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In this week chinascopeIn this article, we look at Xi Jinping’s call for regulation and sinfulness of religious activities, China’s closure path for companies listed in the United States, Evergrande’s debt troubles, China’s cancellation of the Sri Lanka solar project, and Other stories – and the world.
China in a week
In one of the most important social developments, China seeks to take its stand on how religion is practiced in the country.
Sinifying Tibetan Buddhism and Islam in Xinjiang and other religions in China remains an important priority for Beijing. Xi wants religious believers to follow the Chinese Communist Party above all else. For this, Secretary-General Xi Jinping and members of the Politburo Standing Committee gathered in Beijing on December 3 and 4 for the National Conference on Religious Affairs.
“Members of the Political Bureau of the CPC Central Committee, Secretary of the Central Secretariat, relevant key fellows of the Standing Committee of the National People’s Congress, State Councilors, President of the Supreme People’s Court, Chief Prosecutor of the Supreme People’s Procuratorate, and relevant key fellows of the CPPCC at the meeting took part. said Press release about the conference.
conference on religion Regularly and attempts to influence religion in the Tibet and Xinjiang regions.
“Following the party’s basic policy of religious work, following the direction of sinning the religions of my country, being good at dealing with contradictions and problems in the religious sphere, using the thinking of the law and the rule of law, maintaining a healthy heritage.” It is necessary to promote the religions in our country, and actively guide the religions to adapt to a socialist society and a society with Chinese characteristics,” Xi Jinping said in his speech.
Meanwhile, just as the world began to think property developer Evergrande could avert a collapse, the company has once again sounded the alarm about its financials.
chinascope was before Specified for the company’s $300 billion in debt.
evergrande said In its filing in Hong Kong that the company is unlikely to pay an upcoming payment of $260 million. Evergrande Group chairman Hui Ka Yan was summoned by the Guangdong government after a filing in Hong Kong. “Its failure to meet the guaranteed obligation will likely accelerate the maturity of its debts at the request of creditors,” said Statement after meeting with Hui Ka Yan. The government has warned investors about trading in Evergrande’s stock.
Even China’s central bank made a statement on the Evergrande situation. “Evergrande’s problem was mainly due to its mismanagement and break-neck detail,” said An official of the People’s Bank of China.
Read also: China passes border law to formalize its actions on the LAC. and jack ma is back
More on corporations and controls, China’s move to tighten its grip on the country’s technology sector saw a new crash – ride-hailing company Didi Chuxing.
NS companyCo-founded in 2012 by former Alibaba employee Will Wei Cheng, it raised $4.4 billion in its initial public offering on the New York Stock Exchange (NYSE) in June of this year. This was the largest listing by a Chinese company in the US since Alibaba in 2014. But then Beijing intervened.
Confused ride company Didi Chuxing announced that it plans to delist from the NYSE on Friday. company instead Immediately Begin the process of getting listed on the Hong Kong Stock Exchange.
There were concerns about a possible data breach by Didi as a result of the US-listing. There may be an attempt to bring stricter control on Beijing data security By closing a loophole that allowed Chinese companies to list in the US without approval.
bloomberg informed of, citing sources, that China is looking to prevent its companies from being listed on the foreign exchange using the convertible interest entities (VIE) route. But the China Securities Regulatory Commission Called The story is “not true.”
There is talk of decoupling between the US and China in the backdrop of Didi Chuxing’s delisting. However, Beijing does not want to confirm such suspicions between the world’s two largest economies.
Didi’s delisting from the NYSE tells us that Beijing is willing to use its long arm to align the companies it desires.
Meanwhile, on a more global scale, since the start of the US-China trade dispute, China’s massive control of ‘rare earths’ has raised global concerns. ‘Rare Earths’ are key elements in high-technology devices such as smartphones, computer hard drives and fighter jets.
wall street journal informed of, citing sources, that China approved the creation of a large group of rare-earth companies. The new firm will be called ‘China Rare Earth Group’ and will be located in a resource-rich area of Jiangxi province. China Rare Earth Group will be formed by amalgamation of China Minmetals Corporation, Aluminum Corp. of China Limited and Ganzhou Rare Earth Group Co.
