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☆ Europe opens competition probes covering Chinese solar panel makers over subsidies
▼ + stars: | 2024-04-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The European Union has launched investigations into two groups of companies that include Chinese solar panel makers in the latest salvo against what it suspects is unfair competition from China’s vast manufacturing sector. “There are sufficient indications that both (consortia) have been granted foreign subsidies that distort the internal (EU) market,” the European Commission said in a statement. The European Commission has said it may impose tariffs on Chinese biodiesel imports if dumping is confirmed. Like biodiesel, solar panels are an important part of Europe’s efforts to transition to an economy powered by clean technologies. Last month, Premier Li Qiang told the country’s parliament that China would focus on exporting more of its “new trio” of products, namely electric vehicles, solar panels and lithium batteries.

Persons: Thierry Breton, Jens Eskelund, Li Qiang Organizations: London CNN, European Union, European Commission, Green Energy Technology Co, Shanghai Electric Group Co, European, European Union Chamber of Commerce, EU Locations: Romania, EU, China, Europe

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

☆ EU-China trade relations are in a 'slow-motion train accident,' business group says
▼ + stars: | 2024-03-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.

Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S

☆ Xi-Biden meeting in San Francisco is a baby step in the right direction, EU Chamber of Commerce's Wuttke says
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXi-Biden meeting in San Francisco is a baby step in the right direction, EU Chamber of Commerce's Wuttke saysFormer European Union Chamber of Commerce President Joerg Wuttke discusses the Chinese economy and foreign relations on the sidelines of the UBS conference in London.

Persons: Biden, Commerce's Wuttke, Joerg Wuttke Organizations: Xi, EU, European Union Chamber of, UBS Locations: San Francisco, London

☆ China FDI: Foreign investors are really frustrated with country’s economic challenges
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

Persons: Refinitiv, Ant, “, Xu jingbai, ICHPL, Xi Jinping, ”, ” Carlo D’Andrea, Shanghai —, JP Morgan, Tesla Organizations: Hong Kong CNN, State Administration of Foreign Exchange, Commerce Ministry, Vanguard, BlackRock, CNN, Bloomberg, China, European Union Chamber of Commerce, People’s Bank of, HSBC, American Chamber of Commerce Locations: China, Hong Kong, Shanghai, Beijing, outflows, People’s Bank of China

REUTERS/Andrew Galbraith/File Photo Acquire Licensing RightsSHANGHAI, Nov 3 (Reuters) - The European Union Chamber of Commerce on Friday criticised an upcoming trade fair in China as being more of a "political showcase" than about doing business and pushed for more tangible measures to restore confidence among European companies. "It's more a government affairs event, more a marketing event and there's been really little said on business. You can say CIIE has become more of a political showcase rather than a business event," Carlo D'Andrea, the chamber's vice president, told reporters at a briefing in Shanghai. "European businesses are becoming disillusioned as symbolic gestures take the place of tangible results needed to restore business confidence," he said. The European Union's top diplomat, Josep Borrell, visited last month, as have several other top EU officials in recent months.

Persons: Xi Jinping, Andrew Galbraith, Li Qiang, Anthony Albanese, there's, Carlo D'Andrea, Josep Borrell, Brenda Goh, Sonali Paul Organizations: China, REUTERS, Rights, European Union Chamber of Commerce, Australian, European Union, Micron, Nestle, Burberry, Thomson Locations: Shanghai, China, Europe, EU

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ CNBC Daily Open: The September jobs report is key
▼ + stars: | 2023-10-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Bracing for the jobs reportU.S. stocks dipped slightly Thursday as investors braced for the September job report coming out today. JPMorgan Chase's Marko Kolanovic thinks the S&P 500 might be slammed by a 20% sell-off if high interest rates persist. In other words, the gap between cheap and expensive stocks is larger than usual — which gives value investors a "tremendous opportunity."

Persons: Hong, Tencent, JPMorgan Chase's Marko Kolanovic, I'm, Bill Nygren, Nygren Organizations: CNBC, Treasury, Administration, European Union Chamber of Commerce Locations: Asia, Pacific, China

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

☆ EU Chamber of Commerce in China discusses 'sensible de-risking'
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina, Europe need to look at what constitutes sensible de-risking: EU Chamber of Commerce in ChinaJens Eskelund, president of the European Union Chamber of Commerce in China, discusses Europe's potential punitive tariffs against Chinese electric vehicle companies and how to address the challenges of consensus-building.

Persons: China Jens Eskelund Organizations: of Commerce, European Union Chamber of Commerce Locations: China, Europe

☆ EU trade chief seeks more balanced economic ties on China visit
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Trade Commissioner Valdis Dombrovskis will take part in a joint economic and trade dialogue, meet Chinese officials and European companies active in China and deliver two speeches during his Sept. 23-26 trip to Shanghai and Beijing. For the European Union, the visit is designed to renew dialogue with China after its COVID-19 closure and as EU wariness grows over Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine. The EU blames its 400 billion euro ($426.32 billion) trade deficit partly on Chinese restrictions on European companies and says the EU market is largely open. The European Union Chamber of Commerce in China said in a report on Wednesday that Chinese authorities were sending contradictory messages to foreign businesses. The EU is also expected to be asked during the visit to clarify what it means by "de-risk" in the context of China.

