The EU should recognise the benefits of its partnership with China
Despite differences, the relationship over the years has been built on mutual benefit, complementarity, dialogue and cooperation. This has not changed. Away from the distortions of geopolitics and ideology, both sides have their work cut out to protect public health and nurture economic recovery. A serious issue for China and the EU at the moment is how to perceive each other correctly. We are of the view that China and the EU are partners that present opportunities to each other, not rivals that pose threats to each other. Differences in our social systems and development paths are not obstacles to dialogue and cooperation; still less do they support the argument that either China or the EU should be viewed by the other side as a systemic rival.
EU-China summit to mark soured relations with deal on whiskey
“The ball is deep in the Chinese court when it comes to building a reciprocal trade relationship,” said a senior EU official preparing the meeting, which starts at 1200 GMT on Monday. No final communique is planned, EU officials said. European attitudes have hardened towards Beijing because of the novel coronavirus, which many scientists believe originated in China, and because of a new security law on Hong Kong that the West says curtails basic rights.
China-EU relations: can Xi Jinping win over European leaders at virtual summit?
Chinese leader will have to make concessions if he is to prevent Brussels moving closer to Washington than Beijing, sources say. South China Sea, Hong Kong and Covid-19 all likely to be on the agenda when Xi meets German chancellor and EU presidents on Monday.
Crucial EU-China summit faces challenges
The EU-China leaders’ meeting via video conference on Monday (14 September) will focus on EU-China bilateral relations, including on climate change, economic and trade issues. The meeting follows a previous summit in June.
EU and China sign landmark agreement protecting European Geographical Indications
Today, the EU and China signed a bilateral agreement to protect 100 European Geographical Indications (GIs) in China and 100 Chinese GIs in the European Union against usurpation and imitation. This agreement, first concluded in November 2019, should bring reciprocal trade benefits as well as introducing consumers to guaranteed, quality products on both sides. It reflects the commitment of the EU and China to deliver on their commitment taken at previous EU-China Summits and to adhere to international rules as a basis for trade relations.
Europe urges China to match its climate ambitions
The European Union will press China to aim for climate neutrality by 2060 or eventually face punitive carbon tariffs during a summit on Monday (14 September) aimed at concluding a bilateral trade agreement by the end of the year.
Trade, human rights and climate: Disagreements dominate EU-China summit
The EU and China have often clashed over human rights issues, trade and economic policy. The coronavirus pandemic, which emerged in China in late 2019, has complicated the two regions’ delicate relationship even further.
Europe Feels the Squeeze as Tech Competition Heats Up Between U.S. and China
As the rapid pace of change mixes with national security issues, Europe’s role as a global regulator is increasingly tested — and may not be enough.
Europe Is Fed Up With China’s Transgressions
Though EU countries won’t go as far as the U.S. in decoupling from China, they’re sending a strong message.
Coronavirus makes Germany’s EU-China summit go virtual
Along with the pandemic, Angela Merkel, Xi Jinping and EU officials will have much to discuss via video conference. The EU is weighing human rights and business needs in the row between China and the US.
Why is Germany wading into the Indo-Pacific’s strategic waters?
Berlin’s relationship with Beijing is founded on economics and trade but now the European giant is taking a bigger interest in the region on the other side of the world. Among the main concerns is the South China Sea, an area at risk of becoming a flashpoint The European Council on Foreign Relations, a think tank in Brussels, said it was important for the European Union to invest in its relationships with third countries, particularly those in the Indo-Pacific. “These close ties, established through mechanisms such as free-trade agreements and security partnerships, not only enhance Europe’s capacity to act in the region but also serve its broader interests in shaping norms and standards globally,” it said in a report released on Thursday.
China’s dual circulation strategy is a step towards sustainable trade
The world is not turning its back on trade or globalisation, but it is being driven towards a more nuanced approach with a more realistic balance than the previous ‘more is better’ mindset The US, EU, Japan, India, Australia and other leading trade nations are also, to one degree or another, making similar adjustments. Expect the process to be messy China’s recently announced “dual circulation” strategy – in which its traditional emphasis on growth through exports will be bolstered by a renewed focus on spurring domestic demand – is a recognition of a simple reality: the highly conducive international trade environment that fuelled China’s supercharged growth for decades is breaking down.
Does China’s new ‘dual circulation’ policy mean ‘China first?
