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Thursday 22 July 2021

China says ‘no’ to US smears over COVID-19 as 20 million Chinese petition for Fort Detrick probe

 Update Online petition for Fort Detrick probe draws 20m signatures; China urges US to open UNC lab, disclose military games patients...

Online petition for Fort Detrick probe draws 20m signatures; China urges US ... The Chinese Foreign Ministry on Friday urged the US to take four steps on COVID-19 origins tracing if it wants .

 

 

 China says 'no' to US smears over COVID-19 as nearly 10 million from 5 million Chinese...

An open letter demanding that the World Health Organization (WHO) investigate Fort Detrick has garnered nearly 9.5 million signatures  ... 

China says 'no' to US smears over COVID-19; 'WHO's phase-II plan caters to US' lab leak theory'

China says 'no' to those in the US who have used the COVID-19 issue to smear China, as their practice revealed their disregard for common sense and arrogance towards science, the Chinese Foreign Ministry said on Friday, after the White House said the US was disappointed by China rejecting the World Health Organization's (WHO) latest COVID-19 origins study plan.

5 million Chinese sign open letter asking WHO to investigate Fort Detrick, a ‘collective will’ that can’t be ignored

Over 5 million Chinese netizens had signed an open letter as of Wednesday demanding the World Health Organization (WHO) investigate the US' Fort Detrick lab over COVID-19 origins. With the number still increasing, Chinese experts and officials consider it a vivid reflection of the collective will of the Chinese public, signaling the outrage toward some US officials who politicized the epidemic to shift the blame and who owe the world an explanation on US own flaws.

` A group of Chinese netizens drafted the open letter to ask the WHO to investigate the US Army Medical Research Institute of Infectious Diseases (USAMRIID) at Fort Detrick, Maryland, and entrusted the Global Times with posting the letter on its WeChat and Weibo platforms on Saturday to solicit public response. It has gathered more than 5 million signatures as of the press time on Wednesday.

` Investigating Fort Detrick is the call of people all over the world, including the Chinese people and it is a question that the US must answer when it comes to COVID-19 origins and a problem it can never circumvent, Chinese Foreign Ministry said on Wednesday.

` In less than five days, about 5 million Chinese have signed the open letter, Chinese Foreign Ministry spokesperson Zhao Lijian said at Wednesday's media briefing. The rising numbers are a representation of the anger of the Chinese people at the political manipulation by some in the US on COVID-19 origins, he noted.

` To prevent the next outbreak, laboratories studying dangerous viruses and even biological weapons should be put into the focus of the WHO, the letter said.

` The Fort Detrick lab, particularly, stores the most deadly and infectious viruses in the world, including Ebola, smallpox, SARS, MERS and the novel coronavirus. The leak of any of them would cause severe danger to the world, which also aroused the concerns and doubts about whether the SARS?CoV?2 virus that triggered the global pandemic is related to the lab, it said.

` The letter was issued as the WHO on Friday proposed a second phase of studies into the origins of the coronavirus in China, including "audits of laboratories and markets in Wuhan," calling for "transparency" from authorities, shortly after WHO head Tedros Adhanom Ghebreyesus appeared to succumb to the US-led West's multiple layers of political pressure, calling on China to be transparent and open in further COVID-19 origins studies, according to observers.

` Li Haidong, a professor at the Institute of International Relations at China Foreign Affairs University, told the Global Times on Wednesday that so many Chinese people signed the open letter, reflecting the true opinion of ordinary Chinese. "Over the past year, some US politicians have been slandering China on the question of COVID-19 origins, which triggered dissatisfaction among Chinese people. Such public opinion should not be ignored by the international community," Li said.

GT Illustration: Liu Rui/GT

` US owes the world answers

` In July 2019, the US CDC issued a "cease and desist order" to halt most research at Fort Detrick. Although this mysterious lab reported the reason for the closure as "ongoing infrastructure issues with wastewater decontamination," the explanation was not persuasive enough for many.

` During the same period, the US media reported that a respiratory illness outbreak at a Virginia assisted living facility caused some deaths, and the e-cigarette, or vaping, product use-associated lung injury (EVALI) cases also occurred in Wisconsin, Zhao said, laying out a number of cases that the US should further investigate and give out a clear explanation to the world.

` "How are these incidents related to one and another? When does the US intend to clarify those questions publicly?" Zhao asked. Thirty-two communist and workers' parties around the world signed a petition against the proliferation of biological weapons, asking closure of US military biological laboratories, a Ukraine-based media politnavigator.net reported on Monday.

