Latest news with #GovernmentWorkReport
The Star
21-05-2025
- Business
- The Star
Footwear giant Skechers laces up for growth in China
Skechers has opened nearly 3,500 points of sale across the Chinese mainland and developed online sales operations on multiple e-commerce platforms. — China Daily SHANGHAI: Riding on China's push to revive consumer spending and tap its vast domestic market, the US-based athleisure company Skechers plans to increase investments, fortify local supply chains, and double down on innovation to seize more market share in the country. China has placed strong emphasis on consumption as a key driver of economic growth. In the March Government Work Report, the country outlined a series of measures to boost domestic demand, positioning the expansion of consumption as one of its top policy priorities for the year. Willie Tan, chief executive officer of Skechers China, South Korea and South-East Asia, said these efforts aim to stimulate household spending, improve the consumption environment and unlock China's huge consumer market. 'The trade tensions between China and the United States have a profound impact on the global economic order,' said Tan. 'We firmly believe that the advantages of China-US cooperation significantly outweigh any disadvantages. 'In the wave of economic globalisation, the world has transformed into a closely connected global village,' he said, adding that China, as the world's second-largest economy, boasts a substantial consumer market and a comprehensive industrial ecosystem, providing significant impetus for the growth of multinational corporations. Skechers, which entered the domestic market in 2007, has opened nearly 3,500 points of sale across the Chinese mainland and developed online sales operations on multiple e-commerce platforms. Optimistic about the Chinese market, Skechers has invested over 60 million yuan in recent years to establish a product innovation centre for the Asia-Pacific region, as well as an imaging studio and livestreaming facility in Dongguan, Guangdong province, aiming to better meet the needs of local consumers. With a total investment exceeding three billion yuan, Skechers is building the second phase of its China logistics centre project in Taicang, Jiangsu province. — China Daily/ANN
The Star
08-05-2025
- Business
- The Star
Corning poised to invest US$500mil to expand presence in China
Beijing: US-based materials science company Corning Inc plans to invest another US$500mil in China this year, reinforcing its long-standing commitment to what it calls its most important overseas market, despite ongoing geopolitical and economic headwinds. 'This year marks the milestone of Corning being in China for 45 years, so we are going to expand our capability and also upgrade our technology,' Lin Chunmei, vice-president of Corning Inc, said during a recent exclusive interview with China Daily. 'Our strategy is very simple – just keep investing in our leading technology capabilities in China.' Since entering the Chinese market in the 1980s, Corning has invested more than US$9bil in the country. Today, it operates 21 manufacturing plants, a research and development centre and three technology centres, employing nearly 6,000 people across the country. Despite headwinds such as weaker global demand and trade disputes, Lin, who is also president and general manager of Corning Greater China, said she expects the company to achieve steady growth in China this year, voicing strong confidence and optimism about China's long-term prospects. 'China is no longer a country of just cheap labour. It has very sophisticated talent and a complete infrastructure,' Lin said. 'I think China now has much more power and strength to go through challenges than before.' While acknowledging the short-term challenges posed by trade frictions between the United States and China, Lin argued that economic logic would ultimately prevail. 'This kind of trade war is a lose-lose. China will get hurt, but the others will hurt too,' she said. 'At the end of the day, business is business. We need to be rational to make the most logical decisions that benefit both. Eventually, I think that will be the solution.' This year, China is putting a priority on fostering new high-quality productive forces and boosting technological innovation in its economic agenda. According to the Government Work Report, China will strive to develop new productive forces in light of local conditions and accelerate the development of a modernised industrial system. This will require the fostering of emerging industries and industries of the future, such as bio-manufacturing, quantum technology and embodied artificial intelligence (AI). 'Developing new productive forces will be key to boosting China's long-term economic growth potential, with AI – in which the United States and China are seeking to gain a competitive edge – set for intensified development,' said Li Chao, chief economist at Zheshang Securities. 'Future industries could be a particular focus and we anticipate new industrial plans to outline their growth trajectories.' Now, Corning is capitalising on key trends, including China's AI boom, data centre expansion and environmental policy upgrades – areas where the company's speciality glass, ceramics and expertise in optical physics are in high demand. 'AI is very important to us because customers need better connection,' Lin said. 'It has enhanced our optical communications business globally – in the US and also in China. We are actually upgrading our fibre capabilities, making more premium fibre in China, and we also have a plan to increase our capability to support the demand for data centres.' The company is also targeting growth in China's auto sector, the world's largest in terms of both sales and manufacturing capability. Corning provides advanced glass and emission control products for the country's increasingly tech-forward and environmentally-conscious vehicles. 'China-made cars are very cool, not only their engines but also user-friendly designs. 'Our auto glass really makes it very user-friendly and visually appealing. That's an investment area we continue to expand in,' Lin said. 'To us, 'grow with China' is not a slogan – it's what we have seen in the past,' Lin said. 'The next China is still China. I believe in it. China still has a lot of strong momentum and strengths to keep growing.' — China Daily/ANN
