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6 Years, 4 Raw Human Stories From the New China
  + stars: | 2024-07-05 | by ( Michelle T. King | ) www.nytimes.com   time to read: 1 min
PRIVATE REVOLUTIONS: Four Women Face China’s New Social Order, by Yuan YangThere’s an unforgettable moment in Yuan Yang’s new book, when an idealistic university student is tasked with conducting a survey by going door-to-door to random addresses in Shenzhen, China’s manufacturing megalopolis. In one poor neighborhood, the female student asks a young man, living in a tiny apartment with four other adults and a baby, to rate his current job satisfaction. His immediate reaction is to ask whether she has been sent by the Communist Party.
Persons: Yuan Yang There’s, Yuan Yang’s Organizations: Communist Party Locations: Shenzhen
Japan said basing the new fighter aircraft in the country would enhance US capabilities there. But from 2022, as the twin-engine fighters neared the end of their service life, the US Air Force began pulling them from Kadena. The F-15EX is the Air Force’s newest fighter jet, with the first operational plane delivered to the Oregon Air National Guard in early June. The F-35As that will be stationed at Misawa Air Base are the Air Force’s newest stealth fighters. F-35s deliver “an enhanced capability to survive in the advanced threat environment in which it was designed to operate,” an Air Force fact sheet says.
Persons: Yoshimasa Hayashi, Carlos Barria, 15EX, Peter Layton, ” Layton, Layton, , CNN’s Hanako Montgomery Organizations: CNN, Defense Department, Pentagon, Japan Alliance, Misawa Air Base, Kadena Air Base, Marine Corps Air Station Iwakuni, U.S . Air Force, Chinese Communist Party, US Air Force, Boeing, Military, Air Force’s, Oregon Air National Guard, USAF, Air Force, Griffith Asia Institute, Royal Australian Air Force, Japan Locations: Japan, Okinawa, Hiroshima, Honshu, United States, U.S, China, Russia, North Korea, Tokyo, East, North, Pyongyang, Britain, Australia, Nevada, Taiwan, Kadena, Washington
Taipei, Taiwan CNN —China’s coast guard detained a Taiwanese fishing vessel and its five-member crew near the mainland’s southeast coast on Tuesday night, according to Taiwan authorities, in the latest flare-up of tensions in waters around a group of frontline islands controlled by Taipei. In a statement, Taiwan’s coast guard said the fishing boat, Tachinman 88, was intercepted by two Chinese coast guard vessels near the Kinmen islands, which lie just miles from the Chinese city of Xiamen. China coast guard officers boarded the fishing boat and then escorted it to a nearby Chinese port, the statement said, adding that three Taiwan coast guard vessels answered a call for help but retreated to avoid conflict when they were outnumbered by their Chinese counterparts. The Taiwan coast guard demanded the immediate release of the boat and crew members. In late February, Chinese coast guard officers intercepted and boarded a Taiwanese tourist boat for inspection, an unprecedented move that startled Taiwanese passengers.
Persons: Hsieh Ching, China’s, Lai Ching, , Chen Yu, jen Organizations: Taiwan CNN, Taiwan’s Coast Guard Administration, Coast Guard Administration, Communist Party, Democratic Progressive Party, Kuomintang, CNN, Taiwan’s Ministry, Agriculture Locations: Taipei, Taiwan, Xiamen, China, Beijing, Kinmen, China’s
When I was a kid, I remember watching a TV documentary about North Korea. I tried to find more information, so I subscribed to a group called "Solidarity with North Korea" on VKontakte — Russia's equivalent to Facebook. AdvertisementIn it, the Communist Party of the Russian Federation offered a chance to go to a North Korean children's summer camp for about $300. AdvertisementHowever, the North Korean children in the camp were quite segregated from us, and we only met them once on our last day. I can easily make friends just by talking about my experiences — people just want to hear about North Korea.
Persons: , Yuri Frolov, Yuri Frolov's, Kim Il, Kim Il Sung, Kim Jong Il Organizations: Service, Korea's, Business, Facebook, Communist Party of, Russian Federation, Communist Party, North Locations: North Korea, Korean, St . Petersburg, Vladivostok, Russia, Pyongyang, Pueblo, Songdowon, Laos, Nigeria, Tanzania, China, North
Typically, Americans learn about the clandestine depravities undertaken abroad by their government only decades after the offenses were committed. When the Pentagon was confronted with the report, its spokeswoman didn’t just acknowledge the existence of these sorts of programs; she appeared to defend them. The Reuters report is very much worth reading in full, a showcase of American recklessness in what may already be a new age of Spy vs. Spy psyops. But we’ve had very little reporting, or reckoning, with what the American side of that information war might look like. ), to counter adversary malign influence”; that “this process is deliberate, methodical and comprehensive”; and that this work employs “a variety of platforms, including social media, to counter those malign influence attacks.” The Chinese have been, predictably, more hyperbolic: An editorial in the Chinese Communist Party-run Global Times called the social media campaign simply “brainwashing.”
