CNA938 Rewind - Can China sustain its 5% GDP growth target as US tariff risks mount?
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CNA
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China International Supply Chain Expo kicks off in Beijing amid US tariff tensions
Chinese Vice-Premier He Lifeng has criticised policies that seek the return of manufacturing back to home countries through tariffs and restrictions, without mentioning the US by name. The top trade negotiator made the remarks at the opening of the third China International Supply Chain Expo in Beijing. The five-day expo — which was also attended by Nvidia CEO Jensen Huang — features more than 650 companies and institutions from 75 countries and regions. According to state media reports, last year's event led to more than 200 cooperation deals worth 152 billion yuan (US$21 billion). Tan Si Hui reports.
CNA
30 minutes ago
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China vows to regulate 'irrational' competition in EV industry
BEIJING: China's cabinet on Wednesday (Jul 16) pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV. The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies. China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details. The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement. Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development. Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in programme.
CNA
an hour ago
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Indonesia reaches trade deal with US, will pay 19% tariffs and buy 50 Boeing jets
Indonesian President Prabowo Subianto has hailed a "new era of mutual benefit", after his US counterpart Donald Trump announced Indonesian goods would face a 19% tariff instead of 32%. The months-long negotiations come at a cost. Indonesia has committed to purchasing US$15 billion in US energy, importing US$4.5 billion worth of agricultural products and buying 50 Boeing jets. Mr Trump also said Indonesia has agreed to give the US tariff-free access to its market. Meanwhile, economists warned the agreement may not be ideal in the long run and could lead to a trade deficit with the US. Chandni Vatvani reports.
