Highlights of this edition: State-Owned Enterprise Reform Expected in Early 2015; China’s Economy Adjusts to the “New Normal”; China’s Repeated Fuel Tax Hikes Criticized as Excessive; Finance Experts Grapple with Risky Internet Lending; Fall of the Russian Ruble Hurts Chinese Automakers.
China’s land reclamation activities at Fiery Cross Reef likely will result in its first airstrip in the disputed Spratly Islands, which would allow the People’s Liberation Army to alleviate some of its logistical and power projection deficiencies in the South China Sea. This paper analyzes the latest publically-available imagery of Fiery Cross Reef and assesses China’s possible uses for an airstrip.
Here are the highlights of this month’s edition: • Bilateral trade: October monthly deficit declines 3.2 percent on the strength of U.S. exports to China, but overall trade deficit on track for another record in 2014. • Bilateral policy issues: China pushes FTAAP, meets with Japan, signs South Korea FTA at APEC meetings; U.S.-China summit produces deals on climate, visas, and ITA; G20 members agree to combat tax evasion and money laundering; China-Australia FTA opens services sector and raises threshold for screening of Chinese investments. • Policy trends in China’s economy: China announces deposit insurance scheme; “guarantee chains” plague China’s banking sector and risk spreading contagion. • Sector spotlight – Illegal Wildlife Products: China makes international pledges to ban trading but poaching and illegal trading still incentivized by rising income levels in China, partial legalization, and skyrocketing prices.
Highlights of this edition: Former People’s Liberation Army Air Force Pilot Cites Improved Radar Capabilities in Dismissing F-22 Superiority over J-11; PLA Daily Lauds Disaster Relief Cooperation between People’s Liberation Army and People’s Armed Police; Phoenix Weekly Reveals Scale of Xu Caihou’s Corruption Only to Be Censored; Female University Student Compensated in Landmark Gender Discrimination Case; Progress Report from Ministry of Finance Proposes No Bailouts for Local Governments; China’s Response to the “Low Oil Price” Era; Difficulties Persist in Resuming Six-Party Talks despite North Korea’s Signal
This report examines the context and implications of satellite imagery of an IL-78/MIDAS air refueling tanker at a Chinese military airbase.



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