Highlighted links for July 6, 2023

Below are links from our NewsBase to other noteworthy reports published in the last 24 hours from and about China.

BUSINESS AND TECHNOLOGY:

Yuan stability
Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens / Reuters
“Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure.”
China’s yuan: investors reassured central bank has ammunition to support currency ahead of Janet Yellen visit / SCMP (paywall)
“China has ample tools to stabilize the foreign exchange market even if there is ‘panic’ in the outlook for the yuan, according to a commentary in the Chinese central bank-backed Financial News, as the currency extended its fall against the US dollar.”
As yuan nears 15-year low, China’s hands tied on monetary stimulus / Nikkei Asia (paywall)
“The yuan is hovering within striking distance of a 15-year-plus low against the dollar as U.S. interest rates settle firmly above their Chinese equivalents, limiting Beijing’s options for reenergizing a sluggish economy.”
China’s weakening currency is becoming a headache for its central bank / WSJ (paywall)

Electric vehicles
BYD, Tesla, 14 others in China agree to not compete ‘excessively’ / Nikkei Asia (paywall)
“Sixteen automakers — including China’s BYD, Tesla of the U.S., and Chinese state-owned companies that have formed joint ventures locally with major Japanese, U.S. and European automakers — on Thursday agreed to avoid creating excessive competition in the Chinese market, including ‘abnormal pricing.’”
Tesla and Chinese rivals signal EV price war truce in ‘socialist values’ pledge / FT (paywall)
Chinese EV-battery maker SVOLT breaks ground on Thai factory / Caixin (paywall)
“Chinese lithium-ion battery-maker SVOLT Energy Technology Co. Ltd. has kicked off the construction of its Thailand factory, the company said Wednesday.”

Foreign businesses in China
Western businesses must find a way to work with China, Stellantis CEO says / Reuters
“The head of carmaker Stellantis said Beijing’s decision to restrict exports of two metals widely used in semiconductors and electric vehicles should not push Western companies to reduce their exposure to China.”
China’s Communist Party is tightening its grip in businesses / The Economist
“Over the past two decades the party has been trying to ensure that as many businesses as possible have a party organization embedded within. Since he took power in 2012, Xi Jinping has been ramping up this effort.”

Workplace discrimination
‘Curse of 35’: China’s state media takes aim at ageist hiring policies / Reuters
“Chinese state media on Thursday took aim at employers’ discriminatory hiring practices, including a trend among companies seeking younger and cheaper workers that has become widely known as the ‘Curse of 35.’”
Zodiac signs, height, blood type: Absurd hiring rules draw fire / Sixth Tone
“Discriminatory recruitment practices by some Chinese companies are now drawing criticism from state media for violating privacy and equal employment rights.”

Development and real estate
China’s Jinke Property could get lifeline from bad debt manager / Nikkei Asia (paywall)
“A unit of one of China’s four biggest bad debt managers is considering an investment in Jinke Property Group, the cash-strapped Chongqing-based developer said.”

China’s gallium and germanium export curbs
Companies respond to China’s curbs on gallium and germanium exports / Reuters
“China said on July 3 it would restrict exports of two metals used in semiconductors and electric vehicles, escalating a technology war with the United States and potentially causing more disruption to global supply chains.”
Beijing’s curbs on niche metal exports threaten China supply glut / Reuters
“China faces a growing surplus of two strategic metals if Beijing restricts exports, industry players said, weighing on domestic prices even as overseas prices of the thinly traded minerals jumped this week.”
China restricts exports of high-tech metals in a slap at Washington ahead of Yellen’s visit / AP
China’s export curbs and Asian chipmakers’ green dilemma / Nikkei Asia (paywall)
China’s export curb on chip-making metals prompts countries to explore supply-chain diversification / WSJ (paywall)

SCIENCE, HEALTH, AND ENVIRONMENT:

Extreme weather
Historic China heat wave takes toll on lives and crops / Caixin (paywall)
“China has suffered the highest number of scorching days on record in the first half of this year, authorities said, after a historic heat wave sent thermometers in cities like Beijing soaring above 41 degrees Celsius, threatening lives and crops.”

