Sunday, November 03, 2024
Fast Retailing Co, the Japanese company behind global clothing retailer Uniqlo, will continue to invest in China and "China's importance has not changed," said Chairman and CEO Tadashi Yanai, emphasizing China's irreplaceable role in the company's supply chain. Moving production out of China would be unfeasible. It's not easy to build large-scale factories quickly, as there is a history of attempts that has failed and it is impossible to easily replicate the model of Chinese factories. Our growth had paralleled China's development, Yanai said, underscoring Fast Retailing's alignment with China's industry and economic development. He emphasized the company's priority on business development, while drawing a clear distinction from calls for "decoupling."
Sunday, November 03, 2024
The Xinjiang pilot FTZ, which encompasses three iconic areas -- Urumqi, Kashgar and Horgos -- stands as the first FTZ in China's northwestern border regions and the 22nd nationwide. As it embraces its first anniversary, the zone has shown promising results. As the Belt and Road Initiative (BRI) continues to forge ahead, Xinjiang has committed to building itself into an important corridor linking Asia and Europe and to serving as a gateway for China's opening-up efforts in the west. Global investors are seizing opportunities in the pilot FTZ, and many jobseekers have found satisfying positions, such as in cross-border e-commerce, international live-streaming, translation and diverse agents. The growth of new business models and expanding trade will attract even more international financial institutions and enterprises.
Friday, November 01, 2024
The new edition of the national negative list for foreign investment took effect on Friday, scrapping the two remaining manufacturing-related items on the previous list. The items on the latest negative list, which specifies fields that are off-limits to foreign investors, have been further slashed to 29. The new national negative list signifies that China's manufacturing industry has reached a world-leading level of openness, as almost all developing countries impose restrictions on foreign investment in the manufacturing sector, and even some developed economies still maintain certain foreign investment limits in the field, according to a research institute under the National Development and Reform Commission (NDRC).
Friday, November 01, 2024
China aims to see the annual direct economic output value of its nuclear technology application industry hit 400 billion yuan (about 56 billion U.S. dollars) by 2026. The target was set in an action plan, recently jointly released by China Atomic Energy Authority, the National Development and Reform Commission and other departments, which aims to support the development of the nuclear technology application industry over the next three years. According to the plan, the development of nuclear technology application industry is an inevitable trend to promote the high-quality development of the nuclear industry, as well as an important means of supporting the transformation and upgrading of the national economy. By 2026, the independent innovation capability of China's nuclear technology application industry will be significantly enhanced, and the industrial field will be further expanded, said the plan.
Friday, November 01, 2024
MOC spokesperson He Yadong made the remarks at a press conference on Oct.31 in response to a question regarding Chinese car firms' business expansion and investment plans in Europe in the wake of the EU's decision to impose hefty extra tariffs on electric vehicles (EVs) originating from China." China always upholds an open and cooperating attitude, adheres to the market's leading role and full competition, and carries out cooperation with relevant countries in the EV industry through means including trade, investment and technology cooperation to jointly maintain the stability of industrial and supply chains of the global automotive sector," the spokesperson said. He added that China is committed to green and low-carbon transition and joint efforts in coping with climate change.
Friday, November 01, 2024
East China's Fujian province is moving to deepen financial cooperation with Taiwan province by introducing a string of measures to better facilitate two-way financial activity and make it easier for Taiwan residents and companies to access financial services on the mainland. The measures include better facilitating the financing of Taiwan-funded enterprises and mobile payments for Taiwan residents when visiting Fujian. The province also plans to set up a number of specialized banking and insurance organizations for Taiwan companies and residents, said Chen Zhiyong, deputy director of Fujian's Taiwan Affairs Office. Eligible Taiwan-funded enterprises based in Fujian can directly apply for debt at local banks without having to go to an exchange management department.
Friday, November 01, 2024
Xuan Changneng, deputy governor of the People's Bank of China (PBOC), and Brent Neiman, deputy under secretary for international finance at the U.S Department of the Treasury, co-chaired the meeting in the U.S. capital of Washington, D.C.. According to a PBOC statement, the two sides had "professional, pragmatic, candid and constructive communication" on a range of financial policy topics of mutual interest, including the macroeconomic and financial situations of the two countries, monetary and financial policies, financial stability and regulation, capital markets, anti-money laundering and combating the financing of terrorism. The Chinese side briefed the U.S. side on a package of measures rolled out by Chinese financial regulators to support stable economic growth. Meanwhile, the Chinese delegation expressed concerns to the U.S. side regarding certain issues.
