"Sinocism is the Presidential Daily Brief for China hands"- Evan Osnos, New Yorker Correspondent and National Book Award Winner
I am still working on the new format, but back in DC and so should return to a consistent schedule in preparation for putting the paywall in place.
One thing to pay attention to is the possibility is that Beijing has become overconfident in its ability to manage Trump, and if Xi does not deliver as Trump expects on North Korea or trade there could be a very quick and sharp backlash, perhaps starting with another tweet storm.
The Essential Eight
1. Paris Interruptus
Der Speigel obtained the minutes of a failed intervention by the other six G-7 leaders to convince Trump to remain in the deal. China loomed large:
Merkel: “Renewable energies, said the chancellor, present significant economic opportunities. “If the world’s largest economic power were to pull out, the field would be left to the Chinese,” she warned. Xi Jinping is clever, she added, and would take advantage of the vacuum it created.
Macron: “Now China leads,” he said.
But in spite of those sentiments the EU, China Summit Ended With No Climate Statement (WSJ) :
The plan to issue a joint declaration from a Brussels summit on Friday was derailed by EU-China trade disputes—a reminder of the challenges of embracing China’s efforts to carry the torch for globalist policies opposed by Mr. Trump.
China needs many more reforms before it is truly the leader. The South China Morning Post reminds us that China is wasting huge amounts of clean electricity:
Thousands of new wind turbines and solar panels were installed in China’s remote provinces over the past several years as the country’s leaders sought to alleviate choking urban smog without slowing economic expansion. China now has more renewable power capacity than any other nation.
Two nagging problems have dampened that success, however, according to industry representatives and outside observers: China’s sprawling power grid has been unable to handle the influx of new electricity from wind and solar, while some provincial officials have retained a preference for coal.
PRC propaganda outlets wasted no time drawing a clear line between Xi and Trump and China and the US.
The New York Times gives some examples in Turning Against Trump: How the Chinese Covered the Climate Pact Exit:
The news media highlighted protests and criticism of Mr. Trump in the United States, suggesting that America was facing a crisis. In the video above, shown on the state channel CCTV, an announcer likens Mr. Trump’s decision to an earthquake. He asks, “Will the already divided America become even more torn apart?” Images of protesters loom in the background.
CGTN, the overseas arm of CCTV, trumpeted President Xi’s environmental call for ‘clear waters and green mountains’ and the People’s Daily now has a micro-site for studying Xi the environmentalist 习近平：绿水青山就是金山银山 along with a video short on Xi’s work improving the economy-微视频｜习近平瞩望绿水青山
U.S. Energy Secretary Rick Perry will be in Beijing Tuesday for the Clean Energy Ministerial (Bloomberg). It might be awkward.
David Rank, a career Foreign Service officer and the acting US Ambassador in Beijing since January 2016, resigned Monday rather than carry out the task of formally notifying the PRC that the US is pulling out of the Paris climate deal (Washington Post). Until Governor Branstad assumes his post as Ambassador the charge d’affaires will be Jonathan Fritz, who was supposed to be seconded to the National Security Council under Matt Pottinger but whose assignment has been held up by a freeze by the Secretary of State on all such moves.
2. Shangri-La Dialogue, US-China Friction Over South China Sea and Taiwan
Beijing did not like US Secretary of Defense Mattis’ speech at the forum, especially these comments:
“The 2016 ruling by the Permanent Court of Arbitration on the case brought by the Philippines on the South China Sea is binding. We call on all claimants to use this as a starting point to peacefully manage their disputes in the South China Sea. Artificial island construction and indisputable militarization of facilities on features in international waters undermine regional stability. The scope and effect of China’s construction activities in the South China Sea differ from those in other countries in several key ways. This includes the nature of its militarization, China’s disregard for international law, its contempt for other nations’ interests, and its efforts to dismiss non-adversarial resolution of issues. We oppose countries militarizing artificial islands and enforcing excessive maritime claims unsupported by international law. We cannot and will not accept unilateral coercive changes to the status quo.”..
