logo
China's premier says China and Indonesia will promote 'true multilateralism'

China's premier says China and Indonesia will promote 'true multilateralism'

Yahoo24-05-2025

SHANGHAI/JAKARTA (Reuters) -China's Premier Li Qiang said on Saturday that China and Indonesia will promote "true multilateralism", the official Xinhua news agency reported, as he landed in Jakarta on a two-day visit to Southeast Asia's largest economy.
China has intensified engagement with countries in the region since U.S. President Donald Trump announced hefty import tariffs on its global trading partners earlier this year.
Some levies have since been delayed, while China and the U.S. agreed this month to pause some of their tariffs. Jakarta, whose biggest trading partner is China, has offered the U.S. a number of concessions in a bid to soften tariffs against Indonesia.
At a business leaders' event later on Saturday, at which Li was present, Indonesia President Prabowo Subianto said relations between Beijing and Jakarta were key for regional stability, adding that Indonesia views China as an important partner in developing industry and technology.
He also praised China's role in defending the interests of developing countries and its stand against "imperialism" and "colonialism."
Prabowo and Li will hold a meeting on Sunday to discuss how to strengthen Indonesia-China relations, Indonesian investment minister Rosan Roeslani said in a statement.
Following the visit to Jakarta, Li will travel to Malaysia to attend the ASEAN-GCC-China Summit, Xinhua reported.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chinese state media calls for crackdown on 'zero-mileage used cars'
Chinese state media calls for crackdown on 'zero-mileage used cars'

Yahoo

time8 minutes ago

  • Yahoo

Chinese state media calls for crackdown on 'zero-mileage used cars'

By Eduardo Baptista BEIJING (Reuters) -The Chinese practice of selling brand new cars as heavily discounted second-hand vehicles to get rid of inventory should be ended, the official newspaper of the country's governing Communist Party said in an article published on Thursday. The People's Daily, which often signals the positions of China's top Party leaders on a variety of issues, called for a crackdown on the practice, also known as zero-mileage used cars, just weeks after Great Wall Motor's Chairman Wei Jianjun publicly condemned it and China's commerce ministry met with Chinese automakers to discuss it. While China's Commerce Ministry did not make public its position, the People's Daily struck a harsh tone, calling out the inflation of sales data motivating Chinese carmakers and urging "tough regulatory action" to restore market order. "This disguised form of price cutting disrupts normal market order and is a striking example of the auto industry's 'involution'," the People's Daily said, using a term popular in China that describes a race to the bottom driven by excessive competition. "Once market competition rules are properly enforced, 'zero-mileage used cars' won't be able to run far — or for long." China is experiencing growing deflationary pressures as U.S. tariffs add to the gloomy mood in the world's No.2 economy. Companies in sectors from fast food to high fashion have been cutting prices amid concerns about oversupply and sluggish household demand. Price wars have gripped the Chinese auto industry in recent years, partly driven by slumping domestic consumption and overcapacity that has left many struggling to meet sales targets. While the sale of zero-mileage used cars is seen by many Chinese automakers as an effective way of clearing out an ever-growing inventory of unsold cars, with domestic and overseas consumers lured by deep discounts on what are still brand new cars, the state-run newspaper listed a litany of negative effects caused by the practice. "For manufacturers, this sales tactic may help reduce inventory in the short term but compresses profit margins, increases losses, and hinders investment in product quality and innovation — ultimately harming sustainable development," the article said. "For consumers, what seems like a good deal in terms of price comes with hidden risks: the loss of first-owner benefits, potential battery degradation, and steeper depreciation when reselling," it continued, adding the practice undermines fair competition, distorts market data, and disrupts both new and used car markets. The People's Daily singled out manufacturers of electric vehicles as needing to move beyond "data worship" and competing on volume, in order to focus on product quality and technological innovation. It did not name any specific automakers. The newspaper also listed measures Chinese regulatory authorities should adopt in order to prevent the sale of zero-mileage used cars, including strengthening oversight of second-hand vehicle registration, establishing a vehicle lifecycle tracking system, and strictly controlling the practice of immediate resale after registration. Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store