China News - 12 November 2021
International
China's Xi Jinping cements his status with historic resolution. Following the culmination of this week’s Sixth Plenum, Chinese state-run news outlet Xinhua revealed that the ruling Communist Party had approved an “historical resolution” that sees Xi Jinping established as an equal to party to founder Mao Zedong and his successor Deng Xiaoping. Xinhua, BBC, FT, The Guardian, 11 November
China could thwart Cop26 deal by blocking key pledge to cut emissions. China and other major polluters have attempted to cut a landmark pledge on ending fossil fuels from the final Cop26 agreement. Alok Sharma, the UK Cop26 president, admitted there was “a monumental challenge ahead of us” to achieve success in the summit before it is due to end on Friday. The Telegraph, Reuters, 11 November
New plans emerge as clock ticks on accord for global carbon market rules. Signs of a breakthrough on the so-called ‘Article 6’ rules for global carbon markets emerged on Thursday as negotiators put forward a plan to create two types of emissions credits in order to resolve issues that have been outstanding for years. FT, 11 November
EU to lay out $46billion ‘Global Gateway’ plan to counter China. According to a draft seen by Bloomberg, the plan will focus on digital, transport, energy and trade projects and is aimed at boosting Europe’s interests and competitiveness around the world, while also promoting sustainable environmental standards and values such as democracy, human rights and the rule of law. Bloomberg, 12 November
Chinese agents operating abroad to get Uyghurs deported, ICC told. Chinese officials are operating in foreign countries to get Uyghurs deported back to China by creating visa problems and coercing them into becoming informants, evidence given by Uyghur representatives to the international criminal court alleges. The Guardian, 11 November
Olympics sponsors pressured over China’s ‘appalling human rights record’. The big sponsors of the Beijing Winter Olympics, including Visa, Coca-Cola, Airbnb and Omega, are under pressure from human rights campaigners to use their leverage to address human rights abuses in China. FT, 12 November
Rivalry with China in Pacific need not lead to new Cold War, says U.S. security advisor. In a speech delivered via videolink to Australia's Lowy Institute, Jake Sullivan said that the US and China have the choice to move forward with ‘stiff competiton’, rather than following a path towards conflict. Reuters, 11 November
India defence chief says China is the ‘biggest security threat’. Bloomberg, 12 November
Danish sculptor seeks legal protection to pick up Tiananmen statue from Hong Kong. The Guardian, 12 November
Economy & tech
Nine Elms developer struggles to find buyers. The lack of properties sold at Nine Elms Square, the centrepiece of Europe’s biggest regeneration project and a £3bn joint development venture between Chinese developers R&F and CC Land, has fuelled fears of a multibillion-pound white elephant in the heart of London. R&F and CC Land recently secured £430m in loans from the Chinese state lender Citic and Lloyds Banking Group to complete the first phase of building work. The Telegraph, 11 November
China’s zero-Covid policy risks battering global economy, warns Mark Carney. The former Bank of England Governor urged the CCP to change course amid fears of mass factory closures in the run-up to Christmas. The Telegraph, 12 November
Bond ructions intensify risk of ‘downward spiral’ for Chinese property groups. A bout of selling this week in junk bonds issued by riskier Chinese property developers has sent their borrowing costs soaring to the highest level in a decade and imperilled companies’ ability to access an important funding source. FT, 11 November
Hiring among internet giants falls amid China’s tech crackdown, but remains robust in semiconductors. Job growth is shrinking at Chinese Big Tech companies as wages remain stagnant amid Beijing’s harsh crackdown on the sector, but the strategically important semiconductor industry has been bucking the trend. SCMP, 11 November
China's top chipmaker just lost a quarter of its board overnight. CNN, Reuters, 12 November
Alibaba enjoys record sales for Singles Day shopping extravaganza in China. The Guardian, WSJ, 12 November
Behind China's great crypto exodus to Singapore. Protocol, 11 November
China focus
Xi held symposium to seek non-Communists' opinions on key CPC resolution. According to state media, Xi Jinping chaired a symposium attended by the leaders from the central committees of the non-CPC political parties, head of the All-China Federation of Industry and Commerce to solicit external views and suggestions on the drafting of the “historical resolution” adopted by the Sixth Plenum. Xinhua, 12 November
China’s population may already be falling as births slow further. Data so far this year shows a continued drop in the number of births, an independent Chinese demographer reported. Bloomberg, 11 November
Northeastern Chinese port city battles growing COVID-19 cluster. Reuters, 12 November
Behind bars, Hong Kong’s democrats remain popular. The Economist, 12 November
Opinion & editorial
US-China rhetoric won’t solve our climate woes if Beijing stays hooked on coal. Julia Pamilih. City A.M., 12 November
China is the final giant piece of a surprisingly successful Cop26. Ambrose Evans-Pritchard. The Telegraph, 12 November
Ugly ghost town at Nine Elms is a London colony of China's property bubble. Ben Marlow. The Telegraph, 11 November
China will stick to a zero-covid policy, for now. Harsh rules will enjoy support, as long as life feels safe for the majority. Chaguan. The Economist, 12 November
Is China about to invade Taiwan? Short of open war, what levels of coercive actions are the United States and its allies willing to accept? Alessio Patalano. The Spectator, 12 November
Longer reads
Breaking down the China-US Cop26 deal: How much of it is new? Olivia Rudgard. The Telegraph, 11 November
China still steals commercial secrets for its own firms’ profit. Despite saying it wouldn’t engage in cybertheft, Beijing is ramping up its efforts. The Economist, 12 November
The man turning cities into giant sponges to embrace floods. Yu Kongjian's sponge city, based on ancient Chinese wisdom, seeks to change how we deal with floods. Tessa Wong. BBC, 11 November
China’s social media explosion. Now that all the major U.S. platforms have left the country, what does the world’s largest social media market look like? Christina Lu. Foreign Policy, 11 November