Chinese leaders pledge further support for flagging economy;EU disputes China claim that it supports Beijing’s proposal to end Ukraine war
Who Is Shujun Wang, the Queens Man Accused of Spying for China?
Welcome to this issue of The China Brief. Today is July 30, 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.
Chinese leaders pledge further support for flagging economy
Yahoo US
Chinese President Xi Jinping and other leaders have called for further reform to support economic activity and the country's ailing property sector, following a meeting to discuss strategies for boosting growth. China is aiming for 5% annual growth by 2024, a target that many experts consider ambitious. The country faces several challenges including an indebted real estate market, low consumption and high youth unemployment. Attendees at the meeting highlighted the need to ease local debt pressure and "accelerate the construction of a new development model" in the property sector. The meeting did not produce any specific new policies.
https://finance.yahoo.com/news/chinese-leaders-pledge-further-support-075614761.html
EU disputes China claim that it supports Beijing’s proposal to end Ukraine war
South China Morning Post
The EU has denied claims by China that the EU’s top diplomat, Josep Borrell, endorsed a Sino-Brazilian statement on ending the war in Ukraine. China had stated that Borrell “attached great importance” to the statement, but EU sources have insisted that Borrell did not make such a statement. The EU has asked China for help in ending the conflict, which has seen shipments of dual-use items to Russia escalate recently. The Chinese foreign ministry has been accused of trying to “put words in Europe’s mouths” and of trying to sabotage a peace summit in Geneva last month.
https://www.scmp.com/news/china/diplomacy/article/3272380/eu-disputes-china-claim-it-supports-beijings-proposal-end-ukraine-war?utm_source=rss_feed
Who Is Shujun Wang, the Queens Man Accused of Spying for China?
NY Times
Shujun Wang, a Chinese scholar and democracy activist who fled to the US, is currently on trial in Brooklyn federal court on charges of acting as an agent of a foreign government without registering with the attorney general. American prosecutors allege that Wang was a spy for the Chinese Communist Party and that his case is part of a larger effort by the Justice Department to combat Chinese government repression and control of the Chinese diaspora. Wang vigorously denies the charges, and if convicted, he could face up to 25 years in prison.
https://www.nytimes.com/2024/07/30/nyregion/shujun-wang-china-spying.html
Sora finds a new rival in China as start-up Shengshu AI rolls out text-to-video tool
South China Morning Post
Chinese start-up Shengshu AI has launched its text-to-video tool, Vidu, for global users, allowing them to generate short video clips based on text prompts. Vidu is able to generate a four-second clip in just 30 seconds, making it one of the fastest tools on the market. The technology is based on Shengshu's self-developed architecture called U-ViT, which was detailed in a research paper authored by a team led by Shengshu AI's chief scientist, Zhu Jun. The company aims to integrate AI tools with traditional sectors and has received backing from investors including Qiming Venture Partners, Baidu, Ant Group, and the Beijing AI Industry Investment Fund.
https://www.scmp.com/tech/tech-trends/article/3272408/sora-finds-new-rival-china-start-shengshu-ai-rolls-out-text-video-tool?utm_source=rss_feed
What if Hong Kong’s property woes are here to stay?
South China Morning Post
The recent failed tender for a plot in Chai Wan offered under a subsidised housing scheme is a stark reminder that the Hong Kong property market’s downward trend is likely to continue despite government efforts to prop up the sector. The tender failed when no bid for the site met the government’s reserve price.
https://www.scmp.com/opinion/letters/article/3272024/what-if-hong-kongs-property-woes-are-here-stay?utm_source=rss_feed
How can China’s ultra-long-term special government bonds get its economic gears turning?