` The biological weapons can be used by the US military against their opponents, which will lead to catastrophic consequences, according to the article.

` The laboratories created by the US were deployed in various countries including Ukraine, Georgia, Armenia, Azerbaijan, Kazakhstan and Uzbekistan, the article said.

` Yang Zhanqiu, a deputy director of the pathogen biology department at Wuhan University, told the Global Times in a recent interview that the US needs to publish more data and documents related to large-scale of epidemiological investigations including their travel history, relationship with other cases from overseas, and virological analysis is needed to compare the similarity of the viral genome to determine the source of the epidemic in the US.

` "Some current studies show that the prevalent coronavirus in the US has the most inclusive genetic types, and almost all strain types are transmitted in the US so it would be very meaningful for conducting origins studies in the US," Yang said.

` Political maneuver

` The WHO-China joint study report issued on March 30, 2021, reached a clear conclusion and offered suggestions for the next phase of global study into the origins, which concluded that the Wuhan "lab leak" hypothesis is extremely unlikely, and that we should look for possible early cases of the outbreak more widely around the world and further understand the role of cold chains and frozen food.

` A Western scientist who is close to the WHO-China joint team told the Global Times that the reason the WHO chief looks set to change the approach to phase two is because of political pressure regarding the lab leak from a small number of member states, led by the US.

` Under such a highly politicized environment, the White House chief medical adviser Anthony Fauci got into a heated exchange on Tuesday with Senator Rand Paul, after the US official accused Fauci of lying to Congress.

` Paul believed that the National Institutes of Health funded a lab in Wuhan, USA Today reported on Tuesday. The lab has been at center of the conspiracy theory of the G.O.P.

` Fauci also told Paul last year that he was spreading misinformation about the virus, according to the media report.

` The public and the media are trying to get answers to questions the international community has been asking for a while. However, some people in the US have been keeping the public in the dark, according to Chinese officials and experts.

` "I hope the US can answer the following questions," Zhao said at the press conference on Wednesday, as some issues remain unclear.

` As the US National Institutes of Health's All of Us Research Program found evidence of COVID-19 infections in the US as early as December 2019, how does the US respond to that? There were 171 patients who had symptoms of COVID-19 in Florida earlier than reported cases without travel history to China, how does the US respond to that? The mayor of Belleville claimed that he had COVID-19 symptoms back in November 2019, two months earlier than the first-reported cases, how does the US respond to that? the Chinese official asked.

` "Also, according to some reports, the symptoms caused by the vaping lung disease in July 2019 were similar to COVID-19 infections, would the US clarify that? Why does the US keep silent when talking about investigations into Fort Detrick and other overseas biolabs? What is it trying to hide from us?" Zhao added.

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 Investigating Fort Detrick a question the US must answer: Chinese FM on 5m urging WHO to investigate lab

The US Army Medical Research Institute of Infectious Diseases at Fort Detrick 

Photo: AP

The US Army Medical Research Institute of Infectious Diseases at Fort Detrick Photo: AP

 

Investigating Fort Detrick is the call of people all over the world, including the Chinese people, and it is a question that the US must answer when it comes to COVID-19 origins, Chinese Foreign Ministry said on Wednesday after nearly 5 million Chinese signed an open letter demanding the World Health Organization (WHO) to investigate US' Fort Detrick lab.

` In less than five days, nearly 5 million Chinese have signed the open letter, Chinese Foreign Ministry spokesperson Zhao Lijian said at Wednesday's media briefing. Zhao added that the rising numbers are a representation of anger of the Chinese people at the political manipulation by the US on COVID-19 origins.

` Zhao said the US should be transparent, take measures to thoroughly investigate the source of its own pandemic and the failure of its response to it. Those who failed should be held accountable, Fort Detrick and more than 200 American overseas biological labs must be investigated.

` A group of Chinese netizens drafted an open letter to ask the WHO to investigate the US Army Medical Research Institute of Infectious Diseases (USAMRIID) at Fort Detrick, Maryland. They entrusted the Global Times with posting the letter on its WeChat and Weibo platforms on Saturday to solicit public response.

` They said in the letter that to prevent the next epidemic, the WHO should pay special attention to labs that are conducting studies on dangerous viruses or even biochemical weapons. The open letter particularly noted the Fort Detrick lab, which stores the most deadly and infectious viruses in the world, including Ebola, smallpox, SARS, MERS and the novel coronavirus. The leak of any of them would cause severe danger to the world.

