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welcome to another episode of China update where I provide you with the most up-to-date political economic and geostrategic analysis on the world's number two economy my name is Tony let's jump in okay happy Thursday everybody unfortunately we begin today with a tragic development yesterday Wednesday a 10-year-old Japanese boy was stabbed in the southern Mega city of Shenzhen will walking to school accompanied by his mother today Thursday Japan's foreign minister Yoko kamikawa confirmed that the child passed away while being treated at a local hospital kamikawa urged China to provide details on the incident while prioritizing the safety of Japanese citizens the attack happened around 200 M from the shenan Japanese school Chinese authorities are investigating and the suspect a 44-year-old Chinese man was arrested at the scene his motive remains unclear although we note that yesterday was the 93rd anniversary of the Japanese invasion of man in 1931 called the mokan incident and anti-japanese sentiment in media was especially high in the lead up to the state Japan lodged a formal protest summoning the Chinese Ambassador in Tokyo that same day a string of recent attacks has fueled fears that xenophobia and nationalism in China which have been on the rise for years are spilling over into violence in June for American teachers were stabbed in dilin a northern city later that month a Japanese woman and her child were attacked attacked with a knife in sujo a city in the East an attack that resulted in a Chinese woman being stabbed to death also the Chinese government described each of these attacks as an isolated incident and said the as salant had not targeted citizens of any particular country it insisted that the attacks Could Happen anywhere in the world the boy's death May worsen the already strained ties between Japan and China influenced by historical grievances a territorial dispute and tensions over Japan's discharge of Wastewater from a damaged nuclear plant Japan has called on China to take all necessary steps to protect Japanese Nationals particularly around Japanese schools meanwhile Japanese officials continue to seek information about the June attack in sujo with the Consulate in Shanghai actively following up shenan was home to about 3,600 Japanese Nationals as of October 2023 the Shenzhen Japanese school in shako Nan District was established in 2008 to serve the children of Japanese Nationals living in the city certified by the Japanese government the school provides full-time education with a Japanese curriculum for primary and junior high students the school will close for the rest of the week next up we have two Taiwan related updates to take note of and another move to put pressure on the current type Administration yesterday Beijing announced the removal of tariff exemptions on 34 agricultural products originating from Taiwan including fresh fruit vegetables and Aquatic products they didn't shy away from giving their reasoning for this decision either quote since the lighting the administration took office it has stubbornly adhered to the Taiwan independent stance continuously provoking for Independence escalated hostility and confrontation across the straight and obstructed cross straight exchanges and cooperation end quote meanwhile the same day Beijing announced steps against nine US military linked firms Over Us weapons sales to Taiwan freezing their property within China in the latest move to put added pressure on the US to Halt its armed sales to Taipei the government will quote freeze their movable property real estate and other types of property within the territory of China in quot end quot prohibit organizations and individuals within China from engaging in transactions cooperation and other activities with them end quote commentators were quick to point out however that these sanctions are more performative than substantive and that these firms likely have few to no assets in mainland China it will likely have absolutely no effect on Washington's Behavior going forward either organizations and individuals within China are prohibited from engaging in transactions with the firms the PLC statement added a spokesperson for China's foreign Ministry on Wednesday urged the US to quote immediately stop the dangerous trend of arming Taiwan stop convening and supporting Taiwan Independence and stop undermining peace and stability the Taiwan Strait end quote China has previously sanctioned and banned firms including Lo head Martin units for selling arms to Taiwan meanwhile earlier this week on Monday the US Department of State approved a sale of $228 Million worth of military goods and services to Taiwan the state department quote made a determination approving a possible foreign military sale to the taipe economic and cultural representative office in the US for return repair and reshipment of spare parts and related equipment end quote next up is the quote of the week and this week we look at comments made by billionaire investor Ray Dalo who has historically been very bullish on China however in an interview with Bloomberg television on Wednesday yesterday on the sidelines of The milen Institute Asia Summit 2024 the popular financi year expressed a deep concern towards the Chinese economy he pointed out that there are quote real issues in the country end quote adding quote you have an environment in China which is changing and becoming a more difficult environment end quote saying that China's economy has changed in the last four years this has been a great hit to Chinese wealth and many Chinese now prefer holding on to cash quote there's a small percentage of our portfolio which is in China and will stay in China through this process end quote but he said China needs a restructuring amid challenges partly created by its property sector and