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The Star
23-05-2025
- Business
- The Star
Economic Watch: Partnering with China brings development, growth opportunities, global businesses say
by Xinhua writer Wu Qiong, Yang Shiyan BEIJING, May 23 (Xinhua) -- The steady drum of rain against umbrellas fills the air as sleek black sedans glide to a halt outside the Diaoyutai State Guesthouse in Beijing on Thursday afternoon. Business and trade leaders worldwide streamed into the lobby for a much-anticipated trade summit. During their brief pauses for the throng of journalists shouting questions, words on the lips of many a delegate include artificial intelligence (AI), innovation, and industrial chain cooperation -- but above all, the constant refrain is China. Speaking on behalf of British businesses with development interests in China, Sherard Cowper-Coles, chair of the China-Britain Business Council, said that Britons coming to China are looking at opportunities for development and growth because they have a lot to benefit from engagement with China. "And it's not just about making money. It's also innovative here in China," he noted. Held by the China Council for the Promotion of International Trade (CCPIT), the Global Trade and Investment Promotion Summit 2025 focuses on the themes of embracing the era of digital intelligence and working together for common development. Over 800 representatives of government departments, international organizations, associations and enterprises attended the summit. Noting his recent visit to a technology-savvy Chinese firm, Vaughn Barber, chair of the China-Australia Chamber of Commerce, believes that AI and other emerging tech sectors present vast opportunities -- those where everyone can thrive through collaboration. Summit delegates noted that China's commitment to opening up has not only strengthened its position as a trade leader, but also boosted global cooperation and economic growth amid rising uncertainties and protectionism. "I highly affirm China's firm commitment to free trade and its leadership in this regard," said Low Kian Chuan, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia. Commenting on the recent completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), Low expects more harmonious cooperation between ASEAN countries and China. Technological improvement and productivity enhancement can be achieved through cooperating with China, he said. Regional opening-up achievements, such as the CAFTA and the Regional Comprehensive Economic Partnership, alongside institutional opening-up measures like extending zero-tariff treatment to all 43 least-developed countries it has diplomatic ties with, demonstrate China's confidence in opening up and provide much-needed stability to the world economy, Wang Yiwei, professor of the School of International Relations at Renmin University of China, told Xinhua. Industrial chain resilience also contributes to the world's second-largest economy's potential for worldwide cooperation, according to industry experts and business leaders. The scalability of industries in China showcases the nation's ability to make high-quality products at a rapid pace, and it only continues to accelerate, Jack Perry, chairman of The 48 Group in Britain, told Xinhua. A recent survey by the China-Australia Chamber of Commerce reveals that Australian businesses are placing great importance on building partnerships with Chinese companies, Barber noted, adding that it increases their ability to be responsive to Chinese consumer needs and strengthens their supply chain resilience over time. These advantages of the Chinese market have driven numerous international businesses to double down on their commitments -- backing their confidence with concrete actions. "For decades, we have strived to walk hand in hand with China and move forward together, and China has provided numerous opportunities," said Yu Feng, president of Honeywell China. Now China has entered a new development stage, and amid our ever-changing world, it has become even more necessary to partner with China, he noted. Since the start of this year, China has drawn influential foreign investors from tech giants to automakers into the global manufacturing powerhouse and innovation hub, with Toyota committing to a 14.6 billion yuan (about 2.03 billion U.S. dollars) strategic cooperation agreement in Shanghai, and AstraZeneca signing a landmark agreement to invest 2.5 billion U.S. dollars in a global strategic research and development center in Beijing. Earlier last month, the first batch of large-diameter batteries from Panasonic Energy (WuXi) Co., Ltd. was delivered, marking the full commercialization of the project with an investment value of over 50 million yuan. With confidence in the resilience of China's economy and the new energy battery market, Panasonic will further increase investment in areas such as capacity integration and expansion, R&D strengthening, and green manufacturing, said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation and group chief executive for China & Northeast Asia. And as more foreign firms are drawn to the Chinese market, the CCPIT will improve its services, expand its international circle of friends, and continue to make new contributions to building an open world economy, said Ren Hongbin, chairman of the council.
