International
China’s Xi calls for accelerated BRICS expansion. While addressing other leaders at the summit, Xi said “we should let more countries join the BRICS family to pool wisdom and effort to make global governance more just and equitable”. Ethan Wang and Liz Lee. Reuters, 23 August
No new BRICS bank members to be announced at summit: CFO. Leslie Maasdorp, Chief Financial Officer, has confirmed that the New Development Bank of the BRICS group will not be announcing any new members at the summit in Johannesburg this week. Rachel Savage. Reuters, 23 August
US imposes new China visa curbs over alleged “forced assimilation” in Tibet. Experts have discovered that around 1 million children in Tibet were forced to go to state-run boarding schools. This has resulted in the loss of cultural identity, as they are no longer able to communicate easily in their native tongue to their families. Al Jazeera, 23 August
US approves possible sale of F-16 search and track systems to Taiwan. The US State Department has approved a possible $500mn sale of infrared search and track systems from F-16 fighter jets. The department is adamant that “the proposed sale of equipment and support will not alter the basic military balance in the region”. Katharine Jackson and David Ljunggren. Reuters, 23 August
China slams US call to ban anti-satellite missile tests as “fake arms control”. Beijing have accused a US proposal to ban anti-satellite weapons testing in space of promoting “fake arms control” and “real military expansion”. Liu Zhen. South China Morning Post, 23 August
Xi Jinping critics flees China to South Korea by jetski. A Chinese dissident, Kwon Pyong, was arrested on Wedsnesday after he got stuck in the mud flats near Incheon. He had previously been jailed for criticising Xi Jinping, and campaign against human rights abuses. Pyong tried to make the 186 mile journey to South Korea on a jetski towing barrels of fuel behind him. Helen Davidson. Guardian, 23 August
Economy & Tech
US tells China to be more transparent with economic data amid slowdown. National security adviser, Jake Sullivan, has called China’s lack of transparency “not responsible”. The West is seeing a “reduction in the level of transparency and openness with respect to recording basic things” from China which makes it difficult for the rest of the world to make sound economic decisions. James Politi. Financial Times, 22 August
The local government debt that threatens China’s economy. The 565m high Duge Beipan river bridge linking Guizhou and Yunnan helped to bring the province of Guizhou out of poverty. The cost of this was large. Guizhou’s debt totalled $165.7bn at the end of 2022, with a debt to gross domestic product ratio of 62%, making it one of the most indebted provinces in China. Cheng Leng and Andy Lin. Financial Times, 24 August
Global stocks head for worst month in nearly a year. Global stock morakets have lost nearly $3tn in value this month. The struggling post-pandemic Chinese economy along with a “swirl of other negatives” has caused “a witches’ brew of risk-off forces” according to head of trading and research at Harvest Volatility Management, Mike Zigmont. George Steer, Sally Hickey, Hudson Lockett and Jennifer Hughes. Financial Times, 23 August
On China’s mess and its banks’ “impossible trinity”. This article lists some of the key points and analysis of China’s property problems. Alexandra Scaggs. Financial Times, 23 August
China Construction Bank H1 profit up 3.36%. CCB was the first of China’s Big Five lenders to report half-year results. The bank has said it will continue to fufill the responsibilities of a major state bank and provide strong financial support to the economy. Ziyi Tang and Engen Tham. Reuters, 23 August
Huawei accused of building secret microchip factories to beat US sanctions. A leading association of semiconductor manufactures have accused Huawei of building multiple secret chip-making factories across China, hoping that this will help them to bypass US sanctions. The Guardian, 23 August
Opinion & long-reads
Entrepreneurs are the hope of China’s economic future, so stop making “capital” a dirty word. Despite their vital role in the country’s economy, private entrepreneurs and capital are words that are still frowned upon. Zhou Xin. South China Morning Post, 22 August
Earthquake of magnitude 4.6 strikes China’s northeastern Liaoning- CENC. The earthquake was at a depth of 8km. Reuters, 23 August