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 its 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).
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).
China’s recent economic woes suggest there is something seriously amiss / August 12, 2023
China’s current economic sluggishness may be the slurry gray band in the global economic river, but its causes are deeper: underwater currents of systemic problems. These include China’s increasingly authoritarian political policies, a large amount of bad debt, poor investments, excess supply, and low demand. Which is a bigger challenge: a successful China or a flailing one? (The Guardian)
Biden’s ‘ticking time bomb’ remark referred to China’s economy / August 12, 2023
President Biden’s comments about China at a political fundraiser last Thursday were not well-received by China, who criticized the comments as smearing China’s reputation for political campaign points and staining its image in the global theater. Currently, Biden plans to meet with Xi Jinping later this year (Al Jazeera).
Floods Strike Blow to China’s Faltering Economy / August 11, 2023
Flooding from China’s two recent typhoons has created billions of dollars of infrastructure damage and personal property loss, further hampering China’s struggling economy. The country’s reputation for reliable infrastructure also took a hit when the flooding destroyed flood barriers and bridges. Many provinces would like to allocate funds for repairs, but they don’t have enough (VOA).
Will China ever get rich? A new era of much slower growth dawns / July 17, 2023
Already a month old, this article also looks at systemic issues plaguing China’s current economic woes. Unless the government comes up with substantial changes, China may not see its goal of advancing the US economy for 10 or 20 years, creating disillusionment among its people and others expecting to benefit from China’s rise (Reuters).
China’s hi-tech manufacturing reaches ‘tipping point’ amid US curbs / August 15, 2023
China’s industrial output grew by only 0.7 percent in July, causing economists to call for heightened vigilance in China’s economy. US sanctions on hi-tech manufacturing and investment have also tightened the screws on China, causing ripple effects that affect other areas, like the staggeringly high youth unemployment, and potentially, the global economy (SCMP).
China reports big data miss in July, stops releasing youth unemployment / August 14, 2023
A long list of China’s economic figures posted less than expected growth in July, and China’s youth unemployment figures were simply not reported at all by the National Bureau of Statistics, citing a reassessment of its methodology. All eyes are on Beijing to take the necessary steps to stop the spiraling economic downfall (CNBC).
Asia shares decline as faltering Chinese economy sets off global slide / August 15, 2023
Asian markets from Japan to Australia dipped Wednesday amid the release of China’s economic figures for July. Wall Street also saw a decline. Currently, the US economy is doing better than expected, even in spite of high inflation, but forecasters suggest that a cooling season may arrive in August (AP News).
Xi caught in ’leadership crisis’ as economy tanks, property giant teeters / August 17, 2023
As real estate developer, Country Garden, the CCP’s “poster child” of economic success, teeters on the brink of default within a month, the pressure is on for Xi Jinping to rescue China’s economy, and perhaps, the nation itself. But he hasn’t been seen publicly since the end of July (news.com.au).
China vows ‘forceful measures’ as Taiwan’s William Lai arrives in US / August 13, 2023
Once again, China has vowed to respond forcefully to Taiwan’s presidential candidate, William Lai’s, visit to the US, both in New York and San Francisco as part of a trip to Paraguay. Lai’s time in the US will involve meeting with Taiwan-American representatives. Lai is seen as a pro-independence candidate (Al Jazeera).
Defense minister warns against ‘playing with fire’ on Taiwan at Russia meeting / August 16, 2023
China’s defense minister Li Shangfu took a verbal jab at the US while attending a security conference in Moscow on Tuesday, likely in response to Taiwan presidential candidate William Lai’s stopover visit to the US on a trip to Paraguay. About 20 countries were represented at the conference, which sought to strengthen military cooperation (CNN).
Is a militia Beijing says doesn’t exist causing trouble in the South China Sea? / August 12, 2023
Not only are reefs being taken over by the Chinese military, and the Chinese Coast Guard is now under military control, but China may also have a large flotilla of militia fighters posing as fishermen on common-looking fishing boats. Since they appear harmless, China can deny they exist at all (CNN).
Beijing’s Wang Yi urges Vietnam to help uphold Communist ideals / August 17, 2023
China’s foreign diplomat Wang Yi called upon Vietnam to uphold its shared ideology with China at the China-South Asia Expo this week, which was also attended by other Southeast Asian nations. The appeal was made in light of China’s concerns about foreign interference in the region, potentially tempting Vietnam to look away from its Communist ideals (SCMP).
‘Suicide attack if necessary’; China’s strong signals to Taiwan, ready for war / August 6, 2023
China’s People’s Liberation Army released a documentary series called “Chasing Dreams” about its preparedness to invade Taiwan, including statements from soldiers willing to include suicide attacks, if necessary, to accomplish the army’s goal of obtaining Taiwan before its 100th anniversary in 2027 (Mint).
