#AceNewsReport – Oct.14: Heavy rains hit Shanxi in recent days, the country’s biggest coal producing province, after record floods struck the mining region of Henan in July.
#AceDailyNews says according to BBC Business News China floods: Coal price hits fresh high as mines shut as XI decides its time to open more mines to supply the energy just as #COP26 is due to begin & Thermal coal on the Zhengzhou Commodity Exchange rose by over 10% on Tuesday so on Friday, Beijing reportedly ordered China’s coal mines to boost output.
The floods further complicate China’s efforts to increase fuel supplies to ease its deepening energy crisis.
Shanxi Province, which produced around a third of China’s coal supplies this year, was forced to temporarily shut dozens of mines due to flooding. Although some sites are now slowly resuming operations.
At least 15 people have died during the severe flooding that has affected more than 1.76 million people in the province, local officials said on Tuesday.
Torrential rain last week led to houses collapsing and triggered landslides across more than 70 districts and cities in the northern province.
Even before the flooding, China was already facing an energy shortage which has caused power cuts in large parts of the country.
In recent weeks, energy firms have been forced to limit electricity supplies to millions of homes and business.
The move was the latest attempt by authorities to increase coal supplies after prices hit record highs and electricity shortages forced energy firms to ration power.
Since last month, a series of power cuts has forced factories to cut back production or stop operations completely
Manufacturing hubs in the northeast of China have been hit particularly hard.
The latest rise in the price of thermal coal prices comes on top of a 12% jump on Monday.
Energy prices have been rising across the world as the global economy starts to emerge from the pandemic.
On Monday, the cost of Brent crude hit its highest since level October 2018, while US-traded oil touched a fresh seven-year-high.
China is a country caught in the middle of a global struggle – to develop but also be green
#AceNewsReport – Oct.09: Inner Mongolia and Shanxi told coal miners to lift combined annual production capacity by more than 160 million tonnes, while China’s cabinet said market coal-fired power prices may now fluctuate up to 20% from base rates, an increase on previous limits, or more for high energy consuming sectors.
#AceDailyNews says according to Reuters China eyes coal output boost, higher power prices to ease shortages as they dig in on coal, oil gains as energy crisis deepens
China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated.
The rebound in economic activity from coronavirus restrictions has exposed alarmingly low supplies of natural gas leaving traders, industry executives and governments scrambling as the northern hemisphere heads into winter.
The energy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy’s dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow.
In China, where coal production had been curtailed to meet climate goals, officials have ordered more than 70 coal mines in Inner Mongolia to ramp up production by nearly 100 million tonnes or 10%, as the world’s largest exporter battles its worst power shortages in years.
Russia’s Gazprom, a key supplier of gas to China, calmed fears that a fire at a major gas processing plant could worsen the situation, saying it was able to continue exporting gas to China as normal.
The pricing adjustment is designed to prevent high energy consumption, state media reported, adding that prices for residential and agricultural users, as well as public welfare initiatives, would be kept stable.
#AceDailyNews says according to Taiwan Air Defence say that a record number of China planes enter Taiwan air defence zone and Monday’s incursion marks the fourth straight day of incursions by Chinese aircraft, with almost 150 aircraft sent into Taiwan’s defence zone in total after China warns Taiwan independence ‘means war’
Some analysts say the flights could be seen as a warning to Taiwan’s president ahead of the island’s national day: Beijing views Taiwan as a breakaway province: However, democratic Taiwan sees itself as a sovereign state.
In an essay for Foreign Affairs magazine on Tuesday, Taiwan’s President Tsai Ing-wen warned there would be “catastrophic” consequences for peace and democracy in Asia if the island were to fall to China: It would signal that in today’s global contest of values, authoritarianism has the upper hand over democracy,” she wrote.Ms Tsai added that while Taiwan did not seek confrontation, Taiwan would “do whatever it takes to defend itself”.
Taiwan has been reporting for more than a year that China’s air force has been repeatedly flying nearby: The latest Chinese mission included 34 J-16 fighters and 12 nuclear-capable H-6 bombers, which all flew in an area near the Taiwan-controlled Pratas Islands, according to a map provided by the Taiwanese government: Four more Chinese fighters were spotted late on Monday, taking the total to 56 aircraft in one day.
Taiwan’s top China policy-making body, the Mainland Affairs Council (MAC), accused Beijing of “seriously damaging the status quo of peace and stability in the Taiwan Strait”……….We demand the Beijing authorities immediately stop its non-peaceful and irresponsible provocative actions,” MAC spokesman Chiu Chui-cheng said in a statement: China is the culprit for causing tensions between the two sides of the (Taiwan) Strait and it has further threatened regional security and order,” he added, saying Taiwan “will never compromise and yield” to threats……
In response, China accused Washington of being the provocateurs, while warning against supporting Taiwanese independence.
“Engaging in Taiwan independence is a dead end. China will take all steps needed and firmly smash any Taiwan independence plots,” the ministry said.
The US should stop supporting and “inflating” Taiwan separatist forces, it added.
