Here at our CUSEF blog, we share news, updates and stories about China and the United States. We provide more than a cursory glimpse of what’s going on between the two powers - here, we offer an in-depth look into their current state of affairs.

CUSEF Express

CUSEF Express - May 30, 2022

2022-05-30
Daily highlights of developments that affect China and the U.S.
Daily highlights of developments that affect China and the U.S.

Shanghai prepares to fully resume

  • Shanghai will lift restrictions on all manufacturers from June 1, aiming to bring the city back to normality by the end of the month. On Sunday, the Shanghai authorities announced 50 measures (Ch) to revitalize the economy. The measures include tax rebates, removing “unreasonable” COVID restrictions, better and more engaging governmental services, consumption encouragement, investment expansion, and employment creation.
  • People welcome the policies as the impacts of the months-long citywide lockdown have been painfully felt, with businesses closing down, supply chains disrupted, foreign companies fleeing, many people losing their jobs, and patients with non-COVID diseases dying due to the restrictions. The country’s economic development is on track to fall short of targets this year partly because of the massive lockdown of its commercial and financial hub.

UN’s Bachelet wraps up China visits

  • In a statement concluding her six-day trip to China, UN High Commissioner for Michelle Bachelet took a moderate approach when commenting on China’s human rights situation, emphasizing the trip was not an investigation but an opportunity for communication. Bachelet said the meetings her team had in Xinjiang were "unsupervised and organized by us," when answering questions from the press.
  • Bachelet hailed China for its achievement in poverty alleviation and welcomed the country’s legislative and judicial reforms, as well as policy documents such as the “Human Rights Action Plan of China” (Ch/En). She also welcomed China’s ratification of the two International Labor Organization Conventions while calling for the ratification of the International Covenant on Civil and Political Rights.
  • The UN rights chief said the arrests under Hong Kong’s National Security Law were “deeply worrying,” the only direct criticism she made in the speech. However, Bachelet highlighted the importance of data transparency and abolition of the death penalty, independent judicial oversight and transparency of judicial proceedings, and Tibetans’ access to their native language and culture. She also raised the concern about the Residential Surveillance system.
  • The limited criticism by Bachelet disappointed human rights groups who looked forward to vociferous condemnation against China. But the UN office probably would not make a judgment without solid investigation.

U.S. stocks see worst first five months since 1970

  • Despite the upbeat week for major U.S. indexes, the S&P 500’s fell 13% in total so far this year, its biggest drop in half a century. Nasdaq 100’s also had the largest ever year-to-date plunge at 22%. Analysis see the deep concern of high inflation and the expectation of rate hikes as the major factors that upset the market.
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