Outbreaks; Mortgage strikes; Fund flows; Chips; EU-PRC
Outbreaks - 10 different Omicron subvariants have been detected in the PRC, the situation in Lanzhou does not seem to be improving and both Tianjin and Shanghai are doing more mass testing. It is getting harder to see how there is not another massive, disruptive test of “dynamic zero-Covid” in the near future, which in spite of all the tweaks to better balance anti-epidemic work with economic development still means large-scale lockdowns if things look like they may get out control.
Dealing with the mortgage strikes - I am skeptical the movement to withhold mortgages on stalled projects will lead to any significant systemic risks, but the government is moving to quickly to address the problems, from telling banks and local governments to figure it out, to censoring information about the mortgage strikes, to floating an idea of a temporary halt of mortgage payments in unfinished projects to mollify the aggrieved owners. I do think this mess will destroy any hope of a near-term rebound i…
n pre-sales of new developments, absent massive discounting, and the security services must be very concerned about how quickly this movement spread not just within cities but across the country, as cross-geography organizing is the stuff of nightmares for the government.
Investors seem increasingly wary of Xi - If Xi doesn’t get a third term at the 20th Hong Kong and Mainland stock markets would likely explode. The odds of him not getting what he wants at the 20th are not 0 but are very low. “Mr X” going away would be perhaps the single most bullish event for PRC stocks in many years. The 20th party congress likely most meaningful party congress for global markets in decades of not ever, so no wonder many Wall Street/financial types are trying to push/construct scenarios around Xi’s power being checked/ended. Never say never but personally believe that is wishful thinking, and I expect that People’s Leader Xi for life would likely put a lot more pressure on capital outflows. I also expect that after the 20th we will start hearing things along the lines of “now that Xi has consolidated power the tough economic reforms can now begin, and that is bullish”.
EU-PRC meetings - EU-PRC trade talks finally reconvene this week, and the South China Morning has quite the scoop that the PRC side has invited the leaders of Germany, France, Italy and Spain to meet with Xi after the 20th Party Congress. If that is correct then it is yet another sign the PRC system is already prepared for Xi to remain in power after the 20th Party Congress. The SCMP reports also says that the 20th Party Congress is expected in October, which is the first I have seen of any expected date other than the officially announced “second half of 2021”.
US-China meeting in DC - Huang Runqiu, Chinese Minister of Ecology and Environment, was in DC last week for meetings.
US semiconductor bill may finally pass - Down to the wire, the industry lobbyists are doing their best to chip away at any meaningful restrictions, and I would not bet on them not succeeding, given how this town works.
More on Xi’s Xinjiang trip - As others have noted, this trip looks like a bit of a victory tour for Xi, with Xinjiang now much more stable and pacified than it was eight years. My guess is that this visit further confirms the assumptions after the appointment of Ma Xingrui a few months ago to lead the region that Xinjiang is entering a new phase, with the focus shifting from primarily on stability to now putting much more emphasis on economic development, so long as the stability can be maintained, so not a pull back from the crackdowns but more a routinization; i.e. as Xi said "that work on safeguarding stability is law-based and done on routine basis".
Thanks for reading.
The Essential Eight
10 different Omicron subvariants have been detected in the PRC, the situation in Lanzhou does not seem to be improving and both Tianjin and Shanghai are doing more mass testing. It is getting harder to see how there is not another massive, disruptive test of “dynamic zero-Covid” in the near future, which in spite of all the tweaks to better balance anti-epidemic work with economic development still means large-scale lockdowns if things look like they may get out control.
Shanghai reported more than a dozen new cases but none was found outside quarantined areas, local government data showed on Monday...
Tianjin, which launched multiple rounds of mass testing in recent months to curb earlier outbreaks, said on Monday it is again testing its more than 12 million residents, after two local infections were found.
In the northwestern city of Lanzhou, a lockdown in four major districts with around 3 million residents that started last week has been extended to July 24.
In the central Chinese city of Zhumadian, lockdowns for several million people in a few towns under its jurisdiction have been extended for a few days until Monday or Tuesday.
The southwestern city of Chengdu said on Monday it suspended various entertainment and cultural venues, widening such curbs over the weekend that had been limited to a few districts.
Forty-one Chinese cities are under full or partial lockdowns or district-based controls, covering 264mn people in regions that account for about 18.7 per cent of the country’s economic activity, according to an analysis released on Monday by Japanese investment bank Nomura.
That marked a deterioration from the situation a week ago, when curbs were imposed in 31 cities covering 247.5mn people and representing 17.5 per cent of the economy.
Shanghai’s government said it would require residents across nine districts and other administrative zones to take two Covid-19 tests over a three-day period from Tuesday. Local officials cited continued risks of the virus spreading outside known transmission chains, although reported locally transmitted infections fell to 17 cases on Sunday from a daily average of about 50 in the past week.
Caixin reports the subvariant in Gansu is BA2.38 and that it is still spreading in Lanzhou
Some individual cases have been detected in some other regions in the province. Tianshui, another city in Gansu, has announced to conduct temporary control measures starting from Monday over part of the public transportation due to epidemic outbreak. A seven-day temporary sealed-off management will be conducted from 7 pm Monday to 7 pm July 24 in Maiji district, Tianshui, according to local authorities.
At present, the Omicron variant BA.2.12.1 found in Chengdu has not been found to be associated with the recent local epidemic in other cities in the country
The crew member was the pilot for an Air China flight from Johannesburg, South Africa, to Shenzhen on July 14. He reached Beijing Capital International Airport on July 15.
He went to dine outside, watch movies and shopping and took public transportation when he should have stayed indoors for health monitor.
More than 2,000 tourists have become stranded in a resort town in southern China after authorities imposed a snap lockdown to curb a coronavirus flare-up, as the country's stringent zero-Covid policy continues to upend businesses and daily life.
The city of Beihai, a popular summer holiday destination known for its white-sand beach and volcanic island in the Guangxi region, has reported more than 500 infections over the past week -- a major outbreak by China's standards.
PRC has now reported 10 types of Omicron subvariants in the country, all came in from overseas
Despite a steady fall in infections that saw just 27 new cases reported on Sunday, authorities said the city's more than 600,000 residents must stay home, with all non-essential businesses shut, until Friday.
The medicine can clear up the novel coronavirus in around five days without major adverse reactions, Genuine Biotech said. The results met expectations and demonstrated Azvudine’s efficacy in shortening the disease and improving the condition of Covid-19 patients, the company said.
A person involved in Azvudine’s clinical trials acknowledged that the data didn’t show an advantage over other Covid-19 treatments. “The five days of viral clearance is little different from no treatment,” the person said.
