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☆ German cars are the best in the world, its finance minister insists: 'They do not have to fear Chinese competition'
▼ + stars: | 2024-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Christian Lindner (FDP), Federal Minister of Finance, is on his way to a bilateral meeting with US Treasury Secretary Yellen at the headquarters of the World Bank. Bernd von Jutrczenka | Picture Alliance | Getty ImagesGerman carmakers do not have to fear competition from China and are still considered the best in the world, German Finance Minister Christian Lindner told CNBC. "German car manufacturers are world leading, they do not have to fear Chinese competition," Lindner said. Competition in the electric vehicle, or EV, market in China and Europe, as well as the U.S., has been heating up in recent months. This came ahead of Scholz's visit to China earlier this month, during which he warned against unfair competitive and trade practices.

Persons: Christian Lindner, Yellen, Bernd von Jutrczenka, CNBC's Karen Tso, Lindner, China's BYD, Tesla, Janet Yellen, Ursula von der, Wang Wentao, Olaf Scholz Organizations: Federal, of Finance, US, World Bank, Getty, German, CNBC, Washington , D.C, European Union . U.S, Treasury, European Commission, European Union, Commerce, EV, Reuters Locations: China, Washington ,, Europe, U.S, EVs, EU

☆ EU's von der Leyen echoes Yellen's calls for tough stance on Chinese overcapacity
▼ + stars: | 2024-04-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

European Commission President Ursula von der Leyen speaks during a press conference, Nurphoto | Getty ImagesEuropean Commission chief Ursula von der Leyen on Tuesday said that Europe must talk tough with China on its perceived unfair trade practices, echoing calls a day earlier from U.S. Treasury Secretary Janet Yellen. Speaking ahead of German Chancellor Olaf Scholz's trip to Beijing later this week, von der Leyen said European companies should have the same market access in China as Chinese firms have in Europe, according to comments cited by Reuters. She also urged the German leader to take a hard stance with Chinese authorities about overcapacity and unfair competitive practices. Chinese overcapacity concernsChinese overcapacity has become a major point of diplomatic tension, with the U.S. and its allies contesting that excess production and subsidized goods from China are undercutting domestic businesses. It also contests that the U.S. — through initiatives such as the Inflation Reduction Act — is subsidizing its own manufacturing industry.

Persons: Ursula von der Leyen, Janet Yellen, Olaf Scholz's, von der Leyen, Yellen, CNBC's Sara Eisen, Commerce Wang Wentao Organizations: Getty, European Commission, Treasury, Reuters, Monday, CNBC, U.S, China's, Commerce Locations: Europe, China, U.S, Beijing

☆ China says innovations, not subsidies, are powering EV edge as Yellen raises 'overcapacity' concerns
▼ + stars: | 2024-04-08 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by BAY ISMOYO / AFP) (Photo by BAY ISMOYO/AFP via Getty Images)China's Minister of Commerce Wang Wentao said that the speedy rise of the country's electric vehicle firms was not because of subsidies, but due to "constant innovations." The allegations about "overcapacity" by the U.S. and Europe are without merit, he said, China's Ministry of Commerce reported Monday. Wang also attributed China's EV edge to "well-established supply chain system and market competition." The roundtable discussion centered around the European Union's anti-subsidy probe into electric vehicle imports from China, among other topics, according to the statement. Wang noted that the Chinese EV industry has "made an important contribution to the global response to climate change as well as green and low-carbon transformation."

Persons: ISMOYO, Commerce Wang Wentao, Wang Organizations: Getty, Commerce, U.S, China's Ministry of Commerce, EV, Commerce Ministry, EU Locations: Jakarta, Indonesia, AFP, Europe, Paris, China

☆ China's Xi tells U.S. CEOs that bilateral relations can have a 'brighter future'
▼ + stars: | 2024-03-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China's President Xi Jinping speaks at an event held by the National Committee on US-China Relations and the US-China Business Council on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023. Carlos Barria | Afp | Getty ImagesBEIJING — Chinese President Xi Jinping told U.S. executives on Wednesday that bilateral relations can improve, and pledged that Beijing would keep working to improve the business environment. In the Chinese side's readout, Xi described China's economy as "sound and sustainable," and pushed back on some forecasts that the country would soon "peak." The National Committee on U.S.-China Relations did not provide a statement. "I commend [Xi's] personal engagement in the U.S.-China relationship, including a meeting like this.

