Latest news with #Chinese-built
Qatar Tribune
8 hours ago
- Business
- Qatar Tribune
China's shipbuilding lead endures, but market share dips amid US port-fee threat
Agencies China retained its leading position in the global shipbuilding market during the first half of the year, according to data from the industry association, despite a decline in market share caused by buyers' concerns over the threat of US port fees on Chinese-built vessels. It secured 68.3 per cent of new vessel orders in the global market in the first six months of the year, compared with 74.7 per cent in the same period last year, China's shipbuilding industry association said on Monday. The order volume fell by 18.2 per cent, year on year, to 44.33 million deadweight tonnes. Analysts have attributed the decline in market share to a decrease in orders for oil and LNG tankers, but still believe in China's competitive advantages.'Shipowners are cautious about choosing shipyards for their tanker orders, given the US' prominent role in oil and LNG export,' said Wu Jialu, chief analyst at Citic Futures. Considering that the US port fee targeting Chinese-built vessels is set to take effect on October 14, Wu said such concern could have a medium- to long-term impact on China's shipbuilding industry. The US, a major oil exporter, reached a record high in crude oil exports in 2024, exceeding an annual average of 4.1 million barrels per day, according to data from the US Energy Information Administration. It also remained the world's largest LNG exporter in 2024, exporting an average of 11.9 billion cubic feet per day, the data typical half-year data releases that detail the top-three players' market shares and newbuilding orders by vessel category, the China Association of the National Shipbuilding Industry, which has maintained a low profile since the announcement of the US port fee targeting China-built or operated vessels, released only basic data on China's market performance. In terms of the three major shipbuilding indicators – ship completions, new orders, and outstanding orders – 'China continues to maintain its global leadership', the industry association said. China's ship completions accounted for 51.7 per cent of the global market in the first half of this year, while outstanding orders represented 64.9 per cent of the global market share as of June, its data association did not disclose the market shares of major competitors South Korea and Japan. But earlier this month, data from maritime consultancy Clarksons Research showed that South Korea's market share increased despite a slight decline in newbuilding volume, amid a global drop of more than 50 per cent in new orders, year on year, due to rising geopolitical tensions. Chinese shipyards will be able to maintain a stable market share even as US port fees begin to take effect, thanks to their competitive advantages in cost efficiency, a resilient supply chain, and capacity scale, You Daozhu, an analyst at Huaxi Securities, said in a recent shipping-industry report. The scale advantage is expected to be further strengthened as the China Securities Regulatory Commission just approved the merger of China State Shipbuilding Corporation and China Shipbuilding Industry Corporation on Friday. The merger creates the world's largest shipbuilding conglomerate.
The Advertiser
a day ago
- Automotive
- The Advertiser
China to become top source of new cars in Australia, fuelled by emissions regs
China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). "While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES," the AADA says in its report. "Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. "This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape." The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert. Many Chinese brands have set ambitious goals for our market. MG wants to be a top-three player in Australia by 2030, while GWM is also aiming to be in the top five by that year. Content originally sourced from: China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). "While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES," the AADA says in its report. "Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. "This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape." The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert. Many Chinese brands have set ambitious goals for our market. MG wants to be a top-three player in Australia by 2030, while GWM is also aiming to be in the top five by that year. Content originally sourced from: China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). "While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES," the AADA says in its report. "Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. "This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape." The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert. Many Chinese brands have set ambitious goals for our market. MG wants to be a top-three player in Australia by 2030, while GWM is also aiming to be in the top five by that year. Content originally sourced from: China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). "While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES," the AADA says in its report. "Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. "This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape." The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert. Many Chinese brands have set ambitious goals for our market. MG wants to be a top-three player in Australia by 2030, while GWM is also aiming to be in the top five by that year. Content originally sourced from:
7NEWS
a day ago
- Automotive
- 7NEWS
China to become top source of new cars in Australia, fuelled by emissions regs
China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). 'While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES,' the AADA says in its report. 'Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. 'This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape.' The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert.
