China News - 22 February 2022
International
China resists taking sides between Russia and Ukraine. In a call with US Secretary of State Antony Blinken, China’s Foreign Minister Wang Yi said: “China is concerned about the evolution of the situation in Ukraine. China's position on the Ukraine issue is consistent." China’s envoy to the United Nations Zhang Jun called on all sides to show restraint and avoid any action that escalates tensions. SCMP, Reuters, 22 February
Chinese embassy in Ukraine warns nationals to avoid 'unstable' areas. Nikkei Asia, 22 February
Ryan Hass, a former advisor to President Obama, on the implications of Russia’s aggression towards Ukraine for Beijing and the international balance of power:
UK developers lining up to set up offices in Hong Kong to serve rising BN(O) demand. Since the outbreak of the Covid-19 pandemic, customers from Hong Kong and mainland China have been less willing to travel to London to buy property, but prefer to buy while being based in Hong Kong. SCMP, 22 February
Journalists’ group ‘dismayed’ by treatment at Beijing Winter Olympics. Foreign Correspondents’ Club of China says reporters were tailed and manhandled by security despite assurances from Games officials. The Guardian, 21 February
Britain’s CPTPP progress holds few clues for outcome of Beijing, Taiwan bids. As Britain moves to the final phase of its bid to join the world’s largest trade bloc, trade experts say that “political and economic reasons" are likely to complicate the applications of mainland China and Taiwan. SCMP, 21 February
France, China team up on infrastructure projects worth $1.7bn. Global Construction Review, 21 February
Bringing UK university life to Chinese students – Freshers Festival China to launch this March. FE News, 21 February
Economy & tech
HSBC doubles annual profits but eyes China woes on several fronts. The UK-based bank revealed that annual profits more than doubled in 2021 but warned restrictions aimed at curbing the Omicron variant in Hong Kong may affect its ability to attract and retain staff in the financial hub. The bank added that China's continuing real estate crisis influenced its decision to take a credit charge of $500m in the final quarter of 2021. Sky News, WSJ, 22 February
China tells banks, state firms to report exposure to Jack Ma’s Ant. Multiple regulators recently told institutions under their oversight to closely examine all exposure they had to Ant, its subsidiaries and even its shareholders up to January. Bloomberg, 21 February
Beijing plans bigger tax cuts in 2022 to prop up slowing growth. China will unveil bigger tax and fee cuts this year and step up payments to local governments to offset their hit to revenues, Finance Minister Liu Kun said on Tuesday, amid efforts to support a slowing economy. Reuters, 22 February
Saudi Aramco in talks on more investments in China. Reuters, 21 February
China calls out EU for ‘abuse’ of anti-dumping tariffs in dispute over steel fasteners. SCMP, 21 February
China focus
Chinese school faces backlash over use of facial recognition scanners. A parent has accused the middle school of endangering students’ privacy by forcing them to make purchases using a facial recognition scanner, sparking renewed debate about China’s growing use of the technology. Sixth Tone, 21 February
China moves to protect vulnerable services sector from excessive local Covid control measures. Caixin, 19 February
China starts campaign to strengthen protection for cultural relics. SCMP, 22 February
Opinion & editorial
China’s Ukraine crisis: What Xi gains - and loses - from backing Putin. Jude Blanchette & Bonny Lin. Foreign Affairs, 21 February
Is an anti-Xi resistance emerging? A mysterious, long and harsh critique of the Chinese leader has been circulated. Cindy Yu. The Spectator, 21 February
Why investors should give China's stock market another chance. Chinese shares look tempting as American and European markets suffer. Lauren Almeida. The Telegraph, 22 February
Lithium is the new oil - and China’s heavy demand for it is creating tension. Ji Siqi. SCMP, 22 February
Long reads
How Xi Jinping’s anti-corruption crusade went global. As China’s leader appears set for an unprecedented third term, the hunt for fugitives beyond China’s borders has accelerated. Edward White and Victor Mallet. FT, 22 February
China wants to insulate itself against Western sanctions. The Economist assesses its progress in six critical technologies. The Economist, 19 February
Inside Hong Kong’s overwhelmed hospitals as Covid hits new heights. Omicron has triggered the biggest wave to date, but a steadfast focus on ‘Zero Covid’ is pushing a stretched healthcare system to the brink. Rachel Cheung. The Telegraph, 21 February
Did you know there’s an enormous pretend British town in China? Ed Cunningham. Time Out, 21 February