Foreign firms look to reduce reliance on China, poll shows
Strategy known as ‘China Plus One’ sees companies boosting operations in Vietnam, India and elsewhere. Growing trend of remote work brought on by Covid-19 pandemic has also encouraged firms to downscale offices, survey says.
EU companies bullish on China after teleconference with Chinese Premier
European executives who attended a teleconference with Chinese Premier Li Keqiang on Friday expressed their bullish view toward the Chinese economy on Saturday, with a positive stance on the China-EU Comprehensive Agreement on Investment (CAI) trade talks, which concluded at the end of last year. Merchandise trade between China and the EU in 2020 was 4.5 trillion yuan ($696.3 billion), up 5.3 percent on a yearly basis, making the EU the nation’s second-largest trading partner, according to China Customs data. As of November, direct investment in China from the 27 EU countries was $117.98 billion, and China’s investment in the EU was $80 billion, totaling $197.98 billion.
China’s power consumption to increase 6-7 pct in 2021: electricity council
China’s electricity consumption, a key barometer of economic activity, is likely to grow by 6 to 7 percent year on year in 2021, according to the China Electricity Council (CEC).
The Arrival of Digital Logistics
The logistics market, with an estimate approaching US$ 6.6 trillion dollars, is at stake. Logistics companies cannot afford to sit back and watch, they have to be proactive to new technology innovation. New technology will target digitization and most of logistics functions and its administration, such as automated scheduling, consolidation of pick up and deliveries from multiple shippers, auto instruction to the right warehouse operator to pick up certain items, automate marketing functions to look for cargo on return trips, deliver auto work order to driver, auto-generated issue invoice to customers, and more. With the help of technology in logistics services, a new approach in collaboration among partners is essential as it will provide capacity fulfillment to reduce much-needed operation costs.
US trade deficit with China has dropped since Donald Trump launched trade war
The trade in goods deficit with China fell to US$310.8 billion in 2020, down from US$419.5 billion in 2018, when the tit-for-tat trade action started China speeds up purchases of American soybeans and other agricultural goods
Biden foresees ‘extreme competition’ with China, not ‘conflict’
President Joe Biden anticipates the US rivalry with China will take the form of “extreme competition” rather than conflict between the two world powers. Mr Biden said in an excerpt of a CBS interview aired on Sunday that he has not spoken with Chinese counterpart Xi Jinping since he became US president. “He’s very tough. He doesn’t have – and I don’t mean it as a criticism, just the reality – he doesn’t have a democratic, small D, bone in his body,” Mr Biden said. “I’ve said to him all along, that we need
The Top Five International Trade Issues Under the New U.S. Administration
After a tumultuous stretch of international trade wars and a global economic crisis courtesy of the pandemic, the U.S. has a new president directing trade policy. What can business leaders expect from a Biden presidency as far as strategies, relations with major trading partners, and the role of the U.S. in global trade for the next few years? Early indications are that the U.S. – China relationship will remain tense, but the Biden team approach in other areas will differ greatly from the previous administration. Global partners can expect a change in tone from Washington, and there are five issues which will stand out as major differences under Biden’s leadership: The number one issue that will differ under the Biden administration is a desire to improve ties and trade opportunities with reliable partners. The tension with China will remain and potentially even deepen, but the Biden administration – stocked with committed ‘globalists’ – is going proactively tie other partners (especially fellow democracies) closer to the U.S. through increased trade and investment opportunities. Outside of North America, this will benefit Japan, South Korea, Australia, New Zealand, Israel and the European Union most of all. Rather than adjustments to existing trade deals (some of which, like the USJTA and USMCA, were just recently completed), the Biden administration will look to use bilateral investment deals to promote greater trade ties with trusted partners, especially in areas such as renewable energy and defense technology
Biden can save Americans billions of dollars by ending Trump’s trade war with China now
The coronavirus pandemic has shaken the lives of families throughout America for nearly a full year. With shutdowns and case numbers still rising in states across the country, many are struggling with long-term unemployment and are unsure of how they will pay their bills and keep their families fed. Now, one of the key challenges facing the new Biden administration is finding ways that they can step in to help.The most sensible first step would be to eliminate the tariffs that remain from the Trump administration’s misguided trade war with China. Since the Trump administration first began implementing them in 2018 under the guise of standing up to China, these tariffs have served to inflate prices on the everyday goods that Americans need and made it more expensive for them to provide for their families. Unfortunately, these costs have stung consumers even more since the pandemic began last year.
