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☆ China launches anti-dumping probe into imported EU pork as trade tensions grow
▼ + stars: | 2024-06-18 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Beijing has launched an anti-dumping investigation aimed at certain pork products from the European Union, days after the Brussels raised tariffs on Chinese vehicles. China's Ministry of Commerce announced Monday it had opened an investigation into imported pork and its by-products originating from the EU, including pork offal, pig fat, pig intestines, bladders, and stomachs. The investigation is expected to conclude within 12 months, though it could be extended for a further six months, the ministry said. The European Union Chamber of Commerce in China said the EU pork investigation was Beijing's retaliation for recent tariffs on Chinese EVs. In response to questions, a Chinese commerce ministry official said the probe was first initiated by a formal complaint by a domestic industry group, the China Animal Agriculture Association.

Organizations: European Union, China's Ministry of Commerce, European Union Chamber of Commerce, EU EV, CNBC, China Animal Agriculture Association Locations: Beijing, Brussels, China

☆ EU tariffs on EVs sting China but won’t halt BYD’s advance
▼ + stars: | 2024-06-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

The impact on China’s EV makers will vary depending on the level of tariff and each company’s cost structure. “One critical issue for China is that the EU accounted for 38% of China’s EV exports in 2023,” Sebastian said. In February, nine government agencies, including the Commerce Ministry and the central bank, vowed to provide support to accelerate Chinese EV makers’ global push. Tesla prices to riseIn contrast to BYD, state-owned carmaker SAIC is in a “disastrous” situation facing 38.1% in additional tariffs, according to Sebastian. Soula said China could retaliate by imposing tariffs on some European goods such as luxury cars, premium brandies or airplane parts.

Persons: Hong Kong CNN —, BYD, Tesla, Gregor Sebastian, ”, ” Sebastian, Etienne Soula, It’s, Sebastian, Geely, Andrew Bergbaum, don’t, Soula Organizations: Hong Kong CNN, European Union, EV, China’s, Alliance, Democracy, German Marshall Fund of, Commerce Ministry, SAIC, Volvo, European Commission, UBS, EU Locations: China, Hong Kong, European, Europe, Beijing, Asia, Brazil, Turkey, United States, EU, America, Shanghai, Hungary, Italy, Spain

☆ China to restrict exports of some aviation and space components
▼ + stars: | 2024-05-31 | by ( ) edition.cnn.com time to read: +2 min

Beijing (Reuters) — China will control exports of some aviation and space components from July 1, its Commerce Ministry announced on Thursday, citing a need to protect the country’s national security and interests. Beijing brought in its Export Control Law in late 2020, amid an escalating trade war kicked off by Trump-era tariffs on $300 billion of Chinese goods in 2018. The United States and European Union, for example, also control the export of various aerospace components over concerns such parts might find “dual-use” application by hostile states. “China has learned from international practices and implemented export controls on relevant items according to its own needs,” an explanatory note from the Commerce Ministry said. Exports will be licensed if they comply with the relevant regulations,” it added.

Persons: “ Organizations: Reuters, Commerce Ministry, China’s Customs Administration, Central Military Commission, State Council, Ministry of Commerce, Export Control Law, Trump, European Union Locations: Beijing, China, United States

☆ China’s military shows off rifle-toting robot dogs
▼ + stars: | 2024-05-28 | by ( Brad Lendon | Nectar Gan | ) edition.cnn.com time to read: +3 min

During recent military drills with Cambodia, China’s military showed off a robot dog with an automatic rifle mounted on its back, essentially turning man’s best (electronic) friend into a killing machine. The latter part of the video also shows an automatic rifle mounted under a six-rotor aerial drone, illustrating what the video says is China’s “variety of intelligent unmanned equipment.”Military use of robot dogs – and of course small aerial drones – is nothing new. And the dogs have been popping up on China’s heavily regulated social media for at least a year. According to the state-run Global Times, the presence of the robotic dogs at exercises with foreign militaries indicates an advanced stage of development. “Usually, a new equipment will not be brought into a joint exercise with another country, so the robot dogs must have reached a certain level of technical maturity,” Global Times quoted an unnamed expert as saying.

