China Underwater Discovery Verifies Unproven Battle As A Historical Event

 

A gold seal was one of the many treasures recovered from the Minjiang River in Sichuan, China.

Underwater Treasure Found in Southwestern China Makes Reality out of 300-Year-Old Mythical Battle

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Chinese archaeologists announced yesterday the discovery of an immense underwater treasure. They stated that they recovered more than 10,000 gold and silver items which had been sitting at the bottom of a river in southwestern Sichuan Province for more than three centuries.

Discovery Verifies Unproven Battle as a Historical Event

Mr. Gao Dalun, director of Sichuan Provincial Cultural Relics and Archaeology Research Institute, stated that the finds included a vast amount of gold, silver, and bronze coins and jewelry, as well as iron weapons such as swords, knives, and spears. The archaeologists that made the discovery added that the characters carved in the gold and silver artifacts are still clear and the carved patterns on the jewelry show graceful craftsmanship.

Golden ingot and jewelry unearthed during an archaeological excavation in southwest China's Sichuan Province, where more than 10,000 gold and silver items make up a treasure that sank to the bottom of a river over 300 years ago.

Golden ingot and jewelry unearthed during an archaeological excavation in southwest China’s Sichuan Province, where more than 10,000 gold and silver items make up a treasure that sank to the bottom of a river over 300 years ago. (Xinhua/Li He)

The treasure site, positioned at the crossing of Minjiang River and its branch Jinjiang River, is 31 miles (49.89 km) south of Chengdu. It is thought that in 1646, peasant uprising leader Zhang Xianzhong was defeated in the area by Ming Dynasty soldiers while trying to transport his treasure to the south. Nearly a thousand boats loaded with the valuables sank in the fight and were buried in the river bed. However, for centuries this story was more myth than fact, with no reliable sources verifying it.  Wang Wei, a Chinese archaeologist stated as The Hindu reports, “The objects have helped identify the area where the battle was fought and are direct evidence of this historical event.”

Silver coins were some of the treasures unearthed during excavations in Sichuan, China.

Silver coins were some of the treasures unearthed during excavations in Sichuan, China. (Xinhua/Chen Xie)

The Importance of the Treasure from a Scientific and Historical Point of View

Many valuable objects were found at the site back in 2005, when construction workers found seven silver ingots on the river bank. Five years later, and after the close examination of the finds, local authorities declared the area a protected site in 2010. Despite the evidence, however, a comprehensive excavation didn’t follow as experts argued over the existence of the legendary “sunken boats.”

The treasure found in in Sichuan, China also includes these silver ingots with writing still visible on them.

The treasure found in in Sichuan, China also includes these silver ingots with writing still visible on them. (Xinhua/Li He)

Treasure hunters, on the other hand, were not as patient, as the facts clearly showed: after the local police conducted a year-long investigation in 2015, they arrested over thirty suspects and impounded thousands of gold and silver coins. That nudged experts to agree that an immediate excavation of the site was necessary in order to prevent further raids from treasure hunters. Eventually, Sichuan province launched the project to uncover the hidden treasures and artifacts in January, when the dry season arrived, and they pumped away the river water.

Excavating the site where the treasure was found in Sichuan, China.

Excavating the site where the treasure was found in Sichuan, China. (XINHUA)

In closing, Li Boqian, an archaeologist from Peking University, thinks that the objects of this discovery are of remarkable value and historical significance, “The items are extremely valuable to science, history and art. They are of great significance for research into the political, economic, military and social lives of the Ming Dynasty,” said Boqian, as Xinhuanet reported.

Archaeologists will continue excavations until April 2017.

Top Image: A gold seal was one of the many treasures recovered from the Minjiang River in Sichuan, China. Source: China.org

By Theodoros Karasavvas

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China Will Be The Straw That Will Stir The World’s Economic Drink?

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

HOME » BUSINESS » FINANCE

Forum hears pledge of more effort to revitalize China’s real economy

CHINA will remain committed to ensuring innovation drives development and will increase efforts to revitalize the real economy, Vice Premier Zhang Gaoli said yesterday.

“The real economy is the foundation of economic growth and we will optimize it,” Zhang said at the opening ceremony of the China Development Forum 2017 in Beijing.

China will improve its capabilities in scientific innovation and boost the development of strategic emerging sectors and modern manufacturing while transforming traditional industries with new technology and business models, he said.

