CiCM 17th December 2024

NEWS IN CHINA

Xi Jinping Outlines Vision for Hainan Free Trade Port Development: During his visit to Hainan, where he listened to the work report presented by provincial officials in Sanya, Hainan, Xi Jinping highlighted the importance of advancing the Hainan Free Trade Port (FTP) as a leading hub for China's reform and opening up. He called for the implementation of the goals of the 20th CPC National Congress, focusing on high-quality development, innovation, and environmental preservation. He further highlighted the need to build a modern industrial system to adhere to Hainan's strengths, including tourism, high-tech industries, and marine development. The work report also highlighted the need for institutional reforms, aligning with international trade rules, and encouraged cooperation with initiatives like the Belt and Road Initiative. It underscored the need to prioritise public welfare, infrastructure development, and provide employment opportunities. Lastly, Xi urged strict governance measures, anti-corruption measures and outlined his aim to position Hainan as a model for sustainable development. The meeting was also attended by Cai Qi, He Lifeng and other ministers of relevant departments.
China-U.S. Financial Working Group Meeting Enhances Cooperation: The seventh meeting of the China-U.S. Financial Working Group took place in Nanjing, China, co-chaired by Xuan Changneng, Deputy Governor of the People’s Bank of China (PBOC), and Brent Neiman, U.S. Assistant Secretary for International Finance. Representatives from key financial regulators, including the U.S. Federal Reserve and China's National Financial Regulatory Administration were also present and engaged in discussions at the meeting. Topics discussed included macroeconomic developments, monetary policy, financial stability, regulation, capital markets, and anti-money laundering measures. Both sides also reviewed technical exercises like balance of payments compilation and climate modeling. The meeting further underscored strengthened communication, as shown by the updated memorandum of understanding between China's National Financial Regulatory Administration and the U.S. Federal Insurance Office regarding insurance sector cooperation. These exchanges reflect ongoing efforts to enhance bilateral financial stability and economic cooperation between the two countries.
China Enhances Tax Services with New E-Tax Bureau: China's State Administration of Taxation has launched a new unified electronic tax bureau to improve tax payment convenience nationwide. Reportedly, over 96 million taxpayers currently use the system, processing an average of 380 million monthly tax transactions. This has reduced tax processing time by 20% and with the platform allowing 97% of tax services and 99% of tax returns to be completed fully online it has further reduced the need for in-person visits. Enterprise social security payments can now be handled online, while individuals can manage payments via mobile devices. The system provides relevant tax incentives to nearly 400 million taxpayers, increasing efficiency and automated tax calculation simplify the declaration process for users. In the past 11 months, tax departments provided 48.87 million interactive services, resolving 23,900 taxpayer issues. The system marks a significant step in reducing administrative burdens and improving taxpayer convenience in China.
Chinese Space Weather Expert Zhang Xiaoxin Dies in Car Crash: Zhang Xiaoxin, a leading Chinese space weather expert, passed away in a car crash in Beijing at age 62. A pioneer in space weather monitoring and early warning systems, Zhang contributed greatly to Chinese meteorological advancements. Born in 1962 in Shandong, Zhang earned his physics degree from Jilin University and a Ph.D. in space physics from Auburn University, USA. In 2007, he returned to China, giving up a U.S. green card, and instead focusing on advancing China’s space weather capabilities. He played a key role and contributed significantly to China’s FengYun meteorological satellites and led key projects under China’s State Hi-Tech Development Plan (863 Programme). He further held leadership positions at the World Meteorological Organization and International Civil Aviation Organization, earning him many awards. Interestingly, he is the second Chinese scientist with close ties to the military to die in a car crash in recent years.
SASAC Issues Guidelines for Strengthening Market Value Management of Central Enterprises' Listed Companies: The State-Owned Assets Supervision and Administration Commission of the State Council (SASAC), has issued new guidelines and measures to enhance the market value management of listed companies, owned by the central enterprises. It focuses on improving corporate governance, fostering innovation, and ensuring long-term investor returns. The measures also encourage mergers, restructuring, equity incentives and better ESG practices to prevent market manipulation or insider trading. Central enterprises are being encouraged to prioritize investor relations, increase cash dividends, and establish mechanisms for regular stock buybacks, and market value management is being used for performance assessment, so as to incentivise adherence to these measures. The guidelines aim to build globally competitive listed companies while protecting investor interests and boosting capital market stability. Looking further, the SASAC will ensure that these measures are effectively implemented to allow for sustainable, high-quality economic growth.

SOCIAL MEDIA CHATTER

Chinese Influencer Beats Cancer, Inspires with “Legacy Photos”: Wang Xiaobei, a 42-year-old Beijing-based cosplayer and influencer, recently announced her victory over breast cancer, inspiring millions of netizens. Diagnosed in October 2022, Wang underwent surgery, chemotherapy, and radiotherapy, and documented her journey online to share hope and resilience. Her “999 legacy photos” project began as a way to capture life’s beauty amid her illness. In a recent video celebrating her recovery, she announced that she would continue her ‘legacy photos’ by photographing other cancer patients to inspire renewed hope. Wang’s touching moments, including her husband shaving his head in solidarity during chemotherapy, gained immense empathy amongst social media users. She concluded her video by saying “I aim to spread the power of positivity to everyone watching. No matter the circumstances, let’s live beautifully every single day!” Netizens congratulated her on her recovery commenting “Your attitude is truly inspiring” and “I hope my dad can beat cancer too!’ Fellow survivors also celebrated and commented ‘I beat cancer too!’

INDIA WATCH

Global Times Reports on Indian Media’s Alleged Zero-Sum Mentality and its Impact on Sri Lanka-China Relations: An article in the Global Times has commented on the Indian media’s portrayal of Sri Lankan President Anura Kumara Dissanayake’s recent visit to India. The article states that during the visit, some Indian outlets shifted their focus from strengthening India-Sri Lanka ties to feeding friction between Sri Lanka and China, especially amid ongoing Chinese projects in Sri Lanka such as the development of Hambantota port. As reported by Global Times, experts such as Qian Feng from Tsinghua University, criticised this approach, viewing it as a zero-sum mentality prevalent in Indian media. Chinese media outlets argue that India’s stance simply assumes that its interests must dominate in South Asia, undermining the autonomy of smaller nation states. This comes after smaller states such as Sri Lanka have engaged in cooperative measures with China including the Belt and Road Initiative. The article further states that such a media approach ignores regional development and has led to growing dissatisfaction among South Asian countries with India’s hegemonic attitude, eventually persuading them to side with China. Qian stated that “some Indian media outlets often adopt an outdated perspective, treating South Asian countries as their exclusive sphere of influence and frequently criticizing China's legitimate cooperation with South Asian nations, which disregards the sovereignty of these countries”.

Prepared By

Taasha Mistry

Taasha Mistry is a third year undergraduate student at FLAME University, pursuing a major in International Studies with a minor in Advertising & Branding. After having completed an internship at International SOS, she has found her interests to lie in security and strategic studies. Intrigued by the ever changing dynamics in the modern day world, she keeps herself updated with daily news and events.