Asia Daily: October 10, 2023
News
Car crashes into Chinese consulate in San Francisco, driver dead. A vehicle crashed into the Chinese consulate in San Francisco, resulting in one fatality after police shot the driver. The driver allegedly shouted “Where’s the CCP?” as he exited the vehicle. The incident occurred shortly after a nearby shooting, though it's unclear if the two events are connected. Authorities are investigating the circumstances surrounding the crash and the possible link to the shooting. AP News, October 9
US Senate Majority Leader Schumer meets Xi and welcomes stronger Chinese statement on Hamas attack. U.S. Senate Majority Leader Chuck Schumer expressed gratitude for China's strengthened statement condemning the actions of Hamas against Israel. This statement was issued during Schumer's bipartisan congressional visit to Beijing, which included a comprehensive meeting with President Xi Jinping. . The visit marked the first by U.S. lawmakers since 2019, amidst increasing criticisms of China in the U.S. Congress. By Ken Moritsugu for AP News, October 9
China urges Philippines to end 'provocations' in South China Sea. China has called on the Philippines to cease "provocative actions" near the Second Thomas Shoal, a disputed area in the South China Sea. This comes after Manila began construction activities on a dilapidated navy ship grounded on the shoal. The two nations have long-standing territorial disputes in the region, and this recent development has heightened tensions. Reuters, October 9
PH, US kick off joint maritime drills. The Philippines and the United States have initiated joint maritime exercises, emphasizing their commitment to strengthening defense ties and ensuring maritime security. These drills aim to enhance interoperability and capacity-building among the participating forces. By Francis Earl Cueto for The Manila Times, October 9
China's economy predicted to hit 2023 growth target, but action still needed for long-term stability. China is on track to meet its economic growth target for 2023, but experts warn that proactive measures are still required to ensure long-term stability. Despite the positive outlook, there are concerns about the property sector, rising commodity prices, and the potential impact of external shocks. Policymakers are urged to focus on structural reforms and risk prevention to maintain sustainable growth. By Zhou Xin for South China Morning Post, October 9
G7 to draw up AI code of conduct this autumn: Kishida. Japanese Prime Minister Fumio Kishida has advocated for the establishment of a code of conduct for artificial intelligence (AI) during the Group of Seven (G7) summit. Kishida emphasized the importance of setting ethical standards for AI technologies to ensure they are used for the benefit of humanity and to prevent potential misuse. The Japan Times, October 9
Taiwan needs to work hard to ‘control own destiny’, president to say. Taiwan's President Tsai Ing-wen will emphasize the need for Taiwan to work diligently to determine its own future amidst increasing pressures during a National Day speech on Tuesday, Oct. 10. Her comments come as the island faces growing military threats from China, which claims Taiwan as its own territory. By Yimou Lee and Ben Blanchard for Reuters, October 9
U.S. eases export controls on chip equipment for Samsung, SK factories in China. The United States has granted permission for the export of semiconductor manufacturing equipment to Samsung Electronics and SK hynix factories in China without a separate approval process. This decision designates the factories as "verified end users (VEU)," reducing licensing burdens and allowing U.S. exporters to ship specific items to these preapproved entities. By Kim Eun-jung for Yonhap News Agency, October 9
China extends Taiwan trade probe, Taipei cries election interference. China has prolonged its anti-subsidy investigation into imports of a Taiwanese chemical, a move Taipei sees as an attempt to interfere in its upcoming presidential election. This extension comes amid heightened tensions between Beijing and Taipei. Taiwan's government has urged local firms to diversify markets and reduce reliance on China. By Liz Lee and Ben Blanchard for Reuters, October 9
A former Goldman Sachs banker convicted in looting 1MDB fund back in Malaysia to help recover assets. Malaysia has dropped corruption charges against Roger Ng, a former Goldman Sachs banker involved in the 1MDB scandal. This decision comes after Ng agreed to testify against his former employer and pay a $29 million fine. The 1MDB scandal saw billions of dollars embezzled from a Malaysian state investment fund, prompting investigations across several countries. By Eileen Ng for AP News, October 10
Seoul's new defense minister says best way to deter North Korea is punishment. Seoul's newly appointed Defense Minister, Kim Jin-pyo, stated that the most effective strategy to deter North Korea is through punishment. He emphasized the importance of maintaining a robust defense posture and ensuring that North Korea understands the consequences of any aggressive actions. Kim's remarks come amid ongoing tensions on the Korean Peninsula. By Jeongmin Kim for NK News, October 10
Long Form
There Is No Consensus on American Decline in Beijing. Contrary to popular belief, there isn't a unified view in Beijing regarding the decline of the United States. While some in China believe that the U.S. is in decline, others argue that it remains a formidable power. The diverse opinions in China reflect the complexity of the U.S.-China relationship and the challenges of predicting the future trajectory of a superpower. By Zi Yang for The Diplomat, October 10
BRI at 10: Checking in on the Green Silk Road. As the Belt and Road Initiative (BRI) marks its 10th anniversary, there's a growing focus on its environmental aspects, termed the "Green Silk Road." The initiative aims to promote sustainable development, but there are concerns about its actual environmental impact. The article delves into the progress, challenges, and the future of the Green Silk Road within the broader BRI framework. By Jacob Mardell for The China Project, October 9
Punishing Evergrande property tycoon will not solve China’s deep-seated problems in the real estate market. The ongoing crisis surrounding China's Evergrande Group has brought attention to the country's real estate sector's vulnerabilities. While there are calls to punish the property tycoon behind Evergrande, the article argues that this won't address the underlying issues in China's property market. A more comprehensive approach is needed to tackle the systemic challenges and ensure long-term stability. By Zhou Xin for South China Morning Post, October 9
Thailand's Spiraling Gun Violence and the Need for Solutions. Thailand is grappling with a surge in gun violence, with the recent mall shooting underscoring the urgency of the issue. The country's gun laws, which are relatively lax compared to other Southeast Asian nations, have contributed to the proliferation of firearms. The article emphasizes the need for comprehensive reforms and solutions to address the root causes of the problem and prevent further tragedies. By Joshua Kurlantzick for the Council on Foreign Relations, October 9
Can China Reduce Its Internal Imbalances Without Renewed External Imbalances?. The article delves into China's economic challenges, particularly its internal and external imbalances. As China attempts to address its domestic economic disparities, there's a looming question of whether this can be achieved without creating renewed imbalances in its external economic relations. By Brad W. Setser for the Council on Foreign Relations, October 9