The government will continue to promote entrepreneurship and the “Internet Plus” plan to meet the diverse needs of the market and Chinese companies will be encouraged to use craftsmanship to establish competitive brands that can stand the test of time.

China will further reduce costs for enterprises by streamlining administration and pushing forward tax reforms, and prevention and control of financial risks will be elevated to a higher position on the government’s agenda, Zhang said, adding that China will manage risks in bad loans, bond default, property bubbles and Internet finance to avoid systemic financial risks.

To stimulate growth and improve market vitality, China should increase supply-side structural reform, Zhang said.

Highlighting the basic tone of “seeking progress while maintaining stability,” he underscored the need for efforts to maintain growth, ensure employment and counteract risks from home and abroad.

China will forge ahead with its supply-side reform, cutting steel production capacity by around 50 million tons and coal capacity by over 150 million tons this year, he said.

The country will prioritize de-stocking unsold houses in third and fourth-tier cities as it fights speculation in the housing market, he added.

Zhang restated China’s commitment to better air, water and soil quality.

The government will speed up the reform of state-owned enterprises, make concrete mixed-ownership reforms in sectors such as power, petroleum, railways, civil aviation and telecommunications and open the market to more private investment, Zhang said.

On the close ties between China and the world economy, he stressed the need to advance globalization and fight protectionism.

“China is willing to join efforts with the international community to steer the world economy toward strong, sustainable, balanced and inclusive growth,” he said.

The country will continue to implement its opening-up strategy and advance the Belt and Road Initiative, he added.

China will host the Belt and Road Forum for International Cooperation in May. Taking part in this “new chapter in win-win cooperation” will be more than 20 heads of state and government, more than 50 leaders of international organizations, more than 100 ministerial-level officials, and more than 1,200 delegates.

Beijing suspends last of its coal-fired power plants: China Goes To The Future: Trump, U.S. In Reverse

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

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Beijing suspends last of its coal-fired power plants

BEIJING’S last large coal-fired power plant has suspended operations, meaning the capital has become the first city in China to have all its power plants fueled by clean energy.

The Huangneng Beijing Thermal Power Plant came into operation in June 1999. It has five coal-fired units with a total installed capacity of 845,000 kilowatts and heating capacity of 26 million square meters.

Du Chengzhang, the plant’s general manager, said it is an efficient and environmental friendly plant with advanced emission treatment equipment. The plant has provided important support to the stable operation of Beijing’s electric power system and the heat-supply system, he said.

After the suspension of the plant on Saturday, about 1.76 million tons of coal, 91 tons of sulfur dioxide and 285 tons of nitrogen oxide emissions a year will be cut.

According to a clean air plan by Beijing from 2013 to 2017, the city was to build four gas thermal power centers and shut down the four large coal-fueled thermal power plants.

The other three plants which used to consume over 6.8 million tons of coal each year were closed in 2014 and 2015.

Du said Huangneng will prepare to serve as an emergency heat source for the capital’s heating system after operations cease.

Three of the four gas thermal power have already been built and are in use.

Beijing has 27 power plants, all fueled by clean energy with a total installed capacity of 11.3 million kilowatts.

Under the plan, Beijing will build no more large-scale power plants.

For China And The U.S. ‘Cooperation Is The Only Way Forward’

(THIS ARTICLE IS COURTESY OF THE SHANGHAI DAILY NEWS)

HOME » NATION

Cooperation the only way forward

COOPERATION is the only correct choice for China and the United States, President Xi Jinping told visiting US Secretary of State Rex Tillerson in Beijing yesterday.

There are important development opportunities resulting from China-US relations, said Xi during the meeting in the Great Hall of People in Beijing.

Xi said he had maintained sound communications with his US counterpart Donald Trump through phone calls and messages, and they had agreed that the two countries could be good cooperative partners.

Xi said that to advance China-US ties in a healthy and steady manner, both sides could enhance exchanges at various levels; expand cooperation in bilateral, regional and global fields; and properly address and manage sensitive issues.

Xi suggested the two countries increase strategic trust and mutual understanding, review bilateral ties from long-term and strategic perspectives and expand fields of cooperation for their mutual benefit.

The two countries should also enhance coordination on regional hotspot issues, respect each other’s core interests and major concerns and encourage friendly exchanges between their two Peoples.

Tillerson told Xi, who extended an invitation for President Trump to visit China, that the US president valued communications with his Chinese counterpart and looked forward to meeting Xi and visiting China.

The US side is ready to develop relations with China based on the principle of no conflict, no confrontation, mutual respect and win-win cooperation, said Tillerson.