Persons: Chen Wei Organizations: CNN, US Air Force, Management, Commerce Ministry, People’s Liberation Army, Times, Global Times Locations: Cambodia, China, Lao, Malaysian, Thai, Ukraine

☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ Rihanna’s makes Chinese street food to promote Fenty Beauty to China’s Gen Z
▼ + stars: | 2024-05-22 | by ( Stephy Chung | ) edition.cnn.com time to read: +4 min

She’s a business mogul in every sense: Aside from a prolific music career, she’s launched successful brands including her cosmetics empire Fenty Beauty – worth an estimated $2.8 billion according to Forbes – and her lingerie label Savage X Fenty. Her latest move in China to promote makeup products is something of a masterclass in how to tap into its lucrative – mostly online – Gen Z market. On Tuesday night, the chart-topping singer attended a Fenty Beauty pop-up held at a Shanghai photography museum, “servin’ face” according to brand’s Instagram, and “jianbing” – a popular Chinese breakfast crepe that costs about a dollar. In a screengrab from Instagram, Rihanna makes jianbing in Shanghai, China, during a visit to promote Fenty Beauty. While Fenty Beauty products have been available in the country since 2019, the brand announced this March that it would be expanding its presence via Sephora stores on the mainland.

Persons: CNN —, Rihanna, She’s, she’s, Forbes –, brand’s Instagram, ”, China’s TikTok, “, Guo Pei, jianbing, RihannashowsupinShanghai, Gucci, Dior, Louis Vuitton Organizations: CNN, Vogue China, Academy of China Council, Promotion of International Trade Locations: China, Shanghai, Instagram, Weibo, Shandong, ”, China’s Shandong province, Jianbing, Douyin

☆ Who could buy TikTok?
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Still, the company is under such close scrutiny that it would be a poor candidate to buy TikTok, experts say. If you were to tell me it’s Verizon, or AT&T, maybe it’s not as big of a problem.”Jasmine Enberg, principal analyst at Emarketer, highlighted a paradox: Only the largest, most dominant tech giants may have the resources to buy TikTok. Microsoft had been one of the handful of contenders to buy TikTok in 2020 when President Donald Trump first pushed for a sale. A former Trump Cabinet official enters the frayIn a move that caught many by surprise, former Trump Treasury Secretary Steven Mnuchin announced last month that he is putting together a team of investors to buy TikTok. As with Mnuchin, O’Leary has said a potential acquisition of TikTok may have to exclude TikTok’s algorithm.

Persons: Joe Biden, There’s, ”, Gene Kimmelman, Jasmine Enberg, ” Enberg, TikTok’s, Donald Trump, TikTok, Steven Mnuchin, Mnuchin, ” Oregon Democratic Sen, Ron Wyden, Trump, who’ve, Kevin O’Leary, O’Leary Organizations: CNN, Facebook, Google, Meta, Federal Trade Commission, FTC, Department, YouTube, Microsoft, Intel, Cisco, Verizon, Emarketer, Activision Blizzard, Walmart, Oracle, Project Texas, Texas, Trump Cabinet, Trump Treasury, Trump, ” Oregon Democratic, Washington Post, O’Leary Ventures Locations: United States, TikTok, ” Oregon

☆ Banning TikTok would hit China’s tech ambitions and deepen the global digital divide
▼ + stars: | 2024-04-24 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Not only would that deal another huge blow to China’s tech ambitions, it would further deepen the divide between two digital worlds centered around the rival economic superpowers. Congress on Tuesday approved legislation that could compel ByteDance to sell TikTok or face a national ban. That leaves few options for ByteDance to secure the future of TikTok in the US, its biggest market with 170 million users. “This includes everything from who owns and operates data centers, to space-based internet satellites, to undersea cables and, of course semiconductors.”In that sense, the TikTok ban has its silver lining for Beijing. Growing challenges for Chinese appsThe TikTok legislation was included in a wide-ranging foreign aid package meant to support Israel, Ukraine and Taiwan.

Persons: Hong Kong CNN —, ByteDance, Joe Biden, TikTok, “, ”, Alex Capri, Richard Windsor, Capri, Biden, Paul Triolo, ” Triolo, Wang Wenbin, CNN’s Marc Stewart, Triolo doesn’t, — CNN’s Wayne Chang, Marc Stewart Organizations: Hong Kong CNN, Foundation, National University of Singapore’s Business, YouTube, Google, Radio Free Mobile, TikTok, Technology, Albright, Commerce Department, Commerce, China’s, Foreign Ministry, Facebook, Apple Locations: China, Hong Kong, America, Beijing, Capri, “, Asia, Israel, Ukraine, Taiwan, Silicon Valley, American, Bytedance, “ Beijing

☆ China slams U.S. probe into its shipbuilding industry, says move is a 'mistake on top of a mistake'
▼ + stars: | 2024-04-18 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.

Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing

☆ China says EU subsidy probes interfere with China, Europe cooperation
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +1 min

Subsidy investigations started by the European Union interfere with the mutually beneficial cooperation between China and Europe, and China resolutely opposes them, a Chinese commerce ministry official said. Subsidy investigations started by the European Union interfere with the mutually beneficial cooperation between China and Europe, and China resolutely opposes them, a Chinese commerce ministry official said. The official, who was not identified in a statement released by the department on Thursday, believes the probes launched by the European Union so far are all aimed at Chinese new energy-related enterprises, which will seriously damage the confidence of its firms in carrying out investment and trade cooperation in the EU. The remarks came from the head of the Trade Remedies Bureau of the Chinese Ministry of Commerce in a meeting with Martin Lukas, director general of the trade defense department of the European Commission, in Brussels, according to the statement.

Persons: Martin Lukas Organizations: European Union, EU, Chinese Ministry of Commerce, European Commission Locations: European, China, Europe, Brussels

☆ 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

The decision scraps duties as high as 218% on Australian wine exports to China, its largest overseas market once worth more than 1 billion Australian dollars ($653 million). The Australian government said it welcomed Beijing’s decision “which comes at a critical time for the Australian wine industry.”“Since 2020, China’s duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market,” the statement read. “There are a lot of people in the Australian wine industry who will be reaching out for a good glass of wine tonight and feeling a whole lot happier about their future,” Bruce Tyrrell, managing director of Tyrrell’s Wines in New South Wales, told CNN. Annual wine production hit its lowest point in more than 15 years during 2022-2023, Wine Australia said. Lee McLean, head of national association of grape and wine producers Australian Grape & Wine, said industry groups were working with the Australian government to “ensure a coordinated re-entry” into the market.

Persons: ”, “, that’s, ” Bruce Tyrrell, Lee McLean, ” McLean, Anthony Albanese’s, Albanese, Wang Yi, Penny Wong, Yang Hengjun, Wong Organizations: Sydney CNN, China’s Ministry of Commerce, Canberra, World Trade Organization, Tyrrell’s, CNN, Wine Australia, Global, Wine, China’s Foreign, Anthony Albanese’s Labor, China’s, Ministry, Australian Locations: Hong Kong, Sydney, China, Australia, Beijing, New South Wales, Wine Australia, United Kingdom, Europe, China’s

☆ China lifts tariffs on Australian wine, ends three-year freeze in trade
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +3 min

China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers. "We welcome this outcome, which comes at a critical time for the Australian wine industry," the Australian government said in a statement. "Since 2020, China's duties on Australian wine effectively made it unviable for Australian producers to export bottled wine to that market. When the tariffs on Australian wine were levied in 2021, Canberra urged the WTO to arbitrate in the dispute. "Today's announcement is a significant positive not only for Treasury Wine Estates, but also for the Australian wine industry and wine consumers in China," CEO Tim Ford said in a statement.

Persons: Australia's, Tim Ford Organizations: World Trade Organisation, WTO, Wine, Treasury Wine Estates Locations: Chirnside Park, Victoria, Australia, China, Canberra, Beijing

☆ ‘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

☆ China’s Xi meets American CEOs to boost confidence in world’s second largest economy
▼ + stars: | 2024-03-27 | by ( Laura He | Wayne Chang | ) edition.cnn.com time to read: +3 min

Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term growth prospects have shaken confidence in the world’s second biggest economy. But global investors remain wary of China’s rising scrutiny of Western companies as well as a structural slowdown. In the first two months of 2024, foreign direct investment (FDI) into the country shrank nearly 20% from a year ago, underscoring weak confidence among global executives. Another gauge of FDI — direct investment liabilities — showed a 82% slump in 2023, according to figures released by the State Administration of Foreign Exchange. China has set this year’s economic growth target at around 5%, the same as last year’s.