The Department of Defense remains steadfastly committed to working with Taiwan and with its democratic government to provide in the defense articles necessary, consistent with the obligations set out in our Taiwan Relations Act. Because we stand for the peaceful resolution of any issues in a manner acceptable to people on both sides of the Taiwan Strait.
For Beijing’s reaction see International rules should be widely recognized: head of Chinese delegation to Shangri-La Dialogue – People’s Daily Online, Chinese delegation successfully makes China’s voice heard at Shangri-La Dialogue – Xinhua and China rejects U.S., Japanese officials’ remarks on South China Sea, Taiwan – Xinhua.
Any chance the Taiwan comments presage an announcement of the rumored large weapons sale to Taiwan? Or is that being held out as something that will be postponed so long as Beijing “delivers” on North Korea?
3. US, Australia Pressure on China Over North Korea And The South China Sea
The Joint Statement from the 2017 Australia-U.S. Ministerial Consultations, via the US State Department:
Australia and the United States underlined their shared, deepening commitment to the security, stability and prosperity of the Indo-Pacific region, and to strong regional organisations, especially the East Asia Summit, APEC, and the https://www.state.gov/r/pa/prs/ps/2017/06/271560.htmASEAN Defence Ministers Meeting-Plus. They urged all parties to refrain from further militarisation of disputed features, including in the South China Sea (SCS). They emphasised the importance of upholding lawful freedom of navigation and overflight and adhering to the rules-based order. They considered the 2016 award by the Arbitral Tribunal under the UN Convention on the Law of the Sea as a useful basis for further efforts to peacefully resolve disputes in the SCS…
Both countries condemned North Korea’s ongoing development of nuclear and missile programs and expressed their deep concern at the unacceptable threat this posed to the region and the world. They committed to working closely together and with regional partners to implement sanctions and impose costs on the regime for its destabilising behaviour and dangerous and unlawful pursuit of nuclear weapons.
Speaking in Sydney as part of AusMin – Australia and America’s annual bilateral foreign, security and defence meeting – Tillerson said there was no room for negotiation on China’s island-building in the South China Sea, which was found unlawful by the permanent court of arbitration in the Hague last year…“Today, we also speak with one voice in calling for North Korea to abandon its illegal nuclear weapons program,” Tillerson said.
“China and other regional partners should also step up their efforts to help solve this security situation which threatens not just that region, but really presents a threat to the entire world.”
4. Australia Has Discovered Reds Under The Beds, In The Beds, And In the Political System
ABC News Australia and Fairfax have released a joint investigation on “how China’s Communist Party is secretly infiltrating Australia“:
The investigation tracks the activities of Beijing-backed organisations and the efforts made to intimidate opponents of the Chinese Communist party.
“The way the Chinese Government operates is effectively to control and silence dissent.”
And investigates the influence of individuals who have access to political and business leaders.
The joint project looks at the case of Sherry Yan, now in jail in the US, and her husband Roger Uren. In China’s Operation Australia: payments, power and politicians we learn that authorities recently searched Uren’s flat and found classified material. Uren, now potentially in serious legal jeopardy, is quite a character:
The apartment belonged to Roger Uren, a tall, bookish man with thinning silver hair. Before resigning in August 2001, Uren was the assistant secretary of the Office of National Assessments (ONA), the agency that briefs the Prime Minister on highly classified intelligence matters.
Uren’s speciality was China. Foreign affairs sources in Canberra say he was regarded as one of Australia’s leading sinologists. In 2011, prime minister Kevin Rudd was reportedly considering appointing him as Australia’s ambassador in Beijing.
A close friend of Uren describes him as brilliant but eccentric. Under the pseudonym John Byron, he had penned a book on Chairman Mao’s feared intelligence chief, Kang Sheng, who amassed a collection of erotic art that was seized by his Red Guards during the Cultural Revolution. Uren shared Sheng’s taste in art.
