Amani is a song by the famous Hong Kong rock and cantopop band Beyond. After visiting Kenya, the singer wrote the song’s chorus in Swahili, a language spoken in several African countries.
Geopolitics
Xi Jinping and Indian Prime Minister Narendra Modi met to discuss the need to resolve the border dispute between the two countries
Both sides agreed to accelerate efforts to withdraw troops and reduce tensions along the “Line of Actual Control”. In the 19th round of dialogue between Indian and Chinese army corps commanders held in mid-August, both sides withdrew troops from five points of friction and agreed to maintain peace and continue negotiations to unlock other issues.
African countries request Beijing to change the focus of investments to prioritize industrialization instead of infrastructure
In response to the request, Xi announced, during the China-Africa Leaders’ Dialogue in Johannesburg, the launch of the Africa Industrialization Support Initiative, to allocate more assistance, investment, and financing resources to industrialization programs on the continent. According to the China-Africa Cooperation Vision 2035, launched in 2021, China will invest more than $60 billion in African countries by 2035.
Agriculture and Environment
China announces plan to support Agricultural Modernization in Africa, which includes support for the agricultural industrial chain and the pursuit of self-sufficiency in cereals
Through the new proposal, the country is expected to encourage Chinese companies to increase agricultural investments and seed production in Africa. China – which in 2022 eliminated tariffs on 98% of goods imported from several of the poorest countries in Africa – will also reduce trade barriers for imports and exports to the continent.
South China Morning Post,23.08.2023
Plano para a China apoiar a modernização agrícola de África, 25.08.2023
Environmental regulation strengthened in deep seas to meet goals of food security
Coastal regions will have to accelerate the introduction of local standards for the discharge of water contaminated by aquaculture, while the Ministry of Environment will support satellite monitoring. China has room to expand deepwater aquaculture as production currently (390,000 tonnes) represents about 1% of freshwater production.
People’s Life and Culture
Chinese consumers promote a boycott of Japanese brands in response to the release of radioactive water from the Fukushima incident
The most affected sectors are Japanese restaurants, travel, and even cosmetics, where China is the largest market for this Japanese sector. Due to the release of radioactive water (which can reach China in about 240 days), the Chinese government has lodged complaints with international organizations and banned the import of seafood from Japan, for which China is its main market.
After the discovery of missing objects in the British Museum, Chinese netizens once again demanded the return of looted relics
The museum holds a total of 23,000 Chinese relics, of which 2,000 are on long-term display, ranging from the Neolithic period to the present and including paintings, engravings, jade objects, and ceramics. It is estimated that 10 million artifacts were stolen from China beginning with the First Opium War (1839-1842) until the War of Resistance against Japanese Aggression (1931-1945).
National Politics
The government is promoting the hiring of people under 40 years old in major research and development (R&D) projects, aiming to have half of the teams in this age group
The age limit for applying for key research in Science and Technology will be lowered to 40 years old, and there will be no restrictions related to professional or academic background. The average age of R&D teams in strategic projects such as the BeiDou Satellite Navigation System or Martian and Lunar detection is 30 years old.
The government relaxes mortgage policy and expands tax incentives for real estate developers to stimulate housing market
Family members of those who own property are now eligible for the credit policy for first-time homebuyers, and those selling their homes and buying another within a year will be reimbursed for the income tax paid on the sale. Down payments have been reduced from 73% to 33% of the house price. Total sales in the first seven months this year dropped 4.7% year-on-year.
Economy
Evergrande’s shares plummeted 79% on its first day of trading after a suspension of more than 17 months
The company filed for bankruptcy protection in a New York court on August 17 and revealed that it has 9.34 billion yuan in debt and lawsuits involving 10.88 billion yuan. The government implemented a series of measures to encourage investors, such as cuts in stamp duties, lower deposit rates for margin financing, and a more selective process for Initial Public Offerings (IPOs).
Profits of BYD, the world’s largest electric car maker, increased 205% in H1, reaching 10.95 billion yuan ($1.5 billion)
The company delivered a record 703,561 electric and hybrid vehicles during this period, representing a year-on-year increase of 98%. Recently, BYD Electronic bought the printed circuit board manufacturing business of U.S.-based manufacturer Jabil in China for 15.8 billion yuan ($2.175 billion).
Yangwang U8, BYD’s new luxury car, can go from 0 to 100 km/h in 3.6 seconds [Kyodo].
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