China News - 28 September

International

Russia is increasingly using China’s currency to evade sanctions. A new study has found that Russia is using the yuan for at least a fifth of its imports. The European Bank for Reconstruction and Development found that Russian imports invoiced in the yuan had increased from 3% in 2021 to 20% by 2022. Henry Foy. Financial Times, 27 September

Maldives: The presidential poll with India and China on the ballot. The Maldives are the latest location for geopolitical rivalry. The island nation will see a run-off poll between President Ibrahim Mohamed Solih and opposition candidate Mohamed Muizzu. BBC News, 27 September

China has poured billions into Africa’s infrastructure. Is it now tightening the tap? Moses, an analyst from the centre’s Global China Initiative said “looking at decreasing loan averages globally, it is likely that this new phase (of Belt and Road lending) will be characterised by less financing overall”. Simone McCarthy. CNN, 27 September

Solomon Islands joins China-backed AIIB days after PM snubs Biden invite for Pacific summit at the White House. The Solomon Islands, El Salvador and Tanzania join the Asian Infrastructure Investment Bank, bringing the total number of members to 109. Jevans Nyabiage. South China Morning Post, 27 September

Solomon Islands prime minister says US must respect Pacific leaders. Manasseh Sogavare hits out at the US “trying to play catch up”. A former minister, Kaliopate Tavola, said the “US chose to be absent from the Pacific for decades and it is coming back after that long absence. But its return is obviously fuelled by the need to counter China”. Rebecca Kuku, Sera Sefeti, Ongerung Kambes Kesolei and Charley Piringi. The Guardian, 27 September

China’s former deputy central bank governor Fan charged with bribery. Fan Yifei abused his position as the highest-ranking official at the People’s Bank of China in exchange for a “particularly large amount” of bribes. Kevin Yao. Reuters, 27 September

Economy & Tech

China’s economic malaise hits efforts to raise $14bn chip fund. Beijing has recently approved a third round for the Big Fund which has been central in propelling the chip industry’s growth. Qianer Liu and Cheng Leng. | Financial Times, 27 September

Chinese battery groups invest in Morocco to serve Western markets. China’s CNGR Advanced Material has announced a $2bn investment in Morocco. The North African Country is turning into a bridge between China and the West that reduces risk for producers. Harry Dempsey. Financial Times, 27 September

China puts Evergrande’s billionaire founder under police control. Hui Ka Yan, the founder of Evergrande in 1996, was reportedly taken away by police earlier this month and is subsequently being monitored at a designated location. Bloomberg, 27 September

What “peak oil” will mean for China. Zhou Xinhuai, chief executive of the China National Offshore Oil Corporation, said “perhaps this year China’s domestic oil demand will reach a peak” as people move away from fossil fuels and towards EVs. Greg McMillan. Financial Times, 27 September

Australian vineyards struggle to stay afloat amid wine glut. 2bn litres of wine are in storage in Australia, the industry hopes that a tariff resolution with China will boost trade. Nic Fildes. Financial Times, 27 September

Opinion & long-reads

How being “full-time children” is helping China’s “chicken babies” grow up. In between studying and finding a job, many of China’s youth have become “full-time children”. This can be a genuine opportunity for young people to mature and take responsibility for their family. April Zhang. South China Morning Post, 27 September