CiCM 11th September 2024

NEWS IN CHINA

China’s Top 500 Companies: Innovation Results Revealed: On September 11, 2024, the China Enterprise Confederation unveiled the "Top 500 Chinese Enterprises" list for the 23rd consecutive year. The threshold for inclusion on the list has increased for the 22nd year in a row, reaching 47.381 billion yuan, up by 383 million yuan from the previous year. In terms of performance, the 2024 Top 500 companies recorded a combined net profit of 4.51 trillion yuan, reflecting a 5.01% rise, while their total operating income grew by 1.58% compared to last year. Zhu Hongren, the executive vice president of the China Enterprise Confederation, stated that the total operating income of China's top 500 companies in 2024 surpassed 110 trillion yuan for the first time, marking a significant milestone. He emphasized that these leading companies are prioritizing high-quality development. Alongside steady growth in scale, there has been an improvement in the overall quality of their development. The 2024 analysis of China's top 500 enterprises shows that physical enterprises have accelerated growth, with a 2.31% increase in operating income. However, real estate and financial sectors saw a decline, with growth falling by 1.06%, down 5.27 percentage points from last year. Meanwhile, the industrial machinery and equipment manufacturing sector stood out, with net profit soaring 13.13 times.

China Opposes U.S. Interference in Hong Kong Issues: China has expressed strong dissatisfaction and firm opposition to U.S. actions regarding Hong Kong, accusing the U.S. of manipulating Hong Kong-related issues and hindering its development, according to a Chinese foreign ministry spokesperson. Mao Ning made these comments during a regular press briefing in response to the U.S. House of Representatives passing the "Hong Kong Economic and Trade Office (HKETO) Certification Act." Mao explained that the Hong Kong Economic and Trade Office (HKETO) is an overseas organization established by the Hong Kong Special Administrative Region (HKSAR) government to facilitate practical economic and trade cooperation, benefiting both Hong Kong and other regions. She criticized the U.S. bill for politicizing normal trade relations, tarnishing the reputation of Hong Kong's overseas institutions, and calling it highly damaging. Mao noted that Hong Kong is the second-largest source of the U.S. trade surplus, with over 1,200 U.S. companies invested there. She warned that the U.S. actions would ultimately harm its own interests and revealed that China has lodged formal protests. Mao urged the U.S. to halt the bill to avoid further damaging China-U.S. relations, adding that if the U.S. proceeds, China will respond with practical and effective countermeasures.
China mulls gradually raising retirement age: China's top legislature reviewed a draft decision on Tuesday aimed at gradually increasing the statutory retirement age. Currently, under the existing retirement policy, urban men retire at 60, while women retire at either 50 or 55, depending on their occupation or job type. According to data from the Ministry of Civil Affairs, individuals aged 60 and above accounted for more than one-fifth of China's total population last year. This trend suggests that the country's aging problem may worsen in the future, highlighting the need for policy adjustments. The average life expectancy in China has been steadily increasing, reaching 78.6 years in 2023, compared to 67 years in 1980 and 76.34 years in 2015, according to recent data from the National Health Commission. As the aging population becomes a fundamental aspect of life in China, there is a pressing need to maximize social labor resources and enhance productivity to better align with high-quality population development, according to Guan Bo, a researcher at the Academy of Macroeconomic Research under the National Development and Reform Commission, in an interview with CCTV. Recent decades have seen improvements in life expectancy, health, and social production capacity, setting the stage for policy changes, according to Guan Bo. The draft decision has sparked a lively debate on Weibo, with some netizens humorously suggesting that merely reaching the age of delayed retirement is a stroke of luck given daily stress.
Chinese Premier to Boost Ties and Development with Saudi Arabia: Chinese Premier Li Qiang arrived in Riyadh on Tuesday for the Fourth Meeting of the High-Level Chinese-Saudi Joint Committee and an official visit to Saudi Arabia, at the invitation of Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud. Upon landing at King Khalid International Airport, Li expressed his desire to enhance the alignment of development strategies between the two countries and elevate their bilateral relationship to a new level. Li highlighted the longstanding friendship between China and Saudi Arabia, noting that their relationship has advanced significantly since diplomatic ties were established 34 years ago, with successful practical cooperation. During his visit, Li will hold detailed talks with the Saudi Crown Prince and Prime Minister to enhance bilateral relations and cooperation. He also mentioned that in December 2022, Chinese President Xi Jinping attended the inaugural China-Arab States Summit and the China-Gulf Cooperation Council (GCC) Summit, and made a state visit to Saudi Arabia. For over a year, both sides have been implementing summit outcomes, boosting political trust, and enhancing cooperation, thereby strengthening the China-Saudi Arabia strategic partnership, according to Premier Li. He hopes his visit will deepen cooperation, friendship, and advance China-GCC and China-Arab relations. Ibrahim Al-Shammari of the Riyadh Center highlighted the comprehensive and strategic nature of the Saudi-China cooperation.
2024 Taiyuan Energy Low Carbon Development Forum opens: The 2024 Taiyuan Energy Low Carbon Development Forum, themed "Developing New Energy Productivity and Building a Clean and Beautiful World," commenced in Taiyuan, Shanxi Province, on September 10. Leaders and representatives from government, international organizations, research institutes, and businesses convened in Taiyuan, China's energy hub, to explore the latest trends in global energy transformation and provide insights into low-carbon development in the energy sector. This year marks the 52nd anniversary of diplomatic relations between China and Mexico and the 11th anniversary of their comprehensive strategic partnership. Mexico, as the guest of honor, engaged in several activities and hosted the Mexico Guest of Honor Forum. Li Chunlin, deputy director of China's National Development and Reform Commission, noted that China has built the world's largest clean power generation system. By the end of July, the installed capacity for renewable energy had reached 1.68 billion kilowatts, representing 54 percent of the country's total power generation capacity. Li emphasized China’s advanced energy transition framework, including its policies, infrastructure, and industrial systems, and noted that its wind and photovoltaic technologies enable global, cost-effective energy use. The forum, centered on green transition and international cooperation, highlights the "Four Reforms and One Cooperation" policy's impact on energy reforms and Shanxi's role as a pilot for comprehensive energy reform.

