City Beijing Financial News

BEIJING — Europe has launched an investigation into Chinese electric vehicle subsidies, but no assumptions should be made about the probe's outcome, the head of trade for the European bloc's executive branch said Tuesday.

China is willing to play a «constructive» role in the success of the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, its top diplomat said on Tuesday, after President Xi Jinping's absence at the annual Group of 20 summit in India. «As the world's largest developing country and an important member of APEC, China is willing to comply with the expectations of the international community and play a constructive role in the success of APEC this year,» said Chinese Foreign Minister Wang Yi. Xi, with no official explanation, did not go to the G20 summit in New Delhi this month, with the Chinese premier, Li Qiang, attending in his place. That prompted the United States to say China was «giving up» on the G20 and was building an alternative world order. «Of course, we and all parties hope that the United States will recognise its responsibility as the host, demonstrate openness, fairness, inclusiveness, and responsibility, and create better conditions for the smooth holding of the meeting,» Wang said at a news conference, when asked whether Xi would attend APEC. Dialogue between China and the United States has been gradually resuming despite tensions between the two superpowers, especially over Taiwan.

Beijing/Shanghai: Huawei Technologies on Monday showcased a series of new products from a gold smartwatch to a smart car but disappointed viewers by not revealing more details about its new Mate 60 smartphone series, prompting an outpouring of complaints online. The event, held in a stadium and watched by millions online, was expected to see Huawei break its silence on the smartphone, which has been hailed by Chinese state media as a sign the firm had overcome U.S. sanctions that since 2019 has cut its access to advanced chipmaking tools and crippled its smartphone unit.

Beijing on Monday that tough security laws and a more «politicised» business environment have left European companies struggling to understand their obligations and questioning their future in China. China's refusal to condemn ally Russia for its war in Ukraine also poses a «reputational risk» for the world's second-largest economy, Trade Commissioner Valdis Dombrovskis said in a speech at Beijing's Tsinghua University. He said transparency and openness were «a winning strategy in the long run», at a time when trade tensions between the European bloc and China are mounting. «China is navigating a challenging transition from an investment-led economy to a broad-based economy,» he said. «For this it needs to remain open.» Dombrovskis's four-day trip, which kicked off Saturday, follows a report by the EU Chamber of Commerce that showed business confidence was at one of its lowest levels in years. It also follows Brussels' decision to launch a probe into Beijing's electric car subsidies. The investigation could see the EU try to protect European carmakers by imposing punitive tariffs on vehicles it believes are unfairly sold at a lower price. Chinese Vice Premier He Lifeng on Monday reiterated Beijing's «strong dissatisfaction» over the probe. «China once again expresses its high concern and strong dissatisfaction with the EU's plan to launch an anti-subsidy investigation into Chinese electric vehicles,» He told a joint press conference with Dombrovskis following their talks. «We hope that the EU side will deal with that issue with caution and continue to maintain a free and open market,» he added. But Dombrovskis painted a more positive picture of Monday's conversations, saying the two sides had agreed to «resume regular

NEW DELHI : Valdis Dombrovskis, the EU’s chief trade negotiator, did some plain-speaking with China on Monday, saying that the latter’s tough security laws and a politicized environment had left European businesses anxious over their future in the country. While on tour there, he also said that the EU was being forced to act assertively.

TOKYO—Huawei, China’s rival to Apple in smartphones and the world’s leading provider of telecoms infrastructure, is out to prove it isn’t just surviving Washington’s campaign to crush it, but is in the vanguard of Beijing’s drive for self-reliance in technology. After the buzz around Huawei’s new high-speed smartphones, which appeared to show that China can swerve around U.S. efforts to block its access to cutting-edge technology, the company on Monday unveiled its latest tablets, smartwatches and earphones—supported by a homegrown challenger to Bluetooth and Wi-Fi, global standards in wireless communication.

By Yelin Mo and Brenda Goh

The European Union’s trade commissioner has called for a more balanced relationship with China, noting an EU trade deficit of nearly 400 billion euros ($425 billion)

The chairman of Hong Kong’s leading journalist group received a five-day jail term after he was found guilty of obstructing a police officer on Monday in a court case that sparked concerns about the city’s declining press freedom

The chairman of Hong Kong’s leading journalist group received a five-day jail term after he was found guilty of obstructing a police officer on Monday in a court case that sparked concerns about the city’s declining press freedom

Tourists planning on visiting the People's Republic of China can now pre-charge Digital Yuan wallets using VISA and Mastercard payment options as the nation continues to update the mobile app powering its CBDC pilot.

Gazprom and Rosneft, Alexei Miller and Igor Sechin, will join President Vladimir Putin's retinue during his visit to China next month, sources familiar with the plans told Reuters. Putin is scheduled to meet China's President Xi Jinping for talks in Beijing and will attend the third Belt and Road Forum following an invitation from Xi during a high-profile visit to Moscow in March. The sources said other senior Russian energy officials would also be in the delegation. Sechin will hold his own energy event following Putin's visit, a source said, without providing details. Gazprom, the world's biggest natural gas producer, and Rosneft, Russia's biggest oil producer, did not immediately reply to requests for comments. Russia is bolstering its ties with Asia, especially economic powerhouse China, to offset reduced trade with Europe, its traditional buyer of oil and gas, over Moscow's actions in Ukraine. Chinese-Russian trade has soared since what Moscow calls a «special military operation» in Ukraine began in February 2022.

BEIJING — Chinese telecommunications and smartphone giant Huawei didn't reveal any details about its new phone or reported advanced chip breakthrough during a high-profile launch event Monday.

SINGAPORE—As TikTok pushes to expand its e-commerce business globally, the viral short-video app is turning to a group of sellers for help: Chinese merchants. TikTok is hoping such vendors will expand its online retail offerings. However, the app’s background as a haven for catchy dances and lip syncs has confounded even experienced sellers, more accustomed to retailing on traditional shopping platforms such as Amazon.com.

Increased steel production in China is pushing iron ore prices higher but resulting in lower margins for Australian steel makers including BlueScope.

Visitors to China can now buy digital yuan tokens with overseas cards via the central bank’s official CBDC mobile app.

Shares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt due to an ongoing investigation into one of its subsidiaries, dealing a fresh blow to its restructuring plans.

SEVENTEEN, the popular K-pop group, is gearing up for their 11th mini album release titled "SEVENTEENTH HEAVEN" on October 23. However, a recent teaser release stirred some controversy, leading to its deletion.

Hardeep Singh Nijjar, it is perhaps time for Canada to implement a 'foreign policy reset', shedding off its 'middle-power approach' and focussing more on 'Indo-Pacific diplomacy', Japan Times reported. Prime Minister Trudeau's allegation of an Indian role in the assassination of Khalistleader Nijjar on Canadian soil, triggered a broader deterioration in relations between Ottawa and New Delhi, the report noted. Notably, a similar episode also led to a deteriorating trend in China-Canada relations, the report stated, adding that Michael Spavor, a businessman, and Michael Kovrig, a former diplomat, were arrested by Beijing on espionage charges.

Reuters quoted PBOC adviser Liu Shijin, saying the Asian country has limited room for further monetary policy easing. Shijin, a member of the People's Bank of China's (PBOC) monetary policy committee, opined that Beijing's room for monetary policy easing was limited by widening interest rate differentials with the US.

Khalistani terrorist Hardeep Singh Nijjar, a Canadian citizen. Nijjar, who was designated a terrorist in 2020 by India was killed outside a Gurudwara in British Columbia's Surrey in June this year.