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No country can get rich from agriculture alone
Lots of people in certain countries think that agriculture should be developed in order for them to be rich. This is a misguided opinion.
Thailand is a good example of the fact that when it generated a per capita income of close to USD 3,000 about 18 years ago, it faced obstacles to increase this income. Main reasons: 1. Agriculture produces food, and people consume it to a certain amount, not more; 2. Agricultural products are commodities, so their prices are sensitive to supply and demand. For example, if supply exceeds demand by a mere 5%, product prices can go down by 20%.
So, from about 2002, Thailand has been aggressively developing its manufacturing sector so that the country now is the largest automobile manufacturer and exporter in ASEAN.
Another reason: the contributions of agriculture to the GDPs of developed nations such as the US and Japan range between 1% and 1.3% only.
Like Japan and most other developed countries, the US got rich because of its manufacturing might. The US generated around 40% of the world’s GDP from 1960 to 1968 (https://www.forbes.com/sites/mikepatton/2016/02/29/u-s-role-in-global-economy-declines-nearly-50/?sh=5ce3afcc5e9e). The ratio of its GDP to the world’s began to decline from 1969. This ratio now stands at about 15.9% only (https://www.statista.com/statistics/270267/united-states-share-of-global-gross-domestic-product-gdp/).
About the Composition of Japan’s GDP today
China is the most recent example of how a developing country can get rich: from investment in productive physical assets, manufacturing and exports of finished products.
CAVEAT: Certain individuals and businesses have got so wealthy from large-scale, or commercial, or cash crop, agriculture. For example, Robert Kuok, owner of Shangri-la hotels, sugar & oil palm plantation king & the richest person in Malaysia and the 53rd wealthiest in the world in 2020; Martua Sitorus, one of Indonesia’s oil palm plantation kings & the county’s 12th wealthiest; the big commodity traders: Archer Daniels Midland (ADM), Bunge, Cargill & Louis Dreyfus, known as the ABCD of global grain trading, of the US. They play central roles in the global agri-food system (https://www.reuters.com/article/us-global-grains-traders-idUSKCN1MZ2E8).
(TST)
China’s regulators said to slow their approval of new online games, as Beijing’s campaign against gaming addiction heats up
Michael Bloomberg on PBS video: President Xi Jinping is not a Dictator
(RMH)
BlackRock raises US$1 billion with first Chinese mutual fund days after George Soros calls China investment a ‘tragic mistake’
The BlackRock New Horizon Mixed Securities Investment Fund attracts more than 111,000 subscribers
BlackRock is the first global asset manager to win a licence for wholly-owned
For more information, click the link to the source below.
China’s Textile Firms Shy Away From Export Orders on Threadbare Margins, Uncertain Outlook
China has been the largest exporter of textile and products on the planet for many years. However, things are now changing due to a number of factors such as shortage of shipping containers, insanely high costs of overseas shipment of goods.
For more information about why certain Chinese textile firms shy away from overseas orders, click on the link to Yicai Global below.
Indonesia announces IDR 439 trillion rupiah bond buying plan
In response to the continuing social, economic and financial consequences of the Covid-19 pandemic on the country, the Bank of Indonesia has announced its government bond buying plan worth IDR 439 trillion for 2021 and 2022.
For further details, please click on the source below (Business Times).
Don’t elect clowns and unwise politicians as top leaders.
In the past five years, we have seen clowns elected as presidents, PMs etc. as a result, we have suffered great economic, financial and political losses, and, thus, embarrassed.
Chancellor Yi Yin (1648-1548 BCE), of the ancient Shang Dynasty, China, is recorded as advising his five emperors as follows:” Strengthen moral character and determination to work for the people’s benefits. Recruit virtuous and capable government ministers.”
From 1978 to-date, China has been the true model of applying the meritocratic principles of identifying and electing top leaders. Only the best citizens can be elected as national leaders after they go through their respective political paths. For example, the seven members of the CCP’s Politburo, including Vice Minister Liu He, Wang Yang (former Guangdong governor), led by President Xi Jinping, represent the Chinese way of applying the meritocratic principles in the proper manner.
Liu He, China’s Top Economic Architect, Supports the Growth of Private Enterprise
Vice Premier Liu He, one of the top architects of modern Chinese economy, reassures the Chinese of the Chinese government’s immutable support for the private sector, specially small businesses. He is also a member of the 19th Politburo of the Chinese Communist Party, the highest ranking institution within the party. The Politburo, comprised of 25 members, is led by President Xi Jinping.
Liu He is also considered by may as the modern Chinese economic philosopher. He earned his BS and MS degrees from the Renmin University of China and his MPA from Harvard Kennedy School of Government.
He led the Chinese delegation in the negotiations with the US on the Phase I of the US-China trade deal and its signing in the White House in 2019.
For further information on his most recent reassurance of the Chinese government’s commitment to the private sector, visit www.https://www.chinabankingnews.com/2021/09/07/chinas-top-economic-architect-reiterates-support-for-the-growth-of-private-enterprise/.