There is no reason to believe the CCP confines these sorts of activities to Australia, and in the US at least I believe the Trump Administration will be taking a much tougher look at PRC/CCP influence operations in the country.
In the May 15, 2017 issue of Qiushi Yang Jiechi 杨洁篪 wrote an essay on studying and implementing Xi Jinping’s important directives for undertaking Overseas Chinese Affairs Work to help achieve the Chinese Dream (当好贴心人 成为实干家 凝聚侨心侨力同圆共享中国梦—— 深入学习贯彻习近平总书记关于侨务工作的重要指示). All this stuff is related, and ramping up these efforts will not be helpful in reducing suspicions about Overseas Chinese in some countries, and the CCP will deserve much of the blame if suspicions increase. That said, the CCP may see benefit in host country pressures on Overseas Chinese, as it may lead them to turn to the Motherland for help.
5. Financial Stress To Increase Before June 30?
As China’s central bank quarterly check on capital adequacy approaches, some banks are seen scrambling for short-term funds by offering attractive yields to lure more investors to their wealth management products (WMPs).
Banks can no longer fully meet their funding needs through the interbank market, as liquidity there is drying up, due to Beijing’s continuous efforts to rein in credit growth within the financial system. To fill the funding gap, some banks are increasingly relying on selling WMPs to raise funds from investors who are hungry for yields.
The market stress has made Beijing wary that it is moving too fast. According to people familiar with the matter, the central bank and the banking, securities and insurance watchdogs have held meetings in recent days to discuss how to tackle the debt problem at a more measured pace.
6. 28th Anniversary of June 4
There is not much to say, just hard to believe it was so long ago. I posted to Twitter some pictures (here and here) I took during the protests. I need to find the negatives and digitize them. As a Beijing friend who was on the streets often wonders, what might have happened if the protests had come just a few months later, after the Berlin Wall fell?
I took this one in May.
7. Will The Shanghai Cooperation Organization Grow In Importance and Influence As Trump Hasten The Withdrawal of American Leadership From The World?
President Xi to make third visit to Kazakhstan this week (Xinhua) to attend the 17th meeting of the Shanghai Cooperation Organization Heads of State Council and the opening ceremony of the Astana EXPO 2017.
Related: China says Iran membership of Shanghai security bloc to be discussed at summit | Reuters China supports Iran’s membership of the Shanghai Cooperation Organization (SCO) security bloc, jointly led by China and Russia, and the subject will be discussed at the group’s summit this week, a senior diplomat said on Monday. The SCO refused to initiate Iran’s accession last year despite a request from Russia which backs Tehran’s bid, indicating possible divisions between Beijing and Moscow.
Related: Security trumps rivalry as India, Pakistan to join China-led regional bloc | South China Morning Post The two countries will ‘add to the influence of the Shanghai Cooperation Organisation’, China says, but their rivalry could test the group’s internal cohesion
8. Guo Wengui is still making waves and Pan Shiyi and Hu Shuli are suing him
The Billionaire Gadfly in Exile Who Stared Down Beijing – The New York Times Mr. Guo’s presence in the United States poses a dilemma for the Trump administration, which is seeking China’s cooperation to rein in North Korea’s nuclear ambitions. In recent years Mr. Guo provided Washington with insights into Chinese politics through his visits with embassy officials in Beijing, according to a former senior administration official… // Comment: Was he tasked to speak with the US government? Guo increasingly is posting crowd-sourced, unverified information, making it much harder to find the diamonds amongst the garbage.
Related: Hu Shuli Asks New York Judge To Force Guo Wengui To Provide Documents Backing His Claims Hu Shuli, the prominent Chinese journalist and founder of Caixin Media, is asking New York State Judge Gerald Lebovits to compel Guo to turn over documents and recordings that prove the claims he has made against Hu and Caixin.