SOCIAL MEDIA CHATTER

China Woman Gains 20kg from Work Stress, Sees Change After Quitting: A Chinese woman, Ouyang Wenjing, shared on Xiaohongshu that she gained 20kg in a year due to work-related stress, sparking renewed discussions about “overwork obesity,” which is linked to job stress and long hours. Ouyang, 24, from Guangdong, saw her weight increase from 60kg to 80kg over the past year. She did not disclose her employer but mentioned that her job had a severe impact on her health. She resigned in June and is now “feeling much better.” Ouyang mentioned that she frequently worked overtime, had irregular shifts, and relied on food delivery for all her meals. Ouyang, now a freelance weight loss influencer with 41,000 Xiaohongshu followers, revamped her diet by cutting oils and sugars and focusing on balanced meals. She lost 6kg in a month. Her story has resonated with many others experiencing “overwork obesity.” Despite China’s labor laws limiting work to 40 hours per week, many companies ignore these regulations. The “996” work culture—9am to 9pm, six days a week—remains common in mainland tech firms, and members of a “workaholic” group on Douban noted that finding jobs with two days off per week is rare. Dr. Zuo Xiaoxia from the People’s Liberation Army No 309 Hospital attributed “overwork obesity” to late dinners, overeating, and insufficient sleep.

INDIA WATCH

Chinese Media propagates India’s Role in Bangladesh flood: An Op-ed in Global Times reported that Bangladesh has recently experienced a "catastrophic flood" caused by ongoing monsoon rains and overflowing rivers. Bangladeshi officials have accused India of releasing water from the Dumbur dam in Tripura without prior notice Southeastern Bangladesh has been severely affected, with floodwaters submerging homes and crops, and livestock being washed away. In Dhaka, students protested India's unannounced water releases, with some speculating about political motives. However, the Indian Ministry of External Affairs denied the allegations, citing heavy rainfall in Tripura and nearby areas since August 21. India and Bangladesh have cooperated on flood warnings for around 30 years and addressing cross-border river issues remains a major field for cooperation in India-Bangladesh ties. The article also mentioned that India's influence in Bangladesh grew under Sheikh Hasina's leadership and her sudden resignation could be seen as a setback for India. The article expressed concerns that India might lose its influence to rivals such as the US and fears that a potential victory by the Bangladesh Nationalist Party could further destabilize relations.

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.