Latest news with #ChinaImportandExportFair
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Over 2,800 Chinese firms invest $8bn in Egypt: GAFI chief
More than 2,800 Chinese companies currently operate in Egypt, with combined investments surpassing $8bn, according to Hossam Heiba, CEO of Egypt's General Authority for Investment and Free Zones (GAFI). Major investors include OPPO, Haier, Jushi, Midea, TEDA, Huawei, and Brilliance Auto. Heiba met with Wang Weizhong, Governor of China's Guangdong Province, to discuss deepening economic cooperation and advancing the investment agenda for the second half of 2025. The meeting brought together senior Chinese officials and executives from major companies already operating in Egypt or eyeing future investments—including Midea, OPPO, ZTE, and GAC Motor. The two sides reviewed a packed schedule of upcoming events aimed at strengthening bilateral investment ties. Highlights include Egypt's participation in the World Economic Forum in Tianjin from June 24–26, followed by business forums in Beijing and Shanghai. Cairo is set to host the Egypt-China Investment Forum in July, with the attendance of Chinese Vice Minister of Commerce Wang Shouwen. Egypt is also preparing to take part in the China Import and Export Fair (Canton Fair) in Guangdong this October, which will bring together over 60,000 economic institutions. Heiba stated that the strong momentum in Egyptian-Chinese investment cooperation is driven by robust political relations, Egypt's favorable business environment, and shifting global economic dynamics. These factors have led to a noticeable increase in Chinese delegations exploring investment opportunities in Egypt. He emphasized Egypt's prioritization of Chinese investments due to their high potential for job creation and technology transfer. Among current initiatives is the planned launch of a dedicated Chinese textile city in Minya in cooperation with the China National Textile and Apparel Council, operating under Egypt's export-oriented free zone framework. Additionally, three Chinese companies—Haier, Midea, and Shanfeng—have been granted Egypt's 'golden license,' streamlining the process for business establishment and operation. GAFI is actively targeting new Chinese investments in strategic sectors including automotive manufacturing, building materials, electronics, renewable energy, AI, data centers, and textiles. Governor Wang affirmed the strength of the China-Egypt comprehensive strategic partnership, established in 2014, and proposed the creation of a permanent Egyptian cultural exhibition in Guangdong to help boost tourism. He noted that Guangdong alone accounts for 20% of China's total trade with Egypt. During the visit, GAC Motor Chairman Feng Xingya announced a $300m investment to establish a new car manufacturing facility in Egypt to serve both domestic and export markets. ZTE CEO Zhou Peng said the company plans to expand its local presence and increase technology transfer in response to Egypt's growing demand for telecom infrastructure. OPPO Egypt's General Manager, Ma Jixiang, highlighted that the company has built two factories since its 2014 market entry, creating 1,000 jobs and producing up to five million phones annually. OPPO now aims to make Egypt its second-largest production hub after China.
Asahi Shimbun
16-05-2025
- Business
- Asahi Shimbun
Tariff cuts ease mass China layoffs threat, but job market pain persists
People visit the booth of a braiding machine producer from Xuzhou at the China Import and Export Fair, also known as Canton Fair, in Guangzhou, Guangdong province, China, on April 16, 2024. (REUTERS) BEIJING--Chinese worker Liu Shengzun lost two jobs in just one month as U.S. import tariffs shot up to triple digits in April, forcing a Guangdong lighting products factory, and then a footwear maker, to reduce output. Tariffs came down dramatically this week, but Liu has given up on factory jobs and is now back farming in his hometown in southern China. 'It's been extremely difficult this year to find steady employment,' said the 42-year-old, who used to earn 5,000 - 6,000 yuan ($693-$832) a month as a factory worker and now doesn't have a steady source of income. 'I can barely afford food.' The rapid de-escalation in the U.S.-China trade war after the Geneva talks last weekend has helped Beijing avoid a nightmare scenario: mass job losses that could have endangered social stability - what the ruling Communist Party sees as its top-most priority, key to retaining its legitimacy and ultimately power. But this year's U.S. tariff hikes of 145% left lasting economic damage and even after the Geneva talks remain high enough to continue to hurt the job market and slow Chinese growth, say economists and policy advisers. 'It was a win for China,' a policy adviser said of the talks, speaking on condition of anonymity due to the topic's sensitivity. 'Factories will be able to restart operations and there will be no mass layoffs, which will help maintain social stability.' But China still faces challenging U.S. tariffs of 30% on top of duties already in place. 'It's difficult to do business at 30%,' the adviser added. 