China News - 8 August
International
Brick Lane: Chinese political slogans appear on London street art wall. Brick Lane in London is well known for its street art. Online videos have shown a group of people spray painting “core socialist values”, some of which are current common political slogans in China. These slogans have sparked debate as to whether they count as street art and how freedom of expression and political propaganda interact. BBC News, 7 August
China tells Russia it will uphold “impartial” position on Ukraine. Newly re-appointed Foreign Minister, Wang Yi, spoke with his Russian counterpart, Sergei Lavrov, in a phone conversation on Monday. Yi stated that China would be an “objective and rational voice” at international multilateral forums and “actively promote peace talks”. Farah Master. Reuters, 7 August
China says Jeddah talks on Ukraine helped to “consolidate international consensus”. More than 40 countries took part in the Jeddah talks (excluding Russia). China’s Special Envoy for Eurasian Affairs, Li Hui, “had extensive contact and communication with all parties on the political settlement of the Ukraine crisis” and “all parties positively commented on Li Hui’s attendance, and fully backed China’s positive role in facilitating peace talks”. Laurie Chen. Reuters, 7 August
China’s viral rebuke of Russia does not mean Xi is ditching Putin. Despite recent friction, when five Chinese citizens were denied entry from Kazakhstan into Russia, China remains a key diplomatic ally of Russia. Bloomberg, 7 August
Philippines tells China it will not abandon post in disputed reef. The Philippines have informed China that they will not abandon a disputed shoal. They have already accused China’s coast guard of using water cannons and other “dangerous” moves to stop Manila from sending vital supplies to Filipino troops currently occupying the reef. Neil Jerome Morales and Albee Zhang. Reuters, 7 August
Economy & Tech
HSBC executive apologises for calling UK weak over China. Sir Sherard Cowper-Coles apologised for “sharing his personal views” on the UK’s policy towards Beijing at a private event. The head of public affairs and former diplomat said that Britain had caved in to the US in its approach to doing business with China. Anna Isaac. The Guardian, 7 August
EU trade chief to push China on barriers to exports. Brussels is pressing Beijing to reduce barriers to European exports, after the EU’s trade deficit with China hit almost €400bn last year. Valdis Dombrovskis, EU trade commissioner, said that the “staggering” deficit has doubled in the past two years. Andy Bounds and Sam Fleming. Financial Times, 7 August
Beijing’s tougher regulations thwart Big Tech’s electric vehicle dreams. A stricter licensing regime is encouraging the more recent tech groups to join China’s EV boom. These companies are experiencing difficulties securing regulatory approvals to begin making and selling their cars. Ryan McMorrow, Nian Liu, Gloria Li and Qianer Liu. Financial Times, 7 August
China’s Ant Group swaps stake in India’s Paytm for debt. As geopolitical tensions linger between China and India, Ant Group will swap nearly half its equity for convertible debt. The 10.3% stake (worth about $628mn) will be transferred from Ant’s Netherlands company Antfin to a Netherlands group owned by Paytm’s founder, Vijay Shekhar Sharma. Chloe Cornish. Financial Times, 7 August
Opinion & long-reads
The truth about decoupling. China and America are linked in more problematic ways than anyone had ever imagined. Rana Foroohar. Financial Times, 7 August
Inconvenient truths about the green transition. Western policymakers are keen to “decouple” from China, but it is more difficult than it appears on the surface. Getting rid of carbon and forced labour in clean energy supply is costly but necessary. Rana Foroohar. Financial Times, 7 August