A deal with the Philippines on the South China Sea reflects a longstanding balancing act by China, but the broader outlook reveals the regional power could be changing its tone on big issues.
China and the Philippines have reached a temporary agreement on the South China Sea , indicating a potential softening in China 's diplomatic stance.
This softer diplomatic and defence stance is also evident in China's newly released reform blueprint for the next decade. China's current "nine-dash line" claim predates the founding of the People's Republic of China and originates from the Republic of China, now Taiwan.With China's economic rise, Xi's diplomatic style has shifted from conciliatory to more assertive, expanding China's military presence in the region yearly.
"Strengthen the system and mechanisms for implementing the Chairman of the Central Military Commission responsibility system, and deepen the political build-up of the military," the document states. In 2023, China was the Philippines' largest trading partner, with a total trade volume of $61 billion, followed by Japan at $31 billion and the US at $30 billion.Taiwan's military holds drills across the island that mimic real-life combat in a series of exercises designed to prevent Taipei being seized by Chinese forces.
"After last Thursday's readout, much of this disappointment should have been reflected in market prices, given the timid expectations and positions ahead of the Third Plenum.After China's property market implosion, there are growing fears its banking and financial system may be impacted too, writes Ian Verrender.
In the first half of 2024, real estate investment fell by 10.1 per cent, with urban property prices continuing to decline.
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