'Over time, it will be a burden on China's economic development.' Before the meeting in Switzerland, Beijing had grown increasingly alarmed about internal signals that Chinese firms were struggling to avoid bankruptcies, including in labor-intensive industries such as furniture and toys, Reuters reported last week. Now there's some relief. Lu Zhe, chief economist at Soochow Securities, estimates the number of jobs at risk has fallen to less than 1 million from about 1.5-6.9 million before the tariff reduction. Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis, had estimated the triple-digit tariffs could cause 6-9 million job losses. Current tariff levels could trigger 4-6 million layoffs, while if tariffs drop by a further 20% some 1.5-2.5 million jobs could be lost, she said. China's 2025 economic growth could slow by 0.7 percentage points in the most optimistic scenario, 1.6 points under the current tariffs, or 2.5 points if the conflict returns to April's intensity, she estimated. 'When you increase the tariffs to such a high level, many companies decide to stop hiring and to start basically sending the workers back home,' Garcia-Herrero said. 'At 30%, I doubt they will say, okay, come back. Because it's still high,' she added. 'Maybe the Chinese government is saying, wow, this was amazing. But I think many companies are not sure that this is going to work.' 'UNSTABLE' Government advisers say China is trying to mitigate manufacturing job losses with higher state investment in labor-absorbing public projects and by using the central bank to channel financial resources where new jobs could be created. The People's Bank of China last week unveiled a new tool to provide cheap funds for services and elderly care, among other stimulus measures. 'On employment, the most important driver will come from increased government investment given that the enthusiasm for corporate investment has yet to rise,' said Jia Kang, founding president of the China Academy of New Supply-Side Economics. Beijing will try to keep the budget deficit ratio at the roughly 4% level agreed in March, but a higher number 'cannot be ruled out if a serious situation arises,' he said. The exact impact of last month's tariff spike on the job market is unknown. A factory activity survey predicted employment declined in April, but analysts believe Beijing was more concerned about a potential acceleration of job losses than the absolute numbers over the course of a month. Exporters had already been paring back their workforce to stay competitive in what risks turning into a deflationary spiral. 'It's hard to give a figure,' a second policy adviser said of job losses. 'The economy is already weak and the tariff war is adding frost on top of snow, but it's just frost.' A major stumbling block to job creation is the perceived unpredictability of U.S. President Donald Trump's tariff policies, which is keeping exporters cautious, analysts say. Li Qiang was among a group of up to 20 people losing their jobs at a company that acted as an intermediary, exporting pneumatic cylinders, which are used in industrial machinery and were made by other Chinese firms. His company closed after losing U.S. orders and being outcompeted in Japan, where rivals rushed to replace the American market. He now works as a ride-hailing driver in the southwestern city of Chengdu and has no plans to return to the export sector, even after the easing of U.S.-China tensions. 'Trump's policies toward China could change at any time, which makes jobs in export-related industries unstable,' said Li. 'I don't plan to put any effort into working in the export sector anymore.'
South China Morning Post
03-05-2025
- Business
- South China Morning Post
How a Chinese robotics firm maintains the country's high-voltage power lines
Guangdong Crownpower Electric Power Technology Development has taken a path less travelled in China's robotics industry, as its products and services are geared for the utility sector – specifically, the dangerous task of maintaining power grids. Advertisement While many of its hi-tech peers are developing humanoid robots , Crownpower remains focused on taking over the potentially deadly work of safety inspection and maintenance of high-voltage power lines on the mainland and abroad. Founded in 2006 in Foshan, a city in southern Guangdong province, Crownpower started as a power-safety solutions provider to state-owned China Telecom , which operates a vast domestic fixed-line and mobile communications network. The company expanded into robot development in 2018, following its use of drones for inspection in 2013 and creation of a coating material for power lines in 2008. After signing its first foreign client in Chile last year, Crownpower has stepped up its overseas promotions this year, according to Jacky Yu Mingjie, from the firm's overseas business division. The company's latest robots were on display from April 15 to 19 at this year's China Import and Export Fair, known as the Canton Fair, which concludes on Monday. Advertisement The growing interest in Crownpower's robots outside China reflects how innovative technologies, especially in the electric utility sector, are meeting efforts to remove human labour from potentially deadly tasks.
CBS News
02-05-2025
- Business
- CBS News
Are Trump's tariffs just punishing China for being good at what it does?
