‘Relay loans’ that can pass on to children follow other moves to make borrowing more flexible
In an attempt to stimulate China’s flagging housing market, banks in some cities are extending the upper age limit on mortgages to between 80 and 95.
Although not a national policy, banks in Beijing, Hangzhou and other big cities have started offering “relay loans” to elderly customers, which pass on to their children in the event that they cannot repay.
Continue reading...‘We do not want a war within the PRC, a clash of civilizations,’ says ranking Democrat as new committee holds first hearing
Congress must act urgently to counter economic and national security threats posed by China, lawmakers on a newly created special House committee warned in its first primetime hearing.
China and the US are locked in an “existential struggle over what life will look like in the 21st century”, the Republican chairman, Mike Gallagher of Wisconsin, said.
Continue reading...Beijing – which itself blocks access to Facebook, Twitter and many others – hits out at ban on Chinese-owned software on US government devices
US government bans on Chinese-owned video sharing app TikTok reveal Washington’s own insecurities and are an abuse of state power, a Chinese foreign ministry spokesperson has said.
China, though, has itself long blocked a large list of foreign social media platforms and messaging apps, including YouTube, Twitter, Facebook and Instagram.
Continue reading...Beijing propaganda includes messaging aligned with Moscow on Ukraine war, says James Rubin
The west has been slow to respond to China spending billions globally to spread poisonous disinformation, including messaging that is completely aligned with Russia on Ukraine, a US special envoy has claimed.
James Rubin, a coordinator for the Global Engagement Center, a US state department body set up to “expose and counter” foreign propaganda and disinformation, made the remarks during a European tour this week.
Continue reading...EU and parts of US already block access to Chinese-owned app amid concerns over data privacy and security
Canada has joined the US and EU in enacting a sweeping ban preventing TikTok from being installed on all government-issued mobile devices, as western officials take action over the Chinese-owned video-sharing app.
Justin Trudeau, the Canadian prime minister, did not rule out further action. “I suspect that as government takes the significant step of telling all federal employees that they can no longer use TikTok on their work phones, many Canadians from business to private individuals will reflect on the security of their own data and perhaps make choices,” he said.
Continue reading...Suggestion to abolish catch-all offence will be among thousands considered at Chinese Communist party summit
China should abolish the catch-all crime of “picking quarrels and provoking trouble”, a political delegate has proposed before next week’s major Two Sessions legislative meeting.
Zhu Zhengfu, a member of the Chinese People’s Political Consultative Conference (CPPCC) advisory body, said the law risked undermining China’s legal system and was open to “selective enforcement” by authorities, according to state media.
Continue reading...Wave of permits for coal-fired power plants sparks concern as ambitions for GDP growth and lowering emissions come into conflict
China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict.
The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up.
Continue reading...Concerns about energy shortages drive increase as projects progress at ‘extraordinary’ speed
China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, research shows.
Over the year, 50GW of coal power capacity went into construction across the country – up by more than half compared with the previous year – driven by energy security considerations, the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) said on Monday.
Continue reading...Tech dealmaker reported to be unreachable 10 days ago in latest case of a top executive going missing during Xi Jinping’s anti-corruption drive
The Chinese billionaire tech banker Bao Fan, who was reported missing 10 days ago, is cooperating with Chinese authorities conducting an investigation, a China-based boutique bank has said.
It is the first time China Renaissance Holdings has given a reason for the disappearance of its founder and chairman, though no details about the investigation were shared.
Continue reading...Updated finding a departure from previous studies on how the virus emerged and comes with ‘low confidence’
The virus which drove the Covid-19 pandemic most likely emerged from a laboratory leak but not as part of a weapons program, according to an updated and classified 2021 US energy department study provided to the White House and senior American lawmakers, the Wall Street Journal reported on Sunday.
The department’s finding – a departure from previous studies on how the virus emerged – came in an update to a document from the office of National Intelligence director Avril Haines. It follows an FBI finding, issued with “moderate confidence”, that the virus spread after leaking out of a Chinese laboratory.
Continue reading...Protests in Berlin against supplying of arms to Ukraine; Zelenskiy adviser dismisses ‘unrealistic’ China proposal; Beijing considering sending drones and ammunition, says US
Continue reading...Comments from French president come after Joe Biden said it was ‘not rational’ for Beijing to be negotiating a peace deal
Ukraine has issued a postage stamp with a reproduction of a Banksy mural, of a boy defeating a grown man in judo, to mark the first anniversary of Russia’s invasion.
It was painted by the British street artist on a demolished wall in the town of Borodianka, north-west of Kyiv, where many buildings were reduced to rubble by Russian aircraft at the start of the invasion.
