News that caught our eye / The week ending November 1, 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's Summer and Autumn Harvests Drive Record Grain Output / October 28, 2024
China is expecting a record grain harvest this year—reaching 700 million tons, even after areas of China have experienced flooding and drought. That will benefit China’s food security in an era of geopolitical instability. Unfortunately, China also is experiencing low consumer demand, so the bounty may negatively impact prices (WSJ).
China's 'Hawaii' under water as tropical storm dumps record rainfall / October 29, 2024
Tropical Storm Trami, which made landfall in central Vietnam last Sunday, brought almost a foot of rainfall in Hainan province over a 24-hour period on Monday. Hainan is known as China’s “Hawaii” due to its palm trees, lovely beaches, and hotels. Three days of rain left the area waterlogged and adds to a difficult season of flooding on China’s east coast (Reuters).
State alien land laws drive some China-born US citizens to rethink their politics / October 26, 2024
Recent US state laws banning the purchase of US farmland near US military sites by Chinese nationals have fueled a reaction by Chinese-born US citizens to fight against the laws and their GOP sponsors. Twenty-four states have enacted such laws as concerns rose when large swaths of land in Texas and North Dakota were sold, or about to be sold, to Chinese nationals (AP News).
China vows 'countermeasures' after $2 billion US arms sale to Taiwan / October 26, 2024
The Pentagon announced last Friday that it had approved a $2 billion arms deal with Taiwan, including a new air defense missile system that was battle-tested in Ukraine. It will be the 17th sale of arms to Taiwan by the Biden Administration. China lodged “solemn representations” to the US (VOA).
India-China disengagement complete, exchange of sweets today / October 31, 2024
After President Xi and India’s Prime Minister Narendra Modi spoke on the sidelines of the BRICS summit in Russia last week, the two countries have completed their disengagement process in two areas in the eastern Ladakh region, with the border lines returning to their pre-2020 status (NDTV).
Some companies change tack in China with no recovery in sight / October 27, 2024
Some foreign companies—from elevator manufacturers to luxury clothiers—are either lowering prices or closing factories in China as the economy continues to drag on, consumer demand is stubbornly low, and subsidized competition sells similar products at lower prices. One company, however, is taking advantage of the rock-bottom prices to expand (Yahoo Finance).
TSMC suspended shipments to China firm after chip found on Huawei processor / October 27, 2024
In spite of sanctions against the sale of US chip technology to Chinese companies, Taiwan Semiconductor Manufacturing Company (TSMC) reported that one of its chips was discovered in a Huawei AI processor. TSMC states it hasn’t done business with Huawei since 2020. The company has, however, sold the chips to a company called Sophgo in the past; TSMC halted shipments to Sophgo at about the same time it was alerted to the discovered chip in the Huawei product (Reuters).
China's Sept industrial profits post steepest fall of the year / October 26, 2024
China’s industrial profits tumbled over 21% in September from a year earlier, and after August’s 17.8% fall as well. September’s drop was the largest monthly decline this year. Other indicators show that the economy is still struggling and the recently announced stimulus packages from the government haven’t shown any positive impact yet (Reuters).
China considers over $1.4 trillion in extra debt over next few years / October 29, 2024
China's top legislative body, the Standing Committee of the National People's Congress (NPC), is evidently considering a large stimulus package to jump-start its struggling economy. A final decision will come out of a four-day meeting in early November that coincides with the US election. The package will address local government debt, financial system stability, and domestic demand (Reuters).
Shanghai puts a stop to spooky season / October 28, 2024
Police in Shanghai set up barriers in an area where people customarily gather for annual Halloween festivities earlier this week and discouraged people from wearing costumes out of concern that some may wear politically sensitive outfits. Last year, some people wore white papers, echoing a protest against the government that occurred during the zero-COVID lockdown in 2022 (NBC News).
China's private tutoring firms emerge from the shadows after crackdown / October 28, 2024
Back in 2021, China’s government cracked down on for-profit tutoring companies in an effort to help parents and students afford the extra educational help they needed in an ultra-competitive system. The tutoring sector, whose largest companies employed 170,000 people, took a huge hit. Recently, however, the government seems to be pulling back to aid the economy, allowing the businesses to operate again (VOA).
China declares success as its youngest astronauts reach space / October 30, 2024
A Chinese spacecraft successfully launched three “taikonauts” (astronauts)—including China’s first female space engineer—into space, taking them to the Tiangong Space Station where they will relieve another three-man crew that will return to Earth on November 4th. The event sparked national pride in China but issued concern by Westerners that China’s space program could be weaponized (BBC).