Perth Now
a day ago
- Automotive
- Perth Now
China to become top source of new cars in Australia, fuelled by emissions regs
China has already overtaken Korea to become Australia's third largest supplier of new vehicles, and a new report says it'll take the top spot by 2035. The Australian Automotive Dealer Association (AADA) commissioned the Centre for International Economics (CIE) to analyse Australia's past, current and future automotive trading partners. The CIE has projected Chinese-built vehicles will account for 43 per cent of Australia's new-car market in 2035, up from 17 per cent this year. This will come at the expense of Japanese-built cars, whose share is projected to drop from 32 to 22 per cent, as well as Thai-built vehicles (11 per cent, down from 21 per cent) and Korean-built vehicles (8 per cent, down from 13 per cent). The CIE forecasts other countries of origin will account for the remaining 16 per cent of the market, down from 17 per cent in 2025. CarExpert can save you thousands on a new car. Click here to get a great deal. Supplied Credit: CarExpert China already dominates the local electric vehicle (EV) market, accounting for 65 per cent of imports. But it's not just EVs powering its growth here, with exports of combustion-powered vehicles also rising. Enabling China's rise, the report says, is the Chinese government's investment and support in developing EV and plug-in hybrid (PHEV) technology and manufacturing capabilities; an ongoing drop in production costs; as well as an aversion to price increases like those imposed by brands from other countries. But the AADA warns the Australian Government is inadvertently boosting sales of Chinese cars in our market through its New Vehicle Efficiency Standard (NVES). 'While overall sales from many countries are still projected to grow, China stands out and is set to benefit the most from the introduction of the NVES,' the AADA says in its report. Supplied Credit: CarExpert 'Its strong position in EV manufacturing, supported by supply chain advantages and government backing, means vehicles produced in China are expected to gain market share at a faster rate, in contrast to the slower grow other exporting countries may observe. 'This low emissions transition highlights a broader structural shift. As emission standards tighten, supply chains globalise and EV technology dominates, China is set to play an increasingly central role in Australia's automotive future and redefine our automotive landscape.' The AADA says in its report that the findings are based on an assumption NVES fleet emissions reductions will continue past the legislated 2029 target. Coming into effect on January 1, 2025, with penalties being accrued from July 1, the NVES sets fleet-wide emissions targets for new-vehicle brands in Australia. Supplied Credit: CarExpert If automakers exceed an average carbon emissions target for the vehicles they sell each year, they will be penalised $100 per g/km of CO2 for every vehicle which exceeds the target. For 2025, the mandate for passenger cars (Type 1) is 141g/km of CO2, with light commercial vehicles and heavy-duty SUVs (Type 2) set at 210g/km or less. These limits will get tighter every year, landing at 58 and 110g/km respectively in 2029. Chinese auto brands have been among the quickest and most aggressive in rolling out EVs and PHEVs in our market to cater to buyer demand and also meet these emissions standards. Supplied Credit: CarExpert BYD only offers these powertrain types globally, while Chery, GWM and MG all offer a mix of hybrid, PHEV and EV models, and fledgling brands like Deepal and Xpeng are EV-only here. It isn't just Chinese-owned brands, including Volvo and Polestar, that are selling Chinese-built vehicles here. BMW, Cupra, Kia and Tesla all produce vehicles in China and export them to markets such as Australia, and they could be joined in the coming years by others such as Mazda and Nissan. It has been a meteoric rise for China, and follows the rise of Thailand, Korea and Japan in our market. Supplied Credit: CarExpert There are parallels here beyond dramatic sales growth. Many of the first Korean and Japanese cars sold here were widely regarded as being flawed or ill-suited to our market, but manufacturers like Hyundai and Toyota were able to over time adapt to our market conditions and offer more suitable vehicles. Chinese brands have invested in local vehicle development testing in our market, but GWM is perhaps a standout example of tailoring vehicles to Australian conditions, having appointed Holden's former lead vehicle dynamics engineer as its local ride and handling expert. Many Chinese brands have set ambitious goals for our market. MG wants to be a top-three player in Australia by 2030, while GWM is also aiming to be in the top five by that year.
Straits Times
3 days ago
- Business
- Straits Times
Brazil to establish tax advisory office in China amid deepening ties
Find out what's new on ST website and app. FILE PHOTO: Chinese President Xi Jinping shakes hands with Brazil's President Luiz Inacio Lula da Silva after a signing ceremony and a joint press conference, at the Great Hall of the People in Beijing, China, May 13, 2025. REUTERS/Tingshu Wang/Pool/File Photo BRASILIA - Brazil will establish a tax advisory office in China, the Brazilian Finance Ministry said, highlighting the strategic importance of the move as the two nations deepen their ties. The decision underscores Brazil's growing focus on its relationship with China, its largest trading partner, as tariffs introduced by U.S. President Donald Trump escalate global tensions. A draft was seen by Reuters of the presidential decree that will create the new post in Beijing, as well as preparatory documents that cite the "growing complexity" of bilateral trade and the need to enhance cooperation on tax and customs matters. The move coincides with mounting trade tensions between the U.S. and Brazil, after Trump linked fresh 50% tariffs on Brazilian imports to the prosecution of his ally and former President Jair Bolsonaro, leaving limited options for Latin America's largest economy to negotiate a deal. Tax advisory offices or attaches play a "strategic role" in international cooperation by exchanging information critical to combating tax and customs violations, the ministry said. They also provide technical guidance on Brazilian legislation to foreign investors and citizens abroad, helping to improve legal certainty and the business environment, it added. While Brazil's trade overtures to the U.S. have gone unanswered so far, relations with China have deepened. Since taking office in 2023, leftist President Luiz Inacio Lula da Silva has met with President Xi Jinping three times. The two countries have also agreed to explore transportation integration, including a proposed bi-oceanic rail corridor linking Brazil to the Chinese-built port of Chancay in Peru. Top stories Swipe. Select. Stay informed. Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Asia At least 19 killed as Bangladesh air force plane crashes at college campus Singapore ST Explains: What does it mean for etomidate to be listed under the Misuse of Drugs Act? Business Why Singapore and its businesses stand to lose with US tariffs on the region Singapore NTU to have compulsory cadaver dissection classes for medical students from 2026 World US authorities probing passenger jet's close call with B-52 bomber over North Dakota Singapore Jail for man who conspired with another to bribe MOH agency employee with $18k Paris trip Singapore New research institute will grow S'pore's talent in nuclear energy, safety Asked why Brazil is only now establishing a tax office in China - its top trading partner since 2009 - the ministry denied any link to the ongoing trade war. "There is no political motivation," said the ministry, noting that the initiative reflects the importance of bilateral trade and the need for deeper cooperation on tax and customs issues. Brazil currently has four tax and customs attachés abroad - in Washington and Buenos Aires, both set up in 2000, and in Asuncion and Montevideo, established in 2002. The United States remains Brazil's top source of foreign direct investment, while Argentina, Paraguay, and Uruguay are its Mercosur bloc co-founders. The Finance Ministry said discussions around the attaché in Beijing began in 2023 and have involved technical reviews by multiple ministries since January 6 this year. REUTERS
