Continuing Reform Needed

Former Chinese leader Deng Xiaoping once said, "let some get rich first." Rich some Chinese have gotten. But economic reform has reached its limit without political reform. Prosperity and corruption now exist side by side. Although the national government has tried different ways to combat misuse of power and corruption, nothing has worked.

It is my belief that the rule of law is necessary in order to limit and eliminate corruption. Now there are many interest groups who compete for economic and political advantages. If there is no rule of law, corruption will inevitable result. Everyone playing by the rule of law is the only way to bridge the rich and the poor, the coastal cities and inland provinces.

Heat Is On China In 2008

First of overall, Beijing will hold the Olympics in August. From now to August, the international media will scrutinize China's every utterance and action. China is under the spotlight.

Secondly, China's inflation is heating up. Prices of goods such as pork and fuel are at record high. How the Chinese government handles this increasingly thorny issue will impact the continuing development of the national economy. Handling it badly will cause social instability.

Finally, other difficult issues are pile up in the last 5 years. The government has failed to deal with many problems. Corruption and pollution are two top concerns of the citizenry, but the government was unable to counter either problem in a systemic and effective way. The citizens are demanding tough measures to be implemented.

2007 Is Asia

Looking back at 2007, Asia appeared on the news, especially on the financial news, more often than ever.

First, the stock markets of Asia defied gravity. In particular, the Chinese stock markets in Shanghai, Shenzhen, and Hong Kong had all gone up to dizzying heights.

Then, Asian sovereign wealth funds came to the rescue of the Wall Street bank giants.

China's CITIC Secuities paid $1 billion for a 6% of Bear Stearns.

Abu Dhabi's ADIA bailed out Citigroup by paying $7.5 billion for a 4.9% stake.

The Government of Singapore Investment Corporation bought into UBS with $9.7 billion for an undetermined stake.

The China Investment Corp. received a stake of up to 9.9% in Morgan Stanley with a payment of $5 billion.

And finally, Singapore's Temasek contributed $4.4 billion for a less-than 10% stake in Merrill Lynch.

Ang Lee Wins More Awards

More awards for director Ang Lee. In this year's Taiwanese Film Festival, his film "Lust, Caution" won the Best Feature Film. He won the Best Director award. Newcomer and very talented and beautiful Chinese actress Tang Wei won the Best New Performer award for her role in the same.

Another "Lust" cast member Chinese-American actress Joan Chen won the Best Leading Actress award for her role in the Australian film "Home Song Stories".

South China Tiger Born In South Africa

Good news. A tiger cub was born on November 23 in the Laohu Valley Reserve in South Africa. The cub's parents are Cathay and Tiger Woods, a pair of South China Tigers. Li Quan, founder of Save China's Tigers, brought the Chinese tigers to the South African reserve in a pioneering effort to reintroduce the endangering tiger species to the wild. Ultimately, She wants to bring the tigers and their offsprings back to a Chinese reserve being created by the foundation.

Miss China Wins Miss World

Stunning, elegant and incredibly beautiful Miss China, Zhang Zilin, was crowned yesterday Miss World 2007 in Sanya, China. Zilin, a 23-year-old and 182cm company secretary from Beijing, was the first-ever Chinese winner of the Miss World. Well deserved win. (Image: AP)