At the opening ceremony of the C+C5 Summit in Xi’an, Kazakh artist Dimash Kudaibergen sang an adaptation of an ancient Chinese poem by Zhang Jiulin (张九龄). This poet was from the Tang dynasty, of which Xi’an was the capital, and the summit was described as the most important event in the city since the time of that dynasty.
Geopolitics
China responds to G7 statement, saying the group impedes international peace, undermines regional stability, and restricts the development of other countries
The G7 attacked China for alleged economic coercion and called for the Asian country to put pressure on Russia over the conflict in Ukraine; the Chinese foreign ministry said that massive unilateral sanctions, attempts at “decoupling”, and disrupting industrial and supply chains make the US the country actually practicing economic coercion
Chipmaker Micron has failed a Chinese government security review, which could stop its sales in the country
The US has asked South Korea – home to the world’s two largest memory chip makers, Samsung Electronics and SK Hynix – not to take over the market that Micron, which ranks third in the market, might leave; the Chinese government condemned the US attempt to control foreign exports
China-Central Asia summit creates two-year dialogue mechanism and expands areas of cooperation and investment, adding digital and renewable energy sectors
President Xi advocated that the countries stand firm against outside attempts to interfere or instigate color revolutions, as well as announced that China will provide 26 billion yuan (US$3.8 billion) in financial aid to the five Central Asian countries; trade between the two sides reached the equivalent of nearly US$70 billion in 2022
By 2030, China will manufacture more than twice as many electric batteries as all other countries combined
The country has invested more than US$130 billion in research incentives government contracts and consumer subsidies; China dominates 41% of the world’s cobalt mining and 67% of lithium refining, and has invested in a cheaper cathode option (the most important battery component) that uses iron phosphate and lithium instead of nickel, manganese, and cobalt,
National Politics
China to build its own “Silicon Valley” in Beijing, with project to be completed by 2025
The government unveiled a “battle plan” to build the International Science and Technology Innovation Center and advance key fields such as low-carbon energy, space, life sciences, Earth research, and artificial intelligence; by 2025, Beijing’s high-tech industry is expected to have 260 R&D employees for every 10,000 workers
The central government seeks to control the “hidden” debt of local governments, which is estimated to be between 50 and 70 trillion yuan (US$7.1–9.9 trillion)
It mainly includes bond issuance by “local government financing vehicles,” state-owned enterprises set up to finance projects, such as infrastructure projects; the government launched a campaign in 2017 to end invisible debt, but it has progressed slower than expected due to the pandemic
Economy
China’s tax revenue rises 70% in April on year-on-year comparison, and reaches 2 trillion yuan (US$296.4 billion)
The basis of comparison is low due to the fact that in April 2022, major tax rebates and deferred payments were made to help struggling companies; tax collections begin to return to normalcy after public budget revenues advanced only 0.5% year over year in the first three months of 2023
Agriculture and Environment
China’s food security faces the challenge of an aging rural workforce
The percentage of rural residents over the age of 65 tripled between 1990 and 2020, and they now account for 18% of the total rural population; a study showed that young rural people are more likely to farm in large fields and work cooperatively with other families on factory farms, but experts say they should be encouraged to return to their hometowns
People’s Life and Culture
Two ancient shipwrecks – dating back to the Ming dynasty – were found at a depth of 1,500 metres in the South China Sea
The vessels could provide important information about the reciprocal flow of the ancient Silk Road and new evidence about China’s maritime status in areas disputed by countries such as the Philippines, Vietnam, Malaysia, and Brunei; the first ship contains 100,000 relics, mainly porcelain, and both would date from the late 15th and early 16th centuries
The thangka craze is turning a small Tibetan village into a Buddhist art factory employing 40,000 people
The artwork known as thangka depicts Tibetan Buddhist deities and until recently had an exclusively religious meaning; the government created a dozen painting schools that provide free training to students from poor families, and residents’ annual disposable income increased sixfold between 2013 and 2018
A local artist with his greatest work, a Green Tara surrounded by 24 distinct Buddhas, Tongren county, Qinghai province, 11.04.2023 [Fu Beimeng/Sixth Tone]
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