This week, we share the official song from the 2023 Hangzhou Asian Games, ‘With You and Me’, starring Jackson Wang among other Chinese artists.
Geopolitics
Iran joins the Shanghai Cooperation Organization (SCO) while Xi advocates the creation of a SCO Development Bank
During the 23rd SCO summit, Xi and Putin advocated expanding the use of local currencies among member countries and said they should reject any interference in their internal affairs; Belarus has signed the Memorandum of Obligations to join the organization, which should happen next year
China takes steps to protect national security interests in light of the US campaign against its semiconductor industry
The country, which produces more than 95% of the world’s raw gallium and 60% of germanium, has implemented export controls for these two essential minerals in the industry for chips, missile systems, solar cells, and other high-tech products
Washington convinces Dutch government to impose restrictions on trade with China, after months of US pressure
The new Dutch measure will mainly affect ASML, which makes the world’s most advanced semiconductor lithography machines; three of ASML’s four immersion lithography systems will be included in the new rules, which will make it impossible for Chinese companies to manufacture semiconductors smaller than 28nm on a commercial scale
National Politics
Zhongwang Group, Asia’s leading aluminum extrusion developer, goes bankrupt
Liu Zhongtian, its founder and ranked 9th in Forbes China in 2009, built a funding network accused of embezzlement to support Zhongwang, including banks and insurance companies; with 50,000 employees and more than 500 billion yuan (US$69 billion) in assets, the company has not reported financial results since 2021 and has had intervention from Liaoning province to maintain its operations
Economy
State-owned companies run by the central government increase investment in the face of moderate economic growth
Over the course of the year, investments by these companies reached 1.7 trillion yuan (US$234 billion), an increase of 12.5% over the previous year; in June, the last stretch of a new mega-bridge along the Beijing-Xiong’an highway was completed and excavations began for the Jiaozhou Bay underwater tunnel, the largest in the world, among other infrastructure works resulting from these investments
China’s manufacturing activity expansion loses momentum in June as profits of major industrial firms fall
From January to May, profits of companies with revenue from core activities above 20 million yuan fell by 18.8% year-on-year to 2.67 trillion yuan (US$ 369 billion); figures are due to slowing growth in market supply and demand, with sub-indices for manufacturing production and total new orders
Agriculture and Environment
Experts urge China to diversify its seed imports amid rising geopolitical tensions and climate disasters
China is the world’s second largest seed consumer behind the United States, accounting for about 70% of the corn seed that China imports; the contribution of improved seeds to increased agricultural yields in China is 45%, lower than Western countries where it is as high as 60%
Cotton planting areas in Xinjiang decreases due to US sanctions and greater dedication of land to edible grains
By May, farmers in this autonomous region (China’s largest cotton producer) had cultivated 2.76 million hectares, 10.3% less than the previous year; Xinjiang is expected to allocate more and more land to edible grains amid a global apparel industry boycott of the region’s products on charges of alleged forced labor
People’s Life and Culture
The number of Chinese youth studying in the US (290,000) drops 8.6% between 2021 and 2022
Survey shows that gun violence in the US was a concern for 44% of international applicants for the 2017—2018 academic year; other reasons for the change include the policy of canceling visas for thousands of Chinese graduate students and researchers initiated by the Trump administration, growing racism against Asians, and deteriorating China-US relations
Hangzhou prepares to host the 2023 Asian Games, from September 23 to October 8
More than 12,000 athletes from across Asia are expected to participate, with more than 900 from China; the Hangzhou Games will feature technologies such as UAVs, holograms, 5G plus 8K, Artificial Intelligence and augmented reality, as well as implementing projects such as autonomous driving, digital yuan, and cloud streaming
The Hangzhou Olympic Sports Center Stadium, the main venue of the Hangzhou Asian Games [VCG]
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