Vice-President Trump and President Putin of Ukraine — Joe Biden's gaffes keep coming, but he says he's not budging
Biden expounds on policy while his party frets over his delivery; China exports rise 8.6% in June as global demand picks up
Welcome to this issue of The China Brief. Today is July 12, 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.
Vice-President Trump and President Putin of Ukraine — Joe Biden's gaffes keep coming, but he says he's not budging
Australian Broadcasting Corporation
Joe Biden's much-anticipated press conference on Thursday was a "meandering but passable performance", according to the ABC News. The US President scored a "five out of 10" in his performance, and he acknowledged that he had to "allay fears" about his ability to do the job. Biden said he had been "out and about" at more than 20 events, but most of them were scripted. The president also claimed to be the best-qualified person to govern the US, comparing himself to Lyndon B. Johnson.
https://www.abc.net.au/news/2024-07-12/joe-biden-press-conference-trump-putin-zelensky-us-election/104089472
Biden expounds on policy while his party frets over his delivery
Yahoo US
Joe Biden recently faced questioning from reporters for nearly an hour, discussing gun violence, taxes, Russia’s invasion of Ukraine, and China’s economic leverage over Europe. However, this is not necessarily what his audience needed to hear. As he continues to struggle to recover from his debate performance last month, Biden is now being judged less on the substance of his answers than on the style and clarity of his delivery. Democratic leaders are even considering forcing him off the ticket. To prevent this, Biden needs to prove that he can speak in the crisp, confident tones that voters expect of a president.
https://www.yahoo.com/news/biden-expounds-policy-while-party-043437363.html
China exports rise 8.6% in June as global demand picks up
Nikkei Asia
China's exports grew for the third consecutive month in June, rising by 8.6% on the year in dollar terms, according to Chinese customs data. The increase was higher than economists' forecast of 8.0%. However, imports declined by 2.3% in June compared to the previous year, falling short of estimates. Some developed economies have accused China of flooding international markets with cheap goods, and trade protectionism has spread to regions such as Asia and Latin America. China's manufacturing activity contracted for the second consecutive month in June, and consumer prices data indicated insufficient domestic demand. The country is expected to issue its second-quarter GDP statistics on Monday, with a whole-year growth target of around 5%.
https://asia.nikkei.com/Economy/Trade/China-exports-rise-8.6-in-June-as-global-demand-picks-up
Hong Kong to limit number of cars from Guangdong, Macau entering city via mega bridge
South China Morning Post
Hong Kong is set to allow several hundred private cars from mainland China and Macau to enter the city via a mega bridge, starting as early as the end of this year. The "Southbound Travel for Guangdong Vehicles" scheme will have over 1,000 automated car parking spaces located on the artificial island of the Hong Kong border of the Hong Kong-Zhuhai-Macau Bridge. The scheme offers visitors from Macau and Guangdong province the option to drive to Hong Kong, park at an automated car park on the artificial island, then take a coach to the city’s airport for overseas destinations, or enter via the bridge checkpoint.
https://www.scmp.com/news/hong-kong/transport/article/3270126/hong-kong-limit-number-cars-guangdong-macau-entering-city-mega-bridge?utm_source=rss_feed
Xi’s campaign to feed China is turning wasteland into farms
Japan Times
China is facing pressure to produce more food domestically as grain imports reach record levels and trade tensions rise. The country currently feeds a fifth of the global population with less than a tenth of the world's arable land. To address this issue, Beijing is focusing on converting briny or polluted land into farmable areas, using technology and increased spending. Chinese leader Xi Jinping has placed increased emphasis on self-reliance as ties with the West deteriorate and supply risks become apparent. Climate change and extreme weather events are also disrupting China's own harvests and those of its suppliers.
https://www.japantimes.co.jp/news/2024/07/12/world/science-health/xi-feed-china-wasteland-farms/
China’s Tianqi is looking at a lithium plant in Europe to supply electric car batteries
South China Morning Post
Chinese lithium-ion battery materials producer Tianqi Lithium is seeking partnerships with European companies to co-invest in battery materials and production facilities. The company plans to expand into the downstream operations of the battery supply chain and is looking for opportunities to participate in lithium-ion recycling. Tianqi is also considering investing in lithium mining projects in Austria, Northern Europe, the UK, Portugal and Spain. The move comes as Chinese carmakers aim to localise their supply chains in order to avoid import tariffs and reduce transport costs.
https://www.scmp.com/business/china-business/article/3270154/chinas-tianqi-looking-lithium-plant-europe-supply-electric-car-batteries?utm_source=rss_feed
U.S. lawmakers raise concerns over Microsoft deal with Emirati AI firm
Japan Times
Republican lawmakers in the United States have requested an intelligence assessment of Microsoft's $1.5 billion investment in UAE-based artificial intelligence firm G42. They have concerns about the transfer of sensitive technology and G42's historic ties to China. The lawmakers are asking for a briefing on the deal before it progresses to a second phase involving the transfer of export-restricted semiconductor chips and model weights.