Related: SOHO China chief sues fugitive billionaire Guo Wengui in New York for defamation | South China Morning Post SOHO China chairman Pan Shiyi said on his online blog on Friday that he had filed the suit in the Supreme Court of New York, the city where Guo, also known as Miles Kwok, lives in self-imposed exile. Pan attached a copy of the court filing, which named Soho China and himself as the plaintiffs and Guo as the defendant. // Comment: Discovery could be interesting
Related: Obscure ownership clouds China’s aggressive HNA-FT $$ HNA’s largest single shareholder is also the most mysterious: Guan Jun, who purchased nearly 29 per cent of the company last year from Hong Kong-based businessman Bharat Bhise. HNA declined to say how much the stake sold for and Mr Bhise did not respond to request for comment.
Business, Economy And Trade
Kushners Hunting Hard for a Loan to Pay Back Chinese Investors – Bloomberg Kushner Cos. is sending out feelers for the loan against its 50-story Trump Bay Street in Jersey City. It would keep $50 million and use the rest to repay the investors and pay off a mortgage on the building, according to a person familiar with the negotiations who asked not to be identified because the talks are private. The company, which belongs to the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, funded about a quarter of the $194-million development through the EB-5 visa program // Comment: Sounds a bit like a Ponzi scheme…
China to roll out local land reserve bonds – China Daily Provincial governments will be allowed to issue local land reserve bonds for their reasonable financing needs, according to the statement, which was jointly issued by the Ministry of Finance and the Ministry of Land and Resources.
China State-owned enterprises to be divided into three categories – China Daily The deputy secretary general of the State-owned Assets Supervision and Administration Commission has confirmed China’s centrally administered State-owned enterprises will be divided into three types: entity industrial groups, investment companies and operating companies, China Business News reported.
Overseas bank card use tightened-China News Service The State Administration of Foreign Exchange (SAFE) said in a statement on its website on Friday that China’s banks will be asked to report on a daily basis their bank card holders’ withdrawals in overseas countries and regions starting from September 1, as well as any bank transactions exceeding 1,000 yuan ($146.8). Under the previous rules, China only measured the total amount of foreign transactions made by domestic bank card holders. 外汇局：将采集银行卡在境外单笔1000元以上消费信息
Full text: Premier Li’s speech at 12th China-EU business summit – Xinhua Work Together to Embrace a New Era of High-standard and Mutually Beneficial Cooperation:
European Companies Report Improved Financial Results, but Continued Doubts over China’s Reform Agenda Remain The European Chamber’s annual Business Confidence Survey reports that while many companies posted improved financial results in 2016, they continue to face the same longstanding market access barriers, and are not convinced that this situation will improve over the next five years.
Europe’s Mr. China – POLITICO Who is Luigi Gambardella? The answer to that question depends on whom you ask, so I start by asking the man himself. This much I know already: He is Italian, aged 52, pug-faced with light amber eyes, and is regarded by many in Brussels as the town’s most visible lobbyist. Once the powerful telecommunications industry’s man in Brussels, he is now “Mr. China” in the EU capital’s lobbying world.
国资委力推央企集团层面重组 煤电钢铁领域重点推进-新华网 “国资委将继续推进央企集团层面重组，目前重点是推进煤电、重型装备制造、钢铁等领域重组。”6月2日，国资委副秘书长彭华岗在国企改革吹风会上说，国资委下一步将加强顶层设计，加大推进力度，按照“成熟一户、推进一户”的原则，围绕做强做优做大目标，加快深度调整重组步伐。
China Exchanges Resume Allowing Bitcoin Withdrawals – WSJ It ends a three-month moratorium that began shortly after regulators launched an investigation into the exchanges and as they threatened to shut down ones that skirt the rules. Authorities were concerned bitcoin could be used to bet on a decline in the Chinese yuan, as well as to move money out of the country, evading controls on capital outflows.
