CiCM 13-14 July 2024

NEWS IN CHINA

China's Top Legislator Strengthens Ties with Russia During Official Visit: China's top legislator, Zhao Leji, completed a five-day official visit to Russia, reinforcing bilateral ties on the 75th anniversary of China-Russia diplomatic relations. Zhao, Chairman of the National People's Congress Standing Committee, met with Russian President Vladimir Putin and key parliamentary leaders, attending the 9th China-Russia committee for parliamentary cooperation meeting. The visit emphasized implementing high-level agreements, consolidating political trust, and deepening practical cooperation. Zhao conveyed President Xi Jinping's greetings to Putin, highlighting their recent strategic consensus in Astana. Both sides stressed supporting each other's core interests and enhancing cooperation across various fields. Russian leaders reaffirmed their commitment to the one-China principle and consistent support for China relations across political parties. The visit underscored both nations' commitment to strengthening their partnership amid global challenges, focusing on legislative cooperation, exchanging governance experiences, and promoting practical collaboration through rule of law.
Beijing Launches "Rocket Street" Project to Boost Commercial Space Development: Beijing has unveiled an ambitious "rocket street" project aimed at establishing a national-level hub for scientific research and production in the commercial space sector. This initiative aims to establish a national-level hub in the aerospace sector, reflecting the country's growing ambitions in space technology. The project aligns with China's broader strategy to foster new growth drivers, as highlighted in recent government work reports. It comes at a time when the nation's commercial space market is experiencing rapid expansion, with an average annual growth rate exceeding 20% since 2017. The market is expected to reach 2.34 trillion yuan (approximately $328 billion) in 2024. Beijing's move is part of a wider trend across China, with other regions such as Shanghai, Hunan, and Sichuan also announcing plans to boost their aerospace industries. The initiative is expected to further solidify Beijing's position as a center for aerospace innovation, building on its existing foundation of hosting a majority of the country's private rocket manufacturers. As China continues to expand its presence in the global space industry, projects like this are likely to play a crucial role in driving technological advancements and economic growth in the sector.
China Strongly Opposes U.S. Signing of Xizang-Related Act: China has expressed firm opposition to the United States' signing of the "Promoting a Resolution to the Tibet-China Dispute Act" into law. The Chinese Foreign Ministry, along with various political bodies, including the Chinese People's Political Consultative Conference National Committee, have condemned the act as a gross interference in China's internal affairs. The new law, signed by U.S. President Joe Biden, recognizes the concept of "Greater Tibet" and calls for countering "disinformation about Tibet" from the Chinese government. Chinese officials argue that this act violates long-standing U.S. commitments and international norms, undermining China's sovereignty and territorial integrity. China maintains that Xizang (Tibet) has been an inseparable part of China since ancient times, emphasizing the region's current stability, economic progress, and advancements in human rights. The Chinese government views the act as an attempt by the U.S. to use the "Xizang card" to contain China's development. Chinese authorities have urged the U.S. to honor its commitments regarding Xizang's status as part of China and warned of resolute measures to defend China's interests if the U.S. continues on this path.
China Finalizes Olympic Delegation for 2024 Paris Games: China has unveiled its 405-strong athlete roster for the 2024 Summer Olympic Games in Paris, set to begin on July 26. The delegation, comprising 136 male and 269 female athletes, includes 42 Olympic gold medalists and 223 first-time Olympians. With an average age of 25, the team also features 26 athletes from ethnic minority groups. Chinese State Councilor Shen Yiqin encouraged the athletes to strive for excellence while embodying Olympic spirit and sportsmanship. This announcement comes as China aims to build on its impressive performance at the 2020 Tokyo Olympics. The Chinese Olympic Committee has called on its 716-member delegation, including athletes and support staff, to compete with ‘pride and integrity’. The team will participate in 236 events across 30 sports, with high expectations in traditionally strong areas such as table tennis, diving, and gymnastics. To enhance competitiveness in Western-dominated sports, China has hired 42 foreign coaches and support staff from 17 countries. As the Paris Games approach, China's preparations highlight the nation's continued investment in sports as a means of national pride and international cooperation.
China Mobilizes Resources for Flood Control and Disaster Relief: As China enters a critical period for flood management, on July 14, the Ministry of Water Resources has announced heightened measures to address the challenging water management situation. Vice-Minister Wang Baoen reported that the country has faced extreme droughts and floods simultaneously this year, with conditions more severe and prolonged than usual. Since April 1, approximately 20 floods have struck major rivers, including the Pearl, Yangtze, and Huaihe. Forecasts indicate that the concurrence of extreme weather events will continue, with more frequent and intense torrential rains expected in the coming 30 days. In response, the ministry has implemented several preparatory measures. The government has already allocated over 1.8 billion yuan for disaster relief and mobilized significant resources and personnel to affected regions. As the peak period of intense rainfall approaches, China remains committed to preventing floods along major rivers and strengthening precautions against rain-triggered disasters and urban waterlogging.

SOCIAL MEDIA CHATTER

Jailed Father's Joy Over Son's Exam Success Sparks Online Debate: A heartwarming story of a jailed father in China crying with joy over his son's exceptional performance in the national university entrance exam has gone viral on Chinese social media. The son scored 697 out of 750 in the gaokao, securing admission to the prestigious Peking University. The father, serving a two-year sentence, learned of his son's success through when relatives transferred 69.7 yuan to his prison account, symbolically representing the exam score. This clever method of communication touched many online. The story has sparked widespread discussion online, with many praising the son's resilience and filial piety. Commenters on Douyin expressed admiration for the boy's dedication to his studies despite challenging family circumstances. However, some raised concerns about potential future obstacles the son might face due to his father's criminal record, particularly in securing government or state-owned enterprise jobs. The incident has also prompted broader conversations about the impact of parental incarceration on children's futures and the complexities of China's job market. The viral nature of this story highlights the ongoing public interest in education, family relationships, and social mobility in Chinese society.

INDIA WATCH

India's Foreign Exchange Reserves Hit Record High: China's news agency, Xinhua reported that India's foreign exchange reserves have reached an all-time high of $657.155 billion for the week ending July 5, 2024, according to data released by the Reserve Bank of India (RBI). This represents a significant increase of $5.16 billion from the previous week, highlighting India's growing economic stability and attractiveness to foreign investors. The article states that the surge is primarily driven by a $42.29 billion growth in foreign currency assets (FCAs), which now stand at $577.11 billion. Gold reserves also saw a notable increase of $904 million, reaching $57.432 billion. Special drawing rights amounted to $18.036 billion. This record-breaking forex reserve level strengthens India's position in managing external economic shocks and maintaining currency stability. It enhances the country's capacity to meet foreign exchange needs and service external debt obligations. The consistent growth in reserves reflects positively on India's economic management and could potentially boost investor confidence in the Indian market amid global economic uncertainties.

Prepared By

Vanshika Patel

Vanshika is a recent graduate from Ashoka University with a degree in Economics and a minor in Computer Science. Her interests lie in understanding the global economy and its impact on international communities, policy-making, and the social sector. She is particularly drawn to quantitative analysis and has a keen interest in international economics, aiming to contribute to data-driven decision-making in global economic contexts.