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China News - 2 July 2021

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China News - 2 July 2021

Jul 2, 2021
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China News - 2 July 2021

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Next event: Towards an Indo-Pacific Strategy. Join Claire Coutinho MP, Michael Auslin for a discussion on the UK’s tilt to the Indo-Pacific, with further speakers to be announced. Wednesday 7 July, 5-6pm. Register here.

International

China building more than 100 ‘nuclear’ missile silos in desert. Analysis of satellite photos identified the construction of at least 119 silos, likely to hold intercontinental ballistic missiles, have been identified in the desert of Gansu province. The silos seem to mirror existing launch facilities for China's arsenal of nuclear-tipped ballistic missiles. Washington Post, The Guardian, The Telegraph, 1 July

Nissan to build $1.4bn EV battery plant in UK with Chinese partner. Envision's battery unit Envision AESC will allocate £450 million to build a 9 GW capacity factory near its plant in Sunderland. The project is expected to create 6,200 jobs. Envision this week also announced plans for a €2 billion plant in France with Nissan's alliance partner Renault. Nikkei Asia, 2 July

H&M: Fashion giant sees China sales slump after Xinjiang boycott. H&M's sales in China were down 23% in the local currency for the second quarter of 2021, compared to the same time last year. BBC, WSJ, 2 July

France opens probe into four fashion retailers over forced labour in China’s Xinjiang. Reuters, 2 July

Taking the EU reins, Slovenia plans to press ahead on China investment deal. Slovenia will press on with completing the EU’s investment deal with China as it assumes the presidency of the Council of the European Union on Thursday. SCMP, 1 July

Hong Kong police officer stabbed as city marks Communist party anniversary. FT, 2 July

Hong Kong grants top honours to judicial and security figures, inc. Justice Sec. and 42 police officers. HKFP, 2 July

China focus

China’s graduates shouldn’t stress over unemployment, economist says. 9.09 million university and college students are expected to leave school this year, the most ever and an increase of 350,000 from 2020. Sixth Tone, 2 July

Mainland Chinese magazine outlines how surprise attack on Taiwan could occur. SCMP, 2 July

Tesla boss Elon Musk praises China’s ‘amazing’ prosperity, infrastructure as Communist Party celebrates 100th birthday. SCMP, 1 July

Economy & tech

China is unloading its biggest ever foreign acquisition. ChemChina, a state-owned enterprise, has filed for an IPO of Syngenta, the world’s largest producer of agricultural chemicals, which it bought for $43 billion in 2017. Fortune, SCMP, 1 July

China’s chip investment moves ahead full throttle. Some 164 Chinese firms received 40 billion yuan ($6.19 billion) in combined funding during the first five months of 2021 Caixin, 28 June

Alibaba founders secure loans from global banks backed by company stock. FT, 2 July

Longer reads & opinion

Chaguan: Xi warns against Western “bullies”, to argue for one-party rule. The Economist, 3 July

‘Poverty divides us’: increasing gap between rich and poor the story of China. The Guardian, 1 July

China’s next aircraft-carrier will be its biggest. China’s second domestically built aircraft-carrier has impressed Western analysts, and experts believe China plans to build a fleet of between six to ten. The Economist, 1 July

The Centenary of the Chinese Communist Party: Looking Forwards Not Backwards. Charles Parton in RUSI and George Magnus for Prospect with The Chinese Communist Party may yet go the way of its Soviet peer.

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