that this is placed it in quote a situation that's more challenging than ja Japan in 1990 in quote this is quite a change in Dio's outlook on the economy in recent years next up we have one more development to cover but just quickly if you're getting some value from today's episode don't forget to hit the like button sharing and subscribing is also a big help next up we move to the EU earlier this week we covered that Germany and the PRC were lobbying countries to vote against the European commission's tariff plan for Chinese EVS it appears that they may have seen some success according to us-based Politico reporting today citing three EU diplomats the eu's national trade experts will not vote next week to impos duties on Ma in China electric vehicles with the point taken off the agenda of the September 25th meeting of the blocks trade defense instruments committee to enable the vote the European commission first needs to formally share the definitive findings of its anti-subsidy investigation with national governments which it is not done yet with no new date set for the vote the week of September 30th now looks to be the earliest possibility two of the diplomats told the outlet quote they took it off the agenda but didn't say anything as to why end quote one of the diplomats reportedly told the outlet meanwhile State media continues to produce stories which frankly are very counterproductive to beijing's diplomacy in Europe here is one article published Yesterday by state run the global times for example quote despite some unsatisfactory feedback from the EU the Chinese side will continue to negotiate with the EU with utmost sinity and patience to resolve the issue this also reflects the Chinese government's continued emphasis on economic and trade cooperation with Europe meanwhile the EC needs to consider this tariff case from a more comprehensive perspective rather than limiting it to the immediate interests or the concerns of a single country or the commission itself which views the imposition of EV tariffs as its so-called political Legacy following the US's footstep end quote now to end this part and today to's video I wanted to look once again at an article published this week by International car industry expert Michael dun called the Great China car Blitz Greek we quote selected excerpts from the piece directly officials in Beijing may deny it but make no mistake China has launched a global car Blitz streak China will export a stunning 6 million cars to more than 100 countries this year cementing its position as the world's number one exporter the average price of those made in China cars $119,000 that's less than half the average price of a new car in America and Europe consumers in every time zone are leaving their Chevys vws and Hondas in favor of new models from Cherry mg changan and byd the sudden flood of Chinese cars is upending Decades of stable market shares and profits take Thailand for example a friend and Veteran car dealer based in Bangkok gets frequent quotes from Chinese automakers these days one guy in China and he sounded very confident said he can deliver a territory replica for just $88,000 recounted my friend look I sell the real Ford territory here starting at 32,000 can you imagine he told me his words gave me a flashback to the 1990s and 2000s when I was building our first company in Bangkok Thailand was then known as Japan P's backyard and for good reason Japanese brands utterly dominated the market year in and year out taking more than 90% of the market no more in the first half of 2024 byd's market share jumped to 5% every Japanese brand including Toyota saw sales draw Honda was forced to close a plant and Suzuki is exiting the kingdom Thailand is just one example another is Brazil the world's sixth largest car market Chinese automakers sent 175,000 cars in the first half a 450% increase over the same period in 2023 you read that right 450% how to explain The Sensational growth the governments of China and Brazil are getting closer in executive from a leading dealer group in s sa Pao told me this week hinting at China's geopolitical charm offensive aggressive pricing and good products are part of it too he said Chinese gains means fresh pain for existing automakers Akers count Chevy Jeep and Fiat among the walking wounded as a group they lost more than 125,000 Brazilian customers to Chinese brands in the first half of this year by now the industry recognizes byd as China's leading automaker the company recently raised its ful year sales forecast to 4 million just a few small steps behind Ford but byd is not China's top exporter at least not yet instead its three largest car exporters a Chinese state-owned Enterprises while Chinese automakers steal chunks of Market sheer Japanese European and American competitors appear to have no response they are confused and overwhelmed by the speed and strength of the Chinese offensive the prices of the Chinese exports in particular shock them who can compete with $19,000 China's frightening car prices are a product of a powerful National Arsenal that may be impossible to duplicate China has unmatched scale speed Supply chains and every variety of subsidies ships too byd and saic have their own roll on rolloff vessels to transport cars across oceans so here's the question of the year if China can jump from 1 million exports in 2020 to 6 million in 2024 what is to stop China from Shipping 12 million annually by 2028 and what is to stop China's Mighty Car Blitz greak from shattering 100 Years of Western car dominance this is the new and unsettling Spectre that ruins the sleep of Automotive leaders outside of the People's Republic of China here ends the direct quote and today's episode of China update thank you so much everybody for watching have a good Thursday and I will see you all tomorrow
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