POLITIC AND ECONOMY

China is in Weapon Race Against US.

Vice chairman of the powerful Central Military Commission, Xu Qiliang said that China is to increase military technology capacity to become fully independent. While The Pentagon said China military development in technology has challenged US military superiority in air and space. China was capable of filling the gap in military technology by developing war equipment in radar, missile and advanced reconnaissance planes. (PE01/RU/23/June/15) 

Greece Rejected Austerity and Pushed Creditors to Renegotiate.

Greek finance minister step down soon after voters say no to further austerity as demanded by its creditors. Creditors set the terms including put on hold early retirement and sales-tax increases.  Whilst it is unclear whether Greece creditors come to terms with no austerity insistence, JP Morgan Chase & Co. predicted after rejection that Greece leaves Euro zone quite possible. (PE02/BL/6/July/15)