Jack Ma returns to Alibaba campus, as China moves to boost business confidence；Why are top scientists leaving the West for China?
China wants to turn Xinjiang’s vast deserts into a string of pearls
Welcome to this issue of The China Brief. Today is November 29, 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.
Jack Ma returns to Alibaba campus, as China moves to boost business confidence
South China Morning Post
Jack Ma, the founder of Alibaba Group, recently visited the company's campus in Hangzhou for the first time since March 2023. Despite stepping down as executive chairman in 2019 and maintaining a low profile since 2020, he is still viewed as a key figure in Chinese entrepreneurship. His visit comes at a time when the Chinese government is attempting to boost confidence in the private sector amid economic challenges. During his visit, employees captured a photo of a relaxed Ma engaging with staff.
This appearance follows Alibaba's significant internal restructuring, which merged its domestic and overseas e-commerce operations to enhance synergy and competitiveness against rivals. The company is also focusing on artificial intelligence, with notable growth reported in its Cloud Intelligence Group. Alibaba's shares have seen a decline of over two-thirds from their peak in late 2020, but Ma and co-founder Joe Tsai have been actively investing in the company, with Ma increasing his ownership stake.
https://www.scmp.com/tech/big-tech/article/3288737/jack-ma-returns-alibaba-campus-china-moves-boost-business-confidence?utm_source=rss_feed
Why are top scientists leaving the West for China?
South China Morning Post
Star geometer Sun Song has returned to China after over a decade in the US, joining Zhejiang University to inspire students in mathematics. His move reflects a growing trend of top scientists relocating to China from Western countries like the US and Germany, drawn by China's scientific advancements and opportunities to lead in academia. Notable mathematicians, including Kenji Fukaya and Ma Xiaonan, have also returned to contribute to China's academic community, attracted by its rising talent pool and strong academic foundations. Despite some concerns about China's competitiveness compared to the US, many experts acknowledge China's increasing prowess in mathematics and related fields. The article also highlights the impact of the US's China Initiative, which led to racial profiling of ethnic Chinese researchers and prompted many to return to China. With the anticipated return of Donald Trump to the White House, there are fears among ethnic Chinese researchers regarding their future in the US, potentially leading to further talent exodus. Overall, the trend indicates China's growing appeal as a destination for leading researchers and scientists.
https://www.scmp.com/news/china/science/article/3288447/why-are-top-scientists-leaving-west-china?utm_source=rss_feed
China wants to turn Xinjiang’s vast deserts into a string of pearls
South China Morning Post
China is cultivating millions of pearls in the Xinjiang Uygur autonomous region as part of a plan to develop the area into an aquaculture hub. The pearl farming initiative began in 2022 but gained attention after a viral video showcased local farmers with pearls. Since 2017, authorities have encouraged private investment in aquaculture, leading to the farming of various seafood, including salmon and shrimp, in saline-alkaline lakes in the Taklimakan Desert. Investors from southern China have established a breeding base in Qiemo county, cultivating 2 million pearl oysters and planning to sell their first pearls by late 2025. The region's unique climate is favorable for pearl development, and the farming process also improves local water quality. Last year, Xinjiang produced 184,000 tonnes of aquatic products worth approximately 3.86 billion yuan, with expectations to reach a value of 20 billion yuan by 2025.
https://www.scmp.com/economy/china-economy/article/3288686/china-wants-turn-xinjiangs-vast-deserts-string-pearls?utm_source=rss_feed
China jails journalist for seven years on espionage charges
Al Jazeera
A Chinese court has sentenced journalist Dong Yuyu to seven years in prison on spying charges, which his family has labeled a “grave injustice.” The Beijing No 2 Intermediate People’s Court found the 62-year-old former editor of the Communist Party’s Guangming Daily guilty based on his meetings with senior Japanese diplomats, who were classified as agents of an “espionage organization.” Dong's family criticized the lack of evidence in the verdict and expressed concerns about its implications for other Chinese citizens and journalists. Dong, who has been active in journalism since 1987 and has advocated for moderate reforms, was detained two years ago while dining with a Japanese diplomat. The case has drawn international attention, with over 700 journalists and advocates calling for his release, highlighting a broader concern for press freedom in China.
