News that caught our eye / The week ending January 26, 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 is ramping up stimulus to boost market confidence, but is it enough? / January 25, 2024
Beginning February 5th, the People’s Bank of China will allow Chinese banks to allow for more capital for lending, to the tune of 1 trillion yuan throughout the banking system. The cut to the Reserve Requirement Ratio (RRR) was more than expected and suggests that the government is more concerned about the economy; however, negative consumer sentiment, global political concerns, and government crackdowns are still holding investors and consumers back (CNBC).
Chinese Stocks Surge On Market Rescue Plan Report / January 23, 2024
Chinese stocks rose solidly upon the news that Chinese policymakers plan to utilize 2 trillion yuan in state-owned enterprises to boost the economy. The removal of “draft rules” for gaming companies from the gaming regulator’s website boosted stocks in the gaming sector, also (Investors Business Daily).
China says EU's 'unfair' EV subsidies probe risks damaging ties / January 23, 2024
The Chinese Ambassador to the EU declared that the EU’s probe into EV subsidies for Chinese-made vehicles is unfair, and may escalate tensions and trade wars between the EU and China. The EU is investigating whether Chinese automakers are receiving government subsidies that allow them to sell their vehicles for less than EU-made vehicles (Reuters-Bloomberg).
China's attempts to lift confidence in economy fall flat / January 24, 2024
While Chinese Premiere Li Qiang spoke positively about the Chinese economy in Davos last week, his words fell flat, unfortunately. The next day the stock market sell-off accelerated because Li didn’t reveal anything concrete to boost confidence, which seems to be a recurring theme for the last year. One analyst suggests Xi’s consolidation of power in his third term has lower-level officials hesitant to make policy choices (Reuters).
Beijing boosts use of yuan in Africa as nations move away from US dollar / January 21, 2024
An increasing number of African countries are working with Chinese Banks and the CCP to conduct more trade and business based on the Chinese yuan. Many African countries have been dealing with economic crises and debt repayment problems based on the US dollar. China has offered “panda bonds” to help these countries resolve their debts, or at least transfer them (SCMP).
China defies sanctions to make Russia its biggest oil supplier in 2023 / January 21, 2024
Russia became China’s largest oil supplier in 2023, edging out Saudi Arabia and circumventing US sanctions against Russia. China imported over 107 million metric tons of crude oil from Russia over the year as Russia was able to offer its crude at a discounted price (Reuters).
China Landslide Death Toll Hits 44 / January 25, 2024
Rescue workers in southwestern China have been working to recover people caught in a landslide that claimed the lives of at least 44 people. The landslide, along with an earthquake in the Xinjiang province and a fire in the Jiangxi province have made for a difficult week for China (VOA).
Several injured after 7.1-magnitude earthquake hits part of western China / January 23,2024
A 7.1 magnitude earthquake struck Xinjiang province in western China early Tuesday morning, injuring six, but as of this writing, no deaths were reported. The quake was also felt in neighboring Kazakhstan and Kyrgyzstan (CBS News).
Thirteen children die in Chinese boarding school fire / January 20, 2024
A dormitory for a grade school in Henan province caught fire last Friday night, killing thirteen students, all from the same class, who were residing in the dormitory. The students were 9-10 years old. Fires like this are unfortunately common in China (The Guardian).
The US is hamstringing itself in its spy war with China / January 24, 2024
China’s espionage network is extensive and difficult to penetrate, but according to this article, the US government does not fund the CIA enough for it to take advantage of the limited opportunities circumstances present from time to time, as China’s current economic struggle currently does. That window may be closing soon (The Hill).
Filipino fisherman to China’s coast guard: `This is Philippine territory. Go away’ / January 23, 2024
Chinese Coast Guard personnel attempted to move Filipino fishermen from harvesting fish and shellfish on the Scarborough shoal last week Tuesday, prompting the fishermen and the Philippine government to launch a protest. A 2016 UN tribunal declared China’s expansive measures in the South China Sea to be unlawful, but China has rejected that ruling (AP News).
China, More Members of The Church of Almighty God Arrested, Tortured / January 26, 2024
Bitter Winter has obtained evidence of nationwide persecution by the CCP of members of the Church of the Almighty God, currently the largest new Christian sect that has grown quickly since its inception in 1991. The church believes Christ has returned to earth in the form of a Chinese woman who emphasizes the purification of mankind and a millennial kingdom (Bitter Winter).