Politburo Study Session Discusses Xi Thought Campaign - Japanese FM Visits China - Understanding the Global Civilization Initiative
Before I get to today’s edition, let me look at some of the developments over the weekend. First, on Thursday, the Politburo held its fourth group study session. This was on the theme of the study and implementation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. The report of this meeting was published in PD on Saturday. Xinhua English has a detailed report too. It informs that Politburo members Liu Guozhong, Li Ganjie, Li Shulei, He Weidong, and Chen Min'er “shared what they have achieved from studying Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, explaining how the study benefited their own thinking and work.”
Xi then spoke. He said: “Facing the complex international and domestic situation, arduous tasks of promoting reform and development, and maintaining stability, and various uncertain and unpredictable risks and challenges on the new journey in the new era, it is urgent for Party members and officials, especially leading officials at all levels, to further study and implement to the letter the Thought in order to achieve the strategic goals set at the 20th CPC National Congress. This primarily explains why the CPC Central Committee has decided to launch this Party-wide theoretical study program.”
“Xi pointed out that the Thought on Socialism with Chinese Characteristics for a New Era covers all realms and respects, including reform, development, social stability, domestic affairs, foreign relations, national defense, and governance of the Party, the state, and the military, which constitute a complete scientific system. As the report to the 20th CPC National Congress has clarified, the main contents of this Thought are summarized in the 10 affirmations, the 14 commitments, and achievements in 13 areas. We should not only study and master the main contents comprehensively and systematically, but also grasp the theoretical system of this Thought as a whole, so as to understand it inside out. We must understand and grasp the new ideas, thoughts, and strategies proposed for various fields and the specific requirements put forward for various aspects of work in the context of the entire theoretical system, so that one-sidedness with only fragments of the Thought being learnt can be avoided, and we will never fail to see the wood for the trees.”
“In the report to the 20th CPC National Congress, a science-based method was put forward for continuing to promote theoretical innovation, that is, we must put people first, must maintain self-confidence and stand on our own feet, must uphold fundamental principles and break new ground, must adopt a problem-oriented approach, must apply systems thinking and maintain a global vision. These ‘six musts’ epitomize the stances, viewpoints and methods of the Thought.”
“Xi noted that studying the Thought is for application and turning it into a powerful intellectual tool to transform ourselves and the world. During this theoretical study program, Party members and officials, especially leading officials at all levels, must consciously involve their own thoughts in it, and gain a good command of the requirements of the Party's new theories for maintaining firm ideals and convictions, raising their ideological level and enhancing their Party consciousness, which includes never forgetting the original aspiration and founding mission, bearing in mind the country's most fundamental interests, improving political acumen, understanding and capacity to deliver, being strict in practicing self-cultivation, using power and exercising self-discipline, being earnest in thinking, work and behavior, being faithful, clean and responsible and being pragmatic and honest for the sake of the people, so as to preserve the political character of Communists forever. In particular, we should transform the Thought's worldview and methodology as well as the stances, viewpoints and methods running through it into our own ideological tool, internalizing them in our hearts and manifesting them in our actions.”
The next paragraph makes the point about applying the thought to the implementation of the major strategic plans put forward at the 20th Party Congress. The final bit then is about the responsibilities of leading cadres:
“Xi emphasized that comrades in the Political Bureau of the CPC Central Committee should set an example during the theoretical study program. It is an effective management and work method for leading officials to set examples through their own conduct and influence the subordinates. They should set a higher standard, meet stricter requirements and take more practical measures in the program in order to set examples, establish benchmarks and lead the way for the whole Party. They should take the lead in doing a good job on the theoretical study, guiding and promoting an in-depth study of the Thought among the whole Party. They should also take the lead in conducting inspections and researches, go to the grassroots to see the real situation and communicate with the people, and be more conscious of problems so as to get a clear picture of the situation, pinpoint the problems, put forth right solutions, and put forward new line of thought and new approaches for solving problems with a view to guiding and promoting the trend of conducting inspections and researches among the Party. They should take the lead in conducting inspections and examinations and rectifying misdeeds detected. In line with the new circumstances, new tasks and new responsibilities, they should integrate the theoretical study with examinations and rectifications to identify their own shortcomings and deficiencies in work, place themselves under supervision from within and outside the Party with correct attitude, conscientiously carry out criticism and self-criticism, and make efforts to solve problems from the root cause of thinking and institutional mechanism, so as to do a good job in examinations and rectifications within the whole Party and win public trust with specific results from rectifications.”
