Xi urges South Korea's Lee to help safeguard free trade in call
BEIJING: Chinese President Xi Jinping (pic) held his first phone conversation with South Korea's newly elected President Lee Jae-myung and called for cooperation to safeguard multilateralism and free trade.
Xi made the remarks in a phone call with Lee, state-run Xinhua News Agency and China Central Television reported. Lee earlier said he was set to speak with Xi by phone on Tuesday (June 10).
"We should strengthen bilateral cooperation and multilateral coordination, jointly safeguard multilateralism and free trade, and ensure the stability and smoothness of global and regional industrial chains and supply chains,' Xi said, according to the CCTV report.
Xi said the two countries should promote their strategic partnership to a higher level and "inject more certainty' into the regional and international landscape, the reports said.
The new South Korean leader has signalled a more cautious stance on the US-China rivalry, marking a shift from predecessor Yoon Suk-yeol's foreign policy, which emphasised closer ties with Washington and a trilateral partnership with Japan. - Bloomberg
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
12 minutes ago
- The Star
Japan's close-range reconnaissance a security threat, China says
This undated file photo shows the People's Liberation Army (PLA) Air Force conducting a high-sea training mission. - Photo: Xinhua BEIJING: Japan's close-range reconnaissance has led to security risks at sea and in the sky, Foreign Ministry spokesman Lin Jian said on Thursday (June 12). Lin made the remarks at a regular news conference, after reports quoted Japan as saying Chinese fighter jets flew "unusually close" to Japanese military patrol planes over the weekend. Defense departments of China and Japan have maintained communication through existing channels over the reported issue, Lin said. "China's activities in relevant waters and airspace are fully in line with international law and international practices," Lin said. "The close-range reconnaissance the Japanese vessels and aircraft conduct against China's normal military activities is the root cause for maritime and airspace security risks," the spokesman emphasised. "We urged the Japanese side to stop such dangerous behaviour." China has confirmed it had recently sent carrier strike groups led by the CNS Liaoning and CNS Shandong for training in the Western Pacific. - China Daily/ANN
Daily Express
26 minutes ago
- Daily Express
Now's as good a time as any to buy China-made cars
Published on: Thursday, June 12, 2025 Published on: Thu, Jun 12, 2025 By: Yamin Vong, FMT Text Size: BYD, for instance, has emerged as a leader in EVs and is iconic for its integrated supply chain, which includes battery production, rare earth supplies and its own record-setting 7,000 car capacity ocean-going car carriers. - FMT pic for illustration only. Now is a good time for people in Malaysia and Southeast Asia to buy Chinese cars. They offer good value for money, being about 30% cheaper than equivalent legacy car models, and are packed with features previously only offered in cars from premium brands that cost twice as much. However, the main disadvantage of Chinese cars is that they lack the legacy enjoyed by the 150-year old Mercedes Benz or Peugeot, or even the 118-year old Toyoda loom company which preceded the 88 year-old Toyota Motor Corporation. Advertisement To overcome that fear of the unknown, Chinese car makers who began global exports only about 10 years ago started with gimmicky but nevertheless mind-boggling vehicle warranties, such as a million kilometres for their internal combustion engines. While that phase is over, many Chinese EV makers still offer an outstanding eight-year 160,000km powertrain warranty covering electric motors, inverter and related drivetrain components to emphasise confidence in their core EV technology. Coming back to my main point, it's very simple. Malaysian and Southeast Asian car buyers are benefiting from China's industrial policy, which includes broad infrastructural subsidies for the car industry from the central government. On another level, many provincial governments in China compete in car manufacturing output to gain brownie points with the central administration. They provide incentives to the respective companies, such as export sales subsidies. It's understood that these export sales incentives can reach as much as RMB14,000 (RM7,800) per car. But it's not just subsidies that make China's cars cheaper than their legacy counterparts. China's automotive industry has emerged as a global leader in technological advancement. As a benchmark, its use of robotics has outstripped legacy car firms, significantly influenced by government policies and subsidies. The country's strategic approach has enabled various manufacturers – from state-owned giants such as Shanghai Auto (SAIC) and Beijing Auto (BAIC) to privately-held enterprises like BYD, Geely, Chery, and GWM – to thrive in a competitive market. Central to the Chinese government's policies is the 'Made in China 2025' initiative, which aims to elevate domestic manufacturing, particularly in high-tech sectors, including automotive production. This