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Xinhua Commentary Series: Spotlight on the U.S. Presidential Election

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

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

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

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Beijing Demands Banks Lend Financial Support to Real Estate Projects

To help the Chinese real estate sector, which is facing a daunting crisis as companies run out of capital to complete construction projects, Beijing recently ordered its banks to provide financial support to a massive list of real estate projects. This is another case of the Chinese Communist Party attempting to control markets via state power.

On January 5th, 2024, China’s Ministry of Housing and Urban-Rural Development and its National Administration of Financial Regulation jointly issued a “Notice on Establishment of Coordination Mechanisms for Urban Real Estate Financing.” According to the notice, cities at the prefecture level and above are required to establish “coordination mechanisms” for urban real estate financing “with the team leader being the responsible comrade of the city government who is in charge of housing and urban-rural development.” These coordination mechanisms will present financial institutions with lists of real estate projects eligible for financing support within each given administrative region. Financial institutions are to assess the lists and will fast-track credit/financing approval for projects that are in good shape. For projects facing “temporary difficulties” but whose long-term financial outlooks are balanced, financial institutions are instructed to “provide support through extension of existing loans, adjustment of repayment arrangements, and issuing new loans” rather than “blindly withdrawing, suspending, or pressuring existing loans.”

The Xinhua state news agency published an article on February 18 stating that the National Administration of Financial Regulation “held two special meetings to deploy and implement work related to the urban real estate financing coordination mechanism” following initial release of the notice. “By now, most cities have established the coordination mechanism. They have proposed ‘white lists’ of real estate projects and forwarded them to banks.”

According to Xinhua, preliminary data collected by Financial Times (China) showed that 15 commercial banks, including the six major state-owned banks and several joint-stock commercial banks, have engaged financial support for nearly 13,000 projects. The Industrial and Commercial Bank of China (ICBC) has worked on over 2,000 projects, Agricultural Bank of China on over 2,700 projects, and China Construction Bank on over 2,000 projects.

Source:
1. China’s Government Website (Gov.cn), January 5, 2024
https://www.gov.cn/zhengce/zhengceku/202401/content_6925683.htm
2. Xinhua, February 18, 2024
http://www.xinhuanet.com/money/20240218/0688b047bcf246c18b117a962c4a217c/c.html

Briefings | | |   @CS Economy/Resources Government/Politics

People’s Daily on Blinken’s “Table and Menu” Statement

At the Munich Security Conference in Germany on February 17, U.S. Secretary of State Antony Blinken said that the U.S. is in a “strategic competition” with China. He remarked, “If you are not at the table in the international system, you’re going to be on the menu,” emphasizing the importance other countries actively participating in the “multilateral system” alongside the U.S.

People’s Daily published a “quick commentary” responding to Blinken’s “table and menu” statement. Below are some key excerpts from the People’s Daily response:

“This blunt statement by U.S. Secretary of State Blinken once again exposes the fundamental logic of American politics and diplomacy as ‘law of the jungle,’ where the strong prey upon the weak. American politicians are faithful followers of a wolfish culture.”

“America’s history of territorial expansion, wealth accumulation, and strengthening of national power is a history of external plunder, filled with destruction of other countries and the tears and blood of innocent people. From the massacre and land seizure of Native Americans, to the enslavement and exploitation of Africans, to interference and control in Latin America, to the creation of one humanitarian disaster after another in the Middle East — the U.S., in safeguarding its own interests and hegemony, has engaged in launching wars, imposing sanctions, and recklessly subverting other countries. Violence, coercion, deceit, and plunder are the ‘standard options’ in its toolbox, putting everyone on its [dinner] ‘menu.’ Meanwhile, it disregards and tramples upon the morality and order of which its politicians often speak.”

“In recent years, the U.S.’ bullying has become more rampant and ugly. The reason is that America’s hegemonic status is being challenged as the U.S.’ own problems continue to emerge while the increasingly balanced global power and the collective rise of developing countries lead to a deeper hegemonic anxiety. The U.S. has begun to use its military and financial hegemony to continuously transfer crises to the world, reaping benefits all the while. Those placed on the ‘menu’ by the U.S. are not only developing countries but also its allies.”

“In the U.S.’ cruel ‘table and menu’ calculation, European countries seem to sit at the table as allies of the U.S. most of the time. However, the U.S. also puts European countries on its ‘menu’ when necessary, making them the objects on which American capital and politicians feast. The U.S. did just this in exploiting the Ukraine crisis to pressure and squeeze Europe, or in using subsidies to induce companies to move their production bases from Europe to the U.S. This is the basic logic of American politics. This is why Europeans often lament: ‘Americans have stabbed us in the back.'”

