Chindia Alert: You’ll be Living in their World Very Soon
aims to alert you to the threats and opportunities that China and India present. China and India require serious attention; case of ‘hidden dragon and crouching tiger’.
Without this attention, governments, businesses and, indeed, individuals may find themselves at a great disadvantage sooner rather than later.
The POSTs (front webpages) are mainly 'cuttings' from reliable sources, updated continuously.
The PAGEs (see Tabs, above) attempt to make the information more meaningful by putting some structure to the information we have researched and assembled since 2006.
BEIJING (Reuters) – China announced on Wednesday that its parliament will open a key annual session on May 22, signalling that Beijing sees the country returning to normal after being reduced to a near-standstill for months by the COVID-19 epidemic.
During the gathering of the National People’s Congress in the capital, delegates will ratify major legislation, and the government will unveil economic targets, set defence spending projections and make personnel changes. The ruling Communist Party also typically announces signature policy initiatives.
The session was initially scheduled to start on March 5 but was postponed due to COVID-19, which has infected nearly 83,000 people and killed more than 4,600 on the mainland after emerging late last year in the central city of Wuhan.
As the epidemic has subsided, economic and social life gradually returned to normal, making it possible for the congress to convene, the official Xinhua news agency quoted the standing committee of the NPC, the legislature’s top decision-making body, as saying.
The committee also appointed Huang Runqiu as the new minister for ecology and environment, a post vacated when predecessor Li Ganjie became deputy Communist Party chief for Shandong province earlier this month, Xinhua reported.
Tang Yijun was also named as the new justice minister to replace Fu Zhenghua, who has reached the retirement age of 65 for ministers.
The Chinese People’s Political Consultative Conference (CPPCC), an advisory body to parliament, has proposed starting its annual session a day before the parliamentary session opens.
Analysts expect China to roll out additional fiscal stimulus in order to cushion the blow from COVID-19, which has developed in to a worldwide pandemic that some fear will trigger a severe global recession.
China’s economy contracted for the first time on record during the January-March period, when the government imposed severe travel and transport restriction to curb the spread of the epidemic.
Parliament is also expected to discuss the anti-government protests in Hong Kong, amid growing speculation that Beijing take steps to strengthen its grip on the city.
It is unclear how long parliament and its advisory body will meet for this time, and people familiar with the matter have told Reuters that this year’s annual sessions could be the shortest in decades due to COVID-19 concerns. Usually more than 5,000 delegates descend on Beijing from all over China for at least 10 days.
Beijing city plans to ease quarantine rules as early as Thursday, two sources familiar with the situation told Reuters, ahead of the key political meetings.
People arriving in the capital from other parts of China will no long have to be quarantined for two weeks unless they come from high-risk areas such as Heilongjiang in the north and some parts of Guangdong in the southeast, the sources said.
BEIJING, April 28 (Xinhua) — China’s youth organizations awarded May Fourth Medals to 94 individuals and 34 groups Tuesday for their great contributions to the country.
The medals, which are awarded annually, are the top honor for young Chinese. The Central Committee of the Communist Youth League and the All-China Youth Federation released the list of winners.
Medical teams assisting Hubei Province to combat the novel coronavirus disease (COVID-19) epidemic are among the groups awarded.
Covering a wide range of sectors, the individual winners include firefighters, military personnel, scholars, teachers, engineers, workers and medical staff.
Among the list, 34 were honored posthumously, including those who sacrificed their lives in the fight against COVID-19.
BEIJING (Reuters) – China’s factory activity likely rose for a second straight month in April as more businesses re-opened from strict lockdowns implemented to contain the coronavirus outbreak, which has now paralysed the global economy.
The official manufacturing Purchasing Manager’s Index (PMI), due for release on Thursday, is forecast to fall to 51 in April, from 52 in March, according to the median forecast of 32 economists polled by Reuters. A reading above the 50-point mark indicates an expansion in activity.
While the forecast PMI would show a slight moderation in China’s factory activity growth, it would be a stark contrast to recent PMIs in other economies, which plummeted to previously unimaginable lows.
That global slump, caused by heavy government-ordered lockdowns, as well as the cautious resumption of business in China, suggests any recovery in the world’s second-largest economy is likely to be some way off.
“The recovery so far has been led by a bounce-back in production, however, the growth bottleneck has decisively shifted to the demand side, as global growth has weakened and consumption recovery has lagged amid continued social distancing,” Morgan Stanley said in a note.
