China news roundup / Nachrichten 2024-05-11/12

21 days ago

Chinese society is rapidly militarising

"The revised ‘law on national defence education’, now before China’s rubber-stamp parliament, proposes mandatory military drills for middle school pupils aged 12 to 15 and says that defence should be studied even at primary school."

--- Some schools, even kindergartens, have been doing this already. But this law would make it mandatory.

"Xi has stepped up his warlike rhetoric against the West; he is obsessed with security and is working on hardening the Chinese financial system and militarising the economy. But he is equally as obsessed with internal security, after a spike in protests largely over economic related issues. What can be said with some degree of certainty is that Xi sees enemies everywhere, and that his paranoia is being played out from the school playground to the factory floor in a manner not seen since the dark days of Mao."

--- Well, that's what emperor Xi likes. It's easier to dream the China dream when it's dark.

How China is fortifying its economy for war with the West

"Xi’s administration was particularly alarmed by the ability of the US and its allies to freeze the Russian central bank’s dollar assets. They wanted to know how China’s $3.2 trillion in foreign reserves could be protected."

--- Of course, absolutely nothing untoward is being planned. It's just general precaution.

"The risks for both sides are massive. A close examination of President Xi’s economic manoeuvres suggests he has been quietly preparing for years for such a confrontation."

--- He's just afraid of evil Western aggression.

"It bought 27 tonnes of gold in the first three months of this year, taking its total reserves to 2,262 tonnes, its largest ever. It has now been buying gold for 17 months in a row, its longest streak since at least 2000, bolstering its reserves by 16pc.That this spree has taken place at a time when prices have been at a record high, shows a degree of urgency"

--- "Urgency. Oh please. We won't attack before 2027 ... er ... I mean ... er ... We will never attack anyone."

"As well as trying to move to assets outside of the dollar system, China is trying to de-dollarise its international transactions.
President Xi has a long-term goal for the renminbi to challenge the dominance of the dollar, an aspiration widely dismissed by economists. The dollar makes up 58pc of the world’s foreign currency reserves while the renminbi accounts for little more than 2pc, according to the International Monetary Fund (IMF)."

--- I don't think, emperor Xi is really interested in the RMB becoming a reserve currency. It's more about securing financial channels in case of Western sanctions.

China's car exports hit record high in April, as domestic sales fall

"Car exports jumped 38% year-on-year to 417,000 units in April, continuing strong momentum from the previous month which posted a 39% growth in exports, the China Passenger Car Association (CPCA) said."

--- Doesn't mean that they are successfully sold, though. In some European ports Chinese EV's are piling up.

US sanctions 37 Chinese tech firms over drones, spy balloons

"Preventing Chinese companies from acquiring technologies that enable the … quantum, drone, and high-altitude surveillance programs is critical to protecting U.S. national security"

--- You already noticed?