https://www.japantimes.co.jp/business/2024/07/12/tech/us-china-microsoft-emirati-ai/
China’s key SMEs urged to report improper fines, fees as Beijing seeks to ease hardships
South China Morning Post
China's Ministry of Industry and Information Technology will investigate inappropriate fines and biased administrative fees in an effort to reduce the burden on companies and support the development of small and medium-sized enterprises (SMEs). The investigation will also address issues such as local governments defaulting on corporate debts and irregularities in the enforcement and inspection of businesses. The ministry aims to promote new industrialization, reduce burdens on enterprises, and support the development of SMEs. The move comes as China seeks to revive its private sector, which has been impacted by the government's crackdown on the internet and off-campus education. The ministry will also focus on supervising the implementation of tax and fee reduction policies for private firms and monitor government support for SMEs.
https://www.scmp.com/economy/china-economy/article/3270218/chinas-key-smes-urged-report-improper-fines-fees-beijing-seeks-ease-hardships?utm_source=rss_feed
Steady fund flows have bolstered Hong Kong’s asset, wealth hub status, SFC study finds
South China Morning Post
Hong Kong has solidified its position as an asset and wealth management hub, according to an annual survey by the Securities and Futures Commission (SFC). Hong Kong-domiciled funds authorised by the SFC saw net fund inflows of HKD33bn ($4.2bn) in Q1 2024, after rebounding by 93% to HKD87bn last year. The survey also found that asset managers in Hong Kong continued to have a global portfolio mix, with 60% of assets managed in markets other than mainland China and Hong Kong.
https://www.scmp.com/business/banking-finance/article/3270234/steady-fund-flows-have-bolstered-hong-kongs-asset-wealth-hub-status-sfc-study-finds?utm_source=rss_feed
China’s Three Gorges Dam on flood alert as rain batters megacity Chongqing
South China Morning Post
The Three Gorges Dam, one of the world’s largest dams, is on high alert for a new round of flooding as devastating rains hit southwest China's Chongqing municipality. Six people have died from heavy rains in Chongqing’s Dianjiang county, with four killed by “geological disasters” that followed the rain and two who drowned as of Thursday. The rainfall in Dianjiang reached a record high for single-day precipitation, affecting more than 40,000 people, damaging nearly 1,800 hectares (4,448 acres) of crops, and causing direct economic losses of around CNY82m ($11.3m).
https://www.scmp.com/news/china/article/3270222/chinas-three-gorges-dam-flood-alert-rain-batters-megacity-chongqing?utm_source=rss_feed
Confrontations in South China Sea surge, raising fears a miscalculation could lead to conflict
Guardian
Chinese vessels have been accused of aggressive and dangerous behavior in the South China Sea, according to Philippine government data. Since February 2023, the Philippines has accused China of unsafe conduct on at least 12 occasions, often within the water of its exclusive economic zone (EEZ). Recent incidents include allegations that China has rammed Philippine vessels, used water cannon on them, and punctured their rubber boats with knives. Reports of such confrontations have increased in recent years, raising concerns of a miscalculation that could lead to direct conflict between the US and China. The US has pledged to defend the Philippines in the event of an armed attack. China has long been accused of aggressive acts against neighboring countries’ vessels, but has denied these claims. The South China Sea is a strategically important waterway and trade route, but is the subject of a dispute between Beijing, the Philippines, Vietnam, Malaysia, Brunei, and Taiwan.
https://www.theguardian.com/world/article/2024/jul/12/south-china-sea-conflict-philippines-coast-guard
China’s military honours go to PLA ship-borne pilot unit and telecoms expert
South China Morning Post
Chinese President Xi Jinping has awarded merit citations to a ship-borne pilot unit of the People’s Liberation Army (PLA) and a military cyber expert, in moves seen as underlining Beijing’s defence priorities. The awarding of these citations comes as China builds up its naval capabilities amid heightened regional tensions. China is also focusing more on cybersecurity and information systems as they become a key part of warfare, such as in Ukraine, with Xi ordering the PLA to be well-prepared for information-focused wars.
https://www.scmp.com/news/china/military/article/3270124/chinas-military-honours-go-pla-ship-borne-pilot-unit-and-telecoms-expert?utm_source=rss_feed
Japan defence white paper says China’s military ambitions ‘greatest strategic challenge’ to the world
South China Morning Post
Japan's defence ministry has expressed concern over joint military activities by China and Russia around the country, calling them a "demonstration of force" and a threat to national security. The ministry's annual white paper also noted that North Korea poses a greater threat than ever, with its missile tests aimed towards Japan. The paper further highlighted China's military ambitions as the "greatest strategic challenge" to Japan and the world. The country plans to double its defence spending to 2% of GDP by 2027 but this may be impacted by the falling value of the yen.
https://www.scmp.com/news/asia/east-asia/article/3270181/japan-defence-white-paper-says-chinas-military-ambitions-greatest-strategic-challenge-world?utm_source=rss_feed
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