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Straits Times
4 days ago
- General
- Straits Times
China calls Rubio's comments on Tiananmen Square crackdown an ‘attack'
US Secretary of State Marco Rubio speaks during the American Compass New World Gala at the National Building Museum on June 3 in Washington, DC. PHOTO: AFP BEIJING - Beijing hit back on June 4 at US Secretary of State Marco Rubio for saying that the world will 'never forget' the 1989 Tiananmen Square crackdown, describing his remarks as an 'attack' on China. Chinese troops and tanks forcibly cleared peaceful protesters from Beijing's Tiananmen Square on June 4, 1989, after weeks-long demonstrations demanding greater political freedoms. The exact toll is unknown but hundreds died, with some estimates exceeding 1,000 people. China's communist rulers have since sought to erase any public mention of the crackdown. In a rare return to human rights rhetoric, Mr Rubio said in a statement on June 3 the 'world will never forget' what happened on June 4 even as Beijing 'actively tries to censor the facts'. 'Today we commemorate the bravery of the Chinese people who were killed as they tried to exercise their fundamental freedoms, as well as those who continue to suffer persecution as they seek accountability and justice for the events of June 4, 1989,' Mr Rubio said. Chinese foreign ministry spokesman Lin Jian hit back during a June 4 briefing in Beijing at Mr Rubio's comments. 'The erroneous statements by the US side maliciously distort historical facts, deliberately attack China's political system and developmental path, and seriously interfere in China's internal affairs,' Mr Lin said. 'The Chinese side is strongly dissatisfied with this and firmly opposes it. We have lodged a solemn protest with the US side.' Despite a long Senate career as an outspoken advocate for human rights, Mr Rubio has been more selective as President Donald Trump's top diplomat, focusing his rights criticism on US adversaries including China and Cuba. Mr Rubio's predecessors issued statements each year to mark the anniversary of the bloody crackdown. But Mr Rubio's statement had subtle differences – his Democratic predecessor Antony Blinken last year urged China to accept recommendations in a UN-backed rights review and to respect freedoms enshrined in the post-World War II Universal Declaration of Human Rights. Mr Rubio did not reference the United Nations, a frequent target of criticism by the Trump administration. Taiwanese President Lai Ching-te echoed Rubio's remarks, vowing to preserve the memory of victims of the bloody crackdown. 'Authoritarian governments often choose to be silent and forget history; democratic societies choose to preserve the truth and refuse to forget those who have contributed to the ideal of human rights and their dreams,' Mr Lai said in a Facebook post ahead of an annual vigil in Taipei's Liberty Square. China claims Taiwan as part of its territory and has threatened to seize the democratic island by force. 'Reaffirm our commitment' In Hong Kong, jailed activist Chow Hang-tung began a 36-hour hunger strike on June 4, a dogged attempt to individually commemorate the anniversary in a city that once hosted huge public remembrances. The former lawyer used to help organise an annual vigil that drew tens of thousands to the city's Victoria Park. Hong Kong had been the only place under Chinese rule where commemoration of the crackdown was tolerated. Slogans at the candlelight vigil sometimes called for democracy in China and an end to one-party rule. But after huge and sometimes violent protests roiled the city in 2019, Beijing brought in a wide-ranging national security law that has quashed political dissent. The public memorial has effectively been banned and Chow imprisoned, facing a potential life sentence on subversion charges. On June 4, AFP journalists saw dozens of police patrolling the district around the park. Over the last few years, activists have been detained for 'offences in connection with seditious intention' around the anniversary. In a social media post, Ms Chow said her hunger strike would 'commemorate this day and reaffirm our commitment'. She called the city's national security officers 'real 'criminals'' and urged the authorities to apologise to her over her 'wrongful' imprisonment. 'History tells us that (the apology) will likely take a very long time – the Tiananmen Mothers have been waiting for 36 years and still have not received an apology,' she said, referring to an activist group made up of families of victims of the crackdown. A video featuring 87-year-old Zhang Xianling, whose 19-year-old son was killed in 1989, circulated online last week. China's authorities have never addressed the group's plea for dialogue around the issue – instead, they have used all means to monitor and wiretap members of the Tiananmen Mothers, Ms Zhang said. 'The lights in Victoria Park may have been blown out by the gales, but the sparks of justice will glow in the hearts of every conscientious person,' she added. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