Apart from the above, there are reports of Xi’s meetings with the Prime Ministers of Singapore, Spain and Malaysia.
The Chinese readout on the meeting with Lee Hsien Loong informs that Xi characterised the relationship as setting “a benchmark for countries in the region.” He “noted that among the Southeast Asian countries, Singapore has been the most involved in China’s reform and opening up and its interests are most closely integrated with China. China is advancing the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization, China’s economic and social vitality will be further unleashed, and China is ready to share important opportunities with Singapore and other countries that are willing to cooperate with it.” In this context, he talked about strengthening the building of the New International Land-Sea Trade Corridor, deepening cooperation on digital and green transition and third-party cooperation, and actively and properly advancing cross-border travel.
This is the key paragraph:
“Xi Jinping pointed out that over the years, Asia has maintained a sound momentum of overall peace and stability, rapid development and overall improvement, and through hard work and wisdom, countries in the region have embarked on a development path with Asian characteristics featuring independence, mutual respect, equality and mutual benefit, openness and inclusiveness, and win-win cooperation. Xi Jinping said that against the backdrop of accelerating changes in the world unseen in a century, Asian countries should cherish and maintain the hard-won sound momentum of development in the region, jointly safeguard the peace dividend of the region, maintain the right direction of economic globalization and regional economic integration, and firmly oppose bullying, decoupling or severing industrial and supply chains. No country should be allowed to deprive the people of Asia of their right to pursue a better and happier life.”
The Chinese readout has Lee saying that “Singapore looks forward to seeking alignment and communication with the new Chinese government as soon as possible to promote cooperation on major projects such as connectivity, and to take the opportunity of completing the negotiations on upgrading the Singapore-China free trade agreement to send a clear message of China’s continued opening up and Singapore’s commitment to further deepening cooperation with China…Almost all countries in the world recognize that there is only one China in the world and have developed friendly and cooperative relations with China on the basis of the one-China policy. The Taiwan question is China’s internal affair, and touting ‘Ukraine today, Taiwan tomorrow’ will lead to unpredictable and serious consequences. Singapore believes that all countries should respect each other, coexist in peace, pursue mutually beneficial cooperation, avoid conflicts, and jointly respond to risks and challenges. Any competition, if so, should be based on mutual respect and trust, instead of taking indiscriminate measures or picking sides.”
The two sides also signed a joint statement on building an All Round High Quality Future-Oriented Partnership. Do check out this Strait Times explainer on what this upgrade in partnership means.
The Chinese readout on the meeting with Anwar Ibrahim says:
“On the basis of mutual respect, candidness and mutual trust, China will work with Malaysia to deepen mutually beneficial cooperation, accommodate each other’s concerns, consolidate enduring friendship, and firmly support each other in safeguarding sovereignty, security and development interests and in exploring development paths suited to their respective national conditions. Underscoring China’s commitment to promoting high-standard opening up and advancing Chinese modernization, President Xi Jinping said these efforts will bring new opportunities to Malaysia and other countries in the world. The two sides should continuously elevate the level of high-quality Belt and Road cooperation, advance key projects, foster more growth drivers in cooperation in such areas as digital economy, green development and new energy, and explore cooperation on people’s well-being, so as to enable China-Malaysia relations to deliver more benefits to the two peoples.”
“Xi Jinping stressed that both China and Malaysia belong to the family of Asian civilizations and are beneficiaries, contributors and defenders of economic globalization and multilateralism. China is ready to work with Malaysia to carry forward Asian civilizations, uphold strategic autonomy, stay true to the original aspiration of East Asia cooperation, support ASEAN centrality, resolutely resist the Cold War mentality and bloc confrontation, and build a common home together. The two sides should deepen exchanges and mutual learning between Chinese and Islamic civilizations, uphold true multilateralism, stand for international fairness and justice, safeguard the common interests of the vast number of developing countries, and make greater contributions to improving global governance.”
