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The current financial regulation in China

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The power of a newly established Chinese public organization, namely the Financial Stability and Development Committee, is growing. Said organization was created precisely on November 8, 2017.

It is an important organization under the State Council’s direct control. Indeed, it is an office of the Council itself which will deal mainly with China’s financial stability and with all matters concerning economic development and monetary and capital stability.

More specifically, the Committee will be tasked with deliberating major national programs for regulating the financial system, for organizing monetary policy with the Central Bank and for defining tax policies and the related fiscal and industrial actions.

This Committee will also be responsible for analysing  international and domestic financial situations, identifying the greatest global financial systemic risks, as well as studying the related conditions and finally defining the ways for reaching  financial stability.

The important choice made in relation to this Committee is that it will be chaired by the Chinese Vice Premier, Ma Kai.

The idea of ​​creating this organization had been suggested directly by President Xi Jinping during the National Financial Work Conference held on July 14-15, 2017.

The Committee will also strengthen the macro-systemic policies of China’s Central Bank. In fact, it is a matter of regulating and stabilizing the Chinese financial market, which is worth 40trillion US dollars and is one of the largest in the world.

The Chairman of the Committee and Vice Premier, Ma Kai,was born in Jinshan, a district of Shanghai, in 1946.

In the mid-1990s he was elected Vice-President of the National Planning Commission.

He was Deputy-Head of the State Council from 1998 to 2003 and also Minister for National Development from 2003 to 2008. He was appointed President of the National School of Administration and later Head of the Office for the development of small and medium-sized enterprises.

In fact, the Committee will also be tasked with coordinating tax and financial policies and tuning them with the long time schedules of the industrial system, while the collaboration between the Committee and the People’s Bank of China will allow the regulation of the 15 trillions currently invested in financial products throughout China.

With the creation of this Committee, high-risk investment or massive bank loans to buy securities will no longer be allowed, while it will be mandatory to set 10% of managers’ profits aside.

China is currently turning its old role as “world factory” into that of a modern consumer-driven economy.

Hence the need to regulate corporate and retail finance.

There are three issues underlying the new Chinese financial regulation: a) booming loans, the majority of which are requested by businesses and local governments; b) complexity, considering that risky creditors have moved away from banks, due to the complexity of rules, towards less structured products, while Chinese banks currently offer mainly financial products for the long-term management of household and business savings.

The third issue is c) guarantees. With a view to preserving their reputation, Chinese banks often offer even compensation to their clients who have lost money as a result of certain investment,  which leads them to miscalculate their risk share.

Hence an extremely fragmented banking system which is hard to control.

The Chinese systemic risk must be kept well under control:  financial assets have grown four foldover the last decade, from 310% up to 510% of the GDP, which, however, has grown by 2.5 times over the same period.

The expansion of credit has been led by the public sector and by its very poor regulation, with the expansion of shadow banks, non-orthodox credit and particularly risky – but attractive – financial products for private investors.

Credit growth has already declined, while corporate access to capital has also decreased considerably.

For the Party, however, the fragility of the financial system arises from the excess of leverage and debt investment and from the excessive debt in many sectors of the real economy, while credit has expanded too rapidly in the financial sector.

In late 2016 the average national leverage amounted to 247%,   while companies’ leverage was 165% in the same period.

Definitely too much debt for companies and individuals, far beyond the international standard.

As President Xi Jinping has pointed out, the control of aggregate money supply has been severely lacking.

President Xi Jinping has also noted that the financial institutions’ general control has been missing and the State has focused only on the individual links of the chain of financial audits.

President Xi Jinping has also maintained that the State has been unable to control major financial companies.

Moreover, the Chinese government’s interest in financial matters has never been negligible.

The National Financial Work Conference had been created as early as 1997.

Later, based on the analysis of that select group, the first Chinese sovereign fund, namely China Investment Corporation, was created in 2007.

A structure that can currently boast to have capital to the tune of 813.5 billion US dollars.

The fifth National Financial Work Conference was held in July 2017, simultaneously with the creation of the Committee.

As the CPC noted, all this was designed to reach “national financial security”, mainly with a view to backing the aims of the  13th Five-Year Plan.

President Xi Jinping also thinks that the new Committee shall a) deal with the real economy and b) combine and harmonize social development with economic development.