POLITICS AND FOREIGN AFFAIRS:

The Communist Party, elite politics, and government
China’s Xi tells military to deepen war, combat planning / Reuters
“Chinese President Xí Jìnpíng 习近平 on Thursday urged the military to deepen war and combat planning to increase the chances of victory in actual combat, Xinhua news agency said, renewing his call to troops to safeguard China’s sovereignty and territory.”
China dismisses criticism of top diplomat’s comments appearing to push for race-based alliance / AP
“China on Wednesday dismissed criticism of racially tinged comments by its top diplomat, who said Westerners are incapable of distinguishing among Chinese, Koreans and Japanese.”
Police official to be charged for freeing detainees without authorization / Caixin (paywall)
“A Xinjiang police official suspected of releasing one or more detainees without authorization is facing impending prosecution after an investigation, the region’s prosecuting organ said Monday.”
China’s message to the global south / The Economist
“A new propaganda push: ‘universal values’ are a form of racism.”

Censorship
China took her husband. She was left to uncover his secret cause. / NYT (paywall)
“He was brilliant, quirky and intensely private — and also, she now suspects, an anonymous dissident blogger who had won fame for years of evading the surveillance state.”

Media reporting on China
The Nine-dash line, the Barbie movie, and media failures / Donald Clarke
Recent reports that the Barbie movie included a map with China’s infamous Nine-dash line in the South China Sea appear to be greatly exaggerated.

Hong Kong
Hong Kong police arrest fifth suspect in clamp-down on pro-democracy activists / Reuters
“Police in Hong Kong arrested a man on Thursday suspected of links to pro-democracy activists based abroad, picking him up at the city’s international airport a day after arresting four others for various national security offenses.”
Hong Kong slashes number of directly elected council seats / Reuters
“Hong Kong’s legislature unanimously voted on Thursday to overhaul district-level elections by drastically reducing the number of directly elected seats, which critics said would further shrink democratic freedom in the Chinese-ruled city.”
Hong Kong’s ‘hidden elderly’ dying alone at home: stranded woman with dead carer, case of skeleton in flat spark ‘time bomb’ fears / SCMP (paywall)
“Many who live alone or with only their spouse are vulnerable but do not know about available services. Elderly people struggling on their own without support include those whose children have emigrated.”
Hong Kong puts a price on the heads of democracy activists / The Economist
“On July 3rd Hong Kong police offered a reward of hk$1m ($128,000) for information leading to the arrest of any of eight pro-democracy activists and former lawmakers who had fled to the West.”

Taiwan
For 17 years, Xi closely watched Taiwan-governed islets / Nikkei Asia (paywall)
“Does Xi continue to have the flexibility that he had during his Fujian days? Or, now that he has great power in his hands, will he rush to realize Taiwan unification, even if by the use of force?”

U.S.-China competition and tensions
U.S.’s Yellen begins China visit with both sides locked in confrontation / Reuters
“U.S. Treasury Secretary Janet Yellen arrived in the Chinese capital on Thursday, beginning a four-day visit expected to focus on easing ties between the world’s two largest economies, despite low expectations on both sides.”
Opinion: Janet Yellen’s Beijing visit suggests US-China economic reality may be starting to bite / SCMP (paywall)
“US Treasury Secretary Janet Yellen’s trip to Beijing is part of the Biden administration’s push to reinstate lines of communication with its Chinese counterpart.”
US Treasury Secretary Janet Yellen in China: what to expect from her 4-day trip / SCMP (paywall)
“The four-day visit to China by US Treasury Secretary Janet Yellen is seen as the latest attempt to ease bilateral tensions following last month’s trip to Beijing by Secretary of State Antony Blinken, which had been delayed by February’s balloon saga.”
U.S. and China look to repair ties, again / WSJ (paywall)
“U.S. Secretary of State Antony Blinken’s visit to Beijing last month was billed as an effort to put a floor under fast-deteriorating ties between the world’s two biggest economies.”

