Beijing
Beijing announces two-year Metaverse innovation and development plan
The Beijing municipal government on Aug. 23 announced a two-year (2022-2024) metaverse innovation and development plan that would require all districts to adhere to the newly released Web3 innovation plan. The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that would drive the growth of the internet towards Web3. The innovation plan focuses on promoting the development of metaverse-related industries and helping Beijing build a benchmark city for the digital economy. The action plan demands that various districts build technological infrastructure at a city level and promote its use in various fields, including education and tourism. The development program would see the Integration of technical means such as 3D...
Tencent shuts down NFT platform as gov policy makes it impossible to thrive
China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government. Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for managing the NFT platform in the last week of May and completely removed the digital collectible section from its Tencent News app by July’s first week. The primary reason for the slow down in sales and ultimate closure of Tencent’s digital collectible platform is being blamed on flawed government policy that prohibits buyers from selling...
China’s share in Bitcoin transactions declined 80% post crackdown: PBoC
People’s Bank of China, the central bank of the country, claimed in a recent note that China’s share in the global Bitcoin (BTC) transactions has rapidly dropped from over 90% to 10%. The Financial Stability Bureau of the Chinese central bank released a comprehensive note on Wednesday discussing the impact of the crypto crackdown on the financial markets. The official notice claimed that all peer-to-peer exchanges in the country had been eradicated, which eventually curbed the hype around digital currency transactions. A Google translated version of the note read: “The global proportion of Bitcoin transactions in China dropped rapidly from more than 90% to 10%. Severely cracked down on illegal financial activities such as disorderly handling of finance and crackdown on illegal fund-r...
Bitcoin network’s carbon emission jumped 17% after China ban: Report
Bitcoin network’s proof-of-work mining consensus has been a topic of environmental, social and governance debates for a long time, and a new study may only add to the growing controversy around Bitcoin’s carbon footprint. A new research report titled “Revisiting Bitcoin’s carbon footprint” published in the peer-reviewed scientific journal Joules has highlighted that the Chinese crypto mining ban might not have contributed to the reduction in the carbon footprint of the Bitcoin network as propagated by many Bitcoiners; on the contrary, it has increased by 17%. China was the primary hub for Bitcoin miners before May 2021 and accounted for more than 60% of the total Bitcoin network hash rate. However, the blanket ban imposed by the government led to the migration of most of the mining fa...
Shanghai includes metaverse in its development plan
Shanghai, China’s most crowded city, is looking for ways to use a metaverse in public services over the next five years. Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry listed four frontiers for exploration, and one of them is the metaverse. According to a CNBC report, the paper called for promoting the metaverse’s use in public services, business offices, social leisure, industrial manufacturing, production safety and electronic games. The commission plans to encourage further study and development of underlying technologies, such as sensors, real-time interactions and blockchain technology. China’s interest in new technology has been unwavering in recent years, and its efforts to establish ...
Canada leads call on China to allow Xinjiang access – statement
More than 40 countries urged China on Tuesday to allow the U.N. human rights chief immediate access to Xinjiang region to look into reports that more than a million people have been unlawfully detained there, some subjected to torture or forced labour. The joint statement on China was read out by Canadian Ambassador Leslie Norton on behalf of countries including Australia, Britain, France, Germany, Japan and the United States to the U.N. Human Rights Council. Beijing denies all allegations of abuse of Uyghurs and describes the camps as vocational training facilities to combat religious extremism. “Credible reports indicate that over a million people have been arbitrarily detained in Xinjiang and that there is widespread surveillance disproportionately targeting Uyghurs and members of other...
White House considering talks between Joe Biden and China’s Xi Jinping
The White House will consider arranging talks between President Joe Biden and his Chinese counterpart, Xi Jinping, as the two countries spar over issues including human rights, a top U.S. official said on Thursday. Biden’s national security adviser Jake Sullivan said that the two leaders are due to “take stock of where we are in the relationship.” Beijing fumed over a communique issued at Biden’s urging by the Group of Seven leaders on Sunday. It scolded the country over human rights in its Xinjiang region and Hong Kong while also demanding a full and thorough investigation of the origins of the coronavirus in China. “Soon enough we will sit down to work out the right modality for the two presidents to engage,” Sullivan told reporters on a conference call. “It could be a phone call, it cou...