Persons: Xi Jinping, Carlos Barria, Stephen Schwarzman, Cristiano Amon, Evan G, Greenberg, Harvard's John F, Dean Graham Allison, Craig Allen, Xi, Wang Yi, Zheng Shanjie, Commerce Wang Wentao, Rajesh Subramaniam, Chubb Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, APEC, Afp, Getty, U.S, China -, Blackstone, Qualcomm, Kennedy School of Government, U.S ., China Business, Authorities, National Development, Commerce, FedEx, CNBC, Committee Locations: Asia, San Francisco , California, BEIJING, Beijing, China, United States, U.S

☆ ‘No force’ can stop China’s tech progress, Xi Jinping tells Dutch PM
▼ + stars: | 2024-03-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

There was a surge in sales of ASML’s advanced chipmaking tools to China last year — ahead of the Dutch ban. In the fourth quarter of 2023, China accounted for 39% of ASML’s total revenue, according to the company. For 2023 as a whole, China’s share of ASML’s revenue was 29%, doubling from 14% in 2022. “China’s access to [these high-end chipmaking] machines is key to its commercialization of 7-nanometer logic chips,” they added. “China has been aggressively buying semiconductor equipment to build out production lines in both advanced and mature nodes,” according to Jefferies.

Persons: Xi Jinping, Mark Rutte, ASML, ” Xi, Rutte, Wang Wentao, Geoffrey van Leeuwen, ” Wang, “, ” Jefferies, Jefferies Organizations: Hong Kong CNN, Dutch, United, ”, Dutch Trade, Huawei, China’s Semiconductor Manufacturing International Corporation Locations: Hong Kong, China, Netherlands, Beijing, United States, Europe

☆ Apple could double down on China market, Wedbush says, as iPhone sales drop
▼ + stars: | 2024-03-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

SHANGHAI, CHINA - MARCH 21: Tim Cook, chief executive officer of Apple Inc., arrives for opening ceremony of the new Apple Jing'an store on March 21, 2024 in Shanghai, China. The new Apple store opens on March 21 in Shanghai's Jing'an district. (Photo by VCG/VCG via Getty Images)Apple could double down on the China smartphone market amid declining iPhone sales and stiff competition in the country, Wedbush Securities said on Monday. Apple needs to overcome its China challenges including a tough macro environment and competition from Huawei before the iPhone 16 release and "it all starts with reaffirming Apple's presence in China," Wedbush said. Cook's latest trip to China, which Wedbush said is "a sign Apple could double down" on China, comes amid reports of iPhone sales in China plunging 24% in the first six weeks of 2024.

Persons: Tim Cook, Wedbush, Commerce Wang Wentao, Cook Organizations: Apple Inc, Apple, Getty, Securities, Huawei, China's, Commerce, China Development Forum Locations: SHANGHAI, CHINA, Shanghai, China, Shanghai's Jing'an, Beijing

☆ China’s exports jump thanks to demand from India, Russia and other emerging markets
▼ + stars: | 2024-03-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China registered a surprise jump in foreign trade at the start of the year, partly because of strong demand from Russia, India and emerging markets in Africa and Latin America. China’s economy is battling a number of headwinds, including weak consumer and investor confidence, high youth unemployment and a long-running real estate crisis. Apart from the weak base effect, strong demand from emerging markets helped China’s trade surge at the start of the year. Meanwhile, China’s exports to Russia increased 12.5%, representing a slowdown from the rapid growth seen last year. “At the current juncture, it is likely too soon to call for a revival in China’s trade sector,” said HSBC analysts on Thursday.