Persons: Chris Bing, Joel Schectman, didn’t, we’ve, Organizations: Reuters, Department of Defense, Pentagon, Chinese Communist Party, Times Locations: Philippines, Central Asia, China, Russia
Picture Alliance | Picture Alliance | Getty ImagesBEIJING — China dominates the supply chain for many of the world's critical minerals, but so far it's held off on sweeping restrictions on at least one: tungsten. Almonty claims the forthcoming mine in South Korea has the potential to produce 50% of the world's ex-China tungsten supply. "We see in the U.S., in Europe, they ask their suppliers for a China-free supply chain," said Michael Dornhofer, founder of metals consulting firm Independent Supply Business Partner. watch nowBack in January, U.S.-based research firm Macro Ops said: "We're approaching an inflection point in tungsten supply. Other non-Chinese companies in the tungsten supply chain are going to South Korea.
Persons: Lewis Black, Biden, Black, Yadong, Almonty, Michael Dornhofer, Dornhofer, Brandon Beylo, he's, Mark Seddon, Warren Buffett Organizations: Saxony Minerals, ., Getty, Taiwan Semiconductor Manufacturing Company, Nvidia, Almonty Industries, China's Ministry of Commerce, Independent Supply, Energy, Security Holdings, European, Chinese Communist Party, U.S . Bureau of Industry, Security, Department of Commerce, CNBC, Argus, IMC, IMC Group Locations: Germany, BEIJING, China, Canada, South Korea, U.S, Europe, United States, South Korea China, North Korea, Africa, Myanmar, Daegu
At the height of their careers, former defense ministers Li and Wei often struck a tough tone before the world’s top military officials. Former Defense Ministers Li Shangfu and his predecessor Wei Fenghe have both been expelled from the Communist Party over corruption allegations. Most of the generals dismissed or disappeared without explanation last year were linked to the Rocket Force or military equipment, including Li and Wei. An engineer by training, the 66-year-old spent decades launching rockets and satellites in southwest China before being promoted to the PLA headquarters to deal with military equipment procurement. “The gun barrel must always be held in the hands of those who are loyal and reliable to the party,” Xi told the PLA elites.
Persons: Hong Kong CNN —, Xi, Li Shangfu, Wei Fenghe, Xi Jinping, Li, Wei, , James Char, , Former Defense Ministers Li Shangfu, Wei’s, Joel Wuthnow, ” Wuthnow, ” Char, Weidong, Char, Jason Lee, Xu Caihou, Guo Boxiong, Xu, Guo, Wuthnow, Jiang Zemin, haven’t, ” Wei, Li “, Bill Bishop, ” Xi Organizations: Hong Kong CNN, Communist Party, People’s Liberation Army, PLA, Rajaratnam, of International Studies, Former Defense Ministers, AP, Reuters, Rocket Force, Development Department, Second Artillery Corps, Pentagon, National Defense University, CCP, China’s Naval University of Engineering, Central Military Commission, Military, People's, CMC, Communist Locations: China, Hong Kong, Taiwan, United States, Singapore, People's Republic of China, Beijing, Yan’an
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAs the first presidential debate of 2024 wrapped up on Thursday evening, China started dunking President Joe Biden for his oratory style. "In today's first TV debate, Trump won," wrote the popular blogger Housha Moonlight. Advertisement"I'm worried that Deng Deng will die suddenly during this debate," another poster wrote, referring to a nickname for Biden. Indeed, the debate on Thursday prompted hundreds of posts and comments remarking on the ages of both candidates.
