Why did China’s state media make a sudden turn towards friendlier US ties? | Canada News Media
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Why did China’s state media make a sudden turn towards friendlier US ties?

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9 months ago

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For years, Chinese media has portrayed the United States as an unfriendly nation that seeks to contain and weaken China on the world stage.

The US has repeatedly been cast as a threat to world peace in Chinese media owing to Washington’s policies of arming Taiwan, sending military assistance to Ukraine, and supporting Israel’s war on Gaza.

So when stories in Chinese media suddenly began to appear about “strengthening China-US ties” and “the bonds of friendship between Americans and Chinese”, it naturally did not go unnoticed.

In the weeks before the long-awaited November 15 meeting between US President Joe Biden and Chinese President Xi Jinping at the APEC summit in San Francisco, China’s media softened its strident rhetoric.

State-run Xinhua news agency reported on a letter Xi sent to an American war veteran, who had served in the US Air Force group nicknamed the Flying Tigers and who fought with the Chinese military against the Japanese during World War II.

In the letter, Xi addresses relations between China and the US, noting a deep friendship forged between the two countries “that withstood the test of blood and fire”.

China’s Communist party-controlled People’s Daily, which earlier this year called the US a warlike country, promoted a collection of articles commemorating the Flying Tigers in the same week as Biden met Xi.

The 50th anniversary of the Philadelphia Orchestra’s visit to Beijing in 1973 also became a topic of focus, as well as Xi’s various trips to the US starting with his first visit in 1985, which he spent in Iowa where, we are told, “he fostered friendships with American people”.

Even the outspoken state-run Global Times, which in an editorial in October described the US as being “stained with the blood of innocent civilians” in Gaza, called for greater cooperation between Beijing and Washington on the day of the Biden-Xi meeting. A far cry from two months earlier, when Global Times described the US getting “nastier and nastier” in its attacks on China.

China’s nationalist commentators have followed the media’s softening tone too.

Commentator Hu Xijin, who once called for Chinese air strikes on Taiwan to “eliminate” US troops on the democratically-ruled island, wrote in a recent opinion piece of the need for expanded China-US cooperation.

Nationalistic blogger Sima Nan, who once described the US as a “rotten, crime-ridden place”, suddenly claimed that he was striving “to promote friendly Sino-American relations”.

The abrupt change of perspective on the US by China’s media and public figures can seem very confusing, said Vicky Tseng, 34, who works with social media at an advertisement company in Shanghai.

“But it is the Chinese government that sets the tone for Chinese media. So before Xi met Biden the government clearly decided that it was time for China to like America more,” she told Al Jazeera.

President Joe Biden and China’s President Xi Jinping walk in the gardens at the Filoli estate in Woodside, California, on November 15, 2023, on the sidelines of the Asia-Pacific Economic Cooperative (APEC) conference [Doug Mills/The New York Times via AP]

Alfred Wu, a scholar of public governance in China at the National University of Singapore, also said that it was the Chinese Communist Party (CCP) headed by President Xi that sets the tone in the Chinese media landscape.

“There has been a very clear development towards greater state control over the media in China in recent years, leaving very little space for media that are not affiliated with the government,” Wu told Al Jazeera.

According to the advocacy group Reporters Without Borders, China was second from the bottom of the world press freedom index for 2023, just ahead of last place North Korea.

“The People’s Republic of China (PRC) is the world’s largest prison for journalists, and its regime conducts a campaign of repression against journalism and the right to information worldwide,” the group said.

“It doesn’t really matter what type of media you are these days,” said Titus Chen, a researcher on Chinese social media policies at the National Sun Yat-sen University in Taiwan.

“If you want to survive in the Chinese media market, you have to toe the party line,” he said.

And the party’s new line clearly sought to emphasise more cordial elements of China-US ties leading up to the Biden-Xi meeting, according to Chen.

“The change in media coverage is due to a renewed wish for more stability in the bilateral relations, particularly given the current economic situation in China,” he said.

China’s economic growth has struggled to reach government targets, youth unemployment hit 21.3 percent in June – before authorities stopped publishing data – and China recorded its first-ever foreign direct investment deficit in the July-September period of 2023.

“China has been trying to send a signal through its propaganda to the US and the West that China is ready to cooperate on a number of issues with the hope that this will secure more foreign investments,” Chen said.

Softer tones unlikely to last

The bleak economic situation has not been portrayed by Chinese media as a factor in the Biden-Xi meeting, according to Tseng, the advertising junior executive.

In fact, US economic restrictions imposed on China have been described in the Global Times as giving rise to breakthroughs in Chinese chip technology.

Xi’s oft-mentioned mantra about people-to-people exchanges and his championing of such exchanges along with his own interactions with American people over the years were portrayed in China’s media as having led to a successful APEC summit.

It was also pointed out that Xi received several standing ovations during an APEC dinner with business leaders and that points of cooperation outlined by Xi had opened a “vision for the future of China-US relations”.

Even two weeks after the summit, the People’s Daily described Xi’s endorsement of people-to-people ties as an inspiration for both Americans and Chinese that will generate “more positive energy for the healthy development of China-US relations”.

According to Wu, it was imperative for Chinese media to make Xi the centre of the APEC summit.

