China blocks EU companies from medical device contracts in tit-for-tat move
similar EU restrictions imposed on Chinese firms last month.
In a notice on Sunday, the Ministry of Finance said that European Union companies without operations in China were excluded from government medical device contracts valued at more than 45 million yuan (US$6.3 million).
Taking effect on Sunday, the restriction does not apply to EU-funded companies operating in China.
Non-EU companies taking part in such government tenders must not allocate more than half of the total contract value to importing medical devices from the EU, according to the finance ministry.
The Ministry of Commerce said the move was a last resort, after Beijing had 'repeatedly expressed through bilateral dialogues its willingness to resolve the differences through consultation and arrangements on government procurement'.
'Despite China's goodwill and sincerity, the EU has persisted in taking
restrictive measures and building new protectionist barriers,' it said.
'As a result, China has no choice but to adopt reciprocal countermeasures.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong manufacturers brace for higher costs as end of trade truce looms
A recent surge in Hong Kong's exports masks a grim reality for frontline manufacturers, with some facing a sharp drop-off in new orders and bracing for renewed pressure on costs as a 90-day tariff truce between Washington and Beijing ends on Tuesday. Advertisement Bryant Chan Wan-sing, president of toymaker the Wynnewood Corporation, said the sharp increase in orders during the truce was essentially a reinstatement of ones put on hold or cancelled when tariffs were introduced on US President Donald Trump's so-called Liberation Day on April 2. 'We have maximised what we can produce and ship during this 90-day window already. Any orders received before Liberation Day that cannot be shipped during the truce will remain on hold for now,' Chan said. 'We are not seeing additional new orders either. So there is indeed a sharp contrast post-truce period, one that is similar to [the] pre-truce period.' Hong Kong exports surged by 15.5 per cent in May from a year ago, with economists attributing the increase to the front-loading of shipments by businesses racing to beat the deadline. Advertisement 'Our company remains financially challenged with exposure to material cancellation or orders that continue to be put on hold,' Chan said.
South China Morning Post
2 hours ago
- South China Morning Post
Nominations open for SCMP Live's new 2025 Business Awards to honour corporate leadership
The South China Morning Post is kicking off its inaugural Business Awards by SCMP Live to honour the outstanding achievements of corporate executives and companies in the Greater Bay Area. Advertisement The awards have been reimagined from the DHL-SCMP Business Awards that took a hiatus last year after an uninterrupted 33-year run since 1990. The awards' rules and format have been refreshed to reflect the changing business landscape and priorities of the 21st century. They also address the changing interests of the tens of millions of worldwide readers who rely on the Post to keep them informed and inspired about China's economic transformation and development. The awards are given out in seven categories. The Business Owner of the Year award is given to an individual who is a business owner or a company founder. The Corporate Executive of the Year honours a non-owner who contributes substantially to corporate success. Four awards are reserved for outstanding businesses: Company of the Year, SME of the Year for small and mid-sized enterprises, Start-up of the Year for companies in operation for less than five years, and the Globalisation Award that honours companies that successfully spread their brands worldwide. Catherine So, CEO of SCMP, spoke at the annual gala dinner of the DHL-SCMP Hong Kong Business Awards on December 7, 2023. Photo: May Tse 'Recognising the dynamic growth and innovation emerging in the Greater Bay Area, we are excited to launch the inaugural Business Awards by SCMP Live, a reimagining of our renowned business awards,' said Catherine So, CEO of the Post. 'The awards will shine a spotlight on the remarkable achievements and potential of corporate executives, SME owners, and start-up founders who are shaping this vibrant region.'
South China Morning Post
2 hours ago
- South China Morning Post
FWD plots next growth phase as Hong Kong IPO opens access to capital, CEO says
FWD Group, a regional insurer founded by Hong Kong billionaire Richard Li Tzar-kai, aims to use Hong Kong as a springboard to expand its business in the region after completing its HK$3.47 billion (US$442 million) fundraising in the city. The firm's initial public offering (IPO) will help improve its capital structure and serve a bigger pool of clients in the coming years as demand for insurance protection increases with wealth creation, according to CEO Huynh Thanh Phong. 'A successful IPO is a very important milestone for us, but it is not the end-game for us,' he said in an interview with the Post on Sunday. 'The IPO gives us flexibility in capital management. It supports our vision of building a pan-Asian business that is based in Hong Kong and serves customers across Asia.' FWD will make its trading debut in Hong Kong on Monday under the 1828 stock code. Huynh Thanh Phong, Group CEO and executive director at FWD, during an interview in Taikoo Shing on July 6, 2025. Photo: May Tse The insurer sold 91.3 million shares at HK$38 each, giving the company a market capitalisation of HK$48.3 billion. About 30 per cent of the IPO shares went to retail investors, tripling the initial allocation to meet excess demand. FWD has an option to sell a further 13.7 million shares through an overallotment to the IPO managers. The Hong Kong stock exchange's main board hosted 42 IPOs in the first six months of this year, which generated US$13.5 billion in proceeds, making it the busiest venue globally for first-time stock offerings.