China news: ICBC offers Personal Loans for Overseas Study
Industrial and Commercial bank of China (ICBC), the largest lender on the planet in terms of Tier 1 capital, profits before taxa and assets (www.thebankerdatabase.com: The Largest 10000 banks globally)
ICBC Personal Loan Descriptions:
1. High amount: The upper limit of drawable personal loan for overseas study is RMB 2 million (USD 310,000); the upper limit of non-drawable personal loan for overseas study is RMB 1 million.
2. Long loan term: The loan term is up to ten years.
3. Many guarantee options: Mortgage, pledge and warrandice are all accepted.
4. Flexible granting: The loan can be all granted at the first request or granted in different batches based on the time of payment of the tuition, accommodation cost, living cost, etc.
5. Various comprehensive services: ICBC provides credit certification, personal foreign exchange purchase, foreign exchange settlement, account-opening witness, overseas account opening, application for international credit card and other supporting services combined with the loans for overseas study.
Notes: The drawable personal loan for overseas study refers to the RMB loan to pay the tuition and related fees and living cost of the borrowers or their direct relatives during their study abroad; the non-drawable personal loan for overseas study refers to the RMB loan to handle formalities of overseas study or dependence of the borrowers or their direct relatives and related credit certification recognized by the embassy.
☆ Qualifications of ICBC Personal Loan Borrowers
1. The borrower is a natural person with full capacity for civil conduct at an age between 18 (inclusive) and 65 (inclusive).
2. The borrower has the legal and valid identity certificates, certificate of marital status, local household registration certificate of the lender (or valid certificate of residence).
3. The borrower’s rating in the internal retailing rating system meets relevant regulations.
4. The borrower has a good credit history and the intention of repayment.
5. The borrower has stable income and the ability to repay the loan principal and interest on time and in full amount (the non-drawable loan excluded).
6. The overseas study loan has clear and relevant uses. The loan purposes shall be in accordance with laws, regulations and rules of the state, as well as the regulations of consulates of relevant countries and regions.
7. The borrower is able to provide legal, valid and reliable guarantee recognized by the lender.
8. The borrower has opened a personal settlement account in ICBC.
9. Other conditions required by the lender.
☆ Documents Required
1. Application for Personal Loan for Overseas Study of ICBC.
2. Original and duplicates of valid identity certificates, household certificate (household register or other valid certificates of residence), certificate of marriage status (marriage certificate, divorce certificate, singlehood statement, etc.) of the borrower.
3. Original and duplicates of certificate for relationship between the borrower and dependent (household register, birth certificate, etc.)
4. Personal repayment ability certificate, such as the individual tax certificate, salary certificate, investment income certificate, rental income certificate, certificate of financial asset purchased in ICBC or other banks in the past six months.
5. Loan use certificate. It includes the enrollment (admission) letter issued by the school or other effective enrollment certification. As an alternative, those who haven’t got the enrollment (admission) letter or other effective enrollment certification yet can provide the Self-funded Overseas Study Agency Service Agreement signed between the student and overseas study agents recognized by ICBC, or other effective certification recognized by the lender.
6. The ownership certificate shall be provided for guarantee provided in the form of mortgage (pledge).
7. If the borrower is the student to study abroad or the dependent, he/she should designate at least one domestic co-borrowers, and a copy of notarized Power of Attorney (except for the non-drawable loan), designating his/her domestic agents who are granted full power to dispose the mortgage (pledge) on behalf of the borrower in accordance with the contract.
8. For the guarantee provided by financing guarantee agencies, relevant materials of the guarantor should be provided as required by the bank.
9. Other documents or materials required by the lender.
(Source: http://www.icbc.com.cn/ICBC/EN/PersonalFinance/CrossborderFinancialServices/PersonalLoanforOverseasStudy/PersonalLoanforOverseasStudy.htm)
The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.
IDR 725 Kuadriliun, Terbesar di Dunia, Aset Perbankan China
Bangsa China terkenal hidup irit dan menabung sekitar 45% dari pendapatan mereka, Salah satu haislnya: perbankan China memiliki aset yang terbesar di dunia.
Ada 192 buah bank umum di China plus 3 buah bank pelaksana kebijakan pemerintah (policy bank).
CBIRC (Komisi Pengaturan Perbankan dan Asuransi China) menerbitkan laporan pada 11 Mei 2021 bahwa per akhir Maret 2021, jumlah asset perbankan China, yang beroperasi di China plus cabang-cabang LN mereka, dalam Yuan (CNY; RMB) dan valas mencapai IDR 725.000 T*, atau IDR 725 kuadriliun (K; 1015), naik sebesar 9% dari yang tercatat per akhir Maret 2020 (www.cbirc.gov.cn: Supervisory Statistics of the Banking and Insurance Sectors – 2021 Q1 Statistics, diterbitkan pada 11 Mei 2021).
