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China
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Hong Kong jails first person under cannabidiol ban
A 32-year-old woman was jailed in Hong Kong for bringing CBD into the city, the first conviction under the recent ban. Possessing or consuming CBD can lead to up to seven years in jail and hefty fines.
Hong Kong officials argue that CBD can be converted into the illegal compound THC. Despite the ban, CBD remains popular globally and is expected to be a US$47 billion industry by 2028.
Asian Infrastructure Investment Bank’s internal review found ‘no evidence’ of China influence
The Asian Infrastructure Investment Bank (AIIB) stated that there is “no evidence” of Beijing’s dominance over the bank, following allegations made by a former executive.
The AIIB conducted an internal review and found no improper influence, affirming its adherence to multilateral governance standards. The bank acknowledged the need to address certain issues raised during the review but dismissed the allegations as unsubstantiated.
The AIIB, established as a counterweight to Western financial institutions, has 106 global members but not the United States.
US not seeking ‘winner-take-all’ competition with China
Treasury Secretary Janet Yellen assured Chinese Premier Li Qiang that the United States seeks healthy economic competition, not a winner-take-all approach, during her visit to Beijing aimed at stabilizing ties.
Yellen emphasized the importance of maintaining a fair set of rules and avoiding misunderstandings that could worsen the bilateral economic relationship. Despite tensions, both countries expressed optimism about the visit, with hopes of warming up to each other and reshaping China-US relations.
China bans some Japanese food imports over Fukushima water release
China’s customs authority has announced a ban on food imports from 10 Japanese prefectures due to concerns over Japan’s plan to release treated nuclear wastewater into the ocean. China argues that Japan has unresolved issues regarding the legitimacy of ocean dumping and the reliability of purification equipment.
The plan, approved by the International Atomic Energy Agency, has faced opposition from regional neighbors and fishing communities in Fukushima.