“The underlying message is that Xi is a very capable statesman [who] can negotiate with the US and can lead China to a better place,” he said.

Chinese media narratives regarding the US continuing in a more positive direction in the future are unlikely, observers said.

“I think the atmosphere can quickly become unfriendly again,” Tseng said. “And I have still found anti-US content on Chinese media the past weeks, so it never completely disappeared.”

While the positive atmosphere appeared to survive Biden calling Xi a dictator at the end of the APEC summit, the day after the meeting the Global Times released a cartoon sketch meant to illustrate hypocrisy in US foreign policy.

China and the US still have fundamental differences regarding foreign policy, particularly when it comes to the South China Sea and Taiwan, and these differences can easily and quickly sour the mood, Wu said.

Chen is also not optimistic that the soft touch towards the US in China’s media will survive.

“A pro-Taiwan gesture from an American politician might be all that it will take for the coverage to revert back to how it was before,” he said.

“And the day where that happens might come sooner than we all expect.”

 

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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3 weeks ago

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August 23, 2024

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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Arizona man accused of social media threats to Trump is arrested

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3 weeks ago

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August 23, 2024

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Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

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Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition

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August 20, 2024

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Trump Media & Technology Group’s stock has taken a significant hit, dropping more than 11% this week following a disappointing earnings report and the return of former U.S. President Donald Trump to the rival social media platform X, formerly known as Twitter. This decline is part of a broader downward trend for the parent company of Truth Social, with the stock plummeting nearly 43% since mid-July. Despite the sharp decline, some investors remain unfazed, expressing continued optimism for the company’s financial future or standing by their investment as a show of political support for Trump.

One such investor, Todd Schlanger, an interior designer from West Palm Beach, explained his commitment to the stock, stating, “I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech.” Schlanger, who owns around 1,000 shares, is a regular user of Truth Social and is excited about the company’s future, particularly its plans to expand its streaming services. He believes Truth Social has the potential to be as strong as Facebook or X, despite the stock’s recent struggles.

However, Truth Social’s stock performance is deeply tied to Trump’s political influence and the company’s ability to generate sustainable revenue, which has proven challenging. An earnings report released last Friday showed the company lost over $16 million in the three-month period ending in June. Revenue dropped by 30%, down to approximately $836,000 compared to $1.2 million during the same period last year.

In response to the earnings report, Truth Social CEO Devin Nunes emphasized the company’s strong cash position, highlighting $344 million in cash reserves and no debt. He also reiterated the company’s commitment to free speech, stating, “From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.”

Despite these assurances, investors reacted negatively to the quarterly report, leading to a steep drop in stock price. The situation was further complicated by Trump’s return to X, where he posted for the first time in a year. Trump’s exclusivity agreement with Trump Media & Technology Group mandates that he posts personal content first on Truth Social. However, he is allowed to make politically related posts on other social media platforms, which he did earlier this week, potentially drawing users away from Truth Social.

For investors like Teri Lynn Roberson, who purchased shares near the company’s peak after it went public in March, the decline in stock value has been disheartening. However, Roberson remains unbothered by the poor performance, saying her investment was more about supporting Trump than making money. “I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said, adding that she sees Trump’s return to X as a positive move that could expand his reach beyond Truth Social’s “echo chamber.”

The stock’s performance holds significant financial implications for Trump himself, as he owns a 65% stake in Trump Media & Technology Group. According to Fortune, this stake represents a substantial portion of his net worth, which could be vulnerable if the company continues to struggle financially.

Analysts have described Truth Social as a “meme stock,” similar to companies like GameStop and AMC that saw their stock prices driven by ideological investments rather than business fundamentals. Tyler Richey, an analyst at Sevens Report Research, noted that the stock has ebbed and flowed based on sentiment toward Trump. He pointed out that the recent decline coincided with the rise of U.S. Vice President Kamala Harris as the Democratic presidential nominee, which may have dampened perceptions of Trump’s 2024 election prospects.

Jay Ritter, a finance professor at the University of Florida, offered a grim long-term outlook for Truth Social, suggesting that the stock would likely remain volatile, but with an overall downward trend. “What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter said, highlighting the company’s struggle to produce a sustainable business model.

Still, for some investors, like Michael Rogers, a masonry company owner in North Carolina, their support for Trump Media & Technology Group is unwavering. Rogers, who owns over 10,000 shares, said he invested in the company both as a show of support for Trump and because of his belief in the company’s financial future. Despite concerns about the company’s revenue challenges, Rogers expressed confidence in the business, stating, “I’m in it for the long haul.”

Not all investors are as confident. Mitchell Standley, who made a significant return on his investment earlier this year by capitalizing on the hype surrounding Trump Media’s planned merger with Digital World Acquisition Corporation, has since moved on. “It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.” Now, Standley is staying away from the company, citing the lack of business fundamentals as the reason for his exit.

Truth Social’s future remains uncertain as it continues to struggle with financial losses and faces stiff competition from established social media platforms. While its user base and investor sentiment are bolstered by Trump’s political following, the company’s long-term viability will depend on its ability to create a sustainable revenue stream and maintain relevance in a crowded digital landscape.

As the company seeks to stabilize, the question remains whether its appeal to Trump’s supporters can translate into financial success or whether it will remain a volatile stock driven more by ideology than business fundamentals.

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