4th November 2024

NEWS IN CHINA

China Files Lawsuit Against European Union at the WTO: On Monday, China filed a lawsuit against the European Union’s final ruling on the anti-subsidy case against Chinese electric vehicles at the World Trade Organisation (WTO). A spokesperson from the Chinese Ministry of Commerce said that it was regrettable that the EU would announce its final ruling to impose high tariffs on Chinese electric vehicles despite several objections made by the Chinese side. The spokesperson further claimed that this final ruling is without legal and factual basis and stands in violation of the rules of the WTO. Experts have called on the EU to take a pragmatic approach rather than a short-sighted one of trade protectionism.
China - Japan High-Level Political Dialogue Held in Beijing: Wang Yi, the director of the Chinese Central Foreign Affairs Office held talks with Takeo Akiba, the director-general of the Japanese National Security Bureau in Beijing. Wang Yi said that ties between China and Japan were at a critical point of improvement and that they should further its development. He further said that Japan must adopt a rational and objective understanding of China and abide by the political commitments it has made regarding the Taiwan issue. The two sides agreed that the mutual development of the two neighbouring countries would promote healthy economic and trade cooperation. They also spoke about views on international and regional issues that were of common concern.
China Boosts Employment Through Work-Relief Programs: The National Development and Reform Commission announced on Monday that China’s implementation of work-relief programs through local governments has boosted employment in the country. These programs targeted citizens in need of employment, especially people living in rural areas who have been lifted out of poverty. They further claimed that these programs collectively created 2.45 million jobs for low-income labourers, and distributed 31 billion yuan or USD 4.35 billion in wages. The commission reiterated its commitment to creating more jobs in China and helping boost employment opportunities for low-wage workers.
China Deliberates Law Revision to Safeguard Maritime Passenger Rights: China aims to improve the protection of the rights and interests of maritime passengers by deliberating on a draft law revision. The draft revision has been submitted to be discussed in a session of the National People’s Congress Standing Committee, which will take place from Monday to Friday. The draft revision accounts for better protection of maritime passenger rights by increasing the liability limits of transport carriers for personal injury and accounts for property damage compensation to passengers. It also unifies liability limits for compensation in international and maritime passenger transportation. Additionally, the draft law makes appropriate adjustments to the rights and obligations of all parties involved in maritime activities.
7th China International Import Expo Signals Opening up of Chinese Market: The 7th China International Import Expo (CIIE) is set to take place in the following days, as preparations are underway at the National Exhibition Convention Center in Shanghai. A record high of 297 Fortune Global 500 industry leaders and 186 companies and institutions will participate. Business people looking forward to the event view it as an important window for the world to experience and observe the high-standard opening-up of the Chinese market. In particular, Weng Wentao, the Chinese Minister of Commerce, commented on how the Australian business community is embracing opportunities at the CIIE, signalling positive progress in developing China-Australia economic trade.

SOCIAL MEDIA CHATTER

The US election is being closely watched around the world, and it has become one of the top trending topics on Chinese social media platforms in recent days. Posts have increasingly focused on fears of election fraud and anxieties surrounding election violence. A video on Weibo went viral showcasing CCTV footage of American citizens admitting to worries about violence in the days following the election results, regardless of which party triumphs. Further, bloggers in China have published videos and posts about a post-election American ‘civil war.’ One social media user wrote on Weibo that even though the Americans do not have a perfect system, at least they allow their citizens to question them. Chinese netizens are also adding their own commentary, with some humorously referencing Kamala Harris's laughter and others using the nickname "Chuan Jianguo," or "the Chinese Nation Builder," to comment on Donald Trump's foreign policy approach. Additionally, there seems to be a general sense among online commentators that no matter who wins in the US elections, the status quo of US-China relations will remian the same.

INDIA WATCH

Bangladesh's Energy Woes Deepen Amid Payment Disputes with the Indian Company Adani Power: Chinese news agency, Guancha, picked up on a recent article published by Bloomberg News which reported that Adani Power will cut off electricity supply to Bangladesh, causing additional pressure on an already struggling country. The Guancha article states that one of India’s richest men, Gautam Adani, has been increasing pressure on Bangladesh to repay over USD 850 million in electricity bills. Since the Bangladesh Power Development Board (BPD) failed to do so in the scheduled time, Adani Power has stopped supplying half of the electricity to the country. Furthermore, the article states that after the deadline of November 7, the company will not supply any electricity to Bangladesh. According to the article, Bangladesh does not have minerals like coal and has insufficient infrastructure in the power sector. Moreover, rapid economic growth in the country has led to increased electricity demand and a huge gap in its supply, causing frequent power outages. The article cited various reports saying that if Adani Power cuts its electricity supply completely, the frequency of power outages would increase and this would lead to further pressure on a country struggling with an energy and financial crisis. The author commented that since Bangladesh is relying heavily on imported energy to meet the additional demand, import costs are extremely high and Bangladesh’s foreign exchange reserves are stretched. And, that there is reportedly a shortage of US dollars in the country which has affected the BPD’s ability to pay bills on time. The article goes on to say that although the Bangladesh Kolish Bank has agreed to issue a letter of credit to Adani Power, it is still unable to do so due to a lack of US dollars. Additionally, the article commented on the fact that Bangladesh is scrutinizing its contract with Adani Power as it is charging Bangladesh 27% more than other Indian power producers which are privately owned, and 63% more than Indian generators which are state-owned.

Prepared By

Veda Jain

Veda Jain is currently a third-year student at Flame University, majoring in International Studies and minoring in Literary and Cultural Studies. She has a strong interest in modern Chinese politics and is keen on analyzing the dynamics of Indo-China relations.