News that caught our eye / The week ending April 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.
Chinese archaeologists reconstruct face of 6th century emperor using new technique / April 6, 2024
Using a new DNA technique, Chinese archeologists were able to reconstruct the face of the 6th century emperor Wu, after obtaining enough DNA criteria from his degraded bones. The process also sheds light on what may have killed the young emperor, who only lived to the age of 36. The new technique may assist researchers in helping the Chinese people retrace their ancestral lineage (SCMP).
As China’s economy falters, so does middle-class confidence / April 10, 2024
With 700 million people, China’s middle class is the largest in the world. But as China’s economy still struggles to rebound, that middle class is reluctant to jumpstart a “consumer-driven economy.” Instead, they are saving their money or choosing quality, off-brand products over name brands (NBC News).
China’s young people are giving up on saving for retirement / April 7, 2024
While China’s economy continues to sputter, another economic problem is arising: China’s pension system. In the next decade, 40% of China’s population will be over 60, but many younger workers today are not contributing to China’s pension system, creating another economic challenge. Like the US and other Western countries, China’s pension system is becoming unsustainable (The Business Times).
China's Shimao faces liquidation suit over failure to pay $202 million loan / April 8, 2024
Another Chinese developer, Shimao Group, has received a liquidation petition from China Construction Bank in Hong Kong. Shimao reported that it would fight the lawsuit and move forward with its restructuring plan. While still in trouble, China’s property sector is not as volatile this year as it has been in the past (Reuters).
China's Xi says nobody can stop 'family reunion' with Taiwan / April 10, 2024
President Xi Jinping met with former Taiwan President Ma Ying-jeou this Wednesday, vowing that nothing could stop the Chinese family on the island and on the mainland from being reunited. Ma is the first former Taiwan president to visit Beijing, and this is his second trip to the mainland (Reuters).
The U.S. and Japan announce historic upgrade in security ties to counter China / April 10, 2024
Japanese Prime Minister Fumio Kishida met with President Biden on Wednesday as the two nations announced a stronger alliance for the future. Increased military cooperation, the possible purchase of US Steel Co. by Japan’s Nippon Steel, and even space exploration on the moon were among the topics of conversation (NBC News).
Philippines, U.S., Australia, and Japan hold joint military drills in South China Sea / April 7. 2024
The US, Japan, the Philippines, and Australia conducted joint military exercises in the South China Sea on Sunday in an effort to coordinate their military strategies in the event of a threat to the status quo in the region. China responded by saying it conducted its own drills in the area. Tensions continue to rise, especially between China and the Philippines (The Japan Times).
Russia, China to talk about deeper security co-operation in Eurasia, Lavrov says / April 9, 2024
China and Russia are working to further deepen their strategic partnership in Eurasia as a hedge against what they see as the US’s efforts to impose its will in the region. Since Russia invaded Ukraine and the US imposed sanctions on Russia, Russia and China have benefitted from increased trade and military cooperation (Reuters).
China-Taiwan tension brings troops, missiles, and anxiety to Japan's paradise island / April 10, 2024
As Japan builds up its military defense against what it sees as China’s aggression in the region, it has established a military base on the pristine “paradise” island called Ishigaki, which lies only 150 miles from Taiwan. Local residents protested the military’s plans to build a base there, but rising political tensions in the area have taken precedence (CBS News)
From unfair trade to TikTok: US Treasury Secretary Yellen’s China trip / April 9, 2024
US Treasury Secretary Janet Yellen’s trip to China earlier this week met with mixed success in achieving her goals. “Overcapacity,” or China’s flooding of the global market with subsidized products, money laundering and the fentanyl crisis, TikTok, and financial stability were all discussed, along with her restaurant choices (Al Jazeera).