Anwar Ibrahim’s comments in the readout are truly noteworthy.
“Anwar said that he was visiting China as a true friend of the country, bringing with him sincerity and friendship. The Malaysian people heartfully admire China’s great achievements. Hailing President Xi Jinping as a great statesman with global influence, Anwar said that President Xi Jinping has not only changed the historical course of China but also brings hope for world peace and development. President Xi Jinping has a profound understanding and foresight of the international situation, and the Global Security Initiative, the Global Development Initiative and the Global Civilization Initiative he put forward have demonstrated his extraordinary vision. The vision of building a community with a shared future for mankind is highly aligned with the Malaysia Madani proposed by the Malaysian government. Malaysia is ready to make all-out efforts with China to implement relevant initiatives and advance Belt and Road cooperation. Malaysia is ready to strengthen bilateral economic and trade cooperation and the building of ‘Two Countries, Twin Parks’, draw on China’s experience in poverty alleviation, and step up cooperation in agricultural modernization and other fields. Chinese enterprises are welcome to invest and seek cooperation in Malaysia. Noting that Chinese Muslims’ freedom of religious belief and mosques have been well protected, Anwar said that Malaysia is ready to work with China to deepen exchanges and dialogues between civilizations. China has never invaded other countries in its history. Recently, China successfully facilitated Saudi Arabia-Iran talks in Beijing, which once again demonstrated China’s constructive role in promoting peace. Malaysia rejects bloc confrontation and opposes being forced to pick sides. As an independent force, ASEAN will play an active role in avoiding the escalation of regional tensions.”
I am also sharing below some data of the outcomes of the visit as reported in Malay Mail.
Anwar said that China has agreed to use local skilled workers and professionals as opposed to previous practice of getting Chinese workers on projects. This will be the case except “for areas of specialisation that are not available in Malaysia.”
Anwar said both parties have also agreed to explore new areas of cooperation, including new-generation car manufacturing and the halal industry.
He said Malaysia and China also agreed to enhance cooperation in the development of vaccines as well as research and development of high technology and digitalisation of the economy, the entry of Malaysian agricultural products into China, increase in the frequency of flights and the entry of tourists in both countries as well as in the field of TVET education.
Malaysia secured a record RM170 billion worth of investment commitments from China. China remains Malaysia’s largest trading partner for 14 consecutive years, with total trade of RM487.13 billion in 2022, up 15.6 percent from 2021.
Finally, the Chinese readout on the meeting with Pedro Sánchez Pérez-Castejón.
“Xi Jinping stressed that the two sides should adhere to planning bilateral relations from a strategic and long-term perspective, stay committed to the fundamentals of mutually beneficial cooperation between China and Spain, and support each other on issues concerning respective core interests including sovereignty, security and development. The two countries should follow the general direction of friendship, mutual trust and cooperation in developing bilateral relations…China is willing to import more quality goods from Spain and hopes that Spain will provide a fair and just business environment for Chinese companies. China and Spain are both countries with ancient civilizations and great cultures of global influence. The two sides should ensure the success of the China-Spain Year of Culture and Tourism, promote dialogue and exchanges among world civilizations, maintain close communication within multilateral frameworks such as the United Nations and the G20, and make positive contributions to tackling the common challenges facing humanity.”
“Xi Jinping stressed that the sound development of China-EU relations requires the EU to uphold strategic independence. Both China and the EU uphold multilateralism, the purposes and principles of the UN Charter, and the peaceful settlement of international disputes. The two sides should be partners on the road to modernization and good friends that address global challenges together. China is ready to carry out comprehensive dialogue and cooperation with the EU in the spirit of independence, mutual respect, mutual benefit, and seeking common ground while shelving differences, so as to fulfill their responsibilities for world peace and development. He expressed the hope that Spain will play a positive role in promoting dialogue and cooperation between China and the EU.”