Guangzhou, China — The annual Canton Fair in Guangzhou is China's largest import-export trade show. It covers a space equal to about 200 football fields and has been running since 1957 — when China's economy was isolated from the rest of the world. The country's leaders decided the expo, since formally named the China Import and Export Fair, was the best way to overcome trade obstacles imposed by the West and to drum up business investment and interest from overseas markets. In the almost seven decades since, China has transformed into the world's manufacturing powerhouse. But President Xi Jinping's government believes the U.S. is once again working to isolate China, through President Trump's tariff trade war, and that Washington will try to force other countries — and their consumers — to pick a side. Richard Qiu told CBS News it's simply unfair. Wearing a pale blue Ralph Lauren shirt, the businessman invited CBS News to sit down in his display booth at the Canton Fair for a chat. Surrounded by thousands of small fabric gift bags designed for everything from Christmas to Easter to birthdays, the fact that Qiu even quickly agreed to an interview was disarming; Every other Chinese businessperson we approached turned our camera away, wary of speaking with foreign media. His openness and warmth indicated a sense of ease with Westerners, and more importantly, his desire to tell his story about how external forces, completely out of his control, were affecting him and his livelihood. Qiu's Liaoning Perfect Import/Export Co. Ltd has been making gift bags for 20 years, and he has fostered strong relationships with his U.S. customers, who, in recent years, have made up 30-40% of his exports. He's traveled to the U.S. at least six times and says he loves the country: "It's about freedom, democracy, it's open and fair." "But this isn't fair," he said of the trade war sparked by President Trump's steep tariffs. "It makes me feel sick about the U.S. now." An overseas buyer visits the gifts and premium area of the second phase of the 137th Canton Fair, April 27, 2025, in Guangzhou, Guangdong Province, China. Chen Jimin/China News Service/VCG/Getty Mr. Trump insists his tariffs will, despite current economic pain in the U.S., bring manufacturing back to America and buoy the economy, reshaping the global trade system. But Qiu said it's about something else. He believes President Trump is punishing China for being the best at producing everyday products at affordable prices, and using that prowess to dominate the global market. "Our people are industrious, diligent, working hard to make the products good price, good quality, to sell all over the world. It's not our problem," he said. "I think it's your problem." Since Mr. Trump imposed 145% tariffs on all Chinese imports — though the White House later exempted smartphones and some other electronics from the levies — Qiu says his U.S. sales have ground to a halt. "U.S. buyers said, 'Richard you have to stop production; we have to cancel it.' I think 90% of my U.S. orders will be canceled." For years, the Canton Fair has been packed with American buyers looking to bring their customers back at home the best possible deals on offer. But this year, officials admitted to CBS News that the numbers are way down — another sign of President Trump's trade war taking hold. One American we did come across perusing the stalls in Guangzhou wasn't there to buy, but rather to research new products. "Tariffs are going to come down at some point and we need to be ready for it," Jonathan Scheerz who lives in Michigan, where he runs a homewares business, told CBS News. He said he got a lot of orders in for products from China before Mr. Trump's inauguration, because he was anticipating a trade war — but not like this. "I don't want to bring them in at the current tariff rate," he lamented. "It just doesn't work. It's too high, but I also don't believe it's going to last months and months." The optimism is based on his belief that no one does it better than China when it comes to offering so many different products at such low prices. "In my eyes, China produces what you want," Scheerz said. "Simple as that." But if the trade war does drag on, many business owners who spoke with CBS News off camera said they were prepared to take the pain. Qiu knows tough days are ahead. He's looking to diversify his export portfolio in Europe, but there's only so much the market can absorb, so it's uncertain times. "It's like a war, I think. Under a war, the most suffering is the people, no matter if it's the U.S. or China," he told CBS News. Qiu added, however, that over the course of China's history, the country has endured real hardship and pain, and he believes the Chinese people have the strength and fortitude to do it again. "If we do something unfair, I will not support the government, but it's your government — the U.S. government that's put unfair things on us, so we say, 'okay, we fight.'"
Yahoo
01-05-2025
- Business
- Yahoo
Walmart, Home Depot, Target Push Chinese Suppliers To Resume Shipments, Agree To Absorb Tariffs: Report
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Analyst Ray Wang posted that major U.S. retailers, including Walmart and Target, have reportedly asked Chinese suppliers to resume shipments, with tariffs to be absorbed by the American retailers. What Happened: On Saturday, Wang posted on X that several Chinese exporters at the ongoing China Import and Export Fair (Canton Fair) revealed that U.S. retail companies, including Walmart Inc. (NYSE:WMT), Home Depot Inc. (NYSE:HD), and Target Corporation (NYSE:TGT), have instructed Chinese suppliers to restart shipments that had been halted due to the recent tariff war. Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share! However, the cost of the tariffs would be borne by the retailers. The decision by these U.S. retailers came after a meeting with President Donald Trump at the White House, as per the report in Hong Kong's Ming mentioned by the Ming Pao report that some orders are resuming, while others have been canceled. Due to high tariffs, US retailers like Walmart must either cancel orders for Chinese products or pass the tariff costs onto American consumers, reported Global Times. Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Why It Matters: This development follows a meeting between President Trump and the CEOs of Walmart, Home Depot, and Target. The meeting focused on the potential impact of Trump's extensive tariff plans on the import-centric business models of these retail giants. Furthermore, the ongoing U.S.-China trade war has been causing potential shortages in key consumer product areas, pushing the national supply chain towards a critical point. The sudden implementation of tariffs left companies with little time to adjust their sourcing strategies. With the resumption of shipments from Chinese suppliers, these retailers seem to be taking measures to mitigate the impact of the tariff battle on their operations and on American consumers. Over the past month, Walmart surged 11.7%, while Target declined 6.8%. Meanwhile, Home Depot edged 0.16% lower during the period, as per Benzinga Pro. Read Next: It's no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here's how everyday investors are getting started. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image via Shutterstock Send To MSN: Send to MSN This article Walmart, Home Depot, Target Push Chinese Suppliers To Resume Shipments, Agree To Absorb Tariffs: Report originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
