- The unreliable list initiative has been announced by China over the weekend.
- The leaked list includes US tech and defense companies, but no official announcement of these companies have been made by China.
- Last month, Xi suggested food savings.
The president of China, Xi Jinping, made a statement that China needs to be united. He suggested for Chinese private companies to unite with the Communist Party of China. Furthermore, Xi stated that China expects a long-running economic and technological stand off with the United States.
Additionally, the Chairman assured China’s private entrepreneurs that they are a key part of the country’s “socialist market economy.”
China’s Foreign Minister stressed the need to intensify cooperation between Russia, Mongolia, and Central Asian countries. The announcement came after US Defense Secretary Mark Esper repeated Washington’s plan to create a global strategic alliance similar to NATO in the region, which he called “the epicenter of great power rivalry with China.”
Moreover, the Ministry of Commerce of China released the rules for inclusion in the list of the unreliable organizations. The rules will apply to foreign organizations, companies, and individuals that threaten China’s national sovereignty, security and development interests, as well as those who violate generally accepted market principles of trade.
Unreliable organizations will be restricted or prohibited from carrying out import and export activities related to China, as well as investing in the economy. Their employees will be restricted or banned from entering and staying in the country. This announcement came after the US banned WeChat, which came into effect on Sunday.
It should be noted that prices for Huawei phones are rising in China. Chinese consumers are rushing to buy Huawei smartphones with Kirin chips, fearing that the company will stop producing its premium phones due to sanctions on American chips.
It has also been reported that many Chinese nationals have been fired from their jobs due to their use of Apple for personal reasons. Therefore, with such tactics, it is understandable why Chinese nationals are buying the Chinese-designed and manufactured phones.
Last month, President Xi pointed out in a speech the importance of saving food. According to the Chinese leader, “the phenomenon of waste in relation to food is appalling and distressing.” This is despite the fact, he says, that grain production in the country is growing from year to year.
Interestingly, it was China that became the European Union’s main trading partner in the first seven months of this year. Before that, first place was occupied by the United States. Ireland exported goods worth more than €1 billion to China in July, which is 35% more than in the same month last year.
Meanwhile, the Chinese Academy of Sciences has been tasked on solving problems in some innovative technologies over the next 10 years, especially those that depend on imports from the United States to counter Washington’s technological divide with Beijing.
Despite this, China is experiencing a downward spiral. A lot will depend on if Russia chooses to strengthen dealings with China or not. The US, in contrast, is headed in the right direction and severing ties with China.