CiCM 27th November 2023

NEWS IN CHINA

China’s Central Bank releases "China's Monetary Policy Implementation Report for the Third Quarter of 2023": On Monday 27^th November, the central bank issued the China Monetary Policy Implementation Report for the Third Quarter of 2023. The report revealed that the country's GDP during the third quarter increased by 4.9% year-on-year with an average growth of 4.4% in the two years and 1.1 percentage points faster than in the second quarter. The CPI (Consumer Price Index) increased by 0.4% year-on-year in the first three quarters and prices remained stable overall. By the end of September, the balance of inclusive small and micro-loans increased by 24.1% and manufacturing medium and long-term loans by 38.2% year-on-year. Social financing costs have dropped significantly and market expectations have stabilized according to the report. The report arrived at the conclusion that the country’s economy had maintained a good recovery momentum along with continuous advancement of transformation and upgrading. In spite of that, it has also been facing challenges caused by an inconsistent recovery of the world economy and a volatile foundation for the stable recovery of the domestic economy.
Political Bureau of the CPC’s Central Committee reviews opinions on policies: The Political Bureau of the CPC Central Committee on November 27 summoned a meeting, presided over by Xi Jinping, to review the "Opinions on Several Policies and Measures to Further Promote the High-Quality Development of the Yangtze River Economic Belt" and the "Regulations on Foreign Affairs Work Under the Leadership of the Communist Party of China." The meeting mentioned that the development strategy of the Yangtze River Economic Belt was a major strategic decision made by the Party Central Committee and has brought about changes in ideological understanding, ecological environment, development methods, regional integration, reforms and opening up. Discussions were conducted about instilling scientific and technological innovations as major driving forces. Party Committees and governments at all levels in the provinces and cities along the Yangtze River were encouraged to fulfil their main responsibilities, strengthen work implementation step by step, make solid progress, and make long-term achievements to promote the high-quality development of the Economic Belt. The meeting also focused on the need to further reinforce the centralized and unified leadership of the Party Central Committee on foreign affairs work to build a strong country and advance national rejuvenation.
Eight departments in the Chinese government issued a joint notice to support the private economy: The People’s Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Industry and Commerce Commission together released the "Notice on Strengthening Financial Support Measures to Support the Development and Growth of the Private Economy". The notice proposes 25 specific measures to support the private economy. Financial support for private enterprises will be increased slowly by devising annual service targets for private enterprises and increasing the weight of services related to private enterprises in performance appraisals. Banking financial institutions should render increased support for first-time loans and credit loans, diligently carry out supply chain services, and actively provide fund continuity services for private enterprises. The suggestions and reforms primarily revolved around clarifying the goals and priorities in terms of financial services for private enterprises, unblocking diversified financing channels such as credit bonds and equity and finally strengthening effectiveness and evaluation to ensure that policies benefit private enterprises.
Foreign Ministry Spokesperson Wang Wenbin announces high-level meeting of the Security Council on the Palestinian-Israeli issue: Mr. Wang Wenbin, during a press conference on 27^th November, announced that China will hold a high-level meeting of the Security Council on the Palestinian-Israeli issue, as the rotating chairman of the United Nations Security Council this month, on 29^th November in New York. The meeting will be presided over by Foreign Minister and member of the Political Bureau of the CPC Central Committee, Wang Yi. Mr Wenbin also told that steps towards peace, even if small, should deserve active encouragement. He stated that China welcomes efforts that promote a ceasefire and calls on all concerned parties to earnestly implement UN Security Council Resolution 2712 and the relevant resolutions of the UN General Assembly Emergency Special Session.
China’s central SOEs to lead in repaying overdue corporate debts says SASAC: China’s State-owned Assets Supervision and Administration Commission of the State Council (SASAC), on Saturday, issued a statement saying that Centrally administered state-owned enterprises (SOEs) have been asked to prevent and resolve risks in key areas, endorse financial discipline and display leadership in repaying overdue debts. The statement mentioned that Central SOEs should ensure prompt wage payment to rural migrant workers and look after their winter heating and production safety. The SASAC had recently organized an exclusive meeting for top executives from central SOEs asking them to promote high-quality and stable economic growth while guarding against debt risks. The Chairman of SASAC, Zhang Yuzhuo, stressed on the need to contribute to the country's economy diligently by boosting state-owned capital at the SOEs. Additionally, central SOEs were requested to nurture a group of unicorn enterprises and also work together to establish clusters for strategic emerging industries and hasten their development.

SOCIAL MEDIA CHATTER IN CHINA

“DiDi collapsed” becomes hot search topic as DiDi Travel app malfunctions: On the night of 27^th November, users of the DiDi ride-hailing app in Shanghai, Beijing, Guangzhou and other places reported that they were unable to use the app and the map could not be loaded. Netizens expressed that the app suddenly became unavailable and drivers couldn’t find passengers. “DiDi collapsed” became a hot search topic on Chinese social media. Later in the night, DiDi Chuxing apologized on their official Weibo account stating that due to a system failure, the Didi App service experienced an abnormality and is being restored after emergency technical repairs. It also stated that cyclists who cannot lock their bikes need not wait wherever they were and passengers who were unable to check out at the end can get off the bus and go home as usual without the worry about fares.

INDIA WATCH

With China taking the lead on restoring peace in the Israel-Hamas conflict, it seems necessary to examine India’s position in the war as well. India has condemned terrorism heavily and stood with Israel so far. However, it is yet to designate Hamas as a terror group. Although India has not called for a “ceasefire”, it has reaffirmed its support for a “two-state solution” which includes a sovereign, viable state of Palestine existing in peace alongside Israel. India has also supported the socio-economic welfare of the Palestinian people and sent 70 tons of humanitarian assistance including 16.5 tons of medicines and medical supplies via Egypt in the past month. Ever since India became the leader of the Non-Aligned Movement, it has consistently supported the Palestinian cause and sided with the Global South in the Israel-Palestine conflict. On the other hand, India’s ties with Israel have been advancing with Israel even supporting India with critical and timely shipments of weapons and ammunition during the Kargil war. Accordingly, it can be observed that India’s statements at the UN against Israel have softened and India has also toned down its condemnation of Israeli airstrikes on Gaza despite regularly voting with the developing world to stop the violence. Ultimately, India’s actions demonstrate that it is trying to present itself as a united Global South that would rather not choose between the U.S. and China. While both India and China have stressed the importance of a two-state solution, they are split in their reactions to the current conflict, with China leaning toward the Palestinians and India leaning toward Israel bringing to light the differences in positions between both countries.

Prepared By

Adhithi Senthilkumar

Adhithi Senthilkumar is an undergraduate student pursuing a major in International Studies and a minor in Public Policy at FLAME University, Pune. She is fascinated by the complex dynamics of international relations and the substantial impact that policies can have on communities around the globe. Her passion for studying history, societies and contemporary global and domestic politics has been a driving force in her academic journey. She has participated in internships, attended conferences and engaged in volunteer work related to public policy gaining valuable insights into real-world application of policies. She aspires to apply her knowledge and skills to contribute to addressing pressing global issues and collaborate with like-minded individuals to make a positive difference through policymaking.