“The expected slump in external demand has likely capped further recovery in industrial production.”
The latest official data showed 84% of mid-sized and small business had reopened as of April 15, compared with 71.7% on March 24.
Hobbled by the coronavirus, China’s economy shrank 6.8% in the first quarter from a year earlier, the first contraction since current quarterly records began.
That has left Chinese manufacturers with reduced export orders and a logistics logjam, as many exporters grapple with rising inventory, high costs and falling profits. Some have let workers go as part of the cost-cutting efforts.
A China-based brokerage Zhongtai Securities estimated that the country’s real unemployment rate, measured using international standards, could exceed 20%, equal to more than 70 million job losses and much higher than March’s official reading of 5.9%.
Sheng Laiyun, deputy head at the statistics bureau, said on Sunday migrant workers and college graduates are facing increasing pressures to secure jobs, while official jobless surveys show nearly 20% of employed workers not working in March.
Chinese authorities have rolled out more support to revive the economy. The People’s Bank of China earlier in April cut the amount of cash banks must hold as reserves and reduced the interest rate on lenders’ excess reserves.
The richest man in China opened his own Twitter account last month, in the middle of the Covid-19 outbreak. So far, every one of his posts has been devoted to his unrivalled campaign to deliver medical supplies to almost every country around the world.
“One world, one fight!” Jack Ma enthused in one of his first messages. “Together, we can do this!” he cheered in another.
The billionaire entrepreneur is the driving force behind a widespread operation to ship medical supplies to more than 150 countries so far, sending face masks and ventilators to many places that have been elbowed out of the global brawl over life-saving equipment.
But Ma’s critics and even some of his supporters aren’t sure what he’s getting himself into. Has this bold venture into global philanthropy unveiled him as the friendly face of China’s Communist Party? Or is he an independent player who is being used by the Party for propaganda purposes? He appears to be following China’s diplomatic rules, particularly when choosing which countries should benefit from his donations, but his growing clout might put him in the crosshairs of the jealous leaders at the top of China’s political pyramid.
Other tech billionaires have pledged more money to fight the effects of the virus – Twitter’s Jack Dorsey is giving $1bn (£0.8bn) to the cause. Candid, a US-based philanthropy watchdog that tracks private charitable donations, puts Alibaba 12th on a list of private Covid-19 donors. But that list doesn’t include shipments of vital supplies, which some countries might consider to be more important than money at this stage in the global outbreak.
The world’s top coronavirus financial donors
How Alibaba compares to the top five. No one else other than the effervescent Ma is capable of dispatching supplies directly to those who need them. Starting in March, the Jack Ma foundation and the related Alibaba foundation began airlifting supplies to Africa, Asia, Europe, Latin America and even to politically sensitive areas including Iran, Israel, Russia and the US.
Ma has also donated millions to coronavirus vaccine research and a handbook of medical expertise from doctors in his native Zhejiang province has been translated from Chinese into 16 languages. But it’s the medical shipments that have been making headlines, setting Ma apart.
“He has the ability and the money and the lifting power to get a Chinese supply plane out of Hangzhou to land in Addis Ababa, or wherever it needs to go,” explains Ma’s biographer, Duncan Clark. “This is logistics; this is what his company, his people and his province are all about.”
A friendly face
Jack Ma is famous for being the charismatic English teacher who went on to create China’s biggest technology company. Alibaba is now known as the “Amazon of the East”. Ma started the company inside his tiny apartment in the Chinese coastal city of Hangzhou, in the centre of China’s factory belt, back in 1999. Alibaba has since grown to become one of the dominant players in the world’s second largest economy, with key stakes in China’s online, banking and entertainment worlds. Ma himself is worth more than $40bn.
Officially, he stepped down as Alibaba’s chairman in 2018. He said he was going to focus on philanthropy. But Ma retained a permanent seat on Alibaba’s board. Coupled with his wealth and fame, he remains one of the most powerful men in China.
Media caption The BBC’s Secunder Kermani and Anne Soy compare how prepared Asian and African countries are
It appears that Ma’s donations are following Party guidelines: there is no evidence that any of the Jack Ma and Alibaba Foundation donations have gone to countries that have formal ties with Taiwan, China’s neighbour and diplomatic rival. Ma announced on Twitter that he was donating to 22 countries in Latin America. States that side with Taiwan but who have also called for medical supplies – from Honduras to Haiti – are among the few dozen countries that do not appear to be on the list of 150 countries. The foundations repeatedly refused to provide a detailed list of countries that have received donations, explaining that “at this moment in time, we are not sharing this level of detail”.
