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Hello. China yesterday announced a new round of military maneuvers around Taiwan in response to a visit by a US congressional delegation, a move that bolsters Beijing’s efforts to isolate the island nation.
The announcement came after Democratic Senator Ed Markey and four members of the United States House of Representatives from both sides of the aisle landed in Taiwan on Sunday evening and met with Speaker Tsai Ing-wen on Monday morning.
China’s Defense Ministry said the visit flagrantly violated previous agreements as well as China’s sovereignty and territorial integrity.
“[It] sends the wrong signal to separatist forces of ‘Taiwan independence’ and fully exposes the true face of the United States as a disruptor and destroyer of peace and stability in the Taiwan Strait,” the ministry said.
Beijing’s fierce reaction to the latest US delegation has raised fears in Taiwan and elsewhere that Chinese leaders are trying to impose a new status quo under which foreign politicians and officials are dissuaded from engaging with the island’s government.
The People’s Liberation Army’s new “multi-service combat readiness patrols and exercises” come just five days after the end of week-long drills following the visit of the U.S. House Speaker, Nancy Pelosi, in Taiwan. China said last week that the drills had succeeded in “clearing” the median line in the Taiwan Strait, an unofficial buffer zone, and that the PLA would now regularly patrol around the island.
Since then, PLA warplanes and warships have carried out daily maneuvers around Taiwan in numbers far exceeding those before Pelosi’s visit and in areas near Taiwan where they were not frequently active. before the current crisis.
Taiwan’s Defense Ministry says 96 Chinese military planes were active around the island between last Thursday and Sunday – after Beijing said its drills were over but would keep a ‘close eye’ on Taiwan and the United States and would carry out frequent patrols. in the zone.
Happy Tuesday and thank you for reading FirstFT Asia. —Ethan
Five other stories in the news
1. Iran denies any link to Salman Rushdie attack Nasser Kanaani, spokesman for Iran’s Foreign Ministry, said on Monday that the Islamic Republic had “definitely and seriously” no connection with the suspect. In 1989, Iran’s Supreme Leader Ayatollah Ruhollah Khomeini issued a fatwa against the author, allowing Muslims to kill Rushdie for his alleged blasphemy.
2. Rio Tinto pushed back on its plan to take control of the copper project in Mongolia Turquoise Hill Resources said Rio’s cash offer did not “fully and fairly” reflect the value of its stake in Oyu Tolgoi. Once an underground expansion project is completed, Oyu Tolgoi will be one of the largest copper mines in the world, with production in its early years of around 500,000 tonnes per year, as demand for the metal increases due of the energy transition.
3. Hong Kong accounting watchdog launches second probe into Evergrande and PwC The investigation relates to how the Evergrande subsidiary and PwC classified “bank deposits and other restricted loans”, the guarantees provided on these loans and the disclosure of related party transactions, the Financial said. Reporting Council of Hong Kong.
4. Slow wind farm approvals undermine green goals, renewable energy groups say The chief executives of Danish companies Vestas and Ørsted, respectively the world’s largest wind turbine maker and the biggest developer of offshore wind farms, said governments needed to underpin their green rhetoric by making it easier to go through a planning process often complicated.
5. Germany must reduce its gas consumption by 20% to avoid winter rationing Businesses and households are bracing for Europe’s biggest energy crisis in a generation, with Germany’s main grid regulator warning that gas consumption must be cut by a fifth to avoid a crippling shortage after Russia’s Gazprom limited its supplies in mid-June.
The day ahead
Economic data The minutes of the Reserve Bank of Australia’s August policy meeting will be released. UK releases preliminary second quarter productivity estimates as the country’s productivity slump comes under scrutiny. The United States will release industrial production figures.
My apologies for having misnamed the Japanese Prime Minister yesterday. This is of course Fumio Kishida, not Yoshihide Suga.
What else we read
At 75, India is finally ready to join the global party The country is on track to overtake the UK, Germany and Japan to become the third-largest economy by 2032. Its entrepreneurial spirit and an increasingly efficient welfare state could give India a advantage in a slowing world, writes Ruchir Sharma.
Why the Fed might already be “neutral” on monetary policy Fed Chairman Jay Powell was annoyed by critics for claiming the fed funds rate was now “neutral” during his July 27 press conference. But there is a conceivable way that Powell is right, says Edward Yardeni.
The Arctic is warming four times faster than the rest of the planet: study Scientists have long known that the Arctic is warming faster than the rest of the planet, but have not agreed on a rate. The warming effect and the long-term decline of sea ice are considered two main indicators of climate change.
Crypto poses serious challenges for regulators Even though the crypto industry yearns for the legitimacy offered by regulation, it will also try to minimize oversight, says Eswar Prasad. To guard against this, regulators need to answer a few basic questions.
Business Book of the Year The annual price of the FT has been reduced to 15 securities. While topics range from interest rates to technology, the common theme that emerges is the many challenges facing the global economy.
work & leisure
August is the traditional month for getting scarce in the office. Why are so many still working in August, asks Pilita Clark:
At first I thought I was the only one with an unexpectedly active desktop. But others in the city have the same problem. A friend who had hopes of a quietly productive August dashed by office bustle blames the rise of hybrid working.
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