China News - 16 March 2022
International
China says Taiwan 'taking advantage' of Ukraine as island sends more aid. China's government on Wednesday lambasted Taiwan's humanitarian aid for Ukraine and sanctions on Russia as "taking advantage of other's difficulties" after the island announced it was sending more funds donated by the public for refugees. Meanwhile, people in Taiwan have become more willing to go to war to defend the island following Russia’s invasion of Ukraine, according to a public opinion survey. Reuters, SCMP, 16 March
‘I’m on the frontline in Mariupol’: the Chinese reporter embedded with Russian troops. The Guardian, 16 March
Number of Chinese students set to soar at UK universities. A report by digital marketing group Sinorbis reveals that almost 29,000 candidates from China have applied to start undergraduate degrees at British universities this autumn, up from 25,800 last year. The report says that rising numbers of middle-class parents are shunning the Chinese system in favour of universities abroad, with Chinese student numbers in the UK set to rise 70% by 2030. The Times, 16 March
Saudi Arabia considers accepting yuan instead of dollars for Chinese oil sales. Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the US dollar’s dominance of the global petroleum market. China buys more than 25% of the oil that Saudi Arabia exports. WSJ, 15 March
Australia’s rare earths projects get US$360 million boost to counter China dominance. Prime Minister Scott Morrison unveiled the funding for a slew of projects in Western Australia on Wednesday and said the state would become a powerhouse for Canberra’s allies. SCMP, Bloomberg, 16 March
Yoon's pledge to boost THAAD missile system risks China reprisal. Nikkei Asia, 16 March
China takes wait-and-see stance on Pakistan's political turmoil. Nikkei Asia, 16 March
Economy & tech
Nickel trading to resume in London after historic squeeze. Trading resumed at 8am on Wednesday after a week of suspension following an unprecedented surge in the metal’s price and a massive short squeeze involving a Chinese metals giant. Tsingshan Holding Group gained the support of banks that might mitigate further “disorderly conditions,” the London Metal Exchange said. Caixin, SCMP, 16 March
China lockdowns tighten the squeeze on supplies. Lockdowns are expected to ripple through the supply chains of manufacturers and retailers, stoking inflation, with freight rates expected to be pushed up by the shipping delays. Shares in Boohoo, the British fast-fashion retailer that has a factory in Shenzhen, fell by 5.8% yesterday. The Times, 16 March
Beijing makes rare intervention to bolster confidence after market rout. FT, 16 March
China focus
Rollback of Xi Jinping’s economic campaign exposes cracks in his power. In addition to pressure from the West on Beijing over Xi’s Russian entente, he is struggling with a severe slowdown in the economy. The new disquiet is raising questions about his unassailed dominance. WSJ, 15 March
China changes Covid-19 playbook amid concerns of widening lockdowns. Health authorities have said patients with no or mild symptoms should go to centralised isolation facilities so that hospitals can focus on more serious cases. WSJ, 15 March
Hong Kong leader says scope to further delay chief executive election. Reuters, 16 March
Opinion & editorial
Where we stand on Ukraine. Qin Gang (PRC ambassador to the United States). The Washington Post, 15 March
Don’t count on China to mediate the war in Ukraine. Russia’s aggression has caused anxiety in Beijing, but Xi Jinping has staked too much on his ‘best friend,’ Vladimir Putin. Kevin Rudd. WSJ, 15 March
Volkswagen and China: the risks of relying on authoritarian states. The war in Ukraine is adding to the political challenges for the German company, which makes half its profits from China. Joe Miller. FT, 16 March
‘We’ll kill you’: Uyghur exile who fled to Arctic Circle still fears reach of Chinese state. Isobel Cockerell. The Guardian, 15 March