However, the donations that have been delivered have certainly generated a lot of goodwill. With the exception of problematic deliveries to Cuba and Eritrea, all of the foundations’ shipments dispatched from China appear to have been gratefully received. That success is giving Ma even more positive attention than usual. China’s state media has been mentioning Ma almost as often as the country’s autocratic leader, Xi Jinping.
AFP
So far…
Over 150 countries have received donations from Jack Ma, including about:
120.4mface masks
4,105,000testing kits
3,704ventilators
Source: Alizila
It’s an uncomfortable comparison. As Ma soaks up praise, Xi faces persistent questions about how he handled the early stages of the virus and where, exactly, the outbreak began.
The Chinese government has dispatched medical teams and donations of supplies to a large number of hard-hit countries, particularly in Europe and South-East Asia.
However, those efforts have sometimes fallen flat. China’s been accused of sending faulty supplies to several countries. In some cases, the tests it sent were being misused but in others, low-quality supplies went unused and the donations backfired.
In contrast, Jack Ma’s shipments have only boosted his reputation.
“It’s fair to say that Ma’s donation was universally celebrated across Africa,” says Eric Olander, managing editor of the China Africa Project website and podcast. Ma pledged to visit all countries in Africa and has been a frequent visitor since his retirement.
“What happens to the materials once they land in a country is up to the host government, so any complaints about how Nigeria’s materials were distributed are indeed a domestic Nigerian issue,” Olander adds. “But with respect to the donation itself, the Rwandan leader, Paul Kagame, called it a “shot in the arm” and pretty much everyone saw it for what it was which was: delivering badly-needed materials to a region of the world that nobody else is either willing or capable of helping at that scale.”
Walking the tightrope
But is Ma risking a backlash from Beijing? Xi Jinping isn’t known as someone who likes to share the spotlight and his government has certainly targeted famous faces before. In recent years, the country’s top actress, a celebrated news anchor and several other billionaire entrepreneurs have all “disappeared” for long periods. Some, including the news anchor, end up serving prison sentences. Others re-emerge from detention, chastened and pledging their allegiance to the Party.
“There’s a rumour that [Jack Ma] stepped down in 2018 from being the chairman of the Alibaba Group because he was seen as a homegrown entrepreneur whose popularity would eclipse that of the Communist Party,” explains Ashley Feng, research associate at the Centre for New American Security in Washington DC. Indeed, Ma surprised many when he suddenly announced his retirement in 2018. He has denied persistent rumours that Beijing forced him out of his position.
Image copyright GETTY IMAGESImage caption Ma discussed trade with then-President-elect Donald Trump in January 2017
Duncan Clark, Ma’s biographer, is also aware of reports that Ma was nudged away from Alibaba following a key incident in January 2017. The Chinese billionaire met with then-President-elect Donald Trump in Trump Tower, ostensibly to discuss Sino-US trade. The Chinese president didn’t meet with Trump until months later.
“There was a lot of speculation of time that Jack Ma had moved too fast,” Clark says. “So, I think there’s lessons learned from both sides on the need to try to coordinate.”
“Jack Ma represents a sort of entrepreneurial soft power,” Clark adds. “That also creates challenges though, because the government is quite jealous or nervous of non-Party actors taking that kind of role.”
Technically, Ma isn’t a Communist outsider: China’s wealthiest capitalist has actually been a member of the Communist Party since the 1980s, when he was a university student.
But Ma’s always had a tricky relationship with the Party, famously saying that Alibaba’s attitude towards the Party was to “be in love with it but not to marry it”.
Even if Ma and the foundations connected to him are making decisions without Beijing’s advance blessing, the Chinese government has certainly done what it can to capitalise on Ma’s generosity. Chinese ambassadors are frequently on hand at airport ceremonies to receive the medical supplies shipped over by Ma, from Sierra Leone to Cambodia.
China has also used Ma’s largesse in its critiques of the United States. “The State Department said Taiwan is a true friend as it donated 2 million masks,” the Chinese Foreign Ministry tweeted in early April. “Wonder if @StateDept has any comment on Jack Ma’s donation of 1 million masks and 500k testing kits as well as Chinese companies’ and provinces’ assistance?”
