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Chinese Cargo Ship Suspected to Have Sunk in South Korea’s Waters
November 29, 2023
01

Chinese Cargo Ship Suspected to Have Sunk in South Korea’s Waters

On 29 November, reports emerged that a Chinese cargo ship had allegedly sunk near the waters of Jeju Island in South Korea. The incident prompted a swift response from both the South Korean maritime authorities and the Chinese consulate in Gwangju.

According to the South Korean Coast Guard, the distress call was received at approximately 7:28 a.m. local time, reporting a suspected Chinese cargo ship sinking near Sinan County, South Jeolla Province. The Coast Guard immediately dispatched rescue vessels to the scene and alerted nearby vessels to join the rescue operation. Meanwhile, the Chinese Consulate in Gwangju has confirmed that it has received the notification from the South Korean authorities. They are currently in close contact with the Coast Guard to learn more details about the incident and have urged them to take all necessary measures for the rescue operation.

The identity and ownership of the sunken vessel have not yet been disclosed. Both the South Korean and Chinese maritime authorities are committed to conducting a thorough investigation to shed light on this unfortunate incident and prevent similar occurrences in the future.

02

China Held the First International Supply Chain Expo Amidst Growing Global Competition

Against the backdrop of intensifying global competition, China organized its first International Supply Chain Expo from 28 November to 2 December in Beijing. The Expo aimed to provide a platform for industry players to explore opportunities, promote coorperation, and showcase the latest advances in the supply chain sector. It attracted 515 domestic and international companies and organizations.

Coinciding with the Expo, on 27 November, US President Joe Biden announced the establishment of the White House Supply Chain Resilience Committee. This move comes as the United States seeks to strengthen its supply chain capabilities and reduce its’ dependency on foreign sources. Biden emphasized that the United States would “never give up” and predicted that historians would view this moment as the starting point for America’s success in 21st century competition.

While geopolitical tensions persist, American businesses showcased significant enthusiasm for the Expo, despite the US government’s repeated rhetoric on supply chain “decoupling.” According to the China International Chamber of Commerce for the Private Sector, American exhibitors accounted for 25% of the registered overseas exhibitors at the event. As the world grapples with evolving economic dynamics and competition, the Expo offers a platform for stakeholders to forge partnerships, explore opportunities, and contribute to the future of global supply chains.

03

Chinese Netizens Mourn the Death of Berkshire Hathaway Vice Chairman Charlie Munger

On November 28th, Berkshire Hathaway announced the passing of Charlie Munger, the right-hand man of Warren Buffett, at the age of 99. In a statement, Buffett said,“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,”

The news of Charlie Munger’s passing has on top of the Chinese internet. Netizens are expressing their tributes to this investing legend. Munger has always enjoyed a good reputation on the Chinese internet. His foresight in investing in BYD in 2008 has been a topic of great interest among netizens. In May of this year, he publicly stated, ” If there’s one thing we should do is get along with China.” This statement further deepened netizens’ favorable impression of him.

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