` The US has been hyping up the "sick researchers of Wuhan Institute of Virology" conspiracy since May, which was reported by the Wall Street Journal. The story cited US intelligence report claiming three researchers from China's Wuhan Institute of Virology became sick enough in November 2019 that they sought hospital care.

` In response, Zhao urged the US to present evidence.

` "Who are these 'three sick researchers,' what are their names, what diseases were they infected with? If their coronavirus tests were positive, please present the report," Zhao said.

` "I want to tell everyone that the US cannot present any evidence, because it's lying. It is stigmatizing and demonizing China using the COVID-19 origins issue," Zhao said.

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Wednesday 21 July 2021

Call for investors to protect natural capital


NATURAL resources are the single most important input to the global economy. Whether it is raw materials, water, flood protection, biodiversity or pollination, nature provides most of the capital businesses need for the production of goods and services.

` Schroders argues we all have a role to play in protecting these resources so that humans can continue to benefit from it for generations to come.

` The asset management company describes natural capital as elements of nature that provide important benefits called “ecosystem services”. These include CO2 sequestration or removal, protection from soil erosion and flood risk, habitats for wildlife, pollination and spaces for recreation and wellbeing.

` “Nature provides critical societal benefits to individuals and communities around the world.

` “The combination of soils, species, communities, habitats and landscapes which provide these ecosystems services are often called ‘assets’,” it explains.

` Meanwhile, machinery, vehicles, buildings and other manufactured items are termed “produced capital”, while human capital refers to the knowledge, judgement and experience that we as humans contribute.

` “All three sources of capital work together and form the basis of economic activity,” Schroders says.

` It notes natural capital can be split into renewable and non-renewable categories. Oil, gas and minerals, for instance, are non-renewables.

` It says there’s a critical threshold with these assets: if we deplete its stocks past the tipping point, the capital is no longer renewable. It is therefore crucial to maintain, enhance and protect these resources so that they are available to future generations.

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Tuesday 20 July 2021

Webinar: The rise of ‘Govcoins’ and what’s next for crypto

The global financial landscape, especially i Asia, is being redrawn amid digitalisation of the financial sector, propelled by both the regulators and fintech innovators

ONCE viewed with suspicion, digital currencies have gained wider acceptance since the Covid-19 pandemic started.

` The recognition has sparked not only various investment opportunities but also technological innovations and developments, including by governments around the world eager to capitalise on the digital currency potential.

` One is China, where its central bank People’s Bank of China has just launched pilot projects on digital currency and is working with the Bank of Thailand and Hong Kong Monetary Authority on the initiative.

` The global hype in cryptocurrency investment, meanwhile, has come under restraint from the regulators but with the pandemic – a number of Asian companies have embraced the crypto innovation in hope of riding out of the economic slump. Investors especially the Gen Z have jumped on the bandwagon despite the risk and pushed the value of Bitcoin to a new high.

` To help people understand the government-backed digital currencies and the future of cryptocurrencies further, The Star will co-host a webinar entitled “The rise of Govcoins & What’s next for crypto” this Thursday, July 22, 2021, at 10am.

` The webinar is organised jointly with the Asia News Network (ANN), an alliance of 23 national media in 20 Asian countries, and The Investor, which is a tech media start-up of the The Korea Herald. Both The Korea Herald and The Star are members of ANN.

The webinar is organised jointly with the Asia News Network (ANN), an alliance of 23 national media in 20 Asian countries

` The speakers on the first session “The rise of Govcoins” include John Kiff, former senior financial sector expert at the International Monetary Fund; Nelson Chow, chief fintech officer at the Hong Kong Monetary Authority; and Andrew Sheng, one of Malaysia’s and Asia’s top economists, and The Star’s columnist.

` The second session “What’s next for crypto” will feature speakers Kevin Werbach, professor of Legal Studies & Business Ethics at the Wharton School, University of Pennsylvania; Stephane De Baets, president of Elevated Returns Ltd, an investment firm based in the US with Asian focus; Marcus Lim, group CEO, Zipmex Co, a regional cryptocurrency platform; and Pindar Wong, a blockchain specialist and chairman of VeriFi, a financial tech consultancy in Hong Kong. The speakers will discuss the decentralisation of finance, benefits and dangers of cryptocurrency, a shake-up which is taking place to weed out illegal financial transactions and the development of AI and programmable smart money.

