China News - 17 March 2022
International
China takes measures to support economy. China’s top economic advisor Liu He convened a special meeting of the State Council’s Financial Stability and Development Committee. While Liu He did not elaborate on the specific measures discussed at the meeting, he said the government would take measures to “boost the economy in the first quarter”, as well as introduce “policies that are favourable to the market”. Chinese stocks surged on Wednesday in response to the rare announcement. Bloomberg, FT, 17 March
China’s Covid outbreak continues. 37 million people in 13 cities are in lockdown in China, with 5,100 reported cases. This is beginning to impact supply chains, such as hampering access to the key Yantian port, but Shenzhen officials have announced that the city is preparing an ‘orderly’ return to work. CNN, FT, 16 March
Cases in Hong Kong continue to soar, with the city set to run out of coffins within days. The Times, 16 March
Chinese secret police plot to smear US Congress hopeful unveiled. US prosecutors have revealed a plot by five people working on behalf of Chinese secret police to stalk and harass a US military veteran running for Congress, and to spy on an artist. One of the targeted individuals had been a student leader of the pro-democracy demonstrations in Tiananmen Square in 1989, subsequently fleeing to the US. BBC, The Guardian, 16 March
We didn’t know Putin was about to invade, insists China. The Times, 16 March
Scott Morrison signals allied sanctions against China if it helps arm Russia. The Guardian, 16 March
Economy & tech
China’s economy will be ‘far less prosperous’ in coming years as headwinds intensify, Australian think tank says. A new Lowy Institute paper predicts that China’s economic growth will slow sharply to roughly 3 per cent a year by 2030, and will average 2 to 3 per cent per year on average from now until 2050. This projection would mean that China would lack the economic heft to compete with the major Western economies as a group. Lowy Institute, SCMP, 17 March
Chinese developer sells Nine Elms project for huge loss. R&F Properties has offloaded the Vauxhall Square site at a £62m loss. The Telegraph, 16 March
China plans audit concession in face of US delisting threat. FT, 17 March
Australia announces £130m boost for ‘rare earths’ mining. The Times, 16 March
Opinion & editorial
China’s friendship with Russia has boundaries, despite what their leaders say. The Economist, 17 March
China must make Moscow see sense. Ukraine’s ambassador to Japan argues that China must align with the civilised world against Moscow. Sergiy Korsunsky. FT, 16 March
‘Tilting’ or Toppling: Assessing the UK’s Indo-Pacific Policy One Year on. The Diplomat, 16 March