Source: People’s Daily, February 22, 2024
http://world.people.com.cn/n1/2024/0222/c1002-40181269.html

Briefings | | |   @CS US-China Relations

Xinhua: “How Much of a Storm Can the West Stir up Using the Death of Navalny?”

Xinhua News Agency published an article claiming that the U.S.-led Western world has used the death of Russian opposition figure Alexei Navalny to “stir up trouble, with the aim of targeting Russia’s upcoming Presidential election.”

The article said that as soon as the news of Navalny’s death came out, “the Western world, led by the United States,” began to collectively condemn Russia, calling Navalny’s death “political persecution.” The Xinhua article quoted several Russian politicians and think tankers who condemned the behavior of Western media and politicians as “absolutely unacceptable and inappropriate.” The article called Navalny an “outdated” political figure and said that he is a “tool” of the Western world to criticize Russia.

According to the article, “Navalny ‘s political stance was constantly shifting between alignment with right-wing, center-left, and nationalist groups. He eventually became an internet sensation, portraying himself as an anti-corruption ‘fighter.’ In the 2013 Moscow mayoral elections, he won 27% of the vote, ranking second. However, since then, his political influence in Russia continued to decline, and the size of the opposition rallies that he called for steadily diminished. Polls in recent years showed his national approval rating hovering near 1%.”

Source: Xinhua, February 23, 2024
http://www.news.cn/world/20240223/b58fee46c52c468eb4f52b5f0293f823/c.html

Briefings | | |   @CS Geo-Strategic Trend

Beijing Says Restrictions on Sales of Stocks Do Not Count as Market Intervention

To force an upward trend in stock market prices, Beijing is taking measures to restrict major institutional investors from conducting net sales of stocks during the opening and closing phases of stock market trading in China. Additionally, Beijing has prohibited institutions from shorting A-share stocks via stock index futures.

On February 22, the China Securities Regulatory Commission (CSRC) responded to reports on the restrictions published by foreign media. The CSRC stated that the regulatory authorities “do not intervene in normal market transactions.” They said that their actions are a measure to “fulfill regulatory responsibilities on trading, and they do not represent a restriction on selling [stocks].” Rather the restrictions are to “crack down on illegal activities such as market manipulation and insider trading.”

Sources:
1. Radio Free Asia, February 22, 2024
https://www.rfa.org/mandarin/Xinwen/10-02222024151556.html
2. Xinhua, February 23, 2024
http://www.xinhuanet.com/money/20240223/d1c45ad547734c3ab892fac1aab2d3cd/c.html

Briefings | | |   @CS Economy/Resources Government/Politics

CCP Unveils World Federation of Daoism in Beijing

Following the teachings of Marxism-Leninism, the Chinese Communist Party’s (CCP’s) official position on organized religion is atheistic, and party doctrine prohibits CCP members from practicing or believing in religions. That being said, the CCP does allow for small numbers of Daoist, Buddhist, and Christians to worship in China provided that they are willing to practice their faiths on the CCP’s terms. This enables the CCP to showcase the “religious freedom” in China. Meanwhile, the CCP enacts continuous “revolutionizing” of those religions and demands that such religious groups bow to the CCP’s leadership.

Recently, the CCP established the World Federation of Daoism (WFD) in Beijing. According to The People’s Political Consultative Conference website, the WFD “is an international, voluntary organization formed by Taoist groups, Taoist temples, Taoist-related institutions and celebrities who believe in Taoism or love Taoist culture in various countries (regions). It is a professional, non-profit social organization with 52 founding members and is located in Beijing, China.”

On January 30, the CCP held an unveiling ceremony at the new WFD headquarters in Beijing. Li Guangfu, Chairman of the WFD, stated that the WFD “has established a new platform for Daoists at home and abroad to unite, collaborate, and explore the contemporary value of Daoist culture.”

Source: People’s Political Consultative Conference website, February 2, 2024
https://www.rmzxb.com.cn/c/2024-02-02/3488359.shtml

Briefings | | |   Government/Politics

A Local Government Urged its Employees to Buy Homes, Help Prop Up Struggling Housing Market

The government of Chikan District in Zhanjiang City, Guangdong Province, China, issued a letter on February 19th urging government employees and state-owned enterprises to buy homes in order to boost the struggling local real estate market. The initiative comes as China’s housing market slump continues and governments at all levels have introduced policies to try to stabilize the property sector.

