News that caught our eye / The week ending February 16, 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.
History of Chinese New Year celebrations in China / February 9, 2024
This article provides a quick summary of the history of the Chinese New Year and Spring festivals, which find their beginnings over 4000 years ago, making them among the oldest holidays ever. The festivals developed over time, but themes like honoring ancestors or parents, celebrating successful harvests or wishing for a successful future and incorporating art and decorations became strong and enduring traditions (the Hindustan Times).
China gears up to ring in Year of the Dragon with expected record 9 billion trips / February 9, 2024
A sign of good news in China is the record number of planned trips the Chinese people plan to make during the Lunar New Year this month. Perhaps their celebrations, gift exchanges and family meals will bring a boost to the consumer demand numbers that have been sinking for almost a year in an economy that has other serious issues (CNN).
In the year of the dragon, will China breathe fire into its deflating economy? / February 8,2024
China’s economy continues to shrink with consumer prices sinking, including significant drops in food prices. President Xi appears unwilling to use a stimulus package from the government, perhaps concerned about repeating a negative scenario from the early 2000’s (the Guardian).
China consumer prices plunge at fastest rate for 15 years as deflation fears deepen / February 8, 2024
China’s consumer price index fell by 0.8% in January compared to the same month last year, the largest drop since 2009. China’s economy has been in a deflationary state since last summer. One economist suggested, however, that the resulting numbers from the New Year holiday this month may boost consumer demand. Many hope more government stimulus will spark a rebound in the economy (the Guardian).
China’s $7 trillion crash masks the really bad news / February 9, 2024
Economists say that since 2021, China’s economy has lost $7 trillion in market value, but the worse news is the CCP’s new war against the bad economic news itself. The government is cracking down on any negative news about the economy, both in China and Hong Kong. This puts investors and businesses in a catch-22 if they need to warn others about potential dangers in the economy (Forbes).
China’s well-to-do are under assault from every side / February 11, 2024
When China opened its economy to private investors around 1990, a generation of Chinese people started investing and became known as the “got-rich-first” group. Today, just over 110 million Chinese citizens possess 50% of China’s wealth, but the current economic crisis is decimating their wealth. Trust funds gone bad and other risky investments that fail are called “landmine explosions,” and China’s wealthy are in a minefield. China’s government is not eager to bail them out (Hindustan Times).
China moves closer to Taliban regime amid search for natural resources / February 10, 2024
While not officially recognizing the Taliban, China has been solidifying business deals and trade partnerships with the Taliban and natural resource companies in Afghanistan, declaring that Afghanistan should not be ignored on the world stage. China seems to be unconcerned about human rights abuses by the Taliban against women, and that the Taliban is still a terrorist organization (Fox News).
Why has China recognized Taliban’s envoy to Beijing? / February 14, 2024
While the rest of the world has avoided engaging with the Taliban government in Afghanistan because of its terrorist history and human rights abuses, “realism and opportunity” have compelled China and Afghanistan’s other neighbors to work with the Taliban rather than to avoid them. China also has a long history of working with the Taliban (Al Jazeera).
How Taiwan’s elections challenge the power of China’s Communist Party / February 10, 2024
The CCP has declared that liberal democracy is incompatible with Chinese culture. But Taiwan’s 8 democratic elections, including its most recent one in January, demonstrate that true democratic elections are indeed possible. And that poses a threat to the CCP. Social media posts in China praising the Taiwan election in January were quickly scrubbed by censors (Al Jazeera).
Taiwan reports more Chinese balloons over Taiwan Strait / February 10, 2024
Taiwan’s defense ministry stated that it had detected eight Chinese air balloons crossing over the Taiwan Strait on Saturday, with at least 5 crossing over Taiwan itself. This was the second day in a row that Taiwan detected Chinese balloons in its territory, but China has done this many times before. Taiwan claims the balloons are a type of psychological warfare and are dangerous for air travel (Reuters).
U.S.-China Tensions Have a New Front: A Naval Base in Africa / February 10, 2024
Along with trade deals and naval ports, China is also inviting African countries to allow China to build naval bases for its military, especially along the Atlantic coast. China evidently has approached Gabon and Equatorial Guinea with such an offer, but both countries have assured US officials that they have no agreement with China on this issue (WSJ).