China’s ‘hero-to-zero’ mindset: why people are embracing losers as way to reflect on own struggles, redefine heroism
A Chinese flavour of rap music is flourishing as emerging musicians find their voices; AI investment boom extends to nuclear power generation and uranium
Welcome to this issue of The China Brief. Today is May 4, 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.
Suddenly, the US bull market isn’t looking so great
South China Morning Post
The Maga (Make America Great Again) vision of both former US president Donald Trump and his successor Joe Biden has been supported by a seemingly strong and job-generating US economy and, critically, by a fast-motoring stock market. But the vision is running out of road. What’s more, this is happening at a time when the image of China – the world’s second-largest economy – as a hobbled giant is undergoing a positive reappraisal, which has implications for the global balance of economic power. Not that markets – obsessed as they are with short-term movements in interest rates and currencies, notably the US federal funds rate and the level of the dollar – seem to be really aware of what’s going on.
AI investment boom extends to nuclear power generation and uranium
Nikkei Asia
Investors are turning to uranium-related stocks as they anticipate an increase in electricity demand resulting from the widespread use of generative AI, which requires large amounts of data. Uranium prices have risen by 70% in the past year, outpacing the benchmark chip stock index. Goldman Sachs has started trading uranium options for hedge funds and holds $356m-worth of uranium inventories in the UK. The price of refined uranium temporarily reached $106 per pound in February, the highest since 2007.
India refutes Biden’s ‘xenophobia’ comment, says economy ‘not faltering’
South China Morning Post
Indian Foreign Minister Subrahmanyam Jaishankar has rejected US President Joe Biden's comment that "xenophobia" is hindering India's economic growth. Jaishankar stated that India's economy is not faltering and that the country has historically been open to immigration. He referenced the Citizenship Amendment Act, which allows immigrants fleeing persecution from neighboring countries to become citizens. Biden had previously stated that "xenophobia" in China, Japan, and India was holding back economic growth in those countries. Japan also criticized Biden's characterization as "unfortunate" and misguided. Economists attribute the positive growth forecasts for India and the US partly to migrant workers expanding the labor force.
South China Morning Post
Leaders in Hong Kong's tourism and catering industry have called for an increase in the number of mainland Chinese solo travellers visiting the city. Data from the Immigration Department showed that the number of mainland tourists visiting Hong Kong during the Labour Day "golden week" holiday was lower than in previous years. Sales in food and beverage outlets were down by 20% from last year due to fewer mainland visitors and their lower spending power. Industry leaders have urged the government to discuss with the central government the possibility of allowing more cities on the solo travellers' scheme.
Chinese scientists create ‘water battery’ that can hold much more energy than lithium cells: study
South China Morning Post
Chinese scientists have developed a water-based battery that has almost twice the energy density of traditional lithium batteries, making it a potential option for electric vehicles. The iodine and bromine-based aqueous battery had an energy density of 1200 watt-hours per litre (Wh/L), compared to the 700Wh/L of traditional non-aqueous lithium batteries. The aqueous battery was also considered safer than non-aqueous lithium batteries, which are highly flammable. The researchers believe their battery has the potential to be used in grid-scale energy storage and electric vehicles.
South China Morning Post
A growing number of people in China are admiring "losers" in movies instead of ambitious and handsome characters. These "wo nang fei" characters are anti-hero protagonists who choose to "lie flat" or do as little as possible to get by in toxic working cultures or family relationships. This trend is seen as a rebellion against toxic masculinity and a desire for more respect and care in relationships. The trend has led to the rise of "wo nang fei" literature that makes fun of daily stresses and life crises. This trend reflects the struggles of people who feel useless and find comfort in the anti-hero characters.
Baerbock does not rule out German frigate in Taiwan Strait
Yahoo US
German Foreign Minister Annalena Baerbock did not rule out the possibility of a German frigate crossing the Taiwan Strait during her visit to New Zealand. This comes as the German frigate Baden-Württemberg and a supply ship are set to embark on a training mission to the Pacific. The vessels will pass through the Panama Canal and later cross the South China Sea. Baerbock stated that the "right of peaceful passage" applies to the Taiwan Strait and that the same rules apply as in other comparable sea areas. Crossing the Taiwan Strait could be seen as a provocation by China, which considers Taiwan part of its territory.
China's rural migrant workers seek jobs closer to home
Nikkei Asia
A report by the National Bureau of Statistics (NBS) in China has shown that more rural migrant workers are looking for jobs near their homes, rather than working in the factory regions of the Yangtze River Delta or Pearl River Delta. The property sector's downturn has caused a significant reduction in the number of migrant workers needed in construction, leading more rural workers to seek jobs in the service sector in big cities. Last year, 40% of nearly 300 million rural workers worked near their home, while 60% left their hometowns for employment. The number of migrant workers in construction fell by 6.5 million from the previous year, the largest reduction in five years.
