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People’s Daily: Foster a Comprehensive Ongoing Approach to National Defense Education

People’s Daily published an article on conducting national defense education for the general public in China. The below paragraphs are translated excerpts from the article:

“Our army is the people’s army. Our national defense is the defense of the entire nation.

National defense education is comprehensive, long-term systemic work that emphasizes practical effectiveness and the public participation. Facing the current complex and challenging national security situation, it is essential to consistently regard national defense education as a strategic necessity.

Youth are the future of our country and thus the main focus of national defense education. It is crucial to incorporate national defense education into textbooks, classrooms, and student’s minds, sowing in young hearts the seeds of love for the Party, for the country, and for the military. We should leverage opportunities like military open days and military summer/winter camps to conduct effective national defense knowledge training.

Catering to the characteristics of the audience, national defense education should occur both online and offline, with both hardware and software being developed simultaneously. We should fully utilize local regions’ revolutionary culture (historical sites) and new technologies such as big data and artificial intelligence.

National defense education is not achieved through a single event; instead, it needs to be integrated into daily life and pursued regularly.”

Source: People’s Daily, January 21, 2024
http://paper.people.com.cn/rmrb/html/2024-01/21/nw.D110000renmrb_20240121_2-06.htm

Briefings | | |   Defense/Military Government/Politics

RMB Takes Top Spot on Moscow Currency Exchange for 2023

According to reports from Russian media, in 2023, the trading volume of the Chinese yuan (RMB) on the Moscow Exchange exceeded that of the US dollar, accounting for 42 percent of the total foreign exchange trading volume.

The yuan’s trading volume reached 34.15 trillion rubles, three times the previous year’s volume of 10.25 trillion rubles. The trading volume of the US dollar was about 32.49 trillion rubles, constituting less than 40 percent of the exchange’s total trading volume. The trading volume of the euro was 14.6 trillion rubles, accounting for less than 18 percent and ranking third on the exchange. In 2022, the combined trading share of the US dollar and the euro on the Moscow Exchange was 87%.

Starting on December 4, 2023, the Moscow Exchange introduced three new tools for trading the Chinese yuan against the ruble, aiming to enhance the convenience of market participants in currency exchange transactions and reduce trading risks.

Source: People’s Daily, January 20, 2024
http://world.people.com.cn/n1/2024/0120/c1002-40163076.html

Briefings | | |   @CS Economy/Resources Geo-Strategic Trend

People’s Daily: China’s Great Wall Motors Produces Thailand’s First Electric Vehicle

Thailand’s first locally-produced electric vehicles recently rolled off the production line at the Rayong New Energy Automotive Manufacturing Base, a factory operated by China’s Great Wall Motors.

Great Wall Motors acquired the Rayong factory in November 2020, becoming the first Chinese automotive brand to fully enter the Thai market.

The Thai government aims to increase the country’s electric vehicle output to 30% of its total automotive production by 2030. It aims to become the production hub for electric vehicles and components in the ASEAN region.

Source: People’s Daily, January 15, 2024
http://world.people.com.cn/n1/2024/0115/c1002-40158671.html

Briefings | | |   Economy/Resources Geo-Strategic Trend

People’s Daily: Build an Effective Regulatory System to Prevent Financial Risks

At the opening ceremony of the Special Forum on Promoting the High-Quality Development of Finance for Provincial and Ministerial-Level Leading Cadres, Xi Jinping emphasized the need to “focus on preventing and resolving financial risks, especially systemic risks” and said that the Chinese government should regulate and monitor the financial industry “with teeth and thorns.”

People’s Daily followed up by publishing an article that argued for establishing a “comprehensive and effective financial regulatory system.”

The article said that “safeguarding financial security is a strategic and fundamental matter that concerns the overall development of China’s economy and society.”

“There are still many hidden economic and financial risks in China, such as low efficiency in financial services to support the real economy, irregularities and corruption in the financial industry, and weak financial regulatory and governance capabilities. The 20th National Congress of the Commuinst Party called to ‘strengthen and improve modern financial regulation, enhance the financial stability guarantee system, bring all types of financial activities under supervision, and guard against systemic risks.'”

Source: People’s Daily, January 20, 2024
http://opinion.people.com.cn/n1/2024/0120/c1003-40162853.html

Briefings | | |   Economy/Resources Government/Politics

Xinhua: Chinese Scholar on Three New Characteristics of the U.S.’ China Policy

Su Xiaohui, Deputy Director of the American Research Institute at the China Institute of International Studies, delivered a keynote speech via video at Xinhua News Agency’s 14th “Discussing World Affairs” International Symposium on January 9, 2024. Su believes that the U.S. continues to view China as its “primary competitor” and “the most significant geopolitical challenge [facing the U.S].” According to Su, the U.S.’ recent policy on China exhibits three new characteristics:

  • Firstly, U.S. policy on China “has been forced to return to some degree of rationality.” Su suggests that “in 2023, the U.S. gained a clearer understanding of China, realizing that it cannot easily suppress or defeat China and that it thus must accept ‘peaceful coexistence.'” Also, “the U.S. recognizes that the China-U.S. relationship not only affects the two nations in question but also influences the overall international situation. The international community hopes for overall stability in the relations between these two major powers, and that relations [between the powers] will not get out of control.”
  • Secondly, the U.S. “has recognized the necessity of cooperation with China.”
  • Thirdly, U.S. policy is now along the lines of “contain China while engaging with China.” Su said that U.S. pressure on China is now “done via provocations through various means and on various levels,” and that in competing with China “the U.S. aims to precision-strike China while reducing the blowback on itself.”

