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Newsletter 142 - November 27, 2022

Dexter Roberts
Nov 27, 2022
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Welcome to the 142nd edition of Trade War.

Following a deadly fire in Urumqi, Xinjiang, anger over Covid lockdowns erupts with protests sweeping Chinese cities and college campuses. Demonstrators in Shanghai call for Xi Jinping and the CCP to step down. And Foxconn workers clash with hazmat-clad police officers over abysmal ‘closed loop’ factory conditions.

Apple and other multinationals face reckoning under Covid Zero. German companies may be ordered to disclose scale of their China operations. World’s largest asset managers and state pension funds passively supporting Uyghur Muslim repression. And India rises as a manufacturing and business alternative.

Over one-fifth of China’s GDP under lockdown with that proportion soon to rise to almost a third, estimates Nomura. Fourth quarter GDP predicted to shrink, quarter over quarter. The IMF calls for a “recalibration” of Beijing’s Covid policy. And China unlikely to open again until after 2023.

Beijing’s tightening grip over Hong Kong plus fears of National Security Law damage market transparency. New research shows alarming levels of wealth inequality in China. And facing pressure from Xi’s Common Prosperity, JD.com follows state banks in cutting salaries of executives.

China news breaking fast . . .

Okay, this is one of those newsletters where I am confronted by the daunting realization that China news is breaking so fast that I must press the send button, or never finish writing. The latest: students are now protesting at Tsinghua University, one of the country’s best schools.

As you can see in the video below, the Tsinghua students are holding up blank sheets of white paper, a protest tactic dating at least back to 2020 in Hong Kong.

Twitter avatar for @vivianwubeijing
Vivian Wu @vivianwubeijing
Just come in. As a relay, at this moment hundreds of students are gathering on the campus of Tsinghua University (one of the tops in China) chanting “ freedom of expression democracy rule of law”, after dozens of such gatherings seen on campuses nationwide over past two days.
6:32 AM ∙ Nov 27, 2022
81Likes44Retweets

Anti-Covid lockdown protests sweep China

Protests against China’s Covid lockdowns have swept across cities and college campuses over the last 24 hours in a striking display of dissent. Below are videos from a number of the most notable.

Beijing, wow…

The demonstration shown here in Beijing is particularly notable given the very low level of tolerance for any open criticism against government policies in China’s capital.

Twitter avatar for @dtiffroberts
Dexter Roberts @dtiffroberts
Beijing, wow..
Twitter avatar for @whyyoutouzhele
李老师不是你老师 @whyyoutouzhele
北京天通苑北一区 居民撕破隔离铁皮,走上街头 https://t.co/McL6DCMMVq
10:05 AM ∙ Nov 26, 2022
2,491Likes733Retweets

‘Down with the party! Down with Xi Jinping!’

In what is sure to cause serious consternation amongst top leaders, protesters in Shanghai on Saturday night chant, “Down with the party! Down with Xi Jinping! Free Xinjiang!”

Twitter avatar for @eefjerammeloo
Eva Rammeloo @eefjerammeloo
‘Down with the party! Down with Xi Jinping!’ Free Xinjiang!’
7:14 PM ∙ Nov 26, 2022
2,587Likes839Retweets

‘One day you will pay’

In the capital of Jiangsu province, the president of Nanjing’s Communication University of China warns protesting students, saying: “One day you will pay for everything you have done today!"

Twitter avatar for @whyyoutouzhele
李老师不是你老师 @whyyoutouzhele
突发!南京传媒学院最新消息 校长到场,对学生们说 “你们总有一天要为你们今天所做的一切付出代价!”
12:08 PM ∙ Nov 26, 2022
15,384Likes3,604Retweets

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