Persons: ”, Nomura, “, Lynn Song, Biden, Wang Wentao Organizations: Hong Kong CNN, Exports, European Union, “, HSBC, Greater China, ING, European Commission, Wall Street Locations: Hong Kong, China, Russia, India, Africa, Latin America, Moscow, United States, Japan, Australia, Greater

☆ U.S. companies say it's harder to make money in China now than before the pandemic
▼ + stars: | 2024-02-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Aly Song | ReutersBEIJING — More U.S. companies are finding it harder to make money in China than before the pandemic, raising concerns that businesses may not stay long. "It is concerning when our member companies are not profitable," Michael Hart, AmCham China president, told reporters Thursday. It found that by far, the main reason for respondents to increase investment in China was to remain competitive there. Asked Thursday about those efforts, AmCham China Chair Sean Stein noted the measures incorporate suggestions from foreign business chambers in China, but AmCham would like Beijing "to make more tangible progress." Rising U.S.-China tensions were the top concern for members for a fourth-straight year, the AmCham survey found.

Persons: Aly Song, Michael Hart, Michael Hart AmCham, Hart, Wang Wentao, Sean Stein, Stein, AmCham Organizations: Bund, Reuters, Reuters BEIJING —, American Chamber of Commerce, of Commerce, German Chamber of Commerce, Commerce, U.S Locations: Shanghai, China, Reuters BEIJING, U.S, Beijing, Michael Hart AmCham China

☆ U.S. and China are working to make the business environment less volatile, Beijing says
▼ + stars: | 2024-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.

Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France

☆ China courts global elite at Davos with largest presence in years
▼ + stars: | 2024-01-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Participants walk in the street of the Alpine resort of Davos during the World Economic Forum. Davos, SWITZERLAND — China returned to Davos in full force this week as it attempts to thaw relations with the international community and court investment following years of Covid-19 lockdowns and rising geopolitical tensions. A delegation led by Chinese Premier Li Qiang is estimated to be the largest since 2017, when President Xi Jinping led an 80-strong cohort of Chinese business leaders and billionaires up the Swiss mountain. Li went on to meet for lunch with a host of top business leaders, including the CEOs of JPMorgan, Bank of America, Standard Chartered and Blackstone. He was joined by several other high ranking ministerial representatives including the Deputy Foreign Minister Ma Zhaoxu and Commerce Minister Wang Wentao.

Persons: Premier Li Qiang, Xi Jinping, Li, Ma Zhaoxu, Wang Wentao Organizations: Economic, Premier, JPMorgan, Bank of America, Standard Chartered, Blackstone, People's Bank of China, CNBC Locations: Davos, SWITZERLAND, China

☆ Microsoft's president meets with the Chinese government to discuss AI co-operation
▼ + stars: | 2023-12-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Cezaro De Luca | Europa Press | Getty ImagesMicrosoft President Brad Smith met with China's Minister of Commerce Wang Wentao on Wednesday to discuss topics ranging from artificial intelligence to trade relations between Washington and Beijing, according to a Youdao-translated Chinese government announcement. The meeting underscores China's attempt to show it remains favorable to American businesses amid continued tensions with the U.S., as it looks to reinvigorate its economy. China's own technology giants — from Alibaba to Baidu and Tencent — have also been launching their own AI models and rival products. Washington has sought to restrict China's access to key technologies such as semiconductors, and U.S. export curbs recently targeted chips from Nvidia, which are used to train artificial intelligence models. During the Biden and Xi meeting, the two leaders "affirmed the need to address the risks of advanced AI systems and improve AI safety through U.S.-China government talks," according to a White House readout.

