CiCM 7th August 2024

NEWS IN CHINA

Data Shows Stability and Improvement in China's Foreign Trade, "Made in China" improves "quality" and "innovation": China's total commodity import and export reached 24.83 trillion yuan in the first seven months of this year, according to the General Administration of Customs as reported on August 7. China's overseas commerce continued to show steady growth. Since the start of this year, the country's economy has remained stable and shown progress, with foreign trade maintaining a positive trend. In the first seven months, the import and export scale reached a record high for this period. In July, imports and exports grew both every year and every month, with a growth rate exceeding 5% for four consecutive months every year. In recent times, the "beauty economy", or domestic cosmetics sector, has been expanding internationally faster due to the growing influence of Hanfu culture and costume TV dramas abroad. The report highlighted that China's export products have seen improvements in quality and innovation, further enhancing the competitive edge of "Made in China" goods. Additionally, large-screen LCD TVs produced in China have gained significant popularity in the international market, especially with the Paris Olympic Games. Lv Daliang, Director of the Statistics and Analysis Department at the General Administration of Customs, stated that steady domestic production growth, recovering demand, stable economic operations, and ongoing structural optimization have led to consistent growth in imports of major energy and mineral products, important equipment, and consumer goods.
Global Youth MUN Conference in Beijing: The 17th Global Youth Model United Nations Conference (WE Model United Nations EXPO 2024) recently commenced at the Beijing International Convention Center. This year's theme, "We agree to disagree," encourages participants to acknowledge the diverse cultures and differences in the world. It aims to highlight the complexity and significance of various global issues, emphasizing the importance of open-minded communication, cooperation, and respect for differing views and positions. It is a four-day conference which will see more than 1,000 young friends, led by Model United Nations teams and presidiums from Yale University, University of Chicago, University of Oxford, University of California, Berkeley, McGill University, Boston University, Peking University, Fudan University and other universities, discuss the world situation in eight branch venues, special venues and 21 committees. In his keynote speech, Professor Zhang Qiang, Director of the UNDP-China Risk Governance Innovation Project Laboratory, stated that the international community is grappling with numerous global challenges such as climate change, health crises, economic inequality, wars and refugee crises, and cyber security. He emphasized that addressing these challenges requires global solidarity and cooperation, as well as enhanced international exchanges among people and youth, to effectively respond and build a better future.
RMB Strengthens Amid Global Financial Volatility: Key Factors and Market Implications: Even in the face of extreme volatility in the Global financial market, the value of the RMB kept rising. The RMB exchange rate central parity rate in the interbank foreign currency market on August 6 was 7.1318 yuan per US dollar, an increase of 27 basis points in a single day, according to the People's Bank of China, which authorized the China Foreign Exchange Trading Centre to make this announcement. Over the past two trading days, the RMB central parity rate has increased. . On the latest trading day, both the onshore and offshore RMB exchange rates experienced minor corrections, fluctuating slightly around 7.15 and 7.14 respectively, with the onshore RMB exchange rate against the US dollar closing at 7.1469.Recent reports state that in order to raise market expectations for an economic rebound, the central bank has lowered interest rates below forecasts and ramped up the implementation of macro programs. The foreign exchange reserves were steady at over US$3.2 trillion throughout the first half of the year, the balance of international payments was balanced, and both foreign trade exports and trade surpluses exceeded forecasts. The appeal of RMB assets has grown due to improved domestic fundamentals, favorable macro policies, and low valuations. Market sentiment is increasingly bullish on RMB assets. Externally, while opinions differ on the pace and intensity of overseas interest rate cuts, there is a consensus that developed economies are entering a cycle of rate reductions.
Chinese Military Conducts Joint Sea and Air Patrol Around Disputed Scarborough Shoal Amid South China Sea Tensions: A joint sea and air patrol was conducted by the Chinese military around the disputed Scarborough Shoal on Wednesday amid continuing tensions in the South China Sea. The Southern Theatre Command of the People’s Liberation Army said Wednesday’s patrol “aimed to test the theatre troops’ capacities in reconnaissance, early warning, rapid mobility and joint strikes”. The four militaries will carry out the drill within the exclusive economic zone of the Philippines until Thursday, as stated in a joint statement, to demonstrate their "collective commitment to strengthen regional and international cooperation in support of a free and open Indo-Pacific." During combined military drills in April with the Philippines, Japan, Australia, and the US, the PLA launched a patrol in the South China Sea and said that activities "intended to sabotage the situation" and create "hotspots" in the waters were "well under control”. Chinese coastguards have increased their activity around the Scarborough Shoal, conducting regular patrols in response to the presence of Philippine civilian and coastguard ships. Beijing also says it has “normalized” safety training nearby, further establishing its presence.
Shenzhen reports Record-Breaking Growth for China-Europe Freight Trains in First Half of 2024: According to Shenzhen customs, a total of 96 China-Europe freight trains with a cumulative shipment value of 2.74 billion yuan (about $384.2 million) departed from Shenzhen in the first half of 2024, representing an annual increase of 34.2 percent. The trains carrying more than 100 types of goods, including electronic products, mechanical equipment, and clothing pass through Russia, Belarus, Poland, Germany, and other European countries and regions. According to Xu Zhenkang, a Shenzhen Customs official, China-Europe freight trains have high stability compared to maritime transport and air transport and are attractive to companies seeking to deliver products with certain volumes and high requirements for transport timeliness. Local enterprises have made remarkable achievements in exporting electronic appliances, digital products, and other goods from Shenzhen aboard the China-Europe freight trains. According to Xu, Shenzhen Customs handles a wide variety of export product categories, including high-value and high-tech items like robotics and electrical products, as well as home goods and equipment. Shenzhen's imports and exports totaled 2.2 trillion yuan, with an annual increase of 31.7 percent, marking a record high for the same period and accounting for 10.4 percent of the national total in the first half of 2024.

