US President Nixon shaking hands with Chinese Premier Zhou Enlai in Beijing, 1972 [Wikipedia/White House Photo Office Collection]
Geopolitics
China reaffirms the importance of political solutions to the Ukraine conflict during Xi-Putin call
Beijing says security concerns of both sides should be heard, while still advocating that Ukraine should not join NATO and that US-led sanctions against Russia will not resolve conflict
Lithium price reaches historic high (US $315,000/ton), while environmental goals could increase global demand <4000% by 2040
Argentina joining the BRI raises expectations of cooperation with China, the largest lithium buyer and refiner (⅔ of global total); along with Chile and Bolivia, Argentina is part of the “Lithium Triangle,” home to 56% of reserves
Richard Nixon’s visit to China 50 years ago restored Sino-US diplomatic relations, broken since the Chinese Revolution (1949) and the Korean War (1950-53)
Negotiations prepared by Zhou Enlai and Henry Kissinger secured recognition of Taiwan as part of “one China”, bringing the countries closer together, isolating the USSR, and opening doors for China’s reform; US’ increasing attacks and Taiwan provocations undermine historic truce
National Politics
China places 3rd in the Winter Olympics, due to popularization of sport, advanced technology, and international cooperation
The Games were characterized by record golds (9) and total medals (15) for Team China and a successful Covid-19 prevention policy, avoiding outbreaks in the closed loop that hosted more than 15,000 international guests, which serves as an example for pandemic prevention and control
Economy
More than winning medals, China focuses on the growing domestic winter sports market thanks to the Olympics
The value of China’s winter sports sector increased from US $43 to $95 billion (2015-20), and is expected to exceed $158 billion by 2025, representing about 20% of the sports industry
Local government debt in China has doubled in the past six years, from US $2.37 to $4.82 trillion
To control risks, government has set an annual quota for new local government bond issues; federal government debt is still low compared to other developed and emerging economies
Agriculture and Environment
Rural agricultural producers in “Taobao villages” struggle to keep up with tech-savvy urban merchants, as livestreaming grows in popularity
Despite growing internet access in the countryside, peasants face technological challenges, intense competition, and investment risk; Alibaba subsidiary created 4,755 “Taobao villages” in impoverished areas, generating US $786 million in sales (2020) and 8.28 million jobs
China is the global leader in installed solar (39% of total) and wind (36%) capacity, but progress in clean energy transition is needed to meet targets
Criteria for reducing energy consumption (13.5%) and CO2 emissions (18%) per unit of GDP by 2025 may be insufficient if economic growth accelerates, but China can still help lead global climate governance, promoting green investment and providing low-carbon equipment
People’s Life and Culture
Seventeen people held accountable after a video of a suspected victim of abuse and human trafficking goes viral
Missing since 1998, suffering from schizophrenia, and having given biven birth to eight children, a high-level investigation has begun after public outcry to the video of a chained woman in Jiangsu Province; county Party chief was removed and husband suspected of human trafficking was arrested
Average cost of raising a child to adulthood in China costs more than in developed countries, according to a new report
China spends 6.9 times its GDP/capita, while the US spends 4.11 (2015), UK 5.25, and Germany 3.64 (2018); report recommends increased public spending to encourage families to reverse the drop in the number of marriages (10.62 million) and the fertility rate of 1.15 (2021)
Children in Qingzhou City, Shandong Province, 15 February 2022 [Xinhua via Global Times]
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