Good morning! Secretary of State Antony Blinken recently had a meeting with China’s Foreign Minister Qin Gang in Beijing. This meeting is part of an important mission to improve the strained relations between the two countries. The relationship experienced difficulties after an alleged Chinese spy balloon flew over North America. Blinken’s visit marks the first time a US Secretary of State has visited China since 2018 due to strict Covid-19 lockdowns and the current low level of US-China ties.
During his visit, Blinken engaged in a five and a half-hour meeting with Qin. The US State Department stated that Blinken extended an invitation for Qin to visit Washington for further discussions. Blinken’s trip follows a meeting between President Joe Biden and Chinese President Xi Jinping in November, where they agreed to establish a “floor” to improve relations. However, the plan was disrupted when Blinken canceled his visit to China earlier this year due to the spy balloon incident.
US officials believe that relations are now in a place where progress can be made towards the Bali agenda. However, they acknowledge that achieving progress will be challenging.
Here are some other noteworthy events happening today: Germany and China are beginning bilateral government consultations in Berlin, marking the first face-to-face meeting between the two countries since 2018. In the UK, Members of Parliament will gather to ratify a critical parliamentary report on former Prime Minister Boris Johnson. Additionally, the US will celebrate Juneteenth, with financial markets closed.
In other news, AstraZeneca is considering a plan to spin off its China business and list it separately in Hong Kong. This move is seen as a way to protect the company against geopolitical tensions. Italy has stripped China’s Sinochem of its influence as the largest shareholder in Pirelli, citing national security concerns and potential Chinese Communist party interference. SVB Financial Group has reached a deal to sell its investment banking division to a group led by its own top bankers and a hedge fund. The Ukrainian military has intensified attacks on Russian arms depots in occupied territory. Beijing’s attempt to promote the valuation of its state-owned enterprises based on socialist credentials has not been successful.
Lastly, there has been a rise in cases of “early onset” cancer in young people over the past 30 years. Epidemiologists have suggested that this increase should be considered an epidemic. The cause of this vulnerability to cancer among younger individuals is still not fully understood.
That’s all for today. Have a great day!
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