Philippines supply mission confronted by Chinese vessels; Property woes loom large over China’s 2024 outlook
After arrests and deportations, Mongolians worry about Chinese reach; Chinese state media changes ‘Tibet’ to ‘Xizang’ after Beijing white paper
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Philippines supply mission confronted by Chinese vessels
Deutsche Welle
A Chinese coast guard vessel has reportedly assaulted three Philippine boats in the South China Sea with water cannons, colliding with one vessel, causing engine damage. The altercation reportedly took place near Second Thomas Shoal in the Spratly Islands, where the Philippines maintains a small outpost. The Chinese coast guard claimed that the Philippine boat deliberately collided with their ship after ignoring warnings. China claims nearly the entirety of the South China Sea, although the claims are not recognised under international maritime law.
Property woes loom large over China’s 2024 outlook: economist
South China Morning Post
The property sector will continue to be a major drag on China's economy in 2020, with potential buyers reluctant to purchase and developers struggling for cash, according to Lu Ting, Chief China Economist at Nomura. Delayed delivery of around 20 million presold homes has resulted in a "negative feedback loop" between a lack of demand for new homes and a lack of cash among developers to build them, which in turn has led to a drop in income for local governments. Lu believes that without addressing this issue, the recovery of the property sector will face significant obstacles.
After arrests and deportations, Mongolians worry about Chinese reach
Washington Post
China has clamped down on ethnic minorities living on the country’s periphery, including Tibetans, Uyghurs, Kazakhs, and Mongols, in an effort to crush dissent and force assimilation into the Han Chinese majority. Beijing’s efforts to silence diaspora communities have extended beyond China’s borders, with the government using economic leverage and political pressure to try to enlist other countries to support its aims. This has created a dilemma for China’s neighbours, who are in a position to offer refuge to those fleeing China’s borderlands. However, these countries are also the focus of efforts to defend against perceived foreign threats, and Beijing views exiles as dangerous pockets of overseas resistance who could incite protest at home. Six people who spoke to the Washington Post reported varying degrees of Chinese police harassment and intimidation through phone calls, messages, and pressure on their families in China. Mongolian activists and politicians want to protect these people, but there are concerns from Mongolian officials about angering China, the country’s largest trading partner. They argue that as a young democracy concerned for human rights, Mongolia should be a haven for persecuted Mongols everywhere. Some activists fear that the Chinese security state could use cross-border policing ties to target critics of China on Mongolian soil.
U.S. raises wheat-export forecast with China buying most in decade
Japan Times
The US is set to export more wheat this year due to an increase in sales to China, resulting in smaller domestic inventories than predicted by analysts. The US Department of Agriculture (USDA) stated that shipments of the soft red winter variety will reach their highest level in a decade, largely due to recent large export sales to China. The USDA also forecasted lower-than-expected stockpiles of US corn, as a result of increased exports of the grain.
China mulls trading cost cuts for mutual funds, to regulate commissions
South China Morning Post
China's securities regulator has published draft rules aimed at reducing trading commissions for mutual funds and addressing the conflict of interest between securities trading and fund sales businesses. The China Securities Regulatory Commission (CSRC) wants to protect investors and better regulate the way fund managers allocate trading commissions. The new rules would reduce commissions for both passive and active fund products and ban fund managers from paying trading commissions to buy third-party services such as external expert consultancy, financial terminals or databases. The draft rules also require the sales team of mutual funds not to participate in choosing a broker and allocating trading commissions.
Tibetans in exile accuse China of destroying their identity in Tibet under its rule
Associated Press
The president of the Tibetan government-in-exile, Tenpa Tsering, has accused China of denying the most basic human rights and forcefully eradicating Tibetan identity. Tsering's comments were made to mark Human Rights Day and in response to a Chinese "white paper" on Tibet which praised the economic development and environmental protection in the region under the Communist Party. Tsering said that the party was "forging a strong sense of the Chinese national as one single community, promoting the Chinese language, the Sinicization of Tibetan Buddhism and developing socialist values." The Dalai Lama, who has lived in India since 1959, denies China's claims that he is a separatist, stating that he only advocates substantial autonomy and protection of Tibet's native culture.
Chinese state media changes ‘Tibet’ to ‘Xizang’ after Beijing white paper
South China Morning Post
China's state media is increasingly using the term "Xizang" rather than "Tibet" in English articles when referring to the autonomous region in western China. The change comes after a white paper released by China's cabinet, the State Council, in early November outlined developments in Tibet since President Xi Jinping took power in 2012. The term "Xizang" is the pinyin, or Chinese romanisation, of the Mandarin script for "Tibet". The change is likely to have little impact on how the international community refers to the region. The move is seen as part of Beijing's efforts to exercise discourse power.
China says Japanese vessels illegally entered territorial waters
Reuters
Chinese coast guard reported that a Japanese fishing boat along with several patrol vessels entered waters surrounding the disputed Diaoyu/Senkaku Islands in the East China Sea. Both China and Japan claim ownership of these islands. The Chinese coast guard stated that they took appropriate actions to warn the Japanese ships in accordance with the law.
China 'not fearful of war' over Senkakus, senior military officer says
Japan Times
A senior Chinese military officer has stated that Beijing does not want a war over the disputed Senkaku Islands, but is "not fearful" of armed conflict. Lt. Gen. He Lei also suggested that China may target the islands if it attempts to capture Taiwan. This statement indicates China's determination to gain control of the territory, which Japan brought under state control in 2012.
Taliban says China has accepted its envoy to Beijing
Nikkei Asia
China has become the first country to officially recognize an ambassador from the Taliban government in Afghanistan. The move comes as China seeks to expand its influence in the region and secure access to Afghanistan's vast mineral resources. The Taliban government has been largely isolated by the international community since it seized power in August, but China has shown a willingness to engage with the group. While no other country has formally recognized the Taliban government, around 20 countries maintain diplomatic contacts with the group. The Taliban's chief spokesperson said that the US has not wanted a good relationship with the group and continues to freeze its assets and ban its officials from travelling.
Kuaishou sharpens focus on fast-growing real-estate video content
South China Morning Post
Kuaishou Technology, the operator of one of China's most popular short video apps, is planning a new round of business reorganisation, according to Chinese media outlet Jiemian. The company is looking to change department leadership and restructure some of its current businesses to sharpen their focuses, including the team responsible for the main Kuaishou platform. The reshuffle is expected to help Kuaishou bolster some of its most promising new businesses, such as real-estate live streams and videos.
Made-in-China still dominates US holiday sales, but do Americans even care?
South China Morning Post
Chinese exports to the US have remained strong despite years of political and trade frictions, thanks to American consumer indifference towards the origin of goods. Many Chinese exporters use third countries such as Mexico and Vietnam to ship goods to the US, making it difficult for consumers to know where an item originated. The ubiquity of this practice has helped China maintain its position as a major exporter to the US. Goldman Sachs expects China's worldwide exports to grow by 3.1% in 2024 after contracting by 3.4% this year. S&P Global Ratings also forecasts an expansion of 4.2% next year. Chinese factories have set up shop in Mexico to secure overseas orders and their shipments from Mexico avoid US import tariffs aimed at China. Vietnam is another key conduit to the US and a manufacturing rival of China. Despite progress made by Mexico, Canada, and Vietnam in supplying consumer goods to the US, China remains the primary source of American imports in this sector.
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