China and the US are discussing arrangements for a meeting between the two presidents and exchanges at other levels, Chinese Foreign Minister Wang Yi said during his talks with Tillerson on Saturday.

“We attach great importance to your visit,” Wang told the US visitor at the Diaoyutai State Guesthouse in Beijing.

It was Tillerson’s first visit to China since he assumed office last month and he is also the first Cabinet-level official in the new US administration to visit.

China-US ties are developing steadily in a positive direction, Wang said.

He called for more cooperation in foreign affairs, the economy and trade, the military, law enforcement, people-to-people exchanges and local communication.

The essence of China-US trade relations is mutual benefit, said Wang, and he encouraged both countries to expand trade and investment cooperation.

Wang also restated China’s position on Taiwan and South China Sea issues, emphasizing that China and the US should respect each other’s core interests and major concerns, discreetly deal with sensitive issues to protect bilateral ties from unnecessary influences.

Tillerson said the US adheres to the “One China” policy and added that closer cooperation and coordination between the two countries was necessary in the face of a changing international situation. The US would like to have more high-level exchanges with China, and more dialogue in diplomatic security, macroeconomic policy coordination, law enforcement, cyberspace and people-to-people exchanges, he said.

Tillerson’s visit aims to make “political preparations” for the meeting between two presidents, and both sides would make the best use of this chance to seek common ground, said Jia Xiudong, a researcher with the China Institute of International Studies.

Tillerson arrived in Beijing on Saturday from Seoul. His first official Asian tour began on Wednesday and also took him to Japan.

US, China to Increase Cooperation on North Korea

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS PAPER ASHARQ AL-AWSAT)

World

US, China to Increase Cooperation on North Korea

Korea

Beijing – The United States and China vowed to work together against threats of the North Korea’s nuclear program, while US Secretary of State Rex Tillerson warned that the situation has reached a “dangerous” level.

Tillerson and his Chinese counterpart’s language seemed more reconciliatory in light US President Donald Trump’s accusations that China was not exerting enough efforts to control its troublesome neighbor. Beijing had meanwhile accused the White House of causing tensions.

“I think we share a common view and a sense that tensions on the peninsula are quite high right now and things have reached a rather dangerous level. And we have committed ourselves to doing everything we can to prevent any kind of conflict from breaking out,” Tillerson added during a press conference in Beijing with Foreign Minister Wang Yi.

Tillerson’s visit to China is the last leg of his Asian trip, where he made stops in Japan and South Korea.

He avoided using strong language during the joint press conference with Wang, who seemed to have reproached his counterpart for statements he had made earlier this week.

Wang urged the US to remain “cool-headed” and defended his government’s position, saying all international parties should seek diplomatic solutions while implementing UN sanctions against the regime in North Korea.

“We hope that all parties, including our friends from the United States, could size up the situation in a cool-headed and comprehensive fashion and arrive at a wise decision,” he added.

Neither parties announced any tangible future steps to solve the issue and Tillerson did not publically respond to Beijing’s calls for negotiations with North Korea.

Trump had increased the pressure on China, accusing it of not exploiting all means possible to control North Korea, whom he said considered Beijing to be its closest ally and economic benefactor.

“North Korea is behaving very badly. They have been ‘playing’ the United States for years. China has done little to help!” he tweeted.

The developments come after North Korea conducted two nuclear tests last year and launched missiles last month. The US considered the test-launch an attack on its bases in Japan.

The developments alarmed South Korea, spurring it to deploy the US’s Terminal High Altitude Area Defense System (THAAD). The Chinese leadership had accused the US of aggravating the situation through military trainings with its ally Seoul and the deployment of THAAD.

China is hesitant to increase its pressure on North Korea, whose reactions can be unpredictable.

Washington and Seoul insist that the THAAD system is for defense purposes only, but Beijing fears it could undermine its capabilities to denuclearize North Korea.

Beijing had always called for diplomatic talks to denuclearize North Korea, which is barred by the UN from proceeding with its program.

Wang also said that the Korean peninsula nuclear issue is of interest to everyone, reiterating his country’s commitment to the goal of denuclearization

“We are for the settlement of this issue through dialogue and negotiations and the maintenance of peace and stability on the peninsula and the overall region,” he added on Saturday.

Wang reiterated that China, as a close neighbor of the peninsula and a major power, has devoted a lot of energy and efforts to seek a settlement to the issue. The tremendous important efforts China has made are visible to all, he said.