2. Dealing with the mortgage strikes
I am skeptical the movement to withhold mortgages on stalled projects will lead to any significant systemic risks, but the government is moving to quickly to address the problems, from telling banks and local governments to figure it out, to censoring information about the mortgage strikes, to floating an idea of a temporary halt of mortgage payments in unfinished projects to mollify the aggrieved owners. I do think this mess will destroy any hope of a near-term rebound in pre-sales of new developments, absent massive discounting, and the security services must be very concerned about how quickly this movement spread not just within cities but across the country, as cross-geography organizing is the stuff of nightmares for the government.
Under a yet-to-be-finalized proposal from financial regulators, hundreds of thousands of buyers of stalled homes would be allowed to pause mortgage payments with no impact on their credit scores, the people said, asking not to be identified discussing a private matter. The plan is part of a broader push to stabilize the property market that includes urging local governments and banks to plug some of the funding shortages at developers, the people said.
Authorities are ramping up efforts to backstop the real estate sector after mortgage payment boycotts snowballed in recent days, impacting at least 230 projects across 80 cities as of Friday. Total mortgages at stalled Chinese developments amount to 2 trillion yuan ($296 billion), according to analysts at GF Securities Co. and Deutsche Bank AG.
While a payment holiday could backfire if it encourages owners of completed properties to also protest for relief after home prices slumped, regulators are calculating the move is necessary to inject confidence into the market and buy time for developers to complete projects.
The China Banking and Insurance Regulatory Commission (CBIRC) told the official industry newspaper on Sunday that banks should meet developers' financing needs where reasonable.
The CBIRC expressed confidence that with concerted efforts, "all the difficulties and problems will be properly solved," the China Banking and Insurance News reported...
In the Sunday interview, CBIRC urged banks to "shoulder social responsibility" and actively participate in the study of plans to fill the funding gap and support acquisitions of real estate projects.
Over the weekend, online platforms with information about mortgage boycotts and online petitions were scrubbed by China’s censors. Social-media posts tracking the issue disappeared from the internet, while some blogs on WeChat and Weibo that analyzed the movement were taken down.
On Sunday, the China Banking and Insurance Regulatory Commission asked banks to provide credit to eligible developers so that they can complete unfinished projects, an official told the regulator’s newspaper.
In an interview with China Banking and Insurance News published on Sunday, an official with the China Banking and Insurance Regulatory Commission (CBIRC) said that they have closely noted requests by homebuyers to stop mortgage payments due to delayed deliveries since late June.
CBIRC has stepped up coordination with other regulators to support local governments to guarantee the delivery of homes more effectively, the official said.
Specifically, the official stressed that banks have to shoulder social responsibilities and push forward the delivery of apartments "by all means" necessary. The official added that banks should actively participate in forming plans to fill the funding gap and provide credit to qualified financing needs for developers to facilitate the rapid resumption and early delivery of the real estate projects.
“Preventing the risk of a ‘hard landing’ in the property sector should be high up among our priorities and given serious attention,” Zhu Guangyao, who was vice finance minister between 2010 and 2018, said during an online seminar Monday. Local governments need to handle the boycotts well and “be strictly on guard to prevent it from spreading and triggering a banking crisis,” said Zhu, who is now a counsellor to the State Council, which is China’s cabinet.
At least a fifth of rated Chinese property developers will end up becoming insolvent, putting as much as US$88 billion of their distressed bonds at risk, according to S&P Global Ratings.
While some developers have resorted to debt extensions and bond exchanges to buy time to avoid default, investors will soon lose patience and press their claims through the courts or debt restructuring if a recovery of the sector does not play out by the first quarter of 2023, the ratings agency said
The central government will take multiple measures to enhance the capitalisation of small and medium-sized banks and build up their resistance to risks, the state-run newspaper reported late on Sunday, citing an unnamed official at the China Banking and Insurance Regulatory Commission..
In the near future, other local special bond issuance plans will be approved, and it is expected that the overall amount of 320 billion yuan will be distributed by the end of August, the newspaper added.
3. Investors seem increasingly wary of Xi
If Xi doesn’t get a third term at the 20th Hong Kong and Mainland stock markets would likely explode. The odds of him not getting what he wants at the 20th are not 0 but are very low. “Mr X” going away would be perhaps the single most bullish event for PRC stocks in many years. The 20th party congress likely most meaningful party congress for global markets in decades of not ever, so no wonder many Wall Street/financial types are trying to push/construct scenarios around Xi’s power being checked/ended. Never say never but personally believe that is wishful thinking, and I expect that People’s Leader Xi for life would likely put a lot more pressure on capital outflows. I also expect that after the 20th we will start hearing things along the lines of “now that Xi has consolidated power the tough economic reforms can now begin, and that is bullish”.
Money managers once enticed by China’s juicy yields and huge tech companies now say reasons to avoid the country outweigh incentives to buy. They cite everything from unpredictable regulatory campaigns to economic damage caused by strict Covid-19 policies, not to mention growing risks stemming from a wobbly real-estate market and even Xi’s coziness with Russia’s Vladimir Putin...
The caution is leaving a mark, with allocations to China among emerging-market equity funds falling to the lowest in three years, EPFR Global said in a report this month.
Rather than debate when to buy the dip in Chinese assets, discussions among global investors now focus more on how much to reduce exposure.
Temasek last week announced that its net portfolio value increased to S$403 billion ($297 billion) at the end of March 2022, up from S$381 billion a year earlier. But its portfolio exposure in China slipped to 22% in the financial year ended March 31 from 27% previously, resulting in the country taking the second spot after Singapore as an investment destination.
Wu explained that the drop was due to a decline in the market valuation of Temasek’s China assets — the investor had actually expanded investments in the country in the latest financial year.
“Global investors will continue investing in China as long as it remains the China that people are familiar with — a nation that prioritizes economic development,” Wu said.
Question: Why would Wu even have to say “as long as it remains…a nation that prioritizes economic development”?
4. EU-PRC meetings
EU-PRC trade talks finally reconvene this week, and the South China Morning has quite the scoop that the PRC side has invited the leaders of Germany, France, Italy and Spain to meet with Xi after the 20th Party Congress. If that is correct then it is yet another sign the PRC system is already prepared for Xi to remain in power after the 20th Party Congress. The SCMP reports also says that the 20th Party Congress is expected in October, which is the first I have seen of any expected date other than the officially announced “second half of 2021”
Valdis Dombrovskis, the European commissioner for trade, and Chinese vice-premier Liu He will co-chair the virtual meeting, which will also include representatives from the trade and economics ministries of both sides.