Analysts have previously warned that Beijing is becoming increasingly concerned that Taiwan’s government is moving the island towards a formal declaration of independence and wanted to warn President Tsai against taking steps in that direction.
Ms Tsai, however, has repeatedly said that Taiwan is already an independent state, making any formal declaration unnecessary.
The island has its own constitution, military, and democratically elected leaders.
China has not ruled out the possible use of force to achieve unification with Taiwan.
China and Taiwan: The basics
Why do China and Taiwan have poor relations? China and Taiwan were divided during a civil war in the 1940s, but Beijing insists the island will be reclaimed at some point, by force if necessary
How is Taiwan governed? The island has its own constitution, democratically elected leaders, and about 300,000 active troops in its armed forces
Who recognises Taiwan? Only a few countries recognise Taiwan. Most recognise the Chinese government in Beijing instead. The US has no official ties with Taiwan but does have a law which requires it to provide the island with the means to defend itself
#AceNewsReport – Sept.27: China claims Taiwan as its own territory and has stepped up military and political pressure to force the democratically ruled island to accept Chinese sovereignty, even though most Taiwanese have shown no interest in being governed by Beijing….
In Xi’s letter, a copy of which was released by the KMT, he said both parties had had “good interactions” based on their joint opposition to Taiwan independence.
“At present, the situation in the Taiwan Strait is complex and grim. All the sons and daughters of the Chinese nation must work together with one heart and go forward together,” wrote Xi, who is also head of the Communist Party.
He expressed hope that both parties could cooperate on “seeking peace in the Taiwan Strait, seeking national reunification and seeking national revitalization.”
Chu, who badly lost the 2016 presidential election to current President Tsai Ing-wen, responded to Xi that people on both sides of the Taiwan Strait were “all the children of the Yellow Emperor” – in other words, all Han Chinese.
Chu blamed Tsai’s Democratic Progressive Party (DPP) for tensions with Beijing after pursuing anti-China policies.
Chu, who met Xi in China in 2015, said he hoped to “seek common ground and respect differences, increase mutual trust and geniality, strengthen exchanges and cooperation so as to allow the continued peaceful development of cross-strait relations.”
Under outgoing KMT leader Johnny Chiang’s 17-month tenure, high-level contacts with China stalled amid military tensions and suspicion in Beijing the party was not sufficiently committed to the idea Taiwan was part of “one China.”
As well as losing the 2016 polls, the KMT were trounced in elections last year after failing to shake DPP accusations they were Beijing’s lackeys.
China refuses to talk to Tsai, calling her a separatist. She says Taiwan is already an independent country called the Republic of China, the island’s formal name, and that only Taiwan’s people have the right to decide their own future.
#AceNewsReport – Sept.27: China’s broadcasting regulator said it will encourage online producers to create “healthy” cartoons and clamp down violent, vulgar or pornographic content, as Beijing steps up efforts to bring its thriving entertainment industry to heel…..
#AceDailyNews says that according to The National Radio and Television Administration said in an notice posted late on Friday that children and young people were the main audience for cartoons, and qualified agencies need to broadcast content that “upholds truth, goodness and beauty”.
China’s ruling Communist Party has stepped up a campaign to clean up its entertainment industry in recent months, taking action against “online idols” and promising tougher penalties for celebrities who engage in illegal or unethical behaviour.
The campaigns have been part of a wider effort to intervene in all aspects of the country’s culture and economy, with the government also promising to tackle inequality, soaring property prices and profit-seeking education institutions.
The Communist Party celebrated its centenary in July, and President Xi Jinping marked the occasion by promising to “enhance” the party’s powers and strengthen the unity of the Chinese people.
Reuters: Reporting by David Stanway; Editing by William Mallard
#AceNewsReport – Sept.25: Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.
#AceDailyNews says that according CNN Business report Bitcoin plummets after China intensifies cryptocurrency crackdown as agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet. Bitcoin (XBT) fell about 5% on the news. Ethereum, another leading cryptocurrency, was down 9%.
The agencies said that China would develop “new systems” to counter risks posed by cryptocurrencies. China will gradually start shutting down crypto mining operations, and no new mining projects will be permitted, the National Development and Reform Commission said in a separate statement.
The announcements are the latest in a series of tough measures from China on cryptocurrencies. In May, Chinese Vice Premier Liu He told a group of finance officials that the government would “clamp down on bitcoin mining and trading activity” as part of its goal to achieve financial stability. And finance and banking watchdogs said that financial institutions and payment companies should not participate in any transactions related to cryptocurrency, nor should they provide crypto-related services to their clients.The measures aren’t just about curtailing financial risk. The computers needed for bitcoin mining eat up a ton of computing power and electricity, raising concerns about the cost to the environment.
China was on track to generate more than 130 million metric tons of carbon emissions by 2024, according to a Nature Communications study. That’s more than the total annual carbon emissions output from the Czech Republic and Qatar in 2016.
That kind of output is also disastrous for China’s ambitious climate plans. President Xi Jinping has vowed to make his country carbon neutral by 2060, and the country is already struggling to contain carbon emissions from other industries.