Perhaps Ma can rise above what’s happened to so many others who ran afoul of the Party. China might just need a popular global Chinese figure so much that Ma has done what no one else can: make himself indispensable.
“Here’s the one key takeaway from all that happened with Jack Ma and Africa: he said he would do something and it got done,” explains Eric Olander. “That is an incredibly powerful optic in a place where foreigners often come, make big promises and often fail to deliver. So, the huge Covid-19 donation that he did fit within that pattern. He said he would do it and mere weeks later, those masks were in the hands of healthcare workers.”
Image copyright GETTY IMAGESImage caption Ma at an Electronic World Trade Platform event with Ethiopian Prime Minister Abiy Ahmed last year
Duncan Clark argues that Ma already had a seat at China’s high table because of Alibaba’s economic heft. However, his first-name familiarity with world leaders makes him even more valuable to Beijing as China tries to repair its battered image.
“He has demonstrated the ability, with multiple IPOs under his belt, and multiple friendships overseas, to win friends and influence people. He’s the Dale Carnegie of China and that certainly, we’ve seen that that’s irritated some in the Chinese government but now it’s almost an all hands on deck situation,” Clark says.
There’s no doubt that China’s wider reputation is benefiting from the charitable work of Ma and other wealthy Chinese entrepreneurs. Andrew Grabois from Candid, the philanthropic watchdog that’s been measuring global donations in relation to Covid-19, says that the private donations coming from China are impossible to ignore.
“They’re taking a leadership role, the kind of thing that used to be done by the United States,” he says. “The most obvious past example is the response to Ebola, the Ebola outbreak in 2014. The US sent in doctors and everything to West Africa to help contain that virus before it left West Africa.”
Chinese donors are taking on that role with this virus.
“They are projecting soft power beyond their borders, going into areas, providing aid, monetary aid and expertise,” Grabois adds.
So, it’s not the right time for Beijing to stand in Jack Ma’s way.
“You know, this is a major crisis for the world right now,” Duncan Clark concludes. “But obviously, it’s also a crisis for China’s relationship with the rest of the world. So they need anybody who can help dampen down some of these those pressures.”
But trade with partner countries might not be as badly affected as with countries elsewhere in the world, observers say
China’s trade with belt and road countries rose by 3.2 per cent in the January-March period, but second-quarter results will depend on how well they manage to contain the pathogen, academic says
China’s investment in foreign infrastructure as part of its Belt and Road Initiative has been curtailed because of the coronavirus pandemic. Photo: Xinhua
The coronavirus pandemic is set to cause a slump in Chinese investment in its signature
and a dip in trade with partner countries that could take a year to overcome, analysts say.
But the impact of the health crisis on China’s economic relations with nations involved in the ambitious infrastructure development programme might not be as great as on those that are not.
China’s total foreign trade in the first quarter of 2020 fell by 6.4 per cent year on year, according to official figures from Beijing.
Trade with the United States, Europe and Japan all dropped in the period, by 18.3, 10.4 and 8.1 per cent, respectively, the commerce ministry said.
By comparison, China’s trade with belt and road countries increased by 3.2 per cent in the first quarter, although the growth figure was lower than the 10.8 per cent reported for the whole of 2019.
China’s trade with 56 belt and road countries – located across Africa, Asia, Europe and South America – accounts for about 30 per cent of its total annual volume, according to the commerce ministry.
Despite the first-quarter growth, Tong Jiadong, a professor of international trade at Nankai University in Tianjin, said he expected China’s trade with belt and road countries to fall by between 2 and 5 per cent this year.
His predictions are less gloomy than the 13 to 32 per cent contraction in global trade forecast for this year by the World Trade Organisation.
“A drop in [China’s total] first-quarter trade was inevitable but it slowly started to recover as it resumed production, especially with Southeast Asian, Eastern European and Arab countries,” Tong said.
“The second quarter will really depend on how the epidemic is contained in belt and road countries.”
Nick Marro, Hong Kong-based head of global trade at the Economist Intelligence Unit, said he expected China’s total overseas direct investment to fall by about 30 per cent this year, which would be bad news for the belt and road plan.
“This will derive from a combination of growing domestic stress in China, enhanced regulatory scrutiny over Chinese investment in major international markets, and weakened global economic prospects that will naturally depress investment demand,” he said.
