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China has confirmed an agreement to settle the border dispute with India

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China has officially confirmed reaching an agreement with India regarding their long- standing border dispute. However, the specific details of the agreement have not been disclosed to the media, leaving it unclear whether the deal addresses the entire border or focuses on specific areas contested since 2020. 

Tensions between China and India have been high since a deadly clash in the Ladakh region of the western Himalayas four years ago, where 20 Indian and 4 Chinese soldiers were killed along the undemarcated border. 

On Monday, Indian Foreign Minister Subrahmanyam Jaishankar announced that the two nations had agreed on border patrol arrangements, marking progress toward resolving the military standoff. However, China did not immediately confirm this statement. 

On Tuesday, Chinese Foreign Ministry spokesperson Lin Jian stated, “China and India have recently managed to address border-related issues through diplomatic and military channels.”He added that both sides have settled these matters, which China views positively, and that further cooperation will follow to fully implement the agreement.

Source: https://www.reuters.com/world/asia-pacific/china-implement-solutions-with-india-resolving-border-conflict-2024-10-22/

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China’s youth unemployment rate has been declining.

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In September, the unemployment rate among young people aged 16 to 24 (excluding students) fell to 17.6%, down from 18.8% in August. Earlier this year, in June, the unemployment rate among young people and recent college graduates was 13.2%, but it surged to 17.1% in July.

This sharp increase was driven by the entry of approximately 12 million students into the labor market. The upward trend continued through August, peaking at 18.8%, marking the highest rate in 2024. In response, the National Bureau of Statistics decided to revise its methodology. 

Previously, the National Bureau of Statistics did not factor students into the calculation of the unemployment rate. However, after the rate hit a record 21.3% in June last year, the bureau chose to include the student population in its assessment. Despite these fluctuations, officials remain optimistic that China’s economy, the world’s second-largest, “will maintain a trend of stabilization and recovery” 

However, a separate official survey conducted in September on factory owners' confidence showed that many remain hesitant to hire new workers.

Source: https://www.reuters.com/world/china/chinas-sept-youth-jobless-rate-176-compared-with-188-august-2024-10-22/

China’s youth unemployment rate has been declining. Read More »

Xi Jinping has called on China’s missile forces to enhance their deterrence and combat capabilities

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On Saturday, the President of the People’s Republic of China inspected a brigade of the People’s Liberation Army (PLA) Missile Force, urging restraint while emphasizing the need for heightened military readiness. In his address, Xi called on personnel within the Strategic Missile Forces to “resolutely fulfill the tasks assigned by the Party and the people” according to state news agency Xinhua. 

The PLA Missile Force, responsible for overseeing China’s conventional and nuclear missiles, has been directed to modernize its nuclear arsenal in response to evolving global conditions, including U.S. missile defense advancements, improved surveillance systems, and strengthened alliances.

 Xi underscored the importance of “adhering to political directives, enhancing mission responsibility” and “advancing the high-quality development of force building” as reported by Chinese media outlet Cailianshe. 

Last month, China launched an intercontinental ballistic missile into the Pacific Ocean, drawing heightened international scrutiny on the nation’s expanding nuclear capabilities. 

It is also noteworthy that China has been conducting a large-scale anti-corruption campaign within its military since last year, resulting in several missile force generals stepping down from their positions in the national legislature.

Source: https://www.reuters.com/world/asia-pacific/chinas-xi-urges-missile-troops-boost-deterrence-combat-capabilities-2024-10-19/

 

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China urges swift implementation of expansive financial policies

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China’s central bank, along with financial regulators, recently held meetings with major financial institutions, urging them to take immediate measures to bolster the economy and support capital markets.

The People’s Bank of China (PBOC) called on financial institutions to increase credit support to the real economy and ensure a stable growth of monetary supply and credit, according to a statement on the PBOC’s official website. The central bank also encouraged adjustments to interest rates and endorsed two financing schemes aimed at supporting the stock market.

The meeting, co-chaired by China’s banking and securities regulatory bodies, was attended by representatives from banks, brokerages, and stock companies. 

In late September, the PBOC implemented aggressive monetary measures to stabilize the property and stock markets in the aftermath of the COVID-19 pandemic. For the first time in its history, the central bank introduced two monetary policy instruments designed to support the stock market: a swap program for brokers, funds, and insurers, and a loan re-issuance facility to enable these institutions to purchase shares. 

The swift implementation of these tools is expected to help China achieve its targeted 5% economic growth for the year.

The PBOC stated it would “enhance inter-departmental coordination, create synergies, and fully leverage these tools to strengthen market confidence, improve public expectations, and promote sustainable economic recovery” 

It is noteworthy that recent data shows China’s economy grew by 4.6% in the third quarter of 2023.

source: https://www.reuters.com/markets/asia/china-urges-swift-implementation-expansive-financial-policies-2024-10-18/

China urges swift implementation of expansive financial policies Read More »

China urges India to handle Taiwan issue cautiously after Mumbai office opening

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Following the opening of Taiwan’s de facto consulate in Mumbai, China has urged India to exercise caution on matters related to Taiwan, warning against actions that could negatively impact the ongoing improvement of Sino-Indian relations. 

Chinese Foreign Ministry spokesperson Mao Ning, during a press conference, reiterated China’s firm opposition to any state’s official engagement with Taiwan. 

This statement came in response to the establishment of Taiwan’s de facto consulate in Mumbai, which has added tension to the bilateral relationship between China and India. 

Taiwanese authorities, in turn, reject China’s claims of sovereignty over the island and its representation in international affairs. 

“The One China principle is a significant political commitment for India and the political cornerstone of China-India relations” Mao Ning emphasized, urging India to honor its commitments, handle Taiwan-related matters prudently, and avoid engaging in any official ties with Taiwan.

