Companies
Trade slows but still impels economy
China’s foreign trade in July, though slower than expected, still achieved double-digit growth, as the country maintains steady demand for foreign commodities and continues to diversify its trading with various partners.
China’s exports in yuan-denominated terms rose by 11.2 percent year-on-year last month, and imports by 14.7 percent, according to General Administration of Customs data on Tuesday. Previously, customs forecast July year-on-year export growth of 14.8 percent and import growth of 22.6 percent.
Trade figures showed a monthly surplus of 321.2 billion yuan ($47.8 billion), a 1.4 percent year-on-year increase.
In the first seven months, exports rose by 14.4 percent year-on-year and imports by 24 percent, lowering the trade surplus by 14.5 percent. Foreign trade from January to July totaled 15.46 trillion yuan, up by 18.5 percent year-on-year.
“Slower-than-expected July growth is understandable because last year had a high base figure. And the double-digit growth is high enough to support the growth stream,” said Zhang Yongjun, a researcher at the China Center for International Economic Exchanges.
Shen Jianguang, chief economist of Mizuho Securities Asia, Ltd, said unlike the past two years, when China’s economic growth heavily depended on investment and domestic consumption, exports now have proved an important economic growth engine.
January to July trade with the EU climbed by 17.1 percent year-on-year to 2.33 trillion yuan. Trade with the United States rose by 20.6 percent, with ASEAN by 20.9 percent and with Japan by 16.9 percent.
Exports of machinery, electronics and labor-intensive products continued to expand in the first seven months, but the volume of steel exports dropped by 28.7 percent year-on-year to 47.95 million metric tons.
The Ministry of Commerce plans to assist manufacturers in identifying “specific regions” in key emerging export markets, particularly in BRICS economies and markets related to…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
(more…)Companies
Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
(more…)Companies
Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
(more…)- Is journalist Vicky Xu preparing to return to China?
- Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
- China Unveils Plan to Upgrade Industrial Equipment
- China deepens engagement with new Indonesian president as top diplomat visits Jakarta
- New Publication: A Guide for Foreign Investors on Navigating China’s New Company Law
- Lingang New Area in Shanghai Opens First Cross-Border Data Service Center to Streamline Data Export Process