The development of the Chinese built and operated special economic zone in the Cambodian town of Sihanoukville is reported to have slowed, while infrastructure projects in Bangladesh, including the Payra coal-fired power plant, have been put on hold.
The development of the Chinese built and operated special economic zone in the Cambodian town of Sihanoukville is reported to have slowed. Photo: AFP
Marro said the reduction of capital and labour from China might complicate other projects for key belt and road partner, like Pakistan, which is home to infrastructure projects worth tens of billions of US dollars, and funded and built in large part by China.
“Pakistan looks concerning, particularly in terms of how we’ve assessed its sovereign and currency risk,” Marro said.
“Public debt is high compared to other emerging markets, while the coronavirus will push the budget deficit to expand to 10 per cent of GDP [gross domestic product] this year.”
Last week, Pakistan asked China for a 10-year extension to the repayment period on US$30 billion worth of loans used to fund the development of infrastructure projects, according to a report by local newspaper Dawn.
China’s overseas investment has been falling steadily from its peak in 2016, mostly as a result of Beijing’s curbs on capital outflows.
Last year, the direct investment by Chinese companies and organisations other than banks in belt and road countries fell 3.8 per cent from 2018 to US$15 billion, with most of the money going to South and Southeast Asian countries, including Singapore, Vietnam, Indonesia and Pakistan.
Tong said the pandemic had made Chinese investors nervous about putting their money in countries where disease control measures were becoming increasingly stringent, but added that the pause in activity would give all parties time to regroup.
“Investment in the second quarter will decline and allow time for the questions to be answered,” he said.
“Past experience along the belt and road has taught many lessons to both China and its partners, and forced them to think calmly about their own interests. The epidemic provides both parties with a good time for this.”
Dr Frans-Paul van der Putten, a senior research fellow at Clingendael Institute in the Netherlands, said China’s post-pandemic strategy for the belt and road in Europe
might include a shift away from investing in high-profile infrastructure projects like ports and airports.
Investors might instead cooperate with transport and logistics providers rather than invest directly, he said.
“Even though in the coming years the amount of money China loans and invests abroad may be lower than in the peak years around 2015-16, I expect it to maintain the belt and road plan as its overall strategic framework for its foreign economic relations,” he said.
BEIJING, April 23 (Xinhua) — China decided to donate another 30 million U.S. dollars to the World Health Organization (WHO) in support of global efforts to fight COVID-19 and the construction of public health systems in developing countries, a Foreign Ministry spokesperson said here Thursday.
Spokesperson Geng Shuang told a news briefing that the WHO, led by Director-General Tedros Adhanom Ghebreyesus, had actively fulfilled its duties with objective, science-based and fair position and played an important role in assisting countries in responding to the outbreak and boosting international cooperation on COVID-19.
Geng said to support the WHO is to defend the principles of multilateralism and safeguard the status and authority of the United Nations at a crucial time of the battle against the pandemic, adding that the virus is the common enemy of humankind, and the international community can only defeat it through unity and cooperation.
In March, China donated 20 million dollars to the WHO to support the global fight against COVID-19.
The spokesperson said China’s donations to the WHO reflected the support and trust of the Chinese government and people in the organization, and China also made its own contributions to global public health and the fight against the pandemic.
“China will continue to stand in solidarity and render mutual assistance with other countries to jointly overcome the pandemic, safeguard regional and global public health and build a community with a shared future for mankind,” he said.
Travel restrictions and continued uncertainty about when campuses will reopen has reduced enrolments from America’s biggest group of international students
Demand was already softening due to worsening US-China relations before Covid-19 pandemic struck
The coronavirus is making many Chinese youngsters think twice about pursuing a higher education in the US. Photo: Xinhua
The Covid-19 pandemic has upended the appetite for prestigious US degrees among Chinese students, jeopardising US$15 billion in revenue for American colleges.
The disease – which has spread to more than 185 countries, infected more than 2.6 million people and claimed more than 180,000 lives worldwide – has caused unprecedented disruption. Borders are closed and travel has been significantly limited to contain the spread.
For American schools, it has meant reduced Chinese demand for higher education in the 2020-21 academic year, according to a Congressional report into the cascading economic impacts of the pandemic published on Tuesday by the US China Economic and Security Review Commission.
The report identified a host of issues, from delays or cancellations of US entrance exams in China, through to indefinite travel restrictions and continued uncertainty about when US college campuses will reopen. The consequences could be severe, with nearly a third of all tuition payments to US public universities coming from international students.
