CiCM 12th December 2024

NEWS IN CHINA

The Central Economic Work Conference Sets Priorities for 2025: China launched its economic agenda for 2025 at the annual Central Economic Work Conference with the aim to balance growth, employment and commodity prices, through higher deficit-to-GDP ratios, ultra-long-term treasury bonds and interest rate cuts. President Xi Jinping and other policymakers reaffirmed commitments to high-quality development, deeper reforms, greater openness and a modernized industrial system. Key measures include boosting domestic demand, advancing sci-tech innovation with the "AI Plus" initiative, stabilizing real estate and stock markets. Policymakers prioritized domestic consumption growth, supported by equipment upgrades and consumer goods trade-in programs. Risk prevention in key sectors was highlighted to avoid systemic instability, while efforts will target stabilizing the real estate market through urban village redevelopment and housing reforms. Additional priorities also include urban-rural integration, farmland protection and stable agricultural output. The policy also focuses on managing risks in small and medium-sized financial institutions and promoting green development through carbon reduction, pollution control and sustainable practices. It will also take measures to enhance public wellbeing by creating jobs, encouraging childbirth and advancing the healthcare system.

China Outlines Ambitious HIV Prevention Plan for 2030: China has released a comprehensive 2024-2030 plan to curb HIV infections, reduce deaths and maintain the HIV infection rate below 0.2 percent by 2030. Issued by the State Council, the plan proposes that by 2030, HIV-related high risk behaviors will reduce by approximately 10 percent (compared to the previous 5 years). By 2025, the Council aims to roll out comprehensive intervention measures that will cover 95 percent of the population that engage in high-risk behaviours for HIV. Knowing the challenges in preventing familial and heterosexual transmission, the plan aims to reduce mother-to-child transmission to below 2 percent, and spousal transmission below 0.3 percent. Further, efforts are being taken to ensure that over 90 percent of HIV positive individuals know their status by 2025, with a goal to raise this number to 95 percent by 2030. Viral suppression rates are also expected to exceed 95 percent by 2025. This plan targets general population awareness of HIV prevention, for which China aims to strengthen its organisational leadership, establish clear accountability, streamline funding policy, promote more research and innovation, and ensure reliable drug supplies.

Former Football Coach Sentenced to 20 years in Jail for Bribery: Li Tie, the former Chinese national football team coach, received a 20 year prison sentence for bribery and corruption as ruled by the Intermediate People's Court of Xianning, Hubei Province. Between 2019 and 2021, Tie has been found to have accepted bribes amounting to 50.89 million yuan ($7.04 million) during his tenure as head coach. Additionally, from 2015 to 2019, Tie bribed other clubs while working at the Hebei Huaxia Fortune and Wuhan Zall clubs, to ensure favourable match outcomes. While serving as general manager and head coach at Wuhan, Tie accepted 26.75 million yuan from Hebei to allow for player transfers and match victories. His sentencing comes as a result of a broader anti-corruption campaign in Chinese football which has already impacted 15 other individuals as well. Du Zhaocai, former deputy head of the General Administration of Sport, also faced sentencing for taking bribes through relatives and others exceeding 43.41 million yuan.

China to Expand Private Pension Scheme Nationwide: China will roll out its private pension scheme nationwide from December 15, after a two-year trial in 36 major cities. The program is expected to add to China's existing pension insurance system offering an additional safety net for the country’s aging population which is now marked at 296.97 million people aged 60 or above. Under the new scheme, urban employees, non-working urban residents and rural residents, covered by the basic pension insurance, can opt to open private pension accounts, depositing up to 12,000 yuan ($1,652) annually. These contributions can be either paid monthly or yearly, with participants benefiting from tax incentives. The scheme, launched in 2022, has already benefited 70 million accounts and offers various financial products such as savings deposits, public funds and commercial insurance. Just after the announcement, 85 equity index funds were added by China Securities Regulatory Commission to enhance investment options and attract more participants. Flexible withdrawal options, including allowances for severe illness or unemployment, are also provided with the aim to boost the public confidence in long term investments.

China’s Foreign Ministry Spokesperson Responds to South Korean President's Remarks: China expressed surprise and dissatisfaction with South Korean President Yoon Suk-Yeol's remarks linking China to South Korea’s internal issues. The comments were made by President Yoon, during his speech on December 12, where he accused the Chinese citizens of threatening South Korea’s security. He also claimed that Chinese solar equipment had damaged South Korean forests. Chinese Foreign Ministry spokesperson Mao Ning firmly opposed the claims, stating they were made to smear China’s global image and undermine economic and trade cooperation. She highlighted that these comments only propagate false claims about so-called ‘Chinese spies’ and they are detrimental to the bilateral ties between the two countries. She also reiterated that China's advancements in green technology are a result of increased global market demands and innovation, contributing significantly to addressing climate change. She urged South Korea to manage cases involving Chinese citizens in a fair and timely manner so as to effectively protect their legitimate interests. She further urged South Korea to avoid politicizing such matters and to focus on fostering healthy bilateral relations.

SOCIAL MEDIA CHATTER IN CHINA

Kidnapping Survivor Rejects Wealth, Focuses on Self-Made Success: Xie Qingshuai, a 26-year-old Chinese man who was abducted as an infant in 1999 and reunited with his biological family in 2022, has drawn attention online for rejecting lavish gifts from his wealthy parents, including three flats and a car. Xie, a resident of Hebei province, declined the gifts his family attempted to shower upon him, expressing fear that they might lead to irresponsible spending on his part. Instead, he requested for a marital home, aiming to marry his girlfriend and build his life independently. Just 23 days after the reunion, Xie announced livestream e-commerce as his entrepreneurship stint which faced backlash from netizens. People criticized him for misusing sympathy towards him for commercial gains. However, after its initial launch in July, the first five live streams gathered approximately 50 million yuan (US$7 million) in revenue. His choices have sparked widespread debate among Chinese netizens with one commenting “This young man is truly clear-headed. How many could resist such tempting gifts from their father?” Another person expressed skepticism by saying “He became famous and can earn a lot through live-streaming. If he were to rely on regular, modest wages, he would have happily accepted the gifts.”

INDIA WATCH

Chinese Media Reports on a Landmark Oil Deal Between India and Russia: India’s Reliance Industries and Russia’s Rosneft have finalised a 10-year deal for approximately 500,000 barrels of medium-sour Urals crude oil daily, marking the largest oil agreement between the two nations. Chinese media outlet Sina reported that this deal, worth as estimated $13 billion annually, reinforces Russia’s role as India’s top supplier, amounting to 40 percent of the country’s imports. It notes that the oil will be supplied to Reliance’s Jamnagar refinery which is the world’s largest refinery. The report also argues that the deal has come through just after the reports about President Putin’s potential visit to India. It also mentions that the Russian side is “full of expectations” about the visit. Lastly, it cites European reports to highlight the growth in Russia’s oil exports to India amidst Western sanctions after the breakout of Russia-Ukraine conflict and India’s role as an intermediary in global oil trade. The report claims that between January to August 2024, three Indian refineries exported 20 percent additional oil made from Russian crude oil to the European Union compared to last year.

Prepared By

Taasha Mistry

Taasha Mistry is a third year undergraduate student at FLAME University, pursuing a major in International Studies with a minor in Advertising & Branding. After having completed an internship at International SOS, she has found her interests to lie in security and strategic studies. Intrigued by the ever changing dynamics in the modern day world, she keeps herself updated with daily news and events.