Ivanka Trump’s firm seeks new trademarks in China, reviving ethical concerns – CNN At least 14 applications were filed by the Ivanka Trump company on March 28, according to documents reviewed by CNN.
Activists investigating Ivanka Trump brands in China arrested, missing – The Washington Post The three activists were investigating labor conditions at Huajian shoe factories for China Labor Watch, a New York-based nonprofit organization that aims to defend workers’ rights. Huajian has previously said it has been making shoes for the U.S. president’s daughter for nearly a decade, accounting for one-third of her shoes made in China but only a small proportion of its total output.
Anbang Denies China Is Preventing Chairman From Leaving Country – Bloomberg An Anbang representative declined to comment further. The FT reported Friday that Wu has been prohibited from leaving China, citing four people who have had business dealings with him. The insurer’s global takeover spree since 2014 has raised questions about its ownership and finances, while China has clamped down on capital flight. Anbang also has become involved in a political power struggle in China, according to the FT.
China’s Tangshan starts new campaign to implement steel cuts | Reuters The major Chinese steel city of Tangshan has launched a fresh crackdown on mills that illegally restart production or violate industry overcapacity rules, according to a notice published by the China Iron and Steel Association on Monday.
China Loosens Rules to Make It Easier to Buy Housing in Runaway Market – Caixin Global China’s Ministry of Housing and Urban-Rural Development is accelerating the building of a platform aimed at raising the efficiency of public housing funds, as local governments struggle with real-estate destocking in some smaller cities. The platform, set to be in service by the end of June, will allow public housing funds – also known as housing provident funds – to be transferred more freely between cities amid the Chinese workforce’s increasingly rapid movement between citie
Coal Giants Shenhua, China Guodian Likely to Merge, Analysts Say – Caixin Global A union between Shenhua Group, the world’s largest coal-mining group, and China Guodian Corp., a leading coal power company that is steadily shifting to cleaner energy sources, is highly likely, barring unexpected events, analysts said. The two Shanghai-listed companies both cited “significant matters subject to regulatory approval” before the suspension of trading.
China Evergrande says to redeem all perpetual cap instruments by end-June | Reuters Shares of the country’s top homebuilder closed up 11.3 percent at a record high on Monday ahead of the announcement. Evergrande shares have soared 90 percent since mid-May. The property developer, sitting on corporate China’s second-biggest debt pile, had vowed in March to enhance debt control by repaying most of its high-interest loans, and said it was confident its leverage ratio will fall after strong sales and an A-share backdoor listing this year.
Politics And Law
China’s Corruption War Escalates With Sweep of Sentences for Senior Officials – WSJ Officials sentenced Wednesday included former provincial vice governors, senior bureaucrats and ex-chiefs of major state enterprises, state media reported. Deposed Wuhan Iron and Steel Chairman Deng Qilin got 15 years in prison for accepting money for business favors and promotions. China Telecom ’s Chang Xiaobing received a six-year sentence for taking bribes. Wang Baoan, a former head of the statistics agency, was given a life sentence, also for bribery. And on Thursday, Song Lin, the ousted chairman of major state-owned enterprise China Resources Holdings Co., joined the list. He received a 14-year prison sentence for embezzlement and bribery.
China Story Yearbook 2016-Control | ANU Press The China Story Yearbook 2016: Control surveys the year in China’s economy, population planning, law enforcement and reform, environment, Internet, medicine, religion, education, historiography, foreign affairs, and culture, as well as developments in Taiwan and Hong Kong.
Beijing Party chief pushes public service – China Daily Beijing is determined to improve public services, including dealing with parking difficulties in hutong, Cai Qi, the city’s Party chief, said on Saturday during his first public activity since being appointed to the post. Cai, together with Chen Jining, who was minister of environmental protection until his appointment as acting mayor of Beijing on May 27, went into a convenience store in Dongcheng district to ask customers for comments on prices and services.