Amid outbreak, universities contend with dependence on Chinese students
7 Apr 2020
China has remained the largest source of international students for the US in the past decade, with 369,548 Chinese students enrolled in US higher education programmes in 2018, more than three times the count from nine years earlier, according to the Institute of International Education. The group together contributed US$15 billion in tuition payments.
University administrators told the authors of the report that cancelled recruitment events in China and an inability to work with local recruitment agencies could further depress Chinese student enrolment in US university programmes.
The blow will be severe as international students typically pay full tuition, with only 17 per cent receiving grants or scholarships from their institution, according to a report published by World Education News & Reviews in December.
Wuhan, Los Angeles officials talk about getting back to work after lockdown
22 Apr 2020
The sudden decrease in enrolments added to a softening trend in Chinese student numbers in recent years as US-China relations have become more hostile. Tensions between China and the US over tariffs and trade disputes put more strain on academic exchanges between the two countries.
Before the coronavirus disrupted international travel and school terms, US schools had already seen a decline in enrolments from Chinese students. Last June, Beijing warned its students about the risks of studying in the US and China’s education ministry said some were encountering problems with the duration of their visas limited and an increase in visa refusals.
“This has affected Chinese students going to study in the United States or smoothly completing their studies,” it said.
“The education ministry reminds students and academics of the need to strengthen risk assessment before studying abroad, enhance prevention awareness and make corresponding preparations.”
Chinese students battle rising tide of prejudice in US
15 Apr 2020
Chinese students and scholars have attracted scrutiny from the Trump administration, with claims some could be helping Beijing to obtain trade and technological secrets. US lawmakers are also concerned about China’s growing ambition through effort to influence through its own narratives globally.
, for example, which are based on college campuses and funded by Beijing to promote Chinese language and culture, have been investigated over espionage allegations. Two dozen US schools closed the cultural centres on their campuses in the past two years. The most recent closure, in January, was also the oldest Confucius Institute in the country – at the University of Maryland – which had been operating since 1985.
Tuesday’s report said that as well as the decline in Chinese enrolments, tourism from China would also suffer. Together, higher education and tourism make up the US’ top services exports to China, which will lead to a narrowing in its services trade surplus with China, it said.
Test in Xiong’an, the new city being built south of Beijing, will focus on everyday goods and services for the first time
American food outlets to be included in the digital currency tests, conducting small transactions with local firms
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China’s list of firms that will test the digital currency in small transactions with 19 local businesses. Photo: Bloomberg
China’s central bank has accelerated the testing of its new sovereign digital currency and, for the first time, will include some foreign consumer brands in the programme.
American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China (PBOC)’s list of firms that will test the digital currency in small transactions with 19 local businesses.
The global names will be joined by local hotels, convenience stores, a stuffed bun shop, a bakery, a bookstore and a gym, according to details revealed at a promotional event in the Xiong’an New Area, a city being built south of Beijing, news portal Sina.com reported.
The inclusion of businesses providing everyday goods and services marks an expansion of the PBOC’s testing. It follows a previous disclosure that last week in Suzhou the digital currency was used to pay half public sector workers’ travel subsidies for May.
Is China a currency manipulator?
Wednesday’s promotional event was organised by the local branch of the National Development and Reform Commission, the powerful planning agency, and attended by representatives of the Big Four state-owned banks and two of the country’s internet giants – Alibaba and Tencent.
China has not released a timetable for launching the digital yuan, but last week’s reports on new testing have fanned speculation that it could be imminent.
The tests were reportedly accelerated after Facebook launched its Libra project in June last year, an attempt to create a global digital currency pegged to a basket of currencies and backed by global commercial giants.
The Libra Association, the consortium managing the project, announced changes last week in an attempt to win regulatory approval and pave the way for an official launch sometime later this year. The consortium said it would create multiple digital units tied to existing currencies such as the US dollar or the euro, rather than a single token based on a basket of currencies.
China’s official digital currency, known as Digital Currency Electronic Payment (DCEP), came into the public spotlight last week when a screenshot of a test version of an app developed by the Agricultural Bank of China circulated online.
The digital currency app has several basic functions, similarly to other Chinese online payment platforms such as Alipay and WeChat Pay – the country’s two most popular online payment tools – allowing users to make and receive payments, and transfer money.
