Latest news with #Ningbo
Yahoo
6 days ago
- Business
- Yahoo
China Port Volumes Hit Record Highs on US Tariff Truce
Just two months after China's ports saw a severe slowdown in activity as U.S. importers took a wait-and-see approach to President Donald Trump's tariffs, business is booming again. Seaports across China had their busiest week on record from June 16-22, with roughly 6.7 million 20-foot equivalent units (TEUs) shipped domestically and internationally out of ports including Shanghai, Ningbo, Shenzhen and Xiamen among many others. More from Sourcing Journal FedEx Faces $170M in Tariff Headwinds as US Cracks Down on De Minimis WTO to Intervene in Trade Disputes Between Canada and China US-Iran Clash Sparks Strait of Hormuz Blockade Threat Fears That marks a 5.9 percent increase from the week prior, with total cargo tonnage increasing 5.6 percent to 263.8 million tons, according to data from China's Ministry of Transport. The strong numbers follow this month's trade truce between China and the U.S. that brought combined tariff levels down to 55 percent on Chinese goods. Prior to the deal which is still yet to be formally approved by either Trump or Chinese President Xi Jinping, China's exports to the U.S. had a rough two months. In April, when the tariffs were first announced and escalated as high as 145 percent, shipments of Chinese goods to the U.S. dropped 21 percent annually to $33 billion. The next month saw a more pronounced plunge of 34.5 percent to $28.8 billion—China's largest export decline in five years. The U.S. is likely not the only driver of the overall jump, as Chinese exporters have also been shipping goods in droves to Southeast Asian countries like Vietnam, Thailand and Malaysia, all of whom have their own tariff negotiation deadlines to adhere to with the U.S. by July 9. The record movement of containers moved appears to bode well for dockworkers at the West Coast ports of Los Angeles and Long Beach, which were impacted by fewer job opportunities when Chinese exports to the U.S. sank. A CNBC report on Tuesday said that another wave of ocean freight is on its way to the San Pedro Bay ports that would mark the highest number of container ships since January, according to the Marine Exchange of Southern California. On Friday, 64 vessels are expected to arrive at the twin ports, while another 68 should flow in Saturday. Sunday's incoming vessel total is expected to be 64. And while blank sailings on the trans-Pacific trade lane were common through the tariff turbulence, they're expected to decrease in the coming weeks. Port of Long Beach CEO Mario Cordero told CNBC he expects 18 blank sailings at his port in June, but that this number is slated to fall dramatically to four across July and August combined. Although the current projections indicate a return of more stable traffic to California ports, there remains no guarantee that the excess cargo out of China will continue to stay elevated throughout the summer, even as the traditional peak shipping season approaches. Across all U.S. ports, the Global Port Tracker had forecast inbound cargo volumes to remain below last year's numbers for the summer, but that came out ahead of June's trade truce resumption. 'The initial demand surge post the May 12 China-U.S. de-escalation and ahead of the Aug. 12 deadline for the reduced U.S. tariffs on China may be behind us,' said Judah Levine, head of research at Freightos. 'At the same time, carriers, expecting a stronger and more prolonged trans-Pacific container volume spike, have increased capacity on the lane by 13 percent compared to March and early April.' Freight rates from China to the U.S. already appear to have hit their seasonal peak earlier this month amid the reports of container capacity outpacing new demand. A Monday analysis from container shipping research firm Linerlytica indicated that the Shanghai Containerized Freight Index (SCFI) rolled back all gains it made in the past three weeks as trans-Pacific rates collapsed due to the excess capacity. As of Friday, the Shanghai-to-U.S. West Coast rate plummeted 33 percent on a weekly basis to $2,772 per 40-foot container, just after a 27 percent drop the week prior. 'Freight rates to the U.S. West Coast have recorded their largest weekly losses in the last two weeks as their failure to retain any of their June 1 rate hikes have also put the peak season surcharge for contract customers at risk,' said the Linerlytica update. 'The early end to the trans-Pacific peak season have not yet dragged down rates on the secondary routes that remain supported by buoyant cargo volumes, while charter rates also remain firm with very limited open tonnage.'