South Korea
China, South Korea move to mend ties after Yoon’s Taiwan remark / Nikkei Asia (paywall)
“Senior Chinese and South Korean diplomats have agreed to work toward better bilateral ties, the Chinese Foreign Ministry said, after a comment on Taiwan by South Korean President Yoon Suk Yeol drove a wedge between the countries.”

Australia
Australia’s trade surplus swells with boost from China commodities demand / Caixin (paywall)
“Australia’s monthly trade surplus widened in May as exports of gold, natural gas and coal advanced, driven by demand from trading partner China with its appetite for commodities.”

Japan
Japan may see wider Chinese seafood ban after Fukushima release / Reuters
“Japanese officials are worried that China, the biggest buyer of its seafood exports, may halt purchases of those items after Tokyo begins releasing treated radioactive water from its crippled Fukushima nuclear plant into the sea.”
China-Japan ties at ‘critical juncture’, top diplomat Wang Yi says / SCMP (paywall)
“China’s top diplomat Wáng Yì 王毅 on Thursday said the relationship with Japan was at a ‘critical juncture,’ calling on Tokyo to work with Beijing to maintain peace and stability in the region.”

Solomon Islands
Visit by Solomon Islands leader to Beijing underscores rising China-US rivalry in South Pacific / AP
“Solomon Islands Prime Minister Manasseh Sogavare will visit China next week, highlighting the accelerating contest between Beijing and Washington for influence in the South Pacific.”

G-77 meeting
China, G-77 developing nations hold environmental meeting in Cuba / Nikkei Asia (paywall)
“The Group of 77 developing countries and China held a ministerial meeting in Cuba on Tuesday to discuss environmental issues, as the socialist Caribbean nation seeks to lead like-minded countries in standing up against the U.S. government.”

Jordan
A troubled new power plant leaves Jordan in debt to China, raising concerns over Beijing’s influence / AP
“Jordan’s Attarat power plant was envisioned as a landmark project promising to provide the desert kingdom with a major source of energy while solidifying its relations with China.”

Russia
China hosts Russian warships that passed by Taiwan, Japan / Reuters
“China hosted two Russian warships that had earlier sailed past Taiwan and Japan, and the vessels are expected to hold a joint drill with the Chinese navy during their visit, demonstrating the enduring military cooperation between the two countries.”
Putin says Russia is ‘united as never before’ during Shanghai Cooperation Organization meeting / AP
“President Vladimir Putin said Tuesday that the Russian people are ‘united as never before,’ seeking to project confidence in the wake of a short-lived revolt while participating in a meeting of an international organization that offered him a sympathetic audience.”

Africa
Why a growing number of Chinese investors are looking to Africa’s tech space / SCMP (paywall)
“Chinese investors in Africa have traditionally looked to road and railway projects, dams, mines and oil. But that is starting to change, with a growing number investing in African technology and fintech in recent years.”

Europe
China’s efforts to understand Europe remain a work in progress / FT (paywall)
“The war in Ukraine exposes the flaws in Beijing’s thinking”

SOCIETY AND CULTURE:

Single mothers
Challenging the stigma associated with single mothers in China / The Economist (paywall)
“Since 2022, four provinces have officially begun allowing children born out of wedlock to be registered with the government. Others are also doing so.”

Hong Kong pop star Coco Lee passes away
Hong Kong pop star Coco Lee dies aged 48 after suicide attempt; ‘her rays of light will last forever,’ devastated sisters say / SCMP (paywall)
“Hong Kong-American pop star Coco Lee [李玟 Lǐ Wén] died on Wednesday after trying to take her own life at the weekend, her sisters announced on social media.”
Hong Kong pop singer’s star moments, from singing at the Oscars to US$20 million wedding, as fans mourn her death at age 48 / SCMP (paywall)
Remembering pop diva Coco Lee / Caixin (paywall)