CiCM 3rd May 2024

NEWS IN CHINA

Fire Damages Henan University's National Key Cultural Auditorium Building: A fire broke out in the auditorium of the Minglun campus of Henan University, which was under renovation, causing a collapse of the roof and significant damage to the building. There were no reported casualties. The auditorium was undergoing renovation and repair since August 2023 by Beijing Tongxing Ancient Construction Engineering Company. The auditorium which covers an expanse of 3,932 square meters was built by Xu Xinwu between 1931 and 1934. The auditorium is a national key cultural building with a history of 90 years. In response to this incident, the Henan Fire Safety Commission has set up a joint investigation with public security and other departments to identify the cause of the fire. This incident has raised concerns about the vulnerability of many historic buildings undergoing renovation. Such fires are usually caused by issues like workers smoking, electrical short circuits, improper welding work during renovation work, etc. Experts note that buildings of cultural significance must be equipped with appropriate fire detection systems, contracts must ensure proper storage of flammable materials and training provided to workers on fire safety.
Real Estate Market Faces Decline in Sales: Data released by CRIC, a research company, shows that trading sales of 70 percent of the top 100 real estate companies has declined month-on-month. In spite of increased demand in the luxury housing market, overall sales for companies including China Merchants Shekou, Vanke, Country Garden Holdings and Binjiang decreased significantly. In April, the top 100 real estate firms achieved a total sales volume of 312.7 billion yuan, marking a 12.9% decrease from the previous month and a 44.9% decrease year-on-year. While some companies saw a surge in sales due to specific projects, the majority experienced declines. The real estate sector’s performance has been dropping consistently with a 46.8% year-on-year decrease in sales for the first quarter of 2024. The cumulative sales decline for Top 10, Top 50 and Top 100 were 37.8 percent, 46.4 percent and 48 percent respectively in the first quarter. This decline reveals the limited effect of changes in housing purchase policies in various cities. Although the real estate market continues to face challenges, analysts forecast that after three years of bearishness there is optimism about a slow recovery.
Record Gas and Oil Output Reported from China’s Deepwater Gas Field: Shenhai Yihao, China’s first independently developed deepwater gas field has reported record gas and oil output, according to the China National Offshore Oil Corporation, its operator. Shenhai Yihao or Deep Sea No.1 has been upgraded to control 23-deep water gas wells and two sets of underwater production systems. It is located 150 km from the city of Sanya in South China’s island province of Hainan and can operate at a maximum depth of more than 1500 meters in the sea. Operational since June 25, 2021, this ultra-deepwater gas field has achieved significant milestones of producing 7 billion cubic meters of natural gas output and more than 700,000 cubic meters of oil output so far. The field’s success marks a substantial contribution to China’s energy sector and underscores self-sufficiency in its energy mix. According to the operator, the gas field can now ensure its daily gas output reaches the design peak of 10 million cubic meters, which greatly promotes domestic deepwater oil and gas production.
China-Hungary BRI Conference Marks Several Achievements: The China-Hungary Belt and Road Initiative (BRI) conference was held to showcase significant achievements in cooperation between the two countries. Around 200 participants including government officials, business representatives, media heads, and others highlighted the progress in industrial cooperation, investments, and trade under the BRI framework. The release of a report on China-Hungary cooperation under the Belt and Road framework and the introduction of a dedicated section on industrial cooperation on the official BRI website were the key outcomes of the event. The conference emphasized the importance of strengthening exchanges with Hungarian think tanks and utilizing platforms like the World Media Summit and the Belt and Road Economic Information Partnership to enhance cooperation. Marton Nagy, the Hungarian Minister for National Economy also emphasized the successful Hungary-Serbia railway projects as an example of successful BRI cooperation. The event aimed to catalyze and foster more momentum for future-oriented cooperation and encourage contributions from people from all walks of life to promote bilateral relations. Overall, the key aims of the conference were to implement leadership consensus and promote pragmatic cooperation.
Yellow Alert Renewed in Several Provinces: China has renewed a yellow alert for rainstorms with heavy downpours expected in various regions including Guangdong, Guangxi, Hunan, Jiangxi, Fujian, Anhui, Jiangsu, and Zhejiang on Saturday and Sunday. Certain areas in Guangdong and Jiangxi are forecasted to experience torrential rain of 100-180 mm. Local governments have been advised to take required precautions including cutting outdoor power supplies, suspending outdoor operations, and implementing adequate drainage supplies. China has a four-tier weather warning system, with yellow representing a significant warning level.

SOCIAL MEDIA CHATTER IN CHINA

Social Media Appalled by Death of Student with Heart Disease: A college student, surnamed Zhao, with a congenital heart condition died of a heart attack after her teacher forced her to exercise despite medical exemption for the same. Zhao was a first-year medical student at Baicheng Medical College in Jilin, who submitted documents as evidence for her heart condition and was excused from physical activities. Yet, two days before her death, her tutor ordered her to participate in running exercises. During the run, when Zhao collapsed, Song prevented other students from providing Zhao with first aid and instead contacted the college administration, delaying the emergency response. Although Zhao was taken to the hospital, she died two days later. The school confirmed Zhao’s death was due to a heart condition, but the police are now investigating the incident. One of her classmates, who requested anonymity said, “If we had made the effort to rescue her in time, I think it would have been effective. But the tutor wouldn't let us get near her”. Her aunt also said that Zhao submitted medical documents to the college last year, proving she had congenital heart disease and was granted exclusion from sporting activities. “The teacher was angry and made everything difficult for our kid”, her aunt, surnamed Wang, added. “He (the professor) said her heart disease document was fake. So, she must run every day”, Wang continued. This unfortunate and tragic event highlights the importance of respecting medical conditions and providing prompt emergency care.

INDIA WATCH

Chinese Media claims PM Modi May Lose Key State in Upcoming Election: The South China Morning Post has reported that a sex scandal involving Prajwal Revanna, the grandson of a former Indian prime minister, has cast a shadow over the Janata Dal (Secular) party in Karnataka, which is an alliance partner of Prime Minister Narendra Modi’s Bhartiya Janata Party (BJP). Currently, Revanna is under investigation for allegedly raping and sexually assaulting hundreds of women. As the controversy gained momentum, hundreds of videos purportedly showing his alleged misdeeds have surfaced on social media during India’s ongoing national elections. The article states that several questions have been raised as a result of this scandal, including questions about the BJP’s decision to ally with JD(S), as the BJP has mainly focused on educating and protecting girls and women as a focal point of their political messaging. The reporter states that analysts of the Indian elections argue Karnataka may not be the only state to be affected by the implications of this scandal. Other parts of India could potentially be affected by the scandal and cost the BJP votes in the national elections.

Prepared By

Prisha Thakore

Prisha Thakore, a first-year student at Flame University, Pune, delves into the realms of economics and finance with a focus on China and Southeast Asia. As an ORCA research intern, she explores the intricate connections between these regions and the global markets.