Tillerson, who was CEO of ExxonMobil before being appointed secretary of state, said that a military option is possible if Pyongyang intensified its work.

“We do believe that if North Korea stands down on this nuclear program, that is their quickest means to begin to develop their economy and to become a vibrant economy for the North Korean people,” the US officials said.

He added: “All options are on the table, but we cannot predict the future.”

Maybe one of the reasons for the calm American-Chinese rhetoric is the expected talks between US President Trump and Chinese President Xi during the latter’s upcoming visit to US next month, the first such summit between the two leaders.

Trump is expected to host Xi at his Mar-a-Lago resort in Palm Beach on April 6 and 7 for an informal “no necktie” encounter. Experts hope this meeting will reduce tensions between the two officials.

China shares US fears of Pyongyang’s nuclear ambition, but it makes sure not to provoke its neighbor.

In February, Beijing issued a strong position when it announced it will stop coal imports from North Korea until the end of this year.

North Korea expert at Beijing University Wong Dong said: “It is a mistake to think that China can control Pyongyang and it is not reasonable for Washington to accuse Beijing of doing nothing. The situation is complicated and sensitive and there is no magical solution.”

The Obama administration ruled out any diplomatic involvement with Pyongyang until the latter shows commitment to denuclearization.

The communist state insists on owning nuclear weapons to defend itself and executed its first test in 2006 despite international objection. It had done four other tests, two last year.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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Demonetisation Be Damned! The Indian Rupee Is On A Tear

(THIS ARTICLE IS COURTESY OF QUARTZ INDIA)

LOOK AT IT FLY

Demonetisation be damned! The Indian rupee is on a tear

March 17, 2017 Quartz India

It’s been a great week for the Indian rupee.

On March 16, at Rs65.41 per US dollar, the currency hit a one-year high against the greenback.

Much of the strengthening has to do with the ruling Bharatiya Janata Party’s (BJP) recent electoral wins in Uttar Pradesh and Uttarakhandand solid performances in two other states. The strong showing reflects just how well the party is positioned to sweep the next general elections in 2019 and hand Narendra Modi a second term as prime minister. Some of that magic is rubbing off on the markets.

“Since the start of the week, equity markets and the Indian rupee have rallied sharply in response to the strong performance of the main ruling party in recent state elections,” DBS Bank said in a March 16 report.

So far, the Indian currency has been the third-best performing in Asia in 2017. The rupee has gained 3.4% this year against the US dollar, only trailing the South Korean won and the Taiwanese Dollar.

Meanwhile, the US Federal Reserve’s interest rate hike on March 15—only the third since the economic crisis of 2008—hit the dollar. When the US dollar falls, capital outflows from emerging markets are restricted, thus strengthening local currencies like the Indian rupee.

The rupee’s strengthening comes after a free fall triggered by Modi’s move to demonetise 86% of the currency notes (by value) in November 2016. Initially it had been estimated that the currency ban would dent the GDP and take a toll on the economy.

In January, a Reuters poll of some 30 foreign exchange strategists had estimated that the Indian currency could see a record fall this year because of the currency ban. But India’s Central Statistical Office’s estimates show that the economy grew at 7% during the October-December 2016 quarter, and the rupee is holding strong.

One reason for the rupee’s surge is also that the macro-economic factors that influence a currency—inflation and current account deficit (CAD)—are looking good for India at the moment. While inflation is being restricted in its safe zone of sub 6%, India’s CAD (the excess of imports over exports) has also been falling.

What next

A strong rupee is good news for corporate India. Many firms hold debt in foreign currencies, so a fall in the exchange rate means their interest outgo will reduce. “Many Indian entities including short-term trade finance people remain unhedged for their offshore liability. They (companies) are likely to have gained from the rupee’s sharp rise in the last few days. At least, interest liability has reduced, adding to balance sheet gains,” Jayesh Mehta, country treasurer at Bank of America told the Economic Times.

However, the Reserve Bank of India (RBI) could soon step in to stabilise the rupee’s movement. Some reports suggest that the central bank already is buying dollars through public sector banks.

“The rupee appreciation, we feel is not sustainable and would revert to the range of Rs66-66.5 range, to begin with as the fundamentals do not warrant such unbridled enthusiasm,” a report by CARE Ratings said. “The outcome of the elections has been the main driving force. A strong rupee may not be good for our exports and the RBI is cognizant of the same.”

Significant Breakthroughs For Riyadh Diplomacy In China And In The U.S.

