CiCM 18th December 2023

NEWS IN CHINA

Chinese Government Mobilizes Swift Disaster Relief in Wake of Deadly Earthquake: The Chinese government is intensifying disaster relief efforts in Gansu and Qinghai provinces following a 6.2-magnitude earthquake on Monday night that claimed over 100 lives. The Ministry of Finance and the Ministry of Emergency Management have allocated 200 million yuan (approximately 28.18 million USD) as of now for the affected regions, with 150 million yuan designated for Gansu and 50 million yuan for Qinghai. The relief includes 2,500 cotton tents, 20,000 coats, and 5,000 rollaway beds for Gansu, and 1,500 tents, 5,000 cotton coats, and 5,000 beds for Qinghai. As of Tuesday morning, a total of 111,500 relief items have been dispatched to address the basic needs of those affected. The earthquake, with a depth of 10 km, struck near Liugou Township in Linxia Hui Autonomous Prefecture, Gansu. It has killed 127 people as of Tuesday evening with 113 deaths in Gansu and 14 in Qinghai along with over 100 injured. The road network around the epicentre is reportedly operating normally, with repairs underway in sections where damage occurred. Jishishan's power supply has largely been restored, with 88.36 percent of users regaining electricity, and the Liujiaxia hydropower station functioning normally, according to the State Grid Corporation of China. Rescuers are facing severe cold wave and repeated aftershocks that has made their task more difficult.

High Net-Worth Individuals in China Flock to Gold for Wealth Preservation and Security: Chinese high net-worth individuals are expected to increase their gold holdings in 2023 due to uncertainties in capital markets, prioritizing wealth preservation and security. The World Gold Council report revealed that 90% of surveyed affluent Chinese individuals are either investing or willing to invest in gold. In wealth management, the focus is on stability, prioritizing assets such as cash, savings, onshore insurance, A-shares, and investable properties over gold. However, gold's global acceptance, liquidity, and risk diversification appeal to the wealthy, especially amid anticipated market uncertainties in the coming year. The report notes a 10% surge in gold prices in 2022, contrasting with declines in the Shanghai Composite Index and the renminbi. High net-worth individuals view gold as an effective hedge against inflation and risk. The expansion of wealthy Chinese households is expected to drive continued demand for gold. Affluent individuals typically allocate 6-10% of their investable assets in gold for long-term investment, with physical gold bars preferred for portability and quick conversion to cash. Despite soaring prices, China's demand for gold bars and coins reached 82 metric tons in Q3 2023, representing a strong performance. The trend aligns with central banks globally increasing their gold holdings, with the People's Bank of China leading in gold purchases for 2023.

China Issued New Central Government Bonds: The Chinese central government has issued an additional 1 trillion yuan in government bonds in the fourth quarter, with the Ministry of Finance allocating the first batch of 237.9 billion yuan. The funds are part of a plan to support post-disaster recovery, reconstruction, and disaster prevention efforts. Specifically, 107.5 billion yuan will aid post-disaster recovery, 125.4 billion yuan will support high-standard farmland construction, and 5 billion yuan will contribute to the construction of key natural disaster prevention systems. The funds will be allocated to 12 provinces for 1,508 projects, focusing on education, health, infrastructure, and farmland. To ensure effective fund utilization, the Ministry of Finance has issued measures for standardized management, emphasizing timely allocation and prohibiting year-end fund raids. The ministry also implemented full-process tracking and monitoring, requiring local financial departments to import project information into integrated systems for comprehensive supervision. Authorities will further emphasize strict adherence to management measures to guarantee the effective use of the allocated funds.

Chinese Navy Fleet Completes Successful Escort Missions: The Chinese People's Liberation Army Navy's 44th fleet, consisting of the guided-missile destroyer Zibo, guided-missile frigate Jingzhou, and fuly-prepared supply ship Qiandaohu, has successfully completed a 235-day escort mission and returned to Zhoushan port in Zhejiang Province. The fleet escorted 33 Chinese and foreign ships in strategic regions, including the Gulf of Aden, waters off Somalia, and the Arabian Sea. Covering over 100,000 nautical miles, the mission commenced on April 28, involving visits to Oman, Kuwait, Qatar, the United Arab Emirates, Myanmar, and Pakistan, with a technical stop in Singapore. Since China initiated naval vessel protection operations in December 2008 in the Gulf of Aden and waters off Somalia, the 44th fleet played a crucial role in safeguarding maritime security, reflecting China's commitment to international cooperation and peacekeeping efforts in critical sea routes. The successful completion of this extended mission underscores China's maritime capabilities and commitment to global security.