According to President Xi Jinping, finance is never disconnected from the social context in which it operates; c) financial regulation is always aimed at eliminating the systemic risk and d) reaching national financial stability.

Stability first and then development – this is President Xi Jinping’s belief.

Furthermore, local governments shall follow the central government’s rules. Any failure to report the financial risk will be regarded as an administrative irregularity.

This will be very useful, considering the ongoing trade war between the United States and China.

In fact, China has resorted to the WTO dispute settlement mechanism against the duties levied by President Trump.

It is worth recalling that the United States has levied duties equal to 25% on imported Chinese goods, for a total value of 50 billion US dollars.

So far these duties have been levied only in the aluminium and steel sectors.

China has responded immediately by levying equal duties on US products such as soy, pork and vegetables.

The immediate US countermove has been the doubling of duties on aluminium and steel up to 100 billion dollars.

One of the reasons for the current clash is certainly the forthcoming mid-term elections for which President Trump wants to keep on winning the support of the Rust Belt protectionist voters who enabled him to rise to the White House.

Moreover, according to the universal supply chain system, many of the Chinese products taxed by the United States come from South Korea, Taiwan and even from the European Union.

Hence the Chinese pressure could harm US farmers and the whole US middle class, as well as some of US best allies.

Therefore, while China’s recourse to the WTO has not slowed  down the aggressive posture of the Chinese economy towards the United States and the European Union, the aim of the current duties is to force China to revalue its currency, so as to rebalance the deficit between China and the United States, with the latter already recording a trade deficit with China to the tune of over 375 billion dollars.

Reading between the lines, President Trump wants a decrease of Chinese duties on US cars, so that there is an increase in China’s purchase of US semiconductors and, in any case, a greater share of the huge Chinese market for US companies.

Furthermore, China undermines intellectual property in the advanced sectors of computer science and Artificial Intelligence.

Finally, for the United States, the issue lies in hitting Chinese innovation and the “Made in China 2025” project, which is supposed to ensure China’s global strategic superiority in cutting-edge products, robotics and advanced infrastructure.

If everything goes well, at the end of this trade war, China will impose on the United States a network of joint ventures and selective openings for US products on the Chinese market.

That is what the new Chinese financial authority is for: to raise capital for the State’s primary projects and to protect China’s finance from the turmoil that could be caused by the monetary and economic imbalances resulting from the entry of foreign liquidity into the Chinese market.

Advisory Board Co-chair Honoris Causa Professor Giancarlo Elia Valori is an eminent Italian economist and businessman. He holds prestigious academic distinctions and national orders. Mr. Valori has lectured on international affairs and economics at the world’s leading universities such as Peking University, the Hebrew University of Jerusalem and the Yeshiva University in New York. He currently chairs “International World Group”, he is also the honorary president of Huawei Italy, economic adviser to the Chinese giant HNA Group. In 1992 he was appointed Officier de la Légion d’Honneur de la République Francaise, with this motivation: “A man who can see across borders to understand the world” and in 2002 he received the title “Honorable” of the Académie des Sciences de l’Institut de France. “

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East Asia

The Belligerent Chinese Diplomacy and Its Failure

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The Chinese media has recently reported of Xi Jinping writing a letter to George Schultz the former chairman of Starbucks, the US coffee giant. In the letter, he has requested Schultz to play a positive role in advancing the US-China relations. While head of a major state writing letter to big corporate heads is not a common but not an unusual development either, this letter from Jinping should be seen in a relevant context. It indicates a certain amount of desperation and difficulty of China in its dealings with the US.

It suggests that after months of aggressive posturing and verbal duels against Trump, the State Department and Pentagon, China is now cosying up to the new Joe Biden administration. Further, it also means the recent Chinese aggressive posturing, wolf diplomacy has failed to bring in the desired results and that the Xi Jinping-led CCP is under more pressure now to soft-pedal the recent acrimonious ties between the two.

The year 2020 had been a very disappointing and calamitous year for the world. And Corona pandemic could well be cited as the most important reason. While the world as a whole has struggled to fight this unknown enemy individually as well as collectively, one country that has been in the limelight, for all the wrong reasons, been China.