Persons: Xi Jinping, Cristiano Amon, Raj Subramaniam, Stephen Schwarzman Organizations: Taipei CNN, Qualcomm, FedEx, Blackstone, of, International Monetary Fund, World Bank, China Development, Commerce Ministry, State Administration of Foreign Exchange, American Chamber of Commerce Locations: China, Hong Kong, Taipei, Beijing, United States

The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales. Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga. It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing. The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.

Persons: Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi Organizations: WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party Locations: China, Georgia, Paris, Norcross , Ga, U.S, Beijing

☆ TikTok: Is it really Chinese?
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Is TikTok Chinese? In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.Is ByteDance Chinese? At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either. That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.

Persons: TikTok, Shou Chew, Trump, Chew, Jose Luis Magana, Musical.ly, TikTok’s, ByteDance, Zhang Yiming, Liang Rubo, Zhang, Liang, Jinri, Chew didn’t, Shannon Stapleton, Zhang Fuping, Xi Jinping, Wu Shugang, Shu Yuting Organizations: Hong Kong CNN, TikTok LLC, TikTok Ltd, ByteDance Ltd, Bytedance Ltd, Tianjin’s Nankai University, ByteDance, Carlyle Group, General Atlantic, Susquehanna International Group, Reuters, Communist, Cyberspace Administration, Beijing Douyin Information Service, Chinese Communist Party, National Intelligence Law, Commerce Ministry Locations: China, Hong Kong, United States, Beijing, California, Los Angles, Singapore, Delaware, Culver City , California, Cayman Islands, Shanghai, Chinese, TikTok

☆ If the US bans TikTok, China will be getting a taste of its own medicine
▼ + stars: | 2024-03-14 | by ( Laura He | ) edition.cnn.com time to read: +7 min

But American apps have long been barred in China. “The TikTok bill appears likely to become law and China’s displeasure seems ironic, if not hypocritical, given its stance toward American social apps,” said Brock Silvers, managing director at Kaiyuan Capital. The Chinese government has said it strongly opposes a forced sale of TikTok, and it has the legal ability to do so. A man walks past the headquarters of ByteDance, the parent company of TikTok, in Beijing. “While China has completely banned [these] American apps, TikTok enjoys all the benefits of America’s free and open legal and political systems,” he said.

Persons: Hong Kong CNN — TikTok, ByteDance doesn’t, Wang Wenbin, ”, Brock Silvers, Wang, Joe Biden, TikTok, CNN Beijing’s, Trump, Greg Baker, “, Winston Ma, Silvers, Alex Capri, Craig Singleton, “ We’ve, ” Capri Organizations: Hong Kong CNN, US, Foreign Ministry, Google, Kaiyuan, Chinese Commerce Ministry, ByteDance, Trump, CNN, Commerce Ministry, Getty, New York University School of Law, Foundation, National University of Singapore Business School, Foundation for Defense of Democracies, Weibo, Twitter, Facebook Locations: China, Hong Kong, United States, Beijing, TikTok, ByteDance, AFP, Washington, Washington , DC

Hong Kong/Beijing CNN —China has described a potential TikTok ban as “an act of bullying” that would backfire on America. Cybersecurity experts say that the national security concerns surrounding TikTok remain a hypothetical — albeit troubling — scenario. US officials have not publicly presented evidence that the Chinese government has accessed the user data of US TikTok users, an outcome that lawmakers say their bill is intended to prevent. In recent comments to reporters, Wisconsin Republican Rep. Mike Gallagher, who chairs a House select committee on China, rejected characterizations of the bill as a TikTok ban. “It puts the choice squarely in the hands of TikTok to sever their relationship with the Chinese Communist Party.

Persons: ByteDance, ” Wang Wenbin, Wang, ”, Mike Gallagher, “ It’s, TikTok, “, Tiktok Organizations: Beijing CNN, CNN Wednesday, Senate, Wisconsin Republican, Chinese Communist Party, Weibo Locations: Hong Kong, Beijing, China, America, American, tatters

☆ TikTok is circling the wagons ahead of a potential ban
▼ + stars: | 2024-03-13 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. The company plans to exhaust all legal avenues before considering being split from Chinese company ByteDance, Bloomberg reported, citing people familiar with the matter. AdvertisementIf TikTok loses its legal battle, ByteDance, its parent company, must divest the social media platform. This could also prove challenging, as the Chinese government has said it opposes a forced sale of TikTok. TikTok did not immediately respond to a request for comment from Business Insider.

