Ukraine war: Foreign minister says China supports ceasefire but does not agree to step in (SCMP)
2022-03-11

Xi congratulates Yoon Suk-yeol on election as ROK president (Xinhua)
2022-03-11

Chinese nationals' evacuation in Ukraine complete! All safe: embassy (GT)
2022-03-09

China lawmakers have West's decline on their minds at 'two sessions' (SCMP)
2022-03-09

Xi holds virtual summit with leaders of France, Germany (Xinhua)
2022-03-09

US attempts to contain China doomed (China Daily)
2022-03-09

Chinese, Pakistani FMs hold phone talks (Xinhua)
2022-03-09

'Actions speak louder than words': US tells China to condemn Russia's invasion of Ukraine (SCMP)
2022-03-07

China to provide humanitarian aid to Ukraine, lays out six initiatives on Ukraine crisis (GT)
2022-03-07

Fake news driving wedge between Chinese and foreigners, top Beijing adviser says in call for ban (SCMP)
2022-03-07

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'Blacklist' targeting bribers to be unveiled (China Daily)
2022-03-10

Understanding China's whole-process people's democracy at "two sessions" (Xinhua)
2022-03-09

China ups legal protection of citizens, further advances law-based governance (Xinhua)
2022-03-09

China vows legislation focus on tackling foreign interference (GT)
2022-03-08

Top commander's call to strengthen national defense (Xinhua)
2022-03-08

China's chief justice calls for death penalty for 'cruel treatment' of women, children and the elderly (SCMP)
2022-03-08

Xi stresses ensuring key agricultural products supply, building stronger social security network (Xinhua)
2022-03-07

China enters new stage of COVID battle amid 2-year high daily tally (GT)
2022-03-07

New carrier rocket, Moon and Mars missions… lawmakers reveal China's forthcoming space programs (GT)
2022-03-07

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Ukraine Invasion: Paralympian withdraws from Beijing Games after her father captured by Russian troops (SCMP)
2022-03-09

Stadiums for Beijing Winter Paralympics to be open to public, serve more people with disabilities (GT)
2022-03-07

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Shanghai Data Exchange jumps on metaverse bandwagon with virtual recruitment drive (SCMP)
2022-03-09

International antiques trade center unveiled in Shanghai, promoting return of cultural relics (GT)
2022-03-08

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Profit forecasts show resilience, vitality of Shenzhen-listed firms (Xinhua)
2022-03-10

GBA development in focus at two sessions (GT)
2022-03-07

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'Two sessions' 2022: China urged to 'accelerate' mining at major lithium deposits, including in Sichuan (SCMP)
2022-03-05

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A thriving Tibet in eyes of lawmakers, political advisors (Xinhua)
2022-03-09

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US tells China to give UN access to Xinjiang to probe Uygur treatment (SCMP/Reuters)
2022-03-10

Xinjiang builds its medical expertise, helps neighboring regions in BRI (China Daily)
2022-03-09

UN human rights chief Michelle Bachelet to visit Xinjiang in May after 'recent' agreement with Beijing (SCMP)
2022-03-08

Wondrous Xinjiang: Human rights achievements here never more evident: national lawmaker (Xinhua)
2022-03-08

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'Unprepared and disorganised': where did Hong Kong government go wrong in its fight against fifth wave of coronavirus? (SCMP)
2022-03-11

IMF report recognizes Hong Kong's strong economic recovery (Xinhua)
2022-03-08

HK legislators, political advisors propose strengthening patriotic education (GT)
2022-03-08

Covid-19: Show 'kindness' to domestic workers, Hong Kong labour chief says amid reports of firing, homelessness (HKFP)
2022-03-07

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Macao explores diversified financial cooperation with Luxembourg (Xinhua)
2022-03-10

Macao hosts 2nd Cultural Week of China for Portuguese-speaking public (Xinhua)
2022-03-08

Education has instilled love of motherland in Macao people, political adviser says (China Daily)
2022-03-07

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Taiwan says Chinese warplane crashed in disputed South China Sea (SCMP)
2022-03-10

Chinese military spokesperson vows zero tolerance for "Taiwan independence" separatist acts (Xinhua)
2022-03-10

Taiwan's ageing tanks to get an upgrade to boost defences against PLA (SCMP)
2022-03-09

Taiwan dismisses talk of US F-16V jet swap deal with Ukraine and Poland (SCMP)
2022-03-08

CPPCC member calls young people from Taiwan to jointly build the motherland (China Daily)
2022-03-07

Western reaction to Ukraine invasion both a caution and a road map for China on Taiwan (SCMP)
2022-03-05

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China GDP: 2022 economic growth target is within reach, 'but it will come at a cost' (SCMP)
2022-03-11

China's fiscal spending spree to be bolstered by 'very special' 1 trillion yuan payment from central bank (SCMP)
2022-03-10

Ukraine invasion won't dent China's push to surpass US, become top economy by 2030: Beijing adviser Justin Lin Yifu (SCMP)
2022-03-09

Chinese shipbuilders see surging orders amid rising demand for global shipping (GT)
2022-03-09

