CALL FOR NEW INFLATION MEASUREMENT SYSTEM

CALL FOR NEW INFLATION MEASUREMENT SYSTEM

Zhou Xiaochuan， former Governor of the Peoples Bank of China （PBC）， the central bank， has proposed to change the way to defi ne and measure infl ation.

In a recent article in a magazine affi liated with the PBC， he said the current infl ation measurement system is basically useless and could even lead to asset bubbles.

Traditionally， it is believed that if there is excessive monetary supply， the effects will be transmitted to asset prices and lead to infl ation， which will in turn prompt decision-makers to adjust monetary policies. But this law is being challenged. Central banks in advanced economies are struggling to cope with ultra-low infl ation rates even as benchmark interest rates have been cut to levels near or below zero.

Zhou suggests a broader concept of infl ation， with its measure going beyond the existing consumer price index by factoring in asset prices as well as the cost of public services.

Zhou served as PBC governor from December 2012 to 2018， making him Chinas longest serving central banker since 1949. He is vice chairman of the Boao Forum for Asia.

The Unquenched Marathon Spirit

Beijing Youth Daily December 4

The organizers of the Beijing Marathon announced on December 3 that the 2020 edition was canceled to ensure safety in the aftermath of the novel coronavirus disease （COVID-19）. In the past， the popular run used to be held between September and November.

Holding marathons has become a way for cities to showcase their comprehensive strength. Each year， the Beijing Marathon attracted nearly 30，000 participants from over 50 countries. Although the capital has achieved signifi cant progress in epidemic control， it is still wise to put off events requiring large gatherings to ensure continued public safety.

However， to cheer up disappointed marathon lovers， an online edition was launched in September， which ended on December 13. People signed up online and ran in their cities， which provided greater flexibility and cost substantially less. Participants in the online edition were also eligible to take part in a lottery. Winners would be ensured a place in the competition next year.

Other cities that host marathons and had to cancel them this year could borrow Beijings experience.

A marathon symbolizes the never-say-die spirit， where the participants challenge themselves， persevering to overcome their own limitations. The unavoidable cancellation will not stop people from following the spirit of the marathon， overcoming diffi culties in their daily life and achieving more meaningful goals.

Monitoring Online Drug Sales

Guancha.gmw.cn December 4

The Levofl oxacin eyedrop， which is an antibiotic， can be bought only if prescribed by a doctor. However， it has been reported that people can buy it online without an eprescription and pharmacists signature.

Online drug channels were opened to make things convenient， fast and more affordable. For some common diseases such as cold and cough， the sufferers themselves can choose their medicines and buy them online. The process is faster and costs less. Also， those suffering from chronic diseases， who usually use the same prescriptions， can save time and avoid lengthy procedures this way.

However， the reality is that the low threshold and lack of adequate supervision has made some Internet platforms sell prescription medicines without an eprescription from any Internet hospital or pharmacists signature.

This creates a drug abuse risk. Given that some drugs have potential side effects， drug misuse and wrong dosage can result in a severe risk. This was why the authorities did not allow online sale of prescription drugs for a long time. Although this issue aroused debate during the revision of the Drug Administration Law， online sale of prescription drugs was eventually allowed under the premise of strict supervision.

According to the revised law， online trading should adhere to the same standards and principles， including ensuring the online shops have a business license， qualifi ed pharmacists and other pharmaceutical personnel.

A document issued by the National Medical Products Administration asks that enterprises selling prescription drugs online should check electronic prescriptions and ensure their sources reliability.

An information-sharing mechanism between pharmaceutical retail enterprises and the healthcare information system of hospitals can help improve the situation.

Cloud Hiring

People.com.cn December 3

Thanks to developing Internet technologies， online hiring has acquired unique advantages such as low cost and serving more people. Amid COVID-19 prevention and control measures， it has grown into the fi rst choice of employers.

However， the model also has its weakness. For instance， given the huge demand for online recruitment， some agencies providing employment services need to strengthen their management abilities to avoid problems in information collection and analysis.

To address these issues and regulate the industry as well as protect employeesinterests， the Ministry of Human Resources and Social Security has released a guideline for managing recruitment services. The document asks the service agencies to post their licenses and other relevant information on their websites or apps. It also urges the recruiting companies to take responsibility for the recruitment information they release.

To ensure the healthy development of cloud hiring， the authorities should strengthen the supervision of all links. They also need to reinforce using big data and other technologies to improve supervision capabilities in different scenarios， such as remote supervision， mobile supervision， early warning and prevention.

FORMER ENGINEERING ACADEMIC SENTENCED TO PRISON

Li Ning， a former academic with the Chinese Academy of Engineering， was sentenced to 10 years in prison and fi ned 2.5 million yuan （$383，000） for embezzlement in the second-instance trial by a court in Jilin Province， northeast China， on December 8.

A prominent scientist in the fi eld of cloning， as well as a professor at the Chinese University of Agriculture on genetic breeding and cloning， Li was arrested in June 2016 for funneling state scientifi c research funds into a transgenic biology project. He was subsequently stripped of his academic title.

Li allegedly used his position as in charge of managing multiple funds for national scientific research projects to embezzle more than 34.1 million yuan （$5.22 million） from 2008 to 2012， which he consequently channeled into his shareholding and holding companies， according to the verdict.

“The criticism about ‘wolf warrior diplomacyis actually another version of the ‘China threat theory and another ‘speech trap，which aims to make China give up and never fight back. Chinas diplomacy has always been free from cowardice or obsequiousness and firmly determined to defend national interests and dignity.”

Le Yucheng， Chinese Vice Foreign Minister， addressing a forum of think tank representatives in Beijing on December 5

“Instead of enlisting universities to monitor foreign-born students and visiting scholars， particularly if they are ethnically Chinese， focus again on attracting—and welcoming—the brightest minds in the world， regardless of nationality or country of origin.”

Lee C. Bollinger， President of Columbia University， in an open letter to U.S. President-elect Joe Biden on December 3

“Currently， 40 percent of the 3G and 4G infrastructure [in Brazil] is [provided by] Huawei. If Huawei cannot provide this equipment， it is going to be much more expensive.”

Hamilton Mourao， Brazilian Vice President， during a conference held by the Sao Paulo Trade Association in Sao Paulo on December 7

“Despite that kind of national or political level competition， companies are here with longstanding and strong partnerships with their Chinese suppliers， Chinese vendors and customers.”

Matthew Margulies， Vice President of China operations for the U.S.-China Business Council， to China Daily on December 8