Persons: Valdis, Francisco Seco, Valdis Dombrovskis, Dombrovskis, Philip Blenkinsop, Barbara Lewis Organizations: European Commission, Rights, Beijing, Trade, European Union, EU, European Union Chamber of Commerce, Thomson Locations: Brussels, Belgium, Rights BRUSSELS, China, Shanghai, Beijing, Moscow, Ukraine, EU

American companies doing business in China are less optimistic about the future than at any other time in more than two decades. These are some of the takeaways from reports released Tuesday by organizations representing close to 2,000 European and American firms. The papers by the American Chamber of Commerce in Shanghai and the European Union Chamber of Commerce in China portray a business environment that has become more difficult to navigate. Nearly two-thirds of European companies in China have seen business opportunities thwarted by China’s ever more complex web of regulations. The reports also make clear that despite the troublesome landscape, China remains an enticing lure for Western corporations.

Persons: China’s Organizations: American Chamber of Commerce, European Union Chamber of Commerce, Companies Locations: China, Shanghai, Beijing

Such disruptions were a major “push factor” that companies cited in expanding their operations outside China, the survey showed. Foreign companies are on edge following unexplained raids on two consulting firms and a due diligence firm. Foreign investment into China fell 2.7% from a year earlier in the first half of 2023, according to official data. A survey by the British Chamber of Commerce in China found 70% of foreign companies want “greater clarity” before making new investments. Despite the relatively gloomy perspective evinced by the survey, some things have improved, American Chamber of Commerce members said.

Persons: ”, Sean Stein, AmCham, ” Stein Organizations: American Chamber of Commerce, U.S ., Companies, Washington, U.S, “, British Chamber of Commerce, European Union Chamber of Commerce Locations: China, Washington, Shanghai, U.S, Southeast Asia, Mexico

U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. She is pressing China to take actions to improve business conditions. That sentiment was echoed by Jens Eskelund, president of the European Union Chamber of Commerce in China, who said "'uninvestible' is not a term we would use to describe China", instead describing it as "under-invested."

Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Jens Eskelund, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Nicoco Chan, Jason Xue, Joe Cash, Martin Quin Polland, Lun Tian, Laurie Chen, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, U.S . Commerce Department, Global, American Chamber of Commerce, European Union Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York

Jens Eskelund, President of the European Union Chamber of Commerce in China, attends an interview with Reuters in Beijing, China August 21, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - The European Union Chamber of Commerce in China said on Wednesday that it would not use the term "uninvestable" to describe China, in response to a comment from the United States. U.S. Commerce Secretary Gina Raimondo said late Tuesday American firms had increasingly used the term to describe China, prompting Beijing to defend its business practices and approach to foreign investment. "‘Uninvestable’ is not a term we would use to describe China," Jens Eskelund, president of the EU chamber, said in an emailed response to questions from Reuters on Raimondo's remarks. Reporting by Laurie Chen; Writing by John Geddie; Editing by Muralikumar Anantharaman, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Jens Eskelund, Florence, Gina Raimondo, Raimondo, Eskelund, Laurie Chen, John Geddie, Muralikumar Anantharaman, Robert Birsel Organizations: European Union Chamber of Commerce, Reuters, REUTERS, Rights, U.S . Commerce, EU, Thomson Locations: China, Beijing, Rights BEIJING, United States, Europe

☆ Dentons: Global law firm splits off Dacheng, its China business
▼ + stars: | 2023-08-09 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Dentons, the world’s biggest law firm by number of employees, is distancing itself from its business in China in response to intensifying regulation in the country. The firm notified clients of the move this week in an internal memo shared with CNN Tuesday. Dentons said that starting this month, its China unit would operate as a standalone legal entity. Its China business operates independently under its Chinese name Hongshan. Leaders of the Silicon Valley firm said at the time that it had “become increasingly complex to run a decentralized global investment business.”

Persons: Hong Kong CNN — Dentons, Dentons, ” Dentons, Bain, “ who’s, ” Michael Hart, “, ” Organizations: Hong Kong CNN, CNN, Hong, Dentons, Group, American Chamber of Commerce, British, of Commerce, European Union Chamber of Commerce, Sequoia Locations: Hong Kong, China, Dentons, ”, Shanghai, New York, Beijing, Europe, United States, India, Southeast Asia

☆ EU Chamber of Commerce in China discusses its members' 'primary concern'
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU Chamber of Commerce in China discusses its members' 'primary concern'Jens Eskelund, president of the European Union Chamber of Commerce in China, cites factors related to both China's domestic economy and weak demand in overseas markets.

