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Why Zhou Xiaochuan is Frequently Misinterpreted?

enlarge font  reduce font Release Date:2016-08-24   Author:Naruis Eileen   Browse Times:4222
Naruis Eileen 【An expert lecturer from “The Great Turning Point” Wisdom Lecture Platform】

Why Zhou Xiaochuan is Frequently Misinterpreted?

During the two sessions of NPC and CPPCC, there is a report titled Two Bank Vice Presidents Made Interpretation in the Same Day for Zhou Xiaochuan’s Remarks during the G20 Summit. Why the remarks are attached with such high importance? In fact, someone links the rising house price in first-tier cities to Mr. Zhou’s remarks delivered during the G20 summit and believed that the rush purchase of housing in large cities some time ago has some kind of connection with the hint from the Central Bank. Therefore, two bank vice presidents made announcement in the same day to express that the current currency policy in China remain no changed and denied the claim that “Mr. Zhou Said that adding leverage for real estate is correct”.

Coincidentally, there is another report The Central Bank: Encouragement of Investing Deposit into Stock Market is a Misinterpretation. Report said that the official micro-blog of the Central Bank last night released Review on Zhou Xiaochuan’s Remarks on Capital Market During the G20 Summit. The central bank made clarification for two transformed explanations within the month for Zhou Xiaochuan’s remarks during the G20 summit.

Actually, mis-interpretation of Mr. Zhou’s remarks is not limited to this year. We still can find another report released on March 2010 titled Foreign Media Mis-interpreted Zhou Xiaochuan’s Remarks and Overhyped the Rising RMB Significance.

Why Zhou Xiaochuan is always ins-interpreted?

Sensational headline writers make the things worse. In order to be more attractive, some media name article titles out of context to make an hype. I wrote an article “The Missing Quotation Mark Makes the Premier Misinterpreted”, in which I criticized some media hyping Premier Li’s remarks such as “burn incense wherever they see” and “visit temple whenever they see”. Premier Li’s metaphor should be added with a quotation mark, otherwise it would be misinterpreted that Premier Li opposes the religious freedom. Therefore, we can see that the two reports named titles out of the contexts.

Jargon is hard to understand. Central bank president always talks “jargons”, which are special and professional worlds on currency policies. General reporters without much know-how in this field are always anxious to write a headline whenever they got the news. They have fun in doing this. It is hard for everyone knows about and understands the “jargon” For example, during the high-level forum on China development, Central Bank President Zhou Xiaochuan said “one of the important methods would be accelerating the capital market development. Through capital market equity financing, larger proportion of national savings could be financed, which could reduce the rate of debt in GDP as well as the debt equity ratio.” What he said means that enterprise debt ratio should be reduced through direct financing. If he could talk like this, how could he be interpreted as “Zhou Xiaochuan claims to invest savings into stock market”?

Government officials and media are all tested. There is also risk for officials to face the media. It tests your policy strength and know-how about actual situation, and also your capability to cope with contingencies. Recently, many officials are questioned for their remarks, which are also new challenges for the old hand. In fact, media are also test at the same time. Indeed the media consider the need for competition, but they shall stick to politics and introduce positive energy and guidance. It doesn’t make sense for us to not strengthen review and let the rush headline writers to spoil the media development trend. Therefore, in face of test, both government officials and media shall be well-prepared and strengthen review with a responsible and honest attitude for the Party’s course, to avoid frequent subsequent misunderstanding and interpretation. 

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