang Muslims.

Also the Maoists should stop to force people from mainland China into Hong Kong where they are known as unfortunately known as LOCUSTS. The people of China should rise up against the Maoists and establish a their own democratic government for world peace and prosperity and stop making warmongering squeals and claims and alliance with terrorists.

 

[freshmint]

Tibet belongs to China since Qing dynasty. When the emperor abdicated the throne, all territory transferred to the new republic, it's legally binding. Tibet is recognized by UN. But Kashmir is not. See the difference?

Back then, there is no such thing as India border, only British Raj border. India should consult its creator, the UK, about the actual border before taking unilateral action of annexing other princely states. See, China is sovereign country, not a princely state, that's why 1962 war erupted.
If India had done that, South Asia would be a land of peace and harmony.

Also Maoists should always consult their creator, the ex-Soviets and their heirs the Russians, before taking any decision in regard to territories/governance/ or any other matter. Hence you can see problems with Hong Kong people who speak the same language as Chinese but do not want any interference from China. I will leave talking about Taiwan as it will make the message so long. why do not the Chinese have any claim on the territories of Muslim countries like Malaysia and Indonesia which are home to so many ethnic Chinese since centuries as it has on the land of Tibet and parts of countries surrounding China????

also you should advise your allies like Pakistan to consult their multiple or single creator as it wishes, in any matter regarding territorial claims, governance or any other issue.

and also about the last emperor of China, what did he abdicate to the new republic and which new republic??? Maoist China or ROK Taiwan??? and what about the conditions under which he was forced to do so??? We all know the answers You people better use sophisticated filters to read an objective analysis of history rise up against the Maoists. the Maoist written history is doing a great harm to world peace and harmony.