China News - 26 July

International

China replaces missing foreign minister Qin Gang. His predecessor and top diplomat, Wang Yi, has taken over the role without further explanation. Appointed in March, Qin has not been seen in public since the end of June. Joe Leahy and Edward White. Financial Times, 25 July

Pan Gongsheng: Who is China’s surprising pick for central bank boss? Pan in not regarded as a close ally of Xi Jinping, so his promotion comes as a surprise to many. However, “Pan is known as a competent, skilled and outspoken technocrat, who is not going to hesitate to push policy proposals”. This signals recognition by the government that the China needs an experienced economist to help steer the country through its economic problems. Annabelle Liang and Nick Marsh. BBC News, 26 July

Russian military delegation to join Chinese in North Korea visit. A delegation led by Defence Minister Sergei Shoigu will join China’s Li Hongzhong at the 70th anniversary of “Victory Day” in North Korea. Russia’s Defence Ministry says “this visit will contribute to strengthening Russian-North Korean military ties and will be an important stage in the development of co-operation between the two countries”. Hyunsu Yim and Andrew Osborn. Reuters, 25 July

Fiji’s Prime Minister cancels China visit after “small accident”. Sitiveni Rabuka has had a minor head injury that requires him to stay at home. Rabuka was supposed to attend the opening of the World University Games in Chengdu alongside Xi Jinping. Fiji's President has previously stated he was reviewing a police cooperation agreement with China. Kirsty Needham. Reuters, 25 July

Taiwan President Tsai tests positive for Covid 19. The President is showing mild symptoms, and has cancelled her schedule for Tuesday. Tsai is continuing to make preparations for super typhoon Doksuri. Yimou Lee. Reuters, 25 July

Economy & Tech

What China’s economic measures mean in practice. While the overall message is supportive, there is no sign of the “big bang” stimulus China has implemented in the past. According to the chief Asia economist at HSBC “it’s a statement of intent providing code words for potentially looser policy”. However, property stocks in particular have soared. Joe Leahy, Cheng Leng and Andy Lin. Financial Times, 25 July

China’s property firms rally after Beijing pledges economic support. Investors have started to pile into Chinese property developers’ shares and bonds. Hang Seng Mainland Properties Index has jumped 14%, while CSI 300 REal Estate has gained 8%. China’s real estate sector indexes are on track for their first monthly gain after four months of losses. Clare Jim and Karin Strohecker. Reuters, 25 July

IMF says China’s economic malaise is holding back global recovery, with “cross-border spillovers”. China’s gradual loss of economic steam challenges the ambitious expectations that China would lead the global economic rebound this year. The IMF has flagged “negative potential implications for trading partners in the region and beyond”. Mia Nulimaimaiti. South China Morning Post, 25 July

The little known metals giant that rules a global market. China’s Vital Materials dominates the global market and shows the scale of the challenge facing the US and Europe to find alternative supplies. Vital Materials holds the biggest share of the markets for materials needed in solar energy, TVs, and pharmaceuticals. The company also places in the top three for gallium and germanium required for semiconductor production. Mark Burton. Bloomberg, 25 July

Opinion & long-reads

Qin Gang: China foreign minister’s removal sparks speculation. No reason has been given for Qin’s removal; this has sparked domestic and international speculation without any censorship. A spokesperson from the National University of Singapore says “it is unusual for rumours about such a senior official to be discussed on the Chinese internet without complete censorship”. BBC News, 26 July

China must abandon ideological bias against ownership to ensure the success of new action plan supporting the country’s private sector. There is widespread doubt over how seriously Beijing will allow the private sector to grow because of the government’s focus on security and absolute control. Private economy has a second-class status in Chinese ideology, and suggests that private capital is not as trustworthy as public ownership. Zhou Xini. South China Morning Post, 25 July

Climate change role in July heatwaves “overwhelming” scientists say. Human-induced climate change has made heat waves “50 times more likely to happen compared to the past”. As well as impacting human health, it has also severely damaged this year’s cotton crop in China. David Stanway. Reuters, 25 July

China and Taiwan prepare for their most powerful typhoon this year. China has urged fishing boats to seek shelter and farmers to finish harvesting. Taiwan has suspended annual military drills as Super Typhoon Doksuri spirals closer to East Asia. Ryan Woo and Yimou Lee. Reuters, 25 July

In China, Barbie triggers heated discussions on patriarchy and feminism. Many online reviews consider Barbie’s feminist message a highlight, “as Chinese women, we don’t get a lot of opportunities to go to the cinema and watch something made almost entirely from a female perspective”. Despite huge progress in China’s feminist movement over the past decade, it still remains a contentious subject with the government frequently censoring discussions about gender-related issues. Zhao Yuanyuan. The China Project, 25 July