Talks between Wang Yi and Putin highlight the tacit understanding between China and Russia
Regarding the meeting between Wang Yi and Putin, the “Echo” article pointed out that this was an unusual meeting, because Putin usually only talks with heads of state or government. But the current situation is different. Putin just delivered a lengthy speech a few days ago, sternly condemning the West. He needs to show the world his friendly relationship with China, the world’s second largest economy and a permanent member of the United Nations Security Council. On the other hand, Wang Yi expressed China’s determination to strengthen strategic partnership and all-round cooperation with Russia. The article also specifically pointed out that Wang Yi’s visit to Moscow this time was carried out against the background that the US Secretary of State warned China not to provide weapons to Russia, but Blinken did not explain any specific details about this, and there is currently no indication that China’s supply of weapons to Russia A considerable number of heavy weapons or important military components are provided. The article pointed out that Beijing’s situation is very delicate, because Russia is the only major country that has a special partnership with China, while China’s economic and trade relations are mainly oriented to the West. At the Shanghai Cooperation Organization summit last September, Xi Jinping made no secret of his displeasure that the war in Ukraine could destabilize the region. At the UN General Assembly, China abstained from voting on a UN resolution condemning Russia. Although China has not stated that it has no objection to the self-declared independent republic of the Udon Bas region, not to mention the Ukraine region that Russia annexed last September, it has not recognized it either. The article cites China’s foreign trade data and points out that the bilateral trade between China and Russia has grown significantly, reaching US$185 billion last year. However, the trade volume between China and the European Union has reached US$800 billion, and the trade volume with the United States has also reached US$600 billion. Russia is only China’s eighth trading partner, and China’s first six trading partners have all announced sanctions against Russia.
Bao Fan’s disappearance sparks unease in China’s tech and financial circles
“Banker Bao Fan’s Disappearance Shakes China’s Financial and Tech Businesses”. This is the headline of a report by the Echo on the disappearance of Bao Fan, CEO of China Huaxing Capital Group. The article wrote that Bao Fan’s mysterious disappearance not only disturbed the technology companies that had already undergone rectification before, but also disturbed the financial world. According to news from the US financial media Bloomberg, Bao Fan’s family was told that he was “participating in an investigation.” The article pointed out that before that, another person in charge of Huaxing Group, whose transliteration name was “Conglin”, had already been detained. The Financial Times previously reported that Bao Fan was preparing to open a wealth management company in Singapore in recent months. A person who did not want to disclose his identity revealed to the Financial Times that China has launched a rectification of technology companies not long ago, coupled with the new crown closure measures, many wealthy Chinese are trying to transfer assets to Singapore. The “Echo” article pointed out that Bao Fan’s disappearance also surprised some public banks. Both Bank of Communications and China CITIC Bank sought confirmation from Huaxing Group in order to assess their own risks, highlighting the confusion of the incident. Although these banks have close ties to the government, they do not know where Bao Fan has gone.
“Le Figaro” reported similar headlines: “The disappearance of a famous banker has re-ignited the anxiety of Chinese technology giants.” According to the article, Bao Fan is regarded as the “matchmaker” of Chinese technology companies and is an important promoter of contracts between many large technology companies, such as the merger of Meituan and Dianping in 2015. The report pointed out that there are various speculations on the Internet, which cannot be verified. The overhaul of the technology industry was expected. Ten years of unbridled growth of these enterprises has created some behemoths whose scales poke at American Internet giants, ranging from e-commerce, to entertainment, to social media. Jean-Dominique Seval, founder of the consulting firm Soon Consulting, pointed out that the CCP needs to get rid of these companies before they lose control. The rectification has been completed and what needs to be done now is to revive the economy. But he added that China’s tech industry is still growing, but it is struggling to attract talent. The article states that Bao Fan’s disappearance will not reassure potential applicants.
Three-year pandemic in particular has damaged China’s image in European business circles
China reopened to the world after abruptly unblocking the new crown zero policy. But the article by Philippe Le Corre, a China expert, notes that this has not sparked much enthusiasm on the international stage. In the past three years, China’s image in Europe has seriously deteriorated. There are various reasons for this, including the new crown epidemic, the experience of Uighurs in Xinjiang, China’s position on a series of international issues, especially the position in the Ukraine crisis, and military threat to Taiwan. But the latest development is that these three years in particular have damaged China’s image in the business world. The reason is firstly the impact of the new crown epidemic, and secondly, the business community has doubts about China’s economic opening. Many foreign companies have doubts about China’s integration into the market economy. Big European companies have thus taken a wait-and-see attitude, and even started to look elsewhere. The article pointed out that Chinese consumers are too cautious, and in the Chinese market, large domestic companies clearly dominate the market, whether in the automotive field or in the financial services industry. Under such circumstances, how many business opportunities do European companies have? If China under the leadership of Xi Jinping wants to change its image, it cannot just rely on a few speeches, but must take practical actions.