Chinese tech hub Shenzhen launches plan to support consumption, exporters amid trade war
trade war between Beijing and Washington.
Advertisement
'Consumption is the fundamental driving force behind economic growth and development,' according to a 39-point plan released by the Shenzhen Municipal Development and Reform Commission on Friday.
Shenzhen will leverage its strategic strengths in four key categories:
artificial intelligence (AI) terminals, smart home systems, modern fashion, and outdoor equipment. The city will make good use of trade exhibitions and other resources to 'help enterprises better respond to tariffs', according to the document.
China's consumption market has shown gradual improvement but still requires further stimulation, especially as external demand is under pressure due to US President Donald Trump's tariff war.
At a meeting of the country's
Politburo in late April – a Communist Party conclave that typically sets the tone for economic work in the second quarter – the high-level political body vowed to 'resolutely focus on doing our business, steadfastly expand high-level opening up and focus on stabilising employment, businesses, markets, and expectations'.
Advertisement
Consumption is a key driver of economic growth, and establishing long-term mechanisms to promote consumption is crucial, according to a commentary published under the pen name Jin Guanping in the state-owned Economic Daily on Sunday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
7 minutes ago
- South China Morning Post
Cambodia seeks immediate ceasefire with Thailand after 2 days of deadly strikes
Cambodia wants an 'immediate ceasefire' with Thailand, the country's envoy to the United Nations said on Friday, after the neighbours traded deadly strikes for a second day. A long-running border dispute erupted into intense fighting with aircraft, artillery, tanks and ground troops on Thursday, prompting the Security Council to hold an emergency meeting on the crisis on Friday. 'Cambodia asked for an immediate ceasefire – unconditionally – and we also call for the peaceful solution of the dispute,' Cambodia's ambassador Chhea Keo said following a closed meeting of the council attended by Cambodia and Thailand. The envoy questioned how Thailand, a regional military heavyweight, could accuse Cambodia, its smaller neighbour, of attacking it. '[The Security Council] called for both parties to [show] maximum restraint and resort to a diplomatic solution. That is what we are calling for as well,' Chhea Keo said. 05:08 Thailand-Cambodia border fighting drives mass exodus as attacks mount Thailand-Cambodia border fighting drives mass exodus as attacks mount None of the other attendees spoke to reporters.
South China Morning Post
an hour ago
- South China Morning Post
How the EU has marginalised itself on the global stage
The summit between the European Union and China has turned out to be a non-event, the worst so far. The reason for this is not too difficult to understand. After US President Donald Trump returned to the White House, the EU has found itself falling between two stools, torn between Washington and Beijing. Europeans were surprised when Trump won the US presidential election in 2016 but viewed it as a one-off aberration. Without the challenge posed by Trump, though, EU leaders might not see the need to make any fundamental changes. European leaders have made three miscalculations. First, they cannot grasp the sea change brought about by Trump's anti-elite revolution . Their much-cherished rules-based international order is moribund, but European Commission President Ursula von der Leyen and her colleagues cling to the idea of its resurrection. For the last four years, the EU has pursued a misguided policy towards China based on transatlantic solidarity. This strategy began under Trump's predecessor, Joe Biden, but has been jettisoned entirely by the current administration despite the efforts of von der Leyen and others to accommodate Trump. The foundation of transatlantic solidarity between the EU and the United States has shifted, and not just because of Trump's global trade war that has not spared Europe Second, the EU is persisting with its old playbook in dealing with China. This approach is one of 'systemic rivalry', with ideological confrontation and economic de-risking intended to provide a base for transatlantic policy towards China. However, Trump and his administration have fundamentally undermined the basis for any foreign policy. Many of the accusations levelled against China and Chinese President Xi Jinping – such as disrupting the global economy, supporting Russia's aggression in Ukraine, pushing expansionist territorial claims and engaging in a variety of repressive domestic policies – can now easily be turned back towards Trump and the US. Any previous ideological similarities between the US and EU have turned out to be irrelevant.
South China Morning Post
7 hours ago
- South China Morning Post
Police slap HK$200,000 bounties on 15 members of subversive ‘Hong Kong Parliament'
The city's national security police have placed a new round of bounties on 15 overseas activists wanted for their involvement in a group called 'Hong Kong Parliament', which the force has deemed subversive and has accused it of violating the Beijing-imposed security law. The HK$200,000 (US$25,640) reward offered for each fugitive was supported by the Office for Safeguarding National Security in Hong Kong, which said the group's actions, including holding an unlawful election 'posed a serious threat to national sovereignty, security and developmental interests of the country'. The activists included members of a Taiwan-based outfit that advocates Hong Kong independence. New arrest warrants were announced on Friday for Chan Lai-chun, Feng Chongyi, Sasha Gong, Ng Man-yan and Tsang Wai-fan, who were accused of establishing a so-called parliament-in-exile in 2022 That year, the group, mainly founded and run by self-exiled activists, formed an 'electoral committee' in Canada to hold elections that it said 'represents, solidifies and revives Hong Kong people's rights of self-determination'. The vote planned in 2022 was postponed to May this year. The group said 15,702 votes were cast to elect 15 members from 18 candidates for its first 'parliament' and a 'virtual swearing-in ceremony' was held on July 14. But five winners refused to be sworn in or announced their departure from the group after winning. Another 10 people were accused by Hong Kong national security police of taking part in the election and swearing in as so-called parliament members – Chin Po-fun, Ha Hoi-chun, Hau Chung-yu, Ho Wing-yau, Alan Keung Ka-wai, Tony Lam, Agnes Ng, Wong Chun-wah, Wong Sau-wo, and Zhang Xinyan.
