Xi Meets Lee Hsien Loong - China-Samoa Joint Statement - Zhong Yin Commentary on Recent Violent Crimes - CPC Delegation Visits Sri Lanka - Boosting Tech Lending
Hi folks,
I hope this finds you well. Before we get to today’s paper, I am sharing my latest podcast with my colleague Anushka Saxena, discussing the key takeaways from Xi Jinping’s recent visit to Peru and Brazil.
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Wednesday, November 27, 2024.
Page 1: The lead report on the page is about Xi Jinping meeting with Senior Minister of Singapore Lee Hsien Loong. Xi praised the “remarkable achievements Singapore made during Lee's tenure as prime minister.” He called on the two sides to “strengthen high-level exchanges, further strengthen the alignment of development strategies, deepen cooperation in various fields, bring more benefits to the people of the two countries, and make greater contributions to regional peace and prosperity.”
He said that the China-Singapore Suzhou Industrial Park is a “vivid example of bilateral cooperation and bears witness to Singapore's deep involvement in China's reform and opening up”. Xi added: “China will always focus on running its own affairs well, and has confidence in maintaining sound economic momentum in the long run and achieving high-quality development. China welcomes Singapore to continue being a forerunner in cooperation with China, advance major cooperation projects, seize the opportunities brought by digital and green development, and write a new chapter in bilateral cooperation in the new era. Xi Jinping pointed out that the world today is undergoing profound changes unseen in a century. In the face of risks and challenges, no single country can be immune. Upholding solidarity, cooperation, openness and inclusiveness is the right path to tread. China is willing to work together with Singapore to practice genuine multilateralism, follow the trend of economic globalization, safeguard international fairness and justice, resist bloc confrontation and division, and build an Asian community with a shared destiny.” 中国将始终坚持集中精力办好自己的事情，有信心保持经济长期向好，实现高质量发展。欢迎新方继续做对华合作的先行者，用好中新双边合作机制会议平台，高水平运营好重大合作项目，把握数字化、绿色化发展机遇，续写新时代中新合作新篇章。习近平指出，当今世界正经历百年未有之大变局。面对风险和挑战，任何国家都不可能独善其身，坚持团结合作、开放包容才是人间正道。中方愿同新方一道，践行真正的多边主义，顺应经济全球化潮流，维护国际公平正义，抵制集团对立、分裂对抗，构建亚洲命运共同体.
As per the report, Lee said: “China has already found a successful path to modernization. Singapore is full of confidence in China’s future and believes that China will maintain development and prosperity, making greater contributions to global peace and development. Singapore will continue to commit to deepening cooperation with China and actively participate in China’s modernization process. In the current complex international situation, all countries should adopt a long-term perspective, uphold multilateralism, commit to unity and cooperation, and jointly address risks and challenges to better benefit their peoples.” 中国已经找到了成功的现代化发展道路，新方对中国的未来充满信心，相信中国将保持发展繁荣，为世界的和平和发展作出更大贡献。新方将继续致力于深化同中国的合作，积极参与中国式现代化进程。当前复杂国际形势下，各国应该秉持长远眼光，坚持多边主义，致力于团结合作，共同应对风险挑战，更好造福人民.
They also discussed China-US relations and the regional situation.
Wang Huning also met with Lee. Xinhua reports Wang said that “China is willing to maintain close, high-level exchange with Singapore, strengthen practical cooperation in various fields, enhance the friendship between the two peoples, push for new progress in China-Singapore relations, and contribute to regional peace, stability, development and prosperity.”
Do also note that on Tuesday, the militaries of China and Singapore held a “force-on-force joint drill” at a training base in Henan. China’s Ministry of National Defense said that the exercise was divided into three main phases: infiltration and positioning, assault and rescue, and evacuation.
Xi also met with visiting Samoan Prime Minister Fiame Naomi Mata'afa in Beijing. Xinhua’s report says:
Xi said that “China is willing to make empowering Pacific Island countries to tackle climate change a priority in its cooperation with these countries. China will work with Pacific Island countries to promote the full and effective implementation of the United Nations Framework Convention on Climate Change and its Paris Agreement, honor the principle of common but differentiated responsibilities, uphold fairness, justice and the common interests of the Global South, and build a community with a shared future for mankind, Xi told Mata’afa. Noting that Samoa was among the first Pacific Island countries to establish diplomatic ties with the People’s Republic of China nearly five decades ago, Xi said the two countries have maintained traditional friendship, mutual respect, equal treatment and win-win cooperation. He said China supports Samoa in safeguarding its sovereignty and independence, and exploring a development path suited to its national conditions. China will continue to provide assistance to Samoa in its economic and social development, and tap the potential of economy, trade, investment, agriculture and fisheries to achieve common development, Xi said. Xi stressed that China does not attach political strings to its assistance to the Pacific Island countries, and China’s policy toward Pacific Island countries is open and inclusive, without targeting any third party or engaging in geopolitical competition or spheres of influence.”
