ZeroFox Physical Security Intelligence Daily Brief - June 23, 2024

ZeroFox Physical Security Intelligence Daily Brief - June 23, 2024

ZeroFox physical security experts collect, curate, and analyze information derived from open and proprietary sources for comprehensive context of the circumstances surrounding global events. Here is today’s daily roundup of major developments.

Brief Highlights

• China Introduces New Fair-Competition Rules to Improve Market Access for Private and Foreign Businesses
• Ukrainian Peace Summit Overview
• Putin Says Russia and North Korea Will Help Each Other if Attacked, Taking Ties to a “New Level”

China Introduces New Fair-Competition Rules to Improve Market Access for Private and Foreign Businesses

China’s State Council unveiled a revised version of China’s fair-competition regulations to curb monopolies and widen market access for private and foreign businesses. The updated version will take effect on August 1, 2024, and it stipulates that there should be no restrictions to market entry or exit, nor on the free flow of goods or business operations. However, exemptions could be made in specific situations that defend national security and development, innovation and energy efficiency. Under the new rules, local governments would be given the authority to conduct self-reviews and make amendments under the new regulations. The new regulations are part of the fair-competition review system, which was first introduced in 2016 and faced many challenges including discriminatory market practices for private enterprises, local protectionism and restrictions on certain industries. The new rules came against the backdrop of China’s slowing economic growth and intensifying economic tension with the West while private and foreign investors have long been voicing concerns over unfair competition from state-owned enterprises. However, there have been no updates on how to remove market access barriers in a so-called negative list that restricts foreign and private investment in China, therefore its impact on shoring up private and foreign investors’ confidence may be limited.

Ukrainian Peace Summit Overview

From June 15 to 16, Ukraine held its peace summit in Switzerland; Ukraine invited over 160 countries to the summit, however, only 100 delegates attended the event. The summit was largely intended as a platform for President Volodymyr Zelensky to win greater support from non-European countries that have mostly stayed on the sidelines of the conflict. Zelensky hoped to convince many countries in Africa, South America, and Asia to sign onto his plan for peace. Several key absences undermined the summit; Ukraine did not invite Russia to attend, and China declined to participate. Ukraine managed to win over some small non-aligned states to join its final statement calling for the "territorial integrity" of Ukraine to be the foundation of any peace agreement to end the conflict. However, more powerful countries, including Brazil, India, Saudi Arabia, South Africa, the UAE, and others, refused to sign onto the text.

Putin Says Russia and North Korea Will Help Each Other if Attacked, Taking Ties to a “New Level”

Vladimir Putin's recent visit to North Korea marked a significant enhancement in relations, with both countries agreeing to a new strategic partnership replacing older agreements. The pair pledged mutual assistance in case of aggression and expanded cooperation in political, trade, investment, cultural, and security matters. Putin also condemned the joint military exercises involving the U.S., South Korea, and Japan, characterizing them as hostile actions directed towards North Korea.