According to a European Commission representative, a number of global economic challenges will be discussed, including food security and energy prices, supply chains, financial services, and bilateral trade and investment concerns.
Top European leaders have been invited to meet Chinese President Xi Jinping in Beijing in November but have yet to decide whether to accept.
Invitations have been sent to German Chancellor Olaf Scholz, French President Emmanuel Macron, Italian Prime Minister Mario Draghi and Spanish Prime Minister Pedro Sánchez, according to a senior source familiar with the situation.
The proposed date would be right after the 20th party congress in October. The fact that Xi is inviting European leaders to China in November indirectly confirms that he will get a third term as president...
A “heated debate” is ongoing in Paris on how to deal with the invitation, but leaders of Europe’s most powerful nations are known to favour dialogue with China on issues such as Ukraine, food security, and economic relations.
“It is difficult to say no to China, especially to Xi,” said the senior diplomat.
Wang Yi, China’s foreign minister, will travel to Europe in September on his way to the United Nations General Assembly in New York that month, during which he “will be preparing these high-level visits to China”, the diplomat added.
Hu Qimu, chief research fellow at the Sinosteel Economic Research Institute, told the Global Times on Monday that the EU is very likely to slide into recession by relying on its own economic cycle. Therefore, it is necessary for EU to strengthen cooperation with China．
As for why the trade dialogue was delayed for several months, Chinese experts said that the main reason is that the EU believed in the US energy commitment, stood firmly on the US side and held high the banner of sanctions against Russia.
The lessons from the Ukraine crisis are profound and worth well learning for all sides, Wang noted, saying that in the long run, the parties should discuss building a balanced, effective, and sustainable European security framework, so as to realize lasting peace and security.
China, Wang said, cherishes the trust and friendship with Hungary, and appreciates the Hungarian side for always upholding justice in China-related issues, understanding China's just propositions and supporting China in safeguarding its legitimate rights and interests...
Wang said he believes that Hungary will continue to uphold an objective and just position, and push the European Union to adopt positive and practical policies towards China.
Szijjarto said that China has never been an opponent of Europe but a partner who brings cooperation opportunities.
5. US-China meeting in DC
Huang Runqiu, Chinese Minister of Ecology and Environment, was in DC last week for meetings.
China’s environment minister, Huang Runqiu, made a rare visit to the United States last week, as Beijing pushes green cooperation to mend ties with Washington.
Huang is the first Chinese official at ministerial level or above who has made a public visit to Washington during the presidency of Joe Biden, after face-to-face gatherings between officials of the two countries were affected by their worsening relationship and the pandemic...
On Friday, China’s Minister of Ecology and Environment Huang held bilateral meetings in Washington with US Secretary of Commerce Gina Raimondo, deputy administrator of the US Environmental Protection Agency (EPA) Janet McCabe and Gavin Newsom, the governor of California, according to a readout from Huang’s ministry on Monday.
Governor Newsom started his final day in DC with a meeting of global significance. He met with Huang Runqiu, Chinese Minister of Ecology and Environment to further California’s climate partnership with China.
The meeting comes after California and China signed a Memorandum of Understanding earlier this year to advance ongoing climate cooperation. At the meeting, the Governor and the Minister agreed to accelerate action on an ambitious work plan that includes initiatives to protect biodiversity, reduce methane emissions and air pollution, and promote clean energy development.
Positive that the PRC still willing to talk climate? - US ramps up military provocations despite calls to set 'guardrails' in high-level meeting - Global Times
The US has approved new arms sales to the island of Taiwan and sent a warship close to China's Nansha and Xisha islands in the South China Sea, only a week after a five-hour high-level bilateral meeting on July 9, which analysts believe fully demonstrates the internal chaos of US policy and its hypocrisy.
The US destroyer USS Benfold sailed near the Nansha Islands in the South China Sea on Saturday, Reuters reported, citing a US Navy statement.
The provocation near the Nansha islands came after the same US warship was warned away on Wednesday by naval and air forces of the Chinese People's Liberation Army (PLA) Southern Theater Command for illegally entering Chinese territorial waters of the Xisha Islands also in the South China Sea.
On Friday, the US State Department approved the possible sale of military technical assistance to Taiwan for an estimated cost of $108 million, the US Defense Security Cooperation Agency said in a press release.
6. US semiconductor bill may finally pass
Down to the wire, the industry lobbyists are doing their best to chip away at any meaningful restrictions, and I would not bet on them not succeeding, given how this town works.
Intel and other chipmakers are lobbying to curtail limitations on their operations in China…
Key to the issue, one industry source said, is how to define an advanced microchip, which subsidy recipients could be prohibited from producing in China.
An early draft of the legislation wrote in a static limitation of 28 nanometers, meaning subsidy recipients could not produce any chips smaller and more advanced than that measurement in China. But the chipmakers want more flexible language that would allow the Secretary of Commerce to determine which chips would be off limits. That would allow chipmakers to continue adding production of older, legacy chips in China for years in the future – though they say those chips would be generations behind the ones produced in the U.S.
It would seek to prevent companies from using the subsidies if they also were building or expanding advanced semiconductor manufacturing plants in China or other potentially unfriendly countries, according to a draft reviewed by The Wall Street Journal.
Comment: How "advanced" is defined is key, and still very much under discussion as industry lobbyists pressure for a softening.
Currently, the legislation would prohibit companies from expanding their semiconductor manufacturing in China for 10 years after they take a grant to build a US plant. Companies could continue to invest in “legacy” chip manufacturing in China, but the definition of that term is unresolved.
We were shocked when we learned that when ACM Research says “evaluations in process with major U.S. manufacturer,” they mean Intel. The same Intel that is currently begging the United States and European governments for subsidies due to East Asian dominance in the semiconductor industry. We confirmed with multiple sources including directly with ACM Research that Intel is in the process of qualifying an ACMR tool which was made in China for the Intel Oregon campus. The Oregon campus is subsidized by Oregon tax payers, so we wonder how these tax payers would feel if they knew they were helping pay for wafer fabrication equipment from China. Once qualified, it is very possible that Intel could utilize Chips Act government subsidies to import more tools into Oregon, Arizona, and Ohio for volume production despite the existence of Japanese and American alternatives.
A tech arms race is underway. In order to control the supply of this small but vital component, China and the US are desperately funnelling money into their own national champions, whilst 'kneecapping' each other's efforts, as my guest Nigel Inkster tells me on this episode. He's the former director of operations and intelligence at MI6 and author of The Great Decoupling: China, America and the Struggle for Technological Supremacy.
