CiCM 1st November 2023

NEWS IN CHINA

Central Financial Work Conference was held in Beijing: The 60th National Financial Work Conference took place in Beijing, with China’s property sector, small banks and local government financing vehicles were at the top of the agenda. Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi, members of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the meeting. In the meeting, Xi Jinping mentioned that the government should ‘comprehensively strengthen financial supervision and financial support’. The meeting took place amidst multiple financial challenges, with foreign investors pulling capital from China’s onshore stock exchanges amid slumping equity prices. The meeting emphasized that finance is the backbone of the national economy and that the government should speed up the construction of a financial powerhouse, strengthen financial supervision, and improve the financial system. An outcome of the meeting is its decision to allocate more financial resources to promote scientific and technological innovation, advanced manufacturing, green development and small and medium-sized enterprises. In his keynote speech, Xi stressed on the ‘Eternal theme’ of managing financial risk. The message delivered at the end of the two-day Central Financial Work Conference highlighted Beijing's concern about the fragility of China’s financial system amidst mounting local debt.

Chinese Public Security Minister visits Myanmar: Chinese State Councilor and Minister of Public Security Wang Xiaohong held talks with Myanmar’s Home Minister Lieutenant-General Yar Pyae and other senior junta officials of Myanmar. This comes at a time when ethnic groups have launched coordinated attacks on the military outposts near the border with China. At the meeting the officials discussed various topics about the promotion of law enforcement, peace and tranquility in border areas of the two countries; attendance to the Global Public Security Cooperation Forum (Lianyungang); the implementation of the five-year plan of Action on the Lancang-Mekong Cooperation (2023-2027); and the launching of operations against human trafficking and cross-border gambling. For many decades Myanmar’s ethnic rebel groups have fought the junta over autonomy and control of lucrative resources. This has implications for Chinese interests, with the centre around the creation of a transport corridor connecting Yunnan province to the Bay of Benga under China-Myanmar Economic Corridor (CMEC). The fighting has displaced people internally and a UN report claims that several hundred people have infiltrated China’s border in search of security. As the fighting rages across the border, China’s Foreign Ministry has called for an immediate ceasefire.

Scientists develop fast-charging lithium-ion batteries: Fast-charging lithium-ion battery has been developed by Chinese scientists which takes merely 10 minutes to reach a 90 percent charge on a cellphone. An ultrathin phosphorus layer on the surface of graphite-based battery makes high ionic conductivity possible. The battery developed by researchers from Huazhong University of Science and Technology , has excellent electrochemical properties, and is very cost-effective. Lithium-ion batteries are the backbone of the electric vehicle industry, have a high energy efficiency, good high-temperature performance, and are lighter in weight.

China launched its biggest Antarctic scientific expedition: China's 40th Antarctic Scientific Expedition, organized by the Ministry of Natural Resources, left Shanghai for expedition. The inspection team, composed of more than 460 people. The journey will end in early April 2024. The mission will be carried out by three ships. The team will build a new research station along the Ross Sea to expand its presence in the resource-rich continent. The ice breaker ships "Snow Dragon" and "Snow Dragon 2" will conduct comprehensive surveys and monitor the water, sedimentary and atmospheric elements and pollutant distribution in the region. The goal is to complete the construction in 60 days, the operators are expected to reach the construction area in mid-December. This will be China’s third permanent research station after Changcheng and Zhongshan stations. The construction of new station is expected to achieve energy and water efficiency.

China and Japan face-off near disputed Senkaku Islands: Chinese and Japanese coast guard ships face off in disputed waters around Senkaku islands. The island is located in the East China Sea, with both countries claiming that they deployed patrol ships to urge the other side to leave the territory. The disputed islands, called Diaoyu in China and Senkaku in Japan, are claimed by both countries.”. The Chinese coastguard spokesman Gan Yu urged Japan to immediately stop “illegal activities.” Despite facing an uproar from many countries in the South China Sea, China continues to claim many islands as inherent territory and claims that the disputed waters come under its jurisdiction. This face-off comes just two weeks after the last incident near the disputed islands in which Japan’s coastguard had manoeuvred its ships to prevent Chinese vessels from approaching Japanese fishing boats.

SOCIAL MEDIA CHATTER IN CHINA

Pre-teen boy’s work ethic captures hearts online: A 12-year-old boy from China's Anhui province, affectionately known as Niuniu, has captured the hearts of many with his remarkable dedication to his parents' noodle shop. Niuniu has been actively involved in the restaurant since the tender age of five, mastering the art of culinary skills and becoming proficient in preparing Chinese dishes. His parents, despite attempting to encourage him to rest and play like other children, find him deeply committed to the eatery. He often wakes up at 5 AM on weekends to assist his parents. Niuniu's dream is nothing short of ambitious; he aspires to elevate their humble establishment into a global brand, envisioning a role for himself as the general manager. For Niuniu, this endeavor is a heartfelt way to share the responsibilities of his parents and provide his mother with a comfortable and enjoyable lifestyle. His unwavering work ethic and aspirations have resonated widely on social media, inspiring many with his dedication and sense of purpose.

INDIA WATCH

China's pursuit of goal to become a "polar great power" by 2030, as outlined in its 2018 Arctic policy white paper has led to ambitious expeditions, and its dual use nature epitomizes China’s military-civil fusion (MCF) strategy, which aims to marshal civilian resources to support the PLA. The changing polar environment, in particular, holds the promise of new shipping routes to avoid the choke points and grant China easier access to the region's abundant natural resources. As such, the Zhongshan Station is an asset for China. It can leverage the station to collect intelligence on foreign militaries in the Indian Ocean and monitor India’s developing naval forces operating in the region which could take away India’s historical edge in the region. On the other hand, India's interests extend beyond the Antarctic, with a focus on the Arctic for scientific, environmental, economic, and strategic reasons. The recent launch of India's 41st scientific expedition to Antarctica underscores the country's commitment to advancing polar research. India views Antarctica as a crucial laboratory for understanding climate change, given its impact on weather patterns and monsoons critical for the country's food security and rural wellbeing. New legislation for the Indian Antarctic Act, passed in 2022, aims to protect the Antarctic environment and ensure demilitarization of the region. India’s focus will be on the whole-of-government approach, and aim to influence the reformation of the Antarctic Treaty System to prevent exclusive claims by major powers, including China.

Prepared By

Riddhima Singh

Riddhima Singh is a final year student at Jawaharlal Nehru University Delhi, pursuing Chinese Honours course. Through her degree she has had the opportunity to dive into culture, history and contemporary issues in Chinese society through language and research. Her research area surrounds the economic and fiscal policies of Communist Party of China and China's development model.