Three-Minute News for Wednesday, June 24, 2020


Release Date:

2020-06-24

Three-Minute News for Wednesday, June 24, 2020

I. Domestic

1) Xi Jinping issued important instructions on drug-control work, emphasizing the need to steadfastly implement the policy of stringent drug prohibition, wage a people’s war against drugs, and continuously achieve new successes in this endeavor. During an inspection tour in Beijing, Vice Premier Sun Chunlan stressed the importance of rigorously implementing the “four early” measures to resolutely prevent the spread of the epidemic. The State Council has approved Hebei Province’s proposal to adjust certain administrative divisions within Xingtai City, including the abolishment of Xingtai County.

 
2) The final satellite for the BeiDou-3 global navigation constellation was successfully launched yesterday, marking the completion of the constellation deployment and ensuring that China is no longer dependent on others in yet another critical domain. According to the Ministry of Transport, more than 6.6 million commercial road vehicles nationwide are now equipped with the BeiDou system.
3) [Rule of Law] The Central Commission for Discipline Inspection and the National Supervisory Commission publicly disclosed six typical cases of violations of the spirit of the CPC Central Committee’s Eight-Point Regulation. The Supreme People’s Court released the Top Ten Typical Cases of Drug (Drug-Related) Crimes in 2020: over the past five years, the average annual rate of severe penalties in drug-related criminal cases has been 22.37%. Dai Guanghui, Deputy Secretary of the Political and Legal Committee of the CPC Xinjiang Uygur Autonomous Region Party Committee, is under investigation. Xiao Yunhan, Vice President of the Nanjing Branch of the Chinese Academy of Sciences, is undergoing disciplinary review and investigation. Zhang Bincheng, Secretary of the Party Committee of China Shannxi Nuclear Industry Group Corporation, is under investigation. Xu Hongguang, former Director of the Inner Mongolia Prison Administration, is under investigation. Hebei police have cracked down across provinces on a “black payment” platform involved in cases totaling more than RMB 5 billion. Two doctors at the First Affiliated Hospital of Zhengzhou University in Henan Province were slashed; the suspect, Yin Moumou, has been placed under criminal detention by public security organs on suspicion of intentional homicide, and a criminal case has been filed for investigation. A man was detained for three days for spreading the rumor that “a car owner in Xiaogan died of COVID-19 but did not move his vehicle.” Dare to fabricate lies about the police? In the defamation case involving young actress Yang Zi, the defendant was fined RMB 100,000 for falsifying police evidence.
4) On the 23rd, the National Health Commission reported that on the 22nd, 31 provinces and cities recorded 22 new confirmed cases, including 9 imported cases (7 in Gansu, 1 in Jiangsu, and 1 in Shaanxi) and 13 locally transmitted cases, all in Beijing; no new deaths were reported; 2 new suspected cases were reported, both local (both in Beijing); and 7 new asymptomatic infections were reported (5 of which were imported).
5) Another high-risk area has been added in Beijing: Yongding Road Subdistrict in Haidian District has been designated a high-risk area, bringing the total to five. Beijing’s epidemic prevention and control efforts remain at the most critical and challenging stage. The city continues to enforce strict outbound travel controls: during the Dragon Boat Festival holiday, Beijing residents are advised to travel with caution, and personnel from medium- and high-risk subdistricts and townships, as well as those associated with the Xinfadi market, are prohibited from leaving the city.
6) Zhong Nanshan: It is expected that the COVID-19 pandemic will persist this winter and next spring, but a large-scale outbreak like the first wave is unlikely. Deputy Director of the Chinese Center for Disease Control and Prevention: The onset of illness among individuals exposed at Beijing’s Xinfadi market has now entered its final stage.
7) The first phase of the navigation channel improvement project for the southern channel of the Yangtze River Estuary has been completed and put into operation. The 196-meter-high main pier of the Jinyanghe Super Bridge in Sichuan Province has been topped out, making it the bridge with the world’s tallest rigid-frame pier.
8) [Military] The first batch of border defense units across the armed forces has completed power grid construction.
9) [Hong Kong and Macao] Relevant central authorities held 12 symposiums in Hong Kong to solicit opinions on the National Security Law for Hong Kong. Carrie Lam stated that the legal basis of the National Security Law for Hong Kong is clear and leaves no room for ambiguity. The Student Union of the Hong Kong University of Science and Technology refused to remove “Hong Kong independence” posters, prompting the university to take action by removing them and issuing a stern warning. Hong Kong has successfully issued RMB 10 billion in central bank bills, which were enthusiastically subscribed to by overseas investors.

10) [Taiwan] The Ministry of Foreign Affairs responds to a U.S. think tank’s acceptance of funding from the Taiwan authorities and its publication of articles advocating U.S. arms sales to Taiwan, stating that relevant U.S. think tanks should conduct impartial and objective research and voice more rational opinions. Kuomintang Chairman Jiang Qichen claims that the 1992 Consensus is a thing of the past, drawing criticism from Lien Chan, Ma Ying-jeou, and Hung Hsiu-chu. In the Kaohsiung mayoral by-election, the Kuomintang announced it has nominated city councilor Li Meizhen to challenge Chen Chi-mai. Meanwhile, amid calls for “renaming” the Diaoyu Islands, the Taiwan authorities have remained silent, while “Representative to Japan” Hsieh Chang-ting has been criticized for “constantly speaking on behalf of Japan.”

