No, China is not the EU’s top trading partner
When you count services, not just goods, trade flows with the US are far larger.
European Union unveils new trade policy, warns of measures to blunt ‘negative spillovers’ from China
The regional bloc unveils what it calls a new, more assertive foreign trade policy that signals greater cooperation with Washington But EU data shows that China overtook the US as the regional grouping’s biggest trading partner last year Trade policy will also need to align with the EU’s “digital strategy”, a bid to “become more innovation-driven, supported by intellectual property (IP) protection, with an increasing role of services trade compared to goods”.
Coronavirus: China orders inbound travellers from several countries to quarantine for 14 days before departure
It is unclear whether such requirements apply to all nationalities. China started easing entry restrictions for visa holders in September, but closed its borders to travellers from countries such as Britain, Belgium, Italy and India in November.
The Bull year begins
The Lunar New Year kicked off with a healthy consumer spending spree by Chinese citizens relieved that they are not facing the unknowns of virus lockdowns in places like Minnesota and Munich. And the Shanghai stock market hit a record high. But the time bomb at the heart of China’s economy — demographics — ticked up a notch as the northeast provinces move towards scrapping even the two-child limit and are considering allowing couples to have as many children as they like. It is not expected to make much of a difference — China’s population is likely to peak as early as 2027, which is just around the corner. Young Chinese people are reluctant to get married, reluctant to have kids and when they do, one is more than enough. The South China Morning post published an interesting article on how “China’s booming GDP masks millennial ‘despair’ over personal prospects”. That could have something to do with it. Meanwhile, the Biden administration announced that the tariffs on Chinese imports would be kept in place for now. Biden and Xi had a phone conversation, and the China watchers took the view that it was the Chinese who reached out to the Americans to initiate the call. Read into those tea leaves what you will, and have a good weekend.
‘Jobs and growth’ are the medicine the world needs, Johnson tells G7
British Prime Minister Boris Johnson told Group of Seven leaders on Friday that the battered world economy needed to be rebuilt after the COVID-19 pandemic with an ambitious plan to tackle climate change that would create millions of new job
Biden makes international debut at G7 with vaccines, economy and China in focus
Joe Biden will attend his first meeting as US president with Group of Seven leaders on Friday (19 February) to discuss plans to defeat the novel coronavirus, reopen the battered world economy and counter the challenge posed by China.
Biden on China: decoupling or competitive re-coupling?
The Trump presidency somewhat decoupled the US and Chinese economies: relations have been damaged by tariff wars, the closing of consulates, the blacklisting of technology companies and the delisting of companies. The future of US–China relations under the Biden administration is still highly uncertain. Biden has promised to ‘be tough’ on China and his cabinet picks reflect this, but it is not yet clear what ‘being tough’ entails and what end it intends to serve.
Can Biden admin curb China’s rise by cutting off China’s role in the post-virus economic recovery?
Washington aims to unite allies to block the world’s second-largest economy
Donald Trump’s gift to Joe Biden: record farm exports to China
Sales and shipments to the Asian nation have surged since late last year, most notably for corn, the US Agriculture Department said Exports to China are expected to hit a record US$31.5 billion in Biden’s first year thanks to strong demand after a quick pandemic recovery
US-China trade war: Trump’s trade tariffs to remain ‘for the moment’ but Beijing expected to adhere to commitments
US Treasury Secretary Janet Yellen told CNBC on Thursday that tariffs on China put in place by the Trump administration will be ‘kept in place for the moment’ China pledged to buy US$200 billion in additional US goods and services over two years, but Beijing fell 42 per cent short of its target for last year
Rethinking the US-China fight: Does China really threaten American power abroad?
