News that caught our eye / The week ending July 19, 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.
Curated by James Getka.
China Blasts US Tibet-China Dispute Bill, Vows to Defend Its Interests / July 13, 2024
President Biden signed the Tibet-China Dispute Act into law on Saturday, forcing pressure on China to hold talks with Tibetan leaders over the region’s desires for greater autonomy if the US puts the Act into motion. China strongly rejected the new law stating that it directly affects China’s sovereignty and that it would defend its interests. China’s talks with Tibetan leaders have stalled since 2010 (US News).
China’s economic growth slows amid weak retail spending / July 15, 2024
Annual retail sales growth in China slowed from 3.2% to 2% in the second quarter of 2024, marking the weakest growth in eighteen months. The housing sector continues to drag on the economy as the overall Chinese economy grew at an annual rate of 4.7%, lower than the 5.1% anticipated by financial markets. Strong exports in June, however, compensated for low consumer demand (The Guardian).
China’s Communist Party will signal its approach to the country’s challenges this week /July 16, 2024
China’s Communist Party will meet this week in its “third plenum” to set policies for economic growth and national security concerns. Many believe that the CCP’s crackdown on “corruption,” private businesses, and society may be stifling the economy and that some easing in this area would be helpful. Local governments are also heavily in debt and may divert funds from other needed areas (NBC News).
China vows to deepen reforms, ex-minister Qin leaves top party body / July 18, 2024
The CCP in its third plenum vowed to continue reforms both to restore the economy by “advancing modernization” and a “high-standard socialist market economy” and to strengthen national security. Former Foreign Minister Qin Gang, as well as former Defense Minister Li Shangfu were removed from the party (Kyodo News).
Oil prices ease on demand concerns in China / July 15. 2024
Demand for oil in China fell in the second quarter of 2024, partly due to planned maintenance of oil refineries. US demand for oil was healthy, however, providing a little balance to the global market. China’s refinery output fell 3.7% in June (Reuters).
China tries to hit more birds with one stone in property rescue push / July 16, 2024
In May, the Chinese government ordered Chinese cities to buy up newly built apartments and turn them into affordable housing and offer subsidies to households to purchase them. Some cities saw this as an opportunity to attract needed skilled workers, such as teachers or medical professionals, and to halt population outflows from smaller cities to major cities (CNA).
Chip stocks shed over $500 billion in value on China trade fears / July 17, 2024
Semiconductor stocks fell sharply on the news that the US may increase sanctions on chip sales to China, as well as former President Trump’s comment that Taiwan should pay the US for the military support the US gives the island. NVDA, Broadcom, AMD, and Arm stocks all fell between 7% and 10%, but US chip manufacturer stocks all rose (Yahoo Finance).
How the Trump Pennsylvania rally shooting looked from China / July 14, 2024
Former US President Trump’s assassination attempt became the top trending news buzz on Chinese social media, sparking comments from Chinese citizens from neutral to gloating, and many calling attention to US gun policy and its harmful effects on US society. The New York Post initially claimed the shooter was a Chinese man, but quickly changed that to a “white” man (SCMP).
China, Russia Start Naval Drills, Days After NATO Says Beijing Enables Ukraine War / July 14, 2024
Chinese and Russian naval forces began joint drills on Sunday at a port in southern China, just days after NATO held meetings in Washington, D.C., and claimed China was enabling Russia’s war in Ukraine. Chinese officials, however, denied any connection between the drills and NATO’s accusation (Radio Free Europe).
China suspends nuclear talks with Washington / July 18, 2024
Citing recent arms sales to Taiwan, China suspended nuclear arms-control talks with the US, following Russia’s lead to cease treaty-mandated communication with the US. China stated that the arms sales “seriously compromised the political atmosphere. The Biden Administration would like to see the nuclear arms issue as separate from other geo-political matters (NBC News).
Fire kills 16 at a shopping mall in southwestern China / July 17, 2024
A fire broke out in a 14-story building housing a shopping mall, a restaurant, offices, and a movie theater, killing 16 people. The fire was reported at about 6 pm as thick black smoke and flames poured out of the windows of the lower floors of the building. Such fires are somewhat common in China, with 947 fatalities due to fires this year through May 20th (ABC News).