News that caught our eye / The week ending August 25, 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.
Why is China so angry about Taiwan’s William Lai visiting the US? / August 19, 2023
Taiwan’s presidential candidate’s 2-stop visit to the US has prompted another show of force by China against Taiwan this last weekend. China chafes at any suggestion of independence for Taiwan, so it is especially aggravated by Taiwan’s current president and presidential candidate William Lai, whom it calls a “separatist” and a “troublemaker (Al Jazeera).
US urges China to cease Taiwan pressure; Lai slams election interference / August 20, 2023
The US government urged China to cease its military operations around the island of Taiwan on Sunday and to dialogue with the island nation instead. China’s exercises were slightly less provocative than past drills, suggesting a desire to not rock the global boat. William Lai condemned China’s actions as election interference (Al Jazeera).
China is too big for a Soviet Union-style collapse, but it’s on shaky ground / August 20, 2023
One economic journalist suggests that China’s miracle boom is over and that its current post-Covid economic slump is not just a result of strict Covid lockdowns, but stems from its authoritarian rule over the economy since 2015. If China’s economy falls, a slow, gentle roll is preferred over falling off a cliff (The Guardian).
China's economy is flailing. Its problems could spill into global markets / August 19, 2023
China’s economic downturn—dubbed “washed up on the beach” by one analyst--could easily spill over into other global markets. As demand for imports to China lags, foreign inventories will pile up unless other outlets are found. Global demand for Chinese products is also down, hampering profits for companies who have invested their manufacturing in China (Insider).
China disappoints with ‘underwhelming’ decision on key interest rate / August 21, 2023
The People’s Bank of China scaled back its one-year loan interest rate by 10 basis points but left its five-year loan prime interest rate at .4.2%, disappointing economists, who say that the lack of movement won’t help shore up China’s economy at all (CNN Business).
The Chinese economy: It looks bad. What we can’t see may be worse / August 21, 2023
China’s record-high youth unemployment figures were not reported in July, suggesting that the staggering rate rose even higher. China’s National Bureau of Statistics also stopped publishing a consumer confidence index in April. Other data has been manipulated to show more positive results, so what we are seeing may hide an even worse state of affairs (The Guardian).
Russia, China look to advance agendas at BRICS summit in South Africa / August 20, 2023
Possible additions to the BRICS roster of nations is on the agenda at its conference in Johannesburg this week, along with discussions on trading in local currencies rather than the US dollar. President Xi of China will attend the conference and President Putin will speak via video, while Russia’s Foreign Minister will be present (ABC News).
China’s Xi unexpectedly skipped a key BRICS event. No one is saying why / August 23, 2023
President Xi Jinping missed a business forum on Tuesday at the BRICS summit in Johannesburg. No explanation was given by officials, and Chinese state media didn’t even mention his absence in their reporting. Xi did appear later at a dinner, so his health was unlikely the reason for his absence (CNN).
New Report Warns U.S., Allies of Two Front War with China, North Korea / August 22, 2023
A report from the Atlantic Council advises the US and its allies to be better prepared for a two-front nuclear conflict with China and North Korea. While the two countries distrust one another, according to the report, they may take advantage of the other’s potential strike on its target—South Korea and Taiwan (USNI News).
US approves new $500M arms sale to Taiwan as tension from China rises / August 23, 2023
The Biden Administration approved another arms sale to Taiwan on Wednesday, according to an announcement by the State Department. Although the size of the sale is smaller than prior sales, it expresses the United States’ resolve to support the island, and will likely draw China’s ire once again.
'Chinese activist Kwon Pyong' fled to South Korea on jet ski /August 23, 2023
A known activist who has criticized President Xi Jinping survived a 180+ mile “voyage” on a jet ski from mainland China to South Korea where he was arrested. Many Asian countries will no longer harbor Chinese dissidents, and South Korea only allows a limited number of cases annually (BBC News).