Category Archives: China

Janet Yellen inadvertently ate hallucinogenic mushrooms in China – and started a trend

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‘I was not aware that these mushrooms had hallucinogenic properties. I learned that later,’ the US Treasury secretary told CNN

US treasury secretary Janet Yellen has started a craze in China for a magic mushroom-based dish called Jian shou qing, or “see hand blue”, after she was spotted eating the fungi, known for being hallucinogenic, while on a visit to Beijing in July.

“I went with this large group of people and the person who’d arranged our dinner did the ordering. There was a delicious mushroom dish I was not aware that these mushrooms had hallucinogenic properties. I learned that later,” she told CNN.

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Global wealth fall cost 3.5m people ‘dollar millionaire’ status last year

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UBS says assets dipped for first time since financial crisis as high inflation and struggling currencies took toll

More than 3.5 million people lost their “dollar millionaire” status last year during the first fall in global wealth since the 2008 financial crisis.

The number of adults with assets of more than $1m (£790,000) fell from 62.9 million at the end of 2021 to 59.4 million at the end of 2022, according to the UBS annual wealth report, published on Tuesday. The Swiss bank said global wealth was depressed by high inflation and the collapse of many currencies against the dollar.

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China stops releasing youth unemployment rates amid economic gloom

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Release of figures suspended in order to ‘optimise labour force survey statistics’, says bureau, after youth jobless figure hit record 21.3% in June

China has said it would suspend the release of youth unemployment figures, as its central bank cut a key interest rate to boost flagging growth.

Youth unemployment hit a record 21.3% in June, as a slew of disappointing figures in recent months reflected a slump in China, with its post-Covid rebound fading.

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Top Chinese developer’s financial woes cast shadow over Australian property market

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Huge housing estates developed by Risland on the fringes of Sydney and Melbourne could be affected as shares of parent company Country Garden plunge

The financial problems of one of China’s biggest property companies, Country Garden, could reverberate in the Australian property market, where its subsidiary Risland Australia is developing two massive housing estates on the fringes of Sydney and Melbourne.

Delays in the projects or a corporate failure would have significant impacts on the amount of new housing coming on to the market during a dire affordability crisis.

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Mudslide in north-western Chinese city leaves 21 dead and six missing

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Officials say 900 homes in Xi’an were left without power in disaster that struck after unusually high rainfall and typhoons

A mudslide in China’s north-western city of Xi’an has killed 21 people, with six still missing, officials said on Sunday.

The city’s emergency management authority released an update on the number of casualties from Friday’s disaster as China grappled with unusually high summer rainfall.

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Taiwan vice-president says ‘don’t be afraid’ to fight authoritarianism in New York speech

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William Lai issues global appeal during US stopover after China denounces him as a ‘troublemaker’

Taiwan’s vice-president has urged the world to stand up against the “increased threat from authoritarianism” and reiterated a willingness to talk to China, in a speech made in New York during a brief US stopover condemned by Beijing.

William Lai, a frontrunner to be Taiwan’s next president at elections in January, said in New York on Sunday: “If Taiwan is safe, the world is safe, if the Taiwan Strait is peaceful, then the world is peaceful,” according to a read out from Taiwan’s presidential office.

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China has its own reasons for being at Ukraine peace talks in Saudi Arabia

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Gathering in Jeddah offers Beijing chance to placate global south and limit damage with west over Russia relations

When the Chinese envoy Li Hui arrived in Saudi Arabia, to join international talks on a peace deal for Ukraine this week, it was a pointed contrast with Beijing’s decision to skip a similar forum in Copenhagen in June.

At the summit, which excluded Russia, Ukraine’s leader Volodymyr Zelenskiy promoted his vision for ending the war to a large gathering of countries from the global south.

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China’s new London embassy on hold pending Westminster intervention

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Deadline has passed for Beijing to appeal against Tower Hamlets council’s rejection of plans

China has temporarily shelved plans to build a new embassy in London, angrily accusing the British government of not doing enough to force through planning permission for the project.

China had been given until Thursday to file an appeal to Tower Hamlets council in east London after the proposals for the embassy were rejected.

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China a ‘ticking time bomb’ because of economic woes, Joe Biden warns

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At Utah fundraiser, US president says China’s employment and workforce issues pose a risk, because ‘when bad folks have problems, they do bad things’

Joe Biden has called China a “ticking time bomb in many cases” because of its economic challenges, saying the country was in trouble because of weak growth.

The US president pointed to the country’s high unemployment and ageing workforce, saying: “China is in trouble.”

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UK considers tighter rules on investment in China after US clampdown

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Rishi Sunak mulls whether to follow US lead in restricting funding for advanced technologies

The British government is considering tightening rules on investment in China after the US president announced new measures aimed at limiting the dollars and expertise flowing into sensitive technologies in the country.