Persons: Brad Smith, Cezaro De Luca, Commerce Wang Wentao, Smith, Joe Biden, Xi Jinping, Wang, Xi Organizations: Europa Press, Getty, China's, Commerce, U.S, Ministry, Microsoft, Baidu, Technology, Nvidia, Biden Locations: Madrid, Spain, Washington, Beijing, China, U.S, Alibaba

Vietnam has already rail connections to China, but the system is old with limited capacity on the Vietnam side. The upgraded railway would pass through the region where Vietnam has its largest deposits of rare earths, of which China is by far the world's biggest refiner. Chinese and Vietnamese rare earths industry experts discussed last week stronger cooperation on processing the minerals, according to Vietnamese state media. It is unclear how much China would contribute to the upgraded railway track in Vietnam and whether Hanoi would accept sizeable financing from Beijing on this. A strengthened railway link could also boost Vietnam's export to China, mostly of agriculture products, boost Chinese tourism to northern Vietnam and further integrate the two countries' manufacturing industries, which experts already consider as symbiotic, with factories in Vietnam largely assembling components produced in China.

Persons: Xi Jinping, Vietnam's, Wang Yi, Tran, Pham Minh Chinh, Wang Wentao, Francesco Guarascio, Khanh Vu, Phuong Nguyen, Stephen Coates Organizations: Vietnam's, China's Commerce, Initiative, Reuters, Thomson Locations: Hanoi, China, Haiphong China, Vietnam, HANOI, United States, Tran Luu Quang, Kunming, Haiphong, Beijing, China . China, Hong Kong, Washington, South

☆ China, Vietnam Consider Rail Link Through Rare Earths Heartland
▼ + stars: | 2023-11-30 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

By Francesco Guarascio and Khanh VuHANOI (Reuters) - China and Vietnam are working on a possible significant upgrade of their underdeveloped rail links to boost a line that crosses Vietnam's rare earths heartland and reaches the country's top port in the north, senior officials and diplomats said. Vietnam has already rail connections to China, but the system is old with limited capacity on the Vietnam side. The upgraded railway would pass through the region where Vietnam has its largest deposits of rare earths, of which China is by far the world's biggest refiner. Chinese and Vietnamese rare earths industry experts discussed last week stronger cooperation on processing the minerals, according to Vietnamese state media. It is unclear how much China would contribute to the upgraded railway track in Vietnam and whether Hanoi would accept sizeable financing from Beijing on this.

Persons: Francesco Guarascio, Khanh Vu, Xi Jinping, Vietnam's, Wang Yi, Tran, Pham Minh Chinh, Wang Wentao, Phuong Nguyen, Stephen Coates Organizations: Vietnam's, China's Commerce, Initiative Locations: Khanh, Khanh Vu HANOI, China, Vietnam, Hanoi, United States, Tran Luu Quang, Kunming, Haiphong, Beijing, China . China, Hong Kong, Washington, South

☆ China pledges deeper trade ties with Vietnam
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 26 (Reuters) - Chinese Commerce Minister Wang Wentao pledged to deepen bilateral trade ties with Vietnam during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho Chi Minh City on Saturday, China's commerce ministry said. China and the United States have been jostling for influence among Southeast Asian nations including Vietnam, which in September elevated its ties with Washington to a comprehensive strategic partnership, putting its one-time enemy on par with Beijing and Moscow. Chinese Vice Foreign Minister Sun Weidong held "frank and friendly talks" on bilateral ties, land borders and maritime issues with Vietnam's Deputy Foreign Minister Nguyen Minh Vu in Hanoi earlier this month. Wang also met Ho Chi Minh City's Vietnamese Communist Party secretary Nguyen Van Nen on Saturday, the Chinese commerce ministry said. Reporting by Laurie Chen; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Wang Wentao, Pham Minh, Wang, Sun Weidong, Nguyen Minh Vu, Xi Jinping, Ho, Nguyen Van Nen, Laurie Chen, Edmund Klamann Organizations: Commerce, Vietnamese, Beijing, Foreign, Vietnam's, Reuters, Communist Party, Thomson Locations: BEIJING, Vietnam, Ho Chi Minh City, China, United States, Washington, Moscow, Hanoi

