China may have given the world coronavirus for free, but the COVID-19 vaccine they say they’re developing will come with strings attached. As nations across the world race to develop a vaccine, China is already using access to its eventual product as a diplomatic tool to curry favor with certain Asian, Middle Eastern and South American countries, the Wall Street Journal reports. China’s territorial claims in the South China Sea are baseless and in violation of international law. There is no link between a vaccine and the Spratly Islands. This is just one more step in their quest for regional hegemony. https://t.co/2ItMAa2fYn — Sen. Marsha Blackburn (@MarshaBlackburn) August 20, 2020 The country has reportedly informed the Philippines that it will have early access to hundreds of millions of doses that Chinese-state owned companies are planning to manufacture in partnership with Brazil and Indonesia, according to the New York Post. Pakistan is also among the … [Read more...] about China Gave The World COVID-19 For Free. Now It Wants Something In Exchange For Its Vaccine
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China Cuts Lending Rates as Covid Zero, Real Estate Troubles Threaten Economic Growth
The Chinese central bank cut lending rates on Monday to boost growth as repeated lockdowns and the ongoing mortgage crisis threatens the world’s second-largest economy. According to a report by the Financial Times, the People’s Bank of China lowered its medium-term lending rate by 10 basis points to 2.75% for one-year loans to the banking system. This is the first time the lending rates were cut since January. Beijing is trying to fight a decline in consumer demand caused due to snap lockdowns. The country’s Covid Zero policy has also led to anxiety among Chinese policymakers. The fallout from the mortgage crisis coupled with slowing global growth has also added to the impact. Monday’s numbers showed that consumer and factory activity were worse than expected. The unemployment rate soared to a record high of 19.9%. These challenges will worry Xi Jinping as he tries to boost the economy ahead of his third term at the party Congress later this year. Retail sales are an important … [Read more...] about China Cuts Lending Rates as Covid Zero, Real Estate Troubles Threaten Economic Growth