Joe Biden signed an executive order on Wednesday that authorises the US treasury secretary to prohibit or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics; quantum information technologies; and certain artificial intelligence systems.

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Pro-democracy advocate says Australia should prepare to lay future sanctions against Hong Kong officials

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Australian lawyer and China bounty target Kevin Yam still believes it is important to pursue diplomacy with Beijing

An Australian citizen who the Hong Kong authorities have vowed to “pursue for life” has risked further ire from Beijing by calling on the Australian government to consider future sanctions against Chinese officials.

Kevin Yam, one of eight overseas-based pro-democracy advocates accused of “encouraging sanctions … to destroy Hong Kong”, said the city’s descent into increasingly repressive rule had been “gut-wrenching”.

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Lotus produces record 2,200 sports cars in first half of 2023

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British carmaker also gearing up for sales of new Eletre electric SUV under Chinese owner Geely’s expansion plans

The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans.

Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk.

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Biden bans range of US high tech investments in China citing national security risk

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The order – to be implemented next year – restricts investments in semiconductors and microelectronics, quantum tech and AI

Joe Biden on Wednesday signed an executive order that will narrowly prohibit certain US investments in sensitive technology in China and require government notification of funding in other tech sectors.

The long-awaited order authorises the US treasury secretary to prohibit or restrict certain US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems.

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China’s economy is struggling but fears of sustained deflation are premature

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Trade with rest of world is shrinking and youth unemployment is at 20% but state interventions are expected

China’s economy is struggling. The recovery after the lifting of Covid-19 restrictions is faltering. Its trade with the rest of the world is shrinking. A decade-long boom in house prices has come to an end.

The most obvious manifestation of the troubles besetting the world’s second biggest economy is that China is now officially in deflation. In the US, the UK and the eurozone, prices are rising – albeit not quite as fast as they were a few months ago – but in China they are actually falling.

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In previous downturns the world turned to China as an engine of growth – this time that driver may not be there

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What might Chinese deflation mean for interest rates, commodity prices and even EV exports outside China?

When Australia’s central bank released its quarterly economic update last week, China’s “uncertain” economic outlook topped a list of domestic worries for Australia.

The International Monetary Fund too singled out China in its latest world economic outlook as among the “downside” tilts to its balance of risks.

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US and Beijing spar over shipwreck-turned-military outpost

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Vessel becomes potential flashpoint as Beijing orders Philippines to remove wreck housing marines in South China Sea

An international row is growing between the Philippines, the US and China over a rusting ship that has been turned into a crucial military outpost in the South China Sea.

The dilapidated second world war-era ship was deliberately run aground on a tiny reef in the South China Sea in 1999 by the Philippines, and a small contingent of troops continue to stay on board to stake the country’s claim in the highly disputed water.

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Chinese economy slips into deflation as recovery falters and demand slows

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Consumer price inflation data shows prices fell by 0.3% year on year in July

China’s economy has fallen into deflation after consumer prices fell year on year last month for the first time in more than two years, official data shows, as slowing domestic spending weighs on the country’s post-Covid economic recovery.

The consumer price index, the main gauge of inflation, fell 0.3% in July, the National Bureau of Statistics of China (NBS) said, having flatlined in June. A survey of analysts had anticipated a 0.4% year-on-year decline.

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China-Philippines dispute could escalate into superpower conflict, say analysts

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Expert warns of ‘significant escalatory potential’ after Chinese coastguards used water cannon on Philippine boat

A territorial dispute between China and the US-aligned Philippines is at increasingly high risk of escalating into a conflict involving the two superpowers, analysts have said, after Chinese coastguards used a water cannon on a Philippine boat.

Global concern about China’s naval activities is growing as the country expands and modernises its military, and shows increasing aggression in its claims over the South China Sea and Taiwan. Joint drills with Russia – during which a flotilla sailed near Alaska this weekend – have also heightened concern over military coordination between Beijing and Moscow.

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Australia warns of economic weakness in Pacific as it outlines development goals – without mentioning China

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Government updates development policy for the first time in a decade amid rising debt levels and competition with China for influence

Australian officials have sounded the alarm about rising debt levels and economic “fragility” among Pacific countries amid increasing competition with China for influence.

On Tuesday the Australian government will publish the first update of its international development policy in a decade, with a focus on the Pacific, south-east Asia and south Asia.

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Chinese soldiers pledge to sacrifice their lives in documentary on Taiwan invasion

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‘Chasing Dreams’, an eight-part series aired on state TV, features testimony from dozens of soldiers

China has released a new documentary about the army’s preparations to attack Taiwan, showcasing soldiers pledging to give up their lives if needed, as Beijing continues to ramp up its rhetoric against the self-ruled island.

“Chasing Dreams”, an eight-part series aired by state broadcaster CCTV last week to mark the 96th anniversary of the People Liberation Army (PLA), features military drills and testimonials by dozens of soldiers, of which several express their willingness to die in a potential attack against Taiwan.

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