II. International

1) During U.S.–Russia arms-control talks, a photo of the Chinese national flag was placed on the negotiating table—yet the flag depicted in the image contained obvious errors. Foreign Ministry Spokesperson Zhao Lijian stated: “By resorting to such attention-grabbing tactics, the U.S. side is acting neither seriously nor professionally. We hope the U.S. will do its homework and refrain from making a laughingstock of itself.” Pompeo claimed that China’s “arbitrary” arrest and detention of Canadian citizens were politically motivated; in response, Zhao Lijian said such double standards have sunk the bar for rational discourse, adding that labels like “political motivation” and “arbitrary arrest” are perfectly suited to be worn by the U.S. side. Furthermore, the United States has designated four Chinese media outlets operating in the U.S. as “foreign missions.” Zhao Lijian urged the U.S. to immediately cease this self-defeating and harmful practice.
2) China and India hold their second corps-commander-level talks; Zhao Lijian: The two sides agreed to work toward de-escalation. Indian media reports claim that at least 40 Chinese officers and soldiers have been killed? Zhao Lijian: I can responsibly state that this is false information.
3) As of approximately 9:33 p.m. Beijing time on the 23rd, according to statistics released by Johns Hopkins University in the United States, the global cumulative number of confirmed COVID-19 cases has reached 9,129,702, with a cumulative death toll of 472,793.

4) The United States has recorded a cumulative total of 2,312,413 confirmed cases of COVID-19 and 120,402 deaths. A shooting at a Juneteenth celebration in the U.S. left three people dead. As the “Defund the Police” movement drew near the White House, President Trump tweeted: “I have authorized the federal government to arrest those who vandalize statues, with penalties of up to 10 years in prison—effective immediately!” On the 22nd local time, Peter Navarro, the White House trade adviser and a hardline China hawk, made a reckless remark that the U.S.–China trade deal was “over,” sending shockwaves through U.S. capital markets. Trump quickly backtracked, asserting that the agreement remains “fully intact.” Meanwhile, surging demand for COVID-19 vaccines has triggered a global shortage of glass vials, with pharmaceutical companies lining up to secure supplies; Johnson & Johnson alone has ordered 250 million vials.
5) Germany will reimpose lockdowns in the county where a meat-processing plant experiencing an outbreak is located, banning all mass gatherings. The Governor of the Bank of England revealed that when the COVID-19 pandemic struck in early March, the UK government was on the brink of bankruptcy. France has entered the third phase of its “unlocking” process, with venues such as the Paris Opera reopening. Disneyland Paris plans to reopen on July 15, with 2,000 disinfection stations set up throughout the park. An authoritative international journal has published a research report indicating that the novel coronavirus was already circulating in France as early as December last year. A Barcelona opera house has resumed operations and held a concert, with more than 2,000 potted plants serving as the audience. In Mexico, a set of triplets has tested positive for COVID-19.
6) Putin visits the Main Cathedral of the Russian Armed Forces, stating that the war has left wounds that will be difficult to heal. At 10:00 a.m. local time today, Russia will officially hold a Red Square military parade to commemorate the 75th anniversary of the Victory in the Great Patriotic War. A total of approximately 14,000 service members will take part in the parade, including contingents from 13 other countries. In addition, the parade will feature 225 armored vehicles and 75 aircraft.
 
7) Tokyo Disneyland and DisneySea will reopen on July 1, with visitor capacity limits and a reservation system in place. The President of Singapore has announced the dissolution of Parliament and the calling of a general election.
8) An Indian man received a positive COVID-19 diagnosis text message while aboard a train, leaving all passengers in the same carriage stunned. Railway police said they are investigating how the man was allowed to board the train. India has unveiled a “miracle cure” for COVID-19, claiming that positive patients can test negative in as little as three days. Another Indian soldier has died in cross-border fire with Pakistan, bringing the total number of Indian fatalities in June to four. Former Kyrgyz President Almazbek Atambayev has been sentenced to 11 years in prison in connection with the “case of releasing a criminal boss.”
9) Oil and food are being exchanged: Iran and Venezuela are lending each other a helping hand to jointly resist U.S. sanctions. The number of COVID-19 cases in Turkey’s Grand National Assembly has risen to 17.
10) A magnitude 7.4 earthquake struck Mexico at a depth of 10 kilometers.
III. Finance and Securities
1) The National Development and Reform Commission has allocated RMB 3.5 billion in central budgetary investment to support the development of the Hainan Free Trade Port. The Coordination Group of the State Council Joint Prevention and Control Mechanism is coordinating efforts to ensure the effective implementation of central financial and credit policies supporting Hubei Province. The General Office of the State Council has issued the “Opinions on Supporting the Shift of Export Products to Domestic Sales,” emphasizing the need to deliver on the “Six Stabilities” and fulfill the “Six Guarantees” tasks.
2) Ministry of Finance: From January to May, nationwide lottery sales totaled RMB 90.33 billion, a year-on-year decrease of 49.2%. China Banking and Insurance Regulatory Commission: Efforts will be focused on reducing funding costs and promoting appropriate profit concessions by the banking sector. On the 23rd, “small- and medium-cap growth stocks” posted significant gains, with the ChiNext Index hitting a new year-to-date high.
3) Hurun Releases Global Entrepreneurs’ Wealth Changes During the Pandemic: Buffett and the CEO of LVMH Suffered the Greatest Losses, While the Five Richest Individuals All Come from China and Experienced the Fastest Wealth Gains.
4) Yesterday’s Close:

Shanghai Composite Index: 2,970.62 / +0.18%

Shenzhen Component Index 11,794.01/+0.78%

Growth Enterprise Market 2,382.05/+1.67%

Hang Seng Index 24,907.34/+1.62%