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NEWS IN CHINA

• Xi Unveils Comprehensive China-Africa Cooperation Plan at FOCAC Summit: In his keynote address at the 2024 Forum on China-Africa Cooperation (FOCAC) Summit, Chinese President Xi Jinping announced a series of major initiatives to boost China-Africa relations. A standout measure is China's decision to provide zero-tariff treatment  for 100 percent of tariff lines to all least developed countries having diplomatic ties with China, including 33 African nations. Xi emphasized this move makes China the first major developing country and major economy to take such a comprehensive step. The President outlined ten partnership actions to be implemented over the next three years, covering areas such as mutual learning, trade prosperity, industrial cooperation, connectivity, health, agriculture, people-to-people exchanges and green development. Xi proposed elevating bilateral relations with African countries to strategic partnerships and characterizing overall China-Africa relations as an "all-weather China-Africa community with a shared future for the new era". To support these initiatives, Xi pledged 360 billion yuan (approximately $49.5 billion) in financial support over the next three years. This includes 210 billion yuan in credit lines, 80 billion yuan in various forms of assistance, and at least 70 billion yuan in investments from Chinese companies in Africa.

• China Intensifies Trade-in Schemes to Stimulate Consumer Spending: China is ramping up efforts to boost consumer demand through nationwide trade-in initiatives for various goods. Shanghai recently unveiled a plan offering a 15 percent subsidy (up to 2,000 yuan) on purchases of certain household appliances and home decor items. Similar schemes are being implemented across the country, covering automobiles, home appliances and furniture items. In Chongqing, updated policies for green and smart household appliances resulted in 8.17 million yuan in subsidies on its inauguration day. Hubei has offered up to 16,000 yuan for new energy vehicle (NEV) trade-ins, while Guangdong aims to replace 1,43,000 passenger cars. These local initiatives follow the State Council's action plan released in March for large-scale equipment upgrades and consumer goods trade-ins. Early results are promising, with NEV sales surging 34.8 percent year-on-year between April to July. Retail sales of household appliances and audio-visual equipment have also seen growth. Against the backdrop of global economic challenges and insufficient domestic demand, these policies aim to stimulate domestic consumption. With retail sales of consumer goods rising 3.5 percent year-on-year in the first seven months of 2024, the Ministry of Commerce anticipates a positive trend in China's consumer market.

• China Strengthens National Disaster Response Efforts: China has activated 21 disaster-relief responses at the national level so far this year, according to Wang Daoxi, vice minister of the Ministry of Emergency Management (MEM). Speaking at a press conference, Wang highlighted that disaster-response actions have become "more timely, frequent and effective," with the response level being upgraded five times this year to adapt to changing disaster situations. Since the start of the flood season, the MEM and the Ministry of Finance have allocated approximately 3.13 billion yuan (about $440 million) in central disaster-relief funds across nine batches, demonstrating faster allocation efficiency and increased support. Additionally, the National Food and Strategic Reserves Administration and the MEM have distributed 473,200 items of central disaster-relief materials, including folding beds, quilts, and family emergency kits, in 21 separate batches. Wang also noted that relevant departments are accelerating post-disaster recovery and reconstruction efforts, focusing on repairing infrastructure and damaged houses in affected areas.

• State Councilor Emphasizes Support for Basic Living Needs: Chinese State Councilor Shen Yiqin has called for enhanced efforts to support and ensure people's basic living needs during a recent tour of Hunan Province. From Monday to Thursday, Shen conducted research on civil affairs work, emphasizing the importance of safeguarding and improving people's livelihoods through development. She stressed the need for intensified efforts to provide inclusive public services, meet essential needs, and ensure basic living standards. Shen's tour included visits to elderly care institutions, children's welfare homes, community child care centers, and care centers for those facing extreme difficulties in Changsha and Xiangtan. Given the recent severe flooding in some areas of Hunan, Shen also visited disaster-stricken residents, instructing civil affairs departments at all levels to ensure the basic living needs of those affected and prevent any risk of relapse into poverty among these groups.

• China Launches First Action Plan for Protection of “Migrant Children”: China has announced a State-level action plan to enhance the protection and welfare of children who move with their migrant worker parents. This initiative, led by the Ministry of Civil Affairs and other key agencies, aims to provide higher-quality social benefits and public services to these "migrant children" and to establish a comprehensive care system by 2035. The plan focuses on urban-rural integration and improving governance to ensure equal rights for migrant children in areas such as education, healthcare, and social support. Local authorities are tasked with calculating the number of migrant children — those under 16 who live outside their hometown for more than six months — and monitoring their living conditions and health. Data on these children will be collected by the end of the month and updated every six months. Special attention will be given to vulnerable migrant children, including those facing financial hardships, disabilities, inadequate guardianship, or psychological issues. The action plan also emphasizes the importance of psychological care and helping migrant children adapt to new environments. Companies, social organizations and volunteers are urged to organize activities to help these children integrate into their new surroundings. In addition, local human resources bureaus are required to optimize employment support for the parents of migrant children, offering job training and entrepreneurship assistance. The government has also adopted a zero-tolerance policy for any abuse or exploitation of migrant children, with a focus on preventing violence, sexual assault, and school bullying. Authorities, including procuratorates, will offer judicial aid and financial assistance to migrant children involved in criminal cases.

SOCIAL MEDIA CHATTER

INDIA WATCH

• Growth and Competition in India’s Cement Industry: A Chinese media outlet reported on an escalating competition for establishing stronghold over India's cement industry between two of the country's richest businessmen. According to the report, citing Nikkei, Kumar Mangalam Birla's UltraTech Cement has acquired majority stakes in India Cements for $697 million and Kesoram Industries' cement business for $641 million. Similarly, Gautam Adani entered the fray in 2022 by purchasing Holcim's Indian operations for $10.5 billion, becoming India's second-largest cement producer. Before this, Adani had also invested in $1.6 billion for Sanchi cement and Penna cement. The Chinese media suggests this "battle of giants" reflects the urgency of infrastructure development in India in terms of roads and green energy, aligning with Prime Minister Modi's initiatives. UltraTech is reportedly supplying cement for India's new parliament building and the world's largest cricket stadium in Ahmedabad, while Adani's firms are involved in major infrastructure projects such as Mumbai’s 22 km-long highway bridge. The article notes that India, as the world's second-largest cement market, is expected to produce over 460 million tons in fiscal year 2024. The report cites analysts who warn that intense competition might drive cement prices down, potentially leading to more acquisitions of smaller producers. This perspective from Chinese media underscores the growing industrial competition in India and its implications for cement sector.

Prepared By

Vanshika Patel

Vanshika is a recent graduate from Ashoka University with a degree in Economics and a minor in Computer Science. Her interests lie in understanding the global economy and its impact on international communities, policy-making, and the social sector. She is particularly drawn to quantitative analysis and has a keen interest in international economics, aiming to contribute to data-driven decision-making in global economic contexts.