China pledges expanded trade with EU but stops short on market access concessions
Virtual summit between Chinese President Xi Jinping and leaders of European trading block leaves much work still to do. Focus on investment treaty derailed by exchange on human rights record including Hong Kong and Xinjiang.
Germany’s Angela Merkel says ‘political will’ exists to wrap up EU-China investment deal
Chancellor’s comments come after a virtual summit meeting between EU leaders and Chinese President Xi Jinping, who says the talks will be ‘expedited’. Head of the European Commission, which is handling the negotiations, says there is still ‘a lot to do’ on market access and sustainable development standards.
China’s economic recovery continued in August, but analysts warn of ‘pent-up demand’ running out of steam
Consumer confidence is climbing as retail sector shows first growth of year. Industrial production remains one of the main drivers of China’s economic recovery following its coronavirus lockdown measures.
Global economy has little hope of fighting off coronavirus without cooperation
The appetite for multilateral problem-solving is much weaker now than in 2008 when the global financial crisis hit, with US-China friction setting the tone for global relations. A change in US leadership could turn the tide.
China economy’s broad recovery from coronavirus continues, as retail sales grow for first time in 2020
Industrial production grew by 5.6 per cent in August from a year earlier, with retail sales growing by 0.5 per cent. Economic recovery in China continues to be powered by industry, but retail sector records best performance of 2020.
‘Dual circulation’ and US-China decoupling are two reasons to strengthen the yuan
Decoupling aimed at driving down US demand for Chinese goods will mean less pressure on the yuan to remain competitive against the dollar. China’s latest economic plan will also require a lot of raw materials priced in US dollars, which means they will be cheaper if the Chinese currency is stronger.
China extends tariff exemptions on 16 US products for another year at the request of Chinese importers
Ministry of Finance says renewed tariff exemptions on American goods will be in place until September 16, 2021. Beijing and Washington have both kept retaliatory tariffs on a number of imports in ongoing trade war.
Instead of targeting TikTok and WeChat, the US should work on an alternative to China’s digital silk road
From fibre-optic cables to health care connectivity in emerging markets, China’s digital silk road enables the country to gain both influence and commercial benefit. The US has been making headlines banning Chinese apps at home and opposing Huawei worldwide but offers no comparable programme to China’s.
Chinese chip maker SMIC applies to renew licence to supply Huawei: state media
Semiconductor Manufacturing International Corp has asked for Washington’s approval to continue supplying Huawei. Further trade sanctions imposed by the Trump administration on telecoms equipment maker and smartphone giant Huawei go into effect on Tuesday.
America Is Going to Decapitate Huawei
The United States’ technological dominance gives it an immense power. But how long will that last?
Tencent said to join rivals Alibaba, ByteDance in picking Singapore as Asia hub after India, US bans
Management at China’s largest social media and gaming company had been discussing Singapore as a potential regional hub, sources say. China’s tech behemoths are increasingly turning to Southeast Asia in the face of growing hostility from the US and other major markets.
YouTube to launch TikTok-like short-form video feature in India after ban of Chinese app
Shorts will allow creators to ‘shoot short, catchy videos using nothing but their mobile phones’. The feature shares many similarities with TikTok, the wildly popular video-sharing app banned in India and facing a forced sale in the US.
Nvidia’s acquisition of Arm throws company into tech spat between US and China, analysts say
Arm’s blueprints for powering chipsets are a critical component for many Chinese smartphone makers and AI firms. Nvidia’s US$40 billion acquisition of the chip designer is set to catapult it into the fray of geopolitical tensions between Beijing and Washington, experts say.
Gen-Z Conservatism Is Changing Fashion In China
Delvaux launched its “Les Miniatures China Dream” collection last month. Thanks to a global pandemic and a 21st-century cold war, Chinese culture has looked inward and is taking conservative turns on multiple fronts. By further suppressing LGBTQ+ and feminist activities while promoting traditional Confucian values, post-COVID China is committed to turning the clock back to a more conservative, and in theory, stable, time. But these ever-more stringent cultural policies will leave a deep and long-lasting mark on China’s Gen Z, which will also happen to be the main growth engine for global luxury and fashion soon. With the rise of conservatism in China, the liberal fashion world is likely to undergo profound changes over the years to come.
