Today, we’re sharing the song “大雪” (Major Snow), named after one of China’s 24 solar terms. The term indicates the onset of heavy snowfall, and this year was on 7 December.
Geopolitics
At the UN Security Council, China calls for a roadmap and a concrete timetable for a two-state solution to the Palestinian question
In its first published position paper on the conflict, China called for the convening of an international peace conference; foreign minister Wang Yi said that the only way to achieve sustained peace in the Middle East is to establish an independent state of Palestine and that this position is “very much in line” with the Arab and Muslim world
US Secretary of Commerce Gina Raimondo says that “China is not our friend” and is “the biggest threat we’ve ever had”
Addressing several US chip company executives who are losing millions because of sanctions against China, Raimondo said that “protecting national security is more important than short-term revenue”; the Chinese foreign ministry again called for abandoning the “cold war mentality” that is “deeply ingrained in some people in the US”
National Politics
In the first 10 months of the year, nearly 115,000 CPC cadres have been investigated and 80,000 disciplined for violating anti-extravagance measures
Shortly after becoming CPC General Secretary, Xi Jinping issued the “eight directives” to reduce bureaucracy, extravagance, and undesirable work practices ; today, the Central Commission for Discipline Inspection says corruption has taken new forms, such as bribes in the form of luxury gifts or excessive fees for conferences or consultancies
South China Morning Post, 04.12.2023
See the original eight directives here.
New Chinese developed cancer drug is approved by the US but will cost over 31 times more than in China
The drug Loqtorzi will cost US$8,892 compared to US$280 in China while in China, prices are determined by the state through the public healthcare system, in the United States, they are decided by pharmaceutical corporations, with no relation to production costs, as demonstrated by a recent study
Economy
State support for Huawei nearly tripled between 2021 and 2022, exceeding 6.5 billion yuan (US$948 million) with the 7nm chip as a result
Amid heavy US sanctions on China’s semiconductor industry, the state compensated for high chip production costs – in addition to Huawei, SMIC also received around 6.8 billion yuan in the past three years; now both companies are also trying to produce replacements for Nvidia processors
Zhongzhi financial conglomerate’s crisis exposes lack of legislation on some high-risk financial institutions
On 25 November, authorities opened a criminal investigation into Zhongzhi Enterprise Group Co Ltd after it declared itself “seriously insolvent” with a US$36.5 billion deficit; asset management or “internet finance” companies do not have risk control systems like banks and, according to experts, even if they did their own operation is highly risky
Agriculture and Environment
China pledges to reduce methane emissions but calls for joint efforts as it does not yet have the capacity to do so
With 14% of global emissions, China is the largest emitter of methane, which is responsible for more than a quarter of global warming; on the sidelines of COP 28, special climate envoy Xie Zhenhua also announced that China will set new emission reduction targets for 2030 and 2035 in two years
CropWatch, China’s leading agricultural monitoring system, is an alternative that is not reliant on the West for developing countries
First developed in 1998 by the Chinese Academy of Sciences, the system analyzes data from satellites and ground stations generating information on crop yields and environmental changes, and analysis of agricultural trends; until now, the main systems for forecasting changes in world prices were controlled by the US and the EU
People’s Life and Culture
Falling birth rate and rising youth unemployment could be explained by China’s growing university enrollment
Taking all those born 24 years ago, the percentage of graduates rose from 6% at the turn of the century to 63% in 2023, at nearly 12 million, with 40% studying science, technology, engineering, or mathematics majors (18% in the US); as a result, employable 16-24 year olds fell by 43% since 2017 and at the same time college students often delay their families’ education
ReelShort, China’s platform for short dramas, surpasses TikTok in October downloads in the US and gains popularity inside and outside China
“Microdramas” are online series with one-minute episodes, with the first few usually free to hook the audience, and then the platforms charge a fee; recent survey shows 70% of ReelShort users are women, showing the potential of women’s consumption in the “sheconomy”
Promotional material for ReelShort, with record downloads in the US [ReelShort]
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