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

Opinion

Significant Breakthroughs for Riyadh

This has been a significant week for Saudi diplomacy: reinforcing relations with China, the biggest oil importer in the world and opening a new page with US President Donald Trump to mend what has been ruined by former President Barack Obama who strengthened ties with Iran against Gulf and Saudi interests.

Saudi Arabia that has found itself cornered due to wars, oil and geopolitical changes is carrying out a defense campaign in return — Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud is convening with China leadership that asked to mediate with Iran that is now seeking reconciliation. Meanwhile, Deputy Crown Prince Mohammed bin Salman bin Abdulaziz met with the US president.

A Saudi spokesperson described to Bloomberg the meeting in the White House as “a turning point”, saying: “Today’s meeting has put things on the right track and marked a significant shift in relations, across all political, military, security and economic fields.” There is a clear hinting on fixing what has been ruined by Obama and restoring special relations between the two countries – these relations were established based on the outcome of the meeting held between King Abdulaziz and US President Theodore Roosevelt on board of the Navy cruiser Quincy after the end of World War II.

Officially, little has been said on the meeting of Deputy Crown Prince and Trump, who has become a president two months ago, but the White House showed huge interest. Trump held the meeting two days ahead and included the vice-president in it.

What has been stated by unofficial sources reveals that Washington has changed its policy towards Iran and that it would not sit idle when it comes to Iran’s terrorist activities. Weeks ago, the US administration announced a different stance in which it permitted loading ammunition and providing intelligence information to support Saudi Arabia in Yemen.

Saudi-US relations were tense during the presidency of Obama. In fact, the whole region underwent an unprecedented turmoil because Obama’s openness towards Iran urged its military expansion in Iraq, Syria and Yemen. Chaos is one of his tenure consequences, also.

Among the topics raised by Prince Mohammed during his visit was to persuade Trump with a new relation that seeks mending the situation, confronting Iran’s manipulation and fighting terrorism – the common enemy of everyone – via fighting it socially and economically. A spokesperson in the delegation pointed out that the US party is interested in reinforcing participation in the economic vision projects.

In China, Iran was not the only topic on the table especially that relations are good in: oil, economy, military cooperation and critical files, basically the military cooperation. There is also the promising project of China, the Silk Road – a giant economic project of complex political problematic issues because it passes in conflict regions. This road might benefit from Saudi Arabia as a passage or a parallel route.

Information released by Beijing reveals that it will quietly continue to consolidate its presence in west Asia and east Africa. China is the second strongest economic power after the US and, as major countries, needs raw materials, energy sources, trade passages and a protection for its investments and interests.

Unlike other major countries, China does not rely on military presence to impose its influence but rather uses its economic presence to impose its stances and secure its interests.

There are two models in the Middle East: one that seeks reinforcing relations via economic and development cooperation and another that uses wars and terrorism as a method to impose its relations.

Abdulrahman Al-Rashed

Abdulrahman Al-Rashed

Abdulrahman Al-Rashed is the former general manager of Al-Arabiya television. He is also the former editor-in-chief of Asharq Al-Awsat, and the leading Arabic weekly magazine Al-Majalla. He is also a senior columnist in the daily newspapers Al-Madina and Al-Bilad. He has a US post-graduate degree in mass communications, and has been a guest on many TV current affairs programs. He is currently based in Dubai.

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SWIFT Messaging System Cuts Off Remaining North Korean Banks

 

(THIS ARTICLE IS COURTESY OF REUTERS NEWS AGENCY)

SWIFT messaging system cuts off remaining North Korean banks

By Tom Bergin | LONDON

SWIFT, the inter-bank messaging network which is the backbone of international finance, said it planned to cut off the remaining North Korean banks still connected to its system, as concerns about the country’s nuclear program and missile tests grow.

SWIFT said the four remaining banks on the network would be disconnected for failing to meet its operating criteria.

The bank-owned co-operative declined to specify what the banks’ shortcomings were or if it had received representations from any governments.

Experts said the decision to cut off banks which were not subject to European Union sanctions was unusual and a possible sign of diplomatic pressure on SWIFT.

Belgium-based SWIFT has previously refused to cut off Burmese, Russian or Syrian banks which were subject to sanctions by other countries, such as the United States, citing a policy of remaining politically neutral.

SWIFT ignored years of pressure linked to Iran’s nuclear program, and only cut off Iranian banks in 2012 after the EU passed specifically tailored sanctions. SWIFT is overseen by the central bank of Belgium which is subject to EU law.

