Xi Jinping and Putin at the Kremlin, Moscow, 21.03.2023 [Xinhua/Xie Huanch]
Geopolitics
On Xi Jinping’s visit, Putin says Russia-China relations are at their highest level in history
Presidents signed agreement to boost economic cooperation by 2030 that will deepen ties in eight strategic areas, mainly finance, industry, and technology; Xi and Putin agreed on almost all parameters for the construction of the new “Power of Siberia 2” pipeline capable of delivering 50 billion m³ of natural gas per year
Statements to the press by the presidents of Russia and China, 21.03.2023
Xi and Putin advocate negotiations as the solution to Ukraine crisis and defend central role of the UN
The Russian president says Russia and China are working to create a more just and democratic multipolar world order and that the China peace plan can be taken as a basis for a peaceful settlement; both have spoken out against imposing unilateral sanctions without UN Security Council authorization
Statements to the press by the presidents of Russia and China, 21.03.2023
National Politics
For the first time, Hong Kong is developing an industrial policy with an initial fund of US$7.65 billion
By 2032, it will seek to increase R&D spending to 2% of GDP, tech startups to 7,000, the number of innovation and technology professionals to 100,000, and manufacturing’s contribution to GDP to 5%; in the 2023–24 budget, US$382.27 billion will go to the development of AI and quantum computing
The government published two texts on sexual harassment in the workplace, giving greater emphasis to the perception of the victim
Penalties for harassers range from transfers to positions where the victim cannot be contacted, termination of the employment contract to prosecution of the case; according to a 2021 survey, more than 70% of the 2,500 respondents had experienced sexual harassment in the workplace at least once, with 75% of those cases occurring in public areas of the company
Economy
Consumption grows 3.5% and industry, 2.4% in the first two months of 2023 year-on-year, but urban unemployment rose to 5.6%
While exports fell 6.8%, investments in infrastructure and manufacturing grew 9% and 8.1%; the housing sector fell 5.7% year-on-year in the period, showing a recovery compared to December where the drop was 12.2%
China’s central bank will reduce banks’ compulsory deposit to 7.6%, which will inject 500 billion yuan (US$72.6 billion) in liquidity into the market
Measure will mean financial relief for large and medium-sized banks and may help reduce lending rates; officials and regulators warn that consumer demand is still weak, business expectations are subdued and the risk of external shocks has been increasing
Agriculture and Environment
Scientists in China develop a new type of biodegradable and bio-recyclable glass
Researchers at the Chinese Academy of Sciences have manufactured a family of eco-friendly glasses using amino acids or peptides of biological origin; according to the study, published in the journal Science Advances, the protein molecules can degrade and be reused in nature by small organisms, unlike standard glass made from a combination of sand, limestone and other chemicals
Science and Technology
Chinese tech giant Baidu introduced Ernie BOT, a language model similar to ChatGPT
Among its core capabilities are creative writing and Chinese language comprehension; as one of China’s largest search engines, Baidu has access to a wealth of user data that allows it to train language models effectively, and it is also one of the few AI companies in the world with control over all stages of manufacturing
People’s Life and Culture
Following a new gala on March 15, ministries and regulators began investigating companies that have violated consumer rights
Every year, CCTV sends investigation teams to gather information from suspect companies and then reveals the results in the annual TV program, known as Gala 3.15; some of this year’s complaints were about counterfeit imported rice, abuse of personal data on the internet, and scamming the elderly
One-third of China’s 150 million people aged 60 to 69 are still working, according to data from the National Bureau of Statistics
Sixty percent work in agriculture, forestry, and fishing, while the rest are mainly engaged in manufacturing, construction, and retail sales; most of them live in rural areas, although a survey last year found that 70% of retirees in urban areas would be willing to return to work
A 64-year-old rural worker in the village of Baiping, in central China [Yusuke Hinata]
Subscribe to News on China. The digest is published every Saturday in English, Spanish, and Portuguese.
Follow our social media channels:
- Twitter: @DongshengNews
- Telegram: News on China
- Instagram: @DongshengNews
- YouTube: Dongsheng News
- Facebook: Dongsheng News
- TikTok: @dongshengnews