China Frames ‘One Province, One Policy’ Plan for Financial Risk; China regulator to speed reform of smaller financial institutions; Top U.S. general still waiting to hear from China on military ties
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China Frames ‘One Province, One Policy’ Plan for Financial Risk
Bloomberg
China's National Financial Regulatory Administration has called on provinces to develop their own plans for handling financial risks. The move comes amid concerns that government debt is becoming too concentrated at the local level. The agency will focus on investigating individuals who pose major risks and will work to rectify market chaos and disruptive behavior. The announcement follows a pledge made at the Central Financial Work Conference in October to resolve debt risks associated with local authorities. The regulator also plans to establish mechanisms for resolving disputes over consumption and protecting consumers' rights.
China regulator to speed reform of smaller financial institutions
Yahoo US
The National Financial Regulatory Administration (NFRA), the watchdog overseeing China's $57tn financial sector, will increase its oversight of the sector and accelerate reform of small and midsize financial institutions, according to director Li Yunze. The regulator will work with the General Administration of Financial Supervision to tighten supervision of the financial industry, focusing on key people and behaviours causing major financial risks and undermining market order.
Top U.S. general still waiting to hear from China on military ties
Japan Times
The Chairman of the Joint Chiefs of Staff, General Charles Q. Brown Jr., has stated that he is waiting to hear back from China about resuming military-to-military ties. He emphasized the importance of dialogue with both allies and adversaries to prevent miscalculation. The United States and China are seeking to stabilize their relationship.
Poll reveals the complex human story of Hongkongers in the UK
SCMP Opinion
A recent survey of Hong Kong migrants who have moved to the UK under the British National (Overseas) visa scheme has revealed the difficulties they face, including finding employment that matches their skills and qualifications. The survey, conducted by think tank British Future and umbrella group Welcoming Committee for Hong Kongers, found that only half of the migrants are currently employed, with many taking jobs that do not match their qualifications. The survey also revealed that more than 40% of respondents reported that their financial position had worsened after moving to the UK.
Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts
Yahoo US
Hong Kong's High Court is holding a hearing on Monday to decide the fate of debt-ridden Chinese property developer Evergrande. If the company's restructuring plan is rejected by creditors, it faces liquidation. Evergrande is the world's most indebted property developer, and its chairman, Hui Ka Yan, is being investigated by Chinese police. The company first defaulted in 2021, after the Beijing government tightened lending to property developers in an effort to cool a property bubble. The crisis has also affected China's shadow banking industry, with the police investigating shadow bank Zhongzhi Enterprise Group over its $64bn liabilities.
China, US agree on AI risks, but can they see past military tech rivalry?
South China Morning Post
China and the US have agreed to work together on regulating the military application of artificial intelligence (AI). However, there are still differences between the two countries and it is unclear whether they will be able to go beyond what has already been agreed at the international level. The use of AI in warfare raises concerns about civilian impact and ethical issues. There are fears that AI could be used to identify targets, launch cyberattacks, and spread disinformation. Both China and the US have endorsed the view that humans should remain in control of AI systems, but there is disagreement over the specific language used to describe this control. International agreements on the use of AI in the military rarely come with concrete mechanisms for regulation. The lack of a common definition of lethal autonomous weapon systems (LAWS) has hindered efforts to regulate or ban them. China and the US have been holding backchannel meetings on AI and there may be potential for a joint statement on the importance of human control in nuclear decision-making.
Fears grow that Osprey crash may put dent in Japan-U.S. alliance
Japan Times
The recent crash of a US military Osprey aircraft in Japan has raised safety concerns among local citizens. Despite a request from Tokyo to ground the aircraft, the US continues to fly them. Experts believe that the US should respond to Japan's demand for better operations at military bases in the country, while Japan should insist that the US halt Osprey flights and provide detailed information about the crash. If the mishandling of the incident by the two governments erodes public support for their alliance, it could weaken their deterrence in the face of China's growing military assertiveness in the region.
Explosion at a Catholic Mass in the Philippines Kills at Least 4 and Injures Dozens
NY Times
Four people have been killed and 50 others injured after an explosion at a Roman Catholic Mass in Marawi, the southern Philippines. A grenade or homemade bomb is believed to have caused the blast. Authorities suspect the involvement of the Islamic State affiliate in the Philippines. The incident took place at Mindanao State University, which is still affected by the fighting that took place during 2017.
Japan, France unveil new road map to boost defense, economic security
Japan Times
Japan and France have agreed on a new road map to strengthen defense and economic security cooperation between the two countries. The road map sets goals for cooperation in various areas through 2027 and emphasizes the importance of maintaining a free and open international order based on the rule of law. Both countries have a strategic interest in the Indo-Pacific region, with Japan advocating for a "free and open Indo-Pacific" to counter China's influence, and France having overseas territories in the South Pacific.
Think of what happened to Hong Kong when you vote, Taiwan president says
Yahoo US
Taiwanese President Tsai Ing-wen has called on voters to consider the situation in Hong Kong when they go to the polls next month. Tsai, whose Democratic Progressive Party (DPP) is a pro-independence party, claimed a vote for the opposition Kuomintang (KMT), which favours closer ties with China, would be a vote for "alarmist" talk of war. She said Taiwan wanted "dignified peace" and pledged to strengthen the country's defences. The Chinese Communist Party has consistently objected to Tsai's DPP, and the KMT has framed January's election as a choice between war and peace.
China has more space to cut reserve ratio instead of interest rates, says ex-official
Yahoo US
China is likely to implement a proactive fiscal policy next year in order to achieve stable economic growth, according to a former central banker. The comments come as China's economy struggles to recover from the impact of the Covid-19 pandemic and faces concerns over debt problems among major property developers. The former central banker suggests that China will continue to implement positive fiscal policy and monetary policies that are in line with this approach. He also suggests that there is more room to cut banks' reserve requirement ratio than to cut interest rates, and that interest rate differentials between China and the US are likely to stabilise.
Belarus President Lukashenko heading to China second time this year
Reuters
Belarusian President Alexander Lukashenko is heading to Beijing for talks with Chinese leader Xi Jinping. This is the second trip to China this year for Lukashenko, who is a close ally of Russian President Vladimir Putin. The agenda for the talks includes issues of trade, economic, investment, and international cooperation. China and Belarus have maintained a strong friendship, and China has never condemned Russia's invasion of Ukraine. However, both Lukashenko and Xi have called for a peace deal for Ukraine. The war in Ukraine has been ongoing for 22 months with no end in sight.
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