China
Teapot drama targeting British Museum sparks nationalist fervor in China
Chinese state media and netizens have piled onto social media in recent days to sing the praises of a homegrown web drama about a jade teapot that escapes from the British Museum and tries to get home to China.
The three-part drama, “Escape from the British Museum,” shows the green-clad “teapot” personified as a young woman accost a Chinese man in the street, asking for help.
“I’ve been wandering around out here for ages, cousin,” she tells him. “I’m lost, and can’t find my way home.”
The nationalistic drama has proved a hit with the online army of nationalist “little pinks,” and was released around the same time as a Global Times editorial calling for the return of Chinese artifacts from the scandal-hit British Museum, which fired a staff member last month after some of its collection was found for sale on eBay.
Never mind that the explanatory text about the teapot referenced in the film states it was actually made in 2011 by Suzhou master jade carver Yu Ting, who sent it to be displayed in the museum.
“While the British Museum proudly displays over 23,000 Chinese artifacts, most of which were obtained through improper channels, even dirty and sinful means, questions loom over their acquisition history and the larger issue of repatriation,” Global Times said in an infographic on Sept. 4.
‘Bloody, ugly and shameful’
Earlier, the paper published an editorial calling the museum “the world’s largest receiver of stolen goods.”
“The UK, which has a bloody, ugly, and shameful colonial history, has always had a strong sense of moral superiority over others,” it said. “We really do not know where their sense of moral superiority comes from.”
In the web drama, the young man takes the eccentric teapot woman home to his elegant apartment, sleeping on the sofa and taking her on a whistle-stop tour of U.K. tourist spots including the white cliffs of Dover, before eventually telling her “Come on, we’re going back to China.”
The couple then take in a military parade complete with goose-stepping soldiers on Beijing’s Tiananmen Square.
“Thank you, Yong An,” she tells the young man, whose character takes his name from a ceramic pillow emblazoned with the words “eternal peace for family and country” on display in the British Museum. “This has been the happiest and brightest time in my tiny world.”
‘No. 1 robber’
The young producers, who also act in the film, told ruling Chinese Communist Party newspaper, The People’s Daily, in an audio interview posted to Weibo on Sept. 8 that they decided to release the show early after seeing the news last month that the British Museum had sacked a member of staff and reported around 2,000 cultural relics missing to Scotland Yard.
“This is about the emotions we felt after a visit to the British Museum,” one co-actor and producer who gave only the pseudonym Xiatian Meimei told the paper.
“While we were filming at the British Museum, we ran into a lot of foreigners [sic] who didn’t understand much about our cultural artifacts,” director Zhang Jiajun, a Douyin blogger and film school graduate said. “They are Chinese treasures that carry a lot of Chinese culture.”
“When they are overseas, people don’t really understand them, because they lack the cultural genes to do so,” he said, using a buzzword that has become popular under Chinese leader Xi Jinping. “We hope people will pay more attention to the issue of cultural artifacts overseas.”
The drama drew a large number of nationalistic comments, with one comment saying “I’m going to cry myself to death,” and another saying: “We must take back what belongs to China.”
“The British Museum is the world’s No. 1 robber,” said another.
Returning relics?
Another article in the Global Times called on Foreign, Commonwealth and Development Secretary James Cleverly, who was visiting China at the time, to change the law preventing the return of artifacts in the museum.
The British Museum was established by an Act of Parliament in 1753 and is currently governed by the British Museum Act 1963.
It has so far refused to return the Elgin Marbles from the temple of Athena to Greece, ceremonial items and other artifacts taken during 19th century military action to Ethiopia, the 900 Benin Bronzes to Nigeria or gold items belonging to the Asante people of Ghana, according to the BBC.
U.K.-based commentator Chen Liangshi said much of the anger over Chinese artifacts ignores the mass destruction of cultural items during the 1966-76 Cultural Revolution, and that many of the items now in overseas museums could have been destroyed if they had stayed in China.
He added that many of the artifacts in the British museum were bought rather than looted, or donated by collectors after changing hands several times.
U.K.-based Hong Kong historian Hans Yeung agreed, also citing the widespread destruction of the Cultural Revolution and the whipping up of nationalistic sentiment online.
“They went after the United States, then they went after Japan,” he said. “Now they’re done with Japan, they’re going after the U.K.“
U.K. Prime Minister Rishi Sunak has accused China of meddling in Britain’s democracy as he faces a government split at home over whether to formally designate China a threat to national security.
