China News - 11 July 2022
International
Australia ‘doesn’t respond to demands’, Anthony Albanese tells China. The Australian prime minister’s comments followed last week’s G20 meeting between Australia’s foreign affairs minister, Penny Wong, and her Chinese counterpart, Wang Yi. Wong called it a “first step towards stabilising the relationship”, while Wang laid out Beijing’s four-point advice on improving relations. Wang also discussed the Ukraine conflict during more than five hours of “candid” talks with US Secretary of State Antony Blinken. The Guardian, 11 July
White-shirted group attacks protesters at China banking scandal demonstration. Victims of what could be one of China’s largest financial scandals were surrounded by local police and beaten by unidentified men during a protest in Henan province on Sunday. Hit hard by the country’s economic slowdown, four banks in the province have since mid-April frozen all cash withdrawals, leaving thousands of small savers without funds and sparking sporadic demonstrations. SCMP, The Japan Times, 10 July
Beware China ‘catastrophe’, UK university campuses told. Vivienne Stern, the incoming head of Universities UK, said that universities should treat the collapse of research and educational ties with Russia as a warning of what would happen if diplomatic relations broke down with China. “The difference would be an order of magnitude greater; it would be catastrophic,” she said during a speech to academics. The Times, 11 July
US urges UK to 'step up' efforts to defend Taiwan amid growing threat of Chinese invasion. Steve Chabot, ranking member of the House Foreign Affairs Asia-Pacific Subcommittee, called on UK and European allies to “step up” to help build Taiwan’s defence capabilities. Congress is considering a new bill to streamline major arms sales to Taiwan amid a growing sense of urgency to build a credible deterrent to a potential Chinese takeover. The Telegraph, 9 July
FBI director warns China espionage is greatest threat to US and allies. Ahead of meetings with MI5 last week, FBI Director Christopher Wray told the Financial Times that China was making it harder for companies to do due diligence on potential Chinese partners and that the FBI and MI5 are working to boost cooperation with businesses to give them the tools to prevent espionage. FT, 11 July
Chinese tycoon plans to offload sensitive UK data sites. Chinese steel conglomerate Jiangsu Shagang Group is seeking to sell its entire 51 per cent holding in Global Switch - a company that stores sensitive data in London - alongside the remaining Chinese investors in the business, according to City sources. The Mail on Sunday, 10 July
Myanmar's junta rolls out Chinese camera surveillance systems in more cities. Reuters, 11 July
Hong Kong considers Covid health code system similar to mainland China. SCMP, 10 July
Economy & tech
China’s bumper data week will set tone for economic stimulus. China will unveil a bumper set of economic indicators this week that will likely set the pace for monetary and fiscal stimulus for the rest of the year as Beijing chases down its ambitious 5.5% growth target. Bloomberg, 10 July
China pins hopes on local RISC-V start-ups to crack Western monopoly on CPU chips. China is eyeing the chance to reduce its reliance on the West for microprocessors used in smart devices through adoption of the open-standard RISC-V chip design architecture. SCMP, 10 July
China's June vehicle sales jump 24%, industry body says. Authorities are trying various incentives to revive the automobile market, with some local governments offering subsidies to consumers willing to trade in gasoline vehicles for electric cars. Reuters, 11 July
Hong Kong’s new Chief Executive pledges to review IPO rules to attract foreign firms. Caixin, 9 July
Tencent, Alibaba and Didi fined by China antitrust watchdog for unreported merger deals. SCMP, 11 July
Long reads & opinion
This must be the end of cosying up to the CCP. Dominic Lawson. The Sunday Times, 10 July
Britain’s electric dreams will never come true while China has a materials advantage. Rare earth elements hold the key to a carbon-free future. John Naughton. The Observer, 10 July
Iron Promise. Why is mining giant Rio Tinto pushing ahead on a nearly impossible project? Possibly because China wants it done. Isabella Borshoff. The Wire, 10 July
Beijing’s watchful eye on all data flowing in and out of China. Kai von Carnap. MERICS, 8 July