“The DPRK (Democratic People’s Republic of Korea) banks remaining on the network are no longer compliant with SWIFT’s membership criteria,” SWIFT spokeswoman Natasha de Teran said in a statement.

“As a result, these entities will no longer have access to the SWIFT financial messaging service. Given the increased ongoing international attention on the DPRK, SWIFT has informed the Belgian and EU authorities,” she added.

Last week, the Belgian authorities said they would no longer allow SWIFT to provide services to North Korean banks which were under U.N. sanctions.

That followed a U.N. report in February that said North Korea was relying on continued access to the international banking system to flout sanctions imposed in relation to its nuclear program.

Former SWIFT chief executive Leonard Schrank said the only previous occasions he could remember when SWIFT had cut off banks not subject to EU sanctions was when the banks had lost their banking license or a country’s central bank had ceased functioning.

“This is a very, very serious action,” he said, adding it could open SWIFT up to pressure in respect of other countries.

A spokesman for the European Commission denied leaning on SWIFT: “This is a commercial matter for SWIFT. We do not interfere in the business decisions of any such company,” he said.

The U.S. Department of the Treasury and Belgian Foreign Ministry did not respond to requests for comment.

(Editing by Robin Pomeroy)

Why These Indian State Elections Matter To The Whole World

(THIS ARTICLE IS COURTESY OF CNN)

Why these Indian state elections matter to the whole world

Indian Prime Minister Narendra Modi during a roadshow in support of state assembly election party candidates in Varanasi on March 4.

New Delhi (CNN) India’s ruling political party has won a crucial state election, strengthening its ability to push through a development agenda in the world’s fastest growing major economy.

As vote counts trickled in from five state elections on Saturday, one result loomed large: that of central India’s Uttar Pradesh, home to more than 200 million people. The staggered five-week vote in that state alone marks the biggest election in the world in 2017.
Modi’s ruling Bharatiya Janata Party, or the BJP, looks poised to take about 75% of the 403 seats on offer in Uttar Pradesh.
The clear majority means the BJP will be able to form a state government without the help of other parties. In the previous Uttar Pradesh election, in 2012, the BJP won only 47 seats. 2017’s vote marks a significant endorsement for Prime Minister Narendra Modi, the leader of the BJP, and the face of its campaign across state elections.
Four other, smaller states declared results on Saturday: Punjab, Goa, Uttarakhand, and Manipur. In Punjab, India’s storied but declining Congress Party emerged victorious. The BJP took Uttarakhand and was vying for dominance in close races in Goa and Manipur as results continued to be firmed up.
The state elections are crucial at national level because each state nominates a proportional number of representatives to India’s upper house of parliament.
While the BJP has a clear majority in the lower house — won in 2014’s national vote — it is underrepresented in the upper house, which has stymied some of its reform proposals.

A referendum on Modi

According to Shailesh Kumar of the political risk consultancy Eurasia Group, the Uttar Pradesh result was a referendum on Modi.
“Voters largely support his policies. The win indicates that Modi’s efforts to tackle corruption were a far bigger draw than any negative consequence attributed to demonetization.”
“Demonetization” refers to a shock move in November when Modi recalled all 500 and 1,000 rupee currency notes.
The two high-value notes represented 86% of all cash in circulation in India. The surprise recall, and the subsequent release of new 500 and 2000 rupee notes, led to weeks of long queues at banks and ATMs across the country.
At the time, Modi said the recall was aimed at cracking down on corrupt hoarders of untaxed cash. A number of reputed global economists, included Harvard’s Lawrence Summers and Ken Rogoff criticized Modi’s move as excessive.
On the campaign in Uttar Pradesh last month, Modi refuted their criticisms by saying “hard work beats Harvard.”

Economy and tackling corruption still the focus for now

The results themselves are not a great surprise, but the margin of the BJPs win in Uttar Pradesh is greater than predicted.
However, even with the landslide win in Uttar Pradesh, Modi will still fall short of enough support in the parliament’s upper house, says Eurasia’s Kumar.
“Modi’s national focus will still be economic development with an added focus on corruption. Changes to economic policies will be through executive action and tweaks to regulations that do not require legislative approval.”
Modi is also expected to double down on his plans to improve infrastructure.
“He is now well positioned for 2019,” Kumar said, referring to the next national elections.

India shows faith in Modi — can he now deliver?