https://www.aljazeera.com/news/2024/11/29/china-jails-journalist-for-seven-years-on-espionage-charges
What Xi’s flying visit to Morocco means for China’s EV industry
South China Morning Post
Chinese President Xi Jinping's recent visit to Morocco highlights China's strategic interest in strengthening ties with North African nations. During his meeting with Moroccan Crown Prince Moulay Hassan, both leaders emphasized their commitment to enhancing cooperation, particularly in the electric vehicle (EV) sector. Morocco's abundant lithium and phosphate resources, essential for EV batteries, and its proximity to European markets make it a focal point for Chinese investment. Chinese firms are actively establishing operations in Morocco, including significant projects like Gotion High-Tech's planned $1.3 billion battery gigafactory.
China is also seeking to rebuild ties with Libya and deepen its engagement with Tunisia, where authoritarian trends offer new opportunities for investment. Despite potential tensions with Algeria over the Western Sahara dispute, analysts believe China can maintain a balance in its relationships across North Africa. Overall, China's strategic expansion into Morocco, Tunisia, and Libya is part of its broader goal to secure critical resources and strengthen its presence in key markets while navigating regional complexities.
https://www.scmp.com/news/china/diplomacy/article/3288608/what-xis-flying-visit-morocco-means-chinas-ev-industry?utm_source=rss_feed
Multiple-entry Hong Kong visas for Shenzhen residents to start from December 1
South China Morning Post
Starting December 1, Shenzhen residents can apply for multiple-entry visas to Hong Kong, allowing them unlimited entries within a year, with each stay limited to seven days. This new visa policy replaces the previous "one-trip-per-week" arrangement, which will no longer be accepted for new applications, although existing visa holders can still use theirs. Additionally, Zhuhai residents will have a similar "one-trip-per-week" policy for Macau, and multiple-entry visas will be available for those in the Guangdong-Macau In-Depth Cooperation Zone starting January 1. The "one-trip-per-week" policy was introduced in 2015 due to concerns from Hong Kong residents about overcrowding and parallel trading.
https://www.scmp.com/news/hong-kong/society/article/3288591/multiple-entry-hong-kong-visas-shenzhen-residents-restart-december-1?utm_source=rss_feed
China expands health insurance coverage with 91 new drugs, breakthrough treatments
South China Morning Post
China has expanded its health insurance reimbursement list by adding 91 new drugs, bringing the total to 3,159. This move reflects support for innovative treatments while maintaining strict spending controls, as 43 drugs were removed due to better alternatives or discontinuation. The new additions include a variety of medicines, with an average price reduction of 63%, which is expected to save the government about 50 billion yuan (US$6.9 billion) in public health costs next year. Despite the overall price cuts, more than 92% of innovative drugs successfully made it onto the reimbursement list, indicating strong governmental support for innovative pharmaceuticals. Notable inclusions are the antibody drug Enhertu, co-developed by AstraZeneca and Daiichi Sankyo, as well as domestic drugs targeting various cancers. Analysts suggest that future pricing pressure may increase on older drugs to accommodate newer, innovative options.
https://www.scmp.com/business/article/3288691/china-expands-health-insurance-coverage-91-new-drugs-breakthrough-treatments?utm_source=rss_feed
China and Trump's tariffs: Beijing tries to unleash economy
Deutsche Welle
China has initiated over $2.03 trillion in stimulus to stimulate its economy, which is struggling to recover from the pandemic. Despite this effort, economic growth in the first three quarters of 2024 was just 4.8%, falling short of Beijing's 5% target. Analysts express concerns that the measures taken, primarily aimed at restructuring existing debts, do not constitute a true stimulus, especially in the face of significant local government debt and ongoing trade tensions with the US. Beijing's recent liquidity injection and infrastructure spending have provided temporary relief, leading to a surge in stock market performance. However, experts argue that these actions are insufficient to address deeper structural issues and predict limited impact on long-term growth. Furthermore, with the potential for new US tariffs under Trump’s administration, concerns mount over the future of China's economy. Some analysts advocate for a more substantial stimulus akin to a "Chinese Marshall Plan," focusing on domestic demand and social welfare. Overall, while immediate measures may ease some pressures, fundamental changes in China's economic model are deemed necessary for sustainable growth.