Persons: , Joe Biden, mumbling, Business Insider's Bryan Metzger, Brent D, Griffiths, Donald Trump, he's, Biden, Weibo, Trump, Deng Deng, Xi Jinping Organizations: Service, Business, Communist Party, Weibo Locations: China, Atlanta
China expelled two former defense ministers from the ruling Communist Party over alleged corruption Thursday, the latest sign of a secretive crackdown sweeping the country's elite. China expelled two former defense ministers from the ruling Communist Party over alleged corruption Thursday, the latest sign of a secretive crackdown sweeping the country's elite. The two former defense ministers, Li and Wei, were expelled by the party's leadership for "serious violation of party discipline and the law," Chinese state news agencies announced early Thursday. Li was also stripped of his title as state councilor at the time, a rare move — officials from the inner circle of the ruling Communist Party are seldom axed. Wei, who preceded Li as defense minister, was similarly accused Thursday of "accepting money and gifts in violation of relevant rules."
Persons: Li Shangfu, Wei Fenghe, Li, Xi Jinping, Wei, Xi Organizations: Communist Party, National Congress, Chinese Communist Party, CCP, Political, CCP Central Committee Locations: China, Beijing, United States, Taiwan, Xinhua
CNN —China on Thursday expelled its former Defense Minister Li Shangfu from the ruling Communist Party over corruption allegations, state broadcaster CCTV reported, eight months after he was dramatically removed from the post. Li, who was also a former member of the powerful Central Military Commission, was removed in October last year without explanation after he disappeared from public view for two months, amid a series of high-level purges that have roiled the world’s largest military. Li’s predecessor as defense minister, Wei Fenghe, was also expelled from the Communist Party, also over alleged corruption, according to CCTV. This is a developing story and will be updated.
Persons: Li Shangfu, Li, Wei Fenghe Organizations: CNN, Defense, Communist Party, CCTV, Central Military Commission Locations: China
NINGBO, China — China's top leaders will gather from July 15 to 18 for a highly anticipated meeting known as the Third Plenum, state media said Thursday. He said his analysis of an annual government meeting in December found the readout had twice as many mentions of policy implementation than the prior year, highlighting its importance. The Communist Party of China selected a new group of leaders in October 2022 at its 20th National Party Congress. Its third plenary session will run from July 15 to July 18, state media said. The plenum will discuss "further comprehensively deepening reform and advancing Chinese modernization," English-language state media said.
Persons: Pang Ming Organizations: Communist Party of, National Party Congress Locations: NINGBO, China, Communist Party of China
CNN —Cambodian strongman leader Hun Sen has thrown his weight behind a new homegrown messaging app, which critics say is a way for the government to monitor and undermine political discussion in the country. One of the world’s longest-serving leaders, Hun Sen has ruled Cambodia with an iron fist for more than three decades. Though his eldest son, Hun Manet, succeeded him as prime minister last year, Hun Sen remains the ruling party’s center of power. Greater online surveillanceInternet freedom in Cambodia has experienced a drastic regression under Hun Sen’s rule, rights groups say. CNN has reached out to Hun Sen’s office for comment.
Persons: Hun Sen, WhatsApp, , Vietnam’s, Hun Manet, Lim Cheavutha, Hun Sen’s, Hun, Mu Sochua, leader’s, China’s, , Sam Rainsy, ” Sam Rainsy Organizations: CNN, Facebook, US State Department, United Nations, Meta, Reuters, Communist Party, CoolApp Locations: Cambodian, Cambodia, Southeast Asia
The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.
Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia
De minimis shipments have also grown more popular with American brands looking to save money in their supply chains. AdvertisementThe startup Portless emulates Shein's model by fulfilling online brands' orders in China and shipping them directly to customers. Even though awareness of de minimis has grown, Section 321 shipments still account for only about 5% of ShipHero's business overall. At the end of May, The Information reported that US Customs and Border Protection had begun cracking down on de minimis shipments, including suspending several brokers from a program called Entry Type 86, designed to speed up de minimis shipments. "The American brands that we service are more profitable and do better prices to their customers."
Persons: , it's, Portless, Izzy Rosenzweig, Jolie, Evan, Matt Nichols, JADE GAO, minimis, Prince Ghosh, Maggie Barnett, Barnett, Temu, I'm, Rosenzweig Organizations: Service, Business, Commerce Ventures, US, Lawmakers, Chinese Communist Party, Customs, Protection Locations: China, Portless, San Francisco, Canada, Mexico, American, Canada's
The dissident’s lone regret after his 200-mile escape across the Yellow Sea was not taking night vision goggles. Nearing the end of his jet ski journey out of China last summer, Kwon Pyong peered through the darkness off the South Korean coast. As he approached the shore, sea gulls appeared to bob as if floating. “I had everything — sunscreen, backup batteries, a knife to cut buoy lines,” he recalled in an interview. In response, he said, he faced an exit ban and years of detention, prison and surveillance.