US-China relations: Biden must act on his window of opportunity on trade
If Biden really wants to deal with ‘serious competitor’ China, multilateral commitments are essential, particularly before his powers to fast-track trade deals end in July China also has a chance to show willingness to cooperate on Covid-19, climate action and the global recession, which could warm ties with the US
US-China relations: Joe Biden has ‘no reason not to call’ Xi Jinping – but setting it up is proving harder than some expected
Biden told CBS on Sunday that Xi has been ‘sending signals’ and knows he will not follow Donald Trump’s approach But tensions are likely to continue between the two countries, and one Chinese government adviser says both leaders know that ‘things have changed a lot’
China envoy says US blocks technology exchange, creates global uncertainty
Diplomat Cui Tiankai uses CNN appearance to push back against claims countries are concerned by Beijing’s foreign policy Blames Washington for restricting free flow of technology and information between the two nations
US-China trade war: phase one trade deal largely a ‘failure’, as purchases fall well short of targets
China and the US signed their phase one trade deal in January 2020, with China committing to buy US$200 billion more goods and services over the next two yearsAccording to a report by the Peterson Institute for International Economics, US exports of phase one goods in 2020 fell more than 40 per cent short of the target
US-China relations: threat of financial war fading as investors eye returns from likes of Kuaishou, Agora
China-based companies last year raised the largest amount of capital in the US market since 2014 Shares in Kuaishou nearly tripled in value on the first day of trading in Hong Kong last week, while Agora shares now trade at five times their initial offering price
As the world scrabbles to fund climate action, China’s debt relief could be key
If markets cannot mobilise the funds needed to save the planet, then payment in kind may be more realistic China is leading the way with debt forgiveness, easing pressure on developing nations to exploit their natural resources – and linking debt relief to climate action
China debt: highly-leveraged state firms could threaten ‘efficient growth’, private investment post-pandemic
Debt among state firms in China grew from 130 per cent of GDP in 2019 to a record high of more than 142 per cent last year, the Institute of International Finance says Although a crisis is unlikely, China’s high debt ratio makes it challenging to shift away from an economic growth model driven by state investment and infrastructure
China’s economy is not out of the woods yet
China weathered the economic fallout from Covid-19 better than any other major country, and economists are predicting a bigger snapback this year. But analysts say the world’s second-largest economy also needs to address an array of challenges to get onto a more-sustainable growth trajectory and help the world fully rebound. China’s job market remains fragile. Consumer spending hasn’t kept pace with the broader recovery in economic output. Debt levels, already a problem before the pandemic, grew at their fastest pace in more than a decade during the first nine months of 2020, while asset bubbles in stocks and real estate kept growing. China’s central bank faces a tricky balance between reining in stimulus without causing growth to sputter.
China’s Road to ‘Cyber Superpower’ Status
In late November, Daniel Zhang, the chairman and CEO of Chinese e-commerce giant Alibaba, gave a speech at the Chinese government-sponsored World Internet Conference. The event was taking place in Wuzhen, a historic town in eastern Zhejiang province, but Zhang’s intended audience was hundreds of miles away, in Beijing. Just weeks earlier, Chinese regulators had nixed the blockbuster initial public offering of Ant Group, Alibaba’s financial arm, reportedly at the behest of China’s leader, Xi Jinping. Xi and other top officials took umbrage at earlier comments by Jack Ma, Alibaba’s co-founder, who had publicly criticized regulators for stifling innovation.
Is China a sucker for spending billions on foreign semiconductor equipment?
Stockpiling semiconductors is one thing, but stockpiling the complex, high-priced machinery that makes them, is another – and comes with risks Chips not only require secret ingredients – chemicals, gases, and even lightwaves – but also highly skilled people who understand how to make the ‘recipes’
China issues new guidelines on anti-monopoly behaviour targeting internet platforms
China’s market regulator on Sunday released new guidelines on anti-monopoly behaviour targeting internet platforms.
China antitrust: Beijing court accepts ByteDance’s US$14 million lawsuit against Tencent, starts proceedings
Lawsuit is the first case since Beijing started tightening antitrust regulations on its ‘platform economy’ late last year Beijing Intellectual Property Court started proceedings on Sunday
China formalizes antitrust rules targeting tech giants
China on Sunday put into effect new antitrust guidelines targeting internet platforms, subjecting the country’s tech industry to tougher rules on competition. The guidelines formalize earlier draft rules announced by China’s State Administration for Market Regulation (SAMR), the nation’s top trustbuster.
China’s tech giants face new anti-monopoly rules
The guidelines, which formalise draft laws released in November, come as regulators try to crack down on anti-competitive behaviour. The rules are aimed at stopping China’s e-commerce giants Alibaba and JD.com from abusing their dominant market position. Specifically, the rules stop e-commerce platforms from forcing vendors to deal exclusively with them.
‘Wait until further notice’: China responds to international students’ petition, but scarce on details
International students continue to be frustrated by the country’s response regarding their return to China, lamenting that the Foreign Ministry’s response did not address the issues they had been raising. Ministry spokesperson Wang Wenbin was quoted saying by The PIE News that the question had already been raised “many times” and that “each time we gave you a response”.
