CiCM 6th-7th July 2024

NEWS IN CHINA

Xi's Central Asia Trip Boosts Regional Cooperation and Sino-Tajik Relations: Chinese President Xi Jinping's recent visit to Central Asia has significantly advanced regional cooperation and development, according to Chinese Foreign Minister Wang Yi. During his trip, Xi attended the 24th Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) in Kazakhstan and made state visits to Kazakhstan and Tajikistan. In Kazakhstan, Xi and local leaders committed to a "golden 30 years" of enhanced relations. In Tajikistan, Xi and President Emomali Rahmon established a comprehensive strategic cooperative partnership, focusing on trade, connectivity, and new energy. They signed over 20 cooperation documents and inaugurated new government buildings, symbolizing their deepening ties. Xi emphasized China's support for Tajikistan's modernization and sovereignty, with both countries aiming to strengthen Belt and Road cooperation and security against terrorism. Bilateral trade reached $3.92 billion in 2023, with significant Chinese investments in Tajikistan. Throughout the SCO summit, Xi underscored the importance of the SCO in ensuring security and promoting unity, meeting with leaders including Russian President Vladimir Putin. The trip highlighted China's commitment to building a community with a shared future.
Breakthrough Cooling Material Uses DNA to Cut Building Emissions: A team of Chinese scientists has developed a cutting-edge cooling material for buildings aimed at reducing carbon emissions. This innovative material, derived from biomass and incorporating DNA, has shown impressive capabilities in lowering temperatures. Even under intense sunlight, it can decrease ambient temperatures by up to 16 degrees Celsius. The secret lies in its unique structure, which converts ultraviolet light into visible light, effectively reflecting solar heat away from buildings. This not only helps in cooling homes more efficiently but also contributes to lowering greenhouse gas emissions. Published in the journal Science, the study highlights the environmental benefits of using biopolymer-based aerogels. These materials are easy to manufacture in large quantities using water-based processes, and they are also repairable, recyclable, and biodegradable. According to Zhao Haibo, the lead author from Sichuan University, incorporating these aerogels into urban architecture could revolutionize energy efficiency by reducing the need for air conditioning. The research simulations demonstrate significant potential for cutting energy costs across various cities. This breakthrough supports China's ambitious carbon reduction goals, aiming to peak emissions by 2030 and achieve carbon neutrality by 2060. The development of such sustainable cooling materials underscores a promising future for eco-friendly building technologies.
China Boosts Computing Power to Drive Digital Economy: China is enhancing its computing power to advance its digital economy and AI innovations. At the 2024 Global Digital Economy Conference, it was revealed that by the end of 2023, China had over 8.1 million data center racks, with a computing power of 230 EFLOPS. By 2025, China plans to increase its computing power by 30%, aiming for 300 EFLOPS. As data centers demand substantial electricity, energy efficiency is a priority. Efforts include integrating green energy and advanced energy management technologies, such as hydrogen energy and Tesla's Megapack. Western regions like Inner Mongolia are leveraging green energy to build massive data centers, supporting AI and digital industries. Ulanqab aims to provide Beijing with 10,000 PFLOPS of green computing power annually by 2025. Additionally, sectors like finance, education, and healthcare are exploring "computing power plus" models to integrate these advancements. This expansion is set to drive high-quality economic development and technological innovation across various industries.
China and Belarus to Hold Joint Anti-Terrorism Drill: The Chinese and Belarusian armies are set to conduct a joint anti-terrorism exercise, Eagle Assault-2024, near Brest, Belarus, from July 8 to 19. This exercise follows Belarus's recent induction into the Shanghai Cooperation Organisation (SCO). The drill will focus on mixed training, hostage rescues, and anti-terrorism operations to boost interoperability and practical cooperation between the two military forces. Chinese People's Liberation Army (PLA) troops have already arrived in Belarus on a Y-20 transport aircraft. This exercise aims to enhance coordination and establish a foundation for deeper military relations between China and Belarus. The joint exercise underscores the growing security collaboration between the two nations, especially under the SCO framework, which now includes Belarus as its 10th member. A Chinese military expert highlighted that this exercise is vital for regional peace and stability in Eastern Europe, addressing non-traditional security threats. The PLA Guard of Honor recently participated in a military parade in Minsk to commemorate the 80th anniversary of Belarus's liberation, demonstrating the PLA's capability for rapid troop deployment in emergencies. This cooperation reflects a significant step in the evolving security and defense partnership between China and Belarus.
China's Foreign Exchange Reserves Decline 0.3% in June: China's foreign exchange reserves were recorded at $3.2224 trillion at the end of June 2024, marking a 0.3 percent decrease from the previous month, according to official data from the State Administration of Foreign Exchange (SAFE). The reduction is attributed to the combined effects of currency translation and asset price changes. In June, the U.S. dollar index and global financial asset prices rose due to factors such as monetary policies of major economies, market expectations, and macroeconomic data, SAFE explained. Despite this decline, China's economy continues to show recovery and high-quality development, which supports the stability of its foreign exchange reserves. Additionally, the People's Bank of China reported that the country's gold reserves remained unchanged in June, totaling 72.8 million ounces, equivalent to approximately $169.7 billion. This data highlights the resilience of China's economic recovery and the stability of its foreign exchange reserves amidst global financial fluctuations.

SOCIAL MEDIA CHATTER

Hong Kong University Students Targeted by Job Scams on Social Media, Sparking Concerns Over Online Safety: Hong Kong university students are increasingly targeted by job scams on social media, receiving frequent messages offering high-paying jobs with no qualifications needed. Samra Zulfaqar, a student from New Zealand, regularly received these messages until she blocked the senders. In May 2024 alone, there were nearly 350 cases of job fraud, a 60% rise from April, with students making up a significant portion of the victims. Lawmaker Johnny Ng Kit-chong advises skepticism towards too-good-to-be-true offers and warns against paying deposits upfront. First-year HKU psychology student Athena Lee experienced scams both online and in person, leading her to distrust social media recruiters entirely. Another student, Nellie Gaiger, faces similar distrust despite being vigilant. Social media platforms like LinkedIn are also used by scammers, complicating the job search for genuine opportunities. Public opinion in China reflects growing concerns about online safety and the need for stricter regulations to protect young job seekers. The Hong Kong police have updated their “Scameter” tool to help identify potential scams, but the rising trend underscores a larger issue of online fraud targeting vulnerable populations.

INDIA WATCH

India's Parliament to Present New Federal Budget on July 23, Outlining Financial Strategy and Priorities for 2024-2025: China's news agency Xinhua reported that India will present its new federal budget in parliament on July 23, 2024. The announcement was made by India's federal minister of parliamentary affairs, Kiren Rijiju. This will be the first budget of the newly elected government, covering the fiscal year 2024-2025. The budget session is scheduled to run from July 22 to August 12, subject to parliamentary business needs. Indian Prime Minister Narendra Modi recently secured a third term in the general elections, although this time he requires support from alliance partners within the Bharatiya Janata Party (BJP)-led National Democratic Alliance, unlike his previous outright majorities. The federal budget will detail the government's revenue and expenditure plans, providing estimates for the upcoming year. The presentation of the budget is a crucial event, as it will outline the government's financial strategy and priorities, impacting various sectors and the overall economy. This development is keenly watched by stakeholders who are interested in the financial and economic policies of the newly elected administration.

Prepared By

Kriti Rai

Kriti is an undergraduate student at FLAME University pursuing Data Science and Economics. She is proficient in C++, Python, MySQL, and data visualisation tools such as Tableau. Her areas of interest lie in building predictive models and utilising machine learning to enhance decision-making and tackle real-world challenges.