Taipei Current Affairs - 2019

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China hikes defence budget by 7.5%

China has increased its defence budget by 7.5 per to $177.61 billion up from last year’s $165 billion. The 2019 Defence Budget of China stood at 1.19 trillion yuan (about $177.61 billion) which is three times the Indian Defence Budget.

China’s Defence Budget

  • China’s Defence Budget growth rate stood at 7.6 per cent in 2016, 7 per cent in 2017 and 8.1 per cent in 2018.
  • China’s defence spending at $177.61 billion makes it the highest spender on defence after the United States.
  • China is equipping its People’s Liberation Army with state-of-the-art hardware, spending heavily on stealth warplanes, aircraft carriers and other weaponry.
  • The Chinese government has stated that the increased spending will “strengthen military training under combat conditions, and firmly protect China’s sovereignty, security, and development interests.”
  • China has also resorted to major reforms of its military, which included giving priority to expanding its navy and air force to enhance its influence abroad.

Increases Budget a Cause of Worry?

China is demonstrating a more posture towards Taipei and China is facing competing claims in the South China Sea from Vietnam, the Philippines, Brunei, Malaysia and Taiwan together with a territorial dispute with historic rival Japan in the East China Sea. Hence increased Defence Budget of China may be a precursor to a more aggressive stance against its neighbours.

China has termed the increase in the defence budget as reasonable and appropriate aimed at meeting the country’s demand in safeguarding national security and military reform with Chinese characteristics. China also argues that China’s defence budget at 1.3 per cent of the GDP is much less than major developing countries which spend two per cent GDP on their defence.

China also states that whether a country is a military threat to others or not is not determined by its increase in defence expenditure, but by the foreign and national defence policies it adopts.

Month: Categories: InternationalUPSC

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Union Government imposes anti-dumping duty on Plastic-Processing imports

Union Government has imposed anti-dumping duty of up to 44.7 per cent on import of plastic-processing machines from Chinese Taipei, Malaysia, Philippines and Vietnam for five years.

The anti-dumping duty will be levied on imports of all kinds of plastic-processing or injection-moulding machines, also known as injection presses.

The move is aimed at protecting the domestic industry from cheap in-bound shipments from these 4 countries.

Background

The Directorate General of Anti-dumping and Allied Duties (DGAD) during its investigation had found that the cheap in-bound shipments of ‘Plastic Processing Machines or Injection Moulding Machines’ from these countries at dumped prices are hampering performance of the domestic industries.

What are Anti-dumping measures?

  • These are taken to ensure fair trade and provide a level-playing field to the domestic industry. They are not a measure to restrict imports or cause an unjustified increase in cost of products.
  • They are counter import measures used by a country to protect its domestic producers and market from below-cost (cheap) imports under the multilateral World Trade Organisation (WTO) regime.
  • In India, anti-dumping duty is recommended by the DGAD under the aegis of Union Ministry of Commerce, while the Union Finance Ministry imposes it.

Month: Categories: Business, Economy & Banking

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