Not directly related to the bill going through Congress, but a reminder that US technology are being used to develop PLA weapons to attack the US and its interests - Chinese scientists simulate hypersonic flight to US after devising BeiDou satellite-switching system | South China Morning Post
A Chinese satellite navigation system will allow the Chinese military to monitor, or even control, a hypersonic flight from China to the United States, according to a new study by Chinese space scientists...
In the study, the Chinese researchers simulated the flight of a hypersonic vessel launched from Jinan, in China’s eastern Shandong province, to New York via the Arctic Ocean.
Why would they want to simulate a flight to NYC from Jinan, and carrying what kind of payload?
A knowledgeable person who has read the paper and did additional research tells me that the two PLA front companies that wrote the paper use restricted US chips in their satellite communications systems and use advanced computers with US technology content to model their algorithms. None of the PLA front companies are on the Commerce department restricted entities list.
7. More on Xi’s Xinjiang trip
As others have noted, this trip looks like a bit of a victory tour for Xi, with Xinjiang now much more stable and pacified than it was eight years. My guess is that this visit further confirms the assumptions after the appointment of Ma Xingrui a few months ago to lead the region that Xinjiang is entering a new phase, with the focus shifting from primarily on stability to now putting much more emphasis on economic development, so long as the stability can be maintained, so not a pull back from the crackdowns but more a routinization; i.e. as Xi said "that work on safeguarding stability is law-based and done on routine basis"
The official translation of the full readout. Some highlights:
From Tuesday to Friday, Xi's itinerary included Urumqi, Shihezi, and Turpan cities, and he made fact-finding trips to a university, an international land port area, a residential community, museums, a village, and the Xinjiang Production and Construction Corps (XPCC), among other sites...
Our country is a unified multiethnic country, with the Chinese people of all ethnic groups united in diversity being a salient feature, Xi noted. Creatively adapting Marxist ethnic theory to China's specific realities, we have formulated ethnic theories and policies characterized by ethnic equality and unity, regional ethnic autonomy, and shared development and prosperity, so that all ethnic groups have enjoyed equality, unity and progress in real sense under the socialist system...
Xi stressed that with the country opening wider to the world, the western region being further developed, and the Belt and Road Initiative being materialized, Xinjiang has changed from a relatively closed inland region to a frontier of opening up. The region should develop the core area of the Silk Road Economic Belt, incorporate its regional opening-up strategy into the overall layout of the country's westward opening up, innovate the system for an open economy, speed up the construction of major opening-up corridors, so that it can make better use of international and domestic markets and resources and actively serve and integrate itself into the country's new pattern of development. He also urged local leading officials to continue to prevent both inbound cases and domestic resurgences of COVID-19, uphold a dynamic zero-COVID policy and try their best to adopt targeted response measures and reduce inconvenience in people's everyday life...
we should make full and effective use of the historical facts, archaeological objects, and cultural heritage on the exchanges between various ethnic groups in Xinjiang, to prove that this region inhabited by many ethnic groups has been an integral part of China since the ancient times, and that various ethnic groups in Xinjiang have been important members of the big Chinese family in weal and woe...
At a cotton planting base of the Agricultural 1st Company, Xi checked on cotton growth, and asked farmers and agricultural technicians in the field about cotton planting, marketing and their family income, among others...
Xi noted that with the overarching goal of Xinjiang work as the focus, efforts must be made to advance the fundamental, basic and long-term imperatives to ensure enduring social stability and long-term security in the autonomous region...
We must ensure that work on safeguarding stability is law-based and done on routine basis. We must communicate Xinjiang to the world in a multi-level, comprehensive and multi-dimensional manner, do a better job in letting the world see Xinjiang with their own eyes, and tell Xinjiang's stories well, Xi said.
Xi stressed that we must develop a strong sense of community for the Chinese nation and encourage more exchanges and interactions among different ethnic groups. All the ethnic cultures in Xinjiang have their roots in the Chinese civilization. We must educate and guide all officials and people to have a correct understanding of Xinjiang's history, especially that of its ethnic groups, so as to uphold the right perspective of the Chinese nation's history and strengthen the national psyche of the Chinese nation...
We must train a team of Party and government officials who are adept at the Marxist view on religion, familiar with religious affairs and competent to engage in related work, foster a group of religious figures who are politically reliable, have noble characters and religious accomplishments and can play their role at critical times, and foster a group of religious researchers who have firm political stand and good academic achievements, stick to the Marxist view on religion and be good at innovation...
Cultural identity is of utmost importance. It is important to have a correct understanding of our history and culture, highlight Chinese cultural characteristics and the visual image of the Chinese nation. We should demonstrate the common features of Chinese culture, and display the historical facts of exchanges and interactions between Xinjiang and various ethnic groups in the rest part of China by developing a particular discourse and other effective vehicles.
Xi in a cotton field:
Seems to be a new phrase by which CCP (Xi Jinping) describes the relationship of Xinjiang non-Han people to "Zhonghua" (Chinese) identity, maybe first rolled out in Xi's speech after his recent Xinjiang tour: 中华文明是新疆各民族文化的根脉所在 (1/n)...
The Zhonghua collectivity is asserted as a thing in itself, not a "sense" of something--this community (he says) exists; what needs to be forged is the recognition, consciousness of that existing Chinese community. 7/n
This new conciousness is necessary b/c just few years ago it was not taught that Uyghurs have been "Chinese" for all time. From 2015 CCP changed the textbooks it itself had published ca. 2010. Xi has decreed a new history of XJ, even more Sino-centric than past versions. 7.5/n
Chinese Vice Premier Liu He on Monday called for efforts to boost industrial vitalization and innovation-driven development in northwest China's Xinjiang Uygur Autonomous Region.
Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a written speech at the "Silk Road Academician Forum: Promote Innovation and High Quality Development," which commenced on the same day in Urumqi, Xinjiang.
The tag "Xinjiang is overwhelmed by tourists from all over the country" topped the search trend on China's Twitter-like social media platform Sina Weibo on Monday, with many netizens expressing their praise for local scenery...
Volkswagen China's CEO Stephan Wollenstein said Friday that Volkswagen made the decision to keep its Xinjiang plant running after discussions with the company's Chinese joint venture partner, China's state-owned SAIC Group.
"We both agreed that it would be very difficult to close the plant and to open it thereafter," Wollenstein said, referring to a conversation he had with SAIC Chairman Chen Hong.
Wollenstein added that the Chinese automaker's executives told Volkswagen that if the company closed the Xinjiang plant for political reasons, it would do more harm than good.