Meanwhile, a brief survey of publicly available information by Radio Free Asia found that more than 100 Chinese cultural artifacts came from the donated collection of Irish physician and naturalist Sir Hans Sloan, while thousands more were donated from the collection of antiquarian Sir Augustus W. Franks.
Many more were sold by Chinese aristocrats, officials and scholars for cash around the fall of the Qing Dynasty in 1911.
Against the flow
Not all Chinese media played along with the nationalistic angle.
The Guangzhou-based newspaper Southern Weekend published an article titled: “Is it really a good idea…
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China
Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
Italy ratified an upgraded Double Tax Agreement (DTA) with China, effective in 2025, to reduce tax burdens, prevent evasion, and enhance investment. The DTA introduces modern provisions aligned with international standards, targeting tax avoidance and improving dispute resolution for Italian businesses.
Italy recently ratified the upgraded Double Tax Agreement (DTA), which will finally take effect in 2025. This agreement was signed in 2019 and was designed to reduce tax burdens, prevent tax evasion, and promote Italian investment in China.
On November 5, 2024, Italy’s Chamber of Deputies gave final approval to the ratification of the 2019 Double Tax Agreement (DTA) between Italy and China (hereinafter, referred to as the “new DTA”).
Set to take effect in 2025, the new DTA is aimed at eliminating double taxation on income, preventing tax evasion, and creating a more favorable environment for Italian businesses operating in China.
The ratification bill for the new DTA consists of four articles, with Article 3 detailing the financial provisions. Starting in 2025, the implementation costs of the agreement are estimated at €10.86 million (US$11.49 million) annually. These costs will be covered by a reduction in the special current expenditure fund allocated in the Italian Ministry of Economy’s 2024 budget, partially drawing from the reserve for the Italian Ministry of Foreign Affairs.
During the parliamentary debate, Deputy Foreign Minister Edmondo Cirielli emphasized the new DTA’s strategic importance, noting that the agreement redefines Italy’s economic and financial framework with China. Cirielli highlighted that the DTA not only strengthens relations with the Chinese government but also supports Italian businesses, which face increasing competition as other European countries have already established double taxation agreements with China. This ratification, therefore, is part of a broader series of diplomatic and economic engagements, leading up to a forthcoming visit by the President of the Italian Republic to China, underscoring Italy’s commitment to fostering bilateral relations and supporting its businesses in China’s complex market landscape.
The newly signed DTA between Italy and China, introduces several modernized provisions aligned with international tax frameworks. Replacing the 1986 DTA, the agreement adopts measures from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the OECD Multilateral Instrument (MLI), targeting tax avoidance and improving dispute resolution.
The Principal Purpose Test (PPT) clause, inspired by BEPS, is one of the central updates in the new DTA, working to prevent treaty abuse. This clause allows tax benefits to be denied if one of the primary purposes of a transaction or arrangement was to gain a tax advantage, a move to counter tax evasion through treaty-shopping.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
China
U.S. national debt is its Achilles’ heel, but China sees it as an opportunity
China is emerging as a dominant force in the Global South, challenging U.S. dollar hegemony by increasing gold reserves and reducing U.S. debt holdings, aiming for a multipolar economic landscape.
China is gradually establishing itself as a major player in what has recently been called the Global South, previously known as the Non-Aligned Movement. Over the last few decades, China has become the world’s biggest creditor of developing countries. That has prompted many to fear that it will subjugate partners through the “debt trap” and use this to establish a “hegemonic sphere of influence.”
China’s economic position is so strong that it is now considered the main threat to the U.S. dollar. It is an influential member of the BRICS+ group (which also includes Brazil, Russia, India and South Africa). This group is working to establish a multipolar world that challenges the hegemony of the West, specifically the leadership of the United States. I analyzed this issue in a previous article.
Without using the term “threat,” the U.S. administration now sees China as the “most serious long-term challenge” to the international order. It’s easy to understand why, since China’s strategic objective is to put an end to the supremacy of the U.S. dollar, the keystone of U.S. hegemony.
As a researcher in international political economy at the Université Laval, I am looking at the role China is playing in the dedollarization of the world.
The stronghold of the U.S. dollar
The supremacy of the U.S. dollar underpins American hegemony in the current international order, as French economist Denis Durand explains in his article Guerre monétaire internationale: l’hégémonie du dollar contestée? (International currency war: the dollar’s hegemony challenged?).
In addition to the fact that several currencies are linked to the dollar by a fixed link or band of fluctuation, American currency is also used in many Third World and Eastern European countries, where it enjoys a much higher level of public confidence than do local currencies. […] The United States is the only power that can incur foreign debt in its own currency.