Persons: Kwon, Organizations: Communist Party Locations: China, Korean, South Korea
Russia and Vietnam pledged on June 20, 2024 to deepen ties as President Vladimir Putin made a state visit aimed at bolstering his alliances to counter Moscow's growing isolation over the war in Ukraine. Putin and President To Lam agreed to further cooperate in education, science and technology, oil and gas exploration and clean energy. The two countries also agreed to work on a roadmap for a nuclear science and technology center in Vietnam. In Hanoi, Putin also met Vietnam’s most powerful politician, Communist Party General Secretary Nguyen Phu Trong, and Prime Minister Pham Minh Chinh, according to the official Vietnam News Agency. Putin drove to Vietnam’s Presidential Palace on Thursday afternoon, where he was greeted by school children waving Russian and Vietnamese flags.
Persons: Vladimir Putin, Lam, Gavriil Grigorov, Putin, ” Lam, , Kim Jong, Nigel Gould, Davies, , Nguyen Khac Giang, Giang, Nguyen Phu Trong, Pham Minh Chinh, Putin’s, Ridzwan Rahmat, Janes, ” Rahmat, Prashanth, Wilson, Vladimir Lenin, Trong, Nhan Dan, Joe Biden, Xi Jinping, Gould, they’ve, he’s, Parameswaran Organizations: Sputnik, Hanoi Opera, Afp, Getty, North, International Institute for Strategic Studies, Singapore’s, Yusof, Institute, Communist Party General, Vietnam News Agency, Criminal, Kremlin, U.S, Embassy, Security, NATO, Asia, Communist Party’s, Vietnam’s Communist Party Locations: Russian, Hanoi, Russia, Vietnam, Ukraine, Moscow, Asia, Pacific, Eurasia, London, British, Belarus, China, North Korea, U.S, Hague, Korea, Singapore, Soviet Union, Soviet, trickier, Washington
How China could take Taiwan without even needing to invade
  + stars: | 2024-06-21 | by ( Brad Lendon | ) edition.cnn.com   time to read: +12 min
“China has significantly increased pressure on Taiwan in recent years, stoking fears that tensions could erupt into outright conflict. China’s escalating gray zone tactics were on stark display this week as China Coast Guard vessels clashed with Philippine Navy boats in the South China Sea. In the 24 hours ending at 6 a.m. Friday, 36 Chinese military aircraft crossed into Taiwan’s air defense identification zone, Taiwan’s Defense Ministry says. Meanwhile, a quarantine, rather than a blockade, would not require China to close or restrict access to the Taiwan Strait, the CSIS report notes. Under its claims that Taiwan is Chinese territory, Beijing could require customs declarations to be filed before vessels can call in Taiwan.
Persons: CNN —, Beijing’s, Xi Jinping’s, Bonny Lin, Brian Hart, Matthew Funaiole, Samantha Lu, Tinsley, stoking, Adm, Dong Jun, , Dong, China’s, , Joe Biden, Rong Xu, Carl Schuster, ” Schuster, Alessio Patalano, Sidharth Kaushal, Patalano Organizations: CNN, Communist Party, Center for Strategic, International Studies, China Coast Guard, CSIS, TAIWAN, GUARD, People’s Liberation Army, PLA, Chinese Defense, Philippine Navy, Taiwan Relations, White, PLA Navy, Maritime Safety Agency, Taiwan’s Defense Ministry, Bloomberg, Getty, , Pacific Command’s Joint Intelligence Center, Taipei, King’s College, Taiwan’s Ministry of Economic Affairs, Imports, Royal United Services Institute Locations: Taiwan, Ukraine, China, Washington, United States, Pengjia, Beijing, Singapore, South China, Manila, Second, Philippines, Taiwan’s, Taiwan Strait, Port, Taichung, Kaohsiung, London, Covid
When the German Army finally broke through in central Ukraine in September 1941, pasting up ordinances around Kyiv to announce a new occupying authority, they had only a few days’ calm. Less than a week after the occupation began, an explosion went off in a children’s toy store on Khreshchatyk Street — the capital’s grandest shopping boulevard, Kyiv’s equivalent of Fifth Avenue or the Champs-Élysées. Soon the city hall and the Communist Party headquarters crumbled. Walk through central Kyiv today, down the Khreshchatyk, past the grand Independence Square and the ritzy Tsum department store, and you can read the history of postwar and post-independence Ukraine in the subsequent architecture. When the city is a battleground, architecture becomes an act of defense and defiance.
