CiCM 23rd October 2023

NEWS IN CHINA

Monetary Policy of China to be implemented more precisely and effectively: China’s implementation of the Monetary policy to be more precise and effective will further provide continuous support and ride the economic momentum, with aggregate and structural monetary tools which will further be a leverage to the domestic demand expansion. The report from the governor of the People’s Bank of China, the central bank of the country stated that the financial system will make continuous efforts to better serve the real economy. This would further include increasing support for the delivery of pre-sold household units and strengthening financial services for private enterprises, advanced manufacturing sectors, strategic emerging industries and technology enterprises. According to the report there has been significant progress this year in alleviating market entities’ financing costs. The report also stated that subsequent efforts will be made for internationalisation of renminbi in an orderly manner with the establishment of a risk alert system to maintain the security and stability of the country’s foreign exchange reserves.
Joint inquiry meeting on ecological environment and resource protection held by the top legislature of China: The joint inquiry meeting on the three reports ecological environment and resource protection held on Sunday was attended by the to legislative members of the country which included Zhao Leji the president of National People’s Congress(NPC) Standing committee, Li Hongzhong Vice-Chairman NPC standing committee and as well the officials from relevant central government agencies for discussions and suggestions. There were a number of suggestions put forward by the legislature which emphasised on the country's procuratorial organs to handle every environmental and resource case with high-quality and efficient manner to contribute further progress in the development of ecological civilization , noting that the next five years will be crucial to build a beautiful China.
Chinese Automobile Industry to tap on the Middle-eastern markets: The increasing competition in mainland China has led to the creation of the world’s largest EV market. Chinese Electric Vehicle start-up BeyonCa has set its target on the escalating Middle-Eastern markets, by signing a preliminary investment deal with the Riyadh based Al-Faisaliah Group that is expected to be a substantial investment to raise fuel growth and increased funds. As both the companies have embarked on this collective journey to cultivate the Middle-Eastern markets they state to ensure the exploration of opportunities for EV development, manufacturing, trade, retail, insurance, research and development, charging and ecological services and allied sectors. Although the region has a number of Chinese EV companies already working in collaboration this is one of the latest efforts by the French Renault backed company BeyonCa. The company expects to take on the likes of BMW, Mercedes-Benz, and Audi in the luxury segments with new models which also caters to the drivers healthcare services.
China’s top legislature attends the second plenary meeting to hear multiple reports: The Standing Committee of the National People’s Congress(NPC), the top legislature, held a plenary meeting on Saturday to hear multiple reports. The meeting had the report on the Wetlands Protection Law, which suggested strengthening the protection and restoration of wetlands and improving supporting rules and regulations. The report on Enforcement of Law on Scientific and Technological Progress proposed measures to enhance the implementation of the law, such as accelerating efforts to reduce breakthroughs in core technologies. There were reports also on the Management of state-owned assets in 2022, examination and enrollment system, ecological and environment resource conservation.
Thermal Power Plants built by Chinese fully operational in Southeast Bangladesh: The construction of SS Power I Project, one of the largest thermal power plants in Bangladesh began in December, 2018 by China's SEPCOIII. It is a two-unit thermal power plant which is co-invested by the Chinese company which now is at the fully operational stage in Banshkhali, Bangladesh. According to the project manager the project will generate 10 billion kWh of electricity per year, which will in turn alleviate the power shortage in the country. To minimise the environmental impact with efficient power output the project incorporates the direct seawater cooling and desulfurization technologies. This project has also improved the local-employment situation in the country by employing 10,000 direct jobs and 40,000 indirect jobs during the peak period.

SOCIAL MEDIA CHATTER IN CHINA

Halloween makeup banned by the subway stations according to the Rail passenger code creates a social media chatter in the country: The month of October brings in the fun festival time of Halloween which is known as a spooky festival and where people dress up and apply cosmetics to complete the vibe of the festival. A viral video has shown that the subway stations in Guangzhou, Guangdong province of the country have put up makeup removal stations consisting of a rubbish bin and bucket of facial cleanser and tissue rolls to remove makeup. The passenger code said that the following has been done to avoid the situation of panic during the festival in the local transports as the halloween adornments have the potential to threaten the passengers. The news has received a mix reaction from the public; many people believed that the idea was unnecessary and it causes more inconvenience to the passengers to remove the makeup rather than having it on. Some welcomed the idea of the removal by saying wearing scary makeup to an amusement park is okay but walking on the subways with the same can give a scare to the public and they might be annoyed. The viral video also quickly escalated to creation of certain hashtags such as #subwaysecurityrequirespeopletoremovemakeup which went viral garnering significant social media attention.

INDIA WATCH

China and India being the two most dominant economic powers in the South-Asian region are also the major neighbouring competitors in the region. Both nations share different bilateral relationships with the other neighbouring countries which further shapes the economics and geopolitics of the region. The diplomatic ties and action by the government of both the states also escalates major foreign policy changes in the region. Currently China’s construction of the SS Power I thermal power plant in Bangladesh and the recent visit of Xi Jinping to Dhaka has announced slew of agreements, among them also are two coal-fired power plants. These are the 1320 MW thermal power plant in Payra located in the southern district of Patuakhali and the same MW in Banshkhali located in the port city of Chittagong.

This diplomatic development further creates foreign policy tensions and challenges for India, as Bangladesh holds an important role in the region currently to form more established relations with both India and China. India, also being a major border sharing neighbour of Bangladesh is all set to launch the three major infrastructure projects including a power plant, railway links under India’s financial assistance which were launched during PM Sheikh Hasina’s visit during the G20 summit. The Maitree Super Power Plant, Khulna-Mongla Port Railway Link and the Akhaura-Agartala Railway Link are the projects to be launched. Indian envoy to Bangladesh Pranay Verma made this announcement after holding wide-ranging discussions on the India-Bangladesh bilateral relationship.

This Indo-China rivalry further escalates tensions for foreign policy arrangements among other countries of the region like Nepal and Bhutan, where both the states are being compressed between the Indian and Chinese border issues. India as leading power in the region should continue to create more alternatives to the China factor to strengthen its Foreign policy decision making. This would further be beneficial to the country to strengthen its international and regional stance and relationships.

Prepared By

Avi Sharma

Avi Sharma is currently pursuing her masters degree in International Studies at Symbiosis International University, Pune with a specialisation in Asia as her area studies. She completed her bachelor’s degree in Political Science honours from St.Xaviers College, Jaipur, Rajasthan. She has a keen interest in the field of geopolitics and Asia with understanding the diplomatic, economic, political, social and cultural developments that take place with a strategic knowledge to the same. She constantly aspires to work in the realm of Research and International Relations in her future ahead.