12-05-2025
- Business
- Straits Times
Xi defiance pays off as Trump meets most Chinese trade demands
Chinese President Xi Jinping has struck a defiant tone ever since US President Donald Trump began raising tariffs on China. PHOTO: AFP BEIJING – Mr Xi Jinping's decision to stand his ground against US President Donald Trump could hardly have gone any better for the Chinese leader. After two days of high-stakes talks in Switzerland, trade negotiators from the world's biggest economies announced on May 12 a massive de-escalation in tariffs. In a carefully coordinated joint statement, the US slashed duties on Chinese products to 30 per cent from 145 per cent for a 90-day period, while Beijing dropped its levy on most goods to 10 per cent. The dramatic reduction exceeded expectations in China, and sent the dollar and stocks soaring – providing some much-needed market relief for Mr Trump, who is facing pressure as inflation looks set to speed up at home. Chinese equities also surged. The deal ended up meeting nearly all of Beijing's core demands. The elevated 'reciprocal' tariff for China, which Mr Trump set at 34 per cent on April 2, has been suspended – leaving America's top rival with the same 10 per cent rate that applies to the UK, a longtime ally. The US met Beijing's call for a point person for talks by setting up a mechanism headed by Treasury Secretary Scott Bessent. And the two sides agreed to take 'aggressive actions' to stem the flow of fentanyl, which could eventually lead to the elimination of the additional 20 per cent tariff. 'This is arguably the best outcome that China could have hoped for – the US backed down,' said Mr Trey McArver, co-founder of research firm Trivium China. 'Going forward, this will make the Chinese side confident that they have leverage over the US in any negotiations.' Mr Xi struck a defiant tone ever since Mr Trump began raising US tariffs to their highest level in a century. In contrast to other world leaders, he refused Mr Trump's repeated calls to get on the phone with the US president – even as levies rose to levels that China called a 'joke.' Officials in Beijing instead cut key interest rates and took other steps to fortify China's economy, while dispatching diplomats around the world on a charm offensive to secure fresh markets for Chinese products and decry US 'bullying.' Although China began feeling economic pain, with factory activity starting to slump, Mr Xi enjoyed a surge of nationalism at home encouraging him to avoid bending to US coercion. Mr Trump, meanwhile, faced increasing pressure from business lobbies, market players and members of his party who feared losing their seats in mid-term elections next year. 'The lesson is economic power matters,' said Mr Gerard DiPippo, associate director of the Rand China Research Centre. 'For Beijing, it's a strategic vindication, and one that makes Xi's focus on manufacturing and self-reliance harder to argue against, at least from an economic security perspective.' Mr Trump said May 12 that he could speak to Mr Xi as soon as the end of this week, as he touted a 'total reset' in ties with China. Once the trade talks were announced last week, the choice of Geneva already indicated the US was ceding some ground. China has long preferred that substantive talks take place in private, away from television cameras and prying reporters. The highly stage-managed truce was notable along with the fact Mr Trump didn't front-run the news on social media, according to Deutsche Bank strategist George Saravelos. 'All of this is a clear signal of negotiations moving in to a more conciliatory and respectful' phase, he added, citing that as another Chinese demand. For China's part, Vice-Premier He Lifeng's team agreed to roll back 'non-tariff' measures imposed since Liberation Day, without elaborating. Getting relief on export controls imposed on rare earths was a priority for the White House, after it came under pressure from firms using such minerals for industrial magnets. Beijing also didn't pledge to increase investment from the US, and Mr Bessent said purchase agreements might come later. US Trade Representative Jamieson Greer made clear the 'phase one' deal from Mr Trump's first trade war, which committed China to buying US$200 billion (S$259 billion) of US goods, hadn't been under discussion. 