FCC bans Chinese telecom devices
- The United States Federal Communications Commission (FCC) announced new bans on telecommunications and video surveillance devices from five Chinese firms, citing “unacceptable risk” to national security. The four-member commission announced the restrictions on Friday, prohibiting authorizing equipment from companies on the list covered by Section 2 of the Trump-era Secure Networks Act — Huawei, ZTE, Hytera Communications, Hikvision Digital Technology, and Dahua Technology.
EU, China discontent with U.S. inflation act
- EU trade ministers convened on Friday to discuss the “discriminatory provisions” in the U.S. Inflation Reduction Act (IRA) imposed in August. Attendees of the Foreign Affairs (Trade) Council meeting in Brussels voiced their discontent with the U.S. legislation.
- "We want and expect European companies and exports to be treated in the same way in the U.S. as American companies and exports are treated in Europe." — Valdis Dombrovkis, European Commissioner for Trade
- "There are $367 billion of U.S. subsidies, of which $200 billion are actually not WTO (World Trade Organisation) compliant." — Olivier Becht, French Minister for Foreign Trade and Attractiveness
- "The Inflation Reduction Act as it stands now is quite worrisome, very worrisome, to be honest," — Liesje Schreinemacher, Dutch Minister for Foreign Trade and Development Cooperation
- “We are very concerned about the likely significant impact of the U.S. Inflation Reduction Act on the EU’s manufacturing base.” — Jozef Síkela, Minister of Industry and Trade of the Czech Republic
- "Nobody wants to get into a tit-for-tat or a subsidy race. But what the U.S. has done really isn't consistent with the principles of free trade and fair competition." — Irish Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar
- At a meeting of the WTO Council for Trade in Goods in Geneva on Thursday and Friday, the Chinese mission condemned (Zh) the “discriminatory and distorted” industrial subsidies in IRA and the U.S. policies that “disrupted global semiconductor industrial and supply chains.” The representatives said that the law and the policies could have violated WTO rules and have caused “serious distortions to global trade and investment in relevant sectors.”
Iranian parliament approves membership to SCO
- On Sunday, Iran’s parliament ratified Iran's membership in the Shanghai Cooperation Organization (SCO) with an overwhelming majority. The SCO members agreed to lift Iran from an observer to the ninth full member of the Eurasian organization at the summit in September 2021. In a September summit this year, Turkiye announced its intention to obtain SCO full membership.
COVID restrictions trigger protests across China
- From Friday, high-profile protests broke out in multiple cities across China due to local COVID restrictions. The authorities reiterated the messages in the new 20-point COVID guidelines imposed on November 11, stressing “precise prevention and control” (精准防控) and opposing “one-size-fits-all approach” (“一刀切”) and “excessive policy steps” (“层层加码”).
China kicks off personal pension scheme
- Individuals in 36 areas, including Beijing, Shanghai, Guangzhou, Chengdu, and Xi’an, can set up private pension accounts to buy retirement saving products, the Chinese government said in an announcement (Zh) on Friday. The pilot scheme is aiming to tackle the country’s acute aging problem. The World Health Organization (WHO) estimated that by 2040, the population above 60 years old in China would reach 28%. As of 2022, 30% of Japan’s population is over 60 years old.
KMT leads Taiwan local elections
- Chiang Wan-an, Chiang Kai-shek’s great-grandson, won the local elections on Saturday and is set to become the youngest-ever mayor of Taiwan’s capital city Taipei. The victory could pave the way for the 43-year-old to race for the island’s leader on behalf of the opposition Kuomintang (KMT). The ruling Democratic Progressive Party (DPP) won only 8 out of 21 cities and counties, the least since it was founded 36 years ago. Tsai Ing-wen, the leader of the island, resigned as the DPP chair after the elections but will remain the leader of the island. The strong showing of KMT boosted the chance of the party’s leader Eric Chu and New Taipei Mayor Hou Yu-ih to win the “presidential election” in January 2024.