☆ China Pledges Deeper Trade Ties With Vietnam
▼ + stars: | 2023-11-25 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Chinese Commerce Minister Wang Wentao pledged to deepen bilateral trade ties with Vietnam during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho Chi Minh City on Saturday, China's commerce ministry said. Wang said China-Vietnam trade cooperation had already achieved "fruitful results" and would include strategic areas such as the digital economy, green development and cross-border e-commerce, according to a readout published late Saturday by the Chinese ministry. China and the United States have been jostling for influence among Southeast Asian nations including Vietnam, which in September elevated its ties with Washington to a comprehensive strategic partnership, putting its one-time enemy on par with Beijing and Moscow. Chinese Vice Foreign Minister Sun Weidong held "frank and friendly talks" on bilateral ties, land borders and maritime issues with Vietnam's Deputy Foreign Minister Nguyen Minh Vu in Hanoi earlier this month. Wang also met Ho Chi Minh City's Vietnamese Communist Party secretary Nguyen Van Nen on Saturday, the Chinese commerce ministry said.

Persons: Wang Wentao, Pham Minh, Wang, Sun Weidong, Nguyen Minh Vu, Xi Jinping, Ho, Nguyen Van Nen, Laurie Chen, Edmund Klamann Organizations: Commerce, Vietnamese, Beijing, Foreign, Vietnam's, Reuters, Communist Party Locations: BEIJING, Vietnam, Ho Chi Minh City, China, United States, Washington, Moscow, Hanoi

Taiwan's APEC envoy Morris Chang attends a press conference during the APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S. November 17, 2023. REUTERS/Carlos Barria Acquire Licensing RightsSAN FRANCISCO, Nov 17 (Reuters) - Taiwan's APEC envoy Morris Chang said on Friday that he had informal interactions with U.S. President Joe Biden and discussions with Secretary of State Antony Blinken at a summit in San Francisco, but none with Chinese President Xi Jinping. The White House has not elaborated on those conditions, but Biden asked Xi to respect Taiwan's presidential election process next year, according to a U.S. official. Taiwan's envoy Chang said he supported those U.S. export controls on China. Reporting by Michael Martina in San Francisco and Ben Blanchard in Taipei; Editing by Chris Reese, Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Morris Chang, Carlos Barria, Joe Biden, Antony Blinken, Xi Jinping, Chang, Kamala Harris, Xi, Biden, Blinken, Fumio Kishida, Wang Wentao, Michael Martina, Ben Blanchard, Chris Reese, Kim Coghill, Tom Hogue Organizations: APEC, Economic Cooperation, REUTERS, FRANCISCO, U.S, Japanese, Biden, China's, Thomson Locations: Asia, San Francisco , California, U.S, San Francisco, Taiwan, Taipei, Beijing, Thailand, China, United States, Washington

BEIJING, Nov 17 (Reuters) - China's commerce minister expressed concern over U.S. curbs on semiconductor exports to China, as well as sanctions on Chinese firms and tariffs on Chinese imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said Friday. "Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs," according to China's commerce ministry. Two-way trade hit a record $690 billion last year, as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. This year is off to a significantly slower pace, however, with two-way trade flows through September down $104 billion, or 19%, from the first nine months of 2022, according to U.S. Census Bureau data. Wang and Raimondo also agreed to hold the first meeting of a commerce working group at the vice minister level in the first quarter of 2024, China's commerce ministry said.