German foreign minister: EU veto ‘hostage’-taking on foreign policy must end
Germany’s foreign minister said on Monday the European Union should abolish the right of individual member states to veto foreign policy measures as the 27-nation bloc could not allow itself to be “held hostage”. His comments, which came days after a more junior official criticised Hungary by name, reflect growing frustration in Berlin at the way in which EU member countries can prevent the bloc from acting in matters on which almost all members agree. “We can’t let ourselves be held hostage by the people who hobble European foreign policy with their vetoes,” Heiko Maas told a conference of Germany’s ambassadors in Berlin. “If you do that then sooner or later you are risking the cohesion of Europe. The veto has to go, even if that means we can be outvoted.” His remarks amount to a highly u...
Guatemalan president says graft fighter biased, ahead of Harris visit
Guatemala’s President Alejandro Giammattei criticized the country’s best-known graft prosecutor for what he said was a left-wing politicization of the fight against corruption, a view at odds with strong U.S. backing for his work. Speaking in an interview with Reuters late on Tuesday, Giammattei nonetheless expressed hope that a visit to Guatemala next week by U.S. Vice President Kamala Harris will produce shared strategies to create prosperity in rural areas prone to emigration. Harris, a Democrat, is in charge of Washington efforts to tackle the causes of mass migration from Honduras, Guatemala and El Salvador, collectively dubbed the Northern Triangle, including a focus on corruption and poor governance that she says limit opportunities. There is a $4 billion U.S. aid package to the reg...
‘Patriots rule Hong Kong’ as sweeping pro-Beijing electoral rules passed
Hong Kong’s legislature approved the biggest overhaul of its political system in the quarter century since British rule on Thursday, in a decisive step to assert Beijing’s authority over the autonomous city. The changes will reduce the proportion of seats in the legislature that are filled by direct elections from half to less than a quarter. A new body will be empowered to vet candidates and bar those deemed insufficiently patriotic towards China from standing. “These 600-or-so pages of the legislation come down to just a few words: patriots ruling Hong Kong,” said Peter Shiu, a pro-Beijing lawmaker. Most of the changes were announced by China in March, though Hong Kong authorities later contributed further details, such as redrawing constituency boundaries and criminalising calls for bal...
Taiwan says request to drop word ‘country’ preceded BioNTech vaccine deal collapse
Germany’s BioNTech asked Taiwan to remove the word “country” from an announcement they planned to make on a COVID-19 vaccine sale to the island, its health minister said on Thursday, giving details of the deal whose axing was blamed on China by Taipei. Taiwan and China are engaged in an escalating war of words after Beijing offered the shots to the Chinese-claimed island via Shanghai Fosun Pharmaceutical Group Co Ltd, which has a contract to sell them in Greater China. Taiwan Health Minister Chen Shih-chung told a daily news briefing the government had signed and sent back a “final contract” agreed with BioNTech after months of negotiations, and the two sides were on the verge of issuing a press release on Jan. 8. But four hours later “BioNTech suddenly sent a letter, saying they strongly ...
Taiwan reports largest incursion yet by Chinese air force
Twenty-eight Chinese air force aircraft, including fighters and nuclear-capable bombers, entered Taiwan’s air defence identification zone (ADIZ) on Tuesday, the island’s government said, the largest reported incursion to date. While there was no immediate comment from Beijing, the news comes after the Group of Seven leaders issued a joint statement on Sunday scolding China for a series of issues and underscored the importance of peace and stability across the Taiwan Strait, comments China condemned as “slander”. Chinese-claimed Taiwan has complained over the last few months of repeated missions by China’s air force near the self-ruled island, concentrated in the southwestern part of its air defence zone near the Taiwan-controlled Pratas Islands. The latest Chinese mission involved 14 J-16 ...