China’s Luxury Market Will Only Get Trickier In 2021
China was a bright spot for luxury brands in 2020. But don’t expect the same stratospheric market growth in China this year. In 2020, there were unprecedented luxury market declines in Europe and North America. Some brands lost 75 percent or more of their revenue in these crucial regions. The Chinese luxury market grew by almost 50 percent in 2020, reaching approximately $50-55 billion. But that growth is unlikely to repeat due to unrepeatable short-term boosts. Over the next 12-36 months, we will see the unprecedented emergence of new Chinese luxury brands that will be highly-equipped to challenge Western brands.
China digital currency: Beijing, Suzhou confirm latest trials as e-yuan tests top 100 million yuan
Beijing will distribute digital red packets each worth 200 yuan (US$31) via a lucky draw on Wednesday ahead of the Chinese New Year holiday Suzhou will also distribute 30 million yuan from Wednesday as part of its second trial of the so-called e-yuan
China’s Post-Pandemic Internet Market: In Charts
China’s number of internet users continued to grow in 2020, as did the influence of the state, a new report shows.
Europe bets big on India after investment pact with China
Europe is betting big on India after an investment pact with China. While the European Union pushed for early harvest trade and investment deal with India at the maiden high-level dialogue (HLD) held last Friday, UK’s secretary of state for international trade Liz Truss’s ongoing visit here is aimed at kick-starting a mega trade deal with India in the post-Brexit period.
Climate change: children in China learn Beijing’s version of the story
Authorities want students to support green campaigns, but for their activism to stop at lowering their carbon footprints Scripted lessons and censorship mean broad acceptance of the dangers of climate change and little impetus to push for more aggressive policies
Why are China’s small rural banks important, and what problems do they face?
Central government’s message to China’s rural banks is clear – support the financial needs of counties and agricultural areas, and manage risk more effectively President Xi Jinping says ‘a historic shift’ is underway to ‘comprehensively improve’ rural China, which accounts for more than 40 per cent of the nation’s population
Rural E-Commerce Programs Can Work. So Why Do Some Fail?
Rural e-commerce was a key component of China’s successful poverty alleviation campaign. But not every program was a hit with farmers.
Clubhouse no longer accessible in China
The hit audio-only social network Clubhouse appears not to be accessible in mainland China as of 7.30 p.m. Monday evening. As of writing, TechNode reporters and contacts opening the app receive an error message reading “An SSL error has occurred and a secure connection to the server cannot be made.” The main field of the app, which normally displays a list of conversations and activity, is empty except the suggestion to “Start a new room to get a conversation going!”
Will the Clubhouse model work in China?
On Friday just past midnight, I stumbled across a Clubhouse room hosted by a well-known figure in the Chinese startup community, Feng Dahui. At half-past midnight, the room still had nearly 500 listeners, many of whom were engineers, product managers, and entrepreneurs from China. The discussion centered around whether Clubhouse, an app that lets people join pop-up voice chats in virtual rooms, will succeed in China. That’s a question I have been asking myself in recent weeks. Given the current hype swirling in Silicon Valley about the audio social network, it’s unsurprising to see well-informed, tech-savvy Chinese users start flocking to the platform. Demand for invitations in China runs high, with people paying as much as $100 to buy one from scalpers.
China’s Hydropower Strategy: Threats, challenges and responses
Ering added that China’s proposed mammoth hydropower project in Medog county of Tibet will be a great threat to India and negatively impact Arunachal Pradesh, Assam, and other states. The proposed dam threatens the complete inundation of low-lying areas in Arunachal Pradesh.
To understand how China’s public diplomacy is changing under Xi, just watch his new year speeches
Over the years, Beijing has become more assertive in calling for a ‘new type of great-power relationship’ with the US.
India-China economic ties: Impact of Galwan
The current trade scenario suggests that the nationalistic notions of bringing China to its knees — by boycotting Chinese goods — has been a flop.
Myanmar coup highlights risks for Chinese investors working overseas
Very few Chinese firms operating in Southeast Asia conduct proper risk assessments, which makes them vulnerable during power changes, researcher says Companies need to be more vigilant in assessing the potential for collateral damage, academic says
Will Chinese drone giant DJI fly the friendly skies under Joe Biden’s watch?
Shenzhen-based DJI, the world’s largest drone maker, has been caught in the crossfire of deteriorating relations between Washington and Beijing Concerns remain about how Chinese-made drones can potentially be used in the US as a Trojan Horse for intelligence-gathering and espionage
Beijing warns off US warship from South China Sea islands
China on Friday warned off a US warship sailing near contested islands in the South China Sea, Beijing said, the first such encounter made public since the inauguration of President Joe Biden.