Xiongan New Area appoints chief – China Daily Chen Gang, former Party chief of Beijing’s Chaoyang district and a member of the Standing Committee of the Communist Party of China Beijing Committee – the municipality’s top decision-making body – has taken the post of interim Party chief of Xiongan, Hebei province, according to Hebei Daily, the official newspaper of the province.
State Council to launch 4th comprehensive inspection – SCIO The inspection is aimed at urging authorities to implement major policies on maintaining economic growth and improving people’s lives, tackle outstanding problems affecting policy implementation, ensure the economy operates within a reasonable range, and promote stable and healthy economic and social development.
中共中央印发《关于加强新形势下党的督促检查工作的意见》————头条——中央纪委监察部网站 《意见》提出，党的督促检查工作的主要任务是推动党的理论路线方针政策贯彻执行和党中央决策部署贯彻落实。开展督促检查工作，要紧紧围绕党和国家一个时期的中心任务和重点工作，始终在大局下行动、处处为大局服务 CPC stresses internal supervision, inspection-Xinhua
郭声琨:持续兴起学习宣传贯彻习总书记重要讲话精神热潮–时政–人民网 Comment: MPS head Guo Shengkun–Continue the upsurge in arousal in studying, disseminating and implementing the spirit of General Secretary Xi’s important speeches
Police chief in Chongqing put under investigation, sources say | South China Morning Post He Ting oversaw law enforcement in the metropolis in the aftermath of a scandal that brought down local party chief Bo Xilai and his right-hand man, Wang Lijun. But it remains unclear why authorities want to question him
党的十八大以来中国特色基层民主建设的显著成就 来源：《求是》2017/11 作者：中共民政部党组
央视前主持人张政任光明日报总编辑_政经频道_财新网 Comment: Zhang Zheng appointed editor in chief of Guangming Daily, a vice-ministerial position, was once a CCTV host
Foreign And Defense Affairs
CMC specifies punishment for breaches of Party discipline – China Daily The military should put “strict political discipline and rules” at the forefront, it said. It detailed punishment for those who made false political statements, were slack in their implementation of CMC instructions or damage the reputation of the military. It also clarified penalties for misconduct during military training, drills and important military missions.
军地三部门部署加强和改进新形势下征兵宣传工作 – 中国军网 中共中央宣传部、中央军委政治工作部、中央军委国防动员部联合下发意见
Saturday’s SpaceX launch carried a surprise payload—a Chinese experiment | Ars Technica The Chinese experiment has gotten some play in that country’s media, but it received no promotion from NASA or SpaceX during the run-up to Saturday’s launch. That is partly because, while key members of Congress OK’d the commercial opportunity, the space agency did not want to politicize the gesture.
China’s new submarine engine is poised to revolutionize underwater warfare | Popular Science This month, Chinese state TV channel CCTV 13 broadcast an interview with a top Chinese naval engineer, Rear Admiral Ma Weiming. The admiral is notably responsible for the development of multiple Chinese naval electromagnetic programs, including the electromagnetic catapult and railguns. In the interview, he stated that the PLAN is fitting its newest nuclear attack submarines with a “shaftless” rim-driven pumpjet, a revolutionary and silent propulsion system.
The Australia-China Relations Institute doesn’t belong at UTS – TheConversation Bob Carr, the director of ACRI and a professor of international relations at UTS, claims we are in danger of being “hung out to dry” if we listen to the “China hawks” and don’t more fully engage with China. Yet few have paused to ask why one of our universities is being used as a conduit to promote China’s national interest, and who is actually paying for it.
