News that caught our eye / The week ending September 27, 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 testing us, Joe Biden caught telling Quad leaders on hot mic / September 22, 2024
President Biden was caught on a “hot mic” on Saturday, telling the leaders of India, Australia, and Japan that China is “testing us” across the Indo-Pacific region. The four-member Quad exists to promote free and fair trade in the area; China claims all of the South China Sea, challenging the Quad’s perspective (The Economic Times).
Japan destroyer inadvertently entered China waters, captain sacked / September 23, 2024
Back in July, a Japanese destroyer inadvertently sailed into Chinese waters for about 20 minutes. China objected to the ship’s entry into China’s territorial waters and submitted a complaint. The captain of the Japanese vessel, who had just been given command of the ship in May, was relieved of duty. The ship’s crew had planned to observe a Chinese military drill (Kyodo News).
China on 'high alert' after Japan warship sails through Taiwan Strait / September 26, 2024
China was on “high alert” and lodged a complaint with Japan on Thursday after Japan’s navy sailed a warship through the Taiwan Strait as a demonstration of the Strait’s “international waters” status on the world stage. Actually, Australia and New Zealand also sailed military vessels through the Strait on the same day, and last week China sailed an aircraft carrier between two Japanese islands near Taiwan (CNA).
China says test-launched ICBM with ‘dummy warhead’ into Pacific / September 25, 2024
China announced that it tested an Intercontinental ballistic missile in the Pacific Ocean on Wednesday, although it did not elaborate on where the test specifically took place. China is working on modernizing and increasing its missile weaponry to catch up to, or surpass, the US’s arsenal (Al Jazeera).
What’s behind China’s launch of an intercontinental ballistic missile / September 25, 2024
China has not tested an ICBM launch in the Pacific Ocean since 1980, so its recent exercise this week suggests the unusual occurrence is a threatening message to the US and its allies in the region, as well as a message to its own citizens that the PLA’s Rocket Force is functioning well after many of its leaders were removed on charges of corruption earlier this year (AP News).
Despite global EV slowdown, China's car industry refuses to put on handbrake / September 21, 2024
While the global demand for EVs is cooling, Chinese EV automakers are forging ahead with production as Chinese consumers opt for Chinese-made vehicles. Price, patriotism and better-made vehicles are reasons for a shift in sales from Western to Chinese vehicles. And, Chinese automakers are attempting to bypass tariffs by building factories in the EU and other western countries (ABC News—Australia).
China Steel Mills Are Facing a Wave of Bankruptcies, BI Says / September 22, 2024
China’s housing crisis and continuously low consumer demand is now hurting the Chinese steel industry, potentially creating a wave of bankruptcies in this area of China’s economy. To keep afloat, Chinese steelmakers have exported their products often for prices below cost, but that has angered foreign steel makers who can’t compete with such drastically low prices. If bankruptcies occur, it may help China consolidate the industry (Yahoo Finance).
China unveils raft of measures to boost economy / September 25, 2024
China’s Central Bank announced on Tuesday that it will cut its required reserve by one half of a percentage point, unleashing $142 billion to be used for increased lending. The Bank will also lower interest rates on home loans and lower the minimum downpayment to 15%. The announcement gave Asian stock markets a healthy boost (BBC News).
China's monetary volleys miss key threat to economic growth / September 24, 2024
According to some analysts, the People’s Bank of China’s bold measures to boost the economy that were announced this week will miss the main issue affecting China’s sluggish economy: poor consumer demand. Rather, other fiscal policies could address that problem, and many are hopeful the Chinese government will follow through with these measures (Reuters).
A Chinese Christian Tortured in Jail Tells His Story / September 18, 2024
Zhu Chunlin, a Chinese Christian, was imprisoned for illegal fundraising and endured torture while he served out his sentence. “Education and labor reform” included lack of sleep, being targeted by other prisoners and prison personnel, and being forced to wear shackles and handcuffs for long periods of time. Chunlin states only his faith in God got him through the darkest period of his life (Bitter Winter).