CiCM 22nd November 2023

NEWS IN CHINA

China faces intense cold front and snowfall risk amidst El Nino: According to the National Meteorological Centre (NMC), Central and eastern China are expected to experience the strongest cold front since November, with the temperatures falling to -30°C in some areas. The NMC has issued a yellow warning, the third highest level for the cold snap, and a blue morning, the lowest level for strong winds. Blizzards are forecasted for the Inner Mongolia autonomous region and most areas of Jilin and Heilongjiang province, with the snowfall being 6 to 15 cm and even 20cm in some places. The cold snap is expected to cause temperatures to fall further, overlaps with heavy snow in the northern region, and pose a disaster risk. The Qinghai-Tibet Plateau is predicted to face "low-temperature snow disasters," causing increased heating and energy consumption demand. The National Climate Center explained that the extreme weather conditions are due to the El Nino event, a climate phenomenon where hot surface water emerges in the central and eastern equatorial Pacific Ocean, affecting global weather conditions. Furthermore, the NMC added that the combination of global warming and El Nino has caused severe weather conditions.

Sunac China Holdings successfully completes debt restructuring: The Chinese property developer Sunac China Holdings Limited became the first major Chinese developer to successfully meet the conditions for debt restructuring. This restructuring process will allow Sunac to improve its business conditions and provide other property developers with a reference for debt disposal and risk resolution. Sunac stated that the debt restructuring converted about $10 billion of debt into six new notes, mandatory convertible bonds, convertible bonds as well as shares in its subsidiary Sunac Services Holdings Ltd for a total of $5.7 billion, $2.75 billion, $1 billion and $775 million each. Furthermore, the move is expected to cut about 45 percent of Sunac’s total overseas public market debt, amounting to $4.5 billion, and provide a buffer period of two to three years. Sunac has already completed restructuring of its domestic debt of about $2.5 billion with extension period of three to five years. The restructuring has also impacted Sunac's stock market performance, with its shares closing at HK$2.61 (33 cents), up by 12 percent. An Xinhua, director of Beijing Loyalty and Talent Law Firm, cautioned Sunac that while the debt restructuring temporarily lifts the debt pressure off Sunac, the associated risks are not alleviated, and the company should remain cautious. It needs to deliver stalled projects on time and ensure smooth payment flow.

Premier Li Qiang attended G20 Leaders’ Virtual Summit: Premier Li Qiang attended the G20 virtual summit and emphasized the significance of the Declaration of the New Delhi Summit of the G20 Leaders and its call for unity and cooperation in addressing the global crisis. India’s PM Modi chaired the meeting. Li Qiang reiterated Xi Jinping's remarks about the G20 members being major powers and acting responsibly. He expressed China’s commitment to work with all member countries to work towards the betterment of humanity and work for the original objective of mutual cooperation. Li Qiang stressed the importance of prioritizing development, advocating for economic growth through strong and practical measures, and standing against pan-politicization and pan-security of development issues. He stated how it is necessary to implement the consensus agreements reached at the New Delhi G20 Summit. He urged the need for closer coordination and revitalization of multilateralism, strengthening macro-policy cooperation, and addressing developing countries' concerns in reforming international institutions like the World Trade Organization and the International Monetary Fund. He highlighted the importance of an open economy to improve the world economy. He stated China’s recent hosting of many international forums like the 3rd Belt and Road International Cooperation Summit Forum and the 6th China International Import Expo as a way to express its commitment to working towards high-level opening up and sharing developmental opportunities globally. Furthermore, Li Qiang pledged that China will continue to work with all member nations towards global economic recovery and development.

China’s GalaxySpace announced a new satellite for mobile broadband communication: Chinese commercial space company GalaxySpace announced at the Aerospace Information Industry International Ecosystem Event 2023 in Chongqing, China, that it is working on a next-generation communication satellite that supports broadband communication through mobile phones. The GalaxySpace founder and CEO Xu Ming revealed that the satellite has a carpet-shaped design, a communication antenna, and a solar panel in a phased array antenna and solar wing integrated communication system. Xu emphasized how the satellite’s strong power system will help in efficient signal transmission. The current space infrastructure construction emphasizes on low-orbit, large-scale, and cost-effective development, helping create opportunities for commercial space companies. The announcement led numerous enterprises and industries to discuss the development of the aerospace information industry.