China's Cutting-edge Ocean Drilling Ship “Dream” Is Launched: On December 18, the world witnessed the official naming of "Dream," marking a significant milestone in advancing deep-sea exploration capabilities for a country. This indigenously developed ocean drilling ship is set to launch its maiden operation in Nansha, Guangzhou, with a sea trial that signifies a crucial step forward. Recognized as the world's most advanced ocean drilling ship, "Dream" not only reaches unprecedented depths but also houses the globe's largest and most comprehensive on-board laboratory. With the size of 300 square meters, this state-of-the-art facility ship encompasses nine major laboratories, including marine science, microbiology, ancient geo-magnetics, and more. Utilizing cutting-edge technologies such as digital twins, the ship achieves full-process monitoring of drilling and production operations, enabling intelligent collaboration in scientific experiments. Scheduled to set sail on December 22, "Dream" will embark on its inaugural trial mission after completing necessary preparations at the dock.

SOCIAL MEDIA CHATTER IN CHINA

Seniors Hit the High Notes: Karaoke Craze Sweeps Harbin University for the Aged: Harbin University for the Aged in northeastern China has garnered attention for introducing a music course tailored for seniors, featuring popular karaoke classes. With 38,580 mature students aged 45 to 90 enrolling for 118 courses in the current semester, the karaoke class quickly reached full capacity. The curriculum encompasses diverse genres, including bel canto, folk songs, and choral singing. Each karaoke course, priced at 90 yuan (US$13), consists of 16 lessons. The idea stemmed from observing elderly individuals enjoying singing at KTV (Karaoke), prompting the university to offer the course. Many Chinese netizens expressed enthusiasm for the initiative, with comments like "It looks very cool" and "I'm going to suggest that my parents sign up for the class," highlighting the positive reception and interest in such cheerful activities for retirees.

INDIA WATCH

India's Deep Ocean Mission (DOM) is a Rs 4,077 crore initiative over five years, exploring six pillars: deep-sea mining, climate change advisory, biodiversity conservation, deep-ocean survey, energy and freshwater harnessing, and a Marine Station for Ocean Biology. Similarly, the 'Samudrayaan' project, featuring the Matsya6000 submersible reaching 6,000 meters, aims for sustainable polymetallic nodule mining in the central Indian Ocean. Surveying the Central Indian Ocean Basin, DOM targets valuable elements, focusing on Nickel, Cobalt, Copper, and Manganese extraction for electronics and renewable energy. This progress reinforces India's global position, emphasizing indigenous technology for an 'Atmanirbhar Bharat.' Recently, DOM made significant strides in surveying the Central Indian Ocean Basin to uncover valuable elements in the deep sea. Concurrently, China aggressively seeks deep-sea mining dominance with the advanced vessel Dayang Hao, targeting a 28,500-square-mile Pacific area for valuable polymetallic nodules. Holding five of 30 International Seabed Authority (ISA) licenses, China claims exclusive rights to excavate 92,000 square miles of international seabed, securing critical minerals for the green economy. The ISA, based in Kingston, is crucial to China's strategy, allowing it to shape regulations favourably in the absence of U.S. membership. China's control over seabed resources, amidst rising global demand for rare metals, poses a threat to clean energy industries and bolsters geopolitical leverage in President Xi Jinping's pursuit of global power independent of the West. India's commitment to sustainability and technological autonomy, exemplified by the Matsya6000 submersible, demonstrates a responsible resource utilization approach. In contrast, China's assertive pursuit, backed by its ISA role, raises concerns about potential geopolitical consequences of deep-sea mining.

Prepared By

Elias Sebin

Elias Sebin is currently pursuing a Master’s degree in International Relations from South Asian University, New Delhi. His areas of research interest include the geopolitics and social dynamics of the Latin American, West Asian, and African regions as well as gender dynamics and intersectional feminism in South Asia. An avid traveller on a shoestring budget, his short fiction and travelogues have previously been published in several online publications including LiveWire, The Reading Room Co., and Gulmohur Quarterly.