News that caught our eye / The week ending September 1, 2023
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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.
What China’s Economic Woes May Mean for the U.S. / August 26, 2023
Since China’s imports from the US are relatively small (around 7.5% in 2022), and the countries’ financial institutions are loosely connected, China’s sluggish economy may not significantly impact the US economy in the next 6 months. A major downtown, however, would affect the global economy, of course. A push in exports from China could lower inflation (The New York Times).
As China’s economy stalls, Australia braces for the impact / August 26, 2023
Unlike the US, Australia’s economy is much more dependent on China, since 1/3 of its exports go to China. The slump in China’s economy has lowered iron-ore exports from Australia, which lowers the value of the Australian dollar. Chinese tourism in Australia has also declined (The Guardian).
China’s economic troubles mark the end of its geopolitical ascent / August 27, 2023
Economists speculate that China’s economic rise has now peaked and may even decline, all due to President Xi Jinping’s political changes that began in 2018 when Xi made it possible for himself to run the country for as long as he wants, and then reversed the Deng formula and went back to many of Mao’s failed policies (Mint).
Evergrande shares plunge further amid China economy fears / August 29, 2023
After a 17-month hiatus off of the Hong Kong Stock Market to restructure offshore debt, Evergrande, shares fell another 14% when it opened for trading on Monday. The property firm has lost 99% of its value in the last 3 years, stoking fears that China’s real estate woes will spread into other areas of the economy (The Guardian).
Fukushima: China accused of hypocrisy over release of nuclear wastewater / August 25, 2023
Last week Thursday, Japan began releasing nuclear waste water from the damaged Fukushima power plant. In reaction, China banned all seafood from Japan, which is considered high quality. But China also releases nuclear wastewater—with higher tritium levels than that from the Fukushima plant—from its own nuclear plants into the ocean (The Guardian).
Japan summons China ambassador over Fukushima ‘harassment’ calls / August 28, 2023
A number of Japanese businesses received harassing “crank” calls from suspected Chinese phone numbers after the Fukushima nuclear power plant released cooling water into the ocean as part of its clean-up process. Japan’s Prime Minister urged China to calm its people and to accurately report on the situation using true, scientific evidence rather than propaganda (Al Jazeera).
Russia hopes to raise fish, seafood exports to China after Japan ban / August 26, 2023
With China’s ban on Japanese seafood after the Fukushima wastewater release, Russia is hoping to increase its seafood sales to China. Russia’s food safety watchdog expressed confidence that the ocean currents in Russia’s fishing areas will not incorporate any radiation from the wastewater release, although it will continue to test food for radioactive particles (CNBC).
The US, allies clash with N. Korea, China over failed satellite launch / August 25, 2023
The US and some of its allies condemned North Korea’s failed satellite launch because it used materials banned by the UN Security Council, and because its nuclear and space ambitions threaten the security of the region. N. Korea countered by blaming the US and it’s military exercises in the region for stoking tensions (ABC News).
Is China really buying up U.S. farmland? Here’s what we found / August 26, 2023
An NBC investigative review found that only 1400 acres of US land were sold to Chinese entities in the last 18 months. However, that review only considered 35 US states and a short time period. The total sum of US land owned by just one Chinese company, Smithfield Foods (a former US company bought by a Chinese firm) is over 125,000 acres (CNBC).
China won’t require COVID-19 tests for incoming travelers / August 28, 2023
Beginning Wednesday (8/30), China will no longer mandate COVID-19 tests for incoming travelers to China. Since January, China has been slowly pulling back measures to prevent COVID’s spread, including quarantines for Chinese citizens returning from abroad and increasing the list of countries its citizens can travel to (AP News).
US, China discuss export controls as commerce secretary visits / August 28, 2023
Commerce Secretary Gina Raimondo met with her Chinese counterpart this week, discussing “export controls” but not making much headway on any other frosty issues between the two superpowers. China would like more US investment in China, and the Biden administration removed 27 Chinese tech companies from its banned “black list” on the day Raimondo arrived in China (AP News).