Foreign policy and diplomacy is all about protecting and promoting the perceived national interests of a country. While achieving its objectives, the country tries to create and maintain a favourable image in the international community. The Chinese diplomatic endeavour since the ascension of Xi Jinping has been starkly opposite. From the most likely origin of Corona virus, to rebuking leaders, diplomats and media of other countries, China has been trying to create a new diplomatic norm, a new normal where none of the countries would dare criticising China, through political discourse, media or any other way while silently acceding to its territorial expansionary designs.

There  have  been  unusually  vitriolic  reactions  by  Chinese  diplomats against seemingly innocuous comments or actions by governments, politicians, diplomats  or  media  in  various  countries.  A  very  rational  request  by  the Australian government to initiate investigations by the international community into the genesis of Corona virus, made China so furious that apart from making crude undiplomatic comments, it even created a virtual political, diplomatic and trade war against the country. Critical comment by certain politicians in Brazil and Japan, led Chinese diplomats to publicly issue personalised attacks against them.

The Chinese ambassador to Sweden has went on to lambast the country’s media in most rustic manner. No wonder, in the last two years, he has been summoned to the Swedish foreign ministry an unprecedented 40 times and there have been demands from native politicians for his expulsion. In India, a country that is being seen as the closest political and military rival by China but is scared of admitting it publicly, the diplomats have kept on reminding the government and media not to play the so-called Tibet card or must adhere to One-China policy by not getting close to Taiwan, have repeatedly been ignored by the government as well as the media.

No wonder, a recent Pew Research study has revealed that globally China has lost a huge amount of goodwill. A significantly very high majority of natives in nine of the advanced economies like the US, UK, Germany, Australia, South Korea, Sweden, Netherlands think negatively of  China. Australia (81%), UK (74%), Sweden (85%), Netherlands (73%) show a very high increase in the negative perception against China, very recently and that has affected their politico-commercial relations too.

With the US, the Trump administration acting aggressively in the backdrop of the November Presidential elections, the Chinese actions of challenging the lone superpower has not helped the country anyway. On the contrary, US has become more supportive of Taiwan, politically as well as militarily, making it even more difficult or virtually impossible to China to even think  of  occupying  the  territory  forcibly  in  near  future.  India  that  had maintained a cautious approach towards Taiwan till recently, have started enhancing political and commercial relations with the country.

In Asia, its aggressive military designs against India’s northern borders has had a very rude awakening for China. Used to a timid Indian approach since 1950s under Nehru, it never expected the aggressive Indian response that even put its own military positions in Moldo and other strategic positions vulnerable. To further undermine political and military calculations, its adversaries in South China seas like Vietnam, Indonesia and Philippines today are in advance negotiations with India to secure sophisticated missiles and armaments.

A very significant strategic development in the form of QUAD has taken the preliminary shape and that whenever gets in a concrete form, could well portend an ominous future for China, politically and militarily. The belligerent Chinese behaviour, especially since the onset of Corona virus has brought India, Australia, the US and Japan very close. With talks of Vietnam, Philippines and others in south-east Asia joining it later, the future of a QUAD could well be a security nightmare for China.

In the economic realm, India has reacted sharply too. Being a huge market for Chinese cheap goods and scores of apps till recently, India has not only banished  hundreds  of  apps  but  has  also  been  working  on  a  mechanism  to regulate, control and even stop imports in a number of segments from China. A big share of enormous infrastructural contracts in telecommunications, roads, ports, airports and railways in India too, have become difficult for Chinese companies. And taking a leaf out of India, the US and other countries too, are making it difficult for Chinese organisations to secure big contracts in their respective countries.

Over the next few years, China is going to lose a huge chunk of its popular and big market in India while territorially too, it has failed to make any significant gains.  Strategically what China  wished to see was  countries like Japan, India, Australia, Vietnam, US all having disputes with it dealing individually  rather  than  getting  together  and  forming  a  coordinated  and collective political, economic and strategic response against it.  And the very opposite has happened. There have been greater and collective political, military and economic coordination amongst all these countries today and most of the strategies are aimed against one country, China.

All these developments including Xi’s letter to Schultz, indicate one point very  certainly  that  Chinese  belligerence  has  backfired  hugely.  It  needs  to reorient its diplomacy and political behaviour significantly and if it fails to do so, its position in the emerging post-Covid geopolitical order could be anything but that of an emerging superpower.