Among other things, “Mata’afa said Samoa firmly adheres to the one-China principle and supports the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative proposed by President Xi.”
The two sides issued a joint statement too. This is available on Page 3. The English version is also available. Key points:
“The Chinese side supports Samoa in upholding its sovereignty and independence. Samoa firmly adheres to the one-China principle, and recognizes there is but one China in the world and Taiwan is an inalienable part of China’s territory; the government of the People’s Republic of China is the sole legal government representing the whole of China. Furthermore, Samoa recognizes efforts by the Chinese government to realize national reunification, and that issues relating to Hong Kong, Xinjiang, Xizang and human rights are internal matters for China to deal with. By the same token, Samoa believes that the South China Sea issue is a matter for China to settle amicably through peaceful negotiations and dialogue with all parties involved.”
“China reiterated the principles of respect President Xi Jinping believes are essential for developing relations with Pacific island countries, namely: respect for sovereignty and independence; respect for the will of the countries; respect the ethnic and cultural traditions and respect for the countries’ commitment to unity. China reaffirms the absence of conditionality to its assistance. It neither imposes its will onto countries nor makes empty promises in assisting countries, values commended by Samoa.”
It mentions GDI, GSI, GCI and building a community for a shared future of mankind, along with BRI.
“The two sides agreed to reaching a mutual visa free arrangement as soon as possible. The Chinese side will continue to send medical team to Samoa, provide scholarships and various training opportunities and support Samoa in Chinese language teaching.”
“The two sides agreed to advocate humanity’s common values of peace, development, fairness, justice, democracy and freedom, strengthen communication and coordination on international and regional affairs, defend the international system with the U.N. at its core, the international order underpinned by international law, and the basic norms governing international relations based on the purposes and principles of the U.N. Charter, safeguard the WTO-centered multilateral trading system, oppose hegemony and power politics, and promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization.”
“The Chinese side will within the framework of South-South cooperation continue to provide assistance and support within its capacity to Samoa’s climate response through bilateral and multilateral channels. The two sides will deepen cooperation in disaster prevention and mitigation and emergency management and will cooperate to build a low carbon demonstration zone for addressing climate change under South-South cooperation.”
“The two sides agreed to deepen practical maritime cooperation in ocean observation and forecasting, marine disaster prevention and mitigation, marine ecosystem protection and restoration, marine spatial planning, blue economy and other fields, consider a blue partnership, and promote the building of a sustainable maritime community. The two sides reiterated their commitment to firmly upholding the international nuclear non-proliferation regime with the Treaty on the Non-Proliferation of Nuclear Weapons as the cornerstone and the South Pacific Nuclear Free Zone Treaty, and called on all countries to fulfill international obligations and the prudent handling of related issues.”
Also on the front page is a report on Li Qiang meeting with the Samoan PM. Xinhua reports:
“China is ready to work with Samoa to implement the important consensus reached by the leaders of the two countries, further deepen political mutual trust, firmly support each other's core interests, strengthen mutually beneficial cooperation, and constantly enrich the connotation of China-Samoa comprehensive strategic partnership, he said. Li pointed out that China is willing to strengthen the synergy of development strategies with Samoa, expand economic and trade cooperation, promote trade and investment facilitation, strengthen cooperation on agriculture, fisheries, clean energy, and disaster prevention and mitigation, and promote common development and prosperity. Noting that both China and Samoa belong to the Global South, Li expressed China’s willingness to strengthen communication and coordination with Samoa in the multilateral arena, jointly tackle the challenge of climate change, promote an equal and orderly multi-polar world and economic globalization that benefits all, and safeguard the common interests of developing countries.”