Nilai itu adalah sekitar 2,3 X jumlah aset perbankan AS yang sekitar IDR 315 K* (www.fred.stlouisfed.org: Total Assets of All Commercial Banks, 08/04/2021), atau 1,4 X jumlah aset perbankan Uni Eropa yang IDR 515,77 K* (www.ecb.euro.eu: ECB publishes consolidated banking data for end-March 2021), atau sekitar 78 X jumlah aset perbankan umum Indonesia yang IDR 9,3 K per akhir Maret 2021 (Laporan Profil Industri Perbankan-Triwulan 1 2021 oleh OJK).
*Sampai saat ini, mirip perbankan Uni Eropa (UE), perbankan China masih dominan dalam penyediaan dana ke sector ekonomi China karena pasar obligasi China masih sedang tumbuh (baru bernilai pasar sekitar IDR 288 K). Sebaliknya, aset perbankan AS lebih kecil daripada pasar obligasi AS (IDR 662 K) yang terbesar di dunia. Perbedaan lainnya: (i) Baru sekitar 2,9% dari nilai pasar obligasi China dimiliki oleh investor asing; (ii) sekitar 30% dari nilai pasar obligasi AS maupun UE sudah dimiliki oleh investor asing.
Tabungan Bangsa China dari sebagian hasil Kerja Keras
Itu adalah salah satu hasil iritnya bangsa China: mereka menabung sekitar 45% dari GDP mereka. Sebagai perbandingan, bangsa kita menabung antara 28,3% dan 37,8% antara 2010-2017 (www.ceicdata.com) yang dilaporkan secara kuartalan. Itu adalah angka-angka kotor tabungan (gross savings rate) sebagai hasil pengurangan angka GDP nominal oleh pengeluaran konsumsi final.
Riwayat Kenaikan Rasio Tabungan Bangsa China terhadap Penghasilan yang Dapat Dibelanjakan sejak 1955
Karena GDP China selama 2020 adalah sekitar USD 15,8 triliun, tabungan baru bangsa China selama tahun 2020 saja berjumlah sekitar USD 7,11 triliun (IDR 102,384 triliun), atau 11,23 kali jumlah aset perbankan Indonesia per akhir 2020, yang sekitar IDR 9.117,91 triliun, rekor sejak merdeka pada 1945, dengan catatan: kenaikan asset perbankan Indonesia selama pandemi Covid-19 (Februari 2020-sekarang) disebabkan oleh jutaan usaha tutup dan banyak sekali di antara yang lainnya mengurangi kegiatan mereka sehingga mereka menyimpan modal kerja mereka di perbankan sejak April-Mei 2020. Fenomena yang mirip juga terjadi perbankan China selama Februari-Mei 2020, yaitu kenaikan mendadak dana pihak ketiga sekitar IDR 22.000 triliun. Fenomena itu sudah berakhir di China sejak Juni 2020 karena ekonomi China bangkit kembali dengan cepat.
Rasio tabungan rumah tangga Indonesia secara Kuartalan, yang rata-rata sekitar 32% per tahun.
Empat Bank Terbesar (the Big Four) dan Enam Bank Terbesar (the Big Six) di China
Enam buah bank umum yang terbesar di China (the Big Six**), yang empat di antaranya (the Big Four***) juga terbesar di dunia, yaitu ICBC (IDR 74,8 K, sekitar ), CCB (IDR 64,8 K), ABC (atau AgBank) (IDR 61,9 K) & BoC (IDR 56,1 K), plus Postal Savings Bank of China (PSBC) (IDR 25,9 K) dan Bank of Communications (BOCOM) (IDR 24,4 K) (semuanya tercatat di Bursa Efek Shanghai), memiliki jumlah aset sekitar IDR 307,9 K, naik sebesar 8,1% dari yang tercatat per akhir Maret 2020, sehingga menguasai sekitar 42,4% dari aset total industri perbankan China. Sebagai perbandingan, bank umum yang terbesar di ASEAN berdasarkan jumlah aset adalah DBS (IDR 7 K) dari Singapura dengan banyak kantor cabang, perusahaan anak dll di LN, yang mencakup Indonesia.
**Menurut laporan keuangan masing-masing per akhir Maret 2021
***1.Berdasarkan jumlah aset, keempat bank milik China itu merupakan bank-bank yang terbesar ke-1, ke-2, ke-3 dan ke-4 di dunia menurut Standar-Standar Pelaporan Keuangan Internasional (IFRS). JPMorgan Chase adalah yang ke-6 dan Bank MUFJ (Jepang) ke-5.(www.spglobal.com: 100 Largest Banks 2021)
2.Persaingan antara JPMorgan Chase dan Bank MUFJ dalam jumlah aset. Berdasarkan Prinsip-Prinsip Akunting yang Disetujui secara Umum di AS (US GAAP), JPMorgan Chase adalah bank terbesar ke-4 di dunia dan MUFG ke-6. Perbedaannya: IFRS menghitung nilai aset turunan secara bruto sedangkan US GAAP menghitungnya secara bersih.
(TST & GAI)