CiCM 14th November 2024

NEWS IN CHINA

China Responds to the US’ Hacking Allegations: Chinese Foreign Ministry spokesperson Lin Jian spoke about the country’s position on cybersecurity in response to allegations made by the United States. The US claims that Chinese state-sponsored hackers conducted multiple breaches of various US telecommunication companies. Lin reiterated that China has no interest in interfering with the internal affairs of other countries through cyberspace, and condemned the proliferation of anti-Chinese rhetoric and disinformation out of a political agenda. Experts have claimed that since cyberattacks are hard to trace, it makes them easy tools for the US to use and vilify China further.
China Issues Sovereign Bonds in Saudi Arabia: The Chinese Ministry of Finance issued USD 2 billion in sovereign bonds to qualified investors in Riyadh, Saudi Arabia. These bonds are intended to raise funds to meet the Saudi Arabian government’s fiscal needs. It includes a three year tranche of USD 1.25 billion with an issue rate of 4.284%, and a five year term of USD 750 million with an issue rate of 4.34%. The bond will be listed on the Hong Kong stock exchange and Nasdaq Dubai simultaneously. This is the first Chinese sovereign bond issued and listed in the Middle East. Industry insiders have claimed that this step reflects the positive development of relations and financial exchanges between China and the Middle Eastern countries.
Mainland Criticises US Instructions to Halt Sales of Taiwanese Advanced Chips: A spokesperson from the State Council Taiwan Affairs Office responded to the US instructions to Taiwan to halt the shipment of advanced chips to the mainland. She said that the US is further escalating tensions in the Taiwan Strait through such actions, and criticised the island authorities as well. Reportedly, the Taiwan Semiconductor Manufacturing Company followed directives issued by the US Department of Commerce, to cease the shipment of the advanced chips which are used in artificial intelligence accelerators and graphics processing units to clients on the mainland. Prior to this, US President-elect Donald Trump made remarks in an interview regarding Taiwan having stolen the US chip industry and that he intends to impose tariffs on Taiwanese chips.
China’s Energy Transformation Outlook 2024 Released at Baku Climate Conference: The executive summary of China’s Energy Transition Outlook 2024 was presented at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), held in Baku, Azerbaijan. The executive summary of the report emphasises on energy transformation and new energy development, which can significantly contribute to China’s goals of becoming carbon neutral by 2060. China’s special envoy for climate change affairs, Liu Zhenmin, said in this speech actively adapting to climate change, promoting green and low carbon development as well as energy transformation are important tasks for the world at large. He further claimed that in the four years since China announced its dual carbon goals, it has achieved remarkable progress in promoting energy transformation.
Chinese Vice Premier Meets With HSBC Group Chairman: Vice Premier of the State Council, He Lifeng, met with the HSBC Group Chairman, Mark Tucker, and stated China’s commitment to financial system reform, and steadily expanding its institutional opening up. He talked about the need to create a stable, transparent and predictable institutional environment which would allow for greater convenience for foreign funded enterprises to conduct business with China. Tucker, in turn, said that the HSBC Group is optimistic about the development prospects of the Chinese economy and financial markets, and that they will continue to expand and invest within China, allowing for further mutual cooperation between China and the UK.

SOCIAL MEDIA CHATTER IN CHINA

Viral Incident of Rolls Royce Owner Declining Compensation After Crash: A Rolls Royce owner in China, Zhou Douyin, declined monetary compensation from a truck driver after a minor accident, and later felt disheartened by netizen’s claims that she staged the incident for fame. The incident occurred in Guangzhou, South China where a truck unexpectedly collided with a pink Rolls Royce worth over 6 million yuan or USD 830,000. Zhou then took a photo with the damaged car bonnet, and posted it on social media, and the two drivers calmly exchanged well wishes. This went viral on mainland social media, as Zhou’s following increased by approximately 1.4 million. Users praised her by saying she has both wealth and virtue. However some accused her for staging the incident for online attention, and that she hired the truck driver for this purpose. Others pointed out that with fame comes increased scrutiny, and shared their concerns for the truck driver and his family, and the emotional strain the accusations may have had on them.

INDIA WATCH

Global Times Article on Indian Attention to Nepali Prime Minister’s State Visit to China: Chinese news outlet, Global Times, published an article which highlighted increasing attention from the Indian media on the Nepalese Prime Minister’s state visit to China. According to the article, Indian media is portraying the visit of Nepal’s KP Sharma Oli to China as a sign of strained relations between New Delhi and Kathmandu. The article cited Indian media outlet, The Hindu, which noted that this would make him the first Nepali leader not to visit India on his first bilateral visit after assuming power. Further, the author claims that The Hindu attributed the strain of India-Nepal ties to a range of issues, including India’s objections to Chinese investments in India-Nepal projects. The author wrote that this move should in fact prompt India to reconsider the ties between China and other South Asian countries, and why they are increasingly welcoming China. Qian Feng, director of the Research Department of the National Strategy Institute, Tsinghua University, said that this does not necessarily indicate a change in Nepal’s relations with India, and that cooperation with China and India is not mutually exclusive for Nepal.

Prepared By

Veda Jain

Veda Jain is currently a third-year student at Flame University, majoring in International Studies and minoring in Literary and Cultural Studies. She has a strong interest in modern Chinese politics and is keen on analyzing the dynamics of Indo-China relations.