Without more details of “dual circulation” available, it might be presumptuous to claim that the strategy is inward-looking. For one thing, foreign investment in China remains stable and the Belt and Road Initiative continues to open up new markets in the region. For another, it’s impossible for one single country to realize self-sufficiency in today’s world. China is no exception. It has thrived due to globalization and cultivating business relationships with those in countries around the world. The new formula is not an end to the country’s decades-long opening-up policy but more of a reconfiguration that is adapting to geopolitical woes, the most severe pandemic in recent history and the real possibility of a tech decoupling .
Inside China Tech: can Huawei make sweet Harmony in 2021?
China’s biggest technology company has opened the latest version of its Harmony operating system to developers around the world. Huawei’s proprietary OS is crucial to the future of its smartphone business amid rigid US trade sanctions.
China Prefers TikTok U.S. Shutdown to Forced Sale, Reuters Says
China opposes a forced sale of TikTok’s operations in the U.S. and would rather see the popular video app shut down, Reuters reported Friday, citing three people with direct knowledge of the matter.
How To Win In Luxury Fashion During The COVID-19 Crisis
China’s primary and secondary sneaker markets experienced turbulence during the COVID-19 pandemic, but is China’s “sneaker bubble” finally about to burst? Photo: Nike/Dior.
I believe these are exciting times. Given the current state of most luxury fashion brands, this may sound cynical, but it is not meant to be. Many people have described COVID-19 as a crisis. The Chinese symbol for crisis expresses both danger and opportunity. For brands that take the right steps, a crisis is always an opportunity to emerge stronger. Christian Dior’s Air Dior collection is such an example. At a time when many other brands are in hibernation mode, Dior continues to push out its most innovative and inspiring campaigns. Similarly, Gucci’s new MX collection uses a new type of gender-fluid inclusivity to give the brand a competitive edge.
Oracle reportedly wins deal for TikTok’s US operations as ‘trusted tech partner’
Deal comes an hour after Microsoft’s failed attempt
Oracle wins bid to buy US TikTok assets, edging out Microsoft, reports say
The Trump administration had given ByteDance until September 15 to sell TikTok’s US operations or be shut down in the country.
Services sector offers China the greatest unexplored potential
The China International Fair for Trade in Services in Beijing appeared to be part of China’s charm offensive to show that it remains open for business after bringing the coronavirus outbreak under control ccording to the Ministry of Commerce, China’s exports in services returned to growth in July, up 3.3 per cent to 172.5 billion yuan (US$25.24 billion), year on year. The latest economic data also shows the Chinese economy is gradually recovering from the coronavirus downturn, with the US remaining the biggest buyer of mainland exports for the fifth consecutive month in August despite talk of decoupling. For a full-bodied recovery, however, China needs interaction with other economies and, as the US tries to play hard ball, should focus on fostering relations with other countries. In this respect the services sector offers the greatest unexplored potential, including cutting edge hi-tech. This is reflected in the official figures of more than 18,000 participating businesses at the fair for services in trade, with more than 2,000 of them having an exhibition booth.
China’s dollar pragmatism
Inclusion of the renminbi in the International Monetary Fund’s special drawing rights basket from 2015 was supposed to herald rapid growth in renminbi official reserves. At end-April this year, official reserves in renminbi were just $221bn relative to total reserves of $11,732bn, less than 2%. Many in the west feared China’s Belt and Road initiative would lead to wider and deeper renminbi finance, but countries receiving early renminbi BRI loans immediately swapped into dollars. Chinese banks now finance BRI loans in dollars because that is what clients want. The share of global renminbi Swift settlements briefly topped 2% in 2018, but has declined to 1.4%. On the numerical evidence there is no groundswell of surging renminbi against dollar. Some say the People’s Bank of China’s digital currency might be a game changer. It could supplement the existing wholesale financial plumbing, but is unlikely to displace the core systems that have grown dollar hegemony. More likely, as a digital renminbi challenges the Ant and Tencent payments duopoly within China, it may force the pace of foreign expansion, as the McFadden Act forced New York banks to expand abroad after 1927. Ant’s Alipay already accepts 18 global currencies, with renminbi principally used by non-Chinese merchants selling into China. New initiatives target global supply chains, logistics and shipping, mirroring the mercantilism of early New York banks’ branching overseas.
China to revive international yuan drive along belt and road countries
Senior Chinese government adviser says Beijing will try to expand reach of the currency through its massive infrastructure plans. Yuan should be used as much as possible in pricing, settlements and payments, Huang Qifan says.
Chinese debt a safe and sound market bet
Foreign holdings of Chinese debt grew at the fastest rate on record during July and August as the yuan rose against the dollar and the Chinese economy evinced clear signs of economic recovery.