Also this: “The two sides exchanged views on the Ukraine crisis. Xi Jinping stressed that China’s position is consistent and clear, which is promoting peace talks and political settlement. The Cold War mentality and bloc confrontation should be abandoned, and so should extreme sanctions and pressure. He expressed the hope that relevant parties will build a balanced, effective and sustainable European security architecture through dialogue and consultation.” – Comment: Xi Jinping very clearly here outlining the pre-conditions for a settlement.
Okay, now let’s turn to the edition on Monday, April 3, 2023.
Page 1: At the top of the page, the lead article discusses the Global Civilization Initiative. There are many platitudes in the article. I am doing a very brief breakdown to identify what are likely to be the core aspects of initiatives under GCI.
The article calls it an important “public good” provided by China, like GDI and GSI. “It fully demonstrates General Secretary Xi Jinping's profound feelings for the world, demonstrates China's overall thinking on building a peaceful and prosperous world, and embodies China's responsibility as a builder of world peace, a contributor to global development, and a defender of international order with a new concept of civilization.” 全球文明倡议是继全球发展倡议、全球安全倡议后，新时代中国为国际社会提供的又一重要公共产品，充分彰显了习近平总书记深厚的天下情怀，展示了中国对构建一个持久和平繁荣世界的整体思考，以全新文明理念体现了作为世界和平的建设者、全球发展的贡献者、国际秩序的维护者的大国担当.
The first section says:
“Today, the mutual integration of countries in the world is broader and deeper than ever before. The once-in-a-century changes are accelerating, and the deficits in peace, development, security, and governance have continued to increase. The murmurs of ‘theory of superiority of civilization’ and ‘theory of clash of civilizations’ rings from time to time, hindering the development and progress of mankind. There are more than 200 countries and regions, more than 2,500 nationalities and many religions in the world. The question on what kind of paradigm should be followed when different civilizations encounter each other is a test of the political wisdom of the leaders of various countries, and it also reflects the historical memory and development logic of different civilizations and countries.” 今天，世界各国的相互交融比过去任何时候都更广泛、更深入。百年变局加速演进，和平赤字、发展赤字、安全赤字、治理赤字有增无减。“文明优越论”“文明冲突论”的杂音不时响起，阻碍着人类发展进步。世界上有200多个国家和地区，2500多个民族和多种宗教。不同文明的相遇，应该秉持何种范式，考验着各国领导人的政治智慧，也透射着不同文明和国家的历史记忆与发展逻辑.
After this, there are some old quotes from Xi, before we get to the latest articulation during the political parties dialogue in March.
“Proceeding from the common interests and values of all mankind, President Xi Jinping has demonstrated profound historical insight into the changes in the world, the times and history, and answered the questions of China, the world, the people and the times with a broad sense of the world, conforming to the trend of the times of inclusive coexistence, exchanges and mutual learning among different civilisations, and providing ideological guidance and spiritual motivation for better promoting the cause of human civilisation and progress.” 从全人类共同利益和共同价值出发，习近平主席以深邃睿智的历史眼光洞察世界之变、时代之变、历史之变，以宽广博大的天下情怀回答中国之问、世界之问、人民之问、时代之问，顺应不同文明包容共存、交流互鉴的时代潮流，为更好推进人类文明进步事业提供思想引领和精神动力.
Some of the examples of this in practice that are then shared are Xi’s letter to students of Hungarian-Chinese bilingual school in Hungary, the Origin of Italy-Ancient Roman Civilization exhibition at the National Museum in China, etc. The next section terms the Beijing Winter Olympics as a “bridge for exchanges and mutual learning between Chinese civilization and world civilizations.” The piece also talks about GSI, the Luban Workshops, BRI, and Chinese-style modernisation - which is distinct from Western modernisation model.
“The unique world outlook, values, historical outlook, civilization outlook, democratic outlook, ecological outlook and its great practice contained in Chinese-style modernisation are great innovations in the theory and practice of world modernisation, and provide a brand-new choice for the vast number of developing countries to move towards modernisation independently.” 中国式现代化蕴含的独特世界观、价值观、历史观、文明观、民主观、生态观等及其伟大实践，是对世界现代化理论和实践的重大创新，为广大发展中国家独立自主迈向现代化提供了全新选择.
