News that caught our eye / The week ending February 23, 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 cuts key interest rate in the latest move to boost its ailing property sector / February 20, 2024
China’s central bank cut its 5-year prime loan rate by .25 points to 3.95% on Tuesday in an effort to boost the Chinese economy. It left the 1-year rate as is at 3.45%. The last rate cut for the 5-year loan was in May of 2023. China’s markets responded tepidly to the rate cut (AP News).
China reports ‘record’ holiday travel. But consumer spending isn’t roaring back yet / February 19, 2024
While China reported record travel during the Lunar New Year holiday, tourism-related spending was just shy of pre-pandemic figures even though this holiday was the longest in recent years. Cinema ticket sales during the holiday hit record numbers, but that was not enough to turn the market around (CNN Business).
China's first homegrown airliner makes international debut in Singapore / February 18, 2024
The Commercial Aircraft Corporation of China’s new C919 made a fly-over at a Singapore air show on Sunday marking the first time the aircraft has flown outside of China. China plans to increase its current fleet of 4 C919s to a competitive fleet similar to Boeing’s or Airbus’ global market. Demand for new aircraft is high (Reuters).
Firms With Deep Roots in China Reconsider Their Xinjiang Ties / February 18, 2024
Volkswagen and chemical producer giant BASF are two German companies reconsidering their joint venture industries in China due to concerns that their products made in China included forced labor in Xinjiang province. BASF has already begun liquidating its properties in China. China has rejected the allegations (The New York Times).
Ship Crashes into Bridge in China, Killing 5 / February 22, 2024
An unfortunate accident occurred in the southern China city of Guangzhou when a cargo ship struck a supporting beam of a bridge, causing a section of the bridge to collapse. Five vehicles fell, two into the water and three onto the ship, causing 5 deaths. Plans to install anti-collision “measures” began in 2021 but were never initiated (New York Times).
Online dump of Chinese hacking documents offers window into state surveillance / February 21, 2024
A rare online dump of Chinese hacking documents from a company called I-Soon late last week revealed evidence of hacking of government entities and people within China and countries in Southeast Asia. It is not clear who was responsible for the dump, perhaps a rival company or a disgruntled employee (AP News).
From boardrooms to battlefields: Chinese companies are forming military units / February 21, 2024
Concerned about potential social unrest or natural disasters within China and the potential for international war, the Chinese government is encouraging companies to create PAFDs: People’s Armed Forces Departments, that is, military units formed from company employees. Dairy producers, water plants, and a myriad of other companies have formed PAFDs to support the People’s Liberation Army should a crisis occur (The Times of India).
China increases patrols near Taiwan's Kinmen Archipelago after 2 fishermen die / February 18, 2024
Two Chinese fishermen drowned in the Taiwan Strait after their fishing boat was chased by a Taiwan coast guard ship and capsized. Two other fishermen are in Taiwan’s custody. China blamed Taiwan’s Democratic Progressive Party for the deaths of the two fishermen and vowed to take action to patrol the waters off the coast of Xiamen (VOA).
China’s coast guard has triggered ‘panic’ in Taiwan / February 21, 2024
China’s coast guard is now boarding and “inspecting” Taiwanese tourist boats that sail in the Taiwan Strait to challenge Taiwan and its new president over the disputed waters between the two countries. The new ploy made the tourists on one Taiwan boat very anxious, triggering alarm among the people of Taiwan (CNN).
Israel Gaza: China condemns US veto of call for immediate ceasefire at UN / February 21, 2024
The US vetoed an Algerian-sponsored ceasefire in Gaza this week, a move which China, and other UN nations, condemned as a license for the “slaughter” in Gaza to continue. The US has its own proposal for a ceasefire, but it hasn’t been brought up for a vote yet. There is concern the conflict could swell into a wider military conflict in the region (BBC).
China issues highest weather alert as temperatures plunge / February 21, 2024
A cold snap hit areas of China, including Beijing, on Wednesday, blanketing the capital city with a layer of snow. The government issued its most severe warning over the media to warn citizens to take precautions due to the cold and snowy conditions. Others, however, rejoiced over the picturesque scenes and the prosperous omen the snow brought (CAN).