Next, there’s a report on Vice President Han Zheng’s remarks at the second China International Supply Chain Expo. Han said:
“President Xi Jinping has emphasized that maintaining the resilience and stability of global industrial and supply chains is an important guarantee for promoting world economic development. Over the years, China has been not only a participant and beneficiary of global industrial and supply chain cooperation but also a steadfast defender and builder, making active contributions to global economic development. China continues to improve its industrial system, providing strong support for the operation of global industrial and supply chains; adheres to open cooperation, injecting continuous momentum into global industrial and supply chains; and leverages its ultra-large-scale market, opening vast space for the operation of global industrial and supply chains. China is willing to work with all countries to promote the establishment of an open global economic system and to ensure the stability and smooth operation of global industrial and supply chains.” 韩正表示，习近平主席指出，维护全球产业链供应链韧性和稳定是推动世界经济发展的重要保障。长期以来，中国既是全球产业链供应链合作的参与者、受益者，也是坚定的维护者、建设者，为世界经济发展作出积极贡献。中国持续完善产业体系，为全球产业链供应链运行提供有力保障；坚持开放合作，为全球产业链供应链运行注入源源动力；立足超大规模市场，为全球产业链供应链运行开拓广阔空间。中方愿同各国共同推动构建开放型世界经济体系，维护全球产业链供应链稳定通畅.
Han then made three points:
China will adhere to the correct direction of economic globalization, promote industrial and production capacity cooperation with various countries, and better achieve mutual promotion of industries, shared benefits, and win-win development.
China will deeply implement its innovation-driven development strategy, accelerate the development of new quality productive forces, and create greater opportunities for cooperation to foster the deep integration of industrial and supply chains.
China is willing to expand cooperation with various countries in green industries, clean energy and other fields to help the world's green development.
韩正提出三点倡议。一是深化分工协作，推动全球产业链供应链互利共赢。中国将坚持经济全球化正确方向，推进同各国的产业、产能合作，更好实现产业互促、利益共享、发展共赢。二是突出创新引领，推动全球产业链供应链优化升级。中国将深入实施创新驱动发展战略，加快发展新质生产力，为促进产业链供应链深度融合创造更大合作空间。三是实现可持续发展，推动全球产业链供应链绿色转型。中国愿同各国拓展绿色产业、清洁能源等领域合作，助力世界绿色发展.
Page 2: There is an important Zhong Yin commentary today discussing the spate of recent knife and car attacks that have taken place in China. The fact that we are seeing this commentary is an indication of the serious concern at the highest levels about the increase in these incidents. The article, however, is rather shallow. There is no reflection about policy issues, economic or social, that are leading to the rise in such crimes. Rather, the call is to intensify crackdowns and prevention at source to remedial actions.
The article says:
“Recently, several extreme cases endangering public safety have occurred one after another, with their nature being exceptionally vile. In this regard, we must learn profound lessons, draw broader conclusions from specific instances, and maintain a high level of vigilance as if treading on thin ice, strengthen the prevention of risks at their source, intensify efforts in combating, managing, and preventing such incidents, and strive with all efforts to safeguard the lives and safety of the people and maintain social stability.” 近期接连发生几起危害公共安全的极端案件，性质极其恶劣。对此，我们必须深刻汲取教训、举一反三，始终保持如履薄冰的高度警觉，加强风险源头防控，加大打击治理防范力度，全力保障人民群众生命安全和社会稳定.
“Nothing is more precious than the lives and safety of the people. Innocent citizens suffering harm and vibrant lives being abruptly lost are profoundly shocking and heartbreaking! The public deeply empathises with the pain of the victims and their families and strongly condemns these extreme, retaliatory crimes against society. There is a unified call for the perpetrators to be punished severely in accordance with the law to serve as a deterrent. People from all walks of life have extended a helping hand, doing their utmost to treat the injured, save lives, and minimize harm to the greatest extent possible. Defending life and preventing crime have become a shared understanding and collective action.” 没有什么比人民群众的生命安全更可宝贵。无辜群众惨遭伤害，鲜活生命突然陨落，令人十分震惊、十分痛心！社会公众对无辜群众和家属的遭遇感同身受，对极端报复社会的犯罪行为予以强烈谴责，依法严惩凶手以儆效尤成为共同呼声。社会各界也纷纷伸出援手，全力以赴救治伤员、挽救生命，尽最大可能把伤害降至最低，捍卫生命、制止犯罪成为大家的共识和行动.