Malay Mail
25-06-2025
- Business
- Malay Mail
Ningbo Embraces a Golden Opportunity for Inbound Tourism: Upgraded Policies and Enhanced Services Attract Global Visitors
NINGBO, CHINA – Media OutReach Newswire – 25 June 2025 – With the expanded implementation of the 240-hour visa-free transit policy and ongoing innovations in cultural and tourism services, Ningbo, China, is welcoming global travelers with an unprecedented spirit of openness. The word-of-mouth effect of "In Ningbo, Enjoy" has gained international acclaim. Behind this rising global appeal is the powerful synergy between strategic cultural and tourism policymaking and Ningbo's distinctive the beginning of this year, the Ningbo Municipal Bureau of Culture, Radio, Television and Tourism has implemented a "policy + service" strategy. Through curating distinctive cultural and tourism routes, innovating cultural and tourism consumption scenarios, and enhancing service facilitation for inbound travelers, the city has significantly energized its inbound tourism terms of tourism routes, for example, Ningbo has launched the "Picturesque Ningbo" cultural exploration tour, built upon the themed corridor "Picturesque and Dynamic Zhejiang," attracting both domestic and international travelers. On the service side, the city leverages its visa-free policy and "buy-now, refund-now" departure tax refund service, enabling tourists to receive instant tax rebates at designated shopping malls, significantly enhancing the shopping experience. To many foreign visitors, Ningbo's port culture and Jiangnan charm leave a lasting impression, while the tax refund policy greatly boosts their willingness to addition, the forthcomingwill introduce dedicated funding to generously reward travel agencies—both domestic and overseas—that successfully bring visitors into the city, further unleashing market at the intersection of China's coastline and the 30th parallel north, Ningbo takes "A city of culture and a gateway to the world" as its business card, presenting a unique picture of cultural and tourism integration to the intricately carved brick lintels and book-collecting heritage of Tianyi Pavilion embody the essence of Chinese civilization. Along the serene banks of Moon Lake, cozy cafés and vintage bookstores weave a seamless dialogue between past and present, captivating visitors from around the the red-paste marinated crab arriving at the port at dawn to the Yellow Croaker with Pickled Vegetables (Xuecai Dahuangyu), from the intangible cultural heritage tangyuan (glutinous rice balls) to the "Three Treasures of Qiantong" (Qiantong tofu, Qiantong dried tofu, and Qiantong hollow tofu), Ningbo has turned its fishing-port delicacies and seasonal handcrafted foods into unforgettable taste memories, celebrated both in China and Baroque architecture of the Old Bund in Ningbo pairs beautifully with the shimmering nightscape of Sanjiangkou. In Nantang Old Street, the melodies of Yue opera drift through the air, mingling with the soft glow of lanterns. Meanwhile, the Maitreya Buddha of Xuedou Mountain radiates Eastern Zen serenity—its mystique especially captivating to international visitors."When in Ningbo, I truly felt an immersive experience—scenery at every turn and delicacies at every corner," a foreign tourist joyfully Ningbo is evolving from a traditional tourist destination into a global cultural and tourism hub. Blending time-honored heritage with dynamic innovation, the city extends a warm and sincere invitation to the world—"In Ningbo, Enjoy"—embracing visitors with openness and #Ningbo The issuer is solely responsible for the content of this announcement.
