Ballistic missiles and drones: What we know about Iran's attack on Israel
Solomon Islands prepares for election in shadow of China’s influence; As supply chains shift away from China, others get their own economic miracles
Welcome to this issue of The China Brief. Today is April 14, 2024. Here at The China Brief, we bring you the latest news on China's politics, economy, and society from global media sources, along with exclusive expert analysis. If you find our content helpful, please subscribe to our newsletter.
Ballistic missiles and drones: What we know about Iran's attack on Israel
BBC
For the first time ever, Iran has carried out strikes against Israeli territory. They included 170 drones and 30 cruise missiles, none of which entered Israeli territory, and 110 ballistic missiles of which a small number reached Israel. Meanwhile "dozens of surface-to-surface missile launches" were also identified, with the majority intercepted before crossing into Israeli territory. US President Joe Biden said US forces "helped Israel take down nearly all" drones and missiles launched by Iran on Sunday.
‘Serious escalation’: World reacts to Iran’s drone, missile raids on Israel
Al Jazeera
The international community has responded with alarm to Iran's direct attack on Israeli territory, which saw the launch of explosive drones and missiles. The attack came after an air raid on April 1, which destroyed Iran's consulate in Syria and killed 12 people. President Joe Biden condemned the attacks and pledged a coordinated G7 response, stating that the US had helped Israel intercept most of the attacking drones and missiles. The EU also strongly condemned the attack, calling it an "unprecedented escalation" and a "grave threat to regional security". Other countries, including the UK, Canada, China, and Saudi Arabia, expressed concern and called for restraint and de-escalation. The United Nations Secretary-General, Antonio Guterres, urged all parties to exercise maximum restraint to avoid further military confrontations in the Middle East. The response from Argentina was particularly noteworthy, as the country expressed its solidarity and unwavering commitment to Israel and noted that an Argentinian court recently held Iran responsible for bomb attacks on Israeli targets in the 1990s.
Solomon Islands prepares for election in shadow of China’s influence
South China Morning Post
China's regional ambitions will be affected by the Solomon Islands' national election, to be held on April 3rd. The outcome will determine whether the archipelago nation continues to deepen ties with China or adopts a more sceptical stance towards Beijing's influence. The Solomon Islands has already signed a security pact with China, which has raised concerns among Western allies about the potential establishment of a permanent Chinese military base in the South Pacific. The election is being closely watched by the US, China and other Pacific island countries.
South China Morning Post
China has criticised Japan's modification of a warship into its first aircraft carrier since World War Two. The Chinese foreign ministry said Japan should "adhere to its defence-only policy" and be cautious in military development. Japan has two helicopter carriers that have been modified to carry fixed-wing fighters, including Lockheed Martin F-35B Lightning II stealth fighters. Both ships will be able to carry 12 fighters and 16 helicopters after the upgrade.
As supply chains shift away from China, others get their own economic miracles
South China Morning Post
Countries such as Mexico and Vietnam are benefiting from the shifting of supply chains out of China, according to Chris Pereira, CEO of business consultancy iMpact. He argues that such countries gain investment and employment opportunities, while China does not benefit greatly, other than through continued access to Western markets. China is investing billions of dollars in manufacturing facilities in countries such as the US and Mexico in order to maintain sales in these markets. Pereira says that these developments are often overlooked in discussions about the impact of changing global trade.
China’s banks withdraw some long-term fixed-income products, cut deposit rates to boost margins
South China Morning Post
Chinese commercial banks are removing long-term fixed-income products and cutting rates for depositors in an effort to boost profitability. Challenges such as a slumping property sector, mounting local government debt, and slow consumption recovery have weighed on lenders' earnings. Banks, including China Merchants Bank and Citic Bank, are eliminating long-term certificates of deposit (CDs) and reducing deposit interest rates. This move is aimed at cutting funding costs and protecting banks' net interest margins. CDs have gained popularity in recent years as investors sought safer options amid uncertainties tied to the Covid pandemic and lacklustre stock market performance. However, these higher interest-paying products have been impacting lenders' profitability.
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