“Using extreme actions to retaliate against society and harm others is utterly unforgivable. Such criminals who obliterate humanity and conscience are despicable. Regardless of any personal reasons, any attempts to excuse such extreme behavior have no rationality, no legitimacy, will not obtain any person’s understanding or sympathy, and will only receive universal condemnation and disdain. Venting personal grievances by targeting innocent people’s lives and seeking attention through extreme means are actions that leave an eternal stain of infamy. They solve no problems but instead expose the perpetrators’ inner malice and depravity, permanently nailing them to the pillar of shame. What awaits them is the stern punishment of the law and the contempt of the public.” 以极端行为报复社会伤害他人，这样恶劣的行径罪无可恕，这样泯灭人性和良知的犯罪分子令人不齿。不论出于什么样的个人原因，试图为其极端行为开释的任何理由都不具有任何合理性、正当性，都得不到任何人的理解同情，只会为千夫所指，让人鄙视。拿无辜群众的生命泄私愤，以极端方式试图引起关注，这是遗臭万年的行为，解决不了任何问题，只会暴露其内心的凶恶、卑劣，只会让自己钉在耻辱柱上。等待他的，是法律的严惩，还有公众的唾弃.
The commentary then says that we must never relax or waver in safeguarding people’s lives. “Party committees and governments at all levels must earnestly implement the important instructions of General Secretary Xi Jinping and the decisions of the Party Central Committee. They must bear in mind that public safety is the most fundamental aspect of people’s livelihoods and must put the protection of people's lives and safety in a more important position. They must severely crack down on extreme criminal acts in accordance with the law without mercy and severe violent crimes must be punished with a heavy hand, leaving no opportunity for any criminal to exploit. It is imperative to fully assume the political responsibility of ‘promoting local development and ensuring local safety’. We must adhere to and develop the Fengqiao Experience in the new era, building a comprehensive governance mechanism to address social conflicts that includes prevention at the source, investigation and screening, dispute resolution, and emergency response. A robust public safety protection network should be established, along with improved systems for social psychological services and crisis intervention, to fully safeguard the peace and stability of the broader social landscape.” 维护人民群众生命安全，任何时候都不能松懈、不能动摇。各级党委和政府要认真贯彻落实习近平总书记重要指示精神和党中央决策部署，牢记公共安全是最基本的民生，把维护人民生命安全放在更加重要的位置，毫不手软、依法严厉打击极端犯罪行为，重拳出击惩治恶性刑事犯罪，绝不给任何犯罪分子以可乘之机，切实担负起“促一方发展、保一方平安”的政治责任。要坚持和发展新时代“枫桥经验”，构建源头防控、排查梳理、纠纷化解、应急处置的社会矛盾综合治理机制，健全社会心理服务体系和危机干预机制，织密扎牢公共安全防护网，全力维护社会大局平安稳定.
The article ends by saying that “each of us is a beneficiary of social stability and should also be a guardian of public safety. We must take a clear stand against actions that harm social stability, fulfil our social responsibilities, be law-abiding citizens, cherish the hard-won safe environment, and work together to foster a harmonious and friendly social atmosphere.” 我们每个人都是社会稳定的受益者，都应成为公共安全的守护者，旗帜鲜明反对危害社会稳定的行为，履行社会责任、当好守法公民，珍惜来之不易的安全环境，共同营造和谐友善的社会氛围.
Page 3: There’s a report on Wang Yi’s meeting with Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Beijing. Xinhua says:
“Wang said the practical bilateral cooperation has yielded fruitful results, which fully demonstrates that as long as there is mutual respect, trust, and support, economic cooperation between the two sides will enjoy broad prospects. Wang expressed the hope that the new European Union institutions will adhere to the orientation and cooperative tone of the China-EU partnership, view China’s development objectively, pursue a positive and pragmatic policy toward China, and promote the sustained, healthy, and stable development of China-EU relations.”