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The Problem of Uncontrolled Nationalism: The Case of Japan before the WWII

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Authors: Chan Kung and Yu(Tony) Pan*

Throughout the modern history of the world, Japan is undoubtedly an interesting country: it went from the edge of becoming a colony to one of few independent countries in Asia before World War II, and after the Great War, Japan even became a great power. From a broader level, Japan’s success at that time showed that Asians were not inherently inferior to Westerners. Unfortunately, Japan which was supposed to be the leader of Asia to a bright future, chose the path fascism and imperialism. Eventually, Japan became the source of the Pacific War.

It is undeniable that from the Meiji Restoration until the early Showa period (the end of World War II), Japan adapted an expansionary policy, which brought deep suffering to its neighboring countries and ultimately dragged itself into the abyss of destruction. When World War II ended, nearly 70 years of development achievements were utterly wiped out by the war.

In this context, an important question we need to ponder is: What led Japan to embark on an expansionary and self-destructive path? At what point in time did Japan’s policymakers start to lose its mind? What can future generations of nations learn from Japan’s tragic experience to prevent the same fate from happening again? As a country that has been entangled with Japan for generations and has a complicated relationship with Japan, these issues are of even greater relevance to Chinese researchers today.

Fortunately, there is actually a fair amount of scholarly research on the subject, and there exist four main explanations. The first is the “international structure theory” most commonly used by IR scholars (especially the realists), and the second, more common among Western scholars, is the “weak democratic government theory. The third is the “Pan-Asianism,” which focuses on the constructivist perspective. Finally, there is the political economy explanation of expansionary policies.

At the first glance, it seems that each of these explanations has its own rationale. Of the four, the view that the navy and the military were increasingly extreme in their struggle for policy dominance is the most possible explanation. However, it seems that each of the four existing explanations can, in fact, be incorporated into a new one, namely, that Japan’s self-destructive expansionary policies prior to World War II were the material manifestation of an uncontrolled nationalism. More specifically, these four explanations answer why the Showa government was unable to control the nationalist forces in the country. On the other hand, however, the question of whether nationalism would necessarily expand without outside interference and lead to expansionist policies was left unexplained.

Because of the natural characteristics of nationalism, it seems to us that there is a natural tendency for nationalism to expand in the course of its development. The main reasons for this phenomenon are not complicated. First of all, nationalism is a group ideology, which means that nationalists have a common goal at the macro level, but the boundaries of national interest are not consistently defined by different individuals. On this basis, because of the unreliability of group rationality, nationalism as a groupthink is prone to overstretch in the course of its development. Moreover, when such currents are not rationally controlled and end up holding state policy hostage, the state tends to follow a self-destructive path of expansionism. Pre-World War II Japan is a classic case in point.

It should be noted that the positive effects of nationalism is not being denied here, but it is crucial that a country’s policymaking process should not be ultimately being a hostage to nationalist forces. The question then, is how to prevent nationalism from spiraling out of control. From an empirical point of view, there are two different directions to prevent nationalism from getting out of control at the macro level: first, to eliminate “group irrationality” in nationalism; Second, to establish a corresponding gatekeeper between nationalism and state policymaking.

The first direction is essential to improve the thinking capacity and cultural literacy of society as a whole. This is a radical way to solve the above problems, and the improvement of the education system is the most crucial part of it. However, for reasons that are easy to understand, this approach often takes too long to implement, and the process is not really controllable. As a result, this approach, while very important, is often insufficient for policymakers.

The second approach, on the other hand, is a short-term solution (relatively speaking). To use the common metaphor of treating a bodily disease, a gatekeeper-kind-of-approach is not to eradicate the disease but rather to prevent it from damaging health amid acceptance of its existence. There are two other ways to establish gatekeepers: one is to establish a mature political system that uses institutional factors to insulate people from the negative effects of nationalism. This is also the more popular approach in developed Western countries. It should be noted that this approach has proven itself to be effective, most notably in the case of the United States, which also has two populist leaders, as opposed to Brazil, where institutional constraints and the resulting establishment have been significantly more effective in containing the negative effects of nationalism on the policy.

The alternative is to rely on a small number of political authorities within society to isolate the scourge of nationalism through the elite’s prestige and quality. Again, this is also an approach that has worked before. The best example is the significant role played by Chinese leader Deng Xiaoping in the “reform and opening-up” process.