South China Morning Post
Around 300 billion yuan ($41.3 billion) worth of ultra-long-term special government bonds will be crucial in stabilising China's economy in the second half of the year, according to analysts. The bonds will be allocated to support industrial-equipment upgrades and a consumer goods trade-in programme. The funds will help boost demand and promote growth, and could boost nominal economic growth by 0.4 to 1.3 percentage points in the second half of the year. The bonds will also boost consumption by 666.7 billion to 769.2 billion yuan and boost total retail sales and consumer spending in GDP by 1.4 to 1.6 percentage points.
https://www.scmp.com/economy/economic-indicators/article/3272348/how-can-chinas-ultra-long-term-special-government-bonds-get-its-economic-gears-turning?utm_source=rss_feed
Mainland China and Taiwan reach deal to resolve crisis over fishing crew deaths near Quemoy
South China Morning Post
Mainland China and Taiwan have reached an agreement to resolve the deaths of two mainland fishermen in February. The agreement includes compensation for the victims' families and repatriation of the bodies. The incident had increased tensions between the two sides, with the Taiwanese coastguard accusing the fishermen of trespassing and mainland officials accusing Taiwan of "rough dispersal of the fishing boat". Details of the agreement have not been disclosed. China cut off communication with Taiwan in 2016 after its leader refused to acknowledge the one-China principle.
https://www.scmp.com/news/china/politics/article/3272410/mainland-china-and-taiwan-reach-deal-resolve-crisis-over-fishing-crew-deaths-near-quemoy?utm_source=rss_feed
For China's e-commerce platforms, low prices are no longer enough
Nikkei Asia
China's e-commerce platforms, such as Douyin, are shifting from prioritising low prices to focusing on sustainable sales growth. The move follows a temporary regulation for the internet industry that comes into effect on 1 September, which prevents platforms from imposing "unreasonable restrictions on the prices of goods." Total GMV for China's 618 shopping event fell by 7% this year, the first time in eight years, while China's GDP grew 4.7% YoY in Q2 2021, the slowest growth since the beginning of last year.
https://asia.nikkei.com/Business/Retail/For-China-s-e-commerce-platforms-low-prices-are-no-longer-enough
China seizes chance to play peacemaker in Ukraine before U.S. vote
Japan Times
Chinese President Xi Jinping is attempting to position himself as a peacemaker in the Russia-Ukraine conflict, despite criticism from the US and Europe. China recently hosted its first senior official from Ukraine since the conflict began in 2022, and both sides have signaled a willingness to negotiate. China has also dispatched a special envoy to Brazil, South Africa, and Indonesia to build conditions for peace talks, as these countries have not imposed sanctions on Russia.
https://www.japantimes.co.jp/news/2024/07/30/world/politics/china-peacemaker-ukraine-us-vote/
Philippines gets 'unprecedented' aid — and reassurances — during talks with U.S.
Japan Times
During high-level talks in Manila, the United States unlocked $500 million in security assistance for the Philippines. The talks, which were the first-ever "two-plus-two" talks between the two countries, focused on bolstering the Philippine military and continuing to modernize the alliance. The move comes as tensions in the disputed South China Sea continue to escalate. US Defense Secretary Lloyd Austin and Secretary of State Antony Blinken reassured the Philippines that the US commitment to defending its ally would remain strong, regardless of the outcome of the US presidential election in November.
https://www.japantimes.co.jp/news/2024/07/30/asia-pacific/politics/us-philippines-two-plus-two/
Chinese suppliers storm Temu office in Guangzhou in protest over ‘harsh’ policies
South China Morning Post
Chinese suppliers on the Temu shopping app, operated by PDD Holdings, staged a protest at the e-commerce giant's office in Guangzhou, alleging unreasonable platform policies. Dozens of protesters stormed the PDD office, and videos of the incident were posted on social media. The suppliers are unhappy with how Temu handles after-sales issues, including quality and compliance problems, and claim that the platform sets harsh terms that include hefty fines if customers complain or request refunds. Temu said it is actively working with the merchants to find a solution.