Then it talks about China’s whole-process democracy, and adds:
"The world does not have a single model/template system, and there is no one-size-fits-all development model. All countries have the right to choose a path that suits their national conditions and people's needs. The vivid practice of China's political civilization fully demonstrates that there is no fixed model of modernization, and what suits you is the best, and you cannot cut your feet to fit your shoes. Every country’s efforts to independently explore their modernisation paths in line with its national conditions should be respected.” “世界没有定于一尊的制度样板，没有放之四海而皆准的发展模式。各国都有权选择符合本国国情和人民需要的道路。”中国政治文明的生动实践充分表明，现代化道路并没有固定模式，适合自己的才是最好的，不能削足适履。每个国家自主探索符合本国国情的现代化道路的努力都应该受到尊重.
The next section touches on key Chinese propositions; propagating these and building support for these I view as key objectives of GCI:
Building a new type of international relations
Building a community of shared future for mankind
Joint construction of BRI
Promoting the common values of all mankind
And concepts such as the concept of global governance, international order, correct concept of justice and gain, the new security concept, the new development concept, the concept of cooperation, the concept of human rights, the concept of ecological civilisation, etc.
The piece mentions Confucius Institutes, learning of language and culture, the spread of literature, music, film and television shows; and cooperation in sports, media, publishing, think tanks, youth affairs, etc.
The only other article in the page worth noting is the meeting between Li Qiang and Yoshimasa Hayashi, Japan's Minister for Foreign Affairs. Xinhua reports:
“This year marks the 45th anniversary of the signing of the China-Japan Treaty of Peace and Friendship. Li called on the two sides to review and abide by the principle of the treaty to firmly develop a lasting China-Japan relationship featuring peace and friendship. He called on the Japanese side to take the 45th anniversary of the signing of the treaty as an opportunity to meet China halfway, enhance communication and cooperation, properly handle differences, stay clear of disruptive risks, and keep expanding the positive side of bilateral relations to jointly build a relationship that meets the demand of the times. Li pointed out that major issues of principle, such as history and the Taiwan question, are the bedrock of the political foundation of China-Japan relations, which call for sincere, cordial, and careful settlement. Noting that China and Japan are important economic and trade partners, Li said the two sides should and can make the pie of economic and trade cooperation bigger. He called on the two countries to enhance cooperation in the digital economy, green development, fiscal and financial sectors, as well as medical and elderly care services to achieve high-level mutual benefit and win-win results. Li welcomed Japan to continue to deepen cooperation with China and share China's development benefits. He expressed the hope that the two sides will jointly safeguard free trade, practice true multilateralism, actively promote the process of regional integrity, maintain the stability and smooth flow of industrial and supply chains, and contribute to regional and global development.”
The report also quotes the Japanese FM as saying that “Japan is committed to promoting cooperation with China and will not take the ‘de-Sinicization’ approach.”
Hayashi also met with Wang Yi and Qin Gang. These meetings are covered on Page 3. Xinhua’s report on the meeting with Wang says:
Wang “said China-Japan relations are generally stable at present, but there are noises and interferences from time to time. The fundamental cause is that some forces in Japan deliberately follow the erroneous China policy of the United States and cooperate with the U.S. side to discredit China and make provocations on issues concerning China's core interests, which is short-sighted, wrong and unwise. Noting that China maintains continuity and stability in its policy toward Japan, Wang said China is willing to work with Japan to build bilateral relations that meet the requirements of the new era based on the four political documents between the two countries. It is hoped that the Japanese side will act upon the important consensus that the two countries are cooperative partners and do not pose a threat to each other, and work together with the Chinese side to improve and develop China-Japan relations, Wang said.”
