Latest news with #EUCompanies
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Hong Kong and EU are natural partners on 2050 carbon neutral goal
Climate change is one of the defining challenges of our time. Last year marked the hottest on record , and extreme weather is becoming more frequent and more severe. Just last month, scientists warned that we have only three years left to limit global warming to 1.5 degrees Celsius above pre-industrial levels as set by the Paris Agreement. Advertisement This target has long been the pillar of climate efforts worldwide. Our planet is not waiting for us. The European Union and Hong Kong share this conviction: the world must change course, and quickly. We have everything it takes to jointly move ahead on the green transition, not least our shared ambition of achieving carbon neutrality by 2050 . Our ties are close, broad and deep. The EU is one of Hong Kong's major trading partners, with bilateral trade in goods and services amounting to HK$605 billion (US$77.1 billion) and EU investment in the city reaching HK$758 billion last year. We are the largest foreign business community in Hong Kong. For more than half of the roughly 1,600 EU companies based here, Hong Kong serves as their regional headquarters. EU citizens and companies contribute across nearly every sector of Hong Kong's economy and society – from finance, transport and logistics to retail, food and beverage, construction and engineering, as well as Hong Kong's excellent universities and its vibrant arts scene. Many are actively involved in the local green transition, working in green finance, sustainable mobility, clean energy, green infrastructure and waste management. Accordingly, we are contributing not only to Hong Kong's prosperity and vibrancy but are also actively supporting Hong Kong's green transition. Advertisement The EU has long been a world leader on climate action, sustainability and green growth. Importantly, we have busted a long-standing myth. Since 1990, we have reduced emissions by 37 per cent while growing our economy by 68 per cent. This is clear evidence that the green transformation is not a barrier to growth but rather a driver. Furthermore, we are on track to cut emissions by at least 55 per cent by 2030 and are aiming for a 90 per cent reduction by 2040.
South China Morning Post
06-07-2025
- Business
- South China Morning Post
China blocks EU companies from medical device contracts in tit-for-tat move
China has barred European companies from major Chinese government medical device contracts, hitting back against similar EU restrictions imposed on Chinese firms last month. In a notice on Sunday, the Ministry of Finance said that European Union companies without operations in China were excluded from government medical device contracts valued at more than 45 million yuan (US$6.3 million). Taking effect on Sunday, the restriction does not apply to EU-funded companies operating in China. Non-EU companies taking part in such government tenders must not allocate more than half of the total contract value to importing medical devices from the EU, according to the finance ministry. The Ministry of Commerce said the move was a last resort, after Beijing had 'repeatedly expressed through bilateral dialogues its willingness to resolve the differences through consultation and arrangements on government procurement'. 'Despite China's goodwill and sincerity, the EU has persisted in taking restrictive measures and building new protectionist barriers,' it said. 'As a result, China has no choice but to adopt reciprocal countermeasures.'
Bloomberg
06-07-2025
- Business
- Bloomberg
China Retaliates Against EU on Medical-Device Procurement
China will impose some reciprocal curbs on medical-device procurement for companies based in the European Union, adding tensions between the two major trading partners just as Beijing seeks to shore up ties while it fights a trade war with the US. Starting from July 6, EU-based companies will be excluded from Chinese government procurement for certain medical devices if the value is higher than 45 million yuan ($6.3 million), according to a statement from the Ministry of Finance on Sunday. Products made by EU-funded companies in China are not impacted by the curbs, the Ministry of Commerce said in a separate statement.
Free Malaysia Today
09-05-2025
- Business
- Free Malaysia Today
EU envoy says China not taking trade barriers seriously
EU's ambassador Jorge Toledo said China was not doing enough to create a fair-trading environment. (EPA Images pic) SHANGHAI : The European Union's ambassador said on Friday that China was not doing enough to create a fair-trading environment for EU companies, as the world navigates economic turmoil sparked by US tariffs. Beijing has said its ties with Europe bring 'precious stability' after US President Donald Trump unveiled sweeping tariffs on trading partners across the globe, with Beijing singled out for levies of up to 245% for some goods. But, the bloc has a fraught relationship with the Asian power, with EU countries imposing restrictions on Chinese investment on sensitive industries and levying extra tariffs on China's electric cars. 'We have not been taken seriously when it comes to trade barriers,' EU ambassador Jorge Toledo said at an event on Shanghai. 'Market access barriers are not going down. They're going up.' 'We strongly feel that we not only do not have a level playing field for our companies in China, that the situation is not improving… there is something that has to be done,' Toledo said. Beijing is the EU's second-largest trading partner after the US, but European companies have long complained that local firms receive favourable treatment in the Chinese market. A study last year found that European companies in China were facing challenges stemming from a politicised business climate. The 'general sentiment of uncertainty' was pushing three-quarters of European companies to review their exposure to China, the EU chamber of commerce found in the report.
