China News - 3 March 2022

International

China told Russia not to invade Ukraine during Winter Olympics, report says. Senior Chinese officials told senior Russian officials in early February not to invade Ukraine before the end of the Winter Olympics in Beijing, the New York Times reported, quoting Biden administration officials and a European official who cited a Western intelligence report. A source familiar with the matter confirmed to Reuters that China had made the request but declined to provide details. The Guardian, NYT, 2 March

China refuses to impose financial sanctions on Russia. Beijing said it opposed the financial sanctions being imposed by Western nations on Russia and would not be proposing similar measures. Guo Shuqing, head of China’s banking regulator, said: “Regarding financial sanctions, we do not support that.” The Telegraph, 2 March

China abstains in historic UN vote to condemn Russian invasion of Ukraine. UK Ambassador to the UN Barbara Woodward commented: “If China can continue its diplomatic channels and perhaps persuade President Putin to withdraw and end this illegal invasion of Ukraine, that would be a significant breakthrough.” SCMP, CNN, 3 March

Russia-China trade stifled by yuan’s surge against ruble. Bloomberg, 3 March

Amendment 108 to the Health & Care Bill to be voted on in the House of Lords. The amendment seeks to ensure that assessments of 'serious risk of genocide' are undertaken for UK procurement of medical equipment & services. Protection Approaches (via Twitter), 2 March

Beijing’s race to map South China Sea exposed. According to data analysed by an American think tank, China is using survey ships to stake disputed claims to the South China Sea, detect deposits of oil and gas and identify potential hiding places for enemy submarines. The Times, 2 March

Only 6% of G20 pandemic recovery spending ‘green’, analysis finds. Analysis of the G20 fiscal stimulus spending, published on Wednesday in the journal Nature, belies claims many governments made of a “green recovery”. Data shows some governments directed huge sums to fossil fuels: China increased production from coal mines, leading to a sharp rise in coal use. The Guardian, 2 March

India says Quad meeting with Biden, others on Thursday. Reuters, 3 March

China-funded road connecting Cambodia's capital to coastal province inaugurated. Ecns, 2 March

Economy & tech

China digital currency: will Western sanctions against Russia over Ukraine boost e-yuan? Both China’s e-CNY and Cross-border Interbank Payment System (CIPS) can facilitate overseas transactions and bypass similar sanctions in crisis situations. China will soon approve the third batch of localities set to launch trials of its digital currency. SCMP, Reuters, 3 March

Despite Taiwan’s semiconductor advancements, politics looms over trade. Taiwan’s chipmaking giants, TSMC and MediaTek, are expanding fast. But a tense geopolitical climate threatens to dethrone their reign over the global semiconductor industry. SupChina, 2 March

China’s tech, media and telecom companies flock to domestic markets. Facing headwinds for foreign share sales, the sector focused fundraising on the mainland in the 2021 second half and will probably continue doing so in 2022, a consulting group finds. Caixin, 3 March

Huawei pivots to renewable energy as smartphones slump. Nikkei Asia, 3 March

Overhaul of online platforms run by Chinese fintech firms ‘went well’ but more work is needed, says regulator. SCMP, 2 March

China focus

China quietly plans a pivot from ‘zero COVID’. As the highly transmissible Omicron variant seeps into the country and the social and economic costs of the zero COVID policy mount, Chinese researchers are examining options for coexisting with the virus. Experimental opening measures could come as soon as the summer. WSJ, Science, 2 March

Hong Kong’s covid death rate has surpassed the US’s worst day. Quartz, 2 March

A new culture’: discovery in China reveals ochre processing in East Asia up to 41,000 years ago. The Guardian, 2 March

Opinion & editorial

Xi Jinping will exploit Putin’s Ukraine discomfort for his own ends. The war is disturbing the conditions that facilitated China’s rise, but a humbled Russia is a win for the CCP. Charles Parton. The Telegraph, 2 March

Vladimir Putin is an imperialist, but China does not care. China and Russia agree that big countries should run the world. Chaguan - The Economist, 1 March

Could China call off the Russian onslaught of Ukraine? Xi is perhaps the only world leader who could make Putin see sense. Kerry Brown. Prospect Magazine, 2 March

Coronavirus binds Hong Kong even closer to Beijing as the mainland takes lead on pandemic response. Shibani Mahtani. The Washington Post, 2 March

Long reads

Briefing on the Two Sessions by the China Research Group. The major topics on this year’s agenda as China’s political elite meet to set domestic and international policies. Chris Cash. Beijing to Britain, 2 March

The tea leaf prince: Chinese Communist Party networks in French politics. How a French member of numerous CCP United Front groups became an MP in President Macron's party and a central figure in Sino-French relations. René Bigey and Alex Joske. Sinopsis, 2 March

How China is dealing with misinformation about Ukraine. Shen Lu. Protocol, 2 March

Why China is the team to watch at the Winter Paralympics. Li Pasha. Sixth Tone, 3 March