The English report on the meeting with Qin Gang says:
“Qin Gang said that a profound lesson from bilateral relations over the past half-century is that peaceful coexistence and friendly cooperation are the only correct choices for both sides. Asia is the region with the greatest vitality and potential for development in today's world, and it is a prevailing aspiration of all countries to safeguard regional peace and promote common development. Faced with disputes and differences, forming exclusive blocs and shouting out one-sided demands to exert pressure will not solve any problem, but only widen the barrier between each other. Noting that the four political documents between China and Japan have laid a political and legal foundation for bilateral relations, Qin said that keeping promises and drawing lessons from history is an important prerequisite for the steady and long-term growth of China-Japan relations. He hopes that Japan will have a correct understanding of China, show political wisdom and courage, work with China to enhance dialogue and communication, promote practical cooperation, increase cultural and people-to-people exchanges, and properly manage differences, to remove obstacles and ease burdens for bilateral relations and build a China-Japan relationship that meets the requirements of the new era. Qin Gang noted that the discharge of nuclear-contaminated water from the Fukushima Daiichi nuclear power plant into the ocean is a major issue bearing on the health and security of humanity, and Japan should handle the disposal responsibly.”
“The US once brutally contained Japan's semi-conductor industry by resorting to bullying practices. Today the US has repeated its tricks on China. As the saying goes, do not do unto others what you don't want done unto you. As the keenly-felt pain still stings, Japan should not help a villain do evil. The blockade will only further stimulate China's determination for independence and self-development. Japan is a G7 member, and more importantly, a member of Asia. Japan should guide the tone and course of meetings in a correct manner, do more things conducive to regional peace and stability, and pool real consensus of the international community.”
Just for context: On Friday, Japan announced its decision to impose export restrictions on 23 types of equipment used to make semiconductors. FT reported that Japan’s trade minister Yasutoshi Nishimura told a press conference on Friday that the controls would cover six categories of equipment used in chipmaking that include the most specialised areas of lithography and etching. The ministry did not explicitly mention China in its statement, but Nishimura said the restrictions were part of Japan’s responsibility as a technological nation to contribute to international peace and stability. “We do not have one particular country in mind with these measures,” he said. Japanese officials said the scope of its restrictions went further than those imposed last year by the US. Equipment exporters would need licences for all regions, giving the ministry oversight on the sale of equipment to third-party countries that could, in theory, produce high-end chips for military use. “By expanding the regions that will be covered by the measures, we wanted to address a broader range of risks associated with advanced semiconductor technology,” one of the officials said. “China is not the only risk out there.”“Qin Gang emphasized that the Taiwan question is at the very core of China's core interests, which bears on the political foundation of China-Japan relations. China urges Japan to abide by the principles enshrined in the four political documents between the two countries and its commitments so far, and refrain from interfering in the Taiwan question or undermining China's sovereignty in any form.”
The report adds that they also discussed cooperation between China, Japan and the Republic of Korea, the situation on the Korean Peninsula, and the reform of the United Nations Security Council.
One last bit to note in the context of China-Japan ties is that the two countries announced the establishment of a military hotline to strengthen their capability of managing and controlling maritime and air incidents in the East China Sea.
Page 2: A report on Wang Xiaohong’s comments at the ceremony to award immigration officials. The top ten guardians were announced and awarded. Wang said that:
“We must unswervingly adhere to the absolute leadership of the Party over immigration management, and ensure that we firmly obey the orders of General Secretary Xi Jinping and obey the command of the Party Central Committee at any time and under any circumstances. We must unswervingly implement the overall national security concept, resolutely safeguard national political security, maintain the security and stability of the country's borders and normal entry and exit order. It is necessary to accelerate the opening of the system in the field of immigration management, vigorously improve government services for immigration management, and continue to deepen the reform of border inspection and customs clearance facilitation. It is necessary to deepen efforts to comprehensively and strictly supervise the Party and the police, and build a high-quality immigration management team with ‘four irons’.” 王小洪要求，要毫不动摇坚持党对移民管理工作的绝对领导，确保任何时候任何情况下都坚决听从习近平总书记命令、服从党中央指挥。要坚定不移贯彻总体国家安全观，坚决捍卫国家政治安全，维护国门边境安全稳定和正常出入境秩序。要加快推进移民管理领域制度型开放，大力改进移民管理政务服务，持续深化边检通关便利化改革。要纵深推进全面从严管党治警，锻造“四个铁一般”的高素质过硬移民管理队伍.
