News that caught our eye / The week ending April 19, 2024
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NOTE: The news reports below are not in chronological order. There is often a time lag in their reaching the US and in gaining our attention. These reports reflect the opinions of a variety of news sources.
China ‘deeply concerned’ after Iran strikes, online posts oppose Israel / April 14, 2024
China’s foreign ministry expressed concern over the escalation of conflict in the Middle East this week, urging all the parties to return to calm. Chinese companies have supplied materials to Iranian military production companies. Meanwhile, Chinese social media posts largely supported Iran, although some supported Israel’s fight against terrorism (VOA).
China’s big move to cut off Australian iron ore / April 14, 2024
By striking a deal with Algeria to invest in a challenging and remote iron ore mine, China is seeking to diversify its resources for iron ore and to “de-risk” from its dependence on Australian ore, where it currently gets most of this raw material. China makes the most steel in the world. Overall Chinese investment in Australia fell by over 33% in 2023 (news.com.au)
China reaffirms ties with North Korea in high-level meeting / April 13, 2024
Zhao Leji, the third highest-ranking member of the CCP, met with Kim Jong-un last Saturday, reaffirming ties between North Korea and China. It was the first meeting between the two countries since the pandemic began and North Korea closed its borders (The Guardian).
China had 'special place' in PM Modi's heart, now, it's a thorn in his side / April 13, 2024
More than a decade ago, Indian Prime Minister Narendra Modi viewed China as a country to emulate and learn from. Since then, China’s bullish, growing influence in South Asia and its military aggression along India’s disputed border with China have soured that perspective. Now, India has to play “catch-up” (The Economic Times).
China’s economy expands by a surprisingly strong pace in 1st quarter / April 16, 2024
China’s GDP grew by 5.3% in the first quarter of 2024, marking a positive start to the new year. Industrial production grew by 6.1% over the same period, boosted by high-tech manufacturing, specifically EV’s, solar panels, and batteries, which are already overflowing into the global market. Domestic spending, high unemployment, and the real estate market are still suffering, however (CNN Business).
US prepared to 'take further steps' as it warns China against enabling Russia / April 17, 2024
A US Secretary of State official declared that the US is prepared to take further actions—most likely in the form of sanctions—against China if it continues to support Russia through the sale of dual-use items that Russia can use in its war against Ukraine. The G-7 met this week in Italy to reaffirm the bloc’s commitment to Ukraine’s fight against Russia (VOA).
Biden wants to triple China tariffs on steel and, aluminum imports / April 17, 2024
President Biden is threatening to triple the 7.5% tariff on aluminum and steel products from China in an effort to level the playing field after China subsidized many of the metals’ manufacturers and then plans to flood the market with those lower-cost items. China denies the concept that subsidies would cause the overcapacity of products (CNBC).
Europe wants 2 things from China. It may not get far on either of them / April 18, 2024
EU leaders are hoping to get China to put pressure on Russia to end the war in Ukraine, and they are asking China to not flood the global market—especially the EU market—with its subsidized green-energy products like electric vehicles and solar panels. As much as different EU leaders have requested these important items, it is unlikely China will honor them (ABC News).
China, US defense chiefs hold first substantive talks in 18 months / April 17, 2024
US Secretary of Defense Lloyd Austin met with his Chinese counterpart, Dong Jun via videoconference in an effort to establish a more stable relationship between the two nations and to open the lines of communication between the two military entities. Russia, Ukraine, Taiwan, and the South China Sea were among the topics they discussed (Al Jazeera).
China is funding the U.S. fentanyl crisis, House panel says in new report / April 15, 2024
A US House Panel reported that the Chinese government is using grants, tax rebates, and other incentives to Chinese manufacturers who produce the precursors to synthesize fentanyl and other drugs in the US. So far, neither China nor the US have done much to stop the production and flow of the fentanyl trade. The report offers strategies to attempt to stem the crisis (NBC News).