So, which is more effective, institutions or authority? This is not a question that can be easily answered. There are advantages and disadvantages to both approaches, and because every country and society is different, and there is no one-size-fits-all solution.

First of all, the main advantage of institutional gatekeepers is that once established, the containment is apparent and fairly solid; however, the disadvantage is that institutions may take a long time to develop and may come at a cost (e.g., the French Revolution). An authoritative gatekeeper’s advantage is its high degree of operability, while the disadvantage is the unsustainability and instability of the individual factor. On this basis, the realization of either approach needs to be linked to local realities; in other words, neither is necessarily successful. However, despite the different possibilities of approaches and paths, one issue is certain: in this day and age, uncontrolled nationalism is still a problem that threatens national interests, and this issue must be given sufficient attention and focus by policymakers.

Lastly, for contemporary China, the case of Showa Japan has another area of critical research value: how to deal with the current international order? History has shown that almost every attempt to challenge the existing international order independently has often ended in self-destruction. Successful transformations of the international structure tend to be incremental. In the case of pre-World War II Japan, the immediate effect of nationalism was to push the Japanese government to place itself on the opposite side of the prevailing international order. Today’s China has certainly not come that far. In fact, as Professor Wang Jisi says: “In those days, Japan was an ‘institution’ in the international order, while China was rejected and discriminated against by the West as an ‘other.’ Today, Japan is still ‘within the system’ of the international order, while China has risen to become the world’s second-largest economy and its military power is not what it used to be, but there is still the question of how China views the existing international order and how to deal with its relationship with the existing international order. ” In dealing with this problem, preventing the negative effects of nationalism on state policy is undoubtedly an important aspect.

*Mr. Yu(Tony) Pan serves as the associate research fellow and the research assistant of Mr. Chan Kung, Founder, Chairman, and the Chief Researcher of ANBOUND. He obtained his master’s degree at George Washington University, the Elliott School of International Affairs; and his bachelor’s degree in University of International Business and Economics in Beijing. Mr. Pan has published pieces in various platform domestically and internationally. He currently focuses on Asian Security, geopolitics in Indo-Pacific region and the U.S.-Sino Relations.

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CCP’s Motives for the Cultural Genocides in Tibet and East Turkestan

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Despite more than sixty years military invasion of independent Tibet and East Turkestan (Ch. Xinjiang) by People’s liberation army of Chinese Communist Party (CCP).  Gross human rights violation, massive crackdown and mass internment of Uighur Muslim peoplecontinue unabated. Prominent scholars and experts have debated in recent years over the motives and the implications of such oppressive policies. Months ago, yet another new reports and finding have revealed the implementation of military-style coercive labor programs in Tibet. A better understanding can be made by discerning the roots of such oppressive policies adopted by, and to find the connection between the mass internment camps in Xinjiang and the forced labor programs that Beijing has been implementing in Tibet. From a broader perspective, it would not be an overstatement to call the Beijing actions in Tibet and Xinjiang as imbued with genocidal intent. There are underlying similarities between the Mass internment camps in Xinjiang and the forced labor programs, as a fact that the Tibetan, Uighur, and other minority’s population are the victims of similar severe forms of repression due to their belief and securing Beijing’s rule over it. Both the Tibetan people and the Uighur are currently facing severe threat of identities extinction.

Beijing’s Final Solution in East Turkestan (CH. Xinjiang) and Tibet

The definition of the Cultural genocide is when there is a systematic effort carried out to exterminate the identity of a group through the means of destruction and annihilation of culture, language, religious institutions of that targeted group. The act of cultural genocide is generally carried out accompanied with infliction of violence and oppression.

 For a long time, both the Uighur and Tibetans have been at the receiving end of the repressive policies of CCP, which aims to eradicate their religion, culture, language, and distinct identities. Recent uncovering of rising numbers of mass internment camps in East Turkestan (Ch. Xinjiang) and the military-style coercive labor programs in Tibet has brought more spotlight on the clear indication of the cultural genocidal attempt of the Chinese regime. Chen Quanguo is currently the party secretary of the region of East Turkestan (CH. Xinjiang). As soon as he took over as the party leader of the region in 2016, the persecution of the Uighurs and other minorities through mass internment camps escalate. It is not revelation that the architect of the internment camps in East Turkestan (CH. Xinjiang) Chen Quanguo was the former party secretary of Tibet for five years, where he has formulated and implemented similar draconian measures.

