In Xi’s China, Politics Eventually Catches Up With Everyone
China’s land purchases shrank 38% in first 7 months of 2024 amid festering property slump; US-China fentanyl cooperation gathers momentum with senior meeting in Washington
Welcome to this issue of The China Brief. Today is August 2, 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.
In Xi’s China, Politics Eventually Catches Up With Everyone
NY Times
The author of this article reflects on the rapid economic and social changes that have occurred in China over the past few decades, yet notes that the political system remains unchanged. Despite the transformation of the country from a predominantly rural society to a majority urban population and the significant increase in economic output per person, the political system has not adapted to these changes. The author highlights the discrepancy between China's progress in other areas and the lack of political reform, raising the question of why this is the case.
https://www.nytimes.com/2024/08/02/business/peter-hessler-other-rivers.html
China’s land purchases shrank 38% in first 7 months of 2024 amid festering property slump
South China Morning Post
The land grab by China's property developers has slowed as home sales continue to decline, according to data from China Real Estate Information Corporation (CRIC). Land purchases by China's top 100 developers fell 38% in the first seven months of 2015 to a combined CNY430.7bn ($59.6bn), compared with the same period last year. China Greentown Holdings Limited, a real estate development company, was the second-largest buyer, spending CNY22.8bn.
https://www.scmp.com/business/article/3272924/chinas-land-purchases-shrank-38-first-7-months-2024-amid-festering-property-slump?utm_source=rss_feed
US-China fentanyl cooperation gathers momentum with senior meeting in Washington
South China Morning Post
China and the US have met to discuss strengthening cooperation in drug control, as part of the working group formed after the leaders' summit in November. The discussions focused on strengthening coordination on law enforcement actions, disrupting the financing of transnational criminal organisations, and scheduling synthetic drugs. The meeting also addressed measures to address the diversion of precursor chemicals and exchange information on emerging threats. The US-China Counternarcotics Working Group mechanism was launched in January to combat the global manufacturing and trafficking of synthetic drugs, including fentanyl. China has taken steps to crack down on fentanyl-related substances and has worked with the US on joint investigations and the sentencing of defendants involved in trafficking.
https://www.scmp.com/news/china/diplomacy/article/3272926/us-china-fentanyl-cooperation-gathers-momentum-senior-meeting-washington?utm_source=rss_feed
Suspected Chinese hackers hit Taiwanese research center
Japan Times
A hacking group believed to be linked to the Chinese government has stolen passwords and documents from a Taiwanese government-affiliated research center that specializes in computing, according to cybersecurity researchers at Cisco Systems. The attackers used a type of malicious software tool that is predominantly used by China-based groups. Cisco believes that the hackers are part of a state-sponsored espionage group called APT41, which US officials have linked to China's Ministry of State Security. The attack highlights the threat that suspected Chinese cyberattacks pose to Taiwan, which has been the source of escalating tension between the US and China.
https://www.japantimes.co.jp/news/2024/08/02/asia-pacific/crime-legal/chinese-hackers-taiwanese-research/
West plays 'whack-a-mole' as China dominates EV and battery sectors
Japan Times
The Biden administration has imposed restrictions on various goods from China in recent years, with a focus on batteries, semiconductors, critical minerals, and pharmaceuticals. The European Union has also imposed tariffs on Chinese electric vehicles and is considering increasing them to 37.6%. However, while the West is trying to catch up on economic security, Chinese battery manufacturer CATL's CEO, Zeng Yuqun, has been traveling around Europe, holding talks with various entities.
https://www.japantimes.co.jp/commentary/2024/08/02/world/west-continues-playing-catchup/
Airship aiming for China’s low-altitude tourism market makes 2-hour test flight
South China Morning Post
China has successfully tested its first self-developed civil manned airship, the AS700, which is designed for low-altitude tourism. The airship flew above tourist attractions in Hubei province at an altitude of 500 metres and a speed of 60 km/h for two hours. The AS700 can travel for 10 hours without interruption and holds up to nine passengers, and its manufacturer, Aviation Industry Corporation of China, said it could be used for logistics, emergency rescue and security control. The airship will be delivered at the end of the year after 20 orders were placed by domestic travel agencies and tourist attractions.
https://www.scmp.com/news/china/science/article/3272929/airship-aiming-chinas-low-altitude-tourism-market-makes-2-hour-test-flight?utm_source=rss_feed
China urged to stabilise yuan to lift domestic demand, with high exports ‘unsustainable’
South China Morning Post
China needs to prevent a sharp slide in the yuan's exchange rate, cut interest rates and stabilise the property market to boost domestic demand, according to Nomura's chief China economist, Lu Ting. Exports from the country rose 8.6% in June from a year earlier, however, Lu believes growth is likely to decline to below 5% and may even return to zero at the end of this year or in 2017 due to the cycle of the global economy and rising trade disputes.
https://www.scmp.com/economy/global-economy/article/3272938/china-urged-stabilise-yuan-lift-domestic-demand-high-exports-unsustainable?utm_source=rss_feed
China sees highest number of significant floods since records began
Guardian
China is facing a record number of significant floods and extreme weather events this year, according to the Chinese Ministry of Water Resources. So far, the country has experienced 25 "numbered" events, which are defined as having water levels that prompt an official warning or are measured at a magnitude of a "once in two to five years" event. The floods have resulted in the issuance of thousands of warnings and the evacuation of millions of people. China has also experienced heatwaves, droughts, and the remnants of Typhoon Gaemi, resulting in dozens of deaths and widespread destruction. The extreme weather is believed to be a result of the climate crisis, with China being the world's largest producer of carbon emissions.
https://www.theguardian.com/world/article/2024/aug/02/china-flooding-record-weather
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