Persons: Gina Raimondo, Wang Wentao, Raimondo, Joe Biden, Trump, Wang, Joe Cash, Christopher Cushing, Mark Potter Organizations: U.S, Commerce, Southeast, China, Census, Thomson Locations: BEIJING, China, San Francisco, Southeast Asia, U.S, Canada, Mexico

Top business leaders in the U.S. meet Chinese President Xi Jinping in San Francisco, California on Nov. 15, 2023. Apple CEO Tim Cook, Tesla chief Elon Musk and Blackrock's Steve Schwarzman were among the guests Wednesday night at a gala reception and dinner in San Francisco for visiting Chinese President Xi Jinping. San Francisco Mayor London Breed also had a spot at the head table. According to the place cards, Cook was seated next to Chinese Minister of Commerce Wang Wentao. Event organizers said Musk attended the VIP reception, but did not stay for the dinner.

Persons: Xi Jinping, Tim Cook, Elon Musk, Steve Schwarzman, Xi's, Joe Biden, Biden, Xi, Marc Benioff, Stan Deal, Raj Subramaniam, Ryan McInerney, Ray Dalio, Albert Bourla, Janow, Larry Fink, Gina Raimondo, Nicholas Burns, Kurt Campbell, San Francisco Mayor London Breed, Cook, of Commerce Wang Wentao, Musk Organizations: Apple, Tesla, U.S ., China Business Council, National Committee, U.S, China Relations, United, Boeing, FedEx, Visa, Bridgewater Associates, Pfizer, Mastercard, BlackRock, Commerce, White House, San Francisco Mayor London, of Commerce Locations: U.S, San Francisco , California, San Francisco, United States, China, White House China

☆ Australia confident China will lift all trade blocks next month
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Flags of Australia and China are displayed in this illustration picture taken May 11, 2023. REUTERS/Florence Lo/Illustration Acquire Licensing RightsSYDNEY, Nov 15 (Reuters) - Australia said on Wednesday China could lift all its remaining trade blocks by next month as relations between the commodity trade partners stabilise and after Prime Minister Anthony Albanese's visit to Beijing earlier this month. China has lifted most trade blocks imposed amid a 2020 diplomatic dispute after Australia called for an inquiry into the origins of COVID-19. "I remain very confident ... that by Christmas all of these trade impediments will be removed," trade minister Don Farrell told ABC Radio from San Francisco, where he is attending Asia-Pacific Economic Cooperation (APEC) meetings. Farrell said he hoped to resolve the issues over lobster and beef, which related to bio-security rules, ahead of a meeting with Chinese counterpart Wang Wentao in San Francisco.

Persons: Florence Lo, Anthony Albanese's, Don Farrell, Farrell, Wang Wentao, Renju Jose, Sam Holmes Organizations: REUTERS, Rights, China, ABC Radio, Economic Cooperation, Thomson Locations: Australia, China, Beijing, San Francisco, Asia, Sydney

☆ China warms to U.S. chipmaker Micron, as tensions with Washington ease
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. "We welcome Micron Technology to continue to take root in the Chinese market and achieve better development under the premise of complying with Chinese laws and regulations," Wang added. The detente comes just months after China's cyberspace regulator said Micron had failed a network security review and barred Chinese operators of key infrastructure from buying from the largest U.S. memory chipmaker. China's move against Micron was widely seen as retaliation for Washington's efforts to restrict Beijing's access to key technology. Reporting by Beijing newsroom; Editing by Sonali Paul and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Wang Wentao, Sanjay Mehrotra, Wang, China's, Joe Biden, Xi Jinping, Sonali Paul, Lincoln Organizations: Micron Technology Inc, REUTERS, Rights, Micron Technology, Commerce, Micron, Economic Cooperation, Beijing, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing, Washington, Asia, San Francisco

☆ 'Steve Jobs' biographer Walter Isaacson says Apple will be the company 'most hurt' if economic tensions between US and China escalate
▼ + stars: | 2023-10-24 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

As some US companies cut back on their dependence on China, Apple could be hardest hit, says Steve Jobs' biographer. Walter Isaacson told "Squawk Box" that "it'll be hardest" for Apple to decrease reliance on China. AdvertisementAdvertisementAs more US companies are trying to cut back on relying on China for business, Apple could be the one hardest hit if economic tensions continue to escalate. "Most companies are trying to decrease their dependence on China, but it'll be the hardest for Apple to do that." More than 95% of iPhones, Macs, AirPods, and iPads are made in China, according to the Financial Times.

