CiCM 3rd-4th January 2024

NEWS IN CHINA

The 12th Central Committee No. 1 Document released to promote extensive and holistic rural development: China released its first policy statement released in 2024, making the point that in order to advance modernisation in the Chinese way, strengthening the agricultural base and encouraging all-encompassing rural rejuvenation must be continued. The document entitled "Opinions of the Central Committee of the Communist Party of China and the State Council on Learning and Using the Experience of the Thousand Villages Demonstration and Ten Thousand Villages Renovation" is divided into six sections, two of which deal with guaranteeing national food availability and preventing major catastrophes, while the remaining focus on impeding poverty return, increasing rural industrial growth, increased rural administration, and enhanced party control over the field of "cultivation, rural populations, and producers." This "Ten Million Project" development concepts, operational procedures, and promotional tools must be understood and put into practice in order to support the full rehabilitation of rural areas.
China launched group of eleven satellites into space: A Long March-2C carrier rocket carried eleven Geely-02 constellation satellites departed from the Xichang Satellite Launch at 7:37 a.m. Beijing Time, from Sichuan Province in southwest China, and reached the predetermined orbit. The China Aerospace Science and Technology Corporation, in conjunction with the China Academy of Launch Vehicle Technology, developed the Long March-2C carrier rocket. This kind of liquid launch rocket can launch one satellite, several satellites, or arrays of satellites in different combinations. By offering integrated interpersonal interaction, routing, and monitoring capabilities, the Geely-02 constellation of satellites can benefit people worldwide and boost industries like automated transportation and cognitive network connections.
China unveiled new regulations for carbon emission trading: China's State Council has introduced new regulations for carbon emissions trading, signed by Premier Li Qiang, which will come into effect on May 1, 2024. These regulations aim to establish a legal framework for the carbon emissions trading market and ensure the effectiveness of related policies. The regulations designate the ecological and environmental departments of the State Council as responsible for overseeing and managing carbon emissions trading. They specify the eligibility of products for trading, trading methods, and the distribution of carbon emissions quotas. Additionally, the regulations emphasise the importance of cracking down on data fabrication and strengthening measures to prevent it. China is committed to peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.

2022 Beijing Olympics and Paralympic Winter Games still helping China’s ice and snow industry to grow: Beijing has the distinction of being the first city to host both the summer and winter Olympics. According to the China Tourism Academy's projections for the year 2023-2024, the number of individuals engaged in the ice and snow industry is expected to surpass 400 million for the first time. This growth has led to an increase in the number of leisure travellers seeking ice and snow experiences, which is predicted to reach 520 million by 2025. China has recognized the potential of this industry and is investing heavily in its development, with a budget of 122 billion yuan allocated for core heavy assets in the ice and snow tourism sector in 2023.

China updated its regulations to promote loans and credit management: According to the National Financial Regulatory Administration (NFRA), China has recently implemented new regulations for fixed asset and working capital loans that broaden their applicability. These rules for the banking sector came to efficiently meet the financing wants of various market entities. The new regulations also encompass all legitimate loan-funding demands in the market while identifying eligible borrowers. Furthermore, the new regulations specify that borrowers who use the loans for purposes other than those specified will be held liable for breach of contract. With regard to fixed-asset loans, working capital loans, and personal business loans, the new regulations stipulate that lender, if they determine that the risk is manageable, may suitably streamline the granted payment processes for borrowers with a clean credit history who have legitimate, immediate financial requirements within the parameters of the loan contract.

SOCIAL MEDIA CHATTER IN CHINA

Spicy coffee takes over Chinese social media: The latest hot and spicy coffee beverage in China is generating a lot of buzz on social media, with many people eager to give it a try. Despite its unusual appearance, some individuals have found it to be quite enjoyable after giving it a chance. When a Chinese coffee shop was seen in a viral video on Douyin adding hot pepper powder and fried chilli to their lattes, people took notice. The spicy latte was introduced by Jingshi Coffee, an establishment in Ganzhou, Jiangxi province, eastern China. In recent years, creative ways to combine coffee flavours have been seen all around China. The residents of this area enjoy dipping their meals in vinegar, which is well-known for its products.

INDIA WATCH

Like China, India has also implemented a rural revitalisation programme under its Atmanirbhar Bharat project. Rural rejuvenation involves enhancing the quality of life and economic prosperity of present and future generations in rural areas. In India, this entails modernising agriculture and related industries, as well as providing essential modern amenities and services to improve the standard of living in rural communities. In 2020, the Ministry of Finance launched Atmanirbhar Bharat Package 3.0, which included policies such as the One Nation-One Ration Card, PM Awaas Yojana (PMAY), and PM Garib Kalyan Rozgar Yojana. Agriculture is a significant source of employment in rural India, accounting for approximately 15 percent of the country's GDP and employing 45 percent of the workforce. To boost employment in rural areas, the Prime Minister Rozgar Protsahan Yojana (PMRY) was introduced in 2019, with Rs 8300 crore provided to 1,21,69,960 beneficiaries. Additionally, the government subsidised fertiliser worth Rs 65,000 to ensure adequate availability of fertiliser for farmers and support agriculture. In the Interim Budget of 2024-2025, the Union Government of India allocated nearly 86,000 crores for the country's guaranteed wage employment scheme, the Mahatma Gandhi National Employment Guarantee Scheme (MNREGA), which provides 100 days of employment. The scheme received 60,000 crores during the 2024-2025 budget. A prominent program run by the Ministry of Rural Development aimed at ensuring employment is the Sampoorna Grameen Rozgar Yojana (SGRY). Launched in 2001, the program continues to serve its purpose. The SGRY seeks to achieve two objectives: providing supplementary wage employment opportunities in all rural areas and creating enduring community, social, and economic assets along with infrastructure development in rural regions. .

Prepared By

Jashanpreet Randhawa

Jashanpreet Randhawa is post graduate student at Jawaharlal Nehru University. She completed her undergraduation in Social Sciences(hons) from Guru Nanak Dev University. Jashanpreet is good at analytical research writing and also a keen learner. Her major interests lies in the field of ethnic and civil wars, non state actors emergence and threat, east asian world affairs and global political economy.