https://www.dw.com/en/china-liquidity-economy-yuan-trump-tariffs-v1/a-70839175
Alibaba’s DingTalk sees Hong Kong as pathway to expansion of workplace collaboration app
South China Morning Post
Alibaba's DingTalk collaboration app has officially launched in Hong Kong, aiming to enhance its global expansion strategy. The app will establish a local service team to better meet customer needs and create a localized ecosystem. DingTalk, which recorded over $200 million in annual recurring revenue, features tools for cross-market collaboration, including real-time translation and organizational management. With 700 million users and 25 million business clients, DingTalk faces competition from other platforms like ByteDance's Lark. The launch reflects Alibaba's efforts to monetize its business-to-business services internationally while leveraging Hong Kong's market influence.
https://www.scmp.com/tech/big-tech/article/3288743/alibabas-dingtalk-sees-hong-kong-pathway-expansion-workplace-collaboration-app?utm_source=rss_feed
Will the EU and China form a united front against Trump’s tariff offensive?
South China Morning Post
Negotiations between China and the European Union (EU) regarding tariffs on electric vehicles (EVs) are ongoing, with mixed signals about progress. Experts suggest these talks could impact future trade relations, particularly with the anticipated more protectionist policies under US president-elect Donald Trump. While some officials believe an agreement is imminent, reports indicate little has shifted since November. Trump is expected to impose significant tariffs on Chinese goods, increasing the importance of the EU market for China, which currently exports nearly 20% to Europe. However, tensions remain due to a year-long anti-subsidy investigation by the EU into Chinese EVs, leading to tariffs of up to 35%. Analysts express skepticism about improved China-EU relations, citing past failures to ease tensions during Trump's first term. The EU is also pursuing measures to compel technology transfers from Chinese firms to receive subsidies for battery development. Observers predict a deterioration in trade relations, influenced by broader geopolitical concerns, including China's ties with Russia amid the Ukraine conflict. Additionally, the EU is preparing for potential retaliatory actions from China in response to its tariffs, highlighting the fragility of their trade relationship.
https://www.scmp.com/economy/global-economy/article/3288627/will-eu-and-china-form-united-front-against-trumps-tariff-offensive?utm_source=rss_feed
China sentences veteran journalist on espionage charges
NPR
TAIPEI, Taiwan — China has sentenced a longtime Chinese state media journalist to seven years in prison on charges of espionage, in a case press freedom advocates have criticized as opaque and politicized.
Dong Yuyu, 62, had been detained while lunching with a Japanese diplomat at a Beijing hotel in February 2022 and held for half a year in a secret location before being formally charged with espionage, a charge he denied, his family says.
The 7-year sentence, delivered in a Beijing court on Friday, came after months of delays in Dong's sentencing. As in all cases China deems related to national security, Dong's trial was held in secret, with no press or family present, and the court provided no records of the testimony or evidence to the public.
"Yuyu is being persecuted for the independence he has demonstrated during a lifetime spent as a journalist," his family said in a statement.
On Friday, Dong's lawyers and family were allowed in court for the sentencing judgement, which was read aloud but not shared in writing. The sentencing accused Dong of inappropriately sharing information with two Japanese diplomats, including its then-ambassador to China, according to a statement from Dong's family.
Well-known among academic and diplomatic circles for his liberal writings and scholarship, Dong worked for decades as a journalist and editor at Guangming Daily, a Communist Party-run publication. He often traveled abroad and met with foreign experts in China, exchanges he always disclosed but which his family now believes may have led to his arrest.
"He is the epitome of the kind of people-to-people exchanges that China has been working so hard to establish and maintain for the past 30 years," the National Press Club, an advocacy organization based in Washington, said in a statement after Dong's trial concluded in 2023. "That era is now over."
More than 60 academics, former diplomats, and journalists have signed an open letter protesting his arrest.
From 2006-2007, Dong studied at Harvard University after receiving its prestigious Nieman journalism fellowship. In 2010, he was a visiting fellow at Japan's Keio University, and in 2014 he spent the year as a visiting professor at Hokkaido University.
He wrote openly on how he believed China's ruling Communist Party could improve its governance but was no dissident or revolutionary. In 2002, the state-administered All China Journalists Association gave Dong an award for a commentary piece he authored which praised the achievements and plans of the Communist Party.
