CiCM 23rd May 2024

NEWS IN CHINA

China Conducts Large-Scale Military Drills Around Taiwan: China's People's Liberation Army (PLA) has initiated a two-day military exercise around Taiwan, simulating a blockade of the island. The drills, involving the army, navy, air force, and rocket forces, were announced shortly after the inauguration of Taiwanese leader William Lai Ching-te. The PLA's Eastern Theatre Command stated that the exercises are a response to Taiwanese separatist forces seeking independence and serve as a warning against external interference. The drills, span the north, south, and east of Taiwan's main island, as well as the Taiwan Strait and its outlying islands. They aim to demonstrate the PLA's ability to economically strangle Taiwan, target its important political and military centres, and block its energy imports and escape routes for separatist forces. Additionally, they intend to prevent assistance from the US and its allies. Taiwan has condemned the drills as provocative, with its military prepared to defend its sovereignty.
Former Guizhou Official Li Zaiyong Faces Trial for Bribery and Abuse of Power: Li Zaiyong, a former high-ranking official in Guizhou, China, has been accused of accepting bribes and abusing his power. The Chongqing Fifth Intermediate People's Court held a public hearing on his case, where it was alleged that Li took bribes totalling more than 432 million yuan from 1998 to 2023. He is also accused of illegally facilitating various projects and ignoring ecological concerns during his tenure. Specifically, while serving in different roles, including district party committee secretary and mayor, Li allegedly used his position to assist others in project contracting, land acquisition, and project planning in exchange for bribes. Additionally, from 2014 to 2017, he reportedly pushed forward tourism projects that violated ecological regulations, causing significant economic and environmental damage. During the trial, Li pleaded guilty, and the court adjourned to announce the sentence later. The case has attracted significant attention, with more than 20 deputies to the National People's Congress, members of the Chinese People's Political Consultative Conference, and others from various backgrounds attending the trial.
China's New Housing Policies Fuel Real Estate Market Boom: China's real estate market is revving up due to recent government moves. The People's Bank of China has made it easier to get mortgages by removing minimum interest rates for first and second homes. They also lowered the required down payments to 15% for first homes and 25% for second homes. Additionally, a fund of 300 billion yuan ($41.51 billion) has been created to support affordable housing projects. These changes aim to make buying homes more affordable and boost the housing market. Experts believe these policies will significantly reduce the financial burden on homebuyers and encourage more people to buy homes, which will help the real estate sector recover. Since the announcement on May 17, daily sales of second-hand homes in Beijing have exceeded 1,000 units, and there has been a noticeable increase in new home sales as well. One homeowner, Cheng Cheng, saw a big increase in interest in her property, with ten groups viewing it over the weekend compared to just one group every two weeks previously. This surge in demand has made her more confident in her asking price, making her less willing to negotiate with potential buyers.
China, Japan, and South Korea Set for First Summit in Five Years: Chinese Premier Li Qiang will attend a summit with leaders from Japan and South Korea in Seoul from May 26 to 27. This meeting, the first since 2019, was delayed by the pandemic and rising US-China tensions over technology. The leaders will discuss ways to boost cooperation in areas like trade, technology, and culture. They aim to strengthen their economic ties while maintaining security alliances with the US. For South Korean President Yoon Suk-yeol, this summit is important as he seeks to bounce back after a recent election loss. The leaders will also focus on addressing threats from North Korea, securing supply chains, and improving regional stability. China, Japan, and South Korea want to revive their partnership to promote peace and prosperity in the region. The summit will also serve as a chance for the leaders to plan future cooperation. President Yoon and Japanese Prime Minister Fumio Kishida may visit the US for further talks with President Joe Biden. This would build on previous discussions about regional security and economic challenges, helping to counter North Korean threats and strengthen the alliance between these key countries.
Cutting-Edge Surveillance Tech and Drone Disruptors, Highlights from China's Police Equipment Fair: The recent police equipment fair in Beijing showcased advanced surveillance technology used by Chinese law enforcement. One highlight was AI-enabled cameras designed to monitor individuals under disciplinary detention, like officials suspected of corruption. These cameras can also be used for residential surveillance in national security cases. The system can detect vital signs, facial expressions, and even assess suicide risk, all without the detainee's knowledge. The fair also featured technology to detect and disrupt civilian drones, a growing concern for security authorities. Other products included systems to track crypto trading and rapid drug-testing kits. Overall, the market for police equipment and security facilities in China is rapidly expanding.
China Calls for Global Support in Biodiversity Conservation: China has urged developed countries to fulfil their commitments and support developing nations in biodiversity conservation. Minister Huang highlighted China's efforts, including the increase in Yangtze finless porpoise population and the expansion of mangrove forests. He emphasized the importance of global collaboration and the need for governments and societies to work together for biodiversity conservation. The event, marking the International Day for Biological Diversity, focused on mobilizing global participation. China led the adoption of the Kunming-Montreal Global Biodiversity Framework, aiming for coexistence between humans and nature by 2050. The framework includes goals to conserve 30% of land and seas by 2030. Huang called for updating national biodiversity strategies with framework targets and enhancing resources for conservation. UN Secretary-General António Guterres stressed the role of governments and individuals in biodiversity conservation. UN Environment Programme's Inger Andersen called for immediate action, praising China’s leadership and urging global efforts to protect nature for humanity’s benefits.

SOCIAL MEDIA CHATTER IN CHINA

China Cracks Down on Wealth-Flaunting Social Media Influencers: China has cracked down on social media influencers who flaunt their wealth, calling it a "toxic influence." Several high-profile Key Opinion Leaders (KOLs) have had their accounts shut down, including Wang Hongquanxing, known as "China's Kim Kardashian," who boasted about his expensive properties and outfits. Bo Gongzi, a "Hermès collector," frequently talked about his wealthy boyfriend and extravagant gifts. Baoyu Jiajie, nicknamed "Sister Abalone," showcased her lavish lifestyle, snacking on expensive seafood and wearing jade jewellery worth millions. These influencers faced backlash for promoting materialism and creating a distorted view of reality. The crackdown has sparked debates on social media, with some questioning the necessity of banning them. The move is part of a broader effort to address inequality and promote healthier values in Chinese society.

INDIA WATCH

India's Journey in Developing the EV Industry: The Global Times article stated that the US has heightened tensions between China and India by implying that Chinese electric vehicle (EV) offerings could inundate the Indian market. This aligns with the US' strategy to restrain Chinese industries. Nonetheless, collaboration between China and India in EVs, computer chips, and medical products holds immense potential for both nations, states Global Times. While India has recently introduced measures to bolster its EV sector, concerns linger that Chinese firms might reap the benefits. The author contends that despite perceptions, Chinese technology and investments have indeed played a substantial role in fuelling India's economic expansion. Importing parts from China is a standard practice that benefits India's EV industry. India ought not to heed US pressure and instead collaborate with China to ensure the success of its electric car sector. Succumbing to US demands could impede India's industrial progress. Therefore, prioritizing cooperation over halting trade is imperative for accelerating India's industrial growth.

Prepared By

Kriti Rai

Kriti is an undergraduate student at FLAME University pursuing Data Science and Economics. She is proficient in C++, Python, MySQL, and data visualisation tools such as Tableau. Her areas of interest lie in building predictive models and utilising machine learning to enhance decision-making and tackle real-world challenges.