China News - 8 March 2022
International
EU urges China to pressure its 'friend' Russia to stop ‘brutal killing’ of Ukrainians. The European Union urged Xi Jinping, the president of China, to put pressure on his 'friend" Vladimir Putin to end the war in Ukraine on Monday. "China has the potential to reach out to Moscow, and we'd like China to use its influence to press for a ceasefire and to make Russia stop the brutal, unprecedented shelling and killing of civilians,” a European Commission spokesman said. The Telegraph, 7 March
UK Foreign Secretary stresses significance of China’s failure to back Russia at UN Security Council. Responding to a question from CRG chair Tom Tugendhat on how China perceives the Ukraine invasion at the Foreign Affairs Committee yesterday, Liz Truss said she believes that China does not want to associate too closely with Russia’s invasion of Ukraine as Beijing realises the “strategic implications” of doing so. Beijing to Britain (via Twitter), 7 March
The Ukraine war could boost China’s global finance ambitions. The renminbi, the currency of Russia’s closest strategic ally and top trading partner, has remained conspicuously stable. Its relative stability has fuelled talk that the currency could become a haven asset, shielded from the geopolitical turbulence that has roiled markets around the world. FT, 8 March
Ukraine conflict makes Taiwan nervous – but the risk to China of invasion could be too great. The Telegraph, 7 March
China warns US against forming Pacific NATO and backing Taiwan. Bloomberg, 7 March
Australia builds new base for nuclear subs. Australian Prime Minister Scott Morrison said British, Australian and US nuclear-powered submarines would operate from a new base, allowing deeper missions into the Pacific and less chance of detection on voyages to the highly militarised South China Sea. The Times, 7 March
Beijing to ‘improve’ system for ruling Hong Kong, devise ‘legal weapons’ to counter foreign forces. Li Zhanshu, chairman of the National People’s Congress, pledged to ‘implement the legal system and enforcement mechanism’ by which the city could safeguard national security and lauded Beijing’s ‘patriots-only’ overhaul of Hong Kong’s electoral system. SCMP, 8 March
White House split delays plans for investment controls on China. Politico, 7 March
Xi says China will improve use of law in military engagement with foreign countries. Reuters, 7 March
Australia's tough-on-China election stirs fears of racism, tensions. Nikkei Asia, 8 March
Economy & tech
China sees record bond market retreat by foreign investors. Foreign investors reduced their holdings of Chinese government bonds by the most ever last month as Russia’s invasion of Ukraine rolled fixed-income markets worldwide. Bloomberg, 7 March
Adidas ousts China chief as sales suffer after consumer boycott over Xinjiang. The sportswear giant has suffered a 15 per cent fall in sales for two consecutive quarters last year after becoming embroiled in a fierce consumer backlash against western brands that shunned Xinjiang cotton over human rights concerns. FT, 8 March
China plans to manage inflationary impact of surging energy prices. Caixin, 8 March
Amazon suppliers linked to forced labor in China, watchdog group says. NBC, 7 March
Cathay Pacific bleeds millions as staff fear China takeover. Bloomberg, 7 March
China focus
New open source resource for PRC documents. CSIS has just launched a new site for translating, interpreting and analysing PRC documents. The project seeks to transform how policymakers, companies, researchers, journalists, and the broader public understand China. CSIS, 8 March
Better childrearing incentives proposed at China’s ‘Two Sessions’. Suggestions included free kindergarten, affordable housing for families with three kids, and protection against sexual violence. Sixth Tone, 7 March
China’s Covid-19 cases hit highest daily total since 2020 Wuhan outbreak. WSJ, 7 March
Opinion & editorial
Xi is the only leader who can stop the war in Ukraine. The implications of this war are already turning out differently from anything Putin will have described to Xi, and some of them are beginning to outweigh his initial geopolitical calculation. William Hague. The Times, 7 March
Xi and Putin’s 'no limits' bond leaves China few options on Ukraine. Beijing aligned itself with Putin as Russia prepared to invade Ukraine. Now its efforts to edge away are constrained by leadership politics. Chris Buckley and Steven Lee Myers. NYT, 7 March
China's long game has just gotten a lot harder. Putin's war against Ukraine has upended key assumptions. Minxin Pei. Nikkei Asia, 8 March
Long reads
‘It came too late’: Chinese students who fled Ukraine criticise embassy response. While Chinese state media praises efficiency of diplomatic mission, stranded citizens tell a very different story. Vincent Ni. The Guardian, 8 March
Digital currencies: The US, China, and the world at a crossroads. How will China’s digital currency serve the political and economic agenda of China’s government? What are its implications for the world economy and international security? Darrell Duffie and Elizabeth Economy (eds.). Hoover Institution, 4 March
Stability takes the spotlight at China’s ‘Two Sessions’. Throughout the long list of issues on the central government’s agenda, stability emerges as the guiding principle. Nadya Yeh. SupChina, 8 March