Fashion Network
23-04-2025
- Business
- Fashion Network
Chinese e-commerce platforms to end refund-without-returns amid weak economy, sources say
Chinese authorities have asked e-commerce platform operators to stop insisting on merchants refunding customers without requiring the return of goods, to alleviate financial pressure on merchants, two people familiar with the matter said. The government met operators including PDD Holdings, opens new tab and concluded the practice must end by July, from which point only merchants will be able to initiate a refund, the people said, without specifying dates. The aim is to prevent merchants' situation becoming tenuous during times of economic slowdown, said one of the people, who declined to be identified because the information is not public. PDD and peer declined to comment. Alibaba Group, opens new tab and the State Administration for Market Regulation did not respond to requests for comment. In July, hundreds of people gathered at an office of PDD platform Temu in southern China to protest against its refund policy. Authorities including the market regulator and commerce ministry subsequently ordered PDD to revise the policy. This year, government bodies including the market regulator and the National Development and Reform Commission have increased criticism of what they dub "involution-style" competition. In March, during the annual parliamentary session, the phrase "comprehensive rectification of 'involution-style' competition" was incorporated into the Government Work Report. The refund-without-returns policy was designed to benefit both buyers and sellers for some types of order. PDD began to expand the policy in 2021, prompting rivals to follow suit. Merchants of goods as varied as clothes and household appliances have reported the policy as detrimental to their bottom line as they risk losing both money and goods.
Fashion Network
23-04-2025
- Business
- Fashion Network
Chinese e-commerce platforms to end refund-without-returns amid weak economy, sources say
Chinese authorities have asked e-commerce platform operators to stop insisting on merchants refunding customers without requiring the return of goods, to alleviate financial pressure on merchants, two people familiar with the matter said. The government met operators including PDD Holdings, opens new tab and concluded the practice must end by July, from which point only merchants will be able to initiate a refund, the people said, without specifying dates. The aim is to prevent merchants' situation becoming tenuous during times of economic slowdown, said one of the people, who declined to be identified because the information is not public. PDD and peer declined to comment. Alibaba Group, opens new tab and the State Administration for Market Regulation did not respond to requests for comment. In July, hundreds of people gathered at an office of PDD platform Temu in southern China to protest against its refund policy. Authorities including the market regulator and commerce ministry subsequently ordered PDD to revise the policy. This year, government bodies including the market regulator and the National Development and Reform Commission have increased criticism of what they dub "involution-style" competition. In March, during the annual parliamentary session, the phrase "comprehensive rectification of 'involution-style' competition" was incorporated into the Government Work Report. The refund-without-returns policy was designed to benefit both buyers and sellers for some types of order. PDD began to expand the policy in 2021, prompting rivals to follow suit. Merchants of goods as varied as clothes and household appliances have reported the policy as detrimental to their bottom line as they risk losing both money and goods.
Time of India
23-04-2025
- Business
- Time of India
Chinese ecommerce platforms to end refund-without-returns amid weak economy
Chinese authorities have asked e-commerce platform operators to stop insisting on merchants refunding customers without requiring the return of goods, to alleviate financial pressure on merchants, two people familiar with the matter said. The government met operators including PDD Holdings and concluded the practice must end by July, from which point only merchants will be able to initiate a refund, the people said, without specifying dates. The aim is to prevent merchants' situation becoming tenuous during times of economic slowdown, said one of the people, who declined to be identified because the information is not public. PDD and peer declined to comment. Alibaba Group and the State Administration for Market Regulation did not respond to requests for comment. In July, hundreds of people gathered at an office of PDD platform Temu in southern China to protest against its refund policy. Authorities including the market regulator and commerce ministry subsequently ordered PDD to revise the policy. This year, government bodies including the market regulator and the National Development and Reform Commission have increased criticism of what they dub "involution-style" competition. In March, during the annual parliamentary session, the phrase "comprehensive rectification of 'involution-style' competition" was incorporated into the Government Work Report. The refund-without-returns policy was designed to benefit both buyers and sellers for some types of order. PDD began to expand the policy in 2021, prompting rivals to follow suit. Merchants of goods as varied as clothes and household appliances have reported the policy as detrimental to their bottom line as they risk losing both money and goods.
