News that caught our eye / The week ending August 30, 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 robots conference spotlights the changing face of humanoids / August 25, 2024
In 2022, China utilized over 6 times more robots than either Japan or the United States, which installed roughly 40,000 to 50,000 robots in various roles. President Xi’s mandate to create innovative uses for technology is behind the thrust into robotics innovation in China (Reuters).
China accuses Canada of protectionism over 100% tariffs on electric vehicles / August 27, 2024
Following the US’ lead and to protect its own auto industry, Canada set 100% tariffs on Chinese-made electric vehicles, causing China to vigorously condemn Trudeau’s government for violating WTO trade rules. Canada accuses China of creating an oversupply of government-subsidized EVs which could be sold at a lower price (AP News).
PDD’s $55 Billion Stock Crash Sends Warning on China Economy / August 27, 2024
Temu’s parent company, PDD Holdings Inc. announced that its second-quarter revenue missed estimates, causing a 29% drop in its stock value. Temu was the shining beacon of hope for the Chinese economy, but a continuously weak consumer demand and competition in the e-commerce sector have made it difficult for the company to keep its momentum going (Yahoo Finance).
Two more Chinese airlines to start flying China-made COMAC C919 jet / August 28, 2024
COMAC, the Commercial Aircraft Corporation of China, delivered its new C919 passenger jet to two Chinese airlines this week, marking the second and third airline companies to receive the new jets. COMAC is just beginning to break into the aircraft economy but doesn’t have clearance yet to do business with EU or US airlines (Reuters).
Western airlines were excited about returning to China after Covid. But not anymore / August 25, 2024
Unexpected weaker consumer demand and geopolitical conflicts have put a damper on Western airline companies’ bottom line as they try to recover a once vibrant sector of airline travel. Westerners are not flying to China as much as they used to, and Western airlines must fly around Russian airspace due to sanctions and safety concerns. Chinese airlines, however, are not suffering as much as Western airlines are (CNN Business).
Hong Kong court convicts former Stand News editors of sedition / August 29, 2024
A Hong Kong court convicted two former journalists from the now defunct Stand News organization, which once was Hong Kong’s leading online media and a strong promoter of the freedom of the press. This is the first time any Hong Kong journalists have been convicted of sedition since China took over Hong Kong in 1997 (Reuters).
Sullivan's China visit expected to set stage for Biden-Xi final meeting / August 27, 2024
While President Biden is not seeking re-election this year and is in a “lame duck” period, President Xi is still interested in meeting with him one last time, possibly at the Asia-Pacific Economic Cooperation forum in Peru or the G20 summit in Brazil later this fall (VOA).
Xi Jinping tells Jake Sullivan China is committed to stable US ties / August 29, 2024
Jake Sullivan, the US National Security Advisor, was in China this week for talks with President Xi and top government officials. While very little was resolved, President Xi expressed hope that the two global powers could maintain “stable and healthy ties,” respecting each other’s development (SCMP).
China calls for more support for its Ukraine peace plan created with Brazil / August 27, 2024
China called on its allies to express support for a peace plan created by China and Brazil for the Russia-Ukraine war, but the conflict has escalated with Ukraine’s incursion into Russia. While the US and Europe have supported Ukraine with weaponry, China has also been accused of supplying dual-use products Russia can use to make its own weapons (AP News).
China conducts military drills along Myanmar border amid fears of war spillover / August 27, 2024
A civil war in Myanmar is heating up along the border with China. Consequently, China has recently held live-fire military drills along the Chinese side of the border as a sign for the conflicting sides to de-escalate the fighting. China fears the war could spill over into its territory either with refugees or stray shell fire crossing the border (ABC News—Australia).