'The talks were very much focused on how do we get the tariff levels to something that is not an embargo, but still allows the United States to pursue its goal of trade deficit reduction,' he said. China now has a three-month window to strike a broader deal with the US that rebalances trade, while safeguarding its own interests. Beijing has devoted years since Mr Trump's first term to reducing its dependence on the US for key imports, buying more agricultural products from partners in emerging markets such as Brazil. Chinese Vice-Premier He Lifeng's team has agreed to roll back 'non-tariff' measures imposed since Liberation Day. PHOTO: REUTERS Just like during Mr Trump's first term, China will not compromise on key parts of its economic and political system, including how state-owned enterprises are run, according to Dr Song Hong, deputy director of the Institute of Economics at the Chinese Academy of Social Sciences, a ministry-level institution under the State Council, akin to China's cabinet. 'Beyond the red lines, there are a lot of gaps we can fill through negotiations,' he added, citing things like tariffs, intellectual property rights and subsidies. Dr Dong Yan, director of the trade department at another institute under the Chinese Academy of Social Sciences, said it was a good development while cautioning that Mr Trump could yet hike them again. 'We have learned our lesson from Trump 1.0, where we saw that tariff negotiations can go back and forth rather than being achieved overnight,' she said. The reduction in tariffs should make it easier for Chinese policy makers to hit a growth target of about 5 per cent this year. ING bank upgraded its gross domestic product forecast to 4.7 per cent for this year after the deal, saying May and June exports to the US are likely to bounce back sharply. The suspension window could lead to more frontloading of shipments and production, according to Mr Robin Xing, chief China economist at Morgan Stanley, who also cautioned that a 'durable resolution remains challenging given the complex bilateral relationship.' Although the reduction in tariffs is a positive development, Mr Trump has still made it clear the world is no longer in a 'wonderful globalisation mode,' Ms Alicia Garcia Herrero, chief Asia Pacific economist at Natixis told Bloomberg Television. 'It is better to bifurcate slowly and steadily and nicely,' she said. 'Rather than fighting over it as we were doing right before this conversation started in Geneva.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
08-05-2025
- Automotive
- The Star
A-share companies post sound 2024 performance
Solid showing: A screen displays market movements in the Shanghai Stock Exchange. Net profit for companies in China's electronics sector rose 35.18% from a year ago. — AFP BEIJING: Most companies listed on China's A-share market delivered robust performances for last year, underscoring the vitality and resilience of the world's second-largest economy. As of Tuesday, 5,304 firms listed on the Shanghai and Shenzhen stock exchanges had released their financial reports for last year, with 66.42% achieving profits, according to financial information provider Wind Info. Notably, 19.21% of the listed companies posted year-on-year (y-o-y) net profit increases of over 20%. The reports reflect the underlying strength of the Chinese economy, buoyed by ongoing industrial transformation and a steady rise in innovation capacity, said Zhu Keli, a researcher with the China Institute of New Economy. Financial disclosures showed emerging sectors, from artificial intelligence and new energy to advanced manufacturing, are becoming fresh growth engines driving China's economic development. According to data from the main board of the Shanghai Stock Exchange, nearly half of China's top 50 listed firms by market capitalisation last year came from emerging industries, a marked increase in both number and proportion. The auto and electronics sectors stood out among emerging industries with stellar net profit growth. The auto industry posted an 11.16% y-o-y expansion in net profit while the electronics sector surged 35.18% from a year earlier, underlining the strong momentum in tech-related manufacturing. Auto parts supplier Shuanglin Group, for instance, reported a more than fivefold increase in net profit last year, driven by rising demand from electric vehicle (EV) makers such as BYD and Changan Auto. The company has also secured new orders from EV brands like Avatr. In the electronics sector, Will Semiconductor Co Ltd Shanghai saw its business performance register marked growth last year, with operating revenue hitting a record high. The leading semiconductor producer credited its rapid expansion to a rebound in the sector and surging demand for high-end smartphones and intelligent vehicles in the market. Technological innovation emerged as a notable feature of corporate performance last year. China's listed companies have been increasingly betting on