— CNN Business’ Laura He contributed to this report
#AceNewsReport – Sept.22: In a statement filed with the Shenzhen Stock Exchange in mainland China, Hengda Real Estate Group said it had reached an agreement with holders of the onshore bond over the repayment……
#AceDailyNews says that Evergrande the Crisis-hit firm strikes China debt deal for the amount due for the domestic bond which is estimated to be $35.9m (£26.3m) ………….The announcement will offer some relief to investors concerned over the company’s debt crisis.
However, the world’s most indebted developer is also due to make a $83.5m interest payment on an overseas bond on Thursday.
However, the statement did not reveal how much interest would be paid or when any payment would be made, saying only that the bond “has already been resolved through private negotiations”.
The filing also did not mention the offshore bond.
Under agreements with investors, the company has a 30-day grace period before a missed payment on the offshore bond would become a default.
The firm’s problems have sent shockwaves around global markets over concerns it may be about to collapse.
Evergrande has been struggling to meet repayments on its debts of more than $300bn.
Earlier in the week, the company started to repay investors in its wealth management business with property as it struggled to find cash to meet its liabilities.
On Monday, Evergrande also reportedly missed interest payments to at least two of its biggest lenders.
Some analysts have cautioned that the failure of such a large and heavily-indebted property developer could have a major impact on the Chinese economy, which could potentially spread to the global financial system.
The Shenzhen Stock Exchange, which was closed on Monday and Tuesday, was around 0.7% lower in Wednesday’s trade.
The Hong Kong Stock Exchange is closed on Wednesday for the annual mid-autumn festival.
#AceNewsReport – Sept.21: Hainan is an island province off the south of the mainland, and includes a municipality in the disputed Paracel Islands from which it administers China’s territorial claims in the South China Sea.
#AceDailyNews says just as Aukus bilateralagreementto build nuclear submarines is signed to patrol the ‘South China Sea’ Beijing adds powerful new ship to maritime patrol fleet as the 5,560-ton Hai Xun 03 which was launched on Tuesday and will become the largest ocean patrol ship under the Hainan Maritime Safety Administration (MSA), the official China News Service reported, adding that it would help Hainan authorities to enforce jurisdiction independently.
Chinese official documents suggest that China regards Hainan’s jurisdiction as covering around two million square kilometers of maritime area, though boundaries are not clearly demarcated and that jurisdiction is not recognized by its neighbors.
According to news reports, the Hai Xun 03 will conduct maritime patrol and law enforcement, search-and-rescue, emergency coordination and command; and prevention and control of ship pollution “in the South China Sea and surrounding waters.”
China claims “historical rights” to most of the South China Sea but its claims are not supported by international law and are widely contested – including its assertion of the right to police disputed seas.
“Besides the coastguard force, the MSA also has a role in fronting China’s maritime sovereignty and rights protection,” notes Collin Koh, a research fellow at the S. Rajaratnam School of International Studies in Singapore.
“If Hai Xun 03 is deployed on a regular basis to the Spratlys for example, it won’t be particularly out of the blue since MSA has deployed large patrol vessels before to the area.”
According to Koh, the deployment would “still contribute towards reinforcing the impression that Beijing exercises jurisdiction in the South China Sea, and it contributes to its narrative also about providing so-called ‘common public goods’ to mariners in the area.”
China has invested heavily in patrol vessels and coastguard even as international criticism of its conduct in the South China Sea to assert its sweeping claims there has grown.
The Hai Xun 03 is 128.6 meters long, travels at 20 knots, and has a range of around 10,000 nautical miles. It can also patrol at sea for 60 days without supplies.
The ship has a maritime data center equipped with advanced integrated monitoring systems, according to Chinese media. It’s also designed with a hangar to carry multiple helicopters.
The ship is expected to be officially commissioned in March 2022. China’s maritime surveillance fleet, which far exceeds those of its Southeast Asian neighbors, is estimated at more than 300 vessels but only a handful are above 3,000 tons.
#AceNewsReport – Sept.16: Taiwan President Tsai Ing-wen has made modernising the armed forces — well-armed but dwarfed by China’s — and increasing defence spending a priority, especially as Beijing ramps up its military and diplomatic pressure against the island it claims as “sacred” Chinese territory.
The new money, which comes on top of planned military spending of T$471.7 billion for 2022, will need to be approved by the Parliament, which is likely as Mr Tsai’s ruling party has a large majority.
“The Chinese communists have continued to invest heavily in national defence budgets, its military strength has grown rapidly, and it has frequently dispatched aircraft and ships to invade and harass our seas and airspace,” Taiwan’s Defence Ministry said in a statement after a weekly Cabinet meeting.
“In the face of severe threats from the enemy, the nation’s military is actively engaged in military building and preparation work, and it is urgent to obtain mature and rapid mass-production weapons and equipment in a short period of time.”
Deputy Defence Minister Wang Shin-lung said the new arms would all be made domestically, as Taiwan boosted its own production prowess. However, the United States will probably remain an important parts and technology provider.
Cruise missiles, warships to be purchased
Taiwan has been keen to demonstrate it can defend itself, especially amid questions about whether the United States would come to its aid if China attacked.
