China to put new fighter aircraft to test soon

NEW YORK, April 26: China will soon put to test its newest fighter aircraft J15 Flying Shark in an indisputable evidence of its growing mastery of military technology. 'Media in China' splashed the close photograph of the fighter aircraft, indicating liberal attitude of the People's Liberation Army which has so far been very secretive about any military news. The aircraft has passed the factory test and now awaits fighting test. The new aircraft is equipped with advanced anti-ship radar, self-guiding missiles, in contrast to gravity controlled bombs that largely populate China's existing 3200 aircraft fleet. When deployed, J15 will signal the dawn of a new ability by China to assert authority over its coastline, the New York Times (NYT) in a report said today. And in the world of global economy China has changed the face of South America, replacing the US dominance in the region. South America which was often confronted with instability sailed through the global economic melt-down without much hassle. Poverty is falling, middle class booming and assets markets bubbling, an analyst said. The trade between China and South America was a mere $8.0 billion. It has now surged to $130 billion. Emerging economies are growing fast. They account for three-quarters of global economic growth. China is the largest trading partner of Brazil and Chile. China's thrust in the region has worried the US that counted the region as its backyard. An analyst quoting a diplomat said China is a very good counterweight to the US. It does not take the moral high ground. Chinese government has decided to refurbish China Investment Corporation's capital base with $200 billion in new financing. The new government financing for CIC is mainly to avoid exposure to the US government debts. China's foreign exchange reserve now stands at $3000 billion. CIC invests in offshore riskier assets.