CiCM 20th December 2024

NEWS IN CHINA

Xi Calls for Sustained Commitment to "One Country, Two Systems" Policy: Chinese President Xi Jinping emphasized the enduring importance of the "one country, two systems" policy during a speech marking the 25th anniversary of Macao's return to China. Addressing a gathering in the Macao Special Administrative Region (SAR), Xi, who also leads the Communist Party of China and the Central Military Commission, called the policy a cornerstone of stability and prosperity for both Hong Kong and Macao. Xi highlighted the remarkable progress Macao has achieved since its return, citing it as proof of the policy’s effectiveness and vitality. He described it as a framework that fosters national rejuvenation, peaceful coexistence, and win-win cooperation between differing social systems. The president also stressed the global significance of the values underpinning the policy—peace, inclusiveness, openness, and shared prosperity—calling for their collective preservation.
New Measures Issued to Enhance Online Transaction Law Enforcement: The State Administration for Market Regulation (SAMR) has released the "Interim Measures for Coordination of Law Enforcement in Online Transactions," effective January 20, 2025, to strengthen oversight and promote the platform economy's growth. The measures define the scope, principles, and processes of enforcement coordination, enhancing collaboration between market regulators and online platforms. Platform operators will be required to provide information on transactions, operators, and related data to assist in investigations. Market supervision departments at or above the county level can request such assistance under the law. Three types of entities are outlined for enforcement cooperation: platform operators, Internet service providers facilitating online trade, and service providers involved in promotion, payment, logistics, or delivery. The SAMR aims to use the measures to establish a robust enforcement mechanism, ensuring order in online transactions, protecting consumer and operator rights, and fostering a healthier platform economy.
Vietnam, and China Strengthen Military Ties Amid High Political Trust: Vietnam’s Party General Secretary recently met with China’s Defense Minister, reflecting strong political trust and growing military cooperation. Frequent high-level exchanges between the two militaries this year underscore their shared commitment to regional peace and stability. Vietnam values China’s support in its national liberation and development efforts, viewing their friendship as a strategic priority. Both sides pledged to deepen cooperation in areas like maritime security, enhance military trust, and strengthen defense ties under the guidance of their top leaders. Notable recent interactions include the October visit of China’s Central Military Commission Vice Chairman Zhang Youxia to Vietnam, where defense agreements were signed, and the August meeting between the two nations’ defense ministers in Beijing. In April, they held the eighth border defense friendship exchange, signing a memorandum to establish a hotline between the PLA Southern Theater Command and Vietnam’s navy. Experts note that these collaborations signal the ability of China and Vietnam to manage differences effectively, fostering stability in a volatile international environment. Their cooperation, focused on mutual security interests, is not directed at any third party, highlighting their dedication to regional peace.
New Policy: Commercial Housing to Be Sold Based on Built-Up Area: From January 1, 2025, cities like Hengyang in Hunan will sell commercial housing based on built-up area, including usable, wall, and balcony space. Experts clarify this does not eliminate public areas; their costs will be integrated into the pricing. For example, a 100-square-meter house priced at ¥2 million would cost ¥20,000/m² by construction area or ¥25,000/m² by built-up area. This shift aims to improve transparency, helping buyers understand the actual usable space. However, concerns remain, such as potential reductions in public area standards. Experts suggest marking building, common, and floor areas in contracts and on property certificates to avoid disputes. Pricing by built-up area could push developers to optimize designs and enhance housing quality, offering clearer costs to buyers.
China's U.S. Treasury Holdings Drop to $760.1 Billion in October: China’s U.S. Treasury holdings fell by $11.9 billion in October, reaching $760.1 billion—the lowest since February 2009, according to U.S. Treasury data. This marks the fourth consecutive monthly decline, though China remains the second-largest holder after Japan. Japan, the top holder, also reduced its holdings by $20.6 billion in October, totaling $1,102.7 billion. Xi Junyang, a professor at the Shanghai University of Finance and Economics, noted that China’s reductions align with its diversification of foreign exchange reserves, favoring assets like gold. Since April 2022, China’s holdings have stayed below the $1 trillion mark. As of November, China’s foreign exchange reserves rose to $3.2659 trillion, up $4.8 billion from October, driven by global financial asset price increases and macroeconomic factors, according to SAFE. China’s gold reserves also increased for the first time in six months, rising by 160,000 ounces to 72.96 million ounces, data from the People’s Bank of China showed.

SOCIAL MEDIA CHATTER

Over 300 Tourists Stranded Due to Missing Flight Tickets: On December 19, 2024, a Douyin video revealed that over 300 tourists from Chongqing, who had booked a "Chongqing Double Flight Sanya Tour" for ¥1,580, were unable to board their flight to Hainan. Upon arriving at Chongqing Jiangbei Airport, the group discovered that the travel agency in Sanya had not purchased their tickets, leading to a heated dispute. The Hainan Provincial Department of Tourism and Culture immediately launched an investigation. Preliminary findings suggest that unauthorized individuals were operating the travel agency business, violating regulations. The contact provided by the Chongqing agency, identified as "Han," denied involvement, claiming no connection to organizing the tour. The incident has been reported to public security authorities, and Hainan officials are collaborating with Chongqing’s cultural and tourism enforcement teams to probe deeper. Authorities pledge severe penalties for illegal operators and measures to protect the tourism market’s integrity. The department affirmed its commitment to addressing tourism disruptions, warning against anyone attempting to undermine Hainan’s tourism reputation. Further updates will be shared as the investigation progresses.

INDIA WATCH

Indian Media’s ‘Big Win’ Narrative Reveals Unease: An article in the Chinese news outlet Global Times criticized the Indian media's portrayal of Sri Lankan President Anura Kumara Dissanayake’s recent visit to India as a “big win” for New Delhi’s foreign policy. The piece commented on how this narrative reflects India's unease amid growing Chinese influence in South Asia. The report noted that Dissanayake’s assurance that Sri Lanka would not allow its territory to harm India’s interests was heavily emphasized by Indian outlets, framing it as a diplomatic victory. However, Global Times pointed out that such narratives stem from India’s long-standing perception of South Asia as its sphere of influence. The article contrasted India’s approach with China’s, which fosters partnerships aimed at regional peace, stability, and development. The author went on to comment on projects like the Colombo Port City and Hambantota Port were cited as examples of China’s positive contributions to Sri Lanka’s economy, challenging claims of a “pivot away from China.” The article concluded that Indian media’s triumphalist rhetoric reveals a regional power mindset

Prepared By

Manushka Sharma

Manushka Sharma is a dedicated second year student currently pursuing a Bachelor of Arts in Chinese (Hons.) at Jawaharlal Nehru University (JNU). With a keen interest in international relations, particularly in the dynamics of India-China relations, Manushka brings a unique perspective to understanding cross-cultural connections and geopolitical issues. Alongside academic pursuits, Manushka aspires to make significant contributions to global affairs, leveraging linguistic skills and cultural insights to bridge gaps and foster dialogue. She can be reached at manushka82006@gmail.com.