Organizations: German Army, Communist Party, New York Times Locations: Ukraine, Kyiv, Russia
Considered a pariah by the West, Putin is looking to boost economic ties with friendly countries and show that Western isolation is not having an impact. Vietnam was among several Southeast Asian countries that abstained from joining a global summit on Ukraine in Switzerland last week. Last week, Vietnam sent a delegation led by its Deputy Minister of Foreign Affairs to attend the BRICS Foreign Ministers’ Summit in Russia. Analysts say Russia is likely to get more out of the visit than Vietnam, and Hanoi may even suffer reputational damage by hosting Putin following his trip to North Korea. “If no substantive deals are made, the visit will mainly be symbolic and a means for Putin and Russia to show the world that Western sanctions against Russia are not working,” said Le.
Persons: Vladimir Putin, Kim Jong, Putin, Nguyen Phu Trong, Lam, Minh, Yury Ushakov, Xi Jinping, Joe Biden, , Le Hong Hiep, – Yusof, Le, ” Putin, Xi, , John Kirby, Anwar Ibrahim Organizations: CNN, West, US, Reuters, Communist Party General, Vietnam’s, Vietnam News Agency, ” TASS, TASS, , Vietnam Studies, International Criminal Court, ICC, United Arab, Foreign Ministry, Foreign Affairs, ’ Summit, Analysts, Putin Locations: Hanoi, North Korea, Ukraine, Vietnam, Moscow, United States, China, Russia, Pyongyang, Russian, Soviet, India, US, South China, Switzerland, Beijing, Kazan, Iran, Saudi Arabia, United Arab Emirates, Ethiopia, Egypt, Malaysia, BRICS,
The United States has approved the $360 million sale of more than 1,000 small armed drones to Taiwan, as the self-ruled island claimed by China aims to strengthen its asymmetrical warfare abilities with an eye on successful tactics used on the battlefield in Ukraine. The proposed sale comes as China increases military pressure on Taiwan, with extensive military exercises around it and almost daily warplane flights near the island. In a statement Wednesday, Taiwan’s presidential office thanked the US for its security commitments, adding this was the Biden administration’s 15th weapons sale to the island since 2021. That includes $6.1 billion in asymmetrical weapon systems, including Harpoon missiles, PAC-3 missile interceptors and MQ-9B aerial drones, Cato said. Many analysts have urged Taiwan to pursue more asymmetrical weapons, which they say would be harder for China to counter than conventional arms in any invasion of the island.
Persons: , Adm, Dong Jun, , Wahid Nawabi, Anduril, Biden, Karen Kuo, Cato Organizations: US Defense Security Cooperation Agency, Communist Party, Taiwan Relations, Washington, Chinese Defense, , Cato Institute, Harpoon Locations: States, Taiwan, China, Ukraine, Taipei, Beijing, Singapore, “ Taiwan, Washington
The result of the vote means that Thailand will become only the third place in Asia to allow for marriage equality after Taiwan legalized same-sex marriage in 2019 and Nepal in 2023. Mark Phillips/CNNPrevious attempts to legalize marriage equality over the past decade had stalled. Nonetheless Thailand’s Prime Minister Srettha Thavisin, of the Pheu Thai Party, had also promised to bring the marriage equality bill to parliament. Japan is the only Group of Seven (G7) country that has not recognized either same-sex civil unions or same-sex marriage, despite recent high court decisions that ruled not allowing same-sex marriage is unconstitutional. South Korea does not legally recognize same-sex marriage but in February 2023, a South Korean court ruled in favor of a same-sex couple seeking equal health benefits.
Persons: , Panyaphon Phiphatkhunarnon, Thailand –, ” Panyaphon, Watit, ” Pokpong, Pokpong, Mark Phillips, Pita Limjaroenrat, Srettha Thavisin, Srettha, , Peerapon Boonyakiat, Xi Jinping Organizations: CNN, Love Foundation, Pokpong, , Party, Thailand’s, Pheu Thai Party, Bangkok Pride Locations: Thailand, Southeast Asia, Asia, Taiwan, Nepal, Bangkok, Sukhumvit, Myanmar, Brunei, Indonesia, Aceh, Malaysia, Singapore, Japan, China, Beijing, South Korea, Korea
It’s just purchasing property,” Bian, who is originally form Nanjing, China, said. Bian and other Florida residents told CNN that the rules have fostered uneasiness and confusion among ethnic Chinese people living in the state. Some say the law has damaged their businesses, while others say they are considering abandoning Florida altogether. Ever since Florida Senate Bill 264 went into effect on July 1, 2023, Chinese citizens without green cards face a felony charge and possible prison time if they purchase property in the state. For Chinese citizens without the permanent right to live in the US, specifically, the law goes a step further, barring the group from purchasing any property in the state.