The Star
22-05-2025
- Business
- The Star
Global businesses call for more cooperation in digital era for common development
BEIJING, May 22 (Xinhua) -- Global business and trade leaders on Thursday came together at the Global Trade and Investment Promotion Summit 2025 to launch a Beijing Initiative, calling for further cooperation in the digital era to drive global growth and shared prosperity. The Beijing Initiative proposes the construction of a smart digital collaboration system to safeguard the security and stability of global industrial and supply chains, as well as the sharing of the dividends of digital technologies to foster an open, fair innovation ecosystem. The initiative calls for efforts to build a global supply chain collaboration platform powered by smart digital technologies, for enhanced connectivity in AI and digital infrastructure, for the application of digital and AI technologies to empower the real economy, and for deepened international cooperation along industrial and supply chains. It urges efforts to leverage new advantages in the smart digital era to promote more open, convenient global trade and investment, and to strengthen the application of digital technologies to support the transition toward green, low-carbon development. It encourages the development of emerging forms of trade such as cross-border e-commerce, digital trade and trade in services, and seeks to ensure that all economies truly share the benefits of digitalization. The initiative supports the healthy development of AI to enhance people's well-being, encourages deeper cooperation within the global business community, and promotes sustainable development worldwide. Hosted by the China Council for the Promotion of International Trade, the Global Trade and Investment Promotion Summit has been held for four consecutive years, gradually becoming an important institutional platform for dialogue, mutual trust and cooperation within the global business community. This year's summit focuses on the themes of embracing the era of digital intelligence and working together for common development. Over 800 representatives of government departments, international organizations, chambers of commerce, associations, trade promotion bodies and enterprises attended the summit.
The Star
29-04-2025
- Business
- The Star
Nearly 50% of surveyed firms in China to reduce business with US
Signs reading "Tariff only 14%" on display above speakers at the Canton Fair in Guangzhou, China, on Wednesday, April 16, 2025. The second phase of the 137th Canton Fair attracted more than 224,000 buyers from 219 countries and regions. - Bloomberg BEIJING: A survey covering more than 1,100 Chinese foreign trade companies found that nearly 50 per cent of respondents will scale back their business activities with the United States amid tariff hikes. The survey results, released on Monday (April 28) by China's top foreign trade and investment promotion agency, also said that 75.3 per cent of surveyed companies are seeking to expand into emerging markets to compensate for the reduction in exports to the US. The study was conducted recently by the China Council for the Promotion of International Trade to analyse the impact of US tariff hikes on Chinese exporters, so that the agency can provide targeted trade promotion services. Zhao Ping, spokeswoman for the trade promotion council, said at a monthly news conference in Beijing that the frequent changes in US tariff policies have significantly increased uncertainty, making it difficult for Chinese manufacturers to plan for the long term. Chinese exporters are exploring new markets, boosting domestic sales, strengthening supply chains and adapting to changes, in order to overcome the current challenges, she added. Zhang Sihong, deputy director of the China Foreign Trade Center, one of the organisers of the China Import and Export Fair, also known as the Canton Fair, in Guangzhou, Guangdong province, said these moves are part of a broader strategy by Chinese manufacturers to diversify their markets and enhance supply chain resilience. "Overseas companies are also seeking to strengthen cooperation with Chinese exporters to mitigate the impact of unilateralism on their businesses," said Zhang. For instance, the second phase of the 137th Canton Fair, which concluded on Sunday, attracted more than 224,000 buyers from 219 countries and regions, the highest number recorded for the same phase in the fair's history. Wang Li, a researcher specialising in foreign trade at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said that Chinese companies, faced with mounting external pressures, are eager to reduce reliance on a single market and build more adaptable, risk-resistant business models to maintain steady growth in the long run. One such company is Shandong Lingong Construction Machinery Co, a manufacturer of wheel loaders and excavators based in Linyi, Shandong province. The value of the company's exports to economies participating in the Belt and Road Initiative exceeded 600 million yuan ($82.2 million) in the first quarter of 2025, accounting for more than 70 percent of its total export value, according to Qingdao Customs data. "To mitigate risks arising from protectionism in recent years, we have been actively expanding our sales network in emerging markets and establishing partnerships in regions and countries such as Central Asia, Latin America, South Africa and Indonesia," said Zhang Chengwei, head of Shandong Lingong's excavator unit. Meanwhile, Ningbo Careline Electric Appliance Co, a home appliance exporter based in Zhejiang province, said it has seen strong domestic demand for its newly launched smart air fryer after shifting its focus to the local market earlier this year. "Amid this year's complex and volatile international trade environment, we responded swiftly to market trends and seized opportunities in the domestic market to expand our sales network," said Yu Xiongwei, the company's president. In the first quarter, Ningbo Careline's total orders grew more than 20 percent year-on-year, with domestic sales accounting for more than 20 percent of total sales. Revenue from domestic sales surpassed 40 million yuan during this period, according to Ningbo Customs. Efforts to expand international engagement are also accelerating, as the China Council for the Promotion of International Trade has organised 184 delegations of Chinese entrepreneurs to visit and engage in exchanges with 45 countries and regions since the beginning of this year. - China Daily/ANN
