China

After over a month of deliberation, the Biden administration announced last week that they had settled on a diplomatic boycott of the 2022 Beijing Winter Olympics. The decision not to send an official delegation, White House press secretary Jen Psaki said, was in response to the "ongoing genocide and crimes against humanity in Xinjiang." This is a relatively toothless and inoffensive form of protest, but it is welcome that the Biden administration at least acknowledges China's human rights abuses. What was more concerning was the administration's response when asked if they would push American companies to pull advertisements from the games. "What individual companies do is entirely up to them.

In the toxic world of American politics, the bipartisanship showed by the House of Representatives last week in overwhelmingly passing a bill to stop the import of Chinese products made with forced labor from Xinjiang is a rarity. The 428-1 vote on the Uyghur Forced Labor Prevention Act, the second in as many years, is the clearest indicator yet of how a new era in American relations with the People’s Republic of China (PRC) is developing. It's one where national security and moral concerns find common ground in opposing the oppressive and predatory policies of the Communist Party of China (CPC).

Anything short of a full boycott of the 2022 Beijing Olympics is an abdication of America’s responsibilities and a rejection of its values. Dispatching athletes to China in February would also violate the Olympic spirit. In a November 2 social media post, three-time Olympian Peng Shuai accused former Chinese vice premier Zhang Gaoli of sexual assault. That post was deleted within minutes and Peng promptly disappeared. The Chinese government has clearly seized control of her and her whereabouts, while Chinese state media has taken control of her story, releasing an email, purportedly from Peng, rescinding her allegations. It's also published photos, purportedly from her friends’ social media, as claimed evidence that she is happy and healthy.

As recently as a week ago, there was talk that Monday night’s virtual summit between President Joe Biden and Chinese Communist Party general secretary Xi Jinping was an opportunity to “reset” the US-China relationship. By the time the two leaders sat down in front of their video screens, the summit had been downgraded to a “meeting” and the White House made clear that little concrete agreement, and no breakthrough, was to be expected. The meeting lived down to expectations, uneasily combining a more sober and realistic US assessment of the parlous state of bilateral ties with what seems a return to a pre-2017 model of surface bonhomie and references to the “the long-term work that we need to do together,” according to a senior US official.

China in late September celebrated the 2,572nd birthday of Confucius, a mark of pride for the Chinese Communist Party. A week later, it celebrated its 72nd “National Day,” commemorating the founding of the People’s Republic of China. Chinese President Xi Jinping regularly gushes over Confucius in speeches and even in his 2015 book. Since 2004, the Chinese government has sponsored more than 500 “Confucius Institutes” — public educational and cultural promotion programs — to the price tag of billions of dollars. But how Confucian is China? And is Confucian statecraft a good thing?

Some time between now and the next 10 years war between the United States and Communist China is certain. The only questions are when and how it will start — and how many millions of people will die. Why would I dare make such a bold prediction? Simple. History has conspired to create the perfect mix: trillions of dollars in trade up for grabs, a geopolitical rivalry, military tensions, bad blood, competing national egos and a quest for tech dominance. Washington and Beijing seem on the way to a world war the likes of which mankind has never before seen. And the most likely spark for this war is Taiwan.

Debt is as much a part of the real estate business as bricks and mortar. And as the great New York builder William Zeckendorf once famously remarked, 'it’s better to be alive at 20 percent than dead at the prime rate.' But the Evergrande Group, the second largest real estate company in China, has taken corporate debt to new heights, with liabilities of a staggering $310 billion, to finance its breakneck growth. In 2010, it had revenues of $7.3 billion and assets totaling $16.7 billion. In 2020, the figures were $81 billion and $368 billion. To be sure, it is a huge company, with 1,300 projects in more than 240 cities in China and 200,000 employees. This year alone, it began 77 new projects.