News that caught our eye / The week ending December 15, 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.
Next China: Ready for 2024? / December 14, 2023
While 2023 has been a difficult year for China, this Bloomberg article presents 5 areas of interest as China heads into 2024: US/China relations in a US presidential election, China’s economic outlook for the new year, Taiwan’s elections in January, China’s stock market, and tech advances in spite of US sanctions (Bloomberg).
China’s livestream shopping is booming, fueling new tech / December 10, 2023
Sales surged 19% higher this year in livestreaming commerce during November’s Singles’ Day shopping festival. Livestream commerce, using popular influencers, and now, avatars, to sell products in livestream commercials, is taking off in China, creating a niche market of its own as tech companies create avatars to sell products (CNBC).
China's banking system is in free fall, real estate losses could hit $4 trillion / December 12, 2023
The Hayman Capital Management CIO, Kyle Bass, stated that China’s banking system is in a free fall, mostly due to the bloated property sector. Developers built too many housing units—financed by loans—so the market now has enough units to house 3 billion people. But the demand is far short of that supply (Markets Insider).
China Says It Will Step Up Policy Adjustments to Spur Recovery in 2024
At the annual Central Economic Work Conference held this week in China, top leaders planned to adjust polices to improve the Chinese economy by spurring domestic demand, encouraging innovation, and stabilizing growth, employment and expectations. The government appears to be doing all it can to recover the economy (VOA).
China-made C919 lands in Hong Kong in maiden flight outside mainland / December 12, 2023
Two new Chinese-made airliners flew to Hong Kong, the first time Chinese-made civilian aircraft have flown outside the mainland. China’s advances in civilian aircraft production, seen in these flights, will likely become a competitor to Boeing, Airbus and other western aircraft companies (Fox Business).
India, China Break Ranks at COP28 on Target for Renewables / December 13, 2023
More than 120 countries at the COP28 signed a pledge to triple their resources for energy production by 2030, but China and India were not among them. Both countries have their reasons: China recently increased their renewables and India already has a lower per capita emissions rate than some other developed countries (VOA).
China Ramps Up Efforts to Interfere in Taiwan’s Coming Elections / December 12, 2023
As Taiwan edges closer to its January presidential election, reports say that China is increasing its efforts to influence voters, engaging four of its government departments to spearhead an influence campaign, including disinformation to sway voters to support the Kuomintang, the opposition, pro-China party (VOA).
US alarmed as China hacks critical systems: What you can do / December 11, 2023
For about a year now, hackers connected to China’s PLA have conducted what is called the Volt Typhoon cybercampaign, an effort to hack into and disrupt not only military and government websites, but critical domestic infrastructure in order to cause chaos and confusion. But there are ways to protect vital sites and personal data (Fox News).
Xi pushes more trust with Vietnam after Hanoi’s move closer to Washington / December 13, 2023
Vietnamese Communist Party chief Nguyen Phu Trong and Chinese President Xi Jinping met on Tuesday and agreed to strengthen the relationship between the two communist countries. Historically, the countries have been rivals and currently spar over rights in the South China Sea. Just months ago, Hanoi also sought to strengthen ties with the US, as well (CNN).
How China is challenging the U.S. military’s dominance in space / December 12, 2023
If a war broke out between the US and China, it likely would start in space, where satellites provide tactical information to the military of both nations. Between 2019 and 2021, China doubled the number of its satellites in space and has developed hypersonic missiles that present a challenge to the US military (NBC News).
China hardening against dissent, rights groups say on Human Rights Day / December 11, 2023
Human rights activists marked the 75th anniversary of International Human Rights Day warning that China under Xi Jinping is increasing its harassment campaign against anyone critical of the regime, often detaining Chinese citizens on vague or unexplained charges. The harassment even stretches to other countries where dissidents have fled (Politico).