CiCM 25th-26th May 2024

NEWS IN CHINA

China Expands Job Market with New Tech Professions: China is creating new job opportunities in the wake of rapid digital development. The Ministry of Human Resources and Social Security (MHRSS) has added 19 new professions, including roles like generative AI system application specialists, network anchors, and intelligent manufacturing system operators. These new jobs reflect China's technological advancements and aim to broaden the workforce landscape. In addition to the new professions, 29 existing job types, such as mobile operating system application designers, have been officially recognized. This recognition enables workers in these roles to enjoy national policy benefits. The MHRSS received over 430 proposals for new occupations last October, doubling the number from 2021. Most proposals focused on business services, manufacturing, and information technology. China's technological progress is driving job growth, attracting many young people to high-tech fields like AI, big data, and smart manufacturing. This surge in new jobs aligns with China's efforts to modernize traditional industries and develop emerging sectors, such as quantum technology and life sciences. To support this growing workforce, China provided vocational training to 18 million people in 2023 and allocated 66.7 billion yuan for employment subsidies, focusing on college graduates, rural migrant workers, and other key populations.
China Criticizes G7 for Baseless Trade Allegations: Chinese experts have criticized the G7 finance ministers claims of "non-market policies and practices" against China, calling them baseless and influenced by US protectionism. The G7 communique, issued after a meeting in Italy, expressed concerns about China's trade practices but did not outline specific actions. Experts argue this reflects the US's growing protectionist stance, potentially harming global free trade and supply chains. The G7 communique mentioned concerns about "overcapacity," a term recently used by the US to justify tariff hikes on Chinese products, including electric vehicles. Chinese experts argue that the G7 is prioritizing politics over economic principles, which could lead to trade restrictions that harm their own economies and consumers. Despite the G7's statements, there are differences among member countries regarding their approach to China. Some European officials, such as Germany's Finance Minister Christian Lindner and France's Finance Minister Bruno Le Maire, have warned against starting a trade war with China. Experts warn that the US's push for protectionism might lead some G7 members to follow suit, potentially causing further disruptions in global trade. China has indicated it will take countermeasures if necessary to protect its interests.
China Tightens Rules to Stabilize Stock Market: China's securities regulator has introduced new, stricter rules to control how major shareholders reduce their holdings in the stock market. These regulations aim to close loopholes that previously allowed unregulated and indirect reductions in shareholder stakes. The China Securities Regulatory Commission (CSRC), now requires major shareholders to disclose their plans in advance, limits the percentage of shares that can be sold every three months, and caps share sales before a company's initial public offering (IPO). These measures target large shareholders, especially controlling ones, to prevent indirect share reduction schemes. The goal is to encourage company executives to focus on long-term growth and improve corporate governance, thereby enhancing the overall quality of firms listed on the stock market. According to Tian Lihui, dean of the Finance Development Institute at Nankai University, these regulations are expected to promote rational, value-based investment and build a solid foundation for the sustained stability of China's equity markets.
Trade and Taiwan Dominate Talks as Chinese Premier Meets Japanese and South Korean Leaders: Chinese Premier Li Qiang met with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk-yeol in Seoul ahead of their first trilateral summit in over four years. The discussions primarily focused on trade and Taiwan. Li and Kishida agreed to initiate a new round of high-level economic dialogue. Kishida urged China to lift its ban on Japanese seafood imports, a measure taken by Beijing after Japan released treated radioactive water from the Fukushima nuclear plant. Li emphasized that Japan should handle historical and Taiwan-related issues responsibly. Meanwhile, Li's talks with Yoon included calls to keep economic and trade matters separate from political or security issues. They also agreed to expedite negotiations on a bilateral Free Trade Agreement and to enhance cooperation in high-tech industries. Yoon reiterated South Korea's commitment to the ‘one-China principle" and urged China to help address North Korea's nuclear threats. Despite the geopolitical tensions, these meetings signify a mutual interest in improving relations. However, regional dynamics remain complex as the US strengthens security ties with Japan and South Korea amidst rising tensions with China over Taiwan.
New Mental Health Platform for Chinese Students Launched: A new platform to monitor the mental health of students was launched on Mental Health Day, observed on May 25, in Chinese colleges and middle schools. This platform will utilize psychological assessment tools specifically designed for Chinese adolescents to evaluate the mental health of primary, secondary, and university students across the country. The aim is to provide scientific guidance and support to local authorities and schools. During the event at Beijing Normal University, representatives from local education bureaus and schools discussed strategies for detecting and addressing students' mental health issues. These measures are part of a broader effort to improve mental health awareness and intervention in educational institutions. The Ministry of Education has declared May as the National Student Mental Health Education Month, starting this year, to further emphasize the importance of mental health education and support for students.
China-Europe Freight Train Service Hits 90,000 Trips, Boosting Trade and Stability: The China-Europe freight train service has achieved a major milestone, surpassing 90,000 trips as of May 2024. This extensive network now links 223 cities in 25 European countries and over 100 cities in 11 Asian countries, ensuring a steady flow of goods and bolstering trade between China and Europe. The service has seen a significant boost in efficiency and capacity, becoming a crucial alternative to disrupted sea routes. For instance, the Red Sea crisis has driven many companies to opt for rail transport, which is more reliable and cost-effective. In the first four months of 2024 alone, the number of freight train trips increased by 10 percent compared to the previous year, reaching 6,184. A new route from Huanghua Port in Hebei to Moscow was recently launched, and another from Shijiazhuang to Belgrade began operations. These expansions reflect the growing demand for rail transport and its vital role in stabilizing global supply chain. The service has enhanced trade efficiency, with some routes reducing logistics costs by 12 percent and cutting shipping times by 25 percent. As a result, the China-Europe freight train service continues to play an essential role in maintaining and enhancing economic ties across Eurasia.

