News Briefing for Thursday, August 11, 2022

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

A train across the Himalayas? China agreed with Nepal to jointly develop the Trans-Himalayan Multi-Dimensional Connectivity Network, a project set to build out railways and communication networks under China’s Belt and Road initiative in the South Asian country.

• China has also agreed to back a $640 million project to restore Sudan’s railway network, despite the North African nation’s economic crisis that was worsened by a coup last year.
• Meanwhile, the International Monetary Fund (IMF) is putting pressure on Chinese lenders to be more transparent, demanding that borrowers give more information about their Chinese loans.

What to do about China tariffs? The Biden administration is deliberating whether or not to proceed with lightening the tariffs on China imports imposed in the Trump era: Beijing’s response to U.S. House Speaker Nancy Pelosi’s visit to Taiwan last week sparked debate among Washington officials, who “are eager not to do anything that could be viewed by China as an escalation while also seeking to avoid being seen as retreating in the face of the communist country’s aggression.”

• “U.S.-China relations are currently in a downward spiral and risk plunging into a complete free fall if things continue,” said Brian Hart, a fellow at the China Power Project at the Center for Strategic and International Studies (CSIS). “China’s decision to respond to the United States by issuing lists of canceled and suspended activities is a stark sign of how bad things are. [They] appear targeted at upending parts of the relationship that Washington thought could actually produce tangible results.”

China’s car exports hit a new monthly record last month: The China Association of Automobile Manufacturers reported that Chinese auto firms exported about 290,000 cars in July, up 67% year-on-year and up 16.5% from June. Of that total, new energy vehicles surged up 90% from the previous month to a total of 54,000 units. Domestic sales also surged 29.7% in July from a year earlier to 2.42 million units.

U.S. visas to Chinese students are down by more than half in the first six months of 2022, compared with pre-COVID levels, according to U.S. State Department data per the Wall Street Journal. Many Chinese students are questioning whether they are welcome in America, and they have a growing number of more alluring alternatives, which might leave American universities with holes in their budgets.

Lenovo reported its highest-ever non-PC revenue, electric car company NIO is making a high-end mobile phone, and mobile phone brand OPPO launched a new smart watch: Click through to our website for details.

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