The return of Psy to China’s charts is the surest sign yet of a thaw in relations between Seoul and Beijing since THAAD was deployed — Quartz Korean pop stars are back in China’s music charts. Made, the latest album from K-pop royalty Big Bang, is currently in fourth place by digital album sales on QQ Music, a popular Chinese music-streaming service, according to Korean news service Yonhap today (June 2). Gangnam Style star Psy’s new single I Luv IT is in sixth place in QQ Music’s Korean singles chart
China’s voice can be louder, stronger: Communications experts – China Daily China must enhance its capability of telling its stories to the world and make its voice louder on the world stage, experts in international communications said during the China’s Image and Global Communications High-end Forum in Shanghai on Saturday.
LA CIVILTÀ CATTOLICA-Catholicism in 21st Century China The Chinese Catholic Church will need to heed the needs of others, discern the signs of time and respond to them more promptly and efficiently. Although the Chinese Catholic Church needs to train a leadership team with vision and educate its clergy, both religious congregations and laity must discern new ways to achieve its mission. As China and Chinese society in general become more and more open to religions—and to Catholic Church in particular—Catholicism can find a stable place if it continues to be a Church of openness and a Church with Chinese characteristics and identity. Chinese society and the Church need to understand and appreciate the values embedded in each other’s social and cultural traditions and contexts and to continue their dialogue to seek the common good.
North Korea lashes out at China for cooperating with U.S. – Washington Times “Two countries railroaded ‘sanctions resolution’ at the UNSC after having drafted it in the backroom at their own pleasure and are enforcing it upon others just paving it as ‘the general will of the international society’. It is a bare expression of a high-handed and arbitrary act in pursuit of their own interests trampling upon international justice,” the spokesman added. “It is a fatal miscalculation if the countries, which have had a hand in the frame-up of the ‘sanctions resolution,’ would even think that they can delay or hold in check the eye-opening development of the DPRK’s nuclear forces even for a moment.”
Hong Kong, Macao And Taiwan
China hits back at Taiwan leader’s offer of help on democracy | Reuters China hit back at Taiwan President Tsai Ing-wen’s offer to help China transition to democracy on Monday, saying the “values and ideas” pushed forward by her party had caused chaos on the self-ruled island. China’s Taiwan Affairs Office said only mainland Chinese had the right to speak on mainland affairs, while suggesting Tsai could better spend her time reflecting on “the widespread discontent” in Taiwan and the “reasons behind why cross-strait relations had reached an impasse”.
Tech And Media
Here’s How a Chinese Tech Firm Borrowed $2.1 Billion in a Hurry – The New York Times According to the latest available data, Mr. Jia has pledged 97 percent of his shares in LeEco’s main publicly traded arm, Leshi Internet, to back loans primarily from securities brokerages. In November, those loans totaled $1.7 billion. Venturing into other corners of China’s financial system, LeEco has raised $2.4 billion since last year by selling shares or debt convertible into shares in its various privately owned affiliates
Unpaid LeEco Smartphone Partners Protest Outside Company Headquarters – Caixin Global More than 20 suppliers and business partners of struggling online video giant LeEco’s smartphone unit camped outside the company’s headquarters on Friday, demanding payment on outstanding bills two weeks after reports the company was planning to slash the unit. The suppliers gathered at LeEco’s Beijing headquarters chanting “LeEco, pay your bills,” a Caixin reporter observed at the scene. As of 5 p.m., no one had emerged from the LeEco office to address the group.
Chinese Company Behind Adware That Infected Over 250 Million Computers A Chinese digital marketing company named Rafotech is behind a wave of inter-connected adware families that found their way onto the computers of millions of users, says Israeli cyber-security firm Check Point. According to an extensive investigation, Check Point claims Rafotech has designed a very intrusive adware that hijacks people’s browsers with the primary purpose of redirecting traffic to fake search engines.
China’s broadcast regulator, tightening control of content, promotes ‘core socialist values’ | Reuters The notice, which was issued on Friday by the State Administration of Press, Publication Radio Film and Television (SAPPRFT), provides further guidance for the creation and broadcast of program content, particularly for the country’s rapidly growing Internet platforms. “Online programs should vigorously promote China’s revolutionary culture” advance patriotism , extol the motherland and “praise heroes”, the notice said.