“It’s certain that the DCEP is now in its final testing stage and should be officially launched,” BlockVC, an investment firm, said in a research note.
The PBOC’s digital currency research institute confirmed last Friday that testing was being conducted in four cities: Shenzhen, Suzhou, Xiong’an and Chengdu. In addition, venues for the 2022 Winter Olympics in Beijing and Zhangjiakou will join the testing programme in the future.
What is the Hong Kong Dollar Peg?
The institute, which was inaugurated in 2017, said that the test versions and applications of the currency had not been finalised.
The project testing is based on two principles: the central bank issues the virtual money to commercial banks who then pass it on to consumers, and that is aimed at replacing cash in all transactions.
China is the first major economy to publicly announce plans for a sovereign digital currency, aiming to better control the rapid rise of digital payments worldwide.
The PBOC has, however, cracked down on the trading of other digital currencies and banned banks from accepting cryptocurrencies, which it views as a risk to financial stability.
Documentary puts China’s literary hero into context: there is Dante, there’s Shakespeare, and there’s Du Fu
Theatrical legend Sir Ian McKellen brings glamour to beloved verses in British documentary
A ceramic figurine of Du Fu, a prominent Chinese poet of the Tang dynasty. Du is the subject of a new BBC documentary, thrilling devotees of his poetry. Photo: Simon Song
The resonant words of an ancient Chinese poet spoken by esteemed British actor Sir Ian McKellen have reignited in China discussion about its literary history and inspired hope that Beijing can tap into cultural riches to help mend its image in the wake of the coronavirus pandemic.
The BBC documentary Du Fu: China’s Greatest Poet has provoked passion among Chinese literature lovers about the poetic master who lived 1,300 years ago.
Sir Ian Mckellen read works of ancient Chinese poet Du Fu in Du Fu: China’s Greatest Poet. Photo: BBC Four / MayaVision International
The one-hour documentary by television historian Michael Wood was broadcast on television and aired online for British viewers this month but enthusiasm among Chinese audiences mean the trailer and programme have been widely circulated on video sharing websites inside mainland China, with some enthusiasts dubbing Chinese subtitles.
The documentary has drawn such attention in Du’s homeland that even the Communist Party’s top anti-graft agency has discussed it in its current affairs commentary column. Notably, Wood’s depiction of Du’s life from AD712 to 770 barely mentioned corruption in the Tang dynasty (618-907) government.
“I couldn’t believe it!!” Wood said in an email. “I’m very pleased of course … most of all as a foreigner making a film about such a loved figure in another culture, you hope that the Chinese viewers will think it was worth doing.”
Often referred to as ancient China’s “Sage of Poetry” and the “Poet Historian”, Du Fu witnessed the Tang dynasty’s unparalleled height of prosperity and its fall into rebellion, famine and poverty.
Writer, historian and presenter Michael Wood followed the footsteps of the ancient Chinese poet Du Fu in Yangtze River gorges. Photo: BBC Four / MayaVision International
Wood traced Du’s footsteps to various parts of the country. He interviewed Chinese experts and Western sinologists, offering historical and personal contexts to introduce some of Du’s more than 1,400 poems and verses chronicling the ups and downs of his life and China.
The programme used many Western reference points to put Du and his works into context. The time Du lived in was described as around the as the Old English poem Beowulf was composed and the former Chinese capital, Changan, where Xian is now, was described as being in the league of world cities of the time, along with Constantinople and Baghdad.
Harvard University sinologist Stephen Owen described the poet’s standing as such: “There is Dante, there’s Shakespeare, and there’s Du Fu.”
The performance of Du’s works by Sir Ian, who enjoyed prominence in China with his role as Gandalf in the Lord of the Rings movie series, attracted popular discussion from both media critics and general audiences in China, and sparked fresh discussion about the poet.
“To a Chinese audience, the biggest surprise could be ‘Gandalf’ reading out the poems! … He recited [Du’s poems] with his deep, stage performance tones in a British accent. No wonder internet users praised it as ‘reciting Du Fu in the form of performing a Shakespeare play,” wrote Su Zhicheng, an editor with National Business Daily.
A stone sculpture at Du Fu Thatched Cottage in Chengdu city, China. Photo: Handout
On China’s popular Weibo microblog, a viewer called Indifferent Onlooker commented on Sir Ian’s recital of Du’s poem My Brave Adventures: “Despite the language barrier, he conveyed the feeling [of the poet]. It’s charming.”