President Biden has so far kept most of his predecessor’s tough-on-China policies. Malte Mueller via Getty Images President Joe Biden is so far maintaining his predecessor’s tough China policy, which aims to curb China’s international power both economically and politically. In the U.S. and Europe, China is widely recognized as a rising star that threatens Western power But my research on the country suggests China may no longer see itself that way.
podcast A New ‘Cold War’ Between The USA & China’s Effect On Manufacturing [Podcast]
As tensions rise between China and the USA, is a new ‘Cold War’ brewing? If so, what effect is this or could this be having on manufacturing?
EU-China trade has significant growth potential, says EUCCC head
According to Joerg Wuttke, president of the European Union (EU) Chamber of Commerce in China (EUCCC), the opening up of the services sector and more pro-trade measures could help EU businesses as well as Chinese enterprises further expand their growth.
China rolls over $31 billion in medium-term loans to banks
China provided medium-term funds to lenders Thursday, giving banks some relief after the central bank’scash drainage last month triggered the country’s worst liquidity squeeze since 2015, reported Bloomberg. The People’s Bank of China (PBOC) offered RMB 200 billion ($31 billion) of one-year liquidity with its medium-term lending facility, according to a statement. That helped offset loans maturing this month. It kept the interest rate on the funds unchanged at 2.95%.
China urges markets to focus on rates, not liquidity, to avoid ‘misunderstanding’ of monetary policies
China is poised to withdraw its 9 trillion yuan (US$1.4 trillion) stimulus rolled out last year to fight the coronavirus and help affected businesses The US Federal Reserve and the European Central Bank, on the other hand, are continuing to signal monetary policy loosening Chinese consumers spent around 821 billion yuan (US$127 billion) on shopping and dining during this year’s Spring Festival holiday, an increase of 29 per cent from a year earlier and around 4.9 per cent higher than in 2019.Many economists are also forecasting a strong start for industrial production because a large number of migrant workers did not return home for the holidays. With it set to be the only major nation to show positive economic growth last year, China’s economy is widely expected to grow around 8 per cent in 2021, largely thanks to the low base last year due to the impact of the coronavirus.
Chinese lawmakers will meet in Beijing at the start of March for the key annual “two sessions” parliamentary meetings, when government goals including the annual growth target, fiscal deficit ratio and government bond quota will be discussed and finalised.
China’s Lunar New Year air passenger traffic fall offset by 200 per cent increase in international cargo flights
China’s air passenger traffic fell 45.16 per cent year on year over the Lunar New Year holiday, with passenger numbers standing at 3.57 million over the seven-day holiday But the number of international cargo flights during the seven-day period surged 212.48 per cent year on year
China set to be first country where e-commerce sales outstrip bricks-and-mortar retail in 2021
Some 52.1 per cent of China’s overall retail sales are expected to come from e-commerce transactions this year, according to research firm eMarketer The pandemic boosted online sales that were already growing at a steady clip thanks to the rapid digitalisation of traditional trade-in China, experts say Last month, Chinese Customs said cross-border e-commerce imports and exports last year totalled 1.69 trillion yuan, an increase of 31.1 per cent. Total exports transacted on e-commerce platforms rose more than 40 per cent to 1.12 trillion yuan while imports trade on e-commerce sites rose 16.5 per cent to 570 billion yuan.
Should You Buy Alibaba Stock As A Long-Term Investment
The media seem to have discovered that the creation of doubts surrounding Alibaba Group with negative connotations attracts plenty of eyeballs.
China’s clampdown on Jack Ma’s Ant boosts rivals
China’s crackdown on Jack Ma’s Ant Group is boosting rival lenders that charge much higher interest rates, raising fears that Beijing’s drive to lower credit risk could actually spur a wave of defaults.
Breaking through the hype: The real-world benefits of 5G connectivity
5G offers a level of connectivity that could transform the shop floor. Here’s how leaders use today’s technologies to secure supply chains and create value, despite the challenges of deployment.
Huawei is apparently cutting its smartphone shipments in half this year
Huawei is reportedly cutting its smartphone production by half. The company has told suppliers that it plans to order a significantly lower number of smartphone components this year. Its handset shipments are expected to decline by more than 60%.