Yahoo
25-06-2025
- Entertainment
- Yahoo
Ximalaya Podcasts Elevate City Branding: Partnering with Ningbo to Launch a New Podcast Co-Creation Camp
NINGBO, China, June 25, 2025 /PRNewswire/ -- This year, audio platform Ximalaya has teamed up with the eastern Chinese port city of Ningbo to roll out "Reasons to Fall in Love with Ningbo–WAVE NINGBO," a joint podcast co-creation initiative. On June 22, the first teaser video, "Ningbo, 'Unveiled'," went live, showcasing the city's irresistible charm—from history and culture to scenery, cuisine, and commerce. Narrated by rising actor Buss Wang (Wang Anyu), "Ningbo, 'Unveiled'," explores what makes the city stand out. Through everyday snapshots of local life, the video reveals Ningbo's cultural depth, economic vitality and the contentment of its residents: True excellence speaks for itself, yet confidence shines through naturally. In Ningbo you can live authentically—and embrace every version of yourself. Why Ningbo Partners with Ximalaya Podcasts A city with a rich heritage, a robust economy, and a distinctive maritime culture, Ningbo's pioneering spirit is embedded in its heritage. By launching "Reasons to Fall in Love with Ningbo–WAVE NINGBO," the city and Ximalaya aim to leverage podcasts as a fresh medium to introduce Ningbo's appeal to younger audiences. As one of China's leading audio platforms, Ximalaya enjoys strong public recognition. By the end of 2023, it had over 303 million average monthly active users across all scenarios, with cumulative Chinese-language podcast listeners exceeding 220 million—meaning approximately 20% of Chinese internet users tune into Ximalaya podcasts. The platform's core audience is urban youth in first- and second-tier cities, characterized by higher education and strong consumption power, including professionals, entrepreneurs, and public service individuals. This vast listener base and engaged demographic have fostered a vibrant content community: Ximalaya hosts over 240,000 commercially valuable podcasts and more than 2.9 million active creators. Experts, cultural figures, industry voices, and everyday individuals all use the platform to share their perspectives. Together, these factors provide solid groundwork for the Ningbo-Ximalaya partnership. Immersive Storytelling: Soundwalking Ningbo During the city-walk creation camp, 20 top Ximalaya podcasters will dive into Ningbo's urban fabric, uncovering layered stories to produce a collective podcast series. Since May 19, creators like "Chundian DARGON," "Malanshan Broadcasting Station," "Aunt Xue's Musings," and "Burn, Uncle Luo," have released special features offering sonic journeys through Ningbo. On June 27-28, Ximalaya and Ningbo will host three themed talk events in the city. Philosophy professor Wang Defeng (Fudan University), composer He Zhanhao, humorist Joe Wong, actor Chen Xiaojing, and podcast host Guan Yadi will lead dialogues on traditional culture, youth trends, business innovation, and local folklore—all rooted in Ningbo. Podcasts: A New Voice for Urban Narratives As a rapidly growing global medium, podcasts attract expanding creator and listener communities. Whether for information, entertainment, or learning, they offer unprecedented diversity. In China, this "long-form, slow-paced" format has become a lifestyle for young audiences, integrated into daily routines like commuting, chores, and travel. Podcasts also permeate urban spaces, serving as key channels for cities to share their stories. The affinity between urban culture and podcast expression is natural, and Ximalaya—as a youth-oriented platform—enables deeper cultural storytelling. The "New Podcast Co-Creation Camp" pioneered by Ximalaya and Ningbo innovates a "podcast + city culture" model. Beyond audio, it blends podcasts with video to transcend traditional media boundaries. From City Walk to City Talk, participants explore Ningbo on foot, connect through sound, and discover enduring urban spirit via podcasts. Ningbo's confident yet distinctive character aligns perfectly with podcasts' reflective nature. Where short videos capture fragments, audio provides temporal depth—letting listeners multidimensionally experience the city's warmth through pure sound. Ningbo is unveiled—and radiantly so. Let's listen to the city's stories through Ximalaya podcasts. View original content to download multimedia: SOURCE Ximalaya Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
10-06-2025
- Business
- CTV News
Global economy on track for worst decade since 1960s, World Bank warns