initiative seeks to reduce reliance on foreign technology, ensuring that Chinese carmakers can innovate and compete domestically and internationally. Moreover, Beijing's policies have focused heavily on promoting EVs both to improve energy security as well as to reduce carbon emissions. Subsidies for EV manufacturers have been generous; for instance, substantial financial incentives are provided to consumers purchasing electric cars, which in turn propels sales and encourages manufacturers to invest in research and development. These measures have resulted in a dramatic increase in EV production, placing China at the forefront of the global market. State-owned firms like SAIC Motor and Dongfeng Motor benefit from government backing and preferential access to funding, enabling them to invest in large-scale production facilities and enhance their technological capabilities. These companies can navigate the complex regulatory environment more effectively than private firms due to their established connections and resources. On the other hand, private companies like BYD, Chery, and GWM have leveraged the supportive environment fostered by government policies to carve significant market share. BYD, for instance, has emerged as a leader in EVs and is iconic for its integrated supply chain, which includes battery production, rare earth supplies and its own record-setting 7,000 car capacity ocean-going car carriers. China also made an unprecedented concession for Tesla, the world's leading EV innovator, allowing it the distinction of being the only 100% foreign-owned company permitted to manufacture its cars in China. The objective was to galvanise domestic Chinese EV makers to improve their cars to world-class status in competing with Tesla. Beijing's alignment with sustainable development goals has facilitated Tesla's growth, with subsidies for EV purchases benefitting its sales. Additionally, the cooperation between Tesla and local suppliers has allowed it to optimise its supply chain while adhering to local regulations. As a result, the price of Tesla cars in Malaysia are the cheapest in the world, after Shanghai, where the Tesla Model Y is made. Note: I'm not one to refuse subsidies and, after some budgeting, I've bought my first Chinese car, an EV, for RM100,000. Out of the more than 50 cars that I've owned in my lifetime, this is only my second new car. The first was a Toyota Prius hybrid which I bought for RM100,000 12 years ago, when hybrid cars were duty-free. This hybrid is still a reliable daily runner and delivers super fuel efficiency. Now entering the era of electrification, I want to experience how this BEV, as a representative of China's EV industry, performs. Read this column for updates. # The views expressed are those of the writer and do not necessarily reflect those of FMT.
The Sun
32 minutes ago
- The Sun
Carsome off to strong start with US$4.3 million Ebitda in Q1
PETALING JAYA: Carsome Group Inc, Southeast Asia's largest integrated car e-commerce platform, registered a strong start to 2025, posting earnings before interest, taxes, depreciation and amortisation of US$4.3 million (RM18.1 million) in the first quarter, continuing the positive momentum from its profitable close to FY24. In Q1'25, the group's gross profit rose 12% year-on-year, while its gross profit per unit (GPU) improved 24% from 2024, driven by a resilient topline performance. During the quarter, both wholesale and retail segments delivered record margin performance, driven by improved pricing algorithms, optimised sourcing strategies, and stronger unit economics. The group remains focused on driving profitable growth across its core markets while strengthening its integrated automotive ecosystem. Carsome co-founder and group CEO Eric Cheng said, 'Carsome is off to a strong start in 2025, building on the solid foundation of our proven profitability in FY24. As we continue to refine our execution and unlock even greater operating leverage through our integrated model, our business fundamentals remain strong and resilient. 'We are on track to surpass our goals, including becoming operational cash flow positive this year. We are confident in the growth potential of our core markets, and we are excited about the momentum we are gaining. Recent strategic partnerships are already playing a pivotal role in driving topline growth and accelerating our path toward further success/' Caresome continues to forge partnerships that strengthen its ecosystem, broaden access to financing, enhance services and contribute to the community. These include its partnership with Japan Consumer Credit Service a member of Mitsubishi UFJ Financial Group, to scale financing for underserved customers through Carsome Capital. Furthermore, Carsome has established collaborations with Petronas AutoExpert to enhance after-sales support and an alliance with the Football Association of Malaysia to champion national pride. In April, Carsome supported the Selangor state government and the Ministry of Transport in aiding families affected by the gas pipeline fire in Putra Heights. These efforts underscore the group's ongoing commitment to making a meaningful impact, one that will continue to shape its direction in 2025.