Thursday, October 31, 2024
The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.1 in October, up from 49.8 in September and surpassing the boom-or-bust line of 50 for the first time since May, according to a statement of the National Bureau of Statistics (NBS). Data showed manufacturing activity this month registered faster growth, with key sectors such as basic raw materials, equipment manufacturing, high-tech manufacturing and consumer goods continuing their stable and positive performance. Notably, the general equipment, automotive and electrical machinery industries reported rapid expansion, with their production and new order sub-indices above 54. The business expectation index also rose to a four-month high of 54 in October, reflecting growing confidence among manufacturers.
Thursday, October 31, 2024
The joint endeavor was launched by China's KINGOLD Group and France's Rungis International Market, and is set to become the largest "vegetable basket" project in the region, aiming to bring high-quality French farm products directly to Chinese consumers. Located in Guangzhou's Baiyun District, the center spans an area of 2,000 mu (approximately 133 hectares), with its first phase covering over 910,000 square meters. The complex will feature multi-level trading centers, a global food showcase center, a smart cold chain center, urban distribution hubs and an international exhibition center, catering to such products as fresh produce, imported ingredients, seafood and cut flowers. Its first phase is expected to host more than 2,000 vendors.
Thursday, October 31, 2024
With an initial size of over 1.2 billion U.S. dollars, the exchange-traded fund (ETF), the Albilad CSOP MSCI Hong Kong China Equity ETF, became the largest ETF in the Middle East upon its listing. The index fund allows Saudi investors to directly trade Hong Kong stocks across such sectors as consumer goods, healthcare, and technology. The listing of the ETF provides a convenient investment channel for investors from the Middle East to access markets of the Chinese mainland and Hong Kong, promoting the two-way flow of capital between the two sides, and strengthening the connections in their capital markets, Financial Secretary of the Hong Kong Special Administrative Region Paul Chan said.
Thursday, October 31, 2024
Air Canada plans to increase the frequency of its weekly round-trip flights from Vancouver to Shanghai from the current four to seven from Dec. 7 onwards, according to the CAAC. Furthermore, Air Canada will resume the operation of its route from Vancouver to Beijing from Jan. 15, 2025 -- offering seven round-trip flights per week. Meanwhile, Chinese airlines are also expediting their application process for additional flights. The surge in direct flights between China and Canada will help satisfy personnel exchange and economic and trade demands, and promote the further recovery of their shared air transport market, the CAAC said.
Thursday, October 31, 2024
This means that the requirements for improving the pricing mechanism for commercial personal housing loan interest rates, announced by the People's Bank of China (PBC) a month ago, will soon be officially implemented, state broadcaster CCTV reported. According to the banks' statements and industry experts, this move aims to further support the deepening of interest rate marketization reform, promote the stable and healthy development of the real estate market, and boost consumption. According to these banks, under the new pricing mechanism, they will explicitly end a restriction saying that the minimum repricing period for housing loan interest rates must be one year. Instead, home buyers can choose to reprice at intervals of three, six or 12 months.
Thursday, October 31, 2024
Responding to a question on the information released by AstraZeneca about AstraZeneca China President Leon Wang cooperating with an ongoing investigation by the Chinese authorities, Chinese Foreign Ministry spokesperson Lin Jian said that the question should be referred to relevant Chinese competent authorities. Lin emphasized that the Chinese government welcomes foreign enterprises to invest and operate in China and is committed to protecting their legitimate rights and interests in accordance with the law. AstraZeneca said in a statement that Leon Wang, Executive Vice President International and AstraZeneca China President, is cooperating with an ongoing investigation by Chinese authorities.