China’s digital sovereign currency tests put it ahead of the global pack in push to adopt digital money
People’s Bank of China started studying digital currency in 2014, but the pace picked up last year after Facebook omitted the yuan from a basket of currencies in its Libra project. European Central Bank warns of foreign providers taking the lead in digital currencies, while starting to examine the pros and cons of its own unit.
China should seize the moment to free up controls on the yuan to expand its international use
The dangers of capital outflow have eased as China’s economy has recovered rapidly from the impact of the coronavirus pandemic. The yuan has become a safe bet for value due to a weaker US dollar, but Beijing still maintains tight control of capital flows.
No winners in US–China technology divide
TikTok and WeChat, two hugely successful Chinese social media applications that have gained global popularity, abruptly find their access to the US consumer market at risk. In August, US President Donald Trump ordered TikTok’s parent company ByteDance to sell its product to a US company within 90 days. He simultaneously banned Tencent, the owner of WeChat, from most of its operations in the United States. China’s experiences with the Trump administration have been deeply sobering to leaders in Beijing. No matter who is elected in November, China will seek to reduce its dependence on the United States and accelerate the development of indigenous technologies to protect the country from US unpredictability and hostility. The next administration will need to ponder carefully whether a lasting US–China technology divide will be in anyone’s long-term interest.
Charts of the Day: EU Companies in China Struggle With Staff Stranded Overseas
European businesses in China are continuing to struggle with the fallout of the Covid-19 pandemic, while long-standing problems such as limited market access and a complex regulatory environment continue to take a toll, the European Union Chamber of Commerce in China said in its annual position paper released Thursday. Even as economic growth has slowed, both in China and globally, the country’s market potential remained significant, the report suggested. In a June survey conducted by the chamber, about 39% of 588 responding member companies reported that their China operations saw revenue growth in 2019 of up to 20% year-on-year, and 11% of the respondents saw even greater expansions, the European Chamber said in the position paper. However, just under half of member firms reported missing out on business opportunities as a result of market access restrictions and regulatory barriers in China, 40% of whom claimed those lost opportunities amounted to more than 10% of their annual revenue, the European Chamber said in the paper.
Construction on China’s ‘city of the future’ highlights Beijing’s renewed zeal for ambitious state planning
The Xiongan New Area, blessed by Beijing’s top brass and showered with resources, has become the new zenith of China’s building spree. Almost half of the local population worked in the textile industry in 2016, but many factories have had to shut down because they did not meet new environmental standards for the area.
Hong Kong’s malls lay out discounts, promotions and giveaways to lure shoppers to spend and salvage slumping sales
New World Development’s K11 Musea, Swire Properties’ Pacific Place, Cityplaza and Citygate have all launched various promotions to lure shoppers. At Pacific Place in Admiralty, customers can enjoy up to 15 per cent rebate when shopping on weekends until October 4, while Cityplaza in Taikoo Shing is giving out coupons.
China’s container traffic grows in early September as export orders recover from coronavirus supply chain shock
Container traffic at Chinese ports rose 9 per cent year on year in the first 10 days of September, while foreign trade grew 16.5 per cent during the same period. Number of containers handled by China’s eight largest container ports in Shanghai, Ningbo, Shenzhen, Guangzhou, Qingdao, Tianjin, Xiamen and Dalian rose 7.4 per cent.
Japan’s SoftBank to sell chip designer Arm to Nvidia for US$40 billion, reshaping semiconductor landscape
Nvidia began as a graphics chip designer and has expanded into products for areas including artificial intelligence and data centers.
China ditches US nuclear technology in favour of home-grown alternative
The US-developed AP1000 technology was once the basis of China’s third-generation nuclear power. But China’s Hualong One is now the preferred option.
Coronavirus: vaccine scandals haunt China’s winter flu shot drive
People in high-risk groups encouraged to get an influenza jab to help ease pressure on the country’s health system. But efforts are hampered by cost, lack of access and public concerns about quality.
Coronavirus: China tightens surveillance of chilled food imports
Customs authority says foreign suppliers will face bans if their packaging tests positive for the deadly pathogen more than once. New rule comes after study shows virus can survive on chilled salmon for up to eight days.
China-US relations are in tatters. Can both sides cool their hostile strategies to avoid disaster?
The framework that has kept US-China relations stable for almost 50 years is in pieces and dangerous trends point to a new cold war or even a hot one. Both sides lack a long-term strategic vision. Donald Trump is desperate to be re-elected, while China’s overconfidence could lead to miscalculation and disaster.
China-US tension: ambassador Terry Branstad to step down, Pompeo signals in tweet
US Secretary of State Mike Pompeo uses Twitter to thank Terry Branstad for serving as ambassador to China even though Beijing has not been informed. Branstad is highly regarded in China despite growing tension and confrontation between the world powers.