China hawk says Beijing could attack Taiwan by 2024 / August 9, 2023
US investor Kyle Bass warned that signs point to China invading Taiwan before the end of 2024, citing 3 pieces of evidence in Xi Jinping’s governance that point in that direction. Like Putin, Xi is not concerned about the economic damage such a move could make. His focus is on acquiring Taiwan (CNBC).
China, Russia send warships near Alaska, triggering forceful US response / August 5, 2023
Eleven Russian and Chinese ships sailed close to the Aleutian Islands last week, triggering a response from the US which sent 4 warships and aircraft to guide the adversarial ships away from US territorial waters. Given the war in Ukraine and tensions around Taiwan, the exercise by China and Russia is concerning (Fox News).
Earthquake in eastern China destroys houses, injures at least 21 / August 5, 2023
A magnitude 5.5 earthquake struck near the eastern city of Dezhou, about 185 miles south of Beijing, where tremors were also felt, but no damage was reported. One hundred twenty-six homes were leveled in Dezhou, but no deaths were reported. About 5.6 million people live in and around Dezhou (ABC News).
Philippines tells China it will not abandon post in disputed reef / August 7, 2023
After Chinese ships shot water canons at Philippine ships heading to a Philippine post on the Second Thomas Shoal, a Philippine official declared that the country will not abandon its post on the Shoal. A similar incident occurred in November of 2021 (Reuters).
China calls on Philippines to move grounded warship from disputed reef / August 8, 2023
In an attempt to strengthen its claim to the Second Thomas Shoal, the Philippines grounded a warship in 1999 and has used it as a base of operations since then. China continues to object to the maneuver, leading to the water cannon incident last Saturday. China claims almost the entirety of the South China Sea for itself (Al Jazeera).
What’s behind rising China-Philippines tensions in the South China Sea? / August 9, 2023
China claims almost all of the South China Sea on the basis of historical records from the Xia Dynasty from 4000 years ago, Currently, the Sea’s rich resources and its strategic location to control trade and any nation’s military presence there also incentivize China’s claims. (Al Jazeera).
Deflation: Why falling prices in China raise concerns / August 9, 2023
China’s consumer price index fell by .3% from last year for the first time in more than 2 years. China’s exports and imports also fell in July by more than 12%. The housing market continues to struggle, nearly losing one of its largest real estate developers, and youth unemployment is at an all-time high (BBC News).
US Navy sailor’s mom encouraged him to pass military details to China / August 9, 2023
Prosecutors charge that Jinchao Wei, one of the two US Navy sailors recently arrested for espionage, was encouraged by his mother to cooperate with Chinese intelligence officers so that he might obtain a place in China’s communist party after his stint with the US Navy. Wei was born in China and had only applied for US citizenship in February of 2022 (AP News).
How high will the fence be? China’s concerns over US tech investment curbs / August 10, 2023
President Biden signed an executive order on Wednesday curbing additional US investment in particular Chinese technology companies, described as a “small yard” (select industries) and a “high fence” (strong restrictions). Foreign investment in China has already decreased significantly, and China will likely respond with its own restrictions (SCMP).
Floods around Beijing kill at least 20, 27 missing as thousands evacuated / August 1, 2023
After an early summer heat wave in China, torrential rains have battered Beijing and surrounding areas with as much as 20 inches of rain as of Tuesday, August 1st. Severe flooding—and severe droughts—have affected other regions of China this summer, as well (AP News).
China wants to mobilize the entire nation in counter-espionage / August 2, 2023
China’s counter-espionage law, which took effect in July, allows authorities carrying out an anti-espionage probe to gain access to data, electronic equipment, and information on personal property. This could threaten foreign businesses in China. The Ministry of State Security on Tuesday encouraged Chinese citizens to report suspicious activity wherever they see it (NBC News).
Gallium & germanium: What China’s move in microchip war means for world / August 2, 2023
"Resource nationalism," when governments hoard critical materials to exert influence over other countries, is raising the bar in the technology war between China and Western chip makers, such as the US, Japan, and the Netherlands, as China restricts the export of materials needed for the chip making process (BBC News).
Chinese regulators propose two-hour phone limit per day for under 18s / August 2, 2023
Chinese regulators are proposing the idea of limiting phone usage for children under 18 to two hours or less a day, depending on age, and implementing a “minor mode” to shut off a phone from 10pm to 6am. Internet addiction and poorer eye health are the reasons for the recommended limits (Sky News).