The Star
28-04-2025
- Business
- The Star
Sichuan Week of China Pavilion kicks off at Expo 2025 Osaka
OSAKA, Japan, April 28 (Xinhua) -- The Sichuan Week of China Pavilion kicked off Monday at Expo 2025 Osaka, with more than 150 guests attending the opening ceremony. Themed "The Splendid Bashu Culture, Together For A Better Future," the Sichuan Week features events such as exhibitions, cultural performances and investment promotions in both Osaka and Sichuan. At the opening ceremony, a series of performances, including Sichuan Opera face-changing and giant puppets of northern Sichuan, spotlighted Sichuan's intangible cultural heritage and showcased the Bashu culture. Chen Jian'an, vice chairman of the China Council for the Promotion of International Trade (CCPIT), said in his speech at the opening ceremony that the theme of Expo 2025, "Designing Future Society for Our Lives," is highly compatible with the core concept of green development in the new era presented by the China Pavilion, and also forms a dialogue that transcends time and space with the ecological wisdom of Sichuan Province as the "Land of Abundance" and the harmonious concept of "Home of Pandas." Noting that Hiroshima Prefecture and Sichuan Province established a friendly cooperative relationship in September 1984, Vice Governor of Hiroshima Prefecture Mika Yokota said that over more than 40 years, the two regions have continually engaged in exchanges at all levels in various fields, which have yielded fruitful results and established a deep relationship of trust. Chinese Consul General in Osaka Xue Jian expressed confidence that riding the wave of this global event, Sichuan Province and Japan will bring about innovation and creativity in cooperation and produce more fruitful outcomes. Hikaru Nagano, executive director of Expo 2025 Osaka's International Relations Bureau, said in fluent Mandarin that since its opening on April 13, the China Pavilion has quickly become a popular attraction for visitors from all over Japan and around the world. As the first province to make its debut in the China Pavilion, Sichuan brought its intangible cultural heritage products such as Shu embroidery, lacquerware, bamboo weaving items, and oil-paper umbrellas, as well as IP cultural and creative products featuring giant pandas and golden snub-nosed monkeys.
New York Times
17-04-2025
- Business
- New York Times
Nvidia C.E.O. Meets With Chinese Trade Officials in Beijing
A day after the U.S. government opened an investigation into whether Nvidia, America's leading chipmaker, violated rules with its sales to China, its chief executive, Jensen Huang, met with Chinese trade officials in Beijing. Mr. Huang had been invited to meet with the China Council for the Promotion of International Trade, a state-backed trade body, according to state media. The visit was covered by Chinese state media, which reported that Mr. Huang said U.S. controls on Nvidia's sales to China had a significant impact on the company's business. Nvidia, the report said, would 'continue to spare no effort' to make products that comply with regulations and 'unswervingly serve the Chinese market.' Mr. Huang headed to Beijing during a week when his company's relationship with Washington has fluctuated dramatically. On Monday, Nvidia promised to invest $500 billion in artificial intelligence infrastructure in the United States, winning praise from President Trump's administration, which called the investment 'the Trump Effect in action.' The next day, the company disclosed that U.S. officials said it would need a license for any sales to China. The new requirement would force Nvidia to take a $5.5 billion hit on inventory it had already planned to sell in China. On Wednesday, the House Select Committee on the Chinese Communist Party, which focuses on national security threats from China, said it was investigating Nvidia's sales of chips across Asia. The committee is trying to determine if the chip maker knowingly violated U.S. rules on chip sales to Chinese companies, especially to the A.I. startup DeepSeek. Nvidia has become one of the world's most valuable companies on the strength of booming demand for its advanced chips, which are needed to power artificial intelligence systems. Its share price was down 6 percent on Wednesday following news of the investigation. Nvidia, which said it had followed the U.S. government's directions about its sales 'to the letter,' did not immediately respond to a request for comment. Tech companies across China have scrambled to acquire as many of Nvidia's powerful chips as possible as the United States has ratcheted up controls on sales of advanced chips to China. Some companies built up huge stockpiles. Others turned to a thriving black market for smuggled chips. The U.S. government's efforts to keep advanced chips out of China's hands were started under former President Joseph R. Biden Jr. In 2022, the Biden administration imposed rules to curb the export of Nvidia's most powerful chips to China. Nvidia responded by modifying one of its leading A.I. chips so its capabilities fell below U.S. government thresholds. The resulting chip, called the H20, became a China-specific product. Washington's controls on chip exports have made it increasingly difficult for Nvidia to do business in China. China accounted for $17 billion in revenue for Nvidia during its last fiscal year, by percentage the smallest portion in over a decade, according to Bernstein Research. Nvidia reported $130 billion in global revenue during its last fiscal year, an increase of 114 percent over the year before. A few weeks ago, Mr. Huang met with President Trump in Mar-a-Lago at a dinner that cost $1 million per person.