On the issue of China’s ties with Europe, do note this SCMP report:
“The European Union and China are not close to finalising a deal that would end their long-running electric vehicle dispute, according to a senior EU official, who called reports suggesting otherwise “confusing”. “I think there have been some quite confusing reports about the imminent deal on battery electric vehicles,” said Sabine Weyand, the EU’s director general for trade, said in Brussels on Tuesday. “We have had 50 hours of discussions with our Chinese counterparts. They were constructive, but they have not led to an agreement on price undertakings. And there are structural issues that remain unresolved,” she said. The dispute concerns an anti-subsidy investigation conducted over the course of a year by the European Commission. The inquiry found that Beijing had distributed substantial state subsidies across China’s electric vehicle sector and led to the EU imposing countervailing duties on EV imports from China at the end of October. The commission argues that the subsidies have assisted in China’s enormous growth in the sector and fears that if allowed to continue unfettered, the underpriced imports will harm the sales of Europe’s own EV industry. The tariffs, which range from 7 per cent for Tesla to a top end of 35.3 per cent for state-owned SAIC, have become a huge bone of contention in the EU-China relationship. Some EU member states – including Germany, Sweden and Spain – have urged the commission to negotiate a settlement which would make some tariff reductions in exchange for a commitment from Chinese companies to set a minimum price on EVs sold in the EU. The trade dispute has spread to other sectors too, with Beijing retaliating by launching anti-dumping probes against EU brandy, dairy and pork shipments.”
Meanwhile, the European Union on Monday formally launched a challenge at the World Trade Organization against China’s move to impose anti-dumping measures on brandy imported from the bloc.
Another report worth noting on the page is the visit of a CPC delegation to Sri Lanka from November 23 to 26. Xinhua reports that the delegation was led by ILD deputy head Sun Haiyan.
“During the visit, the delegation met with Sri Lankan President Anura Kumara Dissanayake and Prime Minister Harini Amarasuriya, as well as the main leaders of the ruling and opposition parties and representatives of parliamentarians. During the meetings, the delegation introduced the spirit of the third plenary session of the 20th CPC Central Committee, and had in-depth exchanges with the Sri Lankan side on China-Sri Lanka relations and cooperation in various fields. Expressing its firm commitment to a friendly policy toward China, the Sri Lankan side hoped to deepen cooperation in various fields between China and Sri Lanka, share China's development opportunities, further strengthen inter-party relations and exchanges of experience in governance, and promote the comprehensive development and expansion of China-Sri Lanka relations.”
Page 4: Two reports to note. First, there’s a report informing that the People's Bank of China, National Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology, Ministry of Finance, the Ministry of Agriculture and Rural Affairs, Ministry of Transport, State-owned Assets Supervision and Administration Commission of the State Council, and the State Financial Regulatory Administration held a meeting recently to step up the implementation of loan policies for scientific and technological innovation and technological transformation.
The report says that in April this year, the People’s Bank of China, together with the Ministry of Science and Technology and other departments, set up a 500 billion yuan re-lending facility to support scientific and technological innovation and technological transformation. Since relevant policies were issued, “as of November 15, banks have signed loan contracts with 1,737 enterprises and projects totaling nearly 400 billion yuan”.
The report says that financial institutions have made independent decisions on these loans. For the loans that meet the requirements, the PBOC can issue re-lending funds to financial institutions amounting to 60% of the loan principal.
The report adds:
“In line with the meeting’s directives, banking institutions will fully leverage policy resources to comprehensively support listed enterprises and projects, ensuring maximum coverage of financial support. They will focus on improving the efficiency of loan review and disbursement, optimizing mechanisms and processes, enhancing resource allocation, revising and refining credit management policies based on the latest industrial policy standards, establishing a ‘green channel’ for loan review and approval, and developing loan products that better align with the financing needs of startup technology companies and small-to-medium-sized enterprises undergoing technological transformation. This includes expanding the range of acceptable collateral and accelerating loan signing and investment timelines. The PBOC’s branch offices will work closely with relevant government departments, strategically directing more support towards private and small-to-medium enterprises. By implementing nuanced, targeted approaches, they aim to enhance the efficiency of financial institution-business interactions and create a more supportive environment for financial services.” 根据会议要求，各银行机构将用好用足政策资源，对清单内企业和项目做到“应签尽签、能投尽投”；将聚焦提升审贷放贷效率，优化机制流程，加大资源保障，对照最新产业政策标准修订完善授信管理政策，开辟贷款审查审批“绿色通道”，开发与初创期科技型企业以及中小企业技改融资需求更加匹配的贷款产品，拓宽抵质押物范围，加快贷款签约投放进度。中国人民银行各分支机构将与有关部门紧密协作，将政策更多向民营和中小企业倾斜，分类施策提升银企对接效率，为金融服务营造良好环境.
Second, there’s a report on the new 5G plan, which aims that by the end of 2027, there will be 38 5G base stations per 10,000 people, the penetration rate of 5G individual users will exceed 85%, the proportion of 5G network access traffic will exceed 75%, and the number of 5G IoT terminal connections will exceed 100 million.