The letter was sent out by the Chikan District 2024 Lunar New Year Activities Preparatory Committee Command Office. It refers to the current sluggish state of China’s real estate market and says that the Chikan District government has been working on multiple fronts to revitalize the sector, including entering negotiations with real estate firms to offer benefits and discounted “one-price special offer housing” to residents.

The stated goal of the letter was to encourage civil servants and state employees to “take the lead in consumption” and “be the role model” in home-buying so as to revive the real estate industry and restore market confidence. From February 21 to 23, the district will hold a real estate and home decoration exhibition focused on providing preferential housing to potential home buyers, offering deep discounts and concessionary policies.

The letter urges all government organs, enterprises, and institutions to fully mobilize their staff to seize this “favorable opportunity” and proactively purchase housing according to their needs. It also asks them to promote Chikan District to their friends and relatives and encourage them to live in and buy homes in Chikan, sharing in the district’s economic development.

Source: Central News Agency (Taiwan), February 20, 2024
https://www.cna.com.tw/news/acn/202402200334.aspx

Briefings | | |   Economy/Resources

China’s MSS Calls for Heightened Cybersecurity to Combat Foreign “Cyber Spies”

Chinese officials are pushing a society-wide “anti-espionage” campaign targeting the cyber sector. China’s Ministry of State Security (MSS) says that cyberspace has become an “important battleground” for foreign spy agencies conducting espionage against China, worsening the country’s cybersecurity.

A recent MSS article titled “How Do ‘Cyber Spies’ Take Advantage of the Situation?” says foreign “cyber spies” targeting Chinese organizations and enterprises have been able to exploit security oversights, workplace negligence, and employees’ “pursuit of convenience.” By various means, they attack information systems to establish hidden data channels and steal sensitive data, jeopardizing China’s data and network security.

The article cites several cases. One involves a military-civilian enterprise whose outdated, vulnerable software systems were hacked by “cyber spies.” They allegedly stole important production, business, and customer data, threatening military tech development and security.

The article also says that foreign “cyber spies” heavily target Chinese “software supply chain” companies via phishing and network scanning. In particular, they steal secrets by attacking system administrators who are authorized to manage networks.

The article concludes by stressing the importance of preventative measures to promote counterintelligence security. It urges key Chinese units to strengthen their daily security management of technology per preventative counterespionage requirements and standards. The goal is to bolster prevention measures for key department networks, facilities, and information systems.

Source: Radio Free Asia, February 16, 2024
https://www.rfa.org/mandarin/Xinwen/1-02162024104133.html

Briefings | | |   Social Stability

CCP Expands Military Recruitment, Especially in Rural Areas

The Chinese Communist Party (CCP) is expanding its military recruitment, particularly in rural areas.

Recently-leaked CCP recruitment documents state that the CCP’s recruiting focus should be on college students, while also recruiting widely in the countryside, “leaving no dead zones” (no unrecruited rural areas). For those Chinese citizens who leave their city of residence to travel for work or school, it is mandatory that they register with the military regarding their travel plans. Expert observers believe this expanded recruitment activity is preparation for large-scale war.

The CCP is focused on recruiting college graduates, who are suitable for adaptation to modern information warfare. Rural recruits are also targeted to provide a large pool of soldiers whose casualties may have less immediate economic and political impact. There are reports that the CCP has been recruiting discharged soldiers back into service only 5 years after they leave the military, as well as relaxing requirements to allow military service by people with criminal records.

New military recruitment regulations enacted in May 2022 have enabled this expansion. The new regulations include allowing retired soldiers to re-enlist, as well as directives to recruit students with high-tech skills. The CCP has completed a nationwide military service registration covering the country’s entire population, signaling preparation for war.

According to expert Yuan Hongbing, a Chinese legal expert living in exile in Australia, the CCP under Xi Jinping is waiting to see what will happen in the 2024 US presidential election. The CCP believes that, regardless of who wins, the result will divide America for years, creating a window of opportunity for the CCP to attack Taiwan. Yuan says China’s war preparations are likely focused on seizing this window of time in 2025-2027. Expanded recruitment from rural areas in particular will provide “cannon fodder” for large-scale combat operations against Taiwan planned for this period.

Source: Epoch Times, February 12, 2024
https://www.epochtimes.com/gb/24/2/12/n14179638.htm

Briefings | | |   Defense/Military