U.S. SANCTIONS CHINESE COMPANIES FOR SUPPLYING RUSSIA'S MILITARY
To disrupt Russia's military supply chain, the Biden administration has announced nearly 300 new sanctions on international suppliers of military equipment technology to Moscow. Among them are more than a dozen Chinese firms that are helping Russia restock the arsenal it is using against Ukraine. U.S. officials have voiced concerns to their Chinese counterparts about the weapons technology that Beijing is selling to Moscow. "Today's actions will further disrupt and degrade Russia's war efforts by going after its military industrial base and the evasion networks that help supply it," U.S. Treasury Secretary Janet Yellen has stated. (New York Times, May 1, 2024)
CHINA'S WEALTHY ARE MOVIN' OUT
This year, about 13,500 wealthy Chinese citizens will leave the country. The U.S., UK, Canada, and Singapore are top destinations for Chinese migrants, many of whom are driven by frustrations with the CPC's political control and economic slowdown. Japan is another top choice, because of its physical and cultural proximity to China and low real-estate prices due to the weak yen. In Tokyo, rich Chinese are driving a boom in high-end property. (Wall Street Journal, May 2, 2024)
CHINA SUBSIDIZES FENTANYL SALES TO THE U.S.
China is fueling the fentanyl crisis in the U.S. by subsidizing the manufacturing of materials that are used to make the drug outside the country, according to a report by the House Select Committee on the CCP. A PRC government website offers tax rebates for companies that sell fentanyl precursors and other synthetic drugs outside of China. "The CCP is telling us that it wants more fentanyl entering our country. It wants the chaos and devastation that has resulted from the epidemic," said committee chairman Congressman Mike Gallagher (R-WI). (Associated Press, April 16, 2024)
CHINA STOPS PROVIDING REAL-TIME DATA ON STOCK TRADES
Beginning in May, China's three major stock exchanges will stop disclosing trade data. Real-time data on the buying, selling and total turnover of A-shares in Shenzhen and Shanghai by foreign investors will no longer be available to the public market during trading hours. The new rules, which authorities claim are aimed at reducing market volatility, have raised concerns among investors about market transparency. Hedge funds managers use real-time data to make timely trades and the media uses it to gage liquidity and investor sentiment. (Nikkei Asia, April 16, 2024)
FORTY PERCENT OF AMERICANS SEE CHINA AS AN ENEMY: PEW
About 4 in 10 Americans see China as an enemy, the highest level in five years, according to an annual Pew Research Center survey. Almost 60% of Republicans and Republican-leaning independents described China as an enemy, compared with 28% of Democrats and those who lean Democratic. Roughly half of respondents said limiting China's power and influence should be a top U.S. foreign policy priority, while just 8% said it should not be a priority. Based on a survey last month of a sample of 3600 American adults, the Pew report found that about 8 in 10 Americans have little or no confidence in Xi Jinping to do the right thing in world affairs, although about 10% said they have never heard of him. (Associated Press, May 2, 2023)