China News - 13 September
International
China says it is willing to deepen mutually beneficial cooperation with Russia. China’s vice premier Zhang Guoqing was quoted saying that the CCP is willing to share development opportunities and deepen mutually beneficial cooperation with Russia. Reuters, 12 September
Xi Jinping’s G20 snub sparks concern of retreat from international diplomacy. Neil Thomas, a fellow at the Asia Society Policy Institute’s Centre for China Analysis, said “this could certainly be the beginning of Xi’s retreat from the energetic diplomacy that characterised his first decade in power”. Joe Leahy. Financial Times, 12 September
China’s launch of biofuel blended shipping fuel is only the start of industry’s green push. Hong Kong’s largest shipping fuel supplier, Chimbusco Pan Nation Petro-Chemical, has achieved a first for China by refuelling an ocean vessel using a climate friendly marine biofuel mix. Eric Ng. South China Morning Post, 12 September
China’s navy starts largest-ever excercises in Pacific Ocean. The PLA’s second aircraft carrier, the Shandong, is carrying out an exercise with more than 20 other Chinese warships in waters between Taiwan, the Philippines and Guam. Kathrin Hille. Financial Times, 12 September
Economy & Tech
China set to take over Japan as world’s biggest car exporter. Years of supportive industrial policy combined with private sector investment has boosted China’s competitiveness in the car making industry. Domestic manufactures, especially EVs, are now outselling foreign automakers and looking towards overseas markets for growth. Edward White, Song Jung-a, Leo Lewis and Andy Lin. Financial Times, 12 September
China says its economy is “resilient”, and rejects Western concerns. Although US president Biden called the Chinese economic situation a “crisis”, the Chinese foreign ministry said its economy is resilient and has not collapsed. Liz Lee and Ethan Wang. Reuters, 12 September
China attracts record ETF flows even as US and Europeans pull out. China-focused ETFs saw net inflows of $20.6bn in August, two and a half times the level in July. This money has all come form Asia Pacific-listed funds, as the US and Europeans pull out. Steve Johnson. Financial Times, 12 September
Chinese property woes trigger “dramatic shift” into US stocks. A third of fund managers named Chinese commercial real estate the most likely source of a “systemic credit event” in the Bank of America’s monthly poll. Sally Hickey. Financial Times, 12 September
Opinion & long-reads
Can India challenge China for leadership of the “Global South”. Although China has led the way in the Global South for more than a decade, a newly confident India is presenting itself as a different kind of leader. It is important, big and better positioned than China in an increasingly polarised world. Damien Cave, Mujib Mashal and David Pierson. The New York Times, 12 September
Why Vladimir Putin and Kim Jong-un are desperate for each other’s help. North Korea’s leader is in Russia to discuss weapons with Moscow. Given the isolation both men face, it is clear they need each other. Chris Stevenson. The Independent, 12 September
China’s business confidence problem. Unpredictable regulations and sudden crackdowns still weigh on entrepreneurial spirits and are causing a decline in business confidence. Edward White. Financial Times, 12 September
Chinese state media censors itself after highlighting a poem about corrupt leaders. A 12th century poem generally interpreted as a criticism of the Song Dynasty rulers, accusing corrupt officials of fleeing to Hangzhou, and ignoring the struggles of people while they drunkenly enjoy their own lives, has been quickly taken down but not before it was viewed 130,000 times. Helen Davidson. The Guardian, 12 September