Registration is available at https://us02web.zoom.us/webinar/register/4916263173191/WN_LaWquMD2ROaxPkccdsC4Qg

You can also listen live on Clubhouse at https://www.clubhouse.com/event/M8ZWK53b

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 A staffer displays the digital yuan application scenarios to visitors in the World Intelligence Congress in Tianjin in May. Photo: cnsphoto

 

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The seismic shift in global finance

 

Why the global financial landscape is undergoing a seismic shift

  • Regulators are struggling to keep up with fintech’s rapid growth and the impact of big data, even as intense geopolitical rivalries mean accidents could easily escalate into crises

 
AUGUST 15, 2021 marks the 50th anniversary of United States President Richard Nixon delinking the US dollar from gold. Instead of a crisis, the ensuing half century marked the pre-eminence of the US financial system to global dominance.

In 2017, US Treasury Secretary Mnuchin commissioned four major studies on the US financial system that reviewed its efficiency, resilience, innovation and regulation. These surveys highlighted the US dominance in all four areas of banking, capital markets, asset management and financial technology.

To quote the reports proclaimed : “The US banking system is the strongest in the world”... “The US capital markets are the largest, deepest, and most vibrant in the world..(that) include the US$29 trillion (RM119 trillion) equity market, the US$14 trillion (RM57.5 trillion) market for US Treasury securities, the US$8.5 trillion (RM35 trillion) corporate bond market, and US$200 trillion (notional amount or RM820 trillion) derivatives market.”

According to the reports,“Nine of the top 10 largest global asset managers are headquartered in the United States.” In the area of financial technology, “US firms accounted for nearly half of the US$117bil (RM480bil) in cumulative global investments from 2010 to 2017.”

Under-pinning the US financial system’s success is of course the US dollar’s dominant currency pricing role. The dollar accounted for 88% in paired foreign exchange currency trading in 2019 and 59% of official foreign exchange holdings in 2020. It is widely used in trade invoicing in manufacturing but less so in services trade. As a major International Monetary Fund study has shown, this pricing role impacts on emerging market economy (EME) exchange rate policies, as their devaluation would have only limited positive impact on their exports, but amplifies their import contraction.

Furthermore, because EME debt is largely denominated in dollars, any dollar appreciation would have an overall contractionary impact on EME liquidity and growth. This is why US interest rate increases are feared not just by the US Treasury, but also almost all EME economies.

Several factors combined to create the recent seismic shift in the global financial landscape. 

First, financial technology has eroded the dominant share of the banking system. The Financial Stability Board (FSB) 2020 report on non-bank financial institutions (NBFI) revealed that as of end-2019, they accounted for 49.5% of global financial assets of $404 trillion, compared with 38.5% for the banks. Indeed, total NBFI lending now exceed bank lending, partly because of tighter bank regulations and higher bank capital and liquidity costs.

` Second, financial technology has enabled new arrivals in the financial sector comprising not new fintech startups, but also Big Tech platforms that are using Big Data, Artificial Intelligence, apps and their dominance of cloud computing to provide more convenient, speedy and customer-oriented finance for individuals and businesses. This month, a major BIS study on the implications of fintech and digitisation on financial market structure showed how Big Tech has muscled into traditional banking services, especially in payment services, lending and even asset management.

Taking the growth of NBFIs and Big Tech together, the traditional bank regulators and supervisors find that they regulate less and less of the financial system, but central banks are responsible for overall financial stability. Regulating the complex financial eco-system is like trying to tie down a huge elephant by a bunch of specialists each trapped in their own silos. And politically, no one wants to give a super-regulator power to rule them all.

Third, the financial landscape entered new minefields because of intense geopolitical rivalry. If global supply chains are going to be decoupled by different standards, and we arrive at a Splinternet of different technology standards, how should finance respond? As the US applies pressure on Chinese companies and individuals through new sanctions and legislation, financial institutions and companies struggle to deal with shifting goal posts and game changes. 

 

A woman and a child walk past the People’s Bank of China building in Beijing on March 4. China’s central bank, like others around the world, is grappling with how to regulate the fintech industry. Photo: Bloomberg

The Ant Finance and Didi events are more a reflection of regulatory concerns whether large domestic Big Data platforms should be subject to foreign legislation with national security implications. Will India, for example, continue to allow foreign Big Tech to own all their client data?

Fourth, the regulatory trend towards “open financial data” in which banks would open up their client databases to allow new players to access customer accounts and data will provide new products and services. But this means also severe concerns on client privacy and data security. No country has yet figured out how to manage competition fairly in the fintech world when five firms (Amazon, Microsoft, Google, IBM, Oracle) dominate 70% of cloud-related infrastructure services.