SOCIAL MEDIA CHATTER

The coach behind Chinese diving star Quan Hongchan in the limelight: The coach behind Chinese diving star Quan Hongchan headlined the trending list on social media on Wednesday morning after her student secured a second gold medal in Paris on Tuesday night with related hashtags gathering almost 200 million views and 30,000 posts. Prior to mentoring Quan, Chen Ruolin was praised for her exceptional diving abilities. She won five gold medals for China at the Olympics from 2008 to 2016 and retired because of cervical spine injuries after the Rio Olympics but took on the role of head coach for Quan on the national team in 2021. Social media users praised Chen Ruolin for her dedication as a coach, noting her discreet act of wiping away tears after Quan Hongchan's gold medal win. Chen shared with state media that becoming an Olympic champion is a challenging journey filled with hardships and pain, and she aims to use her own experiences to guide her athletes through these challenges. The comments have highlighted Chen Ruolin's vital role in guiding her athletes through challenges she once faced. Users appreciated Chen's dedication and love for her students. When she shared with state media the arduous journey to becoming an Olympic champion, detailing the many hardships and pains involved, social media users were further impressed by her commitment to helping Quan Hongchan navigate similar challenges.

INDIA WATCH

Indian flights to Dhaka resumed amid Bangladesh political turmoil: The Xinhua Net reported on August 7 that Indian air carriers have resumed flight operations to Bangladesh's capital Dhaka amid political turmoil in the neighboring country as stated by officials on Wednesday. Indian carriers, such as Air India, Vistara, and IndiGo, have resumed their flight services to Dhaka after a brief disruption caused by the resignation of Bangladesh's Prime Minister Sheikh Hasina on Monday. These airlines are also offering rescheduling waivers to help accommodate passengers affected by the disruption, ensuring that their travel plans can proceed with minimal inconvenience. On Wednesday morning, a special Air India flight brought 205 people from Dhaka to New Delhi. Additionally, the Indian External Affairs Minister S. Jaishankar confirmed on Tuesday that Hasina arrived in India on Monday evening.

Prepared By

Pavithra SR

I am a third-year undergraduate majoring in International Relations at Shiv Nadar Institute of Eminence, Greater Noida specializing in gender, security, and digitalization. My interests include policy making and South Asian studies, with a particular focus on international migration, subaltern communities, and democratic studies. I am keen to conduct policy research in these areas in the future.