“Only if we ensure our security and show determination will the international community think well of us,” Cabinet spokesman Lo Ping-cheng said.
“Others will only help us if we help ourselves.”
The weapons Taiwan aims to buy with the money include cruise missiles and warships, the ministry added.
Taiwan has been testing new, long-range missiles off its southern and eastern coasts, and while it has not given details, diplomats and experts have said they are likely to be able to hit targets far into China.
The additional cash will likely be well received in Washington, which has been pushing Taiwan to modernise its military to make it more mobile so it can become a “porcupine”, hard for China to attack.
Taiwan has already put into service a new class of highly agile stealth warships, which Taiwan refers to as “aircraft carrier killers” due to their missile complement, and is developing its own submarines.
The announcement comes as Taiwan is in the middle of its annual Han Kuang military drills.
On Thursday, Taiwan’s army simulated fending off an invasion, firing artillery out to sea from a beach on its southern coast.
A pattern of intrusions
Taiwan has complained for more than a year of repeated missions by China’s air force near the self-ruled island.
Earlier this month, Taiwan scrambled its air force against renewed Chinese military activity, with its defence ministry reporting that 19 aircraft, including nuclear-capable bombers, had flown into Taiwan’s air defence identification zone.
It has often occurred in the south-western part of its air defence zone, near the Taiwan-controlled Pratas Islands.
#AceNewsReport – Sept.14: Ant could also be forced to hand over the user data that underpins its loans decisions to a new credit scoring firm, which would be partly state-owned, the report said.
#AceNewsDesk says that Alibaba shares slides on report China plans for regulators who want to break up Alipay, which is China’s biggest payments app with a separate platform for the app’s profitable lending operation that would be created under the plan who is believed to have more than a billion users, according to the Financial Times.
It would be the latest move by Beijing to tighten its grip on big businesses.
Alibaba shares closed 4.2% lower in Hong Kong trade on Monday.
Ant Group did not immediately respond to a request for information from the BBC.
This would not be the first time that Ant Group has been targeted by the Chinese government.
The business empire of Jack Ma, the co-founder of both Ant Group and Alibaba, has been hit by a series of high-profile regulatory measures.
Chinese authorities started to show increasing interest in Ant Group in October last year after Mr Ma criticised regulators, suggesting that they were stifling innovation.
The following month, regulators scuppered the record $37bn (£27bn) share market launch of Ant Group.How a little Ant became a financial giant
In April, Alibaba was hit with a record $2.8bn fine over monopoly concerns.
At the same time, Chinese regulators called on Ant to conduct a sweeping business overhaul, including restructuring itself into a financial holding firm.
It was also told to fold its two micro-loan services, Jiebei and Huabei, into the new finance firm.
Ant will not be the only Chinese online lender to be affected by the new rules, the FT report said.
In recent months, Chinese regulators have been targeting other internet giants in a wide-ranging crackdown which has included competition and privacy issues, as well as user data and cryptocurrencies.
#AceNewsReport – Sept.02: The education ministry said it would incorporate Mr Xi’s vaguely defined political ideology into the national curriculum, from primary schools to graduate programs, beginning with the new school year on Wednesday….
#AceDailyNews says that ‘Brainwashing starts from childhood’: China’s children get schooled in Xi Jinping ‘thought’ as Primary school teachers must “plant the seeds of loving the party, the country and socialism in young hearts”, according to a government notice on the new curriculum.
Buses full of schoolchildren sporting new shoes and red scarves over their uniforms were dropped off at school gates on Wednesday, weighed down by oversized backpacks.
The new school books are decorated with the President’s pithy quotes and images of his smiling face, with elementary school students served up chapters on the achievements of Chinese civilisation and the Communist Party’s role in poverty alleviation and fighting the COVID-19 pandemic.
Lessons are interspersed with quotes from Mr Xi on patriotism and duty, as well as anecdotes of his meetings with citizens.
“However, given what has happened in Chinese society over the past four decades, I think many parents may not like it very much and many students may find it boring — but few would or could protest it publicly,” Dr Wang added.
“Most are likely to simply not take it very seriously.”
While China has long given schoolchildren patriotism and political education, the new curriculum is “about promoting the cult of Xi as much as about instilling a greater sense of nationalism”, China researcher Adam Ni said.
State media has touted Mr Xi’s expectations for China’s youth, with the official Xinhua news agency quoting his exhortation for young people to “strive to have pure hearts, sound personalities and integrity” in an article this week marking the new school year.
#AceNewsReport – Aug.31: The rules, published by the National Press and Publication Administration, said users under the age of 18 would be able to play games only from 8:00pm to 9:00pm on those three days of the week……
#AceDailyNews says that Beijing places new restrictions on under-age gamers as part of crackdown on Chinese tech giants under tough new rules, teenagers and children will be restricted to just one hour of gameplay on Fridays, weekends and holidays: The measures come in response to growing concerns over gaming addiction, according to China’s Xinhua news agency
Online gaming companies will be barred from providing gaming services to younger users, in any form, outside those hours.
