Today, we share with you the Chinese version ‘A Love Before Time’ (月光愛人) performed by Coco Lee, who performed that song at the 2000 Oscar Awards ceremony.
Geopolitics
Argentina will pay part of its debt with the IMF in yuan after reaching an agreement equivalent to US$1.7 billion with the People’s Bank of China
The South American country will use the currency swap mechanism, depositing pesos in the Chinese central bank and receiving yuan in exchange; Argentina will be able to pay the financial institution without affecting its dollar reserves (only US$8 billion), setting a precedent for other economies in the Global South
For the first time, the US uses its foreign policy mechanism in “crisis situations” to send US$345 million on military aid to Taiwan
In 2022, the US Congress authorized Biden to spend up to US$1 billion in Taiwan through the Presidential Dispatch Authority, also widely used for arms shipments to Ukraine; a Chinese government spokesman said these actions are turning Taiwan into a “powder keg” and criticized the DPP for exacerbating the risk of military conflict in the Taiwan Strait
National Politics
Anti-corruption investigation leads to change in the command of the People’s Liberation Army’s Firearms Force
The chief and political commissioner of the force responsible for the country’s nuclear arsenal have been replaced, while the anti-corruption unit of the Central Military Commission investigates the main commanders of the force; in a recent speech on the eve of the 96th anniversary of the PLA, Xi Jinping said that anti-corruption efforts must be taken to a “deeper level”
Mining company in Shanxi province under investigation for concealing 40 accidents resulting in the death of 43 workers
In addition to committing gross negligence by operating without training, inspections, and safety procedures, the company coerced the victims’ families into accepting compensation and signing “confidentiality agreements” to avoid punishment; local regulatory authorities are also being investigated for failing to conduct proper production inspections and safety oversight
Economy
Real estate crisis continues for the third consecutive year and begins to affect state-owned companies
New property sales by China’s top 100 property developers fell 28.1% in June to 526.74 billion yuan (US$73.4 billion), as the sector posted a 1.2% decline in the second quarter from a year earlier; the housing minister called for more measures to support home purchases, such as easing down payment rules and reducing mortgages for first-time buyers
For the first time in history, the yuan surpassed the US dollar in China’s bilateral trade
Forty-nine percent of China’s international transactions in the second quarter were in yuan, mainly due to a more open market for capital and growing yuan trade with Russia; the yuan’s share of global payments reached 2.77% in June, up 11% year-on-year to US$1.51 trillion, while the dollar fell 14%, although it remains the most widely used currency
Agriculture and Environment
China faced the heaviest rains in 70 years due to Tropical Storm Doksuri
Floods left more than 20 dead in the cities of Beijing and Hebei and about 127,000 evacuated in the Chinese capital; on Wednesday morning, Beijing lifted its flood red alert when water flows in major rivers fell below the alert mark
Chinese scientists advance fertility of healthier, higher-yielding “super hybrid” rice
Hybrids of Japonica and Indica varieties are stronger and more resistant to pests, diseases and drought, but cannot produce seed due to reproductive isolation; the team discovered the workings of the genes that cause sterility, and paved the way for a new variant with a 15% yield increase and less reliance on pesticides
People’s Life and Culture
Thousands of fans said their last goodbye to Coco Lee, the Chinese pop singer who became a global cultural icon
Coco Lee provided the voice for the music of Mulan and Crouching Tiger, Hidden Dragon, and to this day remains the only Chinese-American singer to have performed at the Oscars ceremony; the Hong Kong-born singer was honored in her hometown, mainland China, and Taiwan, and by Asian people from around the world
150,000 people attended the final of the Cun Chao, the Village Football Super League in Rongjiang County
People from all over the country traveled to watch the amateur players, who are farmers, students, teachers or local restaurant owners, and millions followed online; ceremonies representing the region’s ethnic diversity are also held at the games and the tourism revenue has been one of the key strategies to help the community lift itself out of extreme poverty
Women from Rongjiang County at the closing ceremony of Cun Chao [Mauro Ramos, TVT]
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