China works to avoid rift with Japan over killing of schoolchild ;China unexpectedly leaves key rates unchanged despite Fed cut
China’s retirement-age changes force rethink of life plans to work longer and save smarter
Welcome to this issue of The China Brief. Today is September 20, 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.
China works to avoid rift with Japan over killing of schoolchild
Japan Times
China is attempting to mitigate the diplomatic fallout from the stabbing of a 10-year-old Japanese boy in Shenzhen, framing it as an isolated incident and minimizing its political significance. This stabbing occurred during delicate negotiations regarding the potential lifting of China's ban on Japanese seafood imports, which was imposed following Japan's release of treated radioactive water from the Fukushima nuclear plant in August 2023. This incident marks the second violent attack on Japanese school students in China within three months, following an earlier attack in Suzhou where a Chinese bus attendant was killed while trying to protect students.
https://www.japantimes.co.jp/news/2024/09/20/japan/japan-china-stabbing/
China unexpectedly leaves key rates unchanged despite Fed cut
South China Morning Post
China surprised markets by keeping its mortgage-linked lending rate unchanged at 3.85% despite increasing pressure to support the struggling property market and boost the economy. The decision comes after a Reuters survey predicted a rate cut, especially following a recent interest rate reduction by the US Federal Reserve. Additionally, China's one-year loan prime rate also remained steady at 3.35%. On the same day, the People's Bank of China strengthened the onshore yuan's daily fixing to its highest level since May 29 of the previous year.
https://www.scmp.com/economy/economic-indicators/article/3279223/china-unexpectedly-leaves-key-rates-unchanged-despite-fed-cut?utm_source=rss_feed
China’s retirement-age changes force rethink of life plans to work longer and save smarter
South China Morning Post
China's decision to gradually raise retirement ages starting next year has sparked widespread concern among urban professionals about financial security and retirement planning. The new policy, set to increase retirement ages for men from 60 to 63 and for women from 55 to 58 by 2040, prompts many to reconsider their savings and spending habits. Younger workers fear job competition from older employees, while older individuals express mixed feelings about the change. The aging population, economic challenges, and low pension amounts further intensify these concerns, leading many to prioritize savings as a buffer against future uncertainties.
https://www.scmp.com/economy/policy/article/3279160/chinas-retirement-age-changes-force-rethink-life-plans-work-longer-and-save-smarter?utm_source=rss_feed
Xi’s nationalism faces a reckoning after the murder of a Japanese boy
Japan Times
Chinese President Xi Jinping has leveraged rising nationalism to bolster his government's popularity amid increasing tensions with rival nations. However, the recent murder of a 10-year-old boy near his Japanese school in Shenzhen highlights the potential risks associated with this strategy. Chinese authorities have not commented on the motive behind the attack, raising concerns about the implications of heightened nationalism.
https://www.japantimes.co.jp/news/2024/09/20/asia-pacific/society/xi-nationalism-tactic-japanese-boy/
Xiaomi, Honor look ready to push tri-fold handsets, following the lead of Huawei’s Mate XT
South China Morning Post
Chinese smartphone makers Xiaomi and Honor are preparing to launch tri-fold models, following Huawei's success with its Mate XT. Both companies have applied for design patents for double-hinged smartphones, with Xiaomi's filing from 2022 and Honor's from 2021. The shift towards foldable phones is aimed at competing with Apple's iPhone in China's lucrative smartphone market. Demand for Huawei's Mate XT has surged, leading to significant price inflation among resellers. The foldable segment is growing rapidly, with Huawei holding a dominant 56% market share in the first half of the year, followed by Honor at 13%.
https://www.scmp.com/tech/tech-trends/article/3279188/xiaomi-honor-look-ready-push-tri-fold-handsets-following-lead-huaweis-mate-xt?utm_source=rss_feed
Study supports COVID-19 origin theory linked to Wuhan animal market
Yahoo US
A new peer-reviewed study published in the journal Cell provides evidence that the COVID-19 pandemic may have originated from a seafood market in Wuhan, China, where many early cases were reported. The research builds on previous findings suggesting that raccoon dogs could have been a host for the virus. While the paper supports the theory that animal spillover was responsible for the pandemic, it does not completely rule out the possibility that humans introduced the virus to the market.
