Chinese People Mourn Former Leader Jiang Zemin
Chinese people were saddened to hear the news of the passing of their former leader Jiang Zemin, who died Wednesday in Shanghai at the age of 96. Later, Chinese newspapers turned front pages black and the national flag flew at half-mast in Tian’anmen Square in Beijing.
The news was announced in a letter addressing the whole Party, the entire military and the Chinese people of all ethnic groups. The letter says that Comrade Jiang Zemin was an outstanding leader enjoying high prestige acknowledged by the whole Party, the entire military and the Chinese people of all ethnic groups, a great Marxist, a great proletarian revolutionary, statesman, military strategist and diplomat, a long-tested communist fighter, and an outstanding leader of the great cause of socialism with Chinese characteristics. He was the core of the CPC’s third generation of central collective leadership and the principal founder of the Theory of Three Represents.
ZTE’s Four Years of Fight against U.S. Ban
In 2018, the U.S. Department of Commerce announced the initiation of a denial order against ZTE, valid for up to seven years. The denial order is the highest-level sanctions tool of the U.S. Department of Commerce, prohibiting dealings with ZTE involving items subject to US jurisdiction. The denial order had a huge impact on the company’s supply chain, and it was almost a disaster for ZTE at the time.
In July of that year, the U.S. government terminated the ban after ZTE paid a fine and replaced all members of the board of directors, giving ZTE a chance to get back on its feet.
Four years later, ZTE survived. The financial report shows that in 2021, ZTE’s revenue reached 114.5 billion yuan and its profit was 8.68 billion yuan, surpassing 2017, and it became the year with the highest revenue and profit for the company in the past ten years. In the past four years, ZTE has experienced huge challenges and regained its vitality. Its experience has provided important references for other Chinese companies.
China’s Household Deposits Rising to a Record High
Since the investment market experienced adjustment at the beginning of this year, some investors have turned their attention to saving deposits. Recently, the bank wealth management market has been fluctuating again, and investors’ interest to deposit products has increased significantly. Household deposits have risen drastically this year, which once aroused market attention.
According to the financial statistics report for the first three quarters of 2022 released by the People’s Bank of China, RMB deposits increased by 22.77 trillion yuan in the first three quarters. Among them, household deposits increased by 13.21 trillion yuan.
It is believed that the above phenomenon on the one hand, is due to factors such as uncertainty about future expectations. Some industry insiders believe that this year’s surge in household deposits is a short-term situation, and in the long run, the household savings rate will still be in a downward trend.
Drought Causes Water in China’s Biggest Lake to Hit Lowest Level
In the summer and autumn of 2022, most of the middle and lower reaches of the Yangtze River Basin experience severe drought. The persistent drought and lack of rain in Poyang Lake and the entire Yangtze River Basin have brought challenges to drinking water safety, agricultural irrigation, industrial production and the ecological environment.
The climate crisis in the Yangtze River Basin is receiving increasing attentions. Some scholars believe that the reduction of precipitation in the Yangtze River Basin in time and space has increased significantly in recent years, which is also the main reason for the intensification of floods and droughts.
Since the beginning of the 21st century, the scope and frequency of droughts in the Yangtze River Basin have increased compared with the past. In recent years, droughts in the Yangtze River Basin have shown a trend of frequent occurrence.