Companies will be forced to ensure they have put real-name verification systems in place, said the regulator, which oversees the country’s video games market.
Previously, China limited the amount of time minors could access online games to three hours on holidays, or 1.5 hours on other days.
The new rules come amid a broad crackdown by Beijing on China’s tech giants, such as Alibaba Group and Tencent Holdings.
The abrupt changes have unnerved investors, hammering Chinese shares traded at home and abroad.
The National Press and Publication Administration also told Xinhua it planned to increase the frequency and intensity of inspections for online gaming companies.
This would ensure they were putting in place time limits and anti-addiction systems, the regulator said.
#AceNewsReport – Aug.22: The commission said it would pursue its “common prosperity agenda”, which has become the main focus of China’s policymaking after reports of discontent within the party’s central committee over the rise of a new class of wealthy entrepreneurs….
#AceDailyNews says President Xi vows to ‘adjust excessive incomes’ of super rich as CCP to crack down on almost weekly creation of billionaire company bosses and according to reports in state media, Xi Jinping told officials at a meeting of the Chinese Communist party’s central financial and economic affairs commission on Tuesday, that the government should “regulate excessively high incomes and encourage high-income groups and enterprises to return more to society”
Analysts said it was notable that the gaming and social media firm Tencent, one of China’s biggest tech groups, said it would expand its social commitments as it reported a jump in second-quarter profit.
The Tencent chief executive, Pony Ma said the company was in business to help wider society by “deploying our technologies and expertise to help small and medium-sized businesses, public services and corporations collaborate internally and connect with their users externally”.
Earlier this month, the company’s games were branded “spiritual opium” in state media, prompting it to tighten controls on children accessing them. Yet despite fears of the impact of a regulatory crackdown, Tencent bucked expectations with net profits rising 29% for the three months to June to $6.6bn (£4.8bn) after a 20% increase in revenues.
Since last November, when regulators prevented the tech company Ant, 33% owned by its sister company Alibaba, from floating on the Shanghai and Hong Kong exchanges – a move that would have cemented the position of its boardroom chair, Jack Ma, as one of the world’s richest men – the Chinese Communist party has sought to crack down on the almost weekly creation of billionaire company bosses.
Stocks on the Shanghai exchange have fallen since a peak in February after a string of similar regulatory clampdowns on the financial sector and penalties on industries forced to comply with tighter environmental rules.
As a result, the country’s richest tycoons have already seen their wealth shrink. The combined net worth of the two dozen Chinese billionaires in tech and biotechnology whose holdings are tracked by Bloomberg dropped 16% since the end of June, according to analysis by the Financial Times.
Zhong Shanshan, the head of the bottled water company Nongfu Spring, last year overtook Jack Ma and Pony Ma as the richest person in China. He has a fortune of more than $72bn, about $24bn more than Jack Ma.
Xi, under pressure to answer critics who say he is soft on excessive pay and ostentatious displays of wealth, is expected to expand wealth taxes and raise income tax rates to achieve an “olive-shaped” income distribution that reduces the number of low-income and high-income groups.
Some reforms could be far reaching, including higher taxes on capital gains, inheritance and property. Higher public sector wages are also expected to be part of the package to limit rampant bribe-taking and corruption involving public officials.
#AceNewsReport – Aug.20: The regulation was one of several passed on Friday at a meeting of the country’s top lawmakers, the National People’s Congress (NPC).
#AceDailyNews says that China has formally passed a ‘Three-Child-Policy’ into law top lawmakers had announced back in May that it would allow couples to have up to three children, in a major policy shift but many Hong Kong people were waiting for the announcement on anti-sanctions law still to be announced ….more soon …
Details on a controversial anti-sanctions law for Hong Kong, which many businesses feared would put them in a difficult position, were also expected.
But Hong Kong media reported on Friday that the decision had been delayed.
What is the three-child policy?
That decision has now been formally passed into law, along with several resolutions aimed at boosting the birth rate and “reducing the burden” of raising a child, said Xinhua news agency.
These include cancelling the “social maintenance fee” – a financial penalty couples pay for having children beyond the limit, encouraging local governments to offer parental leave, increasing women’s employment rights; and improving childcare infrastructure.
Recent census data had shown a steep decline in the birth rate.
In 2016, the country had scrapped its decades-old one-child policy to replace it with a two-child limit, but this failed to lead to a sustained upsurge in births.
The cost of raising children in cities has deterred many Chinese couples.
What about the anti-sanctions law?
This past week, global banks and financial institutions had been watching the NPC meeting closely for signs on how and when the controversial anti-sanctions law would affect Hong Kong.
China had already passed the law in June, and was expected on Friday to put it into Hong Kong and Macau’s mini-constitutions, spelling out how it would be applied. Reports on Friday however quoted a lawmaker as saying this was delayed.
Under the law, companies in China are not allowed to implement foreign sanctions against Chinese individuals or entities. On top of that, they are required to help Beijing carry out retaliatory measures, and may face punishment if they refuse.