https://www.scmp.com/tech/big-tech/article/3272437/chinese-suppliers-storm-temu-office-guangzhou-protest-over-harsh-policies?utm_source=rss_feed
Meloni touts China as a ‘key player’ in the Ukraine peace process
Japan Times
Italian Prime Minister Giorgia Meloni has suggested that China could play a key role in ending the war in Ukraine. During her first official visit to China, Meloni highlighted the potential for China to help find a solution to the conflict, despite acknowledging the friction caused by China's support of the Russian industrial complex. She emphasized China's principles of sovereignty and territorial integrity as important factors in achieving a just peace in Ukraine.
https://www.japantimes.co.jp/news/2024/07/30/world/politics/meloni-china-ukraine-peace/
‘Signal to China’: US military command upgrade in Japan mark of commitment to region, analysts say
South China Morning Post
The US and Japan have agreed to upgrade the command and control of American forces in Japan, a move that is seen as sending a strong message to China about the strength of Washington's commitment to Tokyo and the wider region. The upgrade will allow for greater coordination and efficiency between the US and Japan in dealing with "fluid circumstances" in the Indo-Pacific. Additionally, the two countries have agreed to strengthen American-licensed missile production in Japan in response to the rising threat from China. The joint statement issued after the talks highlighted China's foreign policy as a serious concern and the greatest strategic challenge in the Indo-Pacific region. Experts have noted that the upgraded alliance between the US, Japan, and South Korea puts them in a better position to deal with regional challenges, but also warned that China, North Korea, and Russia may take their own disruptive measures. The command upgrade is seen as a significant geopolitical signal to China, but its actual impact will depend on related issues such as the size and capabilities of the command and cooperation with other regional allies. Diplomatic efforts will also remain important in ensuring regional stability.
https://www.scmp.com/week-asia/politics/article/3272455/signal-china-us-military-command-upgrade-japan-mark-commitment-region-analysts-say?utm_source=rss_feed
Taiwan president urges democracies to unite at largest-ever gathering of foreign lawmakers in Taipei
Associated Press
Taiwanese President Lai Ching-te has welcomed the "largest-ever" delegation of foreign lawmakers to Taiwan, despite pressure from Beijing. The delegation was visiting for a conference held by the Inter-Parliamentary Alliance on China, a group of lawmakers from 35 countries concerned about how democracies approach Beijing. Lai said the visit demonstrated the value other countries placed on Taiwan and sent an important message to democratic countries around the world. China views Taiwan as a renegade province and has been increasing its threats to annex it by force if necessary.
https://apnews.com/article/taiwan-president-lai-ipac-china-dae61d475fc49c18895c7e1e1514cfe8
Hong Kong’s Greater Bay Airlines launches tax-free sea-to-air service for 6 mainland ports
South China Morning Post
Hong Kong's Greater Bay Airlines has introduced a tax-free sea-to-air service for six ports in mainland China, allowing passengers to seamlessly transit at the city's international airport. The new air link service is a collaboration with Chu Kong Passenger Transport and is made under a code-share arrangement with the ports of Dongguan Humen, Guangzhou Nansha, Guangzhou Pazhou, Shenzhen Fuyong, Shenzhen Shekou and Zhongshan. Passengers can book one ticket for both the high-speed ferry and air journeys and can complete advanced immigration and check-in procedures at the departing port. The baggage allowance for the airline's flight is the same as the ferry journey and checked luggage will be transferred directly from the departing port to the destination airport.
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272434/hong-kongs-greater-bay-airlines-launches-sea-air-tax-free-service-6-mainland-ports?utm_source=rss_feed
Singapore’s Temasek to invest US$30 Billion in US over five years
South China Morning Post
Singapore's Temasek Holdings plans to invest $30bn in the US over the next five years, citing caution about investing in China. Jane Atherton, Temasek's head of North America, said the Americas would continue to be the largest recipient of the fund's capital. Temasek's investments in North and South America surpassed those in China for the first time in at least a decade this year. The fund's portfolio is made up of 22% US investments, 19% Chinese and 27% Singaporean. It has grown its US assets fivefold in the past decade.
https://www.scmp.com/business/banking-finance/article/3272399/singapores-temasek-invest-us30-billion-us-over-five-years?utm_source=rss_feed
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