Fifth, blockchain technology, cyber-currencies and central bank digital currencies are now increasingly coming on-stream, making possible payments and transactions that rely less on official currencies and also outside the purview of regulation. In short, the official regulators are responsible for system stability, but may not have access to what is really going on in blockchain space. That is an accident waiting to happen.


 
https://youtu.be/oukokqq1s_o

In addition to more than 600,000 COVID-19 deaths, growth in the US is based on a strong stimulus package of excessive money-printing. China's growth is more solid: Editor-in-Chief Hu Xijin

All these suggest that the global financial system has grown faster, more complex and entangled than any single nation to manage on its own. If the largest financial systems are caught in increasingly acrimonious geopolitical rivalry, what are the risks of financial accidents that can easily escalate to financial crises? In the 2008 global financial crisis, the G20 stood together to execute a whole range of responses. This time round, there is no unity as the US continues to apply financial sanctions against her enemies and rivals, amounting to 4,283 cases as of January 2021, of which 246 and eight respectively were against Chinese and Hong Kong entities.

The bubble in fintech valuation that has fueled rising stock markets and investments in technology is fundamentally driven by central bank loose monetary policy. Central bank assets have grown faster on an average of 8.4% per annum between 2013-2018, than banks (3.8%) or NBFIs (5.9%) to reach 7.5% of global financial assets. Does this mean that financial markets can assume that central banks will continue to underwrite their prosperity?

As inflation rears its head, central banks will have to reverse their loose monetary stance, thus putting the global financial system under stress. The global financial system has structural and regulatory cracks, but they can only be fixed by having some political understanding amongst the big players. Without this, expect a messy outcome.

Andrew Sheng comments on global affairs from an Asian perspective. The views expressed here are his own.

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Friday 16 July 2021

Support Call for Royal Commission on Healthcare !

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Time for New Ways

 
Tan Sri Ismail Merican was the former Director General of Health and President of the Malaysian Medical Council. He was among those who managed the SARS outbreak in 2002. Finally breaking his silence, he shares with us his thoughts on how the pandemic is being handled and real solutions to solve our current crisis.
Disclaimer: All opinions expressed are purely personal and do not reflect the views of any organisation.
In partnership with ANN.
 
 
 
https://youtu.be/v_qF5i5Tesc

LETTER  More than a year and a half after the first case of Covid-19 in Malaysia and with endless rounds of movement control order (MCO) of various forms plus multiple knee-jerk fire-fighting measures, it is clear that the Health Ministry is still struggling for a comprehensive solution.

The rakyat has faithfully delivered what was asked of them.

They have taken in stride, the toll, the pain and suffering of the hardship of the pandemic and its purported solution. Yet, we are constantly dismayed and disgusted to read and hear about how our politicians and leaders have failed to deliver their share of what is needed - stable leadership.

Instead, they seemed more engaged in their own political survival and happily dancing in and out of the country. They and their supporters display utter disregard for the rules and regulations which they themselves have set.

The national immunisation programme seems to be set with countless muddles, hurdles and supply issues and has not given the rakyat the assurance that the vaccine is indeed the silver bullet to end this misery.

The current industrial action (CodeBlack) by the junior doctors asking for a resolution to their contract problems with the MOH, signals the breaking of a healthcare system that was once proudly touted to be one of the best in the world.

It is clear that we have not learnt and have not taken action from all the many mistakes made in the past and present.

Instead, problems were swept aside and left unaddressed year after year from the overproduction of doctors to the long-standing issue of healthcare inequity.

We have become an example of how things could have been done in a better way.

Thus when put to the Covid-test, it cannot be denied that our healthcare system has failed, putting us now in the league of the worst-performing nations.

It is time again to support the call for a Royal Commission on Healthcare in Malaysia that was proposed in 2017 at the Tunku Abdul Rahman Putra Oration of the Academy of Medicine.

The oration has put on record the facts and figures (ironically sourced from MOH studies itself) to justify why only a royal commission was the way forward to seek holistic solutions for the future of Malaysian healthcare.

The advice seemed to have fallen on deaf ears.

Healthcare is a basic right of the rakyat. Having an equitable, effective and compassionate system is what is expected.

It must be the duty of the government to deliver this at all times especially so in a time of national calamity.

DR STEVEN KW CHOW

President

Federation of Private Medical Practitioners’ Associations Malaysia

The writer is president of the Federation of Private Medical Practitioners’ Associations Malaysia.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.

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