China tops in manufacturing output in world
Tuesday, 15 March 2011
Fazle Rashid
NEW YORK, Mar 14: With Japan, the world's third largest economy, reeling under the disaster of an epic proportion threatening its economy, China became the world's top manufacturing country by output, thus ending the US ranking as the largest goods producers, the media reported here today. This should be a wake-up call for the US, said an analyst. China's push toward the top position was helped by cheap labour and export boom because of undervaluing of its currency renminbi. The world's manufacturing output in 2010 was $10,078 billion. Japan's $5.0 trillion economy, the third largest in the world has been threatened with severe disruptions and partial paralysis as many industries remaining closed. The disaster has left more than 10,000 dead and many thousands rendered homeless without water, power and transport. Japan's stock market faced a rout with main index falling 5.5 per cent. The Bank of Japan has pumped about $86 billion into the economy yesterday and the government is planning an emergency tax increase to help finance relief operation and recovery work. The damage in its nuclear plants is threatening an energy squeeze that will hit all sectors of the economy. Japan's three big automakers, Toyota, Honda and Nissan, suffered damage but these were not extensive. Yen has gained in strength against US dollar as Japanese repatriated overseas investments to help pay for rebuilding. On the political front elsewhere in Asia, Afghan president Hamid Karzai caused quite a stir by demanding the US-led NATO military to cease operation in his country. Incensed by growing number of civilian casualties and the crisis aggravating in the death of nine young boys by NATO air strikes recently, Karzai said killing of civilans must stop. "With great honour and with great respect and humbly rather than with arrogance, I request that NATO and America should stop these operations on our soil", the New York Times (NYT) quoted Karzai as saying. "This war should stop, this is the voice of the Afghan people", Karzai said in the presence of the US general. The Afghans have lost their patience and cannot tolerate irresponsible operations resulting in civilian casualties, said Karzai's spokesman. Hamid Karzai would soon convene a meeting of loyal jirga, a conclave of tribal leaders to discuss American plan to withdraw by 2014. In another stunning development, the US State Department's chief spokesman Philip Crowley resigned protesting Pentagon's counterproductive, stupid and ridiculous treatment of a soldier for leaking secrets to WikiLeaks, the website whistle blower.
NEW YORK, Mar 14: With Japan, the world's third largest economy, reeling under the disaster of an epic proportion threatening its economy, China became the world's top manufacturing country by output, thus ending the US ranking as the largest goods producers, the media reported here today. This should be a wake-up call for the US, said an analyst. China's push toward the top position was helped by cheap labour and export boom because of undervaluing of its currency renminbi. The world's manufacturing output in 2010 was $10,078 billion. Japan's $5.0 trillion economy, the third largest in the world has been threatened with severe disruptions and partial paralysis as many industries remaining closed. The disaster has left more than 10,000 dead and many thousands rendered homeless without water, power and transport. Japan's stock market faced a rout with main index falling 5.5 per cent. The Bank of Japan has pumped about $86 billion into the economy yesterday and the government is planning an emergency tax increase to help finance relief operation and recovery work. The damage in its nuclear plants is threatening an energy squeeze that will hit all sectors of the economy. Japan's three big automakers, Toyota, Honda and Nissan, suffered damage but these were not extensive. Yen has gained in strength against US dollar as Japanese repatriated overseas investments to help pay for rebuilding. On the political front elsewhere in Asia, Afghan president Hamid Karzai caused quite a stir by demanding the US-led NATO military to cease operation in his country. Incensed by growing number of civilian casualties and the crisis aggravating in the death of nine young boys by NATO air strikes recently, Karzai said killing of civilans must stop. "With great honour and with great respect and humbly rather than with arrogance, I request that NATO and America should stop these operations on our soil", the New York Times (NYT) quoted Karzai as saying. "This war should stop, this is the voice of the Afghan people", Karzai said in the presence of the US general. The Afghans have lost their patience and cannot tolerate irresponsible operations resulting in civilian casualties, said Karzai's spokesman. Hamid Karzai would soon convene a meeting of loyal jirga, a conclave of tribal leaders to discuss American plan to withdraw by 2014. In another stunning development, the US State Department's chief spokesman Philip Crowley resigned protesting Pentagon's counterproductive, stupid and ridiculous treatment of a soldier for leaking secrets to WikiLeaks, the website whistle blower.