CiCM 9th February 2024

NEWS IN CHINA

China's PLA to participate in multinational Cobra Gold exercise in Thailand: The Chinese People's Liberation Army (PLA) will take part in a multinational training exercise in Thailand, as per the announcement made by the Chinese Defence Ministry. The Cobra Gold exercise, which will run from February 10 to March 7, aims to foster cooperation and exchange between the participating nations. This exercise will include a range of activities, including engineering support, tabletop exercises on humanitarian assistance and disaster relief, live drills simulating scenarios such as fire rescue, hazardous substances leakage, and medical first aid, as well as a high-level forum.
RMB loans surged by 4.92 trillion in January, and M2 measure grew by 8.7 percent year-on-year: According to the People’s Bank of China by the end of January, the domestic and foreign currency loans totalled 247.25 trillion yuan, reflecting a year-on-year increase of 10 percent. Specifically, the RMB loans stood at 242.5 trillion yuan, exhibiting a year-on-year increase of 10.4 percent. In January alone, RMB loans grew by 4.92 trillion yuan, representing a year-on-year increase of 16.2 billion yuan. In terms of deposits, RMB deposits rose by 5.48 trillion yuan in January, indicating a year-on-year decrease of 1.39 trillion yuan. Among these deposits, household deposits increased by 2.53 trillion yuan, while non-financial corporate deposits and fiscal deposits grew by 1.14 trillion yuan and 860.4 billion yuan, respectively. The balance of broad money (M2) amounted to 297.63 trillion yuan, reflecting a year-on-year increase of 8.7 percent. The balance of narrow money (M1) stood at 69.42 trillion yuan, showing a year-on-year increase of 5.9 percent. The balance of money (M0) in circulation was 12.14 trillion yuan, with a year-on-year increase of 5.9%. The net cash injection for the month January was 795.4 billion yuan.
China's team of Yang Hao and Lian Junjie secured the top position at World Aquatics Championships in Doha, Qatar: At the World Aquatics Championships in Doha, Qatar, Yang Hao and Lian Junjie won the gold medal in the men's synchronised 10m platform diving final. Despite facing intense competition from the British team, the Chinese athletes emerged victorious. Yang, at 26 years old, and Lian, at 23 years old, showcased their exceptional diving abilities in the final round, executing a series of complex somersaults in the tuck position that ultimately secured their victory.
China expanded visa-free entry options for the southern island province of Hainan: China's National Immigration Administration announced an expansion of visa-free entry options for the southern island province of Hainan. Eligible visitors from countries including Russia, France, the United States, Brazil, Japan, and the United Arab Emirates can now enter Hainan visa-free for a variety of purposes, such as business, tourism, visiting relatives, medical treatment, attending exhibitions or sports events, and stay in Hainan Province for up to 30 days. Previously, visa-free entry to Hainan was only available to visitors from these countries for tourism purposes. The new policy aims to promote reform and opening up in Hainan and support the development of the Hainan Free Trade Port.
Chinese Academy of Medical Sciences conducted research on DNA polymerase of monkeypox virus: A team of scientists from the esteemed Chinese Academy of Medical Sciences, under the expert guidance of Professor Gao Fu, revealed a groundbreaking study on the DNA polymerase of the monkeypox virus for the first time. With over 92,000 people affected by this zoonotic virus disease worldwide, this research is a game-changer in the development of antiviral drugs to combat monkeypox virus. Utilising electron cryo-microscopy on a graphene grid, the researchers gained a crystal-clear understanding of the genome replication process, paving the way for significant progress in the field.

SOCIAL MEDIA CHATTER IN CHINA

Cristiano Ronaldo wished Chinese netizens a happy Lunar New Year via video message on Weibo: Footballer Cristiano Ronaldo's latest post on Weibo has sent mainland Chinese fans into a frenzy, with over 35 million views and counting. The post has evoked varied reactions, with some fans expressing admiration for the two-way friendship between Ronaldo and his fans, while others have begun drawing comparisons between Ronaldo and Lionel Messi's positions in China. It is worth noting that the Chinese fans appreciated Ronaldo’s efforts, while simultaneously targeting Messi for his absence from an exhibition game held in Hong Kong in January.

INDIA WATCH

The Government of India's total debt, including internal and external debt, and other liabilities, is estimated to be a staggering 183,67,132.46 crore at the end of 2024-2025, a significant increase from the previous year's 168,72,554.17 crore. With the dollar accounting for over half of the external debt at a staggering 54.4 percent, followed by the rupee at 30.4 percent, it is imperative that measures be taken to manage the country's external debt effectively. The country's internal debts comprise loans raised in the open market, treasury bills issued by state governments, commercial banks, and other investors, as well as non-interest-bearing rupee securities issued to international financial institutions. For a country to repay its debt, it must possess adequate foreign exchange reserves. The Government of India has taken a bold step to address the rising debt by authorising the Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian Rupees. The SVRA process began in July 2022 when the RBI announced that an additional arrangement for invoicing, payment, and settlement of exports/imports in INR (Indian rupees) would be put in place. This move is aimed at boosting exports by supporting the idea of trade in local currency.

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.