Ningbo museum and its creator, Wang Shu [VCG and Zhu Chenzhou]
Geopolitics
At meeting with Macron and von der Leyen, Xi says he expects EU to oppose hegemonism and attempts to cut supply chains
Both the French president and the European Commission chairwoman said that neither France nor the EU has an interest in “disassociating” from China; in response to von der Leyen’s speech on Taiwan, Xi said that expecting China to compromise on this issue is mere illusion and shooting oneself in the foot
In reference to tech sanctions imposed by the US, Foreign Minister Qin Gang says Japan should not “help a villain do evil”
Speaking to his Japanese counterpart, Yoshimasa Hayashi, in a meeting held two days after Tokyo announced restriction on semiconductor equipment exports starting in July, Qin recalled that the “tricks” used against China now, have already been used to “brutally repress the Japanese semiconductor industry”
National Politics
Government takes over leadership of Chinese Football Association (CFA) amid anti-corruption drive
A task force of seven senior officials from the General Administration of Sport will lead the association, while eight former and current officials of the institution currently under investigation – including Du Zhaocai, deputy director of sports administration and vice president of the ACF, and Li Tie, former coach of the men’s national team and former English Premier League player
Economy
With the market shaken by slowing sales, China’s auto sector is waging a fierce price war
The movement began with price cuts by the US-based Tesla at the end of 2022, and was followed by other foreign and Chinese companies such as BYD, XPeng, and Nio; Chang’an is offering discounts of up to 40,000 yuan (US$5,800) on several models, and Dongfeng, with help from the Hubei government, has cut prices of the Citroen C6 by up to 90,000 yuan, almost 40% off
Continued fall in interest rates and weak demand for credit has China’s banking sector preparing for a challenging 2023
China’s central bank has been keeping the key interest rate low since mid-2022 (3.65%), and the crisis in the real estate sector also impacts banks, which faced rising defaults in 2022; net interest margins, an important measure of profitability of state-owned banks fell by an average of 24 basis points year-over-year
Agriculture and Environment
China increasingly imports non-resource products from Africa to reduce trade deficits
While “green corridors” for African exports have shown some progress, including faster inspections and broader tariff exemptions, non-tariff barriers such as quantity and quality requirements continue to mean restrictions; in the case of Kenya, 15 avocado traders complied with the requirements, earning US$55 million in three months due to the high price of the product
China optimizes its coal power structure and builds new, safer, and more efficient plants replacing obsolete production capacity
During 2022, hydropower and solar power capacity increased 5.8% and 28.1% respectively, outpacing the 2.7% increase in coal-linked power; China seeks to make coal a backup source for renewables
Science and Technology
Chinese scientists succeed in eliminating cancer in rats with an implantable battery, according to a study published in Science Advances
The device generates a discharge and self-charging cycle that consumes oxygen in tumors and creates a precedent for the biomedical application of batteries; together with the use of a drug, it reduced tumor volume by 90% within two weeks and eliminated tumors in four out of five mice
People’s Life and Culture
China’s truckers are organizing to create fleets, safeguard their rights and have greater bargaining power
When digital freight platforms appeared 10 years ago, with vast amounts of information about loads and trucks, they caused freight rates to fall and individualized drivers; now, drivers use those apps to band together, and since 2018, more than 600 fleets have been created that facilitate the relationship with large factories
Wang Shu, a leading Chinese architect, combines nature and modernity with traditional culture
Wang, a member of China’s top political advisory body, believes that architecture should contribute to people’s way of life, not uproot or replace it; in 2012, he became the first Chinese to win the Pritzker Architecture Prize, and Ningbo museum, designed by him, is one of the locations of the famous series The Three-Body Problem
The Xiangshan campus of the China Academy of Art, designed by Wang, shows the ideal of buildings maturing with time and nature. On the left, a photo from 2007 [Iwan Baan], and on the right another from 2021 [YanGu Studio]
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