Saturday, July 27

China

Beijing is More Boss Than Ever in Hong Kong: Pro-China Parties Dominate Parliament After Controversial Elections
China, Hong Kong, News

Beijing is More Boss Than Ever in Hong Kong: Pro-China Parties Dominate Parliament After Controversial Elections

In Hong Kong, the pro-China parties have won the parliamentary elections as expected. Critics of the current government are talking about fake elections because virtually all pro-democracy candidates were banned from the electoral lists. Turnout was historically low at just 30 percent.   Yesterday's parliamentary elections were the first after the significant protest movement for more democracy and less influence from the Chinese government in Hong Kong. In the second half of 2019, tens of thousands of people took to the streets to protest for months until the corona pandemic put an end to that. Hong Kong is an urban region that was a British colony for a long time. In 1997, the region rejoined China under "one country, two systems". Hong Kong was promised special rights and freedo...
Chinese Moon Rover Discovers Mysterious Square Object on Horizon
China, News

Chinese Moon Rover Discovers Mysterious Square Object on Horizon

A Chinese lunar rover has spotted a cube-shaped object on the moon's far side during an exploration. It is not yet clear what it is exactly. But it does require further research.   The Chinese lunar rover Yutu 2 is the first rover to study the moon's far side. And during surveillance, it has now spotted a cube-shaped object. The object is described in Chinese as the "mysterious hut" by Our Space, a scientific publication associated with the Chinese space program. The mysterious object was spotted in photos taken by the rover and can be seen on the horizon about 80 meters from the rover. "The thing is very interesting. We have to investigate," said Yutu 2 team. But it will take some time before there is clarity. This is because the moon rover only works during Mondays, which last 1...
Media: Biden and Xi have Another Personal Meeting Next Week
China, News, US

Media: Biden and Xi have Another Personal Meeting Next Week

US President Joe Biden and Chinese leader Xi Jinping are expected to hold virtual summits next week. According to CNBC sources, Xi will probably use this to personally invite his American counterpart to attend the Winter Olympics in Beijing.   Such an invitation would pose a dilemma for Biden. China is under international fire for the human rights situation in Xinjiang, where critics say the Uyghurs are being oppressed. A possible " diplomatic boycott " is currently being discussed within the G7, a group of wealthy industrialized countries to which the US also belongs, a possible "diplomatic boycott" is currently being discussed. Then athletes will be allowed to go to the Games in February, but heads of state will stay away. Relations between the US and China have deteriorated sign...
Chinese Central Bank Declares All Crypto Transactions Illegal
Business, China, News

Chinese Central Bank Declares All Crypto Transactions Illegal

Chinese Central Bank Declares All Crypto Transactions Illegal. All acts related to cryptocurrencies are illegal, the Chinese central bank has stated.   Owning and trading crypto coins has been banned in China for some time, but according to the People's Bank of China (PBOC), foreign companies cannot carry out crypto transactions for Chinese people. PBOC will ban financial institutions, payment processors and internet companies from allowing the trade in cryptocurrencies such as bitcoin. The bank wants to monitor this more closely. China has also been hunting crypto miners for some time. These are small companies that solve a set of mathematical problems with fast computers in order to process payments in crypto coins. For their effort, they then get parts of that cryptocurrency. ...
China Stops Dozens of Companies from IPO
Business, China, News

China Stops Dozens of Companies from IPO

The Chinese market regulator is blocking the IPO of 42 Chinese companies. The chip division of the significant Chinese car manufacturer BYD, among others, is affected by the blockade.   This is reported by the Chinese news agency Xinhua based on internal documents in the hands of the news agency. These are planned IPOs in Shanghai and Shenzhen. The blockages result from stricter access rules and the prevention of what the regulator calls financial fraud. Last Friday, the regulator announced that it would apply 'zero tolerance' regarding market abuse. Beijing has been trying to get a better grip on business, especially the booming tech sector, for some time. President Xi Jinping does not so much want to make the companies smaller but to have more control throughout the companies. Pr...
Alibaba Returns to Profit After Quarter with Billions Of Fines
Business, China, News

Alibaba Returns to Profit After Quarter with Billions Of Fines

Alibaba made a significant profit in the second quarter. A quarter earlier, the large Chinese online store suffered a rare loss due to a multi-billion dollar fine from the Chinese authorities for monopoly practices.   Nevertheless, the company continued to grow, and the number of customers increased, thanks to the many corona shopping. Alibaba expects growth in Europe to slow due to a new tax rule. Since 1 July, customers who order something outside the European Union also pay VAT on purchases under 22 euros. Until that date, there was still an exemption up to that amount. Alibaba's turnover increased by more than a third year-on-year in the second quarter to 205.7 billion yuan or 26.8 billion euros. However, a net profit of EUR 5.9 billion remained below the line. Last quarter th...
China is Open to UN Visits to Xinjiang Province
China, News

China is Open to UN Visits to Xinjiang Province

China says it is open to a visit by the head of the UN Human Rights Council, Michelle Bachelet, to Xinjiang's controversial province, but that she should not prepare her opinion in advance.   Xinjiang is home to the Uyghurs, an ethnic minority in China. The Chinese government oppresses them; at least 1 million Uyghurs are in a prison camp. Bachelet said Friday that reports of the staff camps, assault, slave labour and rape in Xinjiang have made it necessary to see the situation for yourself. China says it regrets that Bachelet made these statements. "All people in Xinjiang and Tibet enjoy all kinds of freedoms, including freedom of religion," said Chinese UN envoy Jiang Duan. "The door to Xinjiang is always open," said Jiang. "But for a visit that is about cooperation and not for...
China Thinks Retaliation If Europe Bans Huawei
Business, China, Europe, News

China Thinks Retaliation If Europe Bans Huawei

The Chinese government plans to retaliate against two major European network equipment manufacturers, Nokia and Ericsson if more European countries decide to ban Huawei equipment.   The Wall Street Journal reports this based on insiders. According to the business newspaper, Beijing would consider strict export controls, which would make it much more difficult for Nokia and Ericsson to export products they make in China to other countries. Last week, it was announced that the British government is demanding that telecom companies phase out Huawei's involvement in the UK 5G network. The United States has previously blacklisted the Chinese company because it would pose a threat to national security. European companies such as Nokia and Ericsson could benefit from the ban. Ericsson ...
President Donald Trump: Second Trade Deal With China Now Unlikely
China, News, US

President Donald Trump: Second Trade Deal With China Now Unlikely

US President Donald Trump says it is unlikely that the partial trade deal with China will be continued.   Tensions between the United States and the Asian country are too tense for that, and he told reporters aboard his government plane. "My head isn't on that right now," Trump replied to the question of whether new trade deals between the two superpowers are imminent. "The relationship with China has been seriously damaged." The US and China closed a partial trade deal early this year after bombarding each other with additional import tariffs for a year and a half. With that, they put an end to their trade war. When the deal was signed, they agreed to negotiate for further trade deals. However, tensions between the two countries have started to rise again recently, partly becau...
China Does Not Want to Interfere in US Elections
China, News, US

China Does Not Want to Interfere in US Elections

China has no plans to interfere in the upcoming US presidential election. That said a spokesman for the Chinese foreign ministry.   The department responded to the allegations in the book by former US national security adviser John Bolton about President Donald Trump. He would have pushed for Chinese help to be reelected this year. Articles from Bolton's book "The Room Where It Happened: A White House Memoir" appeared in American media. It is still unclear whether Bolton can have his book published. The United States Department of Justice wants the judge with an emergency order to stop publication because v