Today, we share with you a song by 杨可爱 (Yáng kě’ài), which summarizes the history of the gaokao, the exam that we will talk about in this edition
Geopolitics
Honduras signs 17 agreements with China during President Xiomara Castro’s visit and the two countries will start negotiating a free trade agreement
After breaking ties with Taiwan and adhering to the One China principle this year, the president made the first Honduran state visit to the People’s Republic of China; Honduras has expressed its willingness to engage in the Belt and Road Initiative, made an official request to join the New Development Bank, and will promote exports of products such as coffee and shrimp to the Asian giant
Chinese companies to invest US$10 billion in Saudi Arabia and other Arab countries after the 10th Arab-China Business Conference
Electric vehicle company Human Horizons has signed an agreement with the Saudi Arabian Ministry of Investment worth US$5.6 billion for research, development, manufacturing, and marketing of automobiles; Saudi Arabia’s trade with China increased by 30% in 2022 to reach US$106.1 billion, which represents a quarter of Chinese trade with Arab countries
China-Palestine relations raised to “strategic partnership” level, with Xi reiterating call for establishment of independent Palestinian state based on 1967 borders
China’s president presented a three-point proposal to address the Palestinian issue – which includes holding a global peace conference – to his peer Mahmoud Abbas, who visited China for the fifth time; the countries signed a series of bilateral economic and technological cooperation agreements, and a bust of Yasser Arafat was unveiled in Beijing
Europe’s second-largest chipmaker makes an about-turn over US policy restrictions, entering a multibillion-dollar joint venture with China
Together with China’s Sanan Optoelectronics, STMicroelectronics will invest US$3.2 billion in building a chip factory to meet the growing demand in China for silicon carbide (SiC) devices in electric vehicles, among other uses; sales of new electric vehicles in China nearly doubled in 2022, reaching 6.9 million units
Economy
Participation of foreign banks in Initial Public Offerings (IPO) in mainland China fell to the lowest level in 13 years
So far, foreign banks have participated in new listings with just US$297 million – or 1.2% of the total – whereas in 2009 their share represented more than 50%; unlike the US, Chinese listings tend to rely less on institutional investors and more on retail investors, meaning that traditional global banking models are unsuitable for the Chinese market
China restructures its energy pricing model to have more transparent tariffs and benefit SMEs
By eliminating the large industrial user category, all industrial and commercial users will pay the same tariff based on their voltage levels, reducing energy costs for small and medium businesses; China has the world’s largest power grid and subsidizes energy for agricultural and residential users
Agriculture and Environment
Issuance of fixed income bonds to finance green projects in China grows 35% in 2022, totaling US$155 billions
The cumulative volume of China’s green bonds reached US$289.6 billion at the end of 2022, ranking second after the US with US$380 billion; Hong Kong made its biggest bond issue of its kind on June 1, raising US$6 billion
Asia’s largest carbon capture project launched in Jiangsu
The installation will have the capacity to capture 500,000 tons of CO2 per year, being able to purify and reuse it or store it for use in the industrial and food sectors; the facility has a CO2 capture rate of over 90% and can produce 99% pure CO2 using the dry-base technique
People’s Life and Culture
A historic record of nearly 13 million students took the gaokao, China’s entrance exam
The exam, which lasts between two and four days, is considered the fairest means of selecting talent in the country’s meritocratic system; in recent years, Xi Jinping’s thinking has been incorporated into the themes of the gaokao, where students are invited to reflect and share their thoughts on the country’s development and the concept of “Socialism with Chinese Characteristics for a New Era”
Chinese reality show “Become a Farmer” took 10 Gen Z celebrities to work in the fields
Young people are tasked with cultivating a large plot of land, and living in an abandoned warehouse where they are responsible for cleaning and maintenance; participants had to learn to operate tractors and harvesters, and they donated all profits to farmers who have rights to the land
Promotional poster for “Become a Farmer“
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