The hegemony of the U.S. dollar over the world economy is reflected in its over-representation in the foreign exchange reserves held by the world’s central banks. The greenback still outstrips other currencies even though there has been some erosion in this.
Despite a fall of 12 percentage points between 1999 and 2021, the share of the U.S. dollar in the official assets of the world’s central banks remains fairly stable at around 58-59 per cent.
U.S. currency still enjoys widespread confidence around the world, reinforcing its status as the preeminent reserve currency. The U.S. dollar reserves of the world’s central banks are invested in U.S. Treasury bills on the U.S. capital market, helping to reduce the cost of financing both government debt and private investment in the United States.
However, the income generated for the U.S. economy by the hegemony of its dollar could also collapse like a house of cards. Durand makes this point when he writes that “the monetary hegemony of the United States […] is held together only by the confidence of economic agents around the world in the American dollar.”
There are two reasons that the world’s confidence in the U.S. dollar could decrease.
Firstly, as U.S. Treasury Secretary Janet Yellen admitted in an interview in April 2023, the United States is unequivocally using its dollar as a tool to bend enemies — but also some recalcitrant allies — to its will. This could ultimately undermine the dollar’s hegemony.
On the other hand, the U.S. debt situation, particularly its unsustainability, is a source of concern that could affect the dollar’s attractiveness as a global reserve currency.
Unsustainable debt
The U.S. dollar has been at the heart of the international monetary system since 1944, and even more so since the Bretton Woods Agreement came into force in 1959.
The Bretton Woods system was based on both gold and the greenback, which was the only currency convertible into gold; this convertibility was fixed at the rate of $35 per ounce.
That changed on Aug. 15, 1971, when, because of inflation and the growing imbalances in the United States’ international economic relations, Richard Nixon announced the end of the dollar’s convertibility into gold.
With the dollar pegged to gold, the United States’ ability to take on debt to meet public spending was limited. Under the gold-based system, where gold was the guarantor of the U.S. currency, the United States could only borrow according to the quantity of dollars in circulation and its gold reserves.
Abandoning the gold-based system gave the U.S. free rein over its debt. In 2023, the U.S. public debt reached more than $33.4 trillion, nine times the country’s debt in 1990.
This astronomical figure continues to raise concerns about its long-term sustainability. As U.S. Federal Reserve Chairman Jerome Powell has pointed out, U.S. debt is growing faster than the economy, making it unsustainable in the long term.
An opportunity for China
This is a reality to which China is clearly attuned, since it recently undertook a massive sell-off of the U.S. debt it owned. Between 2016 and 2023, China sold $600 billion worth of U.S. bonds.
However, in August 2017 China was the United States’ largest creditor, ahead of Japan. It held more than $1.146 billion in U.S. Treasuries, almost 20 per cent of the amount held by all foreign governments. Beijing is now the second-largest foreign holder of U.S. debt, with a claim of around $816 billion.
It is certainly no coincidence that before divesting itself of U.S. bonds, Beijing first launched its own gold pricing system in yuan. In fact, on April 19, 2016, the Shanghai Gold Exchange, China’s operator for precious metals, unveiled on its website its first “fixed” daily benchmark for gold at 256.92 yuan per gram.
This policy is part of China’s strategy to make gold a tangible guarantee of its currency.
China’s “Gold for Dollars” strategy
China is also selling its U.S. bonds. According to the U.S. Treasury, between March 2023 and March 2024, China sold off $100 billion in U.S. Treasuries, on top of the $300 billion it had already sold off over the past decade.
At the same time, the Middle Kingdom has replaced around a quarter of the U.S. Treasuries sold in 10 years with gold, of which it is now the leading producer and consumer. Like China’s central bank, other central banks in emerging countries continue to buy gold.
China’s appetite for gold was confirmed in 2010, when its gold reserves rose to 1,054 tonnes, from around 600 tonnes in 2005. Ten years later, in 2020, its stock of gold had almost doubled again, to nearly 2,000 tonnes. By the end of 2023, with a gold reserve of 2,235 tonnes, China will be the country with the sixth-largest gold reserve.
As a substitute for the dollar, gold enables China to store the gains from its large trade surpluses. With the Shanghai Gold Exchange, which offers gold trading contracts in Yuan, Beijing is seeking to strengthen the use of its currency abroad with the aim of establishing the yuan as the benchmark currency for the global economy.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
- Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
- China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
- U.S. national debt is its Achilles’ heel, but China sees it as an opportunity
- Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
- Vietnam’s Approach to China: A Balance of Cooperation and Struggle
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