Source: https://www.reuters.com/world/asia-pacific/china-urges-india-handle-taiwan-issue-cautiously-after-mumbai-office-opening-2024-10-17/

China urges India to handle Taiwan issue cautiously after Mumbai office opening Read More »

China is willing to be a partner and friend with the United States – Xi Jinping

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At the 2024 awards dinner hosted by the National Committee on U.S.-China Relations,
Chinese President Xi Jinping emphasized the importance of relations between China and the
United States. He remarked that a strong partnership between the two nations is not a
hindrance, but rather an opportunity for mutual advancement.

Xi underscored China’s desire for a cooperative and friendly relationship with the U.S., one
that would not only benefit both countries but also have positive global ramifications, given
the significance of U.S.-China relations in shaping the future of humanity.

“China has always approached U.S.-China relations based on the principles of mutual
respect, peaceful coexistence, and mutually beneficial cooperation” Xi Jinping stated.

Source: https://www.reuters.com/world/xi-says-china-willing-be-partner-friend-with-us-state-media-reports-2024-10-16/

China is willing to be a partner and friend with the United States – Xi Jinping Read More »

Chinese manufacturers are planning to partially transfer the production of electric cars to Europe

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To boost sales of budget electric vehicles (EVs), several Chinese car manufacturers are considering relocating their production facilities to Europe. This strategy would allow them to circumvent the high tariffs imposed by the European Union on EVs imported from China.

This decision is driven by two key factors: 

1. The demand for electric vehicles in the Chinese domestic market is gradually declining. 

2. European countries have implemented high tariffs on Chinese EV imports, motivated by concerns that local manufacturers may struggle to compete with the influx of Chinese-made electric vehicles.

 Detailed insights into the plans of Chinese companies expanding into Europe:

CHERY AUTO 

Chery Auto, one of China’s leading exporters, has already taken significant steps toward collaborating with European firms. The company has officially signed a cooperation agreement with Spanish automaker EV Motors. According to Reuters, joint production of electric vehicles will begin this year. Additionally, Chery Auto is reportedly in talks with Italian and British partners. 

BYD

BYD, the world’s largest electric vehicle manufacturer, plans to shift nearly all production for the European market to Europe, with essential components sourced from factories in Hungary and Turkey. According to the company’s Vice President, Stella Li, only smaller parts will be imported from China.

LEAPMOTOR 

Chinese automaker Leapmotor announced its partnership with Stellantis in September. According to Stellantis’ CEO, Carlos Tavares, production of Leapmotor’s electric vehicles will take place at the Stellantis factory in Poland. 

SAIC MOTOR

SAIC Motor, China’s second-largest automotive exporter and a state-owned enterprise, is planning to establish an EV plant in France to meet the rising demand in the European market. The company already produces automotive parts in Amsterdam.

Source: https://www.reuters.com/business/autos-transportation/chinese-ev-makers-plans-make-cars-europe-2024-05-07/

Chinese manufacturers are planning to partially transfer the production of electric cars to Europe Read More »

China showcases lunar reach as space powers meet without Russia

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On October 14, at the International Astronautical Congress held in Milan, Italy China presented a sample of rock obtained from the far edge of the Moon. The mentioned congress, due to the tense relationship between the West and Russia, took place without the participation of the latter.

The China National Space Administration’s presentation of a rock sample retrieved by Chang’6 is an indication of Beijing’s growing status as a space power. 

The International Astronautical Congress (IAC) has been functioning since 1950 as a platform where scientists, engineers, politicians and representatives of the private sector discuss thematic cooperation.

Source: https://www.reuters.com/technology/space/moon-race-private-competition-focus-space-powers-gather-milan-2024-10-14/

China showcases lunar reach as space powers meet without Russia Read More »

Chinese premier could inaugurate Beijing-funded airport in Pakistan during visit

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Chinese premier Li Qiang could inaugurate operations at a Chinese-funded airport in Pakistan's Balochistan province during his visit to the country in the coming week, information minister Attaullah Tarar told reporters on Sunday. 

The start of operations at the $200-million Gwadar International Airport has been pushed back for a security review after deadly attacks by separatist militants in August in the area, government and aviation sources said. 

Li, along with ministers and government officials will visit Pakistan from Oct. 14 to 17.

Source: https://www.reuters.com/world/asia-pacific/chinese-premier-could-inaugurate-beijing-funded-airport-pakistan-during-visit-2024-10-13/

 

Chinese premier could inaugurate Beijing-funded airport in Pakistan during visit Read More »

China’s car sales snap five-month decline on subsidy boost

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China’ss passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package.

All the gains came from battery-powered vehicles, whose buyers and manufacturers have benefited since July from a doubling of subsidies to consumers, while sales of gasoline cars in China, a market foreign brands once dominated, continue to shrink.

Sales in the world’ss biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association (CPCA).

Sales of electric vehicles and plug-in hybrids jumped 50.9%, accounting for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline-engine cars in China.

Gasoline car sales in September were above 1 million, up more than 100,000 from August. But that was far short of September last year, when over 1.29 million were sold in China.

Sales of EVs and plug-in hybrids – a category the Chinese industry group classifies as “new energy vehicles”; – hit 1.12 million in September and 7.13 million for the first nine months. 

Global EV sales have slowed this year with automakers outside China scaling back production. Sales in China, however, have risen, driven by expanded subsidies for consumers trading in older vehicles for EVs and more fuel-efficient cars – a program  likened to the U.S. “cash-for-clunkers” stimulus in 2009.

source: https://www.reuters.com/business/autos-transportation/china-car-sales-rise-snapping-five-month-decline-subsidy-boost-2024-10-12/

 

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