Some viewers, however, disagreed. At popular video-sharing website Bilibili.com, where uploads of the documentary could be found, a viewer commented: “I could not appreciate the English translation, just as I could not grasp Shakespeare through his Chinese translated works in school textbooks.”
Watching the documentary amid the coronavirus pandemic, some internet users drew comparisons of Du to Fang Fang, a modern-day award-winning poet and novelist who chronicled her life in Wuhan during the Covid-19 lockdown.
Shanghai pictured in April. Devastation wrought by the coronavirus pandemic has brought about a new suspicion of China. Photo: Bloomberg
The pandemic has infected more than 2.5 million people and killed more than 170,000. It has put the global economy in jeopardy, fuelling calls for accountability. British Foreign Secretary Dominic Raab last week called for a “deep dive” review and the asking of “hard questions” about how the coronavirus emerged and how it was not stopped earlier.
Steve Tsang, director of the SOAS China Institute at University of London, said the British establishment and wider public had changed its perception of Beijing as questions arose about outbreak misinformation and the political leverage of personal protective gear supply.
“The aggressive propaganda of the Chinese government is getting people in the UK to look more closely at China and see that it is a Leninist party-state, rather than the modernising and rapidly changing society that they want to see in China,” Tsang said.
On Sunday, a writer on the website of the National Supervisory Commission, China’s top anti-corruption agency, claimed – without citing sources – that the Du Fu documentary had moved “anxious” British audience who were still staying home under social distancing measures.
“If anyone wants to put the fear of the coronavirus behind them by understanding the rich Chinese civilisation, please watch this documentary on Du Fu,” it wrote, adding that promoting Du’s poems overseas could help “healing and uniting our shattered world”.
English-language state media such as CGTN and the Global Times reported on the documentary last week and some Beijing-based foreign relations publications have posted comments about the film on Twitter.
Wood said he had received feedback from both Chinese and British viewers that talked about “the need, especially now, of mutual understanding between cultures”.
“It is a global pandemic … we need to understand each other better, to talk to each other, show empathy: and that will help foster cooperation. So even in a small way, any effort to explain ourselves to each other must be a help,” Wood said.
He said the idea for producing a documentary about Du Fu started in 2017, after his team had finished the Story of China series for BBC and PBS.
Du Fu: China’s Greatest Poet first aired in Britain on April 7 on BBC Four, the cultural and documentary channel of the public broadcaster. It is a co-production between the BBC and China Central Television.
Wood said a slightly shorter 50-minute version would be aired later this month on CCTV9, Chinese state television’s documentary channel.
The film was shot in China in September, he said.
“I came back from China [at the] end of September, so we weren’t affected by the Covid-19 outbreak, though of course it has affected us in the editing period. We have had to recut the CCTV version in lockdown here in London and recorded two small word changes on my iPhone!” Wood said.
SEOUL/BEIJING (Reuters) – China has allowed 200 employees from South Korea’s Samsung Electronics Co Ltd (005930.KS) to enter the country to work on an expansion of the firm’s NAND memory chip factory, the company said on Wednesday.
The move came after China said on Tuesday that it was in talks with some countries to establish fast-track procedures to allow travel by business and technical personnel to ensure the smooth operation of global supply chains.
China said it has reached a consensus on such an arrangement with South Korea, without elaborating on the terms, including whether individuals entering China will be subject to quarantine.
China, where the virus first emerged late last year, blocked entry last month for nearly all foreigners in an effort to curb risks of coronavirus infections posed by travellers from overseas. After bringing the local spread under control with tough containment measures, it is trying to restart its economic engines after weeks of near paralysis.
A chartered China Air Ltd (601111.SS) plane flew in the Samsung Electronics employees on Wednesday, a company spokeswoman said.
Samsung said its employees will follow the local government’s policy upon arrival, without elaborating.
Shaanxi province, where Samsung’s NAND memory chip plant is located, requires people travelling from overseas to undergo a 14-day quarantine, according to South Korea’s foreign ministry.
“Samsung employees will not be exempted from the 14-day quarantine rule imposed by the Shaanxi province. They will get coronavirus tests at the airport upon arrival and will be transported to a local hotel designated by Chinese authorities,” an official at the Consulate General of South Korea in Xi’an told Reuters.
Samsung Electronics in December increased investment at its chip factory in China by $8 billion to boost production of NAND flash memory chips.
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