The China Agenda for September 10–17 — ARM IPO and hearing on ‘China’s threat to U.S. financial stability’

The key events this week are tech firm ARM’s blockbuster IPO, and a hearing on China’s threat to U.S. financial stability by the House Select Committee on the CCP.

Please click here and take a moment to fill out a brief poll so that we can better curate this weekly update to your interests!

Upcoming diplomatic visits and international political events

Zambia’s President Hakainde Hichilema is on an official visit to China September 10–16.

• Hichilema will attend a banquet hosted by Xí Jìnpíng 习近平, and will also meet with Premier Li Qiang and NPC Standing Committee Chairman Zhào Lèjì 赵乐际, before traveling to Jiangxi and Fujian provinces, as well as to Shenzhen.
• Zambia is currently in the process of restructuring its debt, over $4 billion of which is owed to China’s Export-Import Bank.

Venezuelan President Nicolás Maduro is also in China until September 14.

• Venezuela is heavily indebted to China. The country also continues to ship large volumes of crude oil to China, despite U.S. sanctions.

Vice Premier Zhāng Guóqīng 张国清 will go to Vladivostok to attend the 8th Eastern Economic Forum (EEF) September 10–12. Zhang is a member of the politburo who has run the northeastern province of Liaoning, and had a successful tenure as boss of North Industries, a.k.a. Norinco, one of China’s biggest defense manufacturers. Zhang was visiting parts of Tibet earlier this week.

• The EEF was established by President Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
• Putin will also attend to deliver an address.

Saqr Ghubash, speaker of the Federal National Council of the United Arab Emirates (UAE), is leading a delegation to China September 8–16.

Taiwan’s President Tsai Ing-wen is in Eswatini until Thursday, for the 55th anniversary of the country’s independence. Tiny, landlocked Eswatini, formerly known as Swaziland, is Taiwan’s only remaining ally in Africa.

Cuba will host a meeting of the G77 + China on September 15–16.

• The G77 + China is a grouping of countries of the “global south,” and constitutes over 80% of the world’s population, and two-thirds of the UN’s membership.
• The theme of the summit in Havana is “Current Development Challenges: Role of Science, Technology, and Innovation.”

NATO Chiefs of Defense will meet in Norway September 15–17 for their annual Military Committee Conference.

The PLA will be conducting bilateral military exercises with Singapore’s Armed Forces September 1–14. Exercise Cooperation is in its fifth iteration this year, having first been held in 2009.

The 2023 Taipei Aerospace & Defense Technology Exhibition (TADTE 2023) will be held September 14–16

• TADTE is a biennial defense exhibition.
• Exhibitors will include Taiwan’s Ministry of National Defense, the Idaho Department of Commerce, BAE Systems, and Lockheed Martin, among others.

Political events in China

The National People’s Congress (NPC) is now soliciting public comment on a draft amendment to the Postal Law through September 11, and is soliciting public comment on five draft law revisions through September 30. The drafts are the Company Law, the Value-Added Tax Law, the Preschool Education Law, the Academic Degrees Law, and the Public Security Administrative Punishments Law. You can find the Chinese drafts texts and unofficial translations on the NPC Observer website.

China-related political events in the U.S. and around the world

Several sessions are being held in Congress this week, which have a bearing on the U.S.-China relationship:

