CiCM 17th July 2024

NEWS IN CHINA

Chinese UN Envoy Criticizes NATO and Calls for Just International Order: China's permanent representative to the United Nations, Fu Cong, delivered a sharp critique of NATO during a UN Security Council debate on international order and multilateral cooperation. Fu labeled NATO as a "troublemaker" and accused it of exacerbating global political polarization and economic deglobalization trends. He emphasized the need for a single international order based on international law and UN Charter principles, rejecting the concept of a "rules-based international order" promoted by some countries. Fu called for reforms in international financial systems and AI governance to empower developing countries, while warning against overgeneralizing national security concepts and disrupting global supply chains. He outlined six key areas to build a more just international order, including sovereign equality and mutual respect. The Chinese envoy urged NATO and certain countries to cease actions that harm others for selfish gains and disrupt common security. This statement reflects China's stance on global governance and its critique of Western-led international institutions, highlighting the country's growing assertiveness in shaping international discourse on world order and multilateral cooperation.

Breaks Out in Shopping Mall in Sichuan's Zigong City: A devastating fire erupted in a 14-story shopping mall in Zigong City, Sichuan Province, on Wednesday afternoon, resulting in at least six confirmed deaths. The blaze, which began at 6:11 PM in the Jiuding Department Store located in the Zigong High-tech Zone, sent thick black smoke billowing into the sky and trapped numerous people inside the building. Emergency services responded swiftly, with over 280 firefighters dispatched to the scene. The fire, which affected multiple floors of the building, was extinguished by 8:20 PM. As of that time, 17 people had been successfully rescued, with efforts continuing late into the night. The cause of the fire is currently under investigation. This incident highlights the ongoing challenges in ensuring fire safety in large commercial buildings and the critical importance of rapid emergency response in urban areas. Local authorities are expected to conduct a thorough review of safety measures in similar structures across the city in the wake of this tragedy.

China EximBank Issues Financial Bonds to Support Belt and Road Initiative: The Export-Import Bank of China (China EximBank) has launched financial bonds to boost cooperation for the Belt and Road Initiative (BRI) in both interbank and over-the-counter markets. This marks the first time such bonds, with a three-year maturity, are being traded beyond the interbank market. The funds raised are specifically aimed at supporting China EximBank's BRI projects. As a policy bank supporting China's foreign trade, investment, and international economic cooperation, China EximBank has so far issued 39 billion yuan (about 5.47 billion U.S. dollars) of financial bonds to promote BRI cooperation. This initiative aligns with China's announcement last October that two Chinese policy banks, including China EximBank, would each set up a 350 billion yuan financing window for BRI projects. Additionally, an extra 80 billion yuan would be injected into the Silk Road Fund. This move underscores China's ongoing commitment to financing and supporting the Belt and Road Initiative, highlighting the country's efforts to enhance global economic cooperation and development through this flagship program.
China and Philippines Enhance Communication Amid South China Sea Tensions: Recent developments in China-Philippines relations highlight both ongoing tensions and efforts to improve diplomatic channels in the South China Sea. While China's Defense Ministry had recently called for the Philippines to "immediately withdraw" ships it claims are illegally stationed at Xianbin Reef (also known as Second Thomas Shoal), both nations are also working to enhance their communication mechanisms. A newly upgraded communication line between Beijing and Manila has been established to help de-escalate tensions in the region. This direct line of communication now extends to the two states' presidential representatives and top diplomats, according to the Philippines Department of Foreign Affairs. The mechanism includes channels between the Philippine Department of Foreign Affairs and the Chinese Ministry of Foreign Affairs, involving high-level officials. Chinese Foreign Ministry spokesperson Lin Jian emphasized China's commitment to handling maritime issues with the Philippines through dialogue and consultation. This improved communication framework aims to manage disputes via diplomatic channels and potentially reduce the risk of confrontations at sea. The effectiveness of this new mechanism will depend on both countries' willingness to engage in constructive dialogue and their ability to coordinate responses to maritime incidents. This development underscores the complex nature of South China Sea disputes and the ongoing efforts to maintain regional stability through enhanced diplomatic communication.
China to Issue Fourth Batch of Ultra-Long Special Treasury Bonds: China's Ministry of Finance has announced the upcoming issuance of its fourth batch of ultra-long special treasury bonds for the year 2024. Set to be released on July 24, these bonds will have a total value of 55 billion yuan (approximately 7.7 billion U.S. dollars) and a 30-year term. The interest rate for these bonds will be determined through competitive bidding. This issuance follows previous releases of similar bonds with 20-year, 30-year, and 50-year terms earlier in the year. The ministry plans to complete the issuance of the final batch of these bonds by mid-November. These ultra-long special treasury bonds, defined as those with a tenor exceeding 10 years, are a crucial component of China's proactive fiscal policies for 2024. As per the article, this bond issuance will play a significant role in boosting market confidence and expectations, while also providing support for economic development. The strategic use of these financial instruments underscores China's commitment to maintaining economic stability and growth through fiscal measures.

SOCIAL MEDIA CHATTER

Viral 'Apple Fungus' Sparks Scientific Interest and Social Media Buzz: A photo of an apple with an unusual mushroom-like growth has gone viral on Chinese social media, captivating internet users and attracting scientific attention. The image, posted by a user named "Peirong" on the platform Xiaohongshu, garnered thousands of likes and caught the eye of researchers. The fungal growth was identified as Schizophyllum, or splitgill mushroom, which typically doesn't grow on acidic fruits like apples. This unusual occurrence prompted scientists from the Chinese Academy of Sciences' Kunming Institute of Botany to investigate further. The viral nature of the post led to collaboration between the social media user and researchers, with "Peirong" sending the apple to the lab for analysis. Scientists are now studying the fungus to understand its growth on apples and potential implications for fruit cultivation and fungus breeding. This incident highlights how social media can bridge public curiosity and scientific research, with netizens actively contributing to scientific discoveries. The researchers noted that this is not the first-time social media users have helped them find materials for study, sometimes even leading to the discovery of new species.

INDIA WATCH

India Secures Major Funding for Nationwide Rooftop Solar Initiative: China's news agency Xinhua reports that the Asian Development Bank (ADB) has approved loans totaling $240.5 million to finance rooftop solar systems across India. The funding will be distributed to two major Indian banks: the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). As per the article, SBI will receive $90.5 million from ADB's Clean Technology Fund (CTF), while NABARD will get $150 million, comprising $80 million from ADB's ordinary capital resources and $70 million from the CTF. According to the ADB, these loans will enable the banks to provide financing to developers and end-users throughout India for the installation of rooftop solar systems. The initiative is expected to benefit India's overall power distribution system by reducing technical and operational burdens. This development highlights India's ongoing efforts to expand its renewable energy capacity, particularly in solar power.

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.