Su also mentioned that China should “be cautious of U.S. attempts to use intergovernmental communication mechanisms for its own benefits or for fostering strategic competition. The U.S. believes that, by communicating with China about arms control, it can pull China into certain arms control treaties and thereby impose restrictions on China. This would enable the U.S. to ‘win without fighting.’ But China should not allow the U.S. to weaken it via such a low-cost approach.”

Source: Xinhua, January 12, 2024
https://app.xinhuanet.com/news/article.html?articleId=75adb2d947c23b8e9a06a8309ef97a03

Briefings | | |   US-China Relations

Beijing Pushing Mid-to-Long-Term Investor Funds into Stocks to Support Chinese Stock Market

China’s stock market performed poorly in 2023. To help buoy the stock market, Beijing has increased its efforts to “introduce mid-to-long-term into the market.”

People’s Daily reported that Lin Xiaozheng, Deputy Director of the Department of Supervision of Securities and Fund Institutions at China’s Securities Regulatory Commission (CSRC), stated at a press conference that the CSRC will make greater efforts to introduce more mid-to-long-term funds into the market. Lin mentioned that, in recent years, “the CSRC has vigorously developed equity funds and actively promoted various mid-to-long-term funds’ participation in the capital market, achieving phased results. As of the end of 2023, various professional institutional investors, including social security funds, public funds, insurance funds, and pension funds, collectively held 15.9 trillion yuan of A-shares [in the Chinese stock market], doubling the amount held in early 2019. Their stock ownership ratio increases from 17% to 23%. These institutions have become a significant force in promoting the stable and healthy development of the capital market. Among them, public funds held 5.1 trillion yuan of A-shares, and stock ownership ratio increased from 3.8% to 7.3%, making them the largest professional institutional investor in A-shares.”

Source: People’s Daily, January 13, 2024
http://finance.people.com.cn/n1/2024/0113/c1004-40158192.html

Briefings | | |   Economy/Resources Government/Politics

People’s Daily: China’s Largest Corporation of Foreign Culture Performing Arts is Making Connections Abroad

People’s Daily Online interviewed Li Jinsheng, the Communist Party Secretary and Chairman of China Arts and Entertainment Group. Below are some excerpts from the interview:

“Established in 2004, China Arts and Entertainment Group originated from the China Foreign Performance Company and the China Foreign Art Exhibition Center, founded in 1957 and 1950, respectively. Over the past 70 years, especially in the nearly 20 years since its formation, China Arts and Entertainment Group has been dedicated to engaging in cultural exchanges, telling China’s stories, and spreading the country’s voice abroad.”

“As the largest and only state-owned enterprise specializing in foreign cultural exchanges, the group aligns its work with the country’s diplomatic priorities. One significant aspect is coordinating cultural activities in conjunction with major national events. Incomplete statistics show that, since 2013, the group has organized over 70 cultural performances and exhibitions in support for China’s major diplomatic activities.”

“In October 2016, under the guidance of the former Ministry of Culture, the Silk Road International Theatre Alliance was formed. As of today, the alliance has 155 member units from 45 countries and regions, including 83 overseas members and 72 domestic members. Since its establishment, the alliance has played an active role in information exchange, personnel exchanges, and collaboration in performance production among theatre members. It has fostered long-term and deepened cooperation in the field of performing arts with countries participating in the Belt and Road Initiative.”

Source: People’s Daily, November 7, 2023
http://www.people.com.cn/n1/2023/1107/c32306-40112644.html

Briefings | | |   Economy/Resources Geo-Strategic Trend

Economist: Pensions of China’s Rural Elderly Only a Few Dozen Dollar Per Month

On January 8, 2024, Lu Ting, Chief Economist of Nomura Securities in China, spoke at the 46th Tsinghua University Forum on China and the World Economy. According to Lu, China’s 170 million rural-area retired pensioners over age 60 receive an average monthly pension of only a little over 100 Yuan (US$14), with the majority not receiving more than 300 Yuan (US $41) per month. Lu mentioned that there is a vast disparity between the pensions of this group and those of retired department-level cadres, some of whom receive 70 to 100 times as much in their pensions.

Source: Epoch Times, January 11, 2023
https://www.epochtimes.com/gb/24/1/11/n14155803.htm

Briefings | | |   @CS Economy/Resources