"Yuyu will now be known as a traitor in his own country, instead of being recognized as someone who always fought for a better Chinese society," his family said.
https://www.npr.org/2024/11/29/g-s1-36183/china-sentences-veteran-journalist-espionage-charges
Analysis: Trump’s Ukraine envoy has a plan to end the war that Putin may revel in
CNN
In a recent post, President-elect Donald Trump announced the appointment of General Keith Kellogg as Assistant to the President and Special Envoy for Ukraine and Russia, outlining a peace plan for the Ukraine war. Kellogg criticizes the Biden administration's handling of the conflict, claiming it has led to an "endless war," and proposes a ceasefire to freeze frontlines, compelling both sides to negotiate. The plan includes limited sanctions relief for Russia and a demilitarized zone, but it lacks clarity on how to manage Russia's historical disregard for ceasefires. Kellogg argues that Ukraine's NATO membership should be indefinitely postponed in exchange for a comprehensive peace deal, with future U.S. aid conditional on Ukraine's negotiations with Russia. He emphasizes arming Ukraine sufficiently to defend against further Russian advances, despite acknowledging the challenges in maintaining such support. The plan reveals a shift away from promoting Western values in foreign policy towards a more pragmatic, America First approach, raising concerns about its potential to weaken Western unity and embolden Russia. Critics fear this strategy may ultimately lead to a new phase of conflict rather than a resolution.
https://edition.cnn.com/2024/11/29/europe/trump-new-ukraine-envoy-analysis-intl/index.html
China M&A outlook calls for Hong Kong talent influx, Deutsche Bank Asia head says
South China Morning Post
Deutsche Bank's Asia-Pacific head, Alexander von zur Muehlen, emphasized the need for banking talent in Hong Kong as the market rebounds and cross-border activity with mainland China increases. Despite maintaining a steady headcount of 850 in Hong Kong, the bank expanded its mainland staff by nearly 18% since 2020. Deutsche Bank has strategically moved employees to Hong Kong to strengthen its understanding of trade channels and is optimistic about the market's potential. The bank's China revenues grew over 70% since 2020, positioning it second in Asia's M&A league tables. M&A activity is expected to rise as Chinese firms pursue global expansion.
https://www.scmp.com/business/banking-finance/article/3288617/china-ma-outlook-calls-hong-kong-talent-influx-deutsche-bank-asia-head-says?utm_source=rss_feed
Chinese, Russian bombers conduct joint air patrol over Sea of Japan, defence ministry says
South China Morning Post
China and Russia conducted a joint aerial patrol over the Sea of Japan, marking their ninth such operation since 2019, according to China's defense ministry. This patrol was part of an annual plan for military cooperation between the two nations. In their previous operation in July, the two militaries carried out a joint patrol over the Bering Sea, which was notable for being the first time such an exercise occurred near Alaska. During that patrol, US and Canadian fighter jets intercepted the bombers. China stated that these patrols are not directed at any third party and align with international practices, regardless of the current geopolitical context.
https://www.scmp.com/news/china/military/article/3288626/chinese-russian-bombers-conduct-joint-air-patrol-over-sea-japan-defence-ministry-says?utm_source=rss_feed
China insurance firm offers ‘996’ package to cover sudden death, accidents related to overwork
South China Morning Post
A Chinese insurance company, China Pingan Insurance, has faced backlash for its "996 Hard-working Worry-free Insurance," which promotes a controversial work culture known as "996," where employees work from 9 am to 9 pm, six days a week. The advertisement, which features a cartoon of a man working late, offers insurance for sudden death and accidents but has drawn criticism for endorsing an illegal and unhealthy work culture, despite a 2021 ruling by China's Supreme Court declaring such overtime arrangements illegal. Critics argue that the policy exacerbates workplace competition and fails to address the need for improved working conditions and fair compensation. Social media reactions highlight the growing movement among young people to reject the "toxic" overtime culture, especially in light of tragedies linked to excessive work hours.
https://www.scmp.com/news/people-culture/trending-china/article/3288515/china-insurance-firm-offers-996-package-cover-sudden-death-accidents-related-overwork?utm_source=rss_feed
China’s aging population fuels ‘silver economy’ boom, but profits can prove elusive
Associated Press
In Beijing, retiree Zhang Zhili, along with many older Chinese, finds joy and community at an "elderly university," engaging in activities like African drumming and social dancing. As China's population ages—over 297 million are aged 60 and above—there's a growing shift away from traditional nursing homes, leading to a boom in educational and care services for seniors. This "silver economy," projected to rise from 7 trillion yuan to 30 trillion yuan by 2035, reflects older adults' desires for meaningful engagement rather than mere care.