What Does China’s Recovery Mean for Western Brands?
Since late spring, China’s domestic travel market has been a positive example of how tourism can recover post-COVID-19. During the post-COVID-19 recovery boom in China, consumer spending should only accelerate, thanks to China’s upcoming eight-day holiday, National Day and the Mid Autumn Festival. Ongoing international travel restrictions might have curtailed Chinese consumers’ shopping overseas, but it has boosted their local shopping habits.
Covid-19 fed off ‘panic and neglect’, says WHO-backed body that warned of possible pandemic
‘We warned that the world was ill-prepared for such a pandemic, tragically and catastrophically we have seen our worst fear realised,’ Global Preparedness Monitoring Board says Group said in a report last year that action was needed to prepare better for pandemics and outbreaks
Coronavirus could push 160 million more into poverty across Asia, ADB warns
Overall gross domestic product growth for developing Asia will contract by 0.7 per cent this year, marking its first negative economic growth since 1962 The Asian Development Bank cuts China growth forecast to 1.8 per cent this year from 2.3 per cent previously, although it will rebound 7.7 per cent in 2021.
Coronavirus: Chinese vaccine ready for use in November, top scientist says
Clinical trials have been progressing smoothly and preparations are being made to go into mass production, CDC’s chief biosafety expert Wu Guizhen says. Wu says she was inoculated herself in April and ‘has felt quite good’ since.
China-US relations: Xi rejected Trump’s offers of help in early days of coronavirus outbreak, says Woodward
In his book Rage, Washington journalist gives accounts of the two phone calls between presidents since the pandemic started. In March 27 call Chinese President says ‘lockdowns, quarantine and social distancing’ are effective in containing virus.
Shenzhen to reprise role as vanguard of China’s financial reforms with its pole position in Greater Bay Area
Shenzhen’s strengths in many areas put it ahead of other cities in the Greater Bay Area to take the lead in financial deregulation that will facilitate free trade and cross-border capital flows. Shenzhen has mapped out its own blueprint for financial services to promote integration in the bay area.
Hong Kong’s retail sector, stuck in the doldrums, pushes vacancy rate of street-level shops to record high
The vacancy rate in the main shopping districts of Causeway Bay, Mong Kok, Central and Tsim Sha Tsui has reached a record high of 12.6 per cent, says Midland IC&I. The property agency expects rents to fall by 40 to 50 per cent in the core districts by the end of the year.
Hong Kong’s veteran property investors head for the exit amid fears of a deep and prolonged correction in prices
Chances of prices falling higher now as Hong Kong’s economy is worse than it was during the Asian financial crisis in 1997 and Sars outbreak in 2003, says former Midland Holdings executive. The outlook for Hong Kong’s property market will remain uncertain until the second half of next year, says Joseph Tsang of JLL.
China’s Anbang Insurance Group applies to formally disband, liquidate after operating for two years under state ward
The government took control of Anbang in February 2018 as part of a nationwide campaign to reduce financial risk in the aftermath of a massive asset-buying spree by a handful of private-sector conglomerates. Anbang’s ex-chairman, Wu Xiaohui, was sentenced by authorities to 18 years in prison for fundraising fraud and embezzlement.
How Bad Relations With China Could Mess With the Energy Transition
Increasingly strained relations between China and the West are spilling into the clean power sector.
US issues restrictions on import of Xinjiang cotton and apparel products, citing forced labour
US customs agency issues Withhold Release Orders, banning cotton, apparel, hair products and computer parts from four Xinjiang companies In addition to four companies, the orders target a specific ‘training centre’, which the US considers a detention camp.
Reconstructing Japan’s diplomatic strategy
Intensifying US–China rivalry is forcing Japan to reconsider its strategy to secure peace and prosperity in the region. This offers Japan an opportunity to use its diplomatic, economic and security advantages to shape China into a constructive regional stakeholder. But the question is how best to manage US–China rivalry to prevent fatal instability in the region.
US and UK warn travellers of risk of arbitrary arrest in China and Hong Kong
UK updates travel advice and US urges citizens to ‘reconsider travel’ to Hong Kong.
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