[ifeng.com]
Dear reader,
This week, our co-editor Tings Chak, moderated the book launch event of “China: 21st Century Socialism” by Elias Jabbour and Alberto Gabriele, with speeches by former Brazilian President Dilma Rousseff and philosopher Silvio Almeida. Watch the debate here (in Portuguese).
Geopolitics
China and ASEAN elevate relationship to “comprehensive strategic partnership” status, boosting security and development cooperation
China has pledged US $1.5 billion for pandemic relief and economic recovery over next three years to the Southeast Asian bloc – its largest trading partner – and announces US $150 billion in agricultural imports from ASEAN over the next five years
China, the largest importer of crude oil (542 million barrels), may fulfill US request to release reserves to help stabilize soaring global prices
After OPEC refused, Biden made the same request to South Korea, Japan, and India to contain the US’ 60% gasoline price hike and inflation; Chinese reserves are equivalent to 40-50 days of imports compared to 90 days in the US
National Politics
New Oriental education giant announces shift to selling agricultural products online and supporting rural revitalization
After government’s private tutoring overhaul, founder Yu Minhong – whose personal wealth dropped by 70% – will close 1,500 branches, donate 80,000 desks and chairs to rural schools, and create an agricultural platform where teachers train peasants in live streaming
State-owned Assets Supervision and Administration Commission (SASAC) exposes 353 private companies pretending to be government-owned
“Fake state-owned enterprises” use names similar to real ones and opaque structures to conceal real owners in order to gain the trust of the public, investors, and banks, who prefer to extend credit to state-owned enterprises rather than private ones
Economy
People’s Bank of China plans to open US $31.35 billion low-interest credit line to support clean coal use
Projects to reduce emissions, such as smart mining, more efficient coal-fired power plants, clean heating systems, and coalbed methane utilization will be financed with interest (1.75%) almost three times less the price of market average
Alibaba forecasts decrease in revenue growth from 29.5% to 20-23% (2022) and shares see biggest-ever drop (11%) on Hong Kong Stock Exchange
Facing anti-monopoly regulations and advancing competition, second-quarter net revenue (US $833 million) fell 81% year-on-year, surprising analysts; September revenue grew 29%, but fell short of expectations
China’s net worth grew from US $7 to $120 trillion (2000-2020) surpassing the US, which doubled net worth to $90 trillion
In the ten countries surveyed, rising equity and real estate valuations (accounting for ⅔ of total wealth) drove growth; China accounted for half of growth, but the share of the country’s wealthiest 10% grew (48%-67%)
Agriculture and Environment
China doubles installed renewable energy capacity since 2015, reaching one billion kW, or 43.5% of total installation
Wind power generation increased 30.4% year-on-year (299 million kWs), solar power generation grew 23.7% (282 million kWs), and hydropower remains at 385 million kWs; Cost inflation delays solar energy expansion
New groundwater regulations aim to tackle overuse and contamination of around 15.8 billion m³/year of water in China
Fines for those who violate new rules against excessive use and pollution could reach up to $783,000; 43.6% of groundwater monitoring stations record Grade V, the lowest water quality
People’s Life and Culture
Chinese fantasy – or xianxia – now dominates the entertainment industry, gaining domestic and international audiences in recent years
Rooted in Chinese 3rd-century zhiguai “tales of the strange” and wuxia martial arts literature, xianxia fantasy is popular in video games, web novels, and TV and film. Incorporating Eastern and Western elements, genre’s rise mirrors the country’s rediscovery of national identity with global elements
Internationally-popular wuxia drama ‘Word of Honor’ [Youku via CGTN]
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