China-Nicaragua joint communiqué to resume diplomatic ties in Tianjin, 10 December 2021 [Xinhua]
Dear reader,
This is the last News on China digest of the year. After a short break, on January 8, we will be back with a special edition presenting a retrospective of the most important issues of 2021. Happy holidays to all of you!
—Dongsheng editorial collective
Geopolitics
Nicaragua restores diplomatic relations with China after severing ties with Taiwan and recognizing the “One China” principle
Since the beginning of leader Tsai Ing-wen’s tenure (2016), seven other countries have broken with the Chinese island; Beijing has donated one million Covid-19 vaccines to the Central American country, with more partnerships currently in discussion
Beijing repudiates unsubstantiated media claims of confiscating Ugandan airport due to non-repayment on loans, days before the FOCAC summit
China’s Exim bank loaned US $207 million at 2% interest for Entebbe expansion under BRI; Finance Minister Kasaija admitted that Uganda “should not have accepted some of the clauses” but agreements fall within bounds of normal trade practices
National Politics
China announces stability as a key policy priority for 2022 and will expand social policies in housing and youth employment
At the annual Central Economic Work Conference, the government promoted “proactive fiscal policies” with high expenditure budgets and more tax incentives, as well as “prudent monetary measures” to ensure liquidity; rentals for middle and low-income families will have priority over private commercial sector
Beijing creates online platform to offer free tutoring to 330,000 elementary school students in the city by 2022
With content available from 6 to 9pm on weekdays (except on holidays), the decision increases access and aims to meet the demands of parents after private tutoring sector reforms
Economy
Central Bank will increase foreign currency reserve requirement ratio for banks from 7% to 9% to curb yuan appreciation and speculation
Chinese exchange rate increased to 6.37 to the dollar – highest since 2018 – due to the country’s trade surplus and rising foreign reserves (US $3.2 trillion in November); Chinese currency rise could hurt economic activity
In December 2001, after 15 years and 37 meetings, China became a member of the World Trade Organization
In 20 years, the country grew from the world’s sixth to second largest economy, with trade volume growing from US $516 billion to $5 trillion, and reaching 11.5% of global total (2001, 3.4%); country signed over 400 multilateral agreements and 128 bilateral investment treaties
Global Times, 08.12.2021 (infográfico sobre as realizações chinesas desde sua entrada na OMC)
Agriculture and Environment
Designed to capture 500,000 tons of CO2 per year and starting operations in 2023, Taizhou will host the world’s largest plant
With 14 carbon capture, utilization, and storage (CCUS) projects, with a combined annual capacity of 2.1 million tons, China could reduce CO2 emissions by 60% (2050) at a cost of US $450 billion
Innovations in urban governance is increasingly essential for China to achieve carbon neutrality targets by 2060, say experts
China has low-carbon pilot projects in 81 cities and 52 industrial parks, as the country’s carbon market grows to more than US $314 million since its launch in July this year
People’s Life and Culture
Chinese youth question marriage and sexuality norms but are not seeking electoral democracy, finds new survey
Contrary to Western media claims of free speech and educational suppression, Yicai survey (2,268 people) finds that Chinese youth have differing views and practices than the government but trusts its ability to delivery on economic growth, illustrated by tenfold GDP rise in 20 years
China observes eighth National Memorial Day for the victims of the 1937 Nanjing Massacre, one of the most brutal events during Japanese occupation
On December 13, Japanese troops invaded Nanjing and murdered over 300,000 civilians and unarmed soldiers in six weeks; President Xi Jinping honors the 61 still-living survivors of this massacre, reiterating a commitment to peace
Silent tribute to the Nanjing Massacre victims in Nanjing, Jiangsu province, 13 December 2021 [Sang Yu/China Daily]
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