Containers at the Port of Ningbo-Zhoushan in China's eastern Zhejiang Province in May. (Hector Retamal/AFP/Getty Images via CNN Newsource) Global economic growth is on track for its weakest decade since the 1960s, according to a new analysis by the World Bank, which cites U.S. President Donald Trump's trade war as a major factor weighing on economies worldwide. The World Bank expects Trump's barrage of new tariffs on America's trading partners to whittle down global economic growth to its lowest level since the 2008 financial crisis when discounting worldwide recessions, according to a report released Tuesday. While the Washington, D.C.-based institution does not expect another global recession due to the tariffs, it said in a press release that — should its projections for global growth come to pass this year and next — 'average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s.' In its report, the World Bank downgraded its expectation for global GDP growth this year to 2.3% from the 2.7% it had forecast in January. That's based on the assumption that tariffs worldwide will remain at their late-May levels. That puts the world economy on course for its weakest pace of growth in 17 years, excluding two global recessions — the first in 2009, following the financial crisis; and the second in 2020, the first year of the coronavirus pandemic. Those years saw global economic growth contract by 1.3% and 2.9%, respectively, according to World Bank data. 'The sharp increase in tariffs and the ensuing uncertainty are contributing to a broad-based growth slowdown and deteriorating prospects in most of the world's economies,' the institution said in the report. It added that the 'turmoil' unleashed by 'heightened trade tensions' had prompted it to cut its growth forecasts for almost 70% of economies worldwide — across all regions and income groups. The anticipated slowdown in developing economies will also be influenced by long-running trends such as ballooning government debt levels, the institution noted. Fitch Ratings said Tuesday that it had downgraded its outlook for global government bonds this year from a 'neutral' status to 'deteriorating,' citing the impact of tariff hikes and trade policy uncertainty. 'The escalation in the global trade war, uncertainty over the endpoint for tariffs and their impact on global trade volumes, supply chains, investment and international relations is a significant adverse global economic shock,' the credit rating agency said in a report. Since retaking office in January, Trump has hiked import duties on most of America's trading partners and on key goods, including cars and steel. A round of punishingly high 'reciprocal tariffs' is set to whack many of America's trading partners from July 9 unless they can strike a deal with Washington — and despite the levies hitting a legal stumbling block last month. Fresh trade negotiations between the United States and China kicked off in London on Monday, and continued on Tuesday, with both sides attempting to preserve a fragile truce brokered last month. Despite ongoing talks, the tariffs, their erratic implementation and the unpredictability that both have injected into the global economy, are weighing on many businesses and consumers.
South China Morning Post
06-06-2025
- Business
- South China Morning Post
China's top chipmaker SMIC offloads stake in Ningbo affiliate to focus on core operations
Semiconductor Manufacturing International Corp (SMIC), mainland China's largest contract chipmaker, has divested its entire stake in an unprofitable chip foundry operation amid a new wave of consolidation in the domestic integrated circuit (IC) industry. Shanghai -based SMIC agreed to sell its 14.83 per cent stake in Ningbo Semiconductor International (NSI) for 57.01 yuan (US$7.94) per share to semiconductor design firm Goke Microelectronics , according to the chipmaker's filing on Thursday. The deal's total amount was not disclosed. 'This transaction will help the company focus on its core business,' SMIC said in the filing. A separate filing on Friday by Shenzhen -listed Goke Microelectronics revealed the firm's plan to buy more shares in NSI – headquartered in Ningbo, eastern Zhejiang province – from 10 other stakeholders to raise its stake to 94.37 per cent, using a combination of cash and shares. The stakeholders include the China Integrated Circuit Industry Investment Fund , also known as the 'Big Fund'. The Hong Kong -listed shares of SMIC fell 4.9 per cent to HK$40.20 (US$5.12) on Friday, while its stock in Shanghai gained 0.2 per cent to 84.56 yuan. Goke Microelectronics' shares in Shenzhen rose 5.5 per cent to close at 85.50 yuan. SMIC's asset sale and Goke Microelectronics acquisition reflect efforts by domestic semiconductor firms to strengthen their operations in response to the US government's tightened tech restrictions on China
