New report: We launched a new policy briefing on critical minerals with a Times Red Box comment piece by Chair, Tom Tugendhat MP, and Director of Research, Julia Pamilih.
The net zero pledges being made at COP26 won’t be achieved without a reliable supply of critical minerals. Yet one nation has a huge head start: China still dominates the refining and processing of up to 90% of world supply. Global competition for critical minerals is heating up, and the UK risks being left behind. Read the full briefing here, based on interviews with 17 critical minerals experts.
International
G7 nations eye January rollout of first projects to counter China's Belt and Road. Plans to invest in five to 10 large infrastructure projects around the world could be finalised during a G7 meeting in December. A US delegation, led by deputy national security adviser, Daleep Singh, identified promising projects to kick off the ‘Build Back Better World (B3W)’ scheme. Reuters, 9 November
PwC puts its reputation at risk with controversial bet on China. The Big Four auditor with the largest Asia-Pac presence announced it would look to add a further 20,000 further employees in China, investing more than $1bn in the country. The Telegraph, 9 November
Telecoms (Security) Bill: The long-running Telecoms Bill returned to the Commons yesterday for consideration of Lords amendments. Both non-government Lords amendments - one based on parity with Five Eyes and one asking for an annual update on network diversification - were voted down. The Bill will return to the Lords. CityAM, 9 November
COP26
UK announces £274m boost to climate resilience across Indo-Pacific. Through its newly-unveiled Climate Action for a Resilient Asia (CARA) programme, the UK has pledged to strengthen the resilience of vulnerable communities, economies and the environment against the impacts of climate change, and promote low carbon growth across the Indo-Pacific. Gov.uk, 8 November
China calls for concrete action not distant targets in last week of Cop26. Wang Yi said his country had delivered a policy framework and detailed roadmap to cut emissions, while other nations were congratulating themselves on vague long-term promises. The Guardian, 8 November
Deal to end car emissions by 2040 idles as motor giants refuse to sign.
A global deal to eliminate new car emissions by 2040 is struggling to attract support from the world’s largest carmakers and governments including the US and China, days before it is due to be revealed at the COP26 climate summit. FT, 9 NovemberChina’s sustainable funds post huge inflows amid push to meet carbon targets; central bank unveils lending facility to spur funding for carbon-reduction projects. SCMP, 8 November
Western academics warn against ‘Cold War’ attitude on China. Increasingly, Western scholars are facing pressure to take a critical standpoint on China, participants in a conference hosted by Utrecht University heard, affecting research and education ties between China and the West. Times Higher Education, 8 November
China’s army furnishes foreign militaries with Covid-19 vaccines. The People’s Liberation Army has helped further Beijing’s global interests during the pandemic, bringing doses directly to militaries in Belt and Road nations. WSJ, 8 November
UK to add China's Sinovac, India's Covaxin to approved vaccine list. Reuters, 8 November
Jailed Wuhan journalist Zhang Zhan nominated for Reporters Without Borders press freedom award as Washington calls for her to be freed. The Guardian, BBC, 8 November
Economy & tech
China’s economy faces risk of years-long real-estate hangover. Beijing’s aggressive campaign to root out speculative real-estate activity could slow the country’s growth rate for years to come, economists say. The Federal Reserve warned on Monday that stresses in the Chinese real estate sector “posed some risk to the US financial system.” WSJ, FT, SCMP, CNBC, 8 November
Chinese developer Kaisa pleads for ‘patience’ as market strife spreads. FT, 9 November
Evergrande: Crisis-hit developer raises more cash as new deadline looms. BBC, 9 November
Global holdings of Chinese stocks and bonds rise by $120bn in 2021. The climb highlights how investors are reaching in to mainland Chinese markets directly, rather than through financial instruments listed in global financial hubs such as New York and Hong Kong - despite recent volatility and regulatory crackdowns by Beijing. FT, 9 November
Chinese critics express dismay over Taiwan chipmaker’s compliance with Washington data request. State-owned media and mainland Chinese social networks are rife with speculation about the potential threat posed by TSMC’s response to the US request for supply chain information. SCMP, 8 November
China posts record trade surplus Tdespite global supply-chain woes. Al Jazeera, 8 November
China’s regulatory blitz puts SoftBank in the red. The Times, WSJ, 9 November
Trials for use of digital yuan for tax payments kick off in cities around China. China Banking News, 5 November
China focus
China is unlikely to re-open its borders in 2022. The Communist Party has made the goal of eliminating covid-19 infections a top priority, making China the last large country with a zero-covid policy. The Economist, 18 November
China’s biggest private tuition provider to close nearly all of its 1,500-plus learning centres. Almost 1,500 of New Oriental Education & Technology Group Inc.’s training centres are to be closed, founder Yu Minhong said, in the wake of new regulations that ban many in the sector from making a profit. Caixin, SCMP, 8 November
China to issue licenses for education companies to resume after-school tutoring on non-profit basis. WSJ, 8 November
Carrie Lam urges Hongkongers ‘actively’ to partake in revamped election, warns against calls for blank votes or boycott. HKFP, 9 November
Opinion & editorial
The Times view on China’s ambitions: Xi’s Dilemma. Beijing’s leader for life will have to scale down his plans at home and abroad. The Times, 9 November
China’s self-isolation is a global concern. Beijing’s zero-Covid policy is damaging international business and global governance. Gideon Rachman. FT, 8 November
Lying Flat and the measure of all costs. Could protests by China’s younger workers be as important as a dearth of truck drivers in shifting inflation dynamics? Claire Jones. FT, 8 November
Longer reads
Deciding history, sealing the future. At the 6th Plenum, the CCP will pass its third resolution on history. But all of the verbiage in the important document to be released this week will boil down to a simple political fact: Xi Jinping will lead the Party for years to come. China Media Project, 8 November
Mapping the international 5G standards landscape. Alexandra Bruer and Doug Brake. ITIF, 8 November
The US is getting Taiwan ready to fight on the beaches. Jack Detsch and Zinya Salfiti. Foreign Policy, 8 November