At a time of global anger against elected leaders, India’s state elections represent a vote of confidence for the country’s Prime Minister, as well as a much-needed boost of morale.
Modi had previously lost an important election in Bihar, a state which shares a similar voter base to Uttar Pradesh. Modi also suffered in recent months with the chaos and fallout from his demonetization move.
With a cutback in consumer spending and economic activity, economists had predicted a fall of as much as one percentage point in India’s growth rate.
However, in India’s most recent GDP figures released last month, quarterly growth had slowed only slightly to 7%, which meant India once again edged ahead of China as the world’s fastest growing economy.
While India is still seen as a developing nation, its size and speed of expansion underscore its massive importance to the global economy. According to the consulting group PwC, India accounts for about one-sixth of the world’s GDP growth.
With Modi now firmly ensconced in power until at least 2019, and perhaps further ahead, the focus will now shift to whether Modi can deliver on his promises of rapid development.

South Korea Removes President Park Geun-hye

(THIS ARTICLE IS COURTESY OF THE NEW YORK TIMES)

Photo

Supporters of President Park Geun-hye of South Korea at a protest near the Constitutional Court on Friday, before the court issued a ruling to oust her. Her removal from the presidency capped months of turmoil.CreditKim Hong-Ji/Reuters

SEOUL, South Korea — A South Korean court removed the president on Friday, a first in the nation’s history, rattling the delicate balance of relationships across Asia at a particularly tense time.

Her removal capped months of turmoil, as hundreds of thousands of South Koreans took to the streets, week after week, to protest a sprawling corruption scandal that shook the top echelons of business and government.

Park Geun-hye, the nation’s first female president and the daughter of the Cold War military dictator Park Chung-hee, had been an icon of the conservative establishment that joined Washington in pressing for a hard line against North Korea’s nuclear provocations.

Now, her downfall is expected to shift South Korean politics to the opposition, whose leaders want more engagement with North Korea and are wary of a major confrontation in the region. They say they will re-examine the country’s joint strategy on North Korea with the United States and defuse tensions with China, which has sounded alarms about the growing American military footprint in Asia.

Photo

Portraits of North Korea’s previous leaders, Kim Il-sung, left, and Kim Jong-il, on display in Pyongyang, the capital. North Korea’s nuclear weapons program will be a prominent issue in South Korea’s coming presidential campaign. CreditEd Jones/Agence France-Presse — Getty Images

Ms. Park’s powers were suspended in December after a legislative impeachment vote, though she continued to live in the presidential Blue House, largely alone and hidden from public view, while awaiting the decision by the Constitutional Court. The house had been her childhood home: She first moved in at the age of 9 and left it nearly two decades later after her mother and father were assassinated in separate episodes.

Continue reading the main story

Ms. Park’s acts “betrayed the trust of the people and were of the kind that cannot be tolerated for the sake of protecting the Constitution,” Justice Lee said.

As the verdict was announced, crowds watching it on large television screens near the courthouse broke out in cheers. In central Seoul, some people danced to celebrate their victorious revolt against an unpopular leader, with loudspeakers blaring, “All the power of the Republic of Korea comes from the people!”

With the immunity conferred by her office now gone, Ms. Park, 65, faces prosecutors seeking to charge her with bribery, extortion and abuse of power in connection with allegations of conspiring with a confidante, her childhood friend Choi Soon-sil, to collect tens of millions of dollars in bribes from big businesses like Samsung.

By law, the country must elect a new president within 60 days. The acting president, Hwang Kyo-ahn, an ally of Ms. Park’s, will remain in office in the interim. The Trump administration is rushing a missile defense system to South Korea so that it can be in place before the election.

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Judges at the impeachment ruling at the Constitutional Court on Friday. The downfall of Ms. Park is expected to shift South Korean politics to leaders who want more engagement with the North.CreditYonhap, via European Pressphoto Agency

The last time a South Korean leader was removed from office under popular pressure was in 1960, when the police fired on crowds calling for President Syngman Rhee to step down. (Mr. Rhee, a dictator, fled into exile in Hawaii and died there.)

In a sign of how far South Korea’s young democracy has evolved, Ms. Park was removed without any violence, after large, peaceful protests in recent months demanding that she step down. In addition to the swell of popular anger, the legislature and the judiciary — two institutions that have been weaker than the presidency historically — were crucial to the outcome.

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A protest last month in Seoul, South Korea, demanding Ms. Park’s resignation. CreditKim Hong-Ji/Reuters

“This is a miracle, a new milestone in the strengthening and institutionalizing of democracy in South Korea,” said Kang Won-taek, a political scientist at Seoul National University.