2018 was a big year, when United Nation has revealed the reports of hundreds of mass internment camps being built by the Chinese government in the region of Xinjiang. Ever since the reports of mass internment of Uighurs Muslims and other minorities in the prison-like establishment came to the light of the international community, Beijing has received extensive criticism and pressure likewise. Nonetheless, this pressure from the international community doesn’t seem to have stopped the cultural genocidal pursuit of the Chinese government as they have remained more resilient and repugnant. There are a spiking number of the new mass internment camps established during 2019-20. Through the intensive use of satellite images, records of the survivors and escaped victims, and other important tracking programs, research institutes such as the Australian Strategic policy institute in the recent month of September has present a database of around 380 internment camps build across the region till now.

Surge of Forced labor programs in Tibet in the midst of strong criticism on Mass internment camps in East Turkestan (CH, Xinjiang)

In the wake of strong criticism and backlash, the Chinese government has appeared to bring up yet another new repressive policy in the region of Tibet. Which evidently have a resemblance to that of Mass internment camps. Adrian Zenz, a leading researcher on East Turkestan’s mass internment has disclosed through the reports and the findings of investigations undertaken dating back to 2016 about the establishment of forced labor programs in Tibet. Researcher Adrian Zenz was one of the earliest groups of researchers, who have alerted the world about the existence Mass internment camps. According to the reports published by Jamestown Foundation in “China Brief Volume” dating September 22 have shown that in just the first seven months of 2020, there were more than half a million Tibetan mainly consisted of the population from the rural area registered into the forced Labor programs. The forced labor program in Tibet shows the similar tendency that the Chinese government has adopted towards the Uighur. Under the guise of vocational training and labor training, the Tibetans enrolled in the programs have to strenuously undergo thought transformation and adoption of the Chinese identities. The Tibetans were forced to abandon their way of livelihood, thought and culture. In the words of Adrian Zenz  on the Coercive labor programs in Tibet and the Mass internment camps in Ch. Xinjiang “In the context of Beijing’s increasingly assimilatory ethnic minority policy, it is likely that these policies will promote a long-term loss of linguistic, cultural and spiritual heritage.” 

A month ago, the House of the Representatives of the United State has passed a resolution with overwhelming support in an outcry against the Human rights violation in Tibet. The resolution has conveyed a clear message of the urgent need to protect the identity, religions, and culture of the Tibetans. As elaborated in H. Res. 697 that the House of Representatives “affirms the cultural and religious significance of the goal of genuine autonomy for the people of Tibet” 

Beijing’s logic behind their actions in Tibet and East Turkestan (CH. Xinjiang)

The current patterns of the actions that the Chinese government is following in the Tibet and East Turkestan (Ch. Xinjiang) can be drawn parallel to actions of the Nazi government before the horrendous Holocaust took place. It is an undisputedly fact that Nazi Germany led by Hitler thrived on an extreme form of anti-Semitism and that the wrongful hatred towards the Jewish people has played major factor leading to the Holocaust. Anti-Semitism itself is engraved with inherited stereotypes, prejudice, and false generalization of the Jewish people. It wouldn’t be so far fetch to say that the Chinese government has adopted a similar sort of generalization and stereotypes towards the Uighurs people and the Tibetan people. Uighur have been generalized by the Chinese communist party as bewitch with extremist thoughts. The religion and the identity of the Uighur people have been labeled as a form of extremism and need eradication by the CCP. In the words of the CCP officials, they compare the implementation of Mass internment camps as “washing brain” to cleanse the extremist thoughts.

The lack of urgency from the international community

The situation in East Turkestan (Ch. Xinjiang) and Tibet is a bit more nuanced, but if history has taught us anything then the Holocaust didn’t happen overnight but rather it was the culmination of decades of discrimination and repressions towards the Jews. The forced labor programs in Tibet and the mass internment camp campaign is only one of the Chinese communist party latest attempt to Sinicize and dismantle the Tibetan and Uighur’s  culture, language and religion. Unless and until, the international community will urgently considered the issues of East Turkestan and Tibet more than just a side topic to discuss with China, the Chinese government’s cultural genocide actions will remain steadfast.

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