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1.On December 14, many factories in Zhejiang Province received an emergency notice from the local government that electricity would be rationed and all processing plants had to stop production immediately until December 31. The power rationing was caused by the recent announcement of Inter RAO, a Russian exporter of electricity to China, that it would stop supplying 3 billion kWh of electricity to China. From now on until December 31, provincial government offices can only turn on heat when the office temperature is 37°F or below, and the room temperature should not exceed 61°F.

2.On December 14, a coronavirus taskforce official announced the Philippines aims to finalize negotiations with Communist China’s Sinovac Biotech this week to acquire 25 million doses of COVID-19 vaccine for delivery by March. Sinovac’s plan to conduct Phase 3 clinical trial in the Philippines is being evaluated by its drugs agency.

3.China’s debt markets, the second largest in the world, have been hit by a series of state-owned company defaults in recent weeks. The China Securities Regulatory Commission said on December 15 that it suspended Golden Credit Rating’s license and banned the agency from taking on new business for three months because it had failed to substantiate some of its credit ratings and improvements. The agency was ordered to “strengthen internal controls and compliance management, strictly control business practices and improve the quality of ratings”. However, Golden Credit’s executive called the suspension of its license a “political decision” and stated that “The government wanted to define [it] as an example and encourage others to behave”.

4.Prime Minister Scott Morrison said Tuesday that a Chinese ban on Australian coal imports would breach World Trade Organization rules. Trade Minister Simon Birmingham also indicated a formal coal ban would “indicate discriminatory trade practices”. Since Communist China government instructed ports not to offload Australian coal shipments in October, over 50 vessels have been stranded off China. However, China’s Foreign Ministry spokesperson Wang Wenbin said on Tuesday that the government was unaware of the situation and insisted that China had been acting according to the law and international practices.

5.Communist China’s state-run media Global Times on Tuesday admitted foreign companies with operations in China will probably end up with many sworn CCP members on its payroll, but insisted there is no reason for these companies to be concerned. It even mentioned that foreign companies should be happy to have CCP members as employees because they are intellectually and morally superior. It attempts to elude that fact that not only are many of the CCP members identified in the leaked database working outside China’s borders but also, they hold sensitive positions with corporations, organizations, and even government agencies.

By 【Financial Team – Kate】