Persons: CNN —, Jin Bian, Bian, , Ron DeSantis, isn’t, Bill 264, Sellers, , Echo King, ” DeSantis, Clay Zhu, ” Zhu, Susan Li, Li, TikTok, Glenn Youngkin, Teresa Jin, ” Jin Organizations: CNN, Echo, Florida Asian American Justice Alliance, United, Chinese Communist Party, CCP, American Civil Liberties Union, US, US Department of Agriculture, Virginia Republican Locations: Tampa , Florida, Nanjing, China, Florida, Russia, Iran, North Korea, Cuba, Venezuela, Syria, “ Florida, United States, People’s Republic of China, Orlando , Florida, Montana, Virginia, California
London CNN —A former opposition lawmaker in Britain’s House of Commons has alleged that the UK’s domestic spy agency MI5 may have issued a rare alert notice in 2022 about an alleged Chinese agent as a distraction from the so-called Partygate scandal, according to testimony before a tribunal looking into the alert. The Christine Lee & So Solicitors office on Wardour Street, London, on January 13, 2022. He was the chairman of the now-disbanded Chinese in Britain All-Party Parliamentary Group, on which Lee sat. The UK has since introduced a foreign agents registration act, which is expected to come into force later this year. In a statement to CNN in 2022, Gardiner said he had not benefited personally from Lee’s donations in any way, adding that the money had been properly reported and its source verified.
Persons: London CNN —, Christine Ching Kui Lee, China’s, Boris Johnson, Barry Gardiner, Lee, Johnson’s, Gardiner, , , Boris ’ Partygate, Christine Lee, Rob Pinney, Boris Johnson’s, ” “, Daniel Wilkes, Mr Gardiner, CNN’s Andrew Raine Organizations: London CNN, Communist Party, Labour Party, Getty, CNN, Security Services, MI5, Security Service, Labour, Parliamentary, Chinese Communist Party Locations: Britain’s, London, Europe, , Britain, British
Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. According to separate calculations by the Macquarie Group, prices of existing homes in those cities fell by 7.5% year-on-year last month, marking the biggest decline on record. A month ago, Beijing unveiled wide-ranging measures to rescue the crisis-hit property market, including asking local governments across the country to buy unsold homes from beleaguered developers and easing rules on purchases. Measures, including efforts to provide cheap loans to state-owned enterprises for buying unsold homes from distressed developers, will “take time” to have an impact on the property market, the analysts said. Property investment for the first five months of the year dropped 10.1% from a year ago, according the NBS on Monday.
Persons: , Organizations: Hong Kong CNN, National Bureau of Statistics, Macquarie Group, Societe Generale, NBS, Labor, Macquarie, HSBC, Communist Party Locations: China, Hong Kong, Beijing
Read previewChina is building a fleet of aircraft carriers, making technological and capability jumps at a breakneck pace. An aerial drone photo taken on May 1, 2024 shows China's third aircraft carrier, the Fujian, during its maiden sea trials. The aircraft carrier USS Gerald R. Ford transits the Strait of Gibraltar, Jan. 5, 2024. For China, having aircraft carriers allows it to enjoy many of those perks. A composite image shows the American flag flying near the bridge of the US Navy's first-in-class aircraft carrier USS Gerald R. Ford and the Chinese flag flying near China's aircraft carrier Shandong.
Persons: , Pu, would've, Matthew Funaiole, Xi Jinping, Kyle Amonson, Dane Egli, Xi, Funaiole, Gerald R, Navy Petty, Jacob Mattingly, Trenton, Li Gang, Cmdr, Michael Dahm, Peter W, Singer, Guy Snodgrass Organizations: Service, Business, Ford, Getty, China Power, Center for Strategic, International Studies, Jiangnan Shipyard, Getty Images, People's Liberation Army, Communist Party, US Coast Guard, Pacific Affairs, Chinese Communist Party, US Navy, Navy, DoD Aircraft, South China Seas, Pacific, Communication, Trenton Edly, US, New America, Defense, PLA Navy's Locations: China, Fujian, Shandong, Liaoning, Xinhua, Getty Images China, Taiwan, People's Republic of China, Gibraltar, Jan, South, Beijing
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