A Chinese flavour of rap music is flourishing as emerging musicians find their voices
Australian Broadcasting Corporation
Hip-hop music has experienced explosive growth in China, particularly in the southwestern city of Chengdu. The genre has survived by carving out a space for itself while staying clear of the government's red lines, balancing genuine creative expression with something palatable in a country with powerful censors. Musicians in Chengdu have broadened their sound to include R&B and Afro-beat rhythms. The Sichuan dialect, which is softer than Mandarin Chinese and has more rhymes, lends itself well to rap. Chengdu has become a hub for Chinese rap, with many of the biggest acts in the country hailing from the region. While the underground scene has evaporated due to censorship, the field has more rappers than ever, making it more interesting.
A talent competition/reality TV show called The Rap of China has played a significant role in building China's rap industry. The first season drew 2.5 billion views online, and two winners emerged: GAI and PG One. However, rumors about PG One's personal life and a controversy surrounding one of his old songs led to a ban on the audience standing up at stadium performances and the removal of the first season from streaming platforms. Despite these setbacks, a second season of the show was approved with a rebranding to "China Has Shuochang" (meaning storytelling), and hip-hop was allowed to proceed as a symbol of youth culture as long as it avoided mentions of drugs and sex. Artists have responded to censorship by either embracing displays of patriotism and nationalism or avoiding controversial topics altogether. The red lines have pushed artists to be more creative and find original voices in their music.
The challenge for Chinese hip-hop is to find a sound and topics that fit the Chinese context. Shootouts and drug use are rare in China, so artists must find ways to express themselves that are relevant to their own experiences and the experiences of their listeners. Developing a genuine Chinese brand of rap is still a work in progress, but many artists are striving to create songs that sound good and also have topics that resonate with Chinese audiences. The spirit of hip-hop, they believe, will always be about original creation and telling one's own story.
Japan says Biden's description of nation as xenophobic is 'unfortunate'
Japan Times
Japan has responded to President Joe Biden's comments about the country being "xenophobic" like China and Russia, calling the characterization "unfortunate" and misguided. Biden had lumped together Japan and India, along with China and Russia, arguing that their economic struggles were due to their unwillingness to accept immigrants. Japan disagreed with this assessment.
Does China’s oil-for-infrastructure lending model in Africa need a rethink?
South China Morning Post
African countries' resource-backed loans are "asymmetrical" and "non-transparent," according to African Development Bank President Akinwumi Adesina. The loans, which offer developing countries the funding they need, are subject to commodity price fluctuations, making repayment difficult, notes Adesina. A study from the Natural Resources Governance Institute found sub-Saharan African countries borrowed at least $66bn in resource-backed loans since 2004, with more than half coming from the China Development Bank. Policy fellow at the Centre for Global Development Gyude Moore said African sovereign states were free to enter loan contracts but the International Monetary Fund became involved when it was approached to intervene in times of debt distress. The IMF and World Bank must do more to defuse the bomb of poor nations' debt, he added.
China's territorial claims illegal, deceptive: U.S. Indo-Pacific chief
Nikkei Asia
The new commander of the Indo-Pacific Command, Admiral Samuel Paparo, has described China's claims in the Indo-Pacific as "illegal, coercive, aggressive and deceptive." Speaking at a change of command ceremony in Hawaii, Paparo criticized China's actions, saying that they go beyond the "gray zone" and that China's claims in the South China Sea are intrusive and expansionist. Paparo also vowed to work in concert with allies and partners to preserve the free and open Indo-Pacific and to be ready to fight any adversary that threatens the peace, security, stability, and well-being of the nation and its allies.
South China Morning Post
Chinese cross-border merchants who have been using TikTok to sell products to US consumers are uncertain about the future of their businesses after US President Joe Biden signed a bill requiring TikTok's Chinese owner ByteDance to divest its US operations. In response, TikTok has until January 19th next year to fight to stay in the US. If legal action fails, ByteDance is reportedly willing to shut down TikTok's US operations rather than sell them. This would be a significant blow to the app and to China's technology ambitions. TikTok has been banned in other countries, such as India, but losing the US market would be far more devastating. TikTok is under intense competitive pressure and American shoppers are already losing interest in the app. Despite the uncertain future, some merchants are hoping to continue selling to US consumers by reaching those who already have the app installed on their phones. They are also diversifying their presence on other platforms.
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