Latest news with #RalphJennings
South China Morning Post
21-02-2025
- Business
- South China Morning Post
Signs of relief for AstraZeneca as China courts foreign investors
Ralph Jennings in Hong Kong and Ji Siqi in Beijing Published: 4:10pm, 21 Feb 2025 British-Swedish pharmaceutical giant AstraZeneca endured a torrid time in China last year, as it underwent several investigations and saw one of its senior executives detained by authorities. But there are signs the company may be on the road to redemption amid Beijing's push to attract foreign investment and boost confidence in the private sector. On Thursday, an official from China's Ministry of Industry and Information Technology (MIIT) singled out AstraZeneca's new small-molecule drug factory as an example of a successful foreign investment in China from 2024 during a news conference. The comment came a day after the Chinese government unveiled a 20-point action plan to boost foreign investment , which included pledges to make it easier for foreign drug makers to launch innovative drugs and participate in public procurement processes. Earlier this month, AstraZeneca was quoted as saying it could face a fine of US$4.5 million over suspected unpaid import taxes in China, with some interpreting this as an indication that China's investigations into the firm are winding down. AstraZeneca's global media office was not available on Friday for comment.
South China Morning Post
11-02-2025
- Business
- South China Morning Post
Can China's bet on home-grown jumbo jets challenge the Airbus-Boeing duopoly?
Frank Chen in Shanghai and Ralph Jennings in Hong Kong Published: 6:00am, 11 Feb 2025 Updated: 11:17am, 11 Feb 2025 China has long held ambitions of turning global aviation into an 'ABC' market: breaking the duopoly of Airbus and Boeing with the entry of world-class Chinese jets. That strategy is already well under way, with the state-owned Commercial Aircraft Corporation of China (Comac) having already received orders for hundreds of its regional and narrowbody planes, the C909 and C919. Now, the Chinese aircraft manufacturer is doubling down on plans to expand its fleet to include widebody models – including a self-developed answer to Boeing's iconic 747 jumbo jet. Enter the C929 and C939. Comac appears laser-focused on producing its own liners capable of undertaking long-haul flights, an endeavour that is not only being driven by market demand but also political and strategic factors. 'There are not too many other engineering products other than big planes that are so visible, so recognisable,' said David Yu, a professor at New York University Shanghai specialising in aviation financing. 'Just like America and Europe, China has many reasons to develop and fly home-grown widebodies that reflect its status and ambitions.'
South China Morning Post
10-02-2025
- Business
- South China Morning Post
China dreams of building its own jumbo jet. Can it do it without the West?
Frank Chen in Shanghai and Ralph Jennings in Hong Kong Published: 6:00am, 11 Feb 2025 China has long held ambitions of turning global aviation into an 'ABC' market: breaking the duopoly of Airbus and Boeing with the entry of world-class Chinese jets. That strategy is already well under way, with the state-owned Commercial Aircraft Corporation of China (Comac) having already received orders for hundreds of its regional and narrowbody planes, the C909 and C919. Now, the Chinese aircraft manufacturer is doubling down on plans to expand its fleet to include widebody models – including a self-developed answer to Boeing's iconic 747 jumbo jet. Enter the C929 and C939. Comac appears laser-focused on producing its own liners capable of undertaking long-haul flights, an endeavour that is not only being driven by market demand but also political and strategic factors. 'There are not too many other engineering products other than big planes that are so visible, so recognisable,' said David Yu, a professor at New York University Shanghai specialising in aviation financing. 'Just like America and Europe, China has many reasons to develop and fly home-grown widebodies that reflect its status and ambitions.'
South China Morning Post
07-02-2025
- Business
- South China Morning Post
China+10: how Trump is forcing multinationals to rethink their supply chains
Kandy Wong and Ralph Jennings Published: 4:01pm, 7 Feb 2025 After US President Donald Trump launched a trade war against Beijing during his first term in office, many multinationals adopted a 'China+1' strategy as they attempted to navigate a turbulent new environment. The idea was to shift parts of their supply chains away from China's factory hubs and into new investment hotspots such as Vietnam and Mexico, so they could mitigate the impact of US tariffs directed at Chinese imports. Now, some businesses are realising they will need to rethink their strategies once again to cope with an even bolder second Trump administration. Since returning to office, the US president has already announced plans to slap 25 per cent tariffs on Mexico and Canada and hike duties on Chinese goods by 10 per cent. Though the US has since agreed deals with its North American neighbours to avoid a tit-for-tat tariff war – for now, at least – the moves have heightened anxieties among multinationals and their suppliers. With many investors worried the US will take further measures against markets it suspects of acting as transshipment hubs for Chinese goods, some are looking to diversify into a range of new markets – from India to Ethiopia.