China-US relations: America has ‘gone too far’ interfering in other countries’ affairs, Wang Yi says
‘Some people in the US better manage their own affairs first, abide by the principles of international relations,’ Chinese foreign minister says at press conference with Russian counterpart. Beijing ‘has never discussed formulating bills targeting the internal affairs of the United States, but the US Congress has frequently introduced various bills on internal affairs of China’, he says.
China-US relations: Beijing slams Pentagon report, blames Taipei for stirring up regional tensions
‘China Military Power Report’ makes ‘groundless accusations’ about Beijing’s spending, nuclear policies and Taiwan, defence ministry says Military advancement ‘driven by defending national sovereignty’ and is no threat to any country, it says.
India-China border: is peace really on the horizon?
Beijing and New Delhi have agreed to ease tensions, but political relations remain sour and troops are still eyeball-to-eyeball at the border. Are the nuclear-armed neighbours really on the road to resolution?
China-India border dispute: Tibet war games test PLA forces at altitude despite pledge to disengage
Airing of war games footage coincided with Beijing releasing five Indians detained by the PLA for crossing into Chinese territory. Military drills showcase China’s latest ground striker and rocket launchers.
Asean treads fine line as US-China rivalry, South China Sea loom over annual forum
The bloc made clear during the four-day summit that it did not want to be ‘stuck in the tussle between the major powers as that would affect stability in the region’. Disagreements over language surrounding the South China Sea dispute have also delayed the release of a joint communique.
Chinese state media lash out at Australia over raids on Chinese journalists
China News Service says the action violated the rights of the reporters and harmed their well-being. Australia’s trade minister says the security agencies involved acted according to the law.
Chinese investment in Australia plummets as tensions spiral
Chinese investment Down Under plunged from US$3.5 billion to just US$1.8 billion last year. Beijing-Canberra relations have nosedived in recent months after a series of diplomatic clashes, with China imposing tariffs on Australian products.
China appoints trade expert as new ambassador to Pakistan to help drive infrastructure development plan
Nong Rong has no experience as a diplomat but analyst says he is just the man to revitalise the multibillion-dollar China-Pakistan Economic Corridor. Former head of the ethnic and religious affairs commission in Guangxi can help ‘strengthen economic cooperation’, observer says.
New Cold War is subtler than the old
Brewing US-China conflict will not clearly go the way of or end as the previous Cold War. Perhaps at the end, this is the biggest difference with the first Cold War – this one could be nipped in the bud. To do that China should fully understand the foreign world-cobweb and take the necessary reforms to adapt to it and take into consideration all the foreign demands of many of its neighbors. On the other hand, the US-spider should mend its own cobweb and dramatically improve its own domestic system. Short of this, both sides may believe they have better chances in keeping the present course which eventually may lead to a violent clash or an irredeemable freeze, far worse than the first Cold War.
China-US relations: Chinese shell firms accused of helping ZTE sell American tech to North Korea
Ryer International and Rensy International said to have acted as go-betweens for Chinese tech giant between 2010 and 2016 in breach of sanctions The two companies and their representatives may have to forfeit close to US $1 million.
If Hong Kong protesters deserve Nobel Peace Prize, what about Black Lives Matter protesters?
Yonden Lhatoo calls out US politicians for blatant double standards in seeking to honour the city’s anti-government movement while being conflicted over protests in their own country.
Disney walks US-China tightrope with ‘Mulan’ and loses its balance
The Hollywood studio is battling critics, Covid-19 and its own questionable decisions. Disney is latest US company to be called out for callousness and myopia regarding Xinjiang human rights issues.
The Chinese Cultural Revolution: Lessons for America’s Cancel Culture
Soon enough the cancelers will find them selves open to cancellation.
Ready, Aim, Click: The Artist Reframing China’s Modern History
After five years in the military, Cai Dongdong gave himself a new mission: exploring the country’s relationship with its past through contemporary art.
China’s retiring ‘baby boomers’ a shot in the arm for tourism, fitness and insurance sectors: Credit Suisse
Generation that followed Great Famine benefited from opening up in 1978, economy growing 90 times Upcoming retirement of about a fifth of China’s population will lead to business opportunities, Swiss investment bank’s China Quantitative Insight team says.
Xi Jinping calls on science to solve the big problems choking China
Xi urges researchers to put their minds to solving a range of weaknesses undermining social and economic development Answers must be found for issues from pollution to the country’s reliance on overseas supplies of imported crop seed, he says.
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