It was tabled after the US government imposed several rounds of sanctions on Chinese officials – including Hong Kong’s leader Carrie Lam – over Beijing’s crackdown on pro-democracy protests. In response, China imposed its own sanctions on US officials.
Experts say that under the law, banks and companies in Hong Kong could face legal risk for following US sanctions.
Hong Kong is a hub for many global financial institutions and the city state is a major source of profit for companies like HSBC and Standard Chartered.
“Hong Kong’s attraction for many firms, especially international ones, was its relative insulation from intra-party rivalry and major power competition. Such a law would take away one of those important legs,” said Ian Chong, a political science expert at the National University of Singapore.
“The cost and uncertainty of doing business in HK could increase substantially,” he told the BBC.
Dr Chengxin Pan, an associate professor of international relations with Deakin University in Australia said China came up with the law because while it “doesn’t want to unduly unsettle businesses…it also doesn’t want businesses to think it’s normal and costless to have its cake and eat it too, by profiting from doing business in Hong Kong while carrying out sanction orders from Washington against Chinese interests.”
“This no doubt will complicate the cost-benefit calculations, if not political loyalty, of business in Hong Kong, which could be caught in the geopolitical crossfire between the US and China.”
#AceNewsReport – Aug.18: The DPP authorities need to keep a sober head, and the secessionist forces should reserve the ability to wake up from their dreams. From what happened in Afghanistan, they should perceive that once a war breaks out in the Straits, the island’s defense will collapse in hours and the US military won’t come to help.”
#AceDailyNews says that Emboldened China Warns Taiwan: ‘The Island’s Defense Will Collapse’ and the ‘U.S. Military Won’t Come to Help’In an editorial published Monday, the CCP sent a harsh message to the Democratic Progressive Party (DPP), the ruling party of the Republic of China on the island of Taiwan: “
This was likely true, and gave the world the spectacle of an increasingly hostile power, the People’s Republic of China, learning from America’s mistakes in Afghanistan, while the American political and military elites showed no sign of doing so. No one in Washington is being held or is going to be held accountable for the ongoing debacle in Afghanistan. Joe Biden just emerged to blame Trump and ignore the question of why, after announcing a departure date, the United States had no exit strategy in place that would ensure the safety of our personnel and weaponry. Biden clearly just wants all this to go away, and thanks to the establishment media, which follows him around like the man with the dustpan and broom who follows after the circus elephant, it probably will go away, at least from the headlines and news feature shows.
But while no one will be fired or even reprimanded for our disastrous exit from Afghanistan, much less for the insane decision to stay there for twenty years without having a clear idea of victory or any coherent endpoint in China, they’re paying very close attention and learning one of the obvious lessons of the last few days. The Global Times article features a cartoon of the American eagle with one wing on the shoulder of Taiwan’s President Tsai Ing-wen, presumably offering her wise counsel while leading her to walk right into an open manhole. That sums up the article’s point succinctly. “The world has witnessed,” says Global Times, “how the US evacuated its diplomats by helicopter while Taliban soldiers crowded into the presidential palace in Kabul. This has dealt a heavy blow to the credibility and reliability of the US.”
Indeed. The Chinese daily then reminds the world that “the US abandoned its allies in South Vietnam” in 1975, and asks, “Is this some kind of omen of Taiwan’s future fate?” Clearly, if the Chinese Communist Party has anything to do with it, it is indeed an omen.
#AceNewsReport – Aug.17: WangTouZhongWen (Beijing) Technology, which is owned by three Chinese state entities including a fund backed by China’s main internet watchdog, has a 1% stake in Beijing ByteDance Technology, according to shareholder data from the National Enterprise Credit Information Publicity System.
#AceSocialDesk says Beijing owns stakes in ByteDance, Weibo domestic entities, records show news of the stakes and the board seat was first reported by The Information on Monday. read more
Reuters August.17, 20214:57 AM BSTLast Updated 6 hours ago
It does not give not give the Chinese government any stake in the firm’s hit short video app TikTok, the source said. TikTok is not available in China.
The Chinese subsidiary “only relates to some of ByteDance’s China-market video and information platforms, and holds some of the licenses they require to operate under local law,” a ByteDance spokesperson told Reuters on Monday.
An affiliate, WangTouTongDa (Beijing) Technology, similarly holds a 1% stake in Beijing Weimeng Technology, Weibo’s main domestic subsidiary, according to a separate government data report and filings it made to the U.S. securities regulator.
Corporate information app Tianyancha said the ByteDance unit stake transfer was registered on April 30, 2021.
Although Chinese regulators have clamped down on a range of sectors, tech has come in for some of the harshest measures to date.
Regulators say they are concerned about issues ranging from its technology giants’ market power to their management of user data, and have launched antitrust probes, cancelled deals and published new guidance for the sector.
WangTouZhongWen (Beijing) Technology is co-owned by the China Internet Investment Fund, a China National Radio subsidiary and the Beijing Cultural Investment Development Group, its company registration filing showed.
The China Internet Investment Fund, which was established by the Cyberspace Administration of China and the country’s finance ministry, fully owns WangTouTongDa (Beijing) Technology.
