We recommend the Tiny Desk session by Cui Jian, a pioneer of Mainland China rock and one of the first Chinese artists to compose contemporary rock songs in Mandarin.
Geopolitics
Biden administration signs executive order imposing more restrictions on US investments in China’s high-tech sector
Targeting the semiconductor and microelectronics, quantum computing, and artificial intelligence areas, US authorities justify the measure by citing once again supposed “national security reasons”; the Chinese government says the action is another element of the US campaign to stifle China’s technological rise
Renowned biochemist Kunliang Guan returns to China after three decades working in the US, following investigations targeting Chinese researchers
Among 250 professionals penalized for affiliation with Chinese institutions, Guan is a McArthur prize winner and one of the most cited researchers in his field; he is expected to lead a new research laboratory at West Lake University in Hangzhou, continuing his globally renowned research on cellular signaling pathways related to organ development and cancer
Science and Technology
Investment in research and development (R&D) by Chinese companies more than doubled in the last five years
Listed companies in China invested US$228 billion in R&D programs in 2022, seeking to develop their national products that can replace those of Japanese, American, and European companies; these companies have more than 3 million researchers in R&D teams, the largest of which is electric car giant BYD, with nearly 70,000 employees
China launches world’s first high-orbit Synthetic Aperture Radar (SAR) to improve disaster monitoring
SAR generates high-resolution images over long distances and will contribute to disaster prevention and reduction, earthquake monitoring, and land and resource surveying, among other applications; during the recent heavy rains that hit northern China, 16 satellites provided fast image services to support relief work
National Politics
New regulations will eliminate a third of China’s hedge funds, increasing minimum values for their liquid assets
From now on, hedge funds must maintain a net asset value of at least 10 million yuan (US$1.2 million) and limit the size of their investments to 25% of their total assets and their leverage levels to 200%; Beijing seeks to eliminate smaller actors that are often responsible for extreme volatility in a sector that has grown sevenfold over the last decade
An anti-corruption campaign launched this year in the healthcare sector has resulted in the detention of over 160 hospital directors across the country
The action aims to put an end to illicit practices such as using power to obtain income, bribes, and fraud in the bidding for medicines and equipment; the government aims to regulate both the public and private sector, which received US$15.2 billion in funding during the pandemic, by requiring standardization of medical service prices and payment systems
Economy
Investment in the real estate sector from January to July totaled US$943.5 billion, representing an 8.5% drop compared to the previous year
The cause of the deepening crisis was a 7.6% fall in housing investment, which accounts for about three-quarters of the total; the total value of commercial and residential properties sold in the first seven months was 7.04 trillion yuan (US$965.2 billion), a 1.5% drop from the previous year
Agriculture and Environment
The central government has released renewable energy targets for all provinces this year
The guidelines, which are binding, stipulate what proportion of each province’s energy consumption should come from renewable sources, with the highest (70%) assigned to provinces with the largest hydroelectric capacities (Sichuan, Yunnan, and Qinghai); in addition, each province also received a different target for non-hydro renewable energy consumption, with Qinghai (27.2%), Ningxia (24.5%), and Jilin (23.5%) having the highest targets
China has published its first set of guidelines to standardize the hydrogen energy industry
By 2025, the country aims to establish an industrial system that standardizes hydrogen energy production, storage, transportation, and utilization; as the world’s largest hydrogen producer (33 million tons per year), China sees the resource as an important means of transitioning to a low-carbon economy
People’s Life and Culture
Two years after the ban on extracurricular private lessons, many parents continue to maintain the practice
Although regulation has put an end to the US$70 billion private tutoring market, demand from families has not diminished and they now hire illegal private teachers or study trips to give children advantages in education; the government seeks to discourage these practices, which represent the biggest expense for many families
“The Long March-2B” rocket takes off from the Xichang Satellite Launch Center, carrying the “Soil Exploration – 4 01” satellite, 13.08.2023 [CNSA]
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