China made 6% of chips it used in 2020: report
China produced a scant 5.9% of semiconductors it used in 2020, according to a report published Thursday, indicating significant reliance on foreign technology as the country pushes for independence on chips. China, the world’s largest semiconductor market, is determined to increase domestic production of chips, and plans to make 70% of chips it uses by 2025.
TikTok sister app Douyin to deepen search capabilities, become ‘Google of short video’
ByteDance-owned Douyin plans to increase investment in its in-app search function, which currently has 550 million monthly active users The sharpened focus on search is expected to help expand Douyin’s advertising revenue
China Tech Digest: Geely’s Satellite Factory Approved, Plans To Make 500 Satellites A Year
The satellite factory of Geely Technology Group, Taizhou Xingkong Zhilian, has obtained the approval of the commercial satellite manufacturing project approved by the National Development and Reform Commission. The first equipment of the Xingkong Zhilian Satellite Factory has already arrived and is expected to be put into production in October this year, with an annual output of more than 500 satellites.
China electric cars: Baidu and Geely hire Mobike’s co-founder as chief executive of EV venture
Xia Yiping, co-founder and former chief technology officer of Mobike, has been tapped to head a new venture between Baidu and Geely Baidu is setting up a company with Zhejiang Geely Holding Group to leverage its intelligent driving capabilities and Geely’s car manufacturing expertise
Bitcoin is booming, but it works as an investment only if you subscribe to the Theory of the Greater Fool
Bitcoin is too volatile and unsupported to be an accepted unit of account. It can be defined as a financial asset only if you are confident that someone will buy it from you at a higher price Nevertheless, the bitcoin phenomenon has driven significant innovations in the financial system However, the bitcoin phenomenon has not been a wasted distraction. It has driven significant innovations in the financial system, such as cyber tokens, digital securitisation, new methods of settlement and blockchain. These consign paper shuffling to history. China is pioneering digital money, which will see the end of nearly 3,000 years of physical cash. Other central banks will quickly follow. Physical money has all but disappeared from the streets of China thanks to WeChat, and in the UK thanks to Covid-19.
China’s former richest man, Huang Guangyu, vows comeback by next year after release from prison
Huang Guangyu, founder of Gome, completed his parole this week after 12 years behind bars The former retail mogul saw his empire of bricks-and-mortar stores struggle as more consumers turned to e-commerce
Chinese-Australian billionaire’s defamation victory against ABC and Fairfax inflames debate over Beijing’s influence
Even after Chau Chak Wing was awarded US$450,000 for wrongly being labelled a lobbyist for China, media reports continued to question his loyalty The media’s pursuit of Chau shows how politicised the debate about foreign interference in Australia has become, analysts say
Conspiracy theories fracture Chinese dissident community abroad, find footing among those who support Donald Trump
Misinformation amplified on Chinese language social media, in chat groups and video blogs has found a footing among the pro-Trump Chinese community abroad Prominent members have rallied behind Trump’s failed efforts to overturn his electoral defeat
Chinese Authorities Support Scrapping Birth Limits in Depopulated Region
To counteract some of the lowest birth rates in the country, three northeastern provinces have received the greenlight to consider new population policy.
France sends warships to South China Sea ahead of exercise with US and Japan
The French navy said the Tonnere, an amphibious assault ship, and the frigate Surcouf would pass through the disputed waters twice Commander says the ships will work to strengthen France’s partnership with the four Quad nations
FOR FIVE DAYS THERE WAS FREE EXPRESSION IN CHINA
Then censors blocked the Clubhouse app
For some in China, Facebook’s spat with Australia proves Beijing was wise to block the service
Facebook is under fire in Australia for blocking news following a row on whether the company should pay media outlets for their content The social media giant’s dispute with Australia prompted some Chinese netizens to point out that Beijing was right to ban the service years ago
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