China News - 20 September 2021
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International
Evergrande contagion threat hits global stock markets. Hong Kong’s stock market slumped 3% on Monday in a decline that spread to European bourses as an escalating liquidity crisis at Chinese property developer Evergrande showed signs of spreading beyond the sector. Major banks have reportedly been told that they won’t receive interest payments on Evergrande loans that are due Monday. BBC, FT, 20 September
Boris Johnson challenging world leaders on ambitious climate change pledges before Cop26. Boris Johnson will challenge world leaders to commit to ambitious climate change pledges ahead of Cop26 when he visits the UN this week. But Xi Jinping has still not committed to attending Cop26, and the Alok Sharma was unable to confirm if China would be sending a delegation to the summit. The Telegraph, 19 September
Hong Kong sees patriots inducted into new election committee. An election for Hong Kong's new Election Committee (EC) which only allowed "patriotic" candidates to run has concluded. State media claimed that the election of single opposition candidate Tik Chi-yuen proves the development of Hong Kong democracy. BBC, The Times, 20 September
More reaction to AUKUS: Biden seeks a phone call with France’s Macron to calm the waters (WaPo). Chinese Embassy in UK spokesperson’s remarks (Embassy).
Quad leaders to call for securing chip supply chain. Leaders from the US, Japan, India and Australia will agree to work toward creating a safe supply chain for semiconductors when they meet for the Quad summit in Washington next week. Nikkei Asia, 18 September
Canada heads to the polls. Justin Trudeau has faced criticism over Canada’s exclusion from AUKUS, and Conservative counterpart Erin O’Toole has targeted Trudeau’s China policy throughout the election campaign. The Guardian, 17 September
China focus
Xi to attend General Debate of 76th session of UN General Assembly via videolink. Xinhua, 20 September
Chinese version of TikTok limits kids under 14 to 40 minutes per day, adding to fight against internet addiction. SCMP, 20 September
China tightens tax regulation on entertainment sector. China will further intensify tax regulation on individuals and businesses in the entertainment industry as part of efforts to promote the sector's sound and long-term development. Xinhua, 19 September
Economy & tech
China has to win over Canada and Australia before trade pact talks can start. Critics have warned that Beijing will struggle to meet CPTPP requirements. FT, 20 September
Alibaba’s Jack Ma forced to prop up UK payments business. The collapse in Chinese tourism has affected Alibaba’s UK payment arm. The Telegraph, 19 September
UK set for Chinese investment into pulp plant. Let’s Recycle, 20 September
Prudential vows to stay in London as it looks East. The insurer is set to raise £2 billion on the Hong Kong stock exchange. The Times, 18 September
Longer reads & opinion
Did Thatcher’s top Mandarin plot the fall of Hong Kong? The late Sir Percy Cradock was suspected by British intelligence of leaking sensitive material to China during talks leading up to the 1997 handover of Hong Kong, according to a new book. The Times, 19 September
Can Liz Truss take on Boris's dangerous pro-China cabal? Juliet Samuel. The Telegraph, 17 September
‘More of China, less of America’: how the superpower fight is squeezing the Gulf. FT, 20 September