When crowds took to the streets, they were not just seeking to remove a leader who had one year left in office. They were also rebelling against a political order that had held South Korea together for decades but is now fracturing under pressures both at home and abroad, analysts said.

Ms. Park’s father ruled South Korea from 1961 to 1979. He founded its economic growth model, which transformed the nation into an export powerhouse and allowed the emergence of family-controlled conglomerates known as chaebol that benefited from tax cuts, anti-labor policies and other benefits from the government.

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Ms. Park, top center, with her father, Park Chung-hee, left, and her mother, Yuk Young-soo, right, in an undated family photograph. CreditYonhap, via Reuters

Ms. Park was elected in 2012 with the support of older conservative South Koreans who revered her father for the country’s breakneck economic growth.

But the nexus of industry and political power gave rise to collusive ties, highlighted by the scandal that led to Ms. Park’s impeachment.

The scandal also swept up the de facto head of Samsung, Lee Jae-yong, who was indicted on charges of bribing Ms. Park and her confidante, Ms. Choi.

Samsung, the nation’s largest conglomerate, has been tainted by corruption before. But the company has been considered too important to the economy for any of its top leaders to spend time behind bars — until now. The jailing of Mr. Lee, who is facing trial, is another potent sign that the old order is not holding.

In the wake of the Park scandal, all political parties have vowed to curtail presidential power to pardon chaebol tycoons convicted of white-collar crimes. They also promised to stop chaebol chairmen from helping their children amass fortunes through dubious means, like forcing their companies to do exclusive business with the children’s businesses.

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Celebrating after hearing the decision, in front of the Constitutional Court in Seoul, the capital, on Friday.CreditKim Hong-Ji/Reuters

With the conservatives discredited — and no leading conservative candidate to succeed Ms. Park — the left could take power for the first time in a decade.

The dominant campaign issues will probably be North Korea’s nuclear weapons program and South Korea’s relations with the United States and China.

If the opposition takes power, it may try to revive its old “sunshine policy” of building ties with North Korea through aid and exchanges, an approach favored by China. That would complicate Washington’s efforts to isolate the North at a time other Asian nations like the Philippines are gravitating toward Beijing.

Moon Jae-in, the Democratic Party leader who is leading in opinion surveys, has said that a decade of applying sanctions on North Korea had failed to stop its nuclear weapons programs. He has said that sanctions are necessary, but that “their goal should be to draw North Korea back to the negotiating table.”

He believes that Ms. Park’s decision to allow the deployment of the American missile defense system — known as Terminal High Altitude Area Defense, or Thaad — has dragged the country into the dangerous and growing rivalry between Washington and Beijing; China has called the system a threat to its own security and taken steps to punish South Korea economically for accepting it.

Conservative South Koreans see the deployment of the antimissile system not only as a guard against the North but also as a symbolic reaffirmation of the all-important alliance with the United States. Mr. Moon’s party demands that the deployment, which began this week, be suspended immediately. If it takes power, it says it will review the deployment of the antimissile system to determine if it is in South Korea’s best interest.

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Equipment for an American missile defense system arrived at an air base in South Korea on Monday. If the opposition party takes power, it says it will review the deployment of the system to determine if it is in South Korea’s best interest. CreditU.S. Forces Korea, via Associated Press

As South Korea has learned in painful fashion, it cannot always keep Washington and Beijing happy at the same time, as in the case of the country’s decision to accept the American missile defenses.

Yet Ms. Park’s impeachment was also a pushback against “Cold War conservatives” like her father, who seized on Communist threats from North Korea to hide their corruption and silence political opponents, said Kim Dong-choon, a sociologist at Sungkonghoe University in Seoul.

Ms. Park’s father tortured and even executed dissidents, framing them with spying charges. Now, his daughter faces charges that her government blacklisted thousands of unfriendly artists and writers, branding them pro-North Korean, and denied them access to government support programs.

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“Her removal means that the curtain is finally drawing on the authoritarian political and economic order that has dominated South Korea for decades,” said Ahn Byong-jin, rector of the Global Academy for Future Civilizations at Kyung Hee University in Seoul.

Analysts cautioned that political and economic change will come slowly.

As Mr. Moon put it recently: “We need a national cleanup. We need to liquidate the old system and build a new South Korea. Only then can we complete the revolution started by the people who rallied with candlelight.”