Persons: Jens Eskelund Organizations: EU, of Commerce, European Union Chamber of Commerce Locations: China

"Since Xi Jinping took power in 2012, China has expanded the legal landscape for exit bans and increasingly used them, sometimes outside legal justification," the Safeguard Defenders report reads. Attention on the exit bans comes as China-U.S. tensions have risen over trade and security disputes. The Reuters analysis of records on exit bans, from China's Supreme Court database, shows an eight-fold increase in cases mentioning bans between 2016 and 2022. Most of the cases in the database referring to exit bans are civil, not criminal. Some activists say the wider use of exit bans reflects tighter security measures under President Xi.

☆ China investment drowns out decoupling rhetoric
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 10 (Reuters Breakingviews) - International companies are reinforcing President Xi Jinping’s message that China is open for business. Japan Display’s (6740.T) shares soared 21% on Monday after the Apple (AAPL.O) supplier said it would provide its OLED technology to China’s HKC. And Europe’s Airbus (AIR.PA) just moved to double capacity in China, agreeing to push ahead with a second China assembly line despite failing to win any new orders during French President Emmanuel Macron’s recent state visit. The new commitments provide a reminder that multinational companies are making – and want to make more – money in the People’s Republic. At least some of the decoupling rhetoric is being drowned out.

☆ No chance EU-China investment deal will be revived at this point: EU Chamber of Commerce in China
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNo chance EU-China investment deal will be revived at this point: EU Chamber of Commerce in ChinaJens Eskelund, vice president of the European Union Chamber of Commerce in China, says it's unlikely that the Comprehensive Agreement on Investment will see "significant traction" in the short term.

China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW ESTIMATE HIGH ESTIMATE Estimate using travel patterns 970,000 deaths Estimate using recent testing data 1.5 million deaths Estimate based on U.S. death rates 1.1 million deaths China’s official count 0 2.5 million 83,150 deaths Model based on Shanghai outbreak 1.6 million deaths LOW EST. But China’s official Covid death toll for the entire pandemic remains strikingly low: 83,150 people as of Feb. 9. Four separate academic teams have converged on broadly similar estimates: China’s Covid wave may have killed between a million and 1.5 million people. Why official data underrepresents China’s outbreak83,150 deaths China’s official count on Feb. 9 0 2.5M 83,150 deaths China’s official count on Feb. 9 0 2.5 millionChina has a narrow definition of what counts as a Covid-19 death. But the work was unwavering in its ultimate conclusion: Ending the “zero Covid” policy was likely to overwhelm the health care system, producing an estimated 1.6 million deaths.

From its original epicentre in the north, including the capital Beijing, COVID-19 infections are spreading throughout the country and cases are impeding workforces in manufacturing belts, including the Yangtze River Delta, near Shanghai. With mass testing halted after China abruptly dropped its zero-COVID policy this month, official data no longer reliably captures new case numbers. Some estimates, however, predict the wave currently sweeping the country could infect up to 60% of China's 1.4 billion-strong population. LOGISTICS LOGJAMLeading automobile chipmaker, Renesas Electronics Corp (6723.T) suspended production at its Beijing plant last Friday due to COVID-19 infections, but said it would re-open Tuesday. For now, however, that impact is being limited in part by economic hardships elsewhere in the world denting demand for products from China.

HONG KONG/BEIJING, Dec 9 (Reuters) - Chinese regulators and state-owned banks are taking steps to split staff at their workplaces in Beijing, sources told Reuters, as businesses brace for a possible spike in COVID cases after China relaxed virus restrictions in a major policy shift. Other staff are required to work from home, they added. Among China's big four state-owned banks, Bank of China (BOC) (601988.SS) has released a notice to staff that it would split its Beijing workforce into three groups, working in the office on alternate weeks, said a person with direct knowledge. But the bank has yet to decide when to start such rotations, the person added. Other large state banks have also made similar arrangements - splitting up staff into rotating shifts while maintaining a maximum of 10%-20% of staff occupancy in their headquarters in Beijing, said two other people with knowledge of the matter.

☆ Foreign business groups in China wary as new Xi term begins
▼ + stars: | 2022-10-24 | by ( Josh Horwitz | ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 24 (Reuters) - Overseas business groups in China expressed on Monday wariness about President's Xi Jinping's newly unveiled leadership team and his stated priorities, with some urging against greater state intervention in the market. While the European business group was positive on remarks Xi made on environmental protection, it said it wanted more clarity on how China planned to remain committed to reform and opening up but also how it would "stay independent and self-reliant". "It is not clear how these two statements can be reconciled in practice," it said. Overseas businesses in China have grown increasingly critical of policies such as a tough zero-tolerance stance on COVID-19, which they say is discouraging investment and preventing them from attracting foreign staff. Register now for FREE unlimited access to Reuters.com RegisterReporting by Josh Horwitz; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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