Persons: —, Joe Biden, Shou Chew, Sarah Kreps, Shu Jueting, TikTok Organizations: Service, Senate, Business, Punchbowl News, Bloomberg, Wall Street, Tech, Institute, New York's Cornell University, CNN Locations: United States

☆ China calls on foreign businesses to share their problems as investment slumps
▼ + stars: | 2024-03-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

While the Commerce Ministry meeting did not reveal much new progress on the 24 measures to support foreign business that were announced last summer, attendees said they were able to share specific challenges about doing business in China. The ministry said representatives from more than 60 foreign businesses and 9 associations attended Wednesday's roundtable. Foreign direct investment into China has fallen to its lowest level in three years, according to official data, amid geopolitical tensions and slowing growth in the country. Hart said that it's hard for companies not yet in China to complete due diligence and approve new investments. Biden, who faces re-election this fall, has emphasized the need to compete with China while finding areas of cooperation.

Persons: Aly Song, MofCom, Jens Eskelund, Eskelund, Michael Hart, Hart, Joe Biden, Xi Jinping, Biden Organizations: Chinese Communist Party, Reuters, Reuters BEIJING — China's Ministry of Commerce, Commerce Ministry, EU Chamber of Commerce, Cyberspace Administration of, China's Ministry of Commerce, American Chamber of Commerce, U.S, U.S . Transportation Department Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Beijing, Cyberspace Administration of China, San Francisco

☆ China opposes U.S. sanctions on Chinese companies for Russia-related reasons
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: +1 min

China firmly opposes the United States imposing sanctions on Chinese enterprises for Russia-related reasons, the Chinese commerce ministry said on Monday. China firmly opposes the United States imposing sanctions on Chinese enterprises for Russia-related reasons, the Chinese commerce ministry said on Monday. China will take necessary measures to firmly safeguard the legitimate rights and interests of Chinese enterprises, the ministry said in a statement on its website. The Biden administration on Friday announced new trade restrictions on 93 entities from Russia, China, Turkey, the United Arab Emirates, Kyrgyzstan, India and South Korea for supporting Russia's war effort in Ukraine. The action, one day before the second anniversary of Russia's invasion of Ukraine, essentially bans U.S. shipments to the targeted entities, including eight from China, 63 from Russia, 16 from Turkey and four from the UAE.

Persons: Biden Organizations: United, United Arab Locations: China, United States, Russia, Turkey, United Arab Emirates, Kyrgyzstan, India, South Korea, Ukraine, UAE

☆ China vows to help its EV champions succeed overseas despite threats of sanctions
▼ + stars: | 2024-02-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

On Wednesday, China’s Commerce Ministry posted a document signed late last year by nine government agencies, including the Foreign Ministry and the central bank, vowing to support Chinese EV makers with their globalization push. It also encouraged Chinese EV companies to cooperate with foreign manufacturers in technology and build supply chains that can benefit everyone. Chinese EV makers are taking the world by storm, even if they are largely locked out of key markets like the United States. Chinese EV makers are seeking alternative growth engines overseas because the picture is gloomy at home. The flood of cheaper Chinese vehicles has triggered trade tensions with some countries.

Persons: “, Biden Organizations: Hong Kong CNN, China’s Commerce, Foreign Ministry, Chinese EV, Getty, EV, China Association of Auto Manufacturers, European Commission, Wall Street Locations: China, Hong Kong, Europe, United States, Chinese, China's Shandong, Australia, Southeast Asia, Japan, Shenzhen, Hungary

☆ China to help electric vehicle industry respond to foreign trade restrictions
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on Jan. 14, 2024. China's commerce ministry said on Wednesday it would encourage the new energy vehicle industry to "actively" respond to foreign trade restrictions and cooperate with overseas firms, amid a European probe into Chinese subsidies for the sector. The ministry issued guidelines that also encouraged automakers to set up R&D and after-sales service centers abroad, to collaborate with foreign partners in building up supply chains, and to work more closely with shipping companies on transportation logistics. Under the measures, Chinese banks would be encouraged to expand domestic and overseas services for automakers and their supply chains, including the scale of cross-border RMB settlements. The ministry also said it would optimize export procedures for NEVs and batteries.

Locations: Chongqing, China

☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

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