Review of Ilham Tohti's “We Uyghurs Have No Say” and Nury Turkel's “No Escape: The True Story of China’s Genocide of the Uyghurs”
Everybody Is Gone is an innovative live event that provides audiences with a unique perspective on the ongoing crisis in the Uyghur Homeland. Uniting elements of journalism, live performance, and museum exhibition, the immersive event offers audiences the opportunity to deeply and personally understand the impact of the state-backed surveillance and oppression that affect millions.
8. A new attempt to control iron ore pricing
A new company backed by China’s central government is close to debuting as a vehicle to manage overseas iron ore investments and handle buying of steelmaking ingredients.
Creation of the enterprise is part of China’s long-pursued goal of enhancing its position in the global iron ore trade. China produces more than half of world’s crude steel and consumes the lion’s share of global iron ore. In 2021, China purchased nearly 70% of the world’s iron ore exports, spending about $180 billion...
People with knowledge of the matter said the company will act as a centralized purchasing platform for some state-owned steelmakers and traders to unify negotiations with suppliers and exert stronger bargaining power. It will also house overseas mining assets such as the massive Simandou iron ore project in Guinea, the people said.
Caixin learned that several of China’s top steelmakers including China Baowu Steel Group Corp. Ltd., Anshan Iron and Steel Group Corp., China Minmetals Corp. and Shougang Group Co. Ltd. agreed to acquire minerals through the new platform...
The formation of the new company advanced this month when Yao Lin, chairman of Aluminum Corp. of China (Chinalco), stepped down after three years as the head of China’s biggest state-owned aluminum maker. Yao, 57, was named to oversee preparation of the new company in the second half of 2021 and is expected to head the company, sources said.
The plan has been under consideration for years with the backing of senior leaders, the people said. At the very least, it will be a vehicle to consolidate several overseas iron ore investments including Simandou, as well as raw materials purchasing for a handful of China’s biggest state-owned steelmakers.
Business, Economy and Trade
China Issues More Rules For Online Lending to Control Risks China’s top banking regulator has issued more rules governing online lending by commercial banks, including loans jointly issued with third-party internet platforms, as authorities ramp up efforts to control financial risks in the sector. The additional rules further clarify the requirements for loan management and independent risk control expected of lenders, according to a Q&A published by the China Banking and Insurance Regulatory Commission (CBIRC) on Friday. // 中国银保监会关于加强商业银行互联网贷款业务管理 提升金融服务质效的通知_财新数据通频道_财新网
Didi Fined 4.3 Million Yuan for Breaking Money Laundering Rules - Caixin China’s central bank has fined the online payment arm of ride-hailing giant Didi Global Inc. 4.3 million yuan ($633,241) for violating money laundering regulations and other rules, according to a Friday notice published by the People’s Bank of China’s (PBOC’s) operation office in Beijing. The PBOC listed 11 violations in the notice, including failing to confirm the identity of its customers. It also penalized two of the payment unit’s former executives
最高检：多措并举积极落实民营经济平等保护_中证网 In a move intended to support the private sector, China’s Supreme Procuratorate said it would be more lenient when dealing with cases related to private firms. “When dealing with criminal activities pertaining to executives at private firms, their operational staff and key technology staff, (we) must sufficiently consider the characteristics of private firms. We must issue as few prosecutions as possible, as few asset seizures as possible, and make as few arrests as possible.” It also said it will be more prudent in freezing assets of private companies.
China's monetary policy has ample room to meet challenges, state media say | Reuters China's monetary policy has ample room and sufficient tools, including further cutting banks' reserve requirements, to cope with new challenges amid a shaky economic recovery, a commentary in the state-owned Securities Times said on Sunday.
China’s growth hopes rest on troubled local government financing vehicles | Financial Times $$ Hitting 5.5 per cent growth for the year will only be possible if LGFVs accelerate construction activity. But the local government vehicles are finding it difficult to borrow from banks and institutional bond investors, and are increasingly being forced to offer retail investors high interest rates to raise cash. Tapping retail investors directly, some for as little as Rmb50,000 each, is a departure for LGFVs, which have traditionally raised capital from institutions — mainly banks — or from individual investors acting through third parties such as trust firms and brokerages, and with minimum investments set at Rmb1mn. // Question: What could go wrong?
Tiger Global-backed Missfresh faces fight for survival | Financial Times $$ Tiger Global-backed grocery delivery start-up Missfresh is fighting to survive as it shuts operations across China, wallows in an accounting scandal and searches for capital to sustain its business. Shares of the Nasdaq-listed company have lost 97 per cent of their value since its IPO in June last year, and this week announced it would dilute ailing shareholders further by issuing 300mn shares to a Shanxi coal mining group for Rmb200mn ($30mn).
A North Dakota City Attracted a Corn Mill. Then Came Questions About Its Chinese Owners. - The New York Times when Fufeng USA, the American subsidiary of a Chinese company that makes components for animal feed, announced last year that it wanted to build a corn mill in that field, officials in Grand Forks celebrated. The mill, they said, would bring as many as 1,000 construction jobs and more than 200 permanent jobs to the city. Gov. Doug Burgum, a Republican, described it as a “huge opportunity” for all of North Dakota. But what local politicians lauded as an unambiguous win soon divided Grand Forks. Some residents were excited by the prospect of more jobs and investment, but the company’s ties to China turned others against the project.
China Private Investment Fund Regulations Stuck in Limbo for Another Year - Caixin The regulations are expected to effectively address issues in the sector and set up a regulatory framework at the level of the State Council, the country’s cabinet. But they didn’t appear on the legislative work plan issued on Thursday. Caixin learned from regulatory sources last year that industry insiders had disagreed with aspects of a 2021 draft version of the rules, raising questions, resulting in the need for additional revisions.
Chinese drone maker lobbies to defeat US national security ban | Financial Times $$ DJI is working to derail congressional efforts that would hit its business in the US. The ADSA would also prohibit US local law enforcement from using federal grants to buy its drones. According to OpenSecrets, which tracks lobbying spending, DJI has spent almost $4mn since the start of 2018. // Comment: I hear one successful tactic DJI's lobbyist has used is getting law enforcement groups in the US to lobby again any ban, arguing they need the drones to do their jobs
Exclusive: Hainan Airlines’ Operator Seeks $3 Billion Emergency Loan, Sources Say - Caixin Beijing-based strategic investor Liaoning Fangda, which only assumed management of HNA’s flagship carrier Hainan Airlines Holding Co. Ltd. in December as part of the conglomerate’s restructuring, has repeatedly asked for financial aid from the Hainan provincial government, the sources said...In addition to the 20 billion yuan loan, other requests by Liaoning Fangda have included a cash injection by the provincial government of an unspecified amount and up to 10 billion yuan slashed from its debts, the sources said.