frontier and disruptive technologies playing a pivotal role in the country's broader push for innovation-driven growth. Data showed that last year, A-share firms accounted for more than half of corporate research and development (R&D) spending nationwide and held nearly one-third of all the country's patents. The R&D intensity, measured by expenditure as a share of operating revenue, gained 0.1 percentage point from a year earlier to 2.6%. Chongqing-based automaker Seres, which collaborates with Huawei on Aito cars, invested nearly seven billion yuan or about US$967.1bil on R&D last year, a surge of about 60% y-o-y. Its research team also expanded by about a quarter from a year earlier to over 6,200 people. By maintaining a strong focus on R&D, the firm has tapped global frontier technologies and innovation resources, facilitating the integration of software and automotive technologies, said Zhang Xinghai, chairman of the company. In the annual Government Work Report released in March, China's policymakers have pledged to make solid progress in high-quality development, outlining measures to better modernise its industrial system and advance the integration of technological and industrial innovation, among others. — Xinhua
The Star
05-05-2025
- Business
- The Star
Walmart resumes sourcing from China
Easter items on display, all made in China, at a Walmart in Rosemead, California, on April 11, 2025. - AFP BEIJING: US retailer Walmart has resumed product sourcing from some Chinese suppliers, marking a shift in its procurement strategy amid rising inventory pressure and looming price hikes for consumers in the United States, according to Chinese suppliers. Mu Longsheng, director of Pesitro Healthcare Products — a longtime Walmart supplier in Jiangsu province — said the US retailer informed the company on April 28 to prepare for raw material procurement. The move signals a partial resumption of sourcing activities that has been paused due to increased US tariffs on Chinese goods. "Two other US brands have also placed orders with us, though the volumes are still small," Mu said. "They are looking to meet immediate daily demand." Mu said that retailers have agreed to cover additional tariff costs and that prices are being set based on previous orders. "Many retailers in the United States are anxious about maintaining stock," he said. "Once their early 2025 shipments — arranged to beat tariff hikes — run out, consumers in the US will start feeling the shortage. Price increases are inevitable." According to CBS News, executives from Walmart and another mega retailer, Target, have recently privately warned the US government that rising tariffs could severely disrupt supply chains and lead to empty shelves. A report from the US Commerce Department on Wednesday showed US imports surged at a 41.3 per cent annual rate in the first quarter, driven by a 50.9 per cent increase in goods, as businesses rushed to front-load inventory ahead of potential tariff escalations. The Trump administration elevated tariffs in April, which stand at a 145 per cent rate on many Chinese goods and a ten per cent rate on imports from most other countries. Industry experts say the renewed orders reflect the limited availability of alternative sourcing outside China. "US retailers are under pressure. It's not easy to find replacements for Chinese manufacturers in the short term," said Jason Yu, general manager of CTR Market Research. Industry players in the US argue the real cost falls on US consumers and small businesses. The US Chamber of Commerce spoke out against the Trump administration's trade policy on Thursday, saying recently imposed tariffs could cause damage to many small businesses and that the government should take action to avoid a recession. "We have heard from a historic number of small businesses who have made it clear: they need immediate relief from tariffs," said Suzanne P. Clark, the chamber's president and CEO. "As each day goes by, small businesses are increasingly endangered by higher costs and interrupted supply chains that will cause irreparable harm," she wrote. The chamber sent a letter asking the Trump administration to address the impacts of tariffs by granting "automatic exclusions" for any small business importer, establishing a process for companies to apply for an exclusion if the company can demonstrate that tariffs pose a risk to employment for US workers, and providing exclusions for all products that cannot be produced in the United States or are not readily available. Clark said raising prices on affected products would only hurt families struggling to pay their bills and urged the administration to protect workers from potential job losses by allowing exemptions for companies who may be forced to lay off their employees. - China Daily/ANN