Europe Meets China – How The Games Industry Is Evolving – Atomico News The report, which you can download here and which is embedded below, looks at how the games industry is developing and how its particular qualities make synergies between Europe and China so fascinating, from both a development and investment point of view
Society, Art, Sports, Culture And History
Legendary Buddhist temple, lost for more than seven centuries, yields its treasures beneath Chinese city | South China Morning Post The ruins of Fugan Temple, a well-known Buddhist site from the Eastern Jin dynasty (317AD to 589AD) to the Southern Song dynasty (1127 to 1279), were discovered recently by archaeologists under Shiye Street in Chengdu, capital of Sichuan province, the West China City Daily reported. 沉睡千年：隋唐福感寺现身成都闹市 Pictures
A Chinese Migrant Worker’s Story: “I Am Fan Yusu” 《我是范雨素》英文翻译 | 高大伟 David Cowhig’s Translation Blog Fan Yusu’s story was relayed on many Chinese language websites both inside and outside of China in late April. The text I translated below can be found is on Sina.com and many other websites.
Energy, Environment, Science And Health
Reliance on Foreign Tech Puts Strain on China’s Genetics Market – Sixth Tone Despite being a global leader in DNA sequencing, the country’s dependence on overseas knowledge leaves it struggling to replicate others’ success.
Climate Change Responsible for Qinghai Lake’s Record Size – Sixth Tone Qinghai Lake, in northwestern China’s Qinghai province, is expanding due to increased precipitation in the area, said Liu Baokang, the engineer at QIMS in charge of monitoring. He told Sixth Tone that data from the Qinghai Meteorological Bureau shows significantly higher temperatures over the past five decades, as well as more intense and more concentrated rainfall, which increases the water flow into the lake. Melting glaciers were not much of a factor, as there aren’t many near the lake, said Liu.
China builds world’s first offshore fish farm – People’s Daily Online China has finished building the world’s first deep-sea fish farm off the coast of Qingdao City, east China’s Shandong Province, incorporating the most advanced and sustainable technology in fish breeding. The mega-structure will soon be delivered to Norway as the Scandinavian country braves new waters in offshore fish farming.
Shenzhen Becomes First Chinese City to Raise Stink Over Unsorted Garbage – Caixin Global The southern tech-hub of Shenzhen has become the first city in China to impose fines on businesses and individuals who fail to comply with garbage-sorting rules. Individuals may be slapped with a 50-yuan fine each time they fail to separate kitchen waste from recyclable paper, glass, e-waste or plastic, and businesses could be fined 1,000 yuan per violation, according to a document released Saturday by the city government.
China Said to Halt New EV Permits on Concern Over Possible Glut – Bloomberg The National Development and Reform Commission, which oversees new investments in the auto industry, wants to evaluate the program after handing out 15 production licenses since March 2016, said the people, who asked not to be identified because the discussions aren’t public
It takes more than fingerprint checks to beat cheaters in China’s biggest exam — Quartz This week, more than 9 million Chinese students will sit roughly nine hours over a period of two days for the gaokao, the high-stakes exam for admission to a Chinese college. Notoriously grueling, it can determine a student’s entire career path, and ultimately the kind of life one leads. At least 2 million of the test-takers won’t pass.
The Citywide Renovations Changing Beijing As We Know It – That’s Beijing Comment: per The Beijing Daily, Not only will there be no compensation for the people whose structures were removed, they may even be charges for the demolition 北京：违建被拆无补偿，行政机关还可追缴强拆费用
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Policy Analyst | AmCham Business Center – Beijing Policy Analyst monitors regulatory and legislative changes across a wide variety of industries and sectors, while supporting/driving AmCham China’s policy and advocacy efforts through the publication of policy reports
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