China ranks 82^nd in English proficiency: The 2023 English Proficiency Index (EF EPI revealed China’s English proficiency score to be 464 points, ranking 82^nd globally and 14^th in Asia. This is the largest survey globally in which over 2.2 million people participated from 113 non-English speaking countries. The top performers in China were Hong Kong (558 points), Beijing (514 points), and Shanghai (512 points). Chinese adults aged thirty-one to forty showed the highest English proficiency, surpassing the youngest group. The Netherlands maintained its lead position with 647 points, with Singapore and Austria following it in the second and third place, respectively. India was ranked 60^th in this list with 504 points. The East Asian region saw an overall decline in English proficiency, mainly due to the COVID-19 pandemic, whereas Latin America and North Africa showed significant improvement.

SOCIAL MEDIA CHATTER IN CHINA

Chinese netizens pay respect to their war heroes: Social media platforms were abuzz due to the return of the remains of the Chinese soldiers of the 1950s Korean War. The Y-20 carried the tenth batch of the remains of the soldiers back home to China from South Korea. The news was met with a wave of emotions online, where netizens appreciated the country’s efforts to honor the fallen soldiers by bringing them back home. During the return journey of the Y-20 aircraft, two J-20 aircraft accompanied it to show a symbol of strength and support. Weibo users expressed their happiness at seeing the heroes back in their homeland in such a beautiful manner. Users called the deceased soldier’s hero and welcomed them back home with great enthusiasm. Most users shared how this news made them cry, both from the happiness of their return and their untimely demise. They paid tribute to them, and one user even said how the soldiers used their youth to protect the current generation's youth. One user stated a beautiful analogy of how it was snowing when the soldiers left and sunny now that they have arrived back home. Some stated how it is a day of happiness for the country and their names should be remembered forever.

INDIA WATCH

The virtual G20 Summit held on the 22^nd of November under the Presidency of India saw world leaders coming together. The Indian Prime Minister Narendra Modi, in his address, highlighted the boom of AI in today’s world and, at the same time, cautioned the potential misuse of the technology in the form of deepfakes. In his opening statement, he expressed the need to make AI safer and asked world leaders to address the growing AI threats and concerns through the help of global regulations. Prime Minister Modi also acknowledged and welcomed the Israel-Hamas truce that saw the release of fifty Israelis in exchange for the release of 150 Palestinians. He stated how terrorism was not acceptable and, at the same time, condemned the loss of civilian life, whereas the Chinese Premier Li Qiang, who represented China in the absence of President Xi Jinping, focused mainly on development among the G20 members and did not talk about the Israel-Hamas conflict. Furthermore, like Premier Li, who urged the members to help and listen to the concerns of the developing countries, Prime Minister Modi also stressed the importance of prioritizing the development and concerns of the countries of the Global South. Prime Minister also called out the need for reforms in economic and governance structures while Premier Li emphasized the importance of having an economy for better development. He said how, under the Indian Presidency, G20 came to be recognized as People’s-20 as Crores of people connected and held events in its name in different regions in the country. He even highlighted how the G20 has increased its awareness and faith in multilateralism and the issues in the Global South under its presidency. The External Affairs Minister S. Jaishankar, stated on the absence of President Xi Jinping that it is up to the country to decide who represents them and that “Prime Minister Li Qiang had represented them at the G20 New Delhi Summit as well, so they chose to continue with that.”

Prepared By

Adhishri Seth

Adhishri Seth is currently pursuing her bachelor's degree in Global Studies at Dr. B. R. Ambedkar University Delhi, with a strong ambition to advance her academic career through a master's program in international relations. Her interests encompass a wide array of global topics, including world politics, political economic institutions, foreign policy, and global diplomacy, reflected in her dedication to extensive reading and research. Additionally, Adhishri is currently learning Mandarin, a crucial step towards understanding East Asian affairs, bridging both linguistic and cultural divides, and helping her to follow her dream of engaging more deeply with this intricate world.