Mongolia says Russia-China gas pipeline will break ground in 2024 | Financial Times $$ Mongolia expects Russia to begin construction of the “Power of Siberia 2” gas pipeline through its territory to China within two years, as Moscow moves to connect its Europe-supplying gasfields to Asia for the first time.
Jeep Owner Stellantis to End China Joint Venture - WSJ $$ “Stellantis intends to cooperate with GAC Group in an orderly termination of the joint venture formed in March 2010, which has been loss-making in recent years,” it said. The decision marks a setback for Stellantis Chief Executive Carlos Tavares, who had planned to use the joint venture to expand the car maker’s business in China. Stellantis was forged last year through the merger of Fiat Chrysler Automobiles NV and France’s PSA Group, but both car makers have long struggled to gain a foothold in the world’s largest auto market.
Tesla is aggressively hiring in China despite company-wide layoffs announced last month - PingWest On the career page, there are more than 700 open jobs in R&D, production, sales, and other areas, state-owned news outlet Shanghai Securities News reported. More than one-third of the job openings are related to manufacturing, and sales and service talents were also what Tesla focused on hiring for.
Dior draws fresh fire in China, this time over ‘hallmark’ skirt resembling Ming and Qing attire | South China Morning Post French luxury brand Dior has come under criticism in China after launching a skirt said to resemble a piece of ancient Chinese clothing, branded by the company as its “hallmark silhouette”. “The so-called Dior silhouette is very similar to the Chinese horse-face skirt. When many details are the same, why is it shamelessly called a ‘new design’ and ‘hallmark Dior silhouette’?” fumed an opinion piece published by People.cn
Politics and Law
China reaffirms determination to wipe out mafia gangsters, protectors - Global Times China will wipe out all gang-related crime, reaffirmed the top prosecutor on Monday, saying that China has indicted 230,000 people who were engaged in mafia-like gangs and other crimes, and 2,987 people who acted as their protectors, in the three-year national crackdown on gang crimes from 2018 to 2021...The Ministry of Public Security said on Sunday that more than 72,000 suspects have been arrested since the start of a 100-day national campaign on June 25, which aimed at crushing illegal behavior of gangs and their protectors to protect women, children, elders and the disabled.
奋力开创新时代公安特勤工作新局面--法治网 Minister and Party Secretary of the Public Security Ministry Wang Xiaohong is still also head of the ministry's "special duty bureau 特勤局", per this readout of his comments at ceremony issuing commendation ceremony from members of the bureau.
Chinese vice premier stresses green, high-quality development-Xinhua Interesting that two Standing Committee members visited Tibet at the same time // Han Zheng has underscored the importance of sticking to a green growth path prioritizing ecological protection and called for new achievements in promoting high-quality development. Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during visits to the city of Nyingchi in southwest China's Tibet Autonomous Region and Yushu Tibetan Autonomous Prefecture in northwest China's Qinghai Province on Thursday and Friday.
Top legislator highlights ecological protection on Qinghai-Tibet Plateau-Xinhua Li Zhanshu has stressed the implementation of a systematic, coordinated and special protection approach in drafting a new law on the ecological protection of the Qinghai-Tibet Plateau. Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National People's Congress Standing Committee, made the remarks during a research tour in southwest China's Tibet Autonomous Region related to the legislation from Tuesday to Friday.
寫詩罵蟬被指影射習 上海記者認錯 - 20220718 - 中國 - 每日明報 - 明報新聞網 Xuan Kejiong, a reporter from the Shanghai Radio and Television (SMG) Rong Media Center, recently published a limerick of "Zhizhi" on his personal Weibo account, including words such as "high above" and "thinking he is smart", which was interpreted by some netizens as Alluding to the national leader Xi Jinping, Xuan Kejiong was criticized and educated by his employer and reflected on it. At present, his Weibo has been banned. // 上海廣播電視台（SMG）融媒體中心旗下記者宣克炅近日在個人微博帳號發表一首《致知了》打油詩，其中包括「高高在上」、「自以為聰明」等用詞，被一些網民對號入座解讀為影射國家領導人習近平，宣克炅因此受到供職單位批評教育並反思，目前他的微博已經被禁言。
Top political advisor calls for greeting 20th CPC national congress with steady progress-Xinhua The remarks were made as Wang presided over the 74th Chairperson's Council meeting of the 13th National Committee of the CPPCC in Beijing. The meeting also reviewed and approved a draft agenda and schedule for the 23rd session of the Standing Committee of the 13th CPPCC National Committee, among other matters...23rd session of the Standing Committee of the 13th CPPCC National Committee scheduled for August 22 to 24
Foreign and Defense Affairs
Wang Jisi's Remarks at the 10th World Peace Forum in Beijing | U.S.-China Perception Monitor Professor Wang Jisi put forward three hopes with regards to current Sino-US relations, “to restore and enhance normal foreign exchanges; to find ways to avoid war; to continue to develop economic and trade relations and scientific and technological exchanges”. In addition, he gave his own responses to questions about U.S. policy toward China, the attitudes of both China and the United States on Taiwan, the voices of the people and the government, the impact of China’s position on the Russian-Ukrainian war on the United States, and relations with third-party countries. Wang’s prescription for stabilizing U.S.-China relations is in the following four areas: achieving peace and stability, seeking better communication channels, raising issues in specific terms; and creating clearer transmission of attitudes by the government.
China and the U.S. Compete for Global Techno-Security Dominance - IGCC In this policy brief, IGCC director Tai Ming Cheung discusses U.S.-China great power competition and rivalry.
Chinese envoy calls for fundamental adjustment of mandate of UN Haiti mission-Xinhua Haiti has been one of the most complicated and protracted challenges on the Security Council's agenda. UN's engagement in Haiti dates back to the early 1990s. However, 30 years later Haiti is hardly in any better shape. On the contrary, it is caught in a more severe crisis, said Zhang Jun, China's permanent representative to the United Nations. Last October, thanks to an initiative of China and some other council members, the Security Council requested the UN secretary-general to conduct an assessment of the mandate of BINUH in light of the actual conditions in Haiti, which shall serve as reference for the council to strengthen the mandate in a targeted manner, he said.
China launches nonstop flights from Beijing to Belgrade amid closer tie-up with Central and Eastern Europe - Global Times Chinese carrier Hainan Airlines on Saturday launched nonstop flights from Beijing to Belgrade, with the first flight greeted by Serbian President Aleksandar Vucic at a ceremony at the Belgrade Nikola Tesla Airport, as a fruitful tie-up between China and Central and Eastern Europe makes the case for greater connectivity.
