CiCm 30th May 2024

NEWS IN CHINA

Supreme People's Procuratorate prosecuted Congress deputy director for Bribery: Former Guangdong Provincial People’s Congress deputy director and party group member Chen Jixing was accused of accepting bribes and his position of power to receive incentives. The Supreme People's Procuratorate in Guilin City, Guangxi Zhuang Autonomous Region, identified the case, and the National Supervision Commission conducted the investigation and reached a conclusion. Following the investigation, it became evident that Chen Jixing had indeed unlawfully accepted property from others and leveraged his position to secure favors for them. This exploitation of power raises concerns regarding potential criminal liability for accepting bribes under duress and utilizing political influence for bribery, especially considering the advantageous conditions created by his official duties and authority.
State Grid Corp.’s Innovative Development of Intelligent Gadgets: State Grid Corp. of China’s local units have created new intelligent gadgets and implemented them in business to assist the latter in creating advanced productive forces through technological advancements. Wang Xiuru and her research team at State Grid Suqian Power Supply Co. have independently produced “integrated smart switch automatic detection equipment” in the Jiangsu province of East China. Power researchers also created and used an online monitoring tool for the internal mechanical status of gas-insulated metal-enclosed switchgear (GIS) disconnectors in the province of Anhui, East China, in the meantime. This allowed for dynamic “visualisation” and strongly ensured the intrinsic safety of the massive power grid. Yang Wei, the head of the State Grid Anhui Electric Power Research Institute’s Power Transmission and Transformation Technology Centre, stated that the invention, which was carried out after three years of research, has been implemented into the network at Anhui UHV (ultra-high voltage) Huainan Station. As of right now, it is known that the tool has been used at over 20 substations of the 500 kV Exi Station and 1,000 kV Huainan Station, aiding in the diagnosis of 12 mechanical flaws including aberrant grounding switches in UHV GIS equipment.
China Endeavours in Establishing a Quantum Computing Ecosystem: A third-generation superconducting quantum computer named “Origin Wukong”, created by one of China’s top quantum tech companies, was unveiled by Chinese scientists at Origin Quantum Computing Technology Company. China has solidified its leadership in quantum computing with the delivery of “Origin Wukong” making it the third nation in the world to be able to deliver a complete quantum computer. Quantum computing saw $659 million in venture capital funding in 2022 and grew to $1.1 billion in 2023, according to GlobalData, a data and analytics company based in London. Notably, the industry data firm claimed in a report from 2022 that the US was leading China in the battle for quantum computing by almost five years. The company now views the two nations as “nearly equal” competitors in 2024. Earlier this year, China unveiled its national supercomputing network. In addition to supporting the growth of the digital economy, the platform aims to reduce the imbalance between the supply and demand for computing power. Joining the network, more than 200 service providers that provide data, apps, and computing models have contributed over 3,200 items, including industrial simulation, scientific, and AI model training. These suppliers represent state-of-the-art digital breakthroughs. A quantum "spring" or innovation revival in quantum computing has materialised despite obstacles. China’s government has placed a high value on talent development and scientific and technological innovation. By supporting developing sectors like quantum technology, they are establishing the groundwork for future industrial leadership.
Guangzhou Banking Industry Lowers Mortgage Down Payment Ratio: Guangzhou changed its distinctive home credit policy on 28th May and was the first city in the tier to experience the marketisation of mortgage interest rates. The new policy will eliminate the lower interest rate cap and lower the minimum down payment requirements for residents purchasing their first and second homes to at least 15% and 25% respectively. Based on risk conditions, capital costs, and other criteria, banks can now develop varied home lending policies, according to the Guangdong Branch of China Construction Bank, indicating a rise in pricing autonomy. The new regulation states that the bank may carefully assess and decide the down payment ratio and loan interest rate based on the borrower's solvency, credit status, and other considerations for households with two or more residences and mortgages in Guangzhou's non-restricted purchase region. Guangzhou and Shenzhen similarly modified their housing policies the following day, after Shanghai's May 27 reduction of the mortgage down payment ratio and loan interest rate. The requirement for a cross-district purchase may be waived if a resident family does not already own a home in the neighbourhood where the new home is being purchased. The third home may still be lent in the unrestricted region to resident families that own two or more properties and have paid off their mortgages, which may encourage the release of increased demand.
China to Expand Investment and Finance Cooperation, Promote Mutually Beneficial Trade Ties with Arab States: At the 10th Ministerial Conference of the China-Arab States Cooperation Forum, Chinese President Xi Jinping declared at the opening ceremony that his country is prepared to increase investment and finance cooperation, improve a multifaceted framework for energy cooperation, and advance a balanced framework for mutually beneficial trade and economic ties with Arab states. China encourages deeper collaboration between the two sides’ financial institutions, permits Arab states to issue panda bonds there, and accepts Arab banks to become members of the Cross-Border Interbank Payment System. China plans to expand its strategic cooperation with the Arab side in the areas of oil and gas, and it is prepared to collaborate with them on equipment manufacture and research and development for new energy technologies. For an extended period, China has been the Arab world’s most valuable commercial partner, with trade volume rising from $36.7 billion in 2004 to $398 billion in 2023. More than 200 significant projects have been carried out because of China's cooperation agreements with the Arab League and the 22 Arab nations on the Belt and Road Initiative.

SOCIAL MEDIA CHATTER

Why ‘Ugly’ AI Filter is Taking China Social Media by Storm: China's social media is exploding with a new AI-powered "ugly-friendly" filter. The artificial intelligence filter turns photos of people into "ugly-cute" clay sculptures that resemble Shaun the Sheep or Wallace and Gromit from stop-motion animated movies. During the seven days from April 30 to May 6, Remini, the picture editor app that introduced the filter, had around 400,000 daily downloads, making it the top free app in China. Facial features are retained in the clay-style photos, but the colours and expressions are more dramatic. The software has brought forth a great deal of amusement and delight. Remini's supporters believe that surprises brought forth by ugliness have healing qualities. According to psychotherapist Wang Huiqiu, the clay filter reflects the calming, restorative qualities of early stop-motion animated movies. However, not everyone likes the effect; some find it unpleasant and unsightly. They favour the app's more current "jade" filter, which creates portraits reminiscent of classic Chinese jade sculptures. Larger eyes and smaller jaws result in smaller, more elegant features.

INDIA WATCH

3 killed, over 30 injured as a heap of firecrackers explodes in India's Odisha: An article from Xinhua reports that at least three people were killed and more than 30 injured when firecrackers exploded during a Hindu religious festival in the eastern Indian state of Odisha, police said on 30th May. Police claim that a splinter from burning firecrackers, intentionally ignited by a group of enthusiasts, impacted the stash abruptly and caused the explosions. Numerous persons in the vicinity were hurt, some seriously, by the explosions that sent out numerous splinters. The article framed a narrative of neglect of the authorities and stated that Naveen Patnaik, the chief minister of Odisha, expressed sorrow over the disaster and gave the relevant authorities instructions to make sure the injured were treated properly. He also declared that each family who lost a relative in the accident would receive 4,802 US dollars (4,00,000 Indian Rupees), in financial assistance.

Prepared By

Diksha Takale

Diksha is currently an undergraduate student at FLAME University, Pune. She is pursuing her degree in BA with a major in Literary and Cultural Studies and minor in Sociology. Writing is a part of her primary focus in building her career and one way to cater to that is by diversifying her academic reach in a field such as international relations. She is an avid reader and writes fiction in her leisure time.