China News - 29 April 2022
International
China in ‘deep crisis’, says Hong Kong private equity chief. Weijian Shan, the founder and chair of PAG, one of Asia’s biggest private equity investors, is ordinarily a vocal supporter of Xi Jinping. “We think the Chinese economy at this moment is in the worst shape in the past 30 years,” he said in a video of a meeting viewed by the Financial Times. FT, Reuters, 28 April
European and Asian shares rise after China stimulus pledge. In an unusual lunchtime statement, China’s politburo promised to “strengthen macro adjustments” and “achieve full-year economic and social development goals”. It also said it would ensure the “stable and healthy” operation of capital markets. Bloomberg, FT, 29 April
Alarmed by Russia’s aggression, Europe rethinks its China ties. Bloomberg’s long read reports that the view from a European diplomat in Beijing is that the war is pushing China and Europe further apart, strengthening their systemic rivalry. In Italy, Prime Minister Mario Draghi has hardened his stance on China after Russia’s invasion. Bloomberg, 29 April
China says Nato has ‘messed up Europe’ and warns over role in Asia-Pacific. China’s ministry of foreign affairs has accused Nato of messing up Europe and stirring up conflicts in the Asia-Pacific region, after the UK’s foreign secretary told China it should “play by the rules”. The Guardian, 29 April
EU employee detained by Beijing. A Chinese employee of the EU delegation in Beijing has been in prison for eight months for "stirring up quarrels and causing trouble", a crime punishable by five years in prison. Le Monde (FR), 28 April
Climate crisis – not China – is biggest threat to Pacific, say former leaders. The Guardian, 29 April
China focus
Chinese leaders stick to Covid controls as the virus spreads and forces a Beijing luxury mall to close temporarily. Beijing temporarily closed Friday a large luxury mall and non-essential businesses in one area to control an ongoing spike. CNBC, 29 April
Tibetan schoolteacher released from jail in Qinghai. Rinchen Kyi had been held in jail since last year, when her school for Tibetan students was closed for teaching classes in their own language, RFA has learned. RFA, 29 April
Economy & tech
Human rights group calls for end to Chinese CCTV cameras at Irish state agency buildings. The Times Ireland, 29 April
China pension reforms lure international investors. China announced plans this month to push more of the country’s vast pool of household savings into financial markets. FT, 28 April
Long reads & opinion
China’s reckless pursuit of zero-Covid must finally teach us resilience in supply chains. Resilience comes at a cost. But so does vulnerability – we’re learning this the hard way. Tom Tugendhat. City AM, 29 April
Hong Kong, my vanishing city. Louisa Lim. FT, 29 April
The Only Five Paths China’s Economy Can Follow. Michael Pettis. Carnegie Endowment, 27 April
The ingenuity of the Hong Kong Protesters. C.L. Cheang. CIEO, 28 April