Sanctions on Russia Sound Alarm for Chinese Banks (Caixin)
2022-03-08
As China's banks find themselves walking a tightrope amid the deepening economic warfare between Russia and the West, those with international exposure need to take extra care to ensure they avoid being hit by the fallout from U.S. and European sanctions, analysts say. The U.S. and its allies have imposed sweeping financial sanctions on Russia following its attack on Ukraine, including freezing the assets of its central bank and removing seven Russian banks from SWIFT, the global financial messaging system that links lenders around the world and facilitates international money transfers. While Chinese institutions are technically able to continue engaging with sanctioned Russian entities under domestic law, the move has prompted a number of Chinese financial institutions to assess their business dealings in Russia and evaluate the risks and their potential exposure as they await further guidelines from their head offices, people familiar with the matter told Caixin. Apart from the suspension of some ongoing dollar-denominated transactions, the sanctions have had limited impact on Chinese banks so far, sources at some lenders have told Caixin. However, others are increasingly wary of potential secondary sanctions that could be applied to those seen as circumventing primary sanctions by continuing to do business with sanctioned Russian entities. "The more international dealings a bank has, the more careful it should be at this time," a senior trade finance executive told Caixin. When governments slap sanctions on individuals, entities or countries, people physically located in the jurisdiction of that government, along with entities organized and incorporated in it must comply or risk significant fines and other penalties. Trading and transactions that are processed through the financial systems under the legal jurisdiction of the government are also banned. Chinese entities registered in China don't come under the legal jurisdiction of the U.S. and other Western governments that have imposed sanctions on Russia and so do not have to comply. However, they could be subject to secondary sanctions, which are aimed at preventing third parties from trading with the people, entities and countries targeted by those governments. These could involve penalties, such as a ban on doing business with the country imposing the sanctions, or restrictions on financial transactions carried out in its currency. "Even if there isn't a direct connection to the U.S., Chinese investments in Russia could be viewed as providing financial support to the sanctioned entities in violation of the U.S.' Executive Order 14065, which could trigger secondary sanctions," three trade and compliance experts at Beijing-based Zhong Lun Law Firm wrote in a Feb. 28 analysis. For financial institutions, the biggest risk is being added to the Specially Designated Nationals and Blocked Persons (SDN) list administered by the U.S. Office of Foreign Assets Control (OFAC). This powerful tool effectively removes an institution from the U.S. financial system, bans it from conducting transactions with U.S. institutions and their overseas subsidiaries, and freezes their assets in the U.S. This means that entities on the SDN list won't be able to access the U.S. Clearing House Interbank Payments System (CHIPS), the electronic funds transfer system in the U.S. for settling cross-border payments. This system processes U.S. dollar wire transfers between international banks and other financial institutions. As the dollar accounts for nearly half of all global payments, according to SWIFT data, being placed on the SDN list would severely curtail a bank's international business. "Once you get listed as an SDN, you're basically cut off entirely from international trade," a person in charge of the compliance department at a U.S. bank said. A number of Russian individuals including Russia's President Vladimir Putin himself and banks such as Otkritie, Sovcombank, Novikombank, and the country's second-biggest lender, VTB, have been put on the SDN list. On Feb. 24, OFAC added 24 Belarusian individuals and entities to the list, including two state-owned Belarusian financial institutions, citing Belarus' support for, and facilitation of, Russia's invasion of Ukraine. While the list of primary sanctions and what they entail are clear to everyone, the conditions that could trigger secondary sanctions are ambiguous at the moment, industry insiders say, which means the final interpretation of any potential penalties rests with the U.S. "It's a fine balance. You never know when you're going to lose your footing and fall off the cliff, because it is very difficult to predict what actions would U.S. authorities regard as crossing the bottom line," a person working in compliance at a foreign bank in China said. "U.S. authorities can penalize anyone if they believe actions [by the third party] undermine the intended effect of their sanctions. Regular sanctions could be put in place, or you could end up on the SDN list, which bars you from participating in dollar settlements," the person said. Some of China's biggest lenders are already showing signs of compliance with Western sanctions on Russia, according to a Bloomberg report last month. The offshore units of Beijing-based Industrial and Commercial Bank of China Ltd., the world's biggest bank by assets, stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, the report said, citing people familiar with the matter. Bank of China Ltd. has also curbed financing for Russian commodities, the report said. Beijing-based Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, said in a statement on March 3 that it has decided to halt all business with Russia and Belarus and place them under review. According to its website, the bank has two projects in Russia with $800 million in total approved financing, while a third project worth $300 million has been proposed. The AIIB, which lends mainly to Asian economies, counts several European countries as members including Germany, France and the U.K. Johnson Ma, director of risk and compliance at Dow Jones in China, recommends all Chinese financial institutions conduct risk assessments for their Russia-related businesses, regardless of the settlement currency used. "This is almost like anti-money laundering. After completing a risk assessment, conduct due diligence on customers and businesses, and finally determine whether the operation is compliant and then deal with it," Ma told Caixin.

'Two sessions' 2022: as small-business concerns persist, China's No 4 official tries to calm frayed nerves (SCMP)
2022-03-08

Analysts stress local supply of oil, gas can help steady energy costs (China Daily)
2022-03-08

European businesses hold high expectations for Chinese market (GT)
2022-03-06

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DPRK to launch more reconnaissance satellites to space (Xinhua)
2022-03-10

US fails to get China to back UN text against North Korea missile 'violations' (SCMP/AFP)
2022-03-08

FM: US must respect DPRK's security concerns (China Daily)
2022-03-07

DPRK conducts test of reconnaissance satellite system (Xinhua)
2022-03-06

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Cabinet meeting in brief (Montsame)
2022-03-10

Mongolia issues warning over meningococcal disease (Xinhua)
2022-03-10

Economic recovery objectives to be discussed ahead of Mongolian Economic Forum (Montsame)
2022-03-09

Ten impacting works of the UN on promoting gender equality and women empowerment in Mongolia (Montsame)
2022-03-08

Working group established on amending the Law on Investment (Montsame)
2022-03-07

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Embassy of Switzerland