Chinese tech stocks plummet as Beijing cracks down on online monopolies
17 Aug, 2021 12:00
China’s State Administration for Market Regulation (SAMR) has issued draft rules aimed at preventing unfair competition on the internet. The news triggered a selloff in Chinese listed technology stocks in Hong Kong.
The latest measure comes as part of Beijing’s broader crackdown on Chinese technology majors and covers multiple areas, including prohibitions on the way corporations are using data, and stamping out fake product reviews.
Shares in game development giant Tencent dropped 3.5% in late morning trading on Tuesday, while online retail giant Alibaba was down 2.5%.
Earlier this year, the regulator released new anti-monopoly guidelines targeting internet platforms. The new rules have tightened the existing restrictions faced by the country’s tech giants.
SAMR has also taken legal actions against some Chinese technology corporations, having issued hefty fines to Alibaba Group and Tencent Holdings. The regulator blocked Tencent’s plan to merge video game streaming sites Huya and DouYu over antitrust concerns. It has also initiated a probe into food delivery firm Meituan for “suspected monopolistic practices.”
SEC Warns US Investors About Risks Of Buying Chinese Stocks As Crackdown In Beijing Continues
But let’s set all that aside for a moment. Early Tuesday morning, SEC Chairman Gary Gensler released a new “Office Hours” clips where he not only confirmed that the SEC had, in fact, shut down processing of any new potential Chinese listings, but he also explained to American investors exactly what it is they’re owning when they buy shares in Chinese listings.
#AceNewsDesk report ……Published: Aug.17: 2021: Reporting by Brenda Goh in Shanghai, Yingzhi Yang in Beijing and Echo Wang in New York; Editing by Gerry Doyle
#AceNewsReport – Aug.11: State media outlets were among those that carried articles with comments from “Wilson Edwards” on the origins of #COVID19 and the WHO’s independence.
#AceDailyNewssays a Swiss embassy urges Chinese media to remove articles about scientist in a Twitter post, the embassy said an alleged Swiss biologist who had been quoted in Chinese media in recent days likely did not exist and the doctors comments on origins of #COVID19 and WHO’s independence were brought into question ?
Many outlets have since removed any reference to him.
“While we appreciate the attention on our country, the Embassy of Switzerland must unfortunately inform the Chinese public that this news is false,” the Swiss embassy said in a statement posted on Twitter.
Organisations including CGTN, Shanghai Daily and Global Times had cited the so-called biologist based on his Facebook profile.
However, the Swiss embassy said the Facebook account was opened two weeks ago and only had three friends.
“It is likely that this Facebook account was not opened for social networking purposes,” the Swiss embassy added.
The mission said that there was no registry of a Swiss citizen with the name “Wilson Edwards” and no academic articles under the name.
In one article seen by the BBC before it was altered, “Wilson Edwards” is referred to as a biologist in Switzerland.
The line from the China Daily article reads: “[Wilson Edwards] said on his Facebook account: ‘As a biologist, I’ve witnessed in consternation over the past months how the origin-tracing of Covid-19 was politicized.'”
In the altered version, all reference to Wilson Edwards were removed.
Shanghai Daily’s digital platform Shine had said in a post: “A European biologist has come to the fore with a startling claim that a World Health Organization (WHO) advisory group on tracing the origins of pathogens including the virus responsible for the Covid-19 pandemic, would become a “political tool”.
It added that the biologist was worried about the “WHO’s independence” and quotes him as saying “the US is so obsessed with attacking China on the origin-tracing issue that it is reluctant to open its eyes to the data and findings”.
The Swiss embassy assured readers that it assumed the spreading of the story was done in good faith but kindly asked for the stories to be taken down or corrected.
#AceNewsReport – Aug.11: The Canadian government condemned the ruling and appealed to China to grant clemency to Robert Schellenberg: Schellenberg was sentenced to 15 years in prison in November 2018 after being convicted of smuggling 222 kilograms of methamphetamine: In January 2019, he was abruptly sentenced to death following the arrest of Huawei’s chief financial officer in Vancouver….
The Higher People’s Court of Liaoning Province on Tuesday rejected Schellenberg’s appeal and sent the case to China’s Supreme People’s Court for review, as is required by law before death sentences can be carried out.
“We condemn the verdict in the strongest possible terms and call on China to grant Robert clemency,” Dominic Barton, the Canadian ambassador to Beijing, said.
“His retrial and subsequent sentence were arbitrary.
“We remain deeply concerned by China’s arbitrary use of the death penalty.”
Western diplomats attend court for Schellenberg’s appeal
Mr Barton said he would travel to the north-eastern city of Dandong to see Mr Spavor in the coming days.
The ambassador said there might be a ruling in Mr Spavor’s case on Wednesday and said he had no details of when Mr Kovrig’s case might be decided.
Asked whether the three cases were linked to Ms Meng’s, Mr Barton said: “I don’t think it’s a coincidence these are happening right now while events are going on in Vancouver.”
Diplomats from the United States, Germany, Australia and France attended Tuesday’s hearing, according to Mr Barton.
He expressed thanks to them and to other governments for expressing support for Canada.
