News that caught our eye / The week ending September 13, 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.
Warm fronts to Y-fronts: Chinese city hit by underwear storm / September 9, 2024
After enduring high temperatures and a drought in the city of Chongking, authorities decided to fire 200 cloud-seeding rockets into the sky to cause it to rain. The plan succeeded, but residents claim the artificial rain-making scheme also caused a windstorm that produced wind gusts up to 76 mph, sending underwear and clothing from clotheslines into the sky (The Guardian).
China's exports up solidly but slowing imports dim trade outlook / September 10, 2024
China’s exports in August were a bright light on a gloomy economic stage as exports rose 8.7% year on year, possibly prompted by companies filling orders ahead of impending tariff increases in Europe, Canada, and even South-Asian countries. Even so, China expects exports to ride out the storm (Reuters).
European firms doubt China's appetite to fix economy, lobby group says / September 11, 2024
European firms are casting doubt on China’s economy and their ability to realize profits by investing in the country or doing business there. Domestic demand is still sluggish; government stimuli are unrealistic; competition with domestic companies is imbalanced due to government subsidies; national security laws threaten workers and a highly politicized business environment are not worth the marginal benefits (Reuters).
China to Cut Rates on $5 Trillion Mortgages as Soon as September / September 12, 2024
In an effort to stimulate domestic consumption, China is planning to offer homeowners reductions on mortgages of up to 80 points if people refinance their loans. Previous attempts by the government to revive the economy have not succeeded (Yahoo Finance).
China’s deflationary spiral is now entering a dangerous new stage / September 9, 2024
China’s economy is beginning to reflect Japan’s “lost decades” of the 1990s the economy appears to be spiraling into a deeper deflation hole. Employee wages have either stagnated or declined at a time when the government wants consumers to spend more. The taboo word “deflation” is showing up in social media more than economists want it to (Yahoo Finance).
EU to trim proposed tariffs on Tesla, other EVs from China / September 10, 2024
The EU will slightly lower the tariffs it has planned to place on Chinese EV imports after some automakers in China submitted materials to an investigative commission that looked for Chinese subsidies and their effect on the auto industry in Europe. The tariff on Tesla, already lower than other companies’ tariffs, was lowered from 9% to 7.8%. BYD’s tariff will remain at 17% (Reuters).
Ukraine's Zelenskiy dismisses 'destructive' China-Brazil peace initiative / September 12, 2024
Ukrainian President Zelenskiy rejected China’s latest peace proposal, co-sponsored by iBrazil. Zelenskiy criticized the proposal partly because Ukraine never had a part in developing it, nor did he appreciate Brazil’s pro-Russia perspective in the matter (Reuters).
Russia, China kick off joint military exercises, challenging US-led coalition / September 10, 2024
Russia and China are carrying out another joint military exercise, this time with more than 400 naval vessels, 120 aircraft, and around 90,000 troops. The exercises are meant to counteract the West’s presence in volatile regions and to stretch thin the West’s military strength with its presence in multiple locations (VOA).
China's Troops Advance Dozens of Miles Across Indian Border / September 10, 2024
Refuse and graffiti apparently left behind by Chinese troops in the Indian-controlled area of Arunachal Pradesh showed that the Chinese army had infiltrated 37 miles into the contested area. Since 2020’s deadly clash between China and India in the Galwan Valley, the two sides have attempted to be more diplomatic (Newsweek).
China Announced Two Breakthroughs in Semiconductor Chip Sector / September 11, 2024
“Recently, China has set two records in semiconductor chip sector: first, it mass-produced the world’s first 28nm embedded RRAM image quality adjustment chip; second, it developed the world’s first 16-bit quantum bit semiconductor microprocessor chip” (TrendForce).
No sharing secrets with India: China's EV giants told to keep tech at home / September 12, 2024
China’s Ministry of Commerce advised Chinese automakers in July to prevent sensitive Chinese EV technology from being shared outside of China by not doing any auto-related investments in India. The Ministry also encouraged the companies to skirt tariffs by using “knock-down” kits—packaging parts that can be assembled in other countries but would avoid the tariffs placed on complete vehicles as they are imported (Business Today).
Ex-CIA spy for China gets 10 years in prison — and a lifetime of polygraph tests / September 11, 2024
A former CIA officer who was arrested in 2020 was sentenced to 10 years in prison for providing sensitive information to the Chinese government. Alexander Yuk Ching Ma, 71, worked with his brother to provide classified and sensitive information to the Shanghai State Security Bureau. In return, the brothers received $50,000 and numerous gifts. Two years later, he began a 6-year run of providing China with information (AP News).
China to train overseas law enforcement officers to create ‘more fair’ world order / September 11, 2024
China is offering to train thousands of foreign police officers to create what it calls a “more fair” world order. Human rights groups have said that the training of African officers included communist “authoritarian tactics” and was designed to protect Chinese investments in those countries. The matter has been an issue since 2022 but recently came up again as China made the offer again at a public security conference (The Guardian).
Tick-borne Wetland virus, newly discovered in China, could damage the brain / September 10, 2024
Scientists have discovered a new tick-borne illness—dubbed the Wetland virus—in China that causes a variety of symptoms that mimic other diseases but could also lead to hemorrhagic fever in rare cases. All the patients infected with Wetland virus were given antiviral medication, antibiotics, and immunoglobulin therapy and recovered from their symptoms (Fox News).
What do Hong Kong teens think about official advice on controlling sexual impulses? / August 13, 2024
Hong Kong’s Education Bureau released a new set of instructional materials for secondary students on sex education, causing a strong backlash for its dismissive approach to sexual desires among teens, as well as its implied accusation that it is the girl’s fault for causing a boy’s excitement because of her attire (SCMP).