News that caught our eye / The week ending January 12, 2024
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NOTE: The news reports below are not in chronological order. There is often a time lag in their reaching the US and in gaining our attention. These reports reflect the opinions of a variety of news sources.
China and Taiwan: Love and longing across the strait / January 10, 2024
While tensions are high between the governments of China and Taiwan, citizens of both countries seem more ambivalent about the possible unification of the island to the mainland, focusing their attention on putting food on the table instead. Cross-strait couples, however, face challenges even in meeting one another (BBC News).
US urges China not to interfere in Taiwan elections / January 11, 2024
The Biden Administration urged China to refrain from influencing Taiwan’s presidential and parliamentary elections this week, although China launched a satellite over Taiwan on Wednesday, sparking a defensive panic on the island. Chinese and US military officials also met this week to continue talks set by Biden and Xi at their California meeting in November (Reuters).
China sanctions 5 US defense companies in response to US sanctions, arms sales / January 7, 2024
China sanctioned 5 US defense companies involved in making armament sales to Taiwan, preventing those companies from doing business in China and seizing any property held by them in China. The sanctions are mostly symbolic, however, since most of the defense companies do not sell to China (AP News).
In talks with US, China says it will ‘never compromise’ on Taiwan / January 10, 2024
As military officials from China met with US officials in the US this week, China vowed that it will never compromise on its plans for reunification of Taiwan to the mainland. China urged the US to stop supporting Taiwan, as well as those countries in the South China Sea who are contesting China’s claims in the region (Al Jazeera).
US and Chinese military officers resume talks as agreed by Biden and Xi / January 10, 2024
Military officers from both China and the US met at the Pentagon this week, resuming the communication that was halted since Nancy Pelosi visited Taiwan in 2022. Talks this week, however, primarily involved scheduling future meetings, with some discussion of policy concerns but no resolutions to those issues (AP News).
The Taiwan that China wants is vanishing / January 10, 2024
As Taiwan faces its presidential election on Saturday, many young citizens of Taiwan see themselves as Taiwanese, not Chinese, and they prefer the status-quo of not being an independent nation, and ultimately, peace. The article explores Taiwan’s interesting history that sheds light on the steps that led to today’s uneasy relationship between Taiwan and mainland China (BBC).
Maldives upgrades ties with China amid pivot from India / January 10, 2024
President Xi of China and the newly elected president Muizzu of the Maldives met this Wednesday, signing 20 agreements and pledging a strengthening of the relationship between the two countries. Muizzu’s presidential campaign featured an anti-India platform out of concern over a threat to the Maldives’ sovereignty (Reuters).
China will make foreign investment easier, vice premier tells foreign executives / January 10, 2024
Chinese economic officials announced easier access for foreign investors to do business in China as foreign investors are still hesitant to invest in China after 3 years of a declining stock market in China. No mention was made, however, of easing the government’s scrutiny of activities that violate national security by business leaders of foreign companies (CNBC).
China Claims It Caught a Foreign Consultant Spying for the U.K.’s MI6 / January 8, 2024
China’s Ministry of State Security accused the UK’s MI6 of spying through an employee of a consulting firm in China. The charge is another example of China’s crackdown on alleged anti-espionage activities that increased since last year when a new law was enacted. The scrutiny, however, is scaring off foreign investment (TIME).
Xi’s Empty Dream City Shows Limits of His Power, Even in China / January 9, 2024
Xiongan, President Xi’s modern dream city just south of Beijing, is struggling to gain residents, even though it has been meticulously planned and promoted as a shining light of China’s development. Unfortunately, the city was built on low ground, so torrential rains last summer forced the city to divert excess water to its surrounding villages, stranding thousands (Bloomberg).
US intel shows China's army had missiles filled with water instead of fuel / January 8, 2024
Bloomberg reported on Saturday that China’s army had missiles filled with water instead of fuel, and missile silos had the wrong lids, preventing rockets from launching. It was such failures that triggered the purge of leading military officers in the PLA last year, according to the report (Yahoo News).
Shadow bank Zhongzhi files for bankruptcy as China’s debt, property crisis deepens / January 8, 2024
Unable to finance its debt, shadow bank Zhongzhi filed for bankruptcy last week Friday, causing a slight downturn in property stocks that afternoon. Shadow banks “pool” funds from business and household savings to provide loans outside of state-owned banks. One analyst states that it is unlikely that the government will bail out the firm (CNBC).