The China Agenda for August 21–27 — Xi in Johannesburg

The key events this week are the BRICS summit in South Africa and a Canadian minister’s official visit to Beijing.

Upcoming diplomatic visits and international political events

Xí Jìnpíng 习近平 will attend the 15th BRICS Summit in Johannesburg, South Africa, from August 22 to 24.

• The theme of the summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”
• Xi and South African President Cyril Ramaphosa will also co-chair the China-Africa Leaders’ Dialogue.

Canada’s environment minister will travel to China next week. Steven Guilbeault will be in Beijing August 26-31, the first official visit of a Canadian cabinet minister to China since 2019.

• Minister Guilbeault will attend a meeting of the China Council for International Cooperation on Environment and Development.

India continues to host G20 meetings. On August 24-25, trade and investment ministers will descend on Jaipur for their meeting.

August 24 is Ukraine Independence Day. Originally commemorating the official independence in 1991 of Ukraine from the Soviet Union, it now has additional resonance since Russia invaded in early 2022.

U.S. Trade Secretary Gina Raimondo was rumored to have planned to travel to Beijing this week. Although the dates aren’t finalized and could shift, Beijing stated that it would welcome her visit, in spite of U.S. investment controls announced last week.

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Speeches, policy announcements, and political events

The U.S.-China Economic and Security Review Commission will hold a hearing on China’s Current Economy: Implications for Investors and Supply Chains, on August 24, 9:30 a.m. ET.

The House Natural Resources Committee is holding an oversight field hearing titled “Peace Through Strength: The Strategic Importance of the Pacific Islands to U.S.-led Global Security” on August 24, at 10 a.m. ET.

• The hearing will examine the importance of the U.S. Territories to the U.S.’s ability to counter China’s malign influence and maintain strategic interests in the region.

August 21 has been designated Fentanyl Prevention and Awareness Day by the U.S. Senate.

• In the 12-month period ending in January 2023, the Centers for Disease Control and Prevention reported drug overdoses killed more than 107,000 individuals across the U.S., with fentanyl being the cause in the majority of cases.
• The Department of Justice has filed criminal charges against four Chinese chemical firms involved in the manufacture of the chemical.

Beijing’s leaders should be back at their offices after their annual summer retreat at the seaside resort town of Beidaihe.

The National People’s Congress Standing Committee (NPCSC) is seeking public comment on a draft Criminal Law Amendment (XII) through August 24. In addition, the following bills are set to return to be reviewed this month, including:

• A draft revision to the Company Law
• A draft Value-Added Tax Law
• A draft amendment to the Civil Procedure Law
• A draft amendment to the Administrative Litigation Law

China’s fifth national economic census will be held from August to October. The extensive survey from the National Bureau of Statistics seeks to ascertain key information about the state of businesses and the economy, from personnel wages to ecommerce transactions to research and development.

Earnings reports, IPOs, and other business and market events

Data releases:

• On August 26, 9:30 p.m. ET, China will release its industrial profits for the previous month. These data include total profits of all state-owned industrial enterprises and non-state-owned industrial enterprises whose annual sales revenue exceeds 5 million yuan.

IPOs

• On August 21, Jiangsu Xiechang Electronic Technology Co. (协昌科技) lists on the Shenzhen Stock Exchange. Xiechang develops, manufactures, and distributes motion control products and power chips.
• On August 23, software development company Googosoft (果子软件) will list on the Beijing Stock Exchange.

Earnings reports:

• So-Young, a Chinese firm involved in online medical aesthetic services, releases its quarterly earnings on August 21.
• Zoom Video Communications will release its financial results for the second quarter of fiscal year 2024 on August 21, after the market closes.
• Agora inc., a real-time communications platform, published its second-quarter earnings after markets close on August 21.
• Jiayin Group will release its quarterly results on August 21, and hold a conference call at 8 a.m. ET.
• Qifu Technology is also set to release its second-quarter results on August 21, and will host an earnings conference call at 8 p.m. ET.
• Jianpu Technology, a platform for the discovery and recommendation of financial products in China, will host an earnings call at 8 a.m. ET on August 21.
• Canadian Solar, a leading Chinese solar power company, will hold an earnings call on August 22, at 8 a.m. ET.
• iQiyi, one of China’s biggest online video platforms, will release quarterly earnings on August 22. The company’s management will hold an earnings conference call at 7 a.m. ET.
• Miniso, the Chinese retailer, will release monthly results for July, and quarterly earnings, on August 22, before markets open.
• Baidu, one of China’s biggest internet companies, and a leader in China’s AI development with its Ernie bot, releases earnings on August 22.
• Zhihu, China’s leading question-and-answer site, will release its quarterly earnings on August 23.
• Tuya, an Internet of Things cloud developer, will also release its quarterly earnings report on August 23.
• Nvidia will hold its earnings call at 5 p.m. ET on August 23. Nvidia is the world’s leading AI and graphics microchip design company. Earlier this month, China’s internet giants bought $5 billion worth of its chips.

Events

Academic and think-tank events this week include:

Carnegie Endowment for International Peace: Digital Empires: The Global Battle to Regulate Technology, August 21, 10 a.m. ET.

Atlantic Council: The 2023 BRICS Summit: Africa in Action, August 23, 1:30 p.m. ET.

REDEFINE: The Impacts of International Friendship Cities (Sister Cities): Evidence from Chinese Cities, August 24, 7:30 a.m. ET.

Asia Society: China’s Generative AI and AI Technology Landscape, August 24, 10 a.m. ET.