Wednesday, October 30, 2024
UK Business and Trade Secretary Jonathan Reynolds has said that he is "certainly open to having a conversation" about reopening the UK-China Joint Economic and Trade Commission (JETCO), POLITICO reported. The mechanism was set up in 1996 to boost bilateral trade and investment but was suspended after the 13th meeting in 2018. The UK's willingness to have talks over reopening the JETCO with China is a positive development that should be welcomed. However, getting it done won't be easy for London, as previous rhetoric by the UK side about potentially reviving the key trade talks yielded little progress in recent years. To move forward, the UK needs to take more concrete actions to mitigate geopolitical influences and other challenges.
Wednesday, October 30, 2024
Finnish President Alexander Stubb's visit to China will further promote in-depth cooperation between enterprises and innovation institutions from both countries. Considering that the two nations share common interests in facilitating exchanges and stabilizing cooperation amid rising geopolitical tensions, the visit will produce a positive impact on deepening bilateral relations and promoting pragmatic bilateral cooperation, according to Yang Erlin, chairman of the Finnish Chinese Business Council. The comments were made during Stubb's four-day visit to China, which kicked off on Oct 28. The two sides issued a Joint Action Plan between China and Finland on Promoting the Future-oriented New-type Cooperative Partnership (2025-2029), focusing on a range of areas including low-carbon development and sustainable growth, science and technology, education and sports, and culture and tourism.
Wednesday, October 30, 2024
China has lodged solemn representations with the United States and reserves the right to take action, said the spokesperson with the Ministry of Commerce in a statement published on the ministry's website. The United States has overstretched the concept of national security to adopt discriminatory investment restrictive measures against China, which is a typical non-market practice, the spokesperson said. he U.S. restrictions target sectors like chips, AI and quantum computing. Most industries related to these fields are not connected to national security, yet they will all be affected by the U.S. ban. This will disrupt normal economic and trade cooperation between Chinese and U.S. companies, harming the interests of businesses in both countries, the spokesperson said.
Wednesday, October 30, 2024
The circular, jointly issued by the Ministry of Industry and Information Technology (MIIT) and five other government authorities, stated that gradient cultivation for the smart factories will be carried out at four levels. Since the beginning of the 14th Five-Year Plan (2021-2025) period, departments including the MIIT have implemented an intelligent manufacturing project, successfully cultivating a number of high-level and iconic smart factories. The project has also motivated more than 10,000 manufacturers around the country to carry out the construction of digital workshops and smart factories. Establishing the gradient cultivation system for smart factories will drive the formation of a safe, controllable and complete high-level supply system for the intelligent manufacturing sector. It will also help establish more complete intelligent manufacturing standards and an evaluation system, the ministry said.
Wednesday, October 30, 2024
China's Ministry of Commerce (MOC) announced its decision to renew anti-dumping duties on ethanolamines imported from the United States, Saudi Arabia, Malaysia, and Thailand. The duties were initially introduced in 2018 for a period of five years as such imports had caused substantial damage to China's domestic industry. Following the end of the term last year, the MOC launched investigations to review the anti-dumping at the request of the domestic industry. The MOC said in a ruling that if the duties were terminated, the dumping practice and related damage would likely continue or reoccur. The duties will be levied for another five years starting Oct.30.
Tuesday, October 29, 2024
U.S. chip giant Intel announced the expansion of its packaging and testing base in southwestern China to boost local supply chain efficiency and better serve Chinese clients. With a capital increase of 300 million U.S. dollars, the added capacity at its base in Chengdu, Sichuan Province, will primarily focus on packaging and testing services for server chips to meet Chinese clients' demand for customized packaging solutions. A new customer solutions center will also be established to enhance the efficiency of the local supply chain and increase support for Chinese customers, the company said in an announcement.
Tuesday, October 29, 2024
China and Germany have had frequent economic and trade exchanges and cooperation recently, with the AHK Greater China Xceleration Days 2024 set to take place in Beijing in mid-November, following the eighth Sino-German Automotive Conference held in Munich, Germany recently. German companies will take the opportunity to gain an in-depth understanding of Beijing's business environment and seek cooperation opportunities, it said, noting that the AHK Greater China Xceleration Days 2024 aim to boost cooperation between the Chinese and German business communities and boost sustained development. German investment in China reached a record 7.3 billion euros ($7.89 billion) in the first half of 2024, the Xinhua News Agency reported, citing the Central Bank of Germany.