China News - 20 October
International
Joint statement on human rights violations in Xinjiang at the UN Third Committee. The assessment concluded that the arbitrary and discriminatory detention on members of Uyghur and other predominantly Muslim minorities on a large scale in Xinjiang “may constitute international crimes, in particular crimes against humanity”. GOV.UK, 18 October
House of Lords debate: Long-term strategic challenges posed by China. Earl Howe said that “we must recognise that China is becoming more authoritarian at home and more assertive overseas. Internationally, China’s new approach to multilateralism is challenging the centrality of human rights and freedoms in the UN. Hansard - UK Parliament, 19 October
Pentagon accuses China of accelerating nuclear build-up. According to a new Pentagon report, Beijing’s stockpile of operational nuclear warheads had reached 500 by May 2023, putting it on track to exceed previous projections. Demetri Sevastopulo. Financial Times, 19 October
Putin touts solidarity with China in Xi’s pitch for new world order as crisis grips the Middle East. Putin said to Xi that “all these external factors are common threats, and they strengthen Russian-Chinese interaction”. Simone McCarthy and Nectar Gan. CNN, 18 October
Taliban announces formal plans to join China’s Belt and Road Initiative. Acting Commerce Minister, Haji Nooruddin Azizi, said “we requested China to allow us to be a part of the China-Pakistan Economic Corridor and BRI… [and] are discussing technical issues today”. Joe Cash. Reuters, 19 October
Chinese attendance at Saudi conference doubles as Riyadh courts Beijing. Around 300 Chinese “decision makers” are attending Saudi Arabia’s Future Investment Initiative this year. This is double last year’s attendance as Riyadh deepens its relationship with China despite US concerns. Pesha Magid, Reuters, 19 October
Economy & Tech
US House panel probes Sequoia’s Chinese tech investments. Sequoia Capital has been asked by the China committee to provide details about investments in AI and tech sectors. Demetri Sevastopulo and George Hammond. Financial Times, 18 October
China’s Q3 GDP growth shows economic recovery gaining traction. The faster than expected growth in China’s economy suggests that the recent policy measures are helping to bolster its tentative recovery. Ellen Zhang and Kevin Yao. Reuters, 18 October
Chinese investors’ sales of US stocks and bonds hit four-year high. The surge in sales of US securities has coincided with efforts by Beijing to step up its defence of the renminbi’s dollar exchange rate. Hudson Lockett. Financial Times, 19 October
China’s economy gets a boost from Beijing, but housing woes persist. The government has invested heavily in infrastructure, and banks and consumers have started to spend more, but real estate continues to suffer. Keith Bradsher. Nytimes, 17 October
Chinese developer Country Garden misses payment on dollar bonds. Bondholders said they had not received an interest payment of $500mn for a Country Garden bond maturing in September 2025. Thomas Hale, Cheng Leng and Hudson Lockett. Financial Times, 19 October
China Renaissance retrenches after influential founder’s detention. The tech-focused investment bank has struggled to win business from start-ups and new investors as Bao Fan has entered its ninth month of detention. Ryan McMorrow, Eleanor Olcott and Gloria Li. Financial Times, 19 October
Opinion & long-reads
How China’s Belt and Road Initiative is changing after a decade of big projects and big debts. The BRI is becoming smaller and greener and will rely more on investment by Chinese companies than on development loans to governments. Ken Moritsugu. AP News, 17 October
Why Xi Jinping is nothing like he really seems to the West. After a decade as China’s President, Xi tried to project strength and unity. However, health concerns and vanishing ministers hint at a different reality. Chun Han Wong. Telegraph, 18 October
Appetite for soya hinders China’s self-sufficiency drive. Beijing is trying to be less reliant on foreign food supplies, but political will is confronting geopolitical reality. Eleanor Olcott. Financial Times, 19 October
Beijing’s approval sprouts new chapter for suppliers. China’s food consumption has already outpaced domestic supply as a result of heavy urbanisation. As a result, Beijing has preliminarily approved 37 genetically modified corn seeds and 14 soybean seed varieties for planting. Financial Times, 18 October