China Current Affairs

30th Surajkund International Crafts Mela begins at Faridabad

The 30th edition of Surajkund International Crafts Mela has begun at Faridabad in Haryana after it was formally inaugurated by Haryana Chief Minister Manohar Lal Khattar.

Telangana is the theme State of this edition of Mela and the two focus countries are China and Japan.

Key facts

  • The Mela is organized by the Surajkund Mela Authority and Haryana Tourism in collaboration with Union Ministries of Tourism, Textiles, Culture and External Affairs Ministry.
  • The 15-day festival will be showcasing the richness and diversity of handicrafts, handlooms and cultural heritage of the country.
  • About 300 artistes from Telangana will also perform different folk arts and shall showcase its unique culture and rich heritage.
  • At least 23 countries are taking part in this edition of Mela and shall host performances by international folk artistes from Japan, Egypt, Congo, Maldives, Thailand, Vietnam, Russia, Kyrgyzstan and Turkmenistan.

Surajkund Crafts Mela: It is annual cultural festival hosted since 1987. The Mela showcases some of the most exquisite handlooms and handicrafts of India and culture.

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IMF Reforms: India, China, Brazil, Russia get more voting rights

International Monetary Fund’s (IMF’s) long-pending 2010 Quota and Governance Reforms have finally become effective.

These proposed reforms are the biggest change in the governance of the IMF (lender of last resort) since it was established after World War II in 1945 after the Bretton Woods Conference.

Key facts

  • Gives boost the representation of emerging economies like India, China, Brazil, Russia and increases their power and greater say in IMF.
  • India’s voting rights increased by 0.3% from the current 2.3% to 2.6%. China’s voting rights increased by 2.2% from current 3.8% to 6 %.
  • These reforms shifted more than 6% of the quota shares to emerging and developing countries from the US and European countries. Russia and Brazil also have gained from the reforms.
  • The combined quotas or the capital resources of IMF also have doubled due to reforms to $659 billion from current $329 billion.
  • The doubling of quotas means that the shares (roles) of advanced European and Gulf countries have been reduced and that of emerging nations particularly China has been increased.
  • China will have the 3rd largest IMF quota and voting share after the US and Japan. While, India, Russia and Brazil will also be among the top 10 members of the IMF.
  • The voting power and quota shares of the IMF’s poorest member countries will be protected.
  • Under the reform, for the first time IMF’s Executive Board will consist entirely of elected Executive Directors and it ends the category of appointed Executive Directors.

Earlier Scenario: Currently, US, Japan, France, Germany, Italy, United Kingdom, Canada and Saudi Arabia are among the top ten members of the IMF. While, the member countries with the 5 largest quotas appoint an Executive Director.

Background

The reforms were agreed upon by the 188 members of the IMF in 2010 in the aftermath of the global financial meltdown. However, there implementations were delayed due to the time taken by the US Congress to approve the changes. But, were finally approved by the US Congress in December 2015.

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Chinese scientists develop new bio-artificial liver

Chinese scientists have developed a new bio-artificial liver that can help patients to survive from liver failure long enough for an organ transplant.

It has been developed by team of researchers from the Shanghai Institute for Biological Sciences and doctors from Nanjing Drum Tower Hospital.

Key facts

  • The bio-artificial liver is based on human liver cells and has been designed to be attached outside a patient’s body.
  • This liver device is based on cells taken from human fat, skin or other tissues and is reprogrammed into liver cells.
  • It can help  to prolong lives of patients with liver failure by recovering patients’ liver functions till suitable donor livers for a transplant is found.

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