China News - 24 September 2021
International
Quad group’s role under scrutiny after Aukus submarine deal. The alliance of US, Australia, Japan and India is expected to turn to non-military initiatives ahead of the first in-person leaders’ meeting in Washington on Friday. FT, BBC, 24 September
British parliamentarians launch ‘full inquiry’ into whether UK banks in Hong Kong suppressed human rights. The All-Party Parliamentary Group on Hong Kong has called for submissions of evidence against British banks who may have harmed Hongkongers' rights. The inquiry will also look into whether the banks’ actions in the city may create risks to the UK and the impact that the national security law may have on banks in Hong Kong. HKFP, 24 September
Britain’s newest immigrant group is unlike any that came before. In just a few months, Hong Kongers have begun to rewrite Britain’s immigrant story. The Economist, 24 September
Experts say China’s low-level cyberwar is becoming severe threat. Chinese state-sponsored hacking is at record levels, western experts say, accusing Beijing of engaging in a form of low-level warfare that is escalating despite US, British and other political efforts to bring it to a halt. The Guardian, 23 September
China sends jets and bombers near Taiwan as Beijing opposes island’s trade deal bid. Nuclear-capable bombers entered air defence zone, says Taipei, amid simmering row over competing bids to join the CPTPP. The Guardian, Bloomberg, 24 September
Taiwan blasts 'arch criminal' China for Pacific trade pact threats. Reuters, 24 September
China should be ready to make first nuclear strike, says envoy. Before leaders of Pacific nations meet in Washington today for a gathering denounced by China as a “mini Nato”, former senior diplomat Sha Zukang said that Beijing should abandon its promise not to be the first to use nuclear weapons in a war, in response to the growing alliances in the region against it. The Times, 23 September
Afghan Uyghurs fear Taliban will deport them to China. Members of the ethnic group, seen by China as potential extremists, are afraid they will be sent there as part of a deal for economic aid. NYT, 23 September
Chinese ambassador Qin Gang says continued ‘confrontation’ by US will hinder chance at cooperation. New envoy says both Washington and Beijing need to honour their climate commitments with ‘real action’. SCMP, 23 September
In the West, China holds growing sway over Chinese-language media. The Economist, 24 September
Economy & tech
China makes preparations for Evergrande’s demise. Beijing, reluctant to bail out the country’s most heavily indebted property developer, is asking local officials across the country to prepare for a ‘possible storm’. WSJ, 23 September
China urges Evergrande to avoid default, repay retail investors. In a recent meeting with Evergrande representatives, financial regulators in Beijing issued a broad set of instructions, encouraging the embattled developer to take all measures possible to avoid a near-term default on dollar bonds while focusing on completing unfinished properties and repaying individual investors. Bloomberg, 24 September
Evergrande bondholders left in the dark as crucial deadline passes. Investors in an Evergrande offshore bond say they have yet to receive a closely watched interest payment that was due on Thursday, adding to uncertainty over an unfolding liquidity crisis at the world’s most indebted property developer. NYT, FT, 24 September
China wants to be a ‘powerful intellectual property nation’ by 2035 amid tech race with the US. In a blueprint titled Guidelines for Building a Powerful Intellectual Property Nation (2021-2035) published on Wednesday, China’s leaders said that by 2025, they want “patent-intensive industries” and the copyright industry to account for 13 per cent and 7.5 per cent of China’s GDP respectively. SCMP, 23 September
China’s top court wants to protect gig workers without hampering tech platforms’ development. SCMP, 24 September
China focus
Chinese booze baron jailed for life in latest warning to tycoons. Yuan Renguo, who steered the growth of Mao Zedong’s favourite firewater to surpass the value of Coca-Cola, has been jailed for life in China after being charged with bribery. FT, 24 September
China locks down city over 11 coronavirus cases. China has placed more than ten million people under lockdown restrictions after the city of Harbin in the northeast of the country reported 11 cases of coronavirus. The Times, 23 September
Chinese gaming firms vow self-regulation amid crackdown on teen addiction. Reuters, 24 September
Longer reads & opinion
Is it time to avoid investing in China? George Magnus. FT, 24 September
The investment lessons to learn from the China and energy crises. Tom Stevenson. The Telegraph, 23 September
China believes that America is forging alliances to stop its rise. The Economist, 24 September
Big Questions for the Quad - can the Pacific grouping stand up to China? Jack Detsch. Foreign Policy, 23 September
AUKUS, the Quad, and India’s Strategic Pivot. C. Raja Mohan. Foreign Policy, 23 September
China moves to join the CPTPP, but don’t expect a fast pass. Mireya Solis. Brookings, 23 September
Deepening Not Departure: Xi Jinping's governance of China's state-owned economy. Wendy Leutert and Sarah Eaton. The China Quarterly, 23 September
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