• On September 12 at 8:30 a.m. ET, the House Select Committee on the Chinese Communist Party will hold a hearing at the Council on Foreign Relations in New York titled “Systemic Risk: The Chinese Communist Party’s Threat to U.S. Financial Stability.“
• On September 12 at 9:15 a.m. ET, the Homeland Security Subcommittee on Emergency Management and Technology is holding a hearing on “Evolving Threats: Security and Safety in a Post-9/11 World.” The hearing will take place at the 9/11 Memorial & Museum in New York City.
• On September 12 at 10 a.m. ET, the Congressional Executive Commission on China will hold a hearing on countering China’s global transnational repression campaign. Michael Chong, Member of Canadian Parliament, will be a witness, as will Rushan Abbas, Founder and Executive Director, Campaign for Uyghurs.
• On September 12 at 2:30 p.m. ET, the Senate Judiciary Subcommittee on Privacy, Technology, and the Law is holding an oversight hearing to examine A.I., focusing on legislating on artificial intelligence. Microsoft president Brad Smith will attend.
• On September 13 at 10 a.m. ET, the Senate Budget Committee will hold hearings to examine how immigration fuels economic growth and the U.S.’s competitive advantage.
• On September 13 at 10 am. ET, the House Financial Services Committee will hold a hearing on “Oversight of the Committee on Foreign Investment in the United States (CFIUS) and Other Efforts to Strengthen National Security in the United States.”
• On September 13 at 10 am. ET, the House Transportation and Infrastructure Subcommittee on Highways and Transit will hold a hearing on “The Future of Automated Commercial Motor Vehicles: Impacts on Society, the Supply Chain, and U.S. Economic Leadership.”
• On September 14 at 10 am. ET, the Senate Homeland Security and Governmental Affairs Committee will hold hearings to examine governing AI through acquisition and procurement.

Earnings reports, IPOs, and other business and market events

Data releases:

• On September 11 at 7 a.m. ET, China will release monthly data on its vehicle sales.
• On September 11 at 8 a.m. ET, China will release monthly data on new yuan loans issued by the country’s financial institutions. Loans extended last month were the lowest since November 2009.
• At the same time, China also releases data on total social financing, referring to loans extended to the domestic, non-financial enterprises and households.
• On September 11, China will also release monthly data on the M2 money supply.
• On September 14 at 9:30 p.m. ET, China will publish its monthly house price index.
• On September 14 at 10 p.m. ET, China will publish its monthly industrial production figures.
• At the same time, China will also publish figures on retail sales.
• China is also set to publish unemployment data. Last month Beijing suspended the publication of some of its employment figures, so it is unclear whether this will resume this month.

IPOs

• ARM Holdings is expected to list on the Nasdaq Stock Exchange on September 14, with a valuation of approximately $52 billion.
• Heatwell 热威股份, which manufactures electric heating elements, components, and systems, will list on the Shanghai exchange on September 11.
• Also on September 11, China Foresight 芜湖福赛科技 will float on Shanghai’s STAR board.

Other events

Academic and think-tank events this week include:

Global Minnesota and The U.S. Heartland China Association: The New China Playbook: Beyond Socialism and Capitalism — A Conversation with Keyu Jin, September 11, 9 a.m. ET.

CFR: U.S. Strategic Competition With China with Mike Gallagher and Raja Krishnamoorthi, September 11, 1:30 p.m. ET.

CSIS: Army OSINT: Defining a New Course, September 12, 10 a.m. ET.

CSIS: Next War Online: Using Cyber Games to Understand Emerging Threats, September 12, 1 p.m. ET.

RAND: Supply Chain Uncertainty, September 12, 2 p.m. ET.

University of Pennsylvania: “The Short- and Long-Run Effects of Affirmative Action: Evidence form Imperial China,” September 12, 5:15 p.m. ET.

Columbia University Weatherhead East Asia Institute: The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy – Conversation with Suisheng Zhao, September 13, 12 p.m. ET.

Brookings: Navigating a challenging and uncertain global economic climate, September 13, 12 p.m. ET.

Stimson Center: Charting a Blue Future for Cooperation between West Africa and China on Sustainable Fisheries, September 14, 10 a.m. ET.

Wilson Center: China’s Clean Energy Partnerships in the Global South, September 14, 10:30 a.m. ET.

Brookings: Frontier AI regulation: Preparing for the future beyond ChatGPT, September 14, 1:30 p.m. ET.

CSIS: Seafood Alliance for Legality and Traceability Forum – Taking Stock and Next Steps, September 15, 8:30 a.m. ET.