Daily Conversations Daily Conversations

NEWS IN CHINA

• China Restricts State-Owned Enterprises from Acquiring New Stakes in Financial Institutions: China’s State-owned Assets Supervision and Administration Commission (SASAC) of the State Council has issued a statement impacting the stakes of State-Owned Enterprises (SOEs) in financial institutions. Henceforth, Chinese SOEs are barred from acquiring new stakes in financial institutions, a measure integrated into the regulatory framework governing their funding. The statement underscores the crucial role of leveraging information technology to bolster the risk management of central SOEs. The SASAC aims to forestall the spillover of risks and damages from the finance industry into other market sectors, a significant safeguard for SOEs against the inherent volatility and risks of the financial industry. In lieu of such investments, SOEs will be obligated to diversify their investment portfolios across primary industries. This strategic shift is anticipated to enhance the profitability of central SOEs. Furthermore, the SASAC pledges to support SOEs in their diversification efforts towards innovation-driven development and foster collaborations with private enterprises. This collaborative approach between private firms and SOEs is endorsed by the government to facilitate the development of small and medium-sized businesses, thereby promoting economic growth and stability.

• China and Portugal Commerce Ministers Advocate for Fair Trade and Collaboration: In a recent conference, China's Commerce Minister, Wang Wentao, engaged in discussions with Portugal's Minister of Economy, Pedro Reis, with the primary agenda of advancing bilateral economic and trade relations between the two nations. Minister Wang expressed China's readiness to collaborate with Portugal in implementing decisions pertaining to economy and trade, which were reached during the 6th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking countries (Forum Macao). Additionally, Minister Wang voiced concerns regarding the protectionist measures adopted by the European Union, highlighting their detrimental impact on fostering a fair market and disrupting potential industrial cooperation that could lead to mutual benefits. He emphasized the necessity of fair competition to enhance Sino-EU relations. Minister Reis echoed Portugal's alignment with China's perspectives and underscored the significance of cooperation between Chinese and Portuguese enterprises. Furthermore, Minister Reis affirmed Portugal's commitment to collaborating on various fronts, including mutual investment and agricultural trade.
• Chinese Premier Leads Special Study on Law Implementation and Government Construction: Chinese Premier Li Qiang presided over the State Council’s eight special study. The theme of the study was declared to be, “in-depth implementation of the Organic Law of the Council and solidly promoting the construction of a government under the rule of law". In the meeting, he stressed the importance of the implementation of Xi Jinping's thoughts on the law and deployment of the Party's Central Committee. Several notable figures, such as Deng Xuexiang, He Lifeng, and Wu Zhenglong, delivered speeches during the event. Li Quiand underscored the urgent necessity of advancing scientific legislation and accelerating the process of addressing administrative shortcomings within the system. He stressed the significance of implementing rigorous yet equitable laws and guiding officials to improve their administrative capabilities.
• Hong Kong to Expand Wealth Management Program with Mainland: The Hong Kong Monetary Authority (HKMA) is in discussions with Chinese mainland authorities to expand the existing Cross Border Wealth Management Connect Program. Under this program, residents who are eligible are permitted to invest in wealth management products as distributed by banks on both sides. As per HKMA Chief Executive, Eddie Yue Wai-man, it is possible to facilitate a smoother process of wealth product investment. Initially launched in 2021, the Cross Border Wealth Management Connect Program was last revised in January 2024 to raise individual investor quota. The Chief Executive further shared that the Hong Kong Special Administrative Region (HKSAR) had introduced multiple initiatives like schemes and tax reliefs to create more sources of funding for the wealth management industry. The officials remain optimistic about the future outcome of their initiatives to expand the wealth management program.
• Emergency Response for Infectious Disease Outbreaks Enhanced: China’s health authorities announced a revamped system for emergency response to outbreaks of acute infectious diseases. This measure is being taken through joint efforts between China’s National Health Commission and its National Disease Control and Prevention Administration. The initiatives encompass the establishment of national emergency response units featuring specialized teams and mobile epidemic prevention centers. These expert teams comprise professionals from diverse fields, spanning epidemiology, medicine, information technology, and psychology. Additionally, authorities have implemented measures to bolster emergency response teams at provincial and county levels. These actions align with the national disease prevention and control action plan aimed at revitalizing the entire system by 2025. The objective is to enhance the system's capabilities with swift response, effective monitoring, and early warning systems.
• China Issues Warning on Cloud Storage Data Security: China's Ministry of National Security has issued a warning regarding the risk of data leakage from cloud storage systems. With the increasing reliance on cloud-based storage solutions, they have become vulnerable targets for cyber espionage. According to publications from the state confidentiality administrative department, uploading confidential state data to cloud storage without undergoing a confidentiality review is illegal and carries severe consequences as outlined by law. The Ministry emphasizes the critical need to enhance security measures for cloud-based storage at the operational level. Accessing internet storage with confidential data has been prohibited. Other measures include data encryption, regular password updates, and vigilant backup systems. Furthermore, the article highlights the importance of adhering to the Law of the People's Republic of China on Guarding State Secrets and the Data Security Law of the People's Republic of China to underscore the significance of safeguarding confidential data on the internet.
  
  

SOCIAL MEDIA CHATTER

• Chinese Netizens Embrace Wang Wenbin's Appointment as Ambassador to Cambodia: The announcement from China’s Ministry of Foreign Affairs regarding the appointment of Wang Wenbin as the newest Ambassador to Cambodia sparked considerable enthusiasm among Chinese netizens. Wang quickly gained traction on the popular social media platform Weibo, where his designation trended heavily following the announcement. Renowned as a respected diplomat, Wang's popularity stems from his humble origins and proficiency in multiple disciplines and languages. Affectionately referred to as “Uncle Wang” by netizens, his appointment generated significant attention, with the hashtag related to his new role amassing nearly 130 million views. Amidst the flood of congratulatory messages and expressions of appreciation for Wang's work, there were also some critiques. Some of Wang’s admirers expressed the opinion that the role might not fully showcase the capabilities of such an accomplished diplomat. Despite these criticisms, Wang continues to enjoy unprecedented popularity among Chinese netizens, with the social media community expressing unwavering support for him.

INDIA WATCH

Chinese News Agencies Cover Indian General Elections- Congratulatory Messages and Analysis: Chinese news agencies closely monitored the outcomes of the Indian general elections. A variety of prominent agencies, including the South China Morning Post, China Daily, People's Daily, and The Paper, published numerous articles throughout the day to cover the developments. Some articles reported China's congratulatory message to the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) following their victory in the Indian general elections. Mao Ning, the spokesperson for the Ministry of Foreign Affairs, conveyed these congratulations during a daily press conference. Additionally, news agencies highlighted the discrepancy between the exit poll predictions and the actual election results, particularly noting the BJP's failure to achieve the anticipated 400 seats in the lower house of the Indian Parliament. Analysts examined the shift in seat distribution within the Indian parliament and its potential implications for Indian democracy and the future trajectory of the BJP.

Prepared By

Akshata Nair

Akshata is an undergraduate student majoring in International Studies at FLAME University. Her primary interests lie in research and cultural perspectives in politics.