Two other Canadians, Fan Wei and Xu Weihong, also were sentenced to death on drug charges in separate cases in 2019 as relations between Beijing and Ottawa deteriorated.
The United States wants Ms Meng, who is the company founder’s daughter, extradited to face charges she lied to banks in Hong Kong in connection with dealings with Iran that might violate trade sanctions.
A Canadian judge will hear final arguments in the next few weeks over whether Ms Meng should be extradited.
She has been living under house arrest in Vancouver.
#AceNewsReport – Aug.09: On Monday, Russian and Chinese forces will start their 5-day joint military drill, dubbed the Zapad/Interaction 2021, with the aim of enhancing security in Central Asia. The exercise which will be held in China’s northern Chinese Ningxia Hui Autonomous Region and will involve around 10,000 troops. Aircraft, artillery and other armored equipment will also be used during the drills.
#AceDailyNews says recently both countries released a joint statement regarding the exercise saying its with the aim to enhance security in Central Asia having just appointed a new militarycommander on the border
Russia and China joint statement.
The exercise is aimed to consolidate and develop the China-Russia comprehensive strategic partnership of coordination in the new era, deepen the practical cooperation and traditional friendship between the two militaries, and further demonstrate the two sides’ resolve and capability to fight against terrorist forces and jointly safeguard regional peace and security.
Both countries want to ensure stability of Central Asia, since after the withdrawal of US and NATO troops after two decades in the country. In recent months, the Taliban gained huge swathes of land in Afghanistan. The Taliban managed to capture strategically significant border crossings and supply routes. The terror group also captured infrastructure related to mineral extract operations. Both China and Russia, that rely on regional trade routes, particularly for oil and natural gas imports, worry that Afghanistan’s may spill over into other countries in Central Asia. Russia, in fact, also conducted military drills with other Central Asian countriesrecently in an attempt to bolster military cooperation between Central Asian countries.
FILE – In this Jan. 4, 2021, file photo, Chinese soldiers rally while training in -20 degrees Celsius (-4 Fahrenheit) conditions in Kashgar in northwestern China’s Xinjiang Uighur Autonomous Region. China appointed on Friday, Aug. 6, 2021 a new military commander in restive Xinjiang where authorities have locked up more than a million members of Muslim minorities in what they call a bid to curb terrorism and radicalism. (Chinatopix via AP, File)
China Appoints New Military Commander in Restive Xinjiang
BEIJING (AP) — China has appointed a new military commander in restive Xinjiang where authorities have locked up more than a million members of Muslim minorities in what they call a bid to curb terrorism and radicalism.
Lt. Gen. Wang Haijiang will oversee a massive military presence in the sprawling northwestern region that borders on several unstable Central Asian states, along with Pakistan and Afghanistan, from which U.S. troops are withdrawing.
Like Xinjiang’s hardline Communist Party chief Chen Quanguo, Wang previously served in Tibet, which also hosts large numbers of troops to suppress anti-government sentiment among the native Tibetan population and guard the disputed border with India, where the two nations had a deadly clash last year.
Wang’s unannounced appointment was revealed on the Xinjiang Military District’s social media feed showing him presiding at a retirement ceremony for senior officers on Wednesday.
Wang saw combat during a border war with Vietnam in the early 1980s and served in an elite People’s Liberation Army unit, according to state media reports.
The U.S. withdrawal from Afghanistan is a particular concern for Beijing, which fears a resurgence of militant Islam along its border.
Chinese Foreign Minister Wang Yi last week hosted a delegation from the Taliban, which has been making rapid territorial gains in Afghanistan and is currently engaged in battles for major cities.
Wang told the officials that China hopes the Taliban will focus on peace talks and work for unity among all factions and ethnic groups.
He also said China hopes the Taliban will “deal resolutely” with the East Turkistan Islamic Movement, a group China claims is leading a push for independence in Xinjiang.
Unconfirmed reports say several hundred fighters allied with the ETIM are present in northeastern Afghanistan, although many experts doubt the group even exists in any operational form.
#AceNewsReport – Aug.06: The decision, announced in a statement on Wednesday, said 15 previously closed mines will be reopened, distributing more than 10 million tonnes of coal from its reserves to ensure the country can meet the power demand during the peak summer season…..
#AceDailyNews says that Chinese authorities restart closed coal mine despite president’s pledge to achieve carbon neutrality by 2060
Restarting production at the 15 mines in northern China follows a similar decision last week to reopen a further 38 mines in Inner Mongolia, with the total number of mines back in production having a combined annual production capacity of more than 110 million tonnes.
China is not the only country eyeing an increased reliance on coal; the Chinese mine reopenings come amid an ongoing discussion in Australia over the approval of an extension of the Vickery coal mine. The final sign-off on the expansion has been delayed pending a court challenge that claims the move would be in violation of Canberra’s pledge to tackle the harmful impact of climate change.
Australia is currently the world’s largest coal exporter and has, so far, refused to agree to meeting a zero emissions target by 2050. It currently ranks last out of 193 United Nations members for action taken to combat greenhouse gas emissions.