Hello everyone, welcome to the News Quintet. Today’s joint hosts are Tang Hao, Qin Peng, Qin Yue, Jin Shi, and I’m Yu Ting. We bring you a diverse range of viewpoints and perspectives, guiding you through the rich world of news. Don’t forget to subscribe and like our independent channel.
Today’s focus: A financial-savvy young woman, with a ten million yuan mortgage burden, tragically commits suicide. Where is the road ahead for young people? Financial shocks in China in June-July: Major pay cuts hit Construction Bank; China-Russia rift deepens with new evidence; Maritime ambitions fail as CCP turns to “Russian backyard”.
Let’s now turn our attention to a unique summit. The 2-day “Shanghai Cooperation Organization Summit” kicked off on Wednesday, bringing together two leaders who rarely leave their countries: Xi Jinping and Putin, both stepping out of their homeland to attend in Astana, the capital of Kazakhstan.
Apart from them, the summit also includes leaders from various Central Asian countries. Additionally, Belarus, having joined the SCO, had its President Lukashenko in attendance.
Interestingly, Indian Prime Minister Modi opted not to attend, instead sending his Foreign Minister. Meanwhile, Indian media reports suggest Modi will visit Moscow next week.
So, what are the highlights of this summit? Is it quietly forming alliances to counter Western camps, or will it escalate into a competition for influence in the “backyard” between China and Russia? Let’s delve into these questions.
Qin Yue, could you briefly introduce the Shanghai Cooperation Organization (SCO) and its member countries, and share insights on the highlights of this summit?
The SCO was established in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, with India and Pakistan becoming full members in 2017. One of the main objectives of the SCO is to combat what it terms the “three forces”: terrorism, separatism, and extremism.
For China, suppressing Uighur nationalist movements calling for an independent Xinjiang is crucial, while Russia aims to prevent armed groups in Central Asia from attacking it. The SCO coordinates counter-terrorism efforts through intelligence-sharing, forming its foundation alongside economic diplomacy.
The highlight of this summit includes the meeting between Xi Jinping and Putin in Kazakhstan, showcasing unity amidst India, Pakistan, and Iran joining the SCO, potentially disrupting existing unity. Lastly, the acceptance of Belarus as an SCO member is a notably supported move by Russia.
Jin Shi, the rare urgency of both Xi Jinping and Putin meeting in a third country again shortly after their previous encounter, what could be the reason behind their hastiness?
Tang Hao, as China pushes for SCO expansion in recent years, can it effectively organize a coalition to counter the G7 group against the West?
Qin Peng, with limitless Sino-Russian friendship seemingly turning into a battle for influence in the “backyard”, will China’s interest in Central Asia affect its relationship with Russia?
Jin Shi and Tang Hao, traditionally friendly ties between India and Russia didn’t see Prime Minister Modi attending the SCO summit due to reported border tensions with China. Are these tensions the real cause, and what other conflicts exist between India and China?
As China’s economy struggles, witnessing a downturn trailing Russia, a highly educated, young woman tragically commits suicide due to mortgage burden and pay cuts, garnering widespread attention. After a break, Qin Yue will delve deeper into this story.
Amidst China’s bleak property market, news circulated of a female employee in a financial company jumping to her death in Shanghai on July 1 due to pay cuts and mortgage pressure. The company acknowledged the employee’s passing but denied the suicide claim.
The woman, born in 1994, a graduate of Zhejiang University, purchased a multi-million yuan property last year in Shanghai. The high leverage in her housing investment, staggering repayment amounts, and her mental distress due to pay cuts led to her tragic death on July 1.
Yu Ting, why has this employee’s tragedy sparked national debate?
The incident is met with sorrow and empathy since a talented, young woman facing financial hurdles reflects the struggles of many. At only 30, with intelligence and beauty, her untimely end due to pay cuts and a hefty mortgage evokes widespread empathy and self-reflection among the younger generations.
Amid China’s economic decline, with sectors ailing and housing market in crisis, the incident highlights the challenges faced by individuals at all levels in society. The economic downturn, increasing debt blacklists, and stricter regulations have exacerbated difficulties for many.
Despite the broader economic trends, the woman’s risky venture into the property market amidst uncertain times remains a source of regret and reflection.
Tang Hao, the real estate sector’s downturn in China is widely known. Given these circumstances, why would a finance professional invest in a high-leverage property at that time last year? What are your thoughts?
Qin Peng, is Xi Jinping’s push for financial industry pay cuts a strategy to pivot towards manufacturing, and is such a shift feasible?
Jin Shi, considering the challenges, some humorously bring up the importance of mental health for us “financial laborers”. Life has its ups and downs, but with resilience, like a burning bonfire, we can weather the storms. Remember, tough times are temporary. Thank you for watching this edition of the News Quintet. Until next time.
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