Chinascope – Page 162

China’s Ministry of Commerce: Companies Should Not Condemn Russia under Pressure

Russian news agency Sputnik reported that China’s Ministry of Commerce asked Chinese companies not to yield to the pressure to condemn Russia.

At the ministry’s press conference on April 14, a media reporter asked the Ministry spokesperson Su Jueting, “According to some China companies, some of their foreign business partners have asked them to state their opposition to Russia’s military actions against Ukraine. Otherwise their normal business cooperation will be affected. Do you want to say something?”

Su responded, “Since the Russia-Ukraine conflict began, some countries have imposed a series of sanctions on Russia. This has disrupted the normal economic and trade relationship between China and Russia. Some foreign companies have violated the normal market principles and threatened Chinese enterprises to pick a side. Here, we reiterate that China always firmly opposes unilateral sanctions and ‘long-arm jurisdictions’ that have no basis in international law and are not authorized by the United Nations’ Security Council. China also opposes undue bans or restrictions on normal economic and trade activities between Chinese enterprises and those of other countries.”

Su also stressed that, according to the Foreign Trade Law and other relevant laws and regulations, in order to maintain a fair and free foreign trade order, companies and individuals must not succumb to external coercion or to make improper statements. China will take necessary measures to firmly protect Chinese enterprises’ legitimate rights and interests.

Source: Sputnik, April 14, 2022
https://big5.sputniknews.cn/20220414/1040683843.html

Briefings | | April 20, 2022 | Economy/Resources Geo-Strategic Trend

Report: China Concerned about Rising Household Debt

According to a February report that a Chinese research institute published, the country’s household debt ratio, which measures debt as a share of income, has climbed from less than 5 percent in 2000 to 62.2 percent at the end of last year, surpassing both Germany and neighboring Japan.

The report, that scholars at the government think tank, the Chinese Academy of Social Sciences, co-authored, points out that, “A sudden increase in household indebtedness will affect the stability of the fiscal system. High household debt largely triggered the global financial turmoil in 2008. In China, the risk of household debt is closely related to the real estate market, to the growth of income and to the growth and distribution of wealth.”

The authors also pointed to the very difficult problem for some households that do not have cash on hand to spend. Low-income workers, the self-employed and migrant workers are particularly vulnerable to the impact of the epidemic. The unstable income of these groups may lead to greater pressure on overall household debt.

Source: Central News Agency (Taiwan), April 19, 2022
https://www.cna.com.tw/news/acn/202204190215.aspx

Briefings | | April 19, 2022 | Economy/Resources

China Saw Weak Movie Box Office for the Qingming National Festival Period

Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that, according to statistics from the Office of National Film Special Fund Management Committee, during the 2022 Qingming National Festival Period (April 3 – April 5), the total box office revenue in China was RMB 122 million yuan (around US$19.15 million). Last year, the box office total for the same period reached RMB 820 million yuan (around US$128.7 million). Except for the full shutdown of theaters in the same period in 2020, this result is the lowest box office number for the same period in the past decade. Statistics also showed that the total number of screenings in the Qingming Festival Period was 627,900 this year. The figure was nearly halved year-over-year. The number of movie-goers reached 3,420,200, only one-sixth of what it was for the same period last year. A number of factors are involved. Behind the bleak box office is the sluggish theater operating rate and the withdrawal of films. Nearly half of the theaters across the country were closed because they were affected by the spread of Covid-19. The operating rate of theaters in the major movie markets in Shanghai, Jiangsu, Shandong and other regional markets was less than five percent. This was especially so for the theater operating rate in Shanghai which was zero. The State Film Administration issued a notice that all theaters in medium and high-risk areas will not be allowed to open for the time being. Affected by this order, a large number of movies were withdrawn. Under the brutal market environment, theaters have been forced to turn to another business. There are regional projection operators who switched to the food catering market. Local governments are providing subsidies to the industry to help sustain it.

Source: Sina, April 6, 2022
https://finance.sina.com.cn/stock/hyyj/2022-04-06/doc-imcwiwst0206810.shtml

Briefings | | April 19, 2022 | Social Stability

Chosun: South Korea May Join the Anti-China Siege Network

South Korea’s largest newspaper Chosun recently reported, in its Chinese Edition, that Hong Nam-Ki, South Korea’s Deputy Prime Minister of Economy and Minister of Planning and Finance, said at the 6th Foreign Economic Security Strategy Conference that the discussions on the Indo-Pacific Economic Framework (IPEF) will be more concrete and accelerated (than previously). South Korea is positioned to move toward an active and engaged direction. IPEF is an economic alliance that the the United States is building along with allies and partners in the Asia-Pacific region to reduce its dependence on China in the fields of the global supply chain, infrastructure, the digital economy, and renewable energy. Hong Nam-Ki’s remarks may actually mean South Korea has decided to join the IPEF. Regarding CPTPP (The Comprehensive and Progressive Agreement for Trans-Pacific Partnership), which does not include the United States, considering that most of the member countries are agriculturally developed countries, it is expected to cause a considerable blow to South Korea’s agriculture. Thus the South Korean government is formulating corresponding support plans. With the recent expansion of Covid-19’s spread in China, major cities such as Shanghai have been closed down and there has been a major supply chain impact from China. Hong Nam-Ki expressed that he was worried about the related impact on production lines in South Korea and he suggested to improve the country’s preparedness for the need to respond.

Source: Chosun, April 17, 2022
https://cnnews.chosun.com/client/news/viw.asp?nNewsNumb=20220456957&cate=&mcate=M1001

Briefings | | April 19, 2022 | Geo-Strategic Trend

Indonesians Regard China as their Top Security Threat

Singapore News Network recently reported that, according to the result of a survey that the Australian Lowy Institute conducted, the Indonesian people identify China as their biggest security threat. The survey showed that only 43 percent of Indonesians believe that Chinese investments are beneficial to Indonesia. That figure is down from the 54 percent in 2011. A whopping 50 percent believe that China’s goal is to dominate Indonesia. The survey also showed that China has replaced Malaysia as the country considered by the most Indonesians to be a potential aggressor Also, about half of the respondents believe that China will pose a security threat in the next ten years, which is an increase of ten percentage points from the previous survey results. However, only 55 percent of the respondents expressed trust in Australia, down 20 percent from 2011. Fifty-six percent of respondents said they trust the U.S., down 16 percent. Around 65 percent of those surveyed trust Japan, but this is down 15 percent from the past. Survey results clearly showed Indonesians have little trust in big powers. Evan Laksmana, a senior researcher at the Center for Asia and Globalization at the National University of Singapore, who participated in this research, said that, for the Indonesian people, China is no longer seen as a mere economic opportunity, but as a series of challenges.

Source: Singapore News Network, April 7, 2022
https://www.sgnews.co/21142.html

Briefings | | April 18, 2022 | Geo-Strategic Trend

Wu Guoguang: Xi Jinping’s Reversal of the Course, Will China’s Transition be Peaceful or Marked with Bloodshed?

Cheng Xiaonong: U.S.-China Strategic Relations Have Crystallized

Xinhua Commentaries: “Exposing the Three Major Political Deficits of the U.S.”

The CCP’s Performing Arts Troupes in the U.S.

China’s Ministry of Commerce: Companies Should Not Condemn Russia under Pressure

Report: China Concerned about Rising Household Debt

Chosun: South Korea May Join the Anti-China Siege Network

Indonesians Regard China as their Top Security Threat

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