Specialized rescue, maritime management stationed in China's Nansha Islands & reefs - Global Times A rescue flight brigade of China's Ministry of Transport in the South China Sea, the local marine department and the maritime search and rescue center have been stationed on Nansha Islands and reefs in South China Sea to undertake emergency rescue missions, perform duties such as supervision of maritime traffic safety and prevention and control of ship pollutions in the area and to guarantee navigation safety and production activities in coastal states.
US Ambassador nominee's claim that Nepal grants MCC amid 'China's disinformation campaign' baseless and offensive: Chinese embassy - Global Times The Chinese embassy in Nepal refutes US Ambassador nominee Dean Thomson's claims about the endorsement of the Millennium Challenge Corporation (MCC) Compact between Nepal and the US amid China's "disinformation campaign," calling the groundless accusation from the US a slander to China and an offence to the Nepalese people. Thompson, the US nominee for ambassador to Nepal, said on Wednesday that Nepal's parliament ratified the MCC Compact in the face of China's "disinformation campaign."
China, Vietnam agree to strengthen inter-party exchanges - People's Daily Online Chen Xi, a senior official of the Communist Party of China (CPC), held talks with Truong Thi Mai, head of the Organization Commission of the Central Committee of the Communist Party of Vietnam (CPV), via video link on Monday. Chen, a member of the Political Bureau of the CPC Central Committee and head of the CPC Central Committee's Organization Department, said China is ready to work with Vietnam to give full play to the special advantages of inter-party exchanges, push for more fruitful exchanges and cooperation between the two parties in such areas as organization and cadres, and take concrete actions to expand the connotation of China-Vietnam comprehensive strategic cooperative partnership.
U.S. wants to end dependence on China rare earths, Yellen says | Reuters Yellen will map out her concerns in a major policy address in Seoul on Tuesday after touring the facilities of South Korean tech heavyweight LG Corp during the final leg of an 11-day visit to the Indo-Pacific region. According to excerpts of her remarks, Yellen will make a strong pitch for "friend-shoring" or diversifying U.S. supply chains to rely more on trusted trading partners, a move she said would also combat inflation and help counter China's "unfair trade practices."
On China’s list of ‘demands’, mind the language - The Australian Whereas nothing in the English readout suggested the four action points were “demands” or “musts”, the Chinese version was different. Each of the four action points for Australia was prefaced with the Chinese words “yao jianchi”. “Yao” is typically used for “must”, “shall”, “needs to”, “has to” or “required to”, while “jianchi” means “insist”. If these do not convey “demand”, what does?
Richard Marles as bad as ‘extremely anti-China’ Peter Dutton claims Beijing - The Australian In a bombastic editorial, the party-state masthead Global Times said “Marles did not only degrade himself, but actually belittled the whole of Australia” during his recent trip to Washington. The Beijing mouthpiece said the Australian Defence Force was becoming a “plug-in of the US” and warned that China would see Australia as a “forward base of the US military”.
Dalai Lama travels to remote Ladakh region bordering China | AP News The exiled Tibetan Buddhist spiritual leader the Dalai Lama on Friday arrived in India’s remote Ladakh region bordering China where he received a rousing reception. Thousands of people lined both sides of the road outside the airport in the cold desert region’s Leh town to welcome the Dalai Lama, who is touring outside his base in the northern Indian city of Dharmsala for the first time since the outbreak of the coronavirus pandemic in 2020. He will stay in Ladakh for about 45 days.
How many aircraft carriers does China need? One analyst says at least 6 | South China Morning Post Wang Hongliang, associate researcher at the Shanghai Jiao Tong University’s National Strategic Research Centre, suggested in an article published last week that, assuming the country could afford it, each of the navy’s three fleets would need two aircraft carriers, and maybe one more for a future Indian Ocean fleet. “If we are bold enough in predicting it, is it possible to maintain a permanent naval force in the Indian Ocean in the future to more effectively protect China’s most important trade route? Then this fleet, far from home ports, may need an aircraft carrier as well,” he wrote in The Paper.cn, a Shanghai-based news website.
Sen. Marco Rubio: Expose Secret Chinese Communist Party Cells - WSJ $$ My No Chinese Communist Surprise Parties Act (S.3598) would require companies to disclose the presence of CCP cells and whether they influence corporate decisions. If companies have to disclose their risk from carbon emissions, they certainly should do the same for communism. Sen. Marco Rubio (R., Fla.)
Anyone who dares to challenge the bottom-line of the "one country, two systems", to and assume an anti-China stance and instigate riots in Hong Kong and in Macao will be severely punished, Xia Baolong, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and head of the Hong Kong and Macao Affairs Office of the State Council, told said at a panel discussion in studying Chinese President Xi Jinping's latest speech in Hong Kong on Monday...
Xia urged that all the residents in Hong Kong and in Macao to remain vigilant on the anti-China figures who instigate riots in the cities, as the US-led Western forces could make cause trouble anytime. To implement the principle of only patriots governing Hong Kong and Macao, we should resolutely crack down on any anti-China forces that instigate riots resolutely and fight back the US-led foreign forces firmly to safeguard these two cities...
Regina Ip Lau Suk-yee, the chairperson of the New People's Party in Hong Kong, who was also appointed recently as convener of the Executive Council meeting, told the Global Times on Monday that speakers did not mention the timetable for the legislation of Article 23 but said there are still anti-China rioters who are colluding with foreign forces to sabotage the city, on which we should remain vigilant in the long term.
Xia gave this speech at the "Seminar on "Learning and Implementing the Spirit of President Xi Jinping's Important Speech at the Celebration of the 25th Anniversary of the Return of Hong Kong to the Motherland and the Inauguration of the Sixth Government of the Hong Kong Special Administrative Region 在“学习贯彻习近平主席在庆祝香港回归祖国25周年大会暨香港特别行政区第六届政府就职典礼上重要讲话精神”专题研讨会上的致辞
Xia goes with People's Leader in his second paragraph:
On the historic occasion of the 25th anniversary of Hong Kong's return to the motherland, Xi Jinping, General Secretary of the CPC Central Committee, President of the State and Chairman of the Central Military Commission, visited Hong Kong in person, full of the People's Leader's deep concern for the compatriots in Hong Kong, reflecting the Central Government's high regard for Hong Kong and bringing the good wishes of more than 1.4 billion people of the motherland to the compatriots in Hong Kong
Top court warns Hong Kong against risk of prosecuting 'thought crimes' | Reuters Hong Kong's highest court on Friday overturned the conviction of a protester for carrying plastic zip fasteners, with judges warning that the authorities' expanded interpretation of the law risked creating a "thought crime". Chan Chun-kit was sentenced to 5-1/2-months' jail by a lower court after his arrest in November 2019
Hong Kong pro-democracy activist says group was forced to delete online posts allegedly violating security law - Hong Kong Free Press HKFP One of Hong Kong’s last remaining pro-democracy groups, the League of Social Democrats (LSD), said it was “forced to delete” online posts that were allegedly violating the Beijing-imposed national security law. Chan Po-ying, chairperson of the LSD, said in a statement published on the group’s Facebook page on Sunday that she could not elaborate.