Persons: Steve Jobs, Walter Isaacson, Tim Cook, —, Elon Musk, CNBC's, Apple, Isaacson, it'll, we've, Wang Wentao, Terry Gou Organizations: Apple, Service, Tesla, Bloomberg, Counterpoint Research, YouTube, Wall Street, Financial Times Locations: China, Beijing, Chengdu, Taiwan

☆ China is a stormy place to do business right now after shock exec arrests and Foxconn probes
▼ + stars: | 2023-10-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

That follows shock arrests and allegations of bribery at the Shanghai offices of US agency GroupM. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementChilling effectThe probes and arrests are likely to further chill foreign business activity in China. Outwardly, China's leaders have emphasized the country is open to foreign investment. "Both Chinese investment overseas and foreign investment in China have boosted friendship, cooperation, confidence, and hope," said Chinese Premier Xi Jinping earlier this month at a summit on the country's Belt and Road infrastructure initiative.

Persons: —, Foxconn, Bain, Mintz, Steve Tsang, it's, Xi, Dan Harris, Terry Gou, Gou, Tim Cook, Cook, Wang Wentao, Apple, GroupM Organizations: Apple, Foxconn, GroupM, Service, WPP, Financial Times, FBI, SOAS China Institute, New York Times, Chinese Communist Party, Huawei Locations: China, Shanghai, Taiwan, Beijing, New York, Seattle

Updated Oct. 20, 2023 12:00 am ETiPhone 15 sales have been weak in China. Photo: Cfoto/Zuma PressApple Chief Executive Tim Cook is crisscrossing China, one of the company’s largest markets, where challenges are mounting amid weak iPhone 15 sales and heightened government scrutiny. The whirlwind trip, which wasn’t announced ahead of time, has involved drop-ins at Apple stores, a visit to a key supplier and meetings with senior officials, including Chinese Commerce Minister Wang Wentao .

Persons: Tim Cook, wasn’t, Wang Wentao Organizations: Zuma Press Apple, Apple, Chinese Commerce Locations: China

☆ Jon Stewart's show on Apple TV+ is reportedly coming to an end amid disagreements around China and AI
▼ + stars: | 2023-10-20 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Jon Stewart's Apple TV+ show "The Problem" has ended over editorial disputes, NYT reported. Sources told the Times that Apple execs were concerned over show topics regarding China and AI. AdvertisementAdvertisementJon Stewart's show on Apple TV+ is reportedly hitting the chopping block over creative differences, The New York Times first reported. Apple told Stewart he needed to be "aligned" with the company on the topics he chooses to discuss, but Stewart wanted full creative autonomy over his series, sources told The Hollywood Reporter. In turn, Stewart and Apple reportedly both agreed to go their separate ways.

Persons: Jon Stewart's, Apple execs, —, Stewart, Jon Stewart, Apple, Rich Klubeck, didn't, Stewart —, Stephen Colbert's, Tim Cook, Cook, BuzzFeed, Wang Wentao Organizations: Times, Apple, Service, New York Times, Hollywood, Research, CNBC Locations: China, Wuhan, Beijing, Chengdu .

☆ Tim Cook's latest visit to China is a sign that the iPhone is at risk of becoming the 2nd-best option for many people
▼ + stars: | 2023-10-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

The Apple CEO made his second known trip to China this year as iPhone sales struggle. The visit is a sign that Apple desperately needs to keep China on its side. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWhen Tim Cook visited China in March this year, he was there to heap praise on the country for its history of innovation. Several months on, the Apple CEO is back on the charm offensive.

Persons: Tim Cook, —, Cook, Wang Wentao, it's, Elon Musk, Luxshare Organizations: Apple, Service, Bloomberg, Research, Huawei, Apple's Locations: China, Beijing, Chengdu

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