Government initiatives are expanding basic care services and promoting cultural enrichment for seniors. However, while some businesses are emerging in this sector, many struggle financially due to competition and the low spending power of older adults, particularly in rural areas where poverty rates are higher. Despite these challenges, opportunities exist as property developers and insurance companies invest in senior living communities. The ongoing development of dementia care and training for caregivers indicates potential for growth in this sector, but substantial efforts are still needed to fully realize its potential.
https://apnews.com/article/china-elderly-aging-population-silver-b81916bc8fea7b9f251ec8565941e692
China’s logistical dream: Beijing has a new plan to counter supply-chain threats
South China Morning Post
China aims to reduce logistics costs by 6.3% over three years, targeting a unified and efficient logistics market by 2027. According to a government action plan, logistics costs per 100 yuan of GDP are expected to decrease from 14.4 to 13.5 yuan, potentially saving over 1 trillion yuan (US$138 billion). The plan focuses on reform, innovation, and enhancing international supply chains, particularly for emerging sectors like electric vehicles and solar panels. It also promotes digital transformation and encourages integration of logistics with industrial clusters, aiming to strengthen the resilience of supply chains amid global trade challenges.
https://www.scmp.com/economy/china-economy/article/3288550/chinas-logistical-dream-beijing-has-new-plan-counter-supply-chain-threats?utm_source=rss_feed
Chinese investors still moving to Vietnam, free of US tariffs for now, as Trump 2.0 looms
South China Morning Post
Cargo ships navigate the Saigon River at night, delivering goods to factories near Ho Chi Minh City, where foreign manufacturers are increasingly attracted to Vietnam. This surge began in 2018, following U.S. tariffs on Chinese imports, leading many Chinese companies to consider establishing operations in Vietnam due to economic challenges at home. Business consultant Winnie Lam noted that while Vietnam benefits from these changes, uncertainty looms over the future as Donald Trump prepares to return to the presidency with plans to impose further tariffs on Chinese imports.
Chinese investment in Vietnam has grown significantly, with China being the largest foreign investor in new projects, accounting for nearly 30% of total investments. Vietnamese government policies, competitive labor costs, and strategic location have made the country appealing for manufacturing. Companies like TCL are expanding production, with expectations for increased output.
However, there are concerns that Vietnam may also face scrutiny from the U.S. government, potentially leading to tariffs that could hurt its economy. Despite this risk, many businesses continue to seek opportunities in Vietnam, viewing it as a strategic alternative to China amid global trade tensions.
https://www.scmp.com/economy/global-economy/article/3288538/chinese-investors-still-moving-vietnam-free-us-tariffs-now-trump-20-looms?utm_source=rss_feed
Taiwan's Lai aims to shore up support with Pacific tour, U.S. stopovers
Nikkei Asia
Taiwan President Lai Ching-te is set to begin his first overseas trip to strengthen ties with three Pacific allies and the U.S. amid increasing threats from China. Lai will visit the Marshall Islands, Tuvalu, and Palau, with transit stops in Hawaii and Guam. The trip aims to bolster Taiwan's international presence, especially in organizations from which it is excluded. As tensions rise, there are concerns about potential Chinese military drills during or after Lai's visit. Taiwan's government is preparing for possible aggressions and aims to maintain its diplomatic space despite China's coercive efforts.
https://asia.nikkei.com/Politics/International-relations/Taiwan-tensions/Taiwan-s-Lai-aims-to-shore-up-support-with-Pacific-tour-U.S.-stopovers
China stimulus hampered by plunge in land sale income
Nikkei Asia
China's regional governments have seen a significant decline in revenue from land-use rights sales, earning 55% less in the first ten months of 2023 compared to the peak in 2021. The total sales amount to 2.7 trillion yuan ($372 billion), marking a 23% decrease year-on-year and continuing a three-year trend of declining sales. The drop in demand for land is attributed to a downturn in the real estate sector, which has led to an 18% fall in new housing sales. Proceeds from land sales are essential for repaying local infrastructure bonds, which are crucial for the government's economic growth strategy.
