News briefing for Monday, July 25, 2022

Here’s what else you need to know about China today:

Xi is vaccinated against COVID! Beijing announced that all Party and state leaders (党和国家领导) have received homegrown COVID-19 shots, the first time there has been such confirmation. China has the world’s strictest COVID restrictions, but no vaccine mandate.

Evergrande’s top two bosses step down: The embattled Chinese property developer said on Friday that its chief executive, Xià Hǎijūn 夏海钧, and chief financial officer, Pān Dàróng 潘大荣,have resigned, after a preliminary probe found their involvement in diverting $2 billion in loans, the latest setback for the company as it struggles to manage its crushing debt of over $300 billion.

• Company founder Xǔ Jiāyìn 许家印 a.k.a. “Belt Brother” is still chairman and Party secretary of Evergrande.

The Chinese military has become more aggressive in the Indo-Pacific, U.S. General Milley warned during a stop in Indonesia on Sunday. He noted a significant rise of Chinese aircraft and sea vessel intercepts, and a growing number of unsafe military interactions.

Taiwan tensions are high: China declared that it was getting “seriously prepared” for U.S. Speaker Nancy Pelosi’s upcoming visit to Taiwan. These statements seem much stronger than previous threats against U.S. engagement with Taiwan.

A move against domestic violence: This month, China’s Supreme Court took part in a judicial interpretation of 2016’s Domestic Violence Law. This interpretation might protect victims of domestic violence through increased accessibility to restraining orders.

A gloomy future for Gen Z? China’s most educated generation may be lowering its ambitions and expectations amid one of the worst job markets in decades, with about 15 million young people expected to be unemployed.

China doesn’t have enough delivery drivers, waiters, and cleaners: The Ministry of Human Resources and Social Security has released data on the jobs with the most shortages in China. In the second quarter, the top 10 list of biggest labor shortages included marketers, delivery drivers, mechanics, waiters, security guards, and cleaners.

A total of 1.36 billion social security card holders: According to the same ministry, as of the end of June, the total number of people participating in basic pension, unemployment, and work-related injury insurance nationwide was 1.04 billion, 233 million, and 286 million, respectively. There are now 1.36 billion social security card holders, accounting for 96.3% of the population.

Largest listed aluminum producer? Aluminum Corporation of China (Chalco), the world’s third-largest producer of aluminum, has announced that it intends to acquire a 19% stake in Yunnan Aluminum for 6.66 billion yuan ($986.60 million), raising Chalco’s stake in the company to 29.10%, and potentially making Chalco the world’s largest listed aluminum producer.

China’s new passenger jet is ready: Yesterday, the Commercial Aircraft Corporation of China (COMAC) reported that the six test aircraft of the company’s new C919 jetliner have successfully completed all test flights, so the aircraft’s full airworthiness certification is now just a matter of time. (See our report from earlier this month on COMAC and the C919.)

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