Continue reading...US secretary of state warns peace plan proposed by China draws ‘false equivalence’ by calling on both sides to stop fighting
The US has launched a fresh bid to win over abstaining and neutral states by urging them not to be fooled by Russian calls for a temporary or unconditional ceasefire in Ukraine, warning that a peace plan proposed by China drew “false equivalence” by calling on both sides to stop fighting.
US secretary of state Antony Blinken was speaking at a highly charged meeting of the UN security council where he reminded his fellow diplomats that the Russian envoy only a year ago had dismissed his warnings that Moscow was about to launch an invasion of Ukraine.
Continue reading...Nato secretary general says Beijing ‘does not have much credibility’ because of failure to condemn Russia’s invasion
Western leaders have largely dismissed a peace plan for Ukraine laid out by China’s government, arguing that Beijing does not have the international credibility to act as a mediator in the Russia-Ukraine conflict.
China’s government called for peace talks while urging all parties to avoid nuclear escalation and end attacks on civilians, in a statement which appeared to maintain Beijing’s stance that the west was fuelling the conflict and which analysts dismissed as anodyne.
Continue reading...There are signs Beijing wants a quick political resolution to conflict as its patience with Russia wears thin
Few analysts expected China’s peace plan for Ukraine, which officials trailed all week, to have any concrete measures for solving the crisis. Their suspicions were correct. The position paper published by China’s foreign ministry on the first anniversary of the Russian invasion called for the “sovereignty of all countries” to be respected, without detailing what this meant for Ukraine. In each of the 12 points, the plan reiterated Chinese talking points about the conflict without offering a solution.
The Chinese peace plan is the culmination of a flurry of diplomatic meetings that kicked off at the Munich security conference on 17 February. There Wang Yi, China’s top diplomat, presented a bullish front to western officials, denying claims made by Antony Blinken, the US secretary of state, that China was on the verge of sending weapons to Russia. Josep Borrell, the EU’s foreign policy chief, said such a move would be a “red line” for the bloc. Wang insisted China wanted peace.
Continue reading...Mining company operating in autonomous region of Inner Mongolia has history of safety violations
At least six people have died and dozens more are missing after an open-pit coalmine collapsed in Inner Mongolia, an autonomous region in north China.
One of the walls of the mine caved in at about 1pm local time on Wednesday, burying workers in tonnes of rocks and sand. Another collapse occurred five hours later, forcing the rescue operation to halt. The search resumed on Thursday morning, with fireengines, SUVs, bulldozers and rescue dogs being mobilised from across the province.
Continue reading...Leading tech firms reportedly ordered to remove workarounds allowing access to US-based service
Chinese regulators have reportedly clamped down on access to ChatGPT, as Chinese tech firms and universities push forward with developing domestic artificial intelligence bots.
ChatGPT, the popular discussion bot created by US-based OpenAI, is not officially available in China, where the government operates a comprehensive firewall and strict internet censorship. But many had been accessing it via VPNs, and some third-party developers had produced programs that gave some access to the service.
Continue reading...Loan is on top of £25bn that cash-strapped Islamabad already owes Beijing and Chinese commercial banks
China has agreed to loan Pakistan $700m (£580m) to help it weather its worst economic crisis in a generation, in a development that will intensify concern among western countries about cash-strapped Islamabad’s debt burden to Beijing.
The loan comes on top of $30bn (£25bn) that Pakistan already owes China and Chinese commercial banks. Securing the financing will help to unlock bailout cash from the International Monetary Fund (IMF).
Continue reading...Picture was taken from the jet as the balloon entered US airspace earlier this month, before it was shot down over the Atlantic
The Pentagon has released a selfie photograph snapped by the pilot of a U2 spy plane that was hurtling through the skies above the Chinese spy balloon as the US military pursued and shot it down off the coast of South Carolina earlier this month.
The image clearly shows the mysterious, silvery-white sphere of the balloon with panels dangling below it and, whether intended artistically or not, a striking sight of the shadow of the US aircraft cast against the balloon.
Continue reading...On eve of Ukraine invasion anniversary Russian leader says China relations ‘proceeding as planned’
China’s top diplomat, Wang Yi, has met Vladimir Putin in Moscow, as China and Russia reaffirm their close bilateral relationship just days before the first anniversary of the start of the Ukraine war.
In brief televised remarks Wang said China and Russia were ready to deepen their strategic cooperation. Earlier on Wednesday, Wang met Sergei Lavrov, Russia’s foreign minister, where he said he expected to reach a “new consensus” on advancing the relationship between the two allies.
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