Last week Chinese state media also gave extensive coverage to the newly built China-Laos Railway. Xi Jinping and Laos President Thonglun Sisolitho on Friday inauguration of Newly constructed railway line.
$6 billion railway project connect Chinese city Kunming with Laotian city called Vientiane. The journey of more than 1,000 km will be completed in 5 hours 20 minutes.
The Laotian section of the train from Botane to Vientiane was completed As part of the Belt and Road Initiative. “The downside is that it is a very expensive railway, so the question is whether these upsides are enough to make full economic sense in terms of cost-benefit,” said Jeremy Zook, Director of Asia-Pacific Ratings with Fitch Ratings.
Laos is Agreed One of China’s strongest partners, but the country is already heavily indebted to Beijing. Reuters reported in 2020 that Laos handed over control Failed to pay outstanding debt to a Chinese company on its electric grid.
Read also: China believes its time has come. But here’s what I don’t understand yet
China in the world news
This week it was Sri Lanka that was caught between India and China’s rivalry for regional influence.
China has now Suspended A solar plant project in Sri Lanka following opposition from India over the location of the project in the northern islands. India lodged its protest in Sri Lanka about the project in January.
In a tweet, the Chinese Embassy in Sri Lanka said The project was suspended “due to a security concern from a third party”. News of the project’s cancellation was widely discussed in Chinese media.
Chinese state media published an article which said That China Soar Hybrid Technology may have lost the contract in Sri Lanka but the same company has signed contracts for other projects in the Maldives. The article suggested that Sri Lanka would “regret its decision.”
Meanwhile, in the daily dose of US-China, China recently tested Washington officials are worried about the hypersonic missile.
US Secretary of Defense Lloyd Austin said Tension in the Indo-Pacific was heightened by China’s hypersonic test. Austin also described China as the biggest challenge for the US military. Austin made the remarks during his visit to South Korea and the US Joint Chiefs of Staff, General Mark Milley.
On Saturday, Austin raised concerns about the People’s Liberation Army’s combat rehearsals near Taiwan. “It looks like they’re discovering their true capabilities, and that certainly looks like rehearsal,” Austin said at the Reagan National Defense Forum in Washington. Austin did not suggest that China was planning to invade Taiwan any time soon.
US Secretary of State Antony Blinken on Friday said If China creates a crisis on the Taiwan Strait, it will have “terrible consequences”.
Read also: ‘Be ready to fight,’ China tells citizens. Xi Jinping has big plans for party and security
what you should read this week
The real reason China is pursuing “digital sovereignty” in Africa , yanka adegok
Real Battle in Changjin Lake , james carter
experts this week
“Of course, this is also related to the stability of China’s borders. If the two neighboring countries, Afghanistan and Tajikistan, clash, it will threaten China’s western region, especially Xinjiang. Xinjiang’s Taxkorgan Tajik Autonomous County has a population of over 100,000 who are mostly Tajiks. They are thought to be brothers of Tajiks in Afghanistan and Tajikistan, and they speak the same language, although the pronunciation is different. Therefore, if the conflict gradually intensifies, it could have a direct impact on Xinjiang, and further undermine the security of the Belt and Road Initiative and the China-Pakistan Economic Corridor. wrote Pan Guang, director of the Shanghai Cooperation Organization Research Center, Shanghai Academy of Social Sciences.
India in China
The news of the attack on security forces in Nagaland was a major trend on Weibo on Sunday. The hashtag “Indian soldiers killing 13 civilians” on Weibo has garnered 107,000 views and the trend continues to grow.
Read also: China says Indian ‘government-backed’ group Evil Flower is under attack, shuts down airlines data
upcoming watch
On December 9, US President Joe Biden will host the Summit for Democracy with 111 delegates from democratic countries. The White House has invited Taiwan to the summit. China Condemned it summit, and a senior Chinese official said The summit would be a “joke”.
The author is a columnist and a freelance journalist, currently pursuing an MSc in International Politics with a focus on China from the School of Oriental and African Studies (SOAS), University of London. He was previously a Chinese media reporter for the BBC World Service. He tweeted @aadilbrar. Thoughts are personal.
This is a weekly round-up that Adil Brar writes about in China. It will soon be available as a product only available to the customers.
(Edited by Srinjoy Dey)
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