The study, conducted by an international team of researchers, found that the SARS-CoV-2 virus was present in several stalls at the market, which housed animals susceptible to the virus, including civets and bamboo rats. However, the researchers caution that they cannot confirm whether these animals were infected. They emphasize that more comprehensive genomic and epidemiological data from the early days of the pandemic is needed to clarify the origins of the virus.
https://www.yahoo.com/news/study-supports-covid-19-origin-214801528.html
China will be 'high on the agenda' during Albanese's fleeting visit to the US this weekend
Australian Broadcasting Corporation
Prime Minister Anthony Albanese is visiting the United States for a Quad meeting with leaders from the US, Japan, and India, focusing on security in the Indo-Pacific region, primarily concerning China and the AUKUS agreement for Australia to acquire US nuclear-powered submarines. The White House has indicated that discussions will heavily address China's military actions and trade practices. Albanese emphasized the importance of peace and security in the region but downplayed the focus on China. The meeting, taking place in Biden's home state of Delaware, is seen as a personal approach by Biden as he nears the end of his presidency, allowing for a final one-on-one meeting with Albanese. The trip is brief, with Albanese spending much of his time in transit.
https://www.abc.net.au/news/2024-09-20/china-high-on-the-agenda-quad-talks/104373420
China launches plan for healthier, longer lives: gene sequence 1% of world’s population
South China Morning Post
Chinese researchers have proposed a new phase of the Human Genome Project (HGP2) aimed at enhancing health spans globally. They plan to sequence the genomes of 80 million people from over 100 countries to improve medical practices and advance precision public health. This collaborative initiative involves scientists from 15 countries and seeks to avoid redundancy by fostering teamwork. With the decreasing cost of genome sequencing, the project aims to create a global research alliance, supported by existing funding and international organizations, to promote healthier lives for all.
https://www.scmp.com/news/china/science/article/3279178/china-launches-plan-healthier-longer-lives-gene-sequence-1-worlds-population?utm_source=rss_feed
Beijing official voices high hopes for Hong Kong efforts to promote national opening-up
South China Morning Post
Beijing expresses strong support for Hong Kong's role in showcasing a market economy and institutional reforms, as highlighted by Zhou Ji, a central government official, during the 27th Beijing-Hong Kong Economic Cooperation Symposium. The event, attended by over 800 leaders, focused on technology and finance, leading to the signing of 40 agreements worth 60.98 billion yuan. Officials emphasized Hong Kong's unique advantages, urging it to lead in business investment and innovation. Chief Executive John Lee and Financial Secretary Paul Chan highlighted collaboration opportunities between Hong Kong and Beijing, particularly in finance and technology sectors.
https://www.scmp.com/news/hong-kong/politics/article/3279278/beijing-official-voices-high-hopes-hong-kong-efforts-promote-national-opening?utm_source=rss_feed
China’s move to lift the retirement age unpopular among workers: ‘No one is happy’
South China Morning Post
China's recent decision to raise the retirement age has stirred discontent among workers, although it has not led to widespread protests. The top legislative body approved a gradual increase starting January 1, 2024, raising the retirement age for men from 60 to 63 and for women from 55 to 58 (white-collar) and 50 to 55 (blue-collar). This change is viewed with anxiety due to uncertainties about the future job market and inequities in pension schemes between public and private sectors.
Younger workers, particularly those born after the 1980s, express frustration as they will face the full impact of this policy, perceiving it as a delay in their retirement and a lack of focus on job creation. Critics argue that the government missed an opportunity to implement these changes during a more favorable economic period. Although there is an awareness of potential social unrest, there is skepticism about significant protests arising in China due to government control of information and public sentiment.
Experts suggest that this policy aims to address a looming pension crisis exacerbated by a shrinking workforce and an aging population. The government faces criticism for the timing and fairness of the reform amid economic challenges.
https://www.scmp.com/news/china/politics/article/3279155/no-one-happy-chinas-move-lift-retirement-age-unpopular-among-workers?utm_source=rss_feed
Tech war: Chinese memory chip maker YMTC achieves design breakthrough despite US sanctions
South China Morning Post
Yangtze Memory Technologies Corp (YMTC) has made advancements in its chip design, specifically a 512-Gb triple-level cell memory chip using the Xtacking4.0 structure, improving bit density. Despite US export restrictions hindering access to advanced semiconductor tools, YMTC is strengthening ties with domestic suppliers. The company aims to continue developing advanced 3D NAND chips and has become a preferred supplier for China's government projects. However, it still relies on imported tools, facing production challenges, and its previous initiative to produce chips solely with domestic equipment has stalled.
https://www.scmp.com/tech/article/3279170/tech-war-chinese-memory-chip-maker-ymtc-achieves-design-breakthrough-despite-us-sanctions?utm_source=rss_feed
Alibaba CEO eyes greater AI research and development, as firm open sources 100 new LLMs
South China Morning Post
Alibaba Cloud has launched its largest open-source initiative, releasing over 100 Qwen 2.5 large language models (LLMs) at the Apsara Conference. These models, part of the Tongyi Qianwen family, feature advanced capabilities in math, coding, and support for 29 languages. Additionally, the company introduced a new text-to-video model that generates high-quality videos from text prompts. Alibaba Cloud aims to enhance AI technology infrastructure and reduce costs for developers, offering significant price cuts on its services. CEO Eddie Wu envisions a future where AI permeates the physical world, driving ongoing developments in artificial general intelligence (AGI).
https://www.scmp.com/tech/big-tech/article/3279169/alibaba-ceo-eyes-greater-ai-research-and-development-firm-open-sources-100-new-llms?utm_source=rss_feed
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