In response to the financial challenges, the Chinese government plans to increase the issuance ceiling for local infrastructure bonds and has expanded their use to include funding for undeveloped land and existing housing. However, there are concerns about local governments' ability to manage their debt, particularly as stimulus measures may not be effective due to sluggish incomes. Additionally, tax cuts aimed at boosting the housing market could further reduce regional tax revenue, creating a complex financial situation for local governments.
https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-stimulus-hampered-by-plunge-in-land-sale-income
Trump vows to end Ukraine war. What does that mean for China?
South China Morning Post
As the war in Ukraine marked its 1,000th day, Ukrainian forces targeted Russian positions using long-range missiles from the US and Britain, prompting Russia to retaliate with a ballistic missile strike on Dnipro. This escalation signals a bid by both nations to establish a stronger position for any potential negotiations, especially with Donald Trump’s recent presidential election victory suggesting a possible shift in US foreign policy. While China has attempted to maintain a neutral stance throughout the conflict, its close ties with Russia have strained relations with the European Union, which could ease if the war concludes. However, the EU's perspective on China has shifted significantly due to the war, viewing it as a critical backer of Russia.
Concerns are rising that any resolution under Trump could favor Russia, possibly compelling Ukraine to concede territory, including Crimea. Ukrainian President Zelensky has emphasized that peace hinges on the complete withdrawal of Russian troops, though he has indicated a willingness to pursue diplomatic solutions. Analysts warn that a poor peace agreement could merely serve as a temporary truce, allowing Russia to regroup for future offensives. The potential for Ukraine to sustain its resistance remains strong, even with a potential US arms supply cut, as EU member states could continue to support Kyiv.
The war's outcome could affect China-Russia relations, with the possibility of sanctions on Russia being lifted and allowing Chinese companies back into the Russian market. Observers note that the conclusion of the conflict may also lead to unpredictable dynamics among the US, EU, and China, particularly concerning geopolitical tensions in the South China Sea and Taiwan. The evolving relationships and power dynamics will be crucial, as US allies in the Indo-Pacific observe how Trump's second term shapes these international relations. The delicate balance of cooperation and tension between China and the EU will undoubtedly persist post-conflict, highlighting the complex interplay of global politics.
https://www.scmp.com/news/china/diplomacy/article/3288543/trump-vows-end-ukraine-war-what-does-mean-china?utm_source=rss_feed
Is China holding back fire to deal with Trump tariffs?
Deutsche Welle
China has announced over $2.03 trillion in stimulus to spur economic growth as it continues to recover from the pandemic, yet many analysts believe these measures fall short. The economy grew by 4.8% in the first three quarters of 2024, just below the 5% target, hindered by deflation, weak consumer demand, a real estate crash, and strained trade relations with the U.S. Analysts suggest that the government is holding back additional liquidity until after the anticipated return of Donald Trump to the presidency.
Recent initiatives from Beijing include injecting 2.7 trillion yuan into the banking sector and introducing a 10 trillion yuan package to address regional government debt. While these actions sparked a temporary rally in stock markets, experts like George Magnus warn that they primarily restructure existing debts and do not constitute true stimulus. Calls for a more comprehensive approach to bolster domestic demand, akin to a "Chinese Marshall Plan," are growing, yet skepticism remains regarding Beijing's willingness to transition towards a consumer-driven economy. The looming threat of increased U.S. tariffs under Trump adds urgency to the situation.
https://www.dw.com/en/is-china-holding-back-fire-to-deal-with-trump-tariffs/a-70839175
Trump tariffs could be a blessing in disguise for China’s reformers
South China Morning Post
The potential return of Donald Trump raises concerns about a trade war with China, but it could also stimulate necessary economic reforms in China. Historically, China has adapted to external pressures, as seen in its 1999 WTO entry. With a focus on boosting domestic consumption, China has introduced the dual circulation strategy but faces challenges, including local protectionism. Trump's policies may compel China to dismantle trade barriers and enhance market cohesion, which could foster economic dynamism. Despite anticipated tariffs possibly slowing GDP growth, this situation presents an opportunity for China to strengthen its economy.
https://www.scmp.com/opinion/china-opinion/article/3288154/trump-tariffs-could-be-blessing-disguise-chinas-reformers?utm_source=rss_feed
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