Chinese ships enter Japan waters near Senkaku Islands for first time since new coastguard law kicked in
The Chinese vessels pointed their bows toward the Japanese fishing boats, in a move apparently aimed at approaching them The new law allows China’s coastguard to fire on foreign vessels in disputed waters
US ally and China partner: how South Korea navigates between two powers
Seoul’s consul general in Shanghai says his country’s future depends on both powers A lack of trust on tariffs has held back a trilateral free-trade deal with Japan but Kim Seung-ho says he is optimistic it will happen
TAIWAN IN GEOPOLITICAL CROSSFIRE AS BIDEN FORMULATES CHINA POLICY
With tensions high on many issues as former president Trump reluctantly left the White House last month, strained relations between Washington and Beijing are showing no signs of a quick thaw under a new U.S. president. From the campaign trail last year, Joe Biden himself wrote of the “need to get tough with China,” and since coming to power his administration has pledged to continue pushing Beijing on issues such as the ethnic crackdown in Xinjiang, trade, and toughness towards China-based tech giants. While the Biden administration has yet to lay out a comprehensive strategy concerning China (indicating repeatedly since inauguration that “strategic patience” is in order as policy strategists jockey in D.C.), the Taiwan issue is sure to be on the agenda as Beijing continues to ramp up its rhetoric and issue military threats to the island nation.
China-Australia relations: some stranded Australian coal cargoes set to be unload
China has never publicly acknowledged a ban on Australian coal imports, but power stations and steel mills were verbally told to stop using the fuel in mid-October Some 61 bulk carriers are waiting to discharge Australian coal outside Chinese ports, some of which have been in limbo for months
Australian journalist Cheng Lei formally arrested in China for ‘supplying state secrets’
Cheng, an anchor for Chinese state television, has written a number of Facebook posts critical of President Xi Jinping and Beijing’s approach to the coronavirus outbreak She became the second high-profile Australian citizen to be held in Beijing after writer Yang Hengjun was arrested in January 2019 on suspicion of espionage
2014 Occupy protests and 2019 unrest leave no doubt Chinese patriots must rule Hong Kong
Beijing’s requirement that Hong Kong’s leaders must love the country and Hong Kong is not new, only emphasised now after repeated attacks on the city’s law and order To ensure ‘one country, two systems’ can continue, the SAR must choose a leader that’s not just capable, but also trusted by the central government To ensure that “one country, two systems” can continue to be implemented smoothly for the next 26 years, the chief executive must uphold the nation’s sovereignty, national security and developmental interests, apart from governing Hong Kong to keep it on an even keel. And to ensure that a true patriot is elected as chief executive, members of the Election Committee who select the chief executive – who themselves will face election at the end of this year – must also be true patriots. The curtain will soon be raised on the next patriot games.
New ‘Self-Discipline’ Rules Could Blacklist China’s Celebrities
Expert says an official regulation aimed at holding celebrities to a higher moral standard than laypeople could disproportionately target women.
China urged by scientists to create biggest radar system to save lives threatened by asteroid strike
Chinese scientists and military researchers outline plan for several radio dishes as ‘responsibility to mankind’ Relying on the US to tell of a potential catastrophe is no longer an option, say researchers
The Human Side to Another Lost Spring Festival
People from across China share how they’re celebrating the Lunar New Year holidays, dampened for the second straight year by COVID-19 outbreaks.
Coronavirus in China: Beijing tells local governments to ease overly strict travel curbs for Lunar New Year
The authorities are keen to limit the numbers travelling, but some local officials have gone further than the central government Health officials criticised the ‘lazy’ measures and many authorities have eased their rules after being criticised by Beijing
Covid-19: China approves Sinovac vaccine for general public use
The drug maker said Coronavac had been given the green light based on phase three trial data, even though the final results are not yet available It will be the second Chinese-made vaccine approved for general use after a drug made by Sinopharm
China eyes ‘17+1’ summit as gateway to European vaccine market, but can it inject interest?
Meeting of the bloc could allow Beijing to make vaccine diplomacy push and reassert influence as US returns to multilateral stage under Joe Biden But 17+1 forum has lost some appeal among leaders of Central and Eastern European countries, according to reports
Has the pause button been pressed on China-CEEC cooperation amid COVID-19?
According to the latest data from China’s Ministry of Commerce (MOFCOM), China’s total trade volume with 17 Central and Eastern European countries (CEECs) reached $103.45 billion in 2020, crossing the 100-billion-dollar mark for the first time and providing the global economy with a buffer against the fallout from the COVID-19 pandemic and economic recession. The achievements of China-CEEC collaboration inject confidence for more expectations in the future.
In conversation with the Belgian ambassador H.E. Mr. Jan Hoogmartens
In this interview, Mr. Hoogmartens discusses his general impression of China after having lived there for a couple of months, the current relationship between Belgium and China, and the economic prospects for 2021
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