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South China Morning Post
an hour ago
- South China Morning Post
As China, EU eye warmer ties, Brussels seeks to protect its crown jewel
Hopes for a long-awaited recovery of factory activity in Europe's manufacturing powerhouse were uplifted this week as a key indicator of the sector's health surged to a 34-month high in Germany. Advertisement But the fact that the country's manufacturing purchasing managers' index for June still remained at 49.0 – when a reading below 50 suggests a contraction in the sector – underscores the uphill challenge that Germany is facing in trying to regain growth and past glory in its manufacturing activities. The data release came as Foreign Minister Wang Yi of China, the world's largest manufacturer, was halfway through his European tour of Brussels, Berlin and Paris in preparation for the China-EU summit later this month. Both sides are seeking to resolve trade disputes and improve ties amid a reshuffle of global trade dynamics introduced by the United States. Analysts and industry insiders say that while there is increasing urgency for both China and Europe to seek better ties, the key factor determining the dynamics between Brussels and Beijing is Europe's underlying concern over China's threat to the EU's manufacturing prowess – a jewel in the continent's crown. 'Europe wants to rebuild its manufacturing sector, so it cannot afford to have a lot of cheap imports from China,' said Sacha Courtial, a researcher specialising in economic governance in Europe and China, at the Paris-based Institut Jacques Delors think tank. Advertisement The EU remains one of the world's biggest manufacturing bases, with a net output of US$2.72 trillion in 2024. That was roughly on the same level as the US, which had an output of US$2.91 trillion, but trailed China's US$4.66 trillion, according to World Bank data.
RTHK
an hour ago
- RTHK
US urged to get back on right path as curbs are lifted
US urged to get back on right path as curbs are lifted The Commerce Ministry said it is reviewing applications for export licences for eligible controlled items. File photo: Xinhua The Ministry of Commerce in Beijing said on Friday, in response to moves by the United States to lift a series of economic and trade restrictions on China, that dialogue and cooperation are the right path forward. A spokesperson for the ministry made the remarks in response to a media query about recent reports that certain Chinese companies have received notices from the US Department of Commerce regarding the resumption of exports to China of products such as electronic design automation software, ethane and aircraft engines. The spokesperson confirmed that following the recent China-US economic and trade talks in London, both sides had finalised implementation details to carry out the important consensus reached by the two heads of state during their phone talks on June 5, and to consolidate the outcomes of the economic and trade talks in Geneva. As part of this process, China is reviewing applications for export licences for eligible controlled items in accordance with laws and regulations, while the United States has taken corresponding steps to remove certain restrictive measures and has informed the Chinese side, the spokesperson said. Describing the framework reached during the economic and trade talks in London as "hard-won," the spokesperson stressed that dialogue and cooperation are the right path forward, while threats and coercion "lead nowhere". The United States was urged to fully recognise the mutually beneficial nature of China-US economic and trade ties, continue to meet China halfway, and further correct its erroneous practices to jointly implement the important consensus reached by the two heads of state and jointly promote the steady and long-term development of bilateral economic and trade relations. (Xinhua)
South China Morning Post
an hour ago
- South China Morning Post
China to levy anti-dumping tariffs on European cognac
China has decided to levy anti-dumping tariffs on European cognac, mostly produced in France, effective from Saturday. 'There is dumping of related imported brandy from the EU, the domestic brandy industry faces a material threat of injury, and there is a causal relationship between the dumping and the material injury threat. The determined dumping margins range from 27.7 per cent to 34.9 per cent,' China's Ministry of Commerce said in a statement. More to follow ... Advertisement