Next, a report informing that Liu Xiaoming was appointed deputy governor and acting governor of Hainan Province, and another on Hu Yuting being appointed deputy governor and acting governor of Jilin Province.
Page 11: A report informing that the track-laying process of the Jakarta-Bandung High-Speed Railway was completed on Sunday. You can read the English report here, if interested.
Page 17: An article by Gao Haihong from the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, discussing the banking turmoil in the US and Europe.
The key points made are:
“In recent years, in order to ensure the adequacy ratio of core capital, more and more European and American banks have issued additional tier one capital bonds as a supplementary source of core capital. Such bonds are automatically converted into equity when banks' core capital adequacy ratios fall to dangerous levels. This automatic loss-absorbing scheme was originally designed as a way for banks to save themselves from taxpayer bailouts in the event of a crisis. But in the midst of the turmoil, Swiss regulators decided to write down nearly $17.24 billion of beleaguered Credit Suisse's additional Tier-1 debt to zero, triggering immediate panic in the bond market, with some markets temporarily freezing issuance of such debt. Because these bonds are an important part of a bank's core capital, the change in risk rating has raised concerns about banks' ability to withstand stress.” 近年来，为了保证核心资本的充足率，越来越多欧美银行通过发行额外一级资本债券作为核心资本的补充来源。当银行核心资本充足率下降到危险水平时，这类债券自动转换为股权。这种自动吸收损失的设计，原本是银行自救的一种方式，目的是避免危机时政府动用纳税人的钱来应对。但在这次动荡中，瑞士监管当局决定将处于困境的瑞士信贷约合172.4亿美元的额外一级资本债券全部减记为零，这立刻引发债券市场的恐慌，一些市场甚至短期冻结了此类债券的发行。由于该类债券是银行核心资本的重要组成部分，其风险等级的变化已引发对银行抗压能力的担忧.
Gao talks about the fact that the Fed is continuing to focus on inflation, but she argues that sooner rather than later it “needs to make a trade-off between controlling inflation and maintaining financial stability”
Gao writes that the SVB collapse has triggered a debate within the US on banking regulations and the 2018 changes to the Dodd-Frank Act, which eased stress test requirements. In terms of regulations, Gao also highlights the lack of accountability for bank executives
Finally, Gao highlights the challenges with regard to Federal government bailouts in terms of uncertainty around the extent of such bailouts. “There is uncertainty about how far the federal government would go to cover depositors in the event of a future crisis, and whether Congress would approve it.” 如果未来发生危机，联邦政府到底在多大程度上为储户兜底，美国国会能否批准这一做法，这些都存在不确定性.
Finally, Gao writes that it is important to think about the fact that the bailouts might perpetuate a systemic moral hazard that allows banks to ignore risk management in their operations. “Timely rescue of banks is the key to avoiding systemic risks, but how to avoid the negative impact of excessive guarantees at the same time is also a difficult problem that needs to be faced.” 对银行采取及时救助是避免发生系统性风险的关键，但如何同时避免过度担保带来的负面影响，这也是需要面对的难题.
Also covered on the page is the visit of Syrian Foreign Minister Faisal Mekdad to Egypt. Xinhua’s report says:
“The two ministers ‘discussed various aspects of bilateral relations and means of advancing and promoting them … in addition to a number of regional and international issues of common concern,’ said Egyptian Foreign Ministry Spokesman Ahmed Abu Zeid in a statement. Shoukry reiterated Egypt’s full support of efforts aiming at reaching ‘a comprehensive political settlement’ and achieving national reconciliation in Syria. Achieving a comprehensive political settlement ‘will put an end to foreign interference in Syrian affairs, guarantee the restoration of full security and stability of Syria, preserve its territorial integrity and sovereignty, protect its people’s resources and eliminate all forms of terrorism,’ he said.”