CiCM 17th October 2024

NEWS IN CHINA

China Introduces Reforms to Revitalize its Real Estate Market: The minister of Housing and Urban-Rural Development, Ni Hong, stated that China will provide support for urban villages and deteriorated housing renovation projects and give monetary compensation to residents to aid them in completing the renovation of 1 million flats. He further stated that all such property projects will be included in the “white list” in order to ensure that they get the required finances through loans. The deputy head of the National Financing Regulatory Administration, Xiao Yuanqi, stated that real estate projects under ‘white list’ have loans approved up to 2.23 trillion yuan and this loan amount is forecasted to double to over four trillion yuan by the end of 2024. The assistant minister of finance, Song Qichao has explained that the local governments now have the autonomy to make decisions while acquiring the existing residential properties using special bonds while the government is making adjustments to value-added tax policies to reduce monetary burdens on businesses and homebuyers. Previously in the stimulus package, the government had cut mortgage rates for current loans, lowered down payment ratios and relaxed purchase restrictions for boosting demand in the property sector.

President Xi Jinping Hopes That China and the US Can Work as Partners: President Xi Jinping stated that Beijing is willing to work with the US both as a partner and a friend. Xi’s congratulatory message during the Annual Gala dinner of the National Committee on US-China Relations, described how the success of one country is an opportunity for the other. This gala was a testament to Xi’s promise made last year on panda conservation cooperation with the US, as a pair of pandas arrived in Washington recently. Xi had met the US President Joe Biden last year in San Fransisco following a dinner reception hosted by the committee. Xi stressed upon the global importance of the US-China bilateral relationship. He also stated that China will increase institutional transparency and will keep building a global business environment while leveraging the advantages of its market and domestic demands to bring in more opportunities for China-US cooperation. He expressed the need for both countries to have more visits and exchanges to increase their bilateral cooperation for mutual benefits. This committee was established in 1966 as a non-profit educational organisation to promote people-to-people understanding.

China Launches More Communication Satellites in the Spacesail Constellation: China successfully launched 18 communications satellites from the Taiyuan Satellite Launch Center in Shanxi province. These satellites form the second batch of the Spacesail Constellation network, developed by Genesat, a Shanghai-based satellite company. The satellites were carried into orbit by a Long March 6A rocket, a medium-lift launch vehicle designed by the Shanghai Academy of Spaceflight Technology. The Spacesail Constellation, formerly known as the G60 network, aims to provide global broadband internet services, with over 10,000 satellites planned by 2030. By 2025, 648 satellites are expected to form the first version of the network, which is seen as China’s counterpart to SpaceX's Starlink system. In a separate development, China also launched the Gaofen 12E remote-sensing satellite on Wednesday morning from the Jiuquan Satellite Launch Center using a Long March 4C rocket. The Gaofen 12E, developed by the Shanghai Academy of Spaceflight Technology, will support Earth observation for land mapping, urban planning, agriculture, and disaster prevention. Launched as part of China’s Gaofen program, the satellite is one of the 30 plus satellites in the Gaofen series, aimed at reducing China's reliance on foreign remote-sensing technology.

China Sees a Surge in Home Appliance Sales Due to the Trade-in Program: China’s Ministry of Commerce (MoC) stated that its trade-in program of home appliances has resulted in a sales revenue topping 69.09 billion yuan since August. As of October 15, 10.13 million consumers have benefited from the program and the central government provided more than 13.17 Billion Yuan in subsidies for consumers. Products labeled with top level energy efficiency like green and smart home appliances are favored by consumers and these products have contributed to more than 90 percent of the sales revenue during this period. The list of eligible products has also been expanded by Hubei Province, Chongqing, Shanghai municipalities and Shenzhen city by inculcating green and intelligent products like air purifiers, sweeping robots, dishwashers and unmanned aerial vehicles. The ministry will also work with home appliance manufacturers and distribution companies to capitalize on upcoming shopping events, such as the Double Eleven online shopping festival, which is akin to Black Friday. This festival, held in November, is a peak season for sales promotions and discounts.

PBSC Members Highlights Several Priorities for China: During his tour to Zhejiang, China’s top political advisor and a member of the Political Bureau Standing Committee Wang Huning has emphasized efforts for promoting work in relation to the united front to further develop the patriotic front. While visiting cultural sites in Ningbo, he emphasized the importance of the role of history and culture to connect people together. He also visited Ningbo Zhoushan Port and Taiwan-funded enterprises and called for promoting economic and cultural exchanges across the strait and to look after young Taiwanese people as well as facilitate business operations for Taiwanese companies. Similarly, Chinese Vice Premier and another Political Bureau Standing Committee Ding Xuexiang has called for better implementation of current incremental economic policies to reach China’s annual social and economic development goals. His research tour to Henan and Jiangsu focused on economic operations, sci-tech innovation and industry development. While visiting the academy of science, a university and a digital technology firm in Zhengzhou, he aimed to promote projects in line with national strategies. He also visited a housing project to indicate his support for newly introduced measures to revive the real estate sector. He reiterated recently announced measures such as offering maximum benefits of local government special bonds, improving ease of doing business for private companies and expanding services for foreign investors.

SOCIAL MEDIA CHATTER IN CHINA

Netizens in uproar after Chaozong street promotes marriage and childbirth excessively: On a cultural street in Changsha, capital of Hunan province, visitors were given the opportunity to either take a quiz on love, use a pregnancy-stimulating belly or click pictures in front of signs supporting pregnancies and pregnant wives like, ‘doing housework is the best’ and ‘I will take care of the baby’. While the cultural street was decorated with particular elements to promote marriage and childbirth, an event launched by the local family planning association, it did not receive support from netizens on Weibo. The media went all out in advertising the street, like the Changsha Evening news which described it as a ‘marriage of tradition and modernity’ and ‘a journey to experience from romantic confessions, love, happy marriage and then shared parental responsibilities.’ The netizens replied with the same fervor but pessimistically under a Weibo post showcasing a slogan put around Chaozong street stating ‘Having three children is the best’. One commented saying 'I thought it was a haunted house’ while the other one said ‘feels a bit embarrassing.’ Other comments openly called the cultural street ‘disgusting’.

INDIA WATCH

Chinese View on India's Approach to De-dollarization at the BRICS Summit: For the upcoming BRICS summit to be held in Russia, de-dollarization is added as an important topic on the agenda due to the international community’s dissatisfaction with the hegemony of the dollar, However, Chinese news media reported that India firmly denied calls for de-dollarization. As per the article, many countries view the dollar as a “sharp weapon” for the US to exert pressure and to extract wealth from countries around the world. Meanwhile, as per the article, India reiterated its position by preferring US dollar to be the choice for trade settlement, portraying loyalty towards US while also highlighting India’s reluctance to pursue de-dollarization. The article argues that as India’s industrialization and manufacturing base is weak, it is dependent on the US-led financial system, which is why it is hesitant to go against the US. Secondly, it assesses that India’s balancing act between China and Russia in the East and the US in the West has left India indecisive. The article also tries to put blame on India for adopting a selective participation approach towards de-dollarization efforts which jeopardizes cooperation spirit among BRICS countries. However, it ignores the views and position of other BRICS countries. Lastly, the article speculates that other BRICS members have begun to doubt India’s true position in terms of cooperation among the countries at the upcoming summit.

Prepared By

Aditi Khamkar

Aditi Khamkar is a third-year undergraduate student at FLAME University majoring in International Studies and minoring in Public Policy. Having completed an internship at International SOS, her interest in security has deepened, driving her to pursue a career as a security analyst. Passionate about making meaningful contributions, she aspires to write impactful analyses that address global security challenges.