SOCIAL MEDIA CHATTER IN CHINA

China Shuts Down Local Government Social Media Accounts Amid Budget Cuts: China's local governments are shutting down many social media accounts and websites due to budget cuts, staff shortages, and maintenance challenges. These accounts, once important for spreading government messages, are now seen as a burden. Many redundant apps and sites are being consolidated to streamline operations. Cities across several provinces, including Guangdong, Sichuan, and Jiangsu, are merging websites and social media accounts of various government departments. This move follows an order from Beijing’s cyber watchdog to eliminate "zombie" accounts and projects that are no longer useful. Officials and analysts say the trend reflects a need to cut costs and reduce stress on staff who manage these platforms. Maintaining these accounts has become difficult, especially with reduced staff. Some accounts were even hijacked by hackers or trolls, posting inappropriate content. Efforts to consolidate these platforms aim to improve efficiency and reduce redundancy. This consolidation follows a directive issued by the Cyberspace Administration of China, which emphasized the need to combine similar functions and reduce unnecessary online presence. Local governments hope this will make their online operations more manageable and effective.

INDIA WATCH

Tragic Fire in Gujarat Claims 24 Lives: China’s news agency Xinhua reported that a devastating fire at the TRP Game Zone entertainment park in Rajkot, Gujarat, has claimed 24 lives, including nine children. The incident occurred on Saturday afternoon and left several others injured. A local fire department official confirmed that fire-fighting efforts were nearly complete, with a search operation underway to recover any remaining bodies. The cause of the fire remains unknown, but most fatalities occurred when a temporary structure collapsed. Prime Minister Narendra Modi expressed his sorrow and assured that efforts are being made to assist the victims. Gujarat Chief Minister Bhupendra Patel announced compensation of 400,000 Indian Rupees ($4,816) for the families of the deceased and 50,000 Indian Rupees ($602) for those injured.

Prepared By

Kriti Rai

Kriti is an undergraduate student at FLAME University pursuing Data Science and Economics. She is proficient in C++, Python, MySQL, and data visualisation tools such as Tableau. Her areas of interest lie in building predictive models and utilising machine learning to enhance decision-making and tackle real-world challenges.