China urges U.S. to revoke arms sales plan to Taiwan-Xinhua It was reported that the U.S. State Department approved a sale of up to 108 million U.S. dollars worth of military technical support to the "Taipei Economic and Cultural Representative Office in the United States." In response, Wang said the U.S. arms sales to China's Taiwan region seriously violate the one-China principle and the three China-U.S. joint communiques, particularly the Aug. 17 Communique, gravely undermine China's sovereignty and security interests, and severely harm China-U.S. relations and peace and stability across the Taiwan Strait.
Trump’s defense chief visits Taiwan for further arms lobbying, with prospect of fat ‘welcoming fees’ - Global Times Taiwan media said it's the fourth Taiwan visit by the Atlantic Council since Tsai took office in 2016, following previous trips in 2016, 2017 and 2018. Analysts said given that the Washington-based think tank is traditionally more about policy research on US-Europe collaboration, China should be wary of the US efforts to push its allies in Europe or NATO to focus on defense and security in the Taiwan Straits.
Tech and Media
Kingsoft Word Processor Scandal Raises Awkward Questions for Cloud Firms - Caixin An information security expert who asked not to be named told Caixin it was “very likely” that the user's local files were “automatically synchronized to the cloud, and WPS was synchronized back to the desktop after censorship on the cloud,” which prompted the restriction on the local file. The person said such content reviews are common practice in the Chinese cloud industry and can involve everything from keyword scanning to manual review. The the data is generally deidentified beforehand to comply with privacy laws, the person said.
TikTok Names New Head of Security Amid Heightened US Scrutiny - Bloomberg Kim Albarella was appointed to serve as interim head of TikTok’s Global Security Organization, the company said in a statement Friday. She will oversee the transition as Roland Cloutier, who is stepping back from day-to-day operations on Sept. 2, moves into an advisory role focusing on the business impact of security and trust programs.
Destroyed Syrian town used as set for Jackie Chan-produced action movie, Chinese ambassador visits - Hong Kong Free Press HKFP A ghost town since a 2018 operation to flush out jihadists, Hajar al-Aswad near the Syrian capital has come back to life as the location of a Jackie Chan-produced action movie. “Home Operation” is inspired by China’s 2015 evacuation of Chinese and other foreign citizens from the war in Yemen, an operation that was seen as a landmark for Beijing.
First Tragedy, Then Farce: The Chaos Engulfing China’s Broadway - SixthTone For producers, scheduling has become a nightmare. Zhang Zhilin, CEO of production company Muse Musicals, says his team has spent months trying to coordinate with actors as show after show got pushed back. Now, snap lockdowns are making things even more complicated. However, Muse has a tiny staff and has been able to survive, despite being forced to cancel over 600 shows and postpone the opening of two new plays
A Star is Born, If You Don’t Mind the Silver Spoon - SixthTone Last year, China’s National Theater announced an incredible opportunity for young actors: a new scheme to hire actors directly out of acting school. The lucky graduates would join one of the country’s most famous theater companies as official public employees with “iron rice bowl” jobs, meaning good benefits and job security in a notoriously unstable industry. For many aspiring actors, it was a dream role. On July 6, people were surprised when one of the seven spots went to a candidate who seemed a bit overqualified for a fresh graduate scheme. Jackson Yee has been famous since 2013, when he debuted in the popular boy band TFBoys and became the darling of millions of Gen-Z girls.
Society, Arts, Sports, Culture and History
DJ Suonandajie and Other Chinese Players Sets Sights on MLB Draft - The New York Times Players from China have signed as international free agents, but a new wave of recruits is trying a different path: attending a U.S. college to become eligible for the draft.
China issues plan for preserving, using cultural relics along Yellow River | english.scio.gov.cn Chinese authorities have issued a plan for preserving and using cultural relics along the Yellow River, pledging to establish a database of such resources along the "mother river" of the Chinese nation by 2025, the National Cultural Heritage Administration said in a statement on Monday. A special survey on cultural heritage will be carried out, aiming to find out the number, types, distribution and characteristics of cultural relics along the river, said the plan, noting a list of major cultural relics will be released after the survey.
Energy, Environment, Science and Health
China’s Roadmap to Becoming a Science, Technology, and Innovation Great Power - IGCC This report provides a detailed and extensive analysis of China’s approach to the context, formulation, and content of its national and security-focused science, technology, and innovation plans for the 14th Five Year Plan and 2021–2035 periods. It also provides an initial assessment of the key significance of those contents. - IGCC director Tai Ming Cheung and affiliates Barry Naughton and Eric Hagt
CPC-led scientific innovation breaks foreign tech blockade to make strides in ‘artificial sun’ research - Global Times In this story, a top-notch scientist leading China's new-generation "artificial sun" team elaborates on his understanding of the CPC's inspiring thoughts on scientific and technological innovation.
Caixin Cover Story: Will a Barrier to the Yangtze River Save Poyang Lake? n 2016, the public release of an environmental impact assessment for the Poyang Lake water conservancy project became the center of controversy. The proposal called for the investment of 13 billion yuan ($2 billion) to build a 3 kilometer long, 23.4 miter-high sluice gate system between the lake and the Yangtze River. The project was further delayed by stiff opposition from some academics and environmentalists. In May 2022, the Water Resources Department of Jiangxi issued a second environmental impact assessment for public comment. The more than 1,200-page document provides detailed data on the impact of the proposed project on migratory birds, finless porpoises — small freshwater mammals lacking a dorsal fin — and other creatures that rely on the lake.
Chinese Xuntian Space Telescope to enter operation around 2024 - ECNS The telescope has an aperture of two meters and is equipped with a series of advanced probes. It is a bus-sized facility with a length equal to that of a three-storied building, weighing about a dozen tons. The telescope will be installed with five instruments including a Survey Camera with an extremely wide vision to conduct sky surveys, according to Zhan Hu, project scientist of the telescope optical facility.