Tourists in Beijing experiencing a temperature of 36°C recorded at noon [China Daily]
Dear reader,
We are happy to announce the launch of The Crane: An Africa-China Podcast!
Hosted by collective members Mikaela Erskog and Amadeus Musumali, they explore relations between Africa and China. You can give it a listen on all audio streaming platforms (including Apple & Spotify), with a new episode out every two weeks. Musumali also recently spoke to By Any Means Necessary about a new study rebutting western accusations of China practicing “debt-trap diplomacy” in Africa.
This week, our co-editor Marco Fernandes talked with Elias Jabbour, in the program Meia Noite em Pequim (“Midnight in Beijing”), about China’s role in building alternatives to the US dollar for the Global South, and other perspectives for building a multipolar order.
—Dongsheng editorial collective
Geopolitics
Nigeria inaugurates its first deep-water port at Lekki, 60 km from the capital Lagos, financed by the China Development Bank
Built by a consortium of several countries (China, Singapore, Nigeria), the new port will have a high degree of automation and increase container volume by almost sevenfold; Lekki Free Trade Zone will plummet freight costs, generating over US $201 billion for the government
Indian government accuses smartphone maker Oppo of evading US$551 million in taxes, amid targeting of Chinese tech companies
Accusation comes amid investigations and allegations against Chinese tech giants such as Xiaomi, ZTE, and Vivo that began in 2020; experts feel that pressure against Chinese companies could jeopardize 5G network development in India
India’s imports from China (US$57.51 billion) soar 34.5% year-on-year in the first half-year, expected to hit an all-time high by 2022
With exports to China (US$9.57 billion) falling 35%, India’s trade deficit reached US$47.94 billion; major Chinese goods were electrical and mechanical machinery, industrial chemicals, active pharmaceutical ingredients, auto parts and medical supplies
National Politics
With homebuyers stopping mortgage payments on delayed projects, government directs banks to ease credit access for real estate developers
Stock shares of developers soared following this announcement, first since August 2021 central bank loan cap; ¾ of most heavily indebted developers have missed project completion deadlines prompting homebuyers of 100 projects in 50 cities to stop their mortgage payments
China plans to build 461,000 km of highways by 2035 and continue expansion until 2050, making it a world-class network
Highway network will cover cities and counties with over 100,000 inhabitants, linking road, rail and air systems; between January and April, China’s fixed asset investment (US$2.26 trillion) – an important growth engine for the country – increased 6.8% year-on-year
Economy
Despite government’s fintech regulations, market penetration rate of online microlending services balloon from 0.4 to 69.2% (2014-21)
China’s underdeveloped banking system enabled private lenders to grow, particularly affecting the youth, offering microcredit for everyday transactions (subscriptions, purchases, travel booking, etc.) totaling 2 trillion yuan (US$300 billion) last year; credit cards (51%), fintech (19%), and state-owned banks (13%) make up country’s consumer credit loans (2021)
Agriculture and Environment
China’s national carbon market – the world’s largest – completes one year, with 194 million tons traded (US$1.26 billion)
Still restricted to the energy sector (2,162 companies with 4.5 billion tons of CO2), by 2025 the market should include seven other energy-intensive industries – iron and steel, construction materials, non-ferrous metals, petrochemicals, chemicals, papermaking, and aviation
Despite 2021 floods, summer grain harvest increases 1% to 147.39 million tons
Wheat production stood at 135.7 million tons, up 1% from the previous year; in addition to favorable weather conditions and technical support, increased central government funding for grain production – US$2.3 billion more than in 2021 – were key to the good harvest
People’s Life and Culture
Government authorizes use of old bunkers to provide residents relief amid record high temperatures
Equipped with ice-cold drinks, Wi-Fi, televisions, newspapers, microwaves, and medical assistance, underground shelters remain at temperatures of 24 to 26°C, even with more than 40°C on the surface; China’s “three ovens,” cities of Nanjing, Chongqing, and Wuhan have the highest summer temperatures
2017 hit series on anti-corruption campaign sparked popular resurgence of “positive dramas” as online forms of viewer participation emerge
Zhengju TV genre often focuses on values and themes linked to campaigns like poverty alleviation (Minning Town) and CPC history (The Age of Awakening); politicized youth, high production quality, and cultural phenomena (bullet comments, reaction GIFs, and memes) contribute to popularity
Social media stickers made by fans of popular anti-corruption show, In the Name of the People [Sixth Tone]
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