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China urges India to handle Taiwan issue cautiously after Mumbai office opening

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Following the opening of Taiwan’s de facto consulate in Mumbai, China has urged India to exercise caution on matters related to Taiwan, warning against actions that could negatively impact the ongoing improvement of Sino-Indian relations. 

Chinese Foreign Ministry spokesperson Mao Ning, during a press conference, reiterated China’s firm opposition to any state’s official engagement with Taiwan. 

This statement came in response to the establishment of Taiwan’s de facto consulate in Mumbai, which has added tension to the bilateral relationship between China and India. 

Taiwanese authorities, in turn, reject China’s claims of sovereignty over the island and its representation in international affairs. 

“The One China principle is a significant political commitment for India and the political cornerstone of China-India relations” Mao Ning emphasized, urging India to honor its commitments, handle Taiwan-related matters prudently, and avoid engaging in any official ties with Taiwan.

Source: https://www.reuters.com/world/asia-pacific/china-urges-india-handle-taiwan-issue-cautiously-after-mumbai-office-opening-2024-10-17/

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China is willing to be a partner and friend with the United States – Xi Jinping

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At the 2024 awards dinner hosted by the National Committee on U.S.-China Relations,
Chinese President Xi Jinping emphasized the importance of relations between China and the
United States. He remarked that a strong partnership between the two nations is not a
hindrance, but rather an opportunity for mutual advancement.

Xi underscored China’s desire for a cooperative and friendly relationship with the U.S., one
that would not only benefit both countries but also have positive global ramifications, given
the significance of U.S.-China relations in shaping the future of humanity.

“China has always approached U.S.-China relations based on the principles of mutual
respect, peaceful coexistence, and mutually beneficial cooperation” Xi Jinping stated.

Source: https://www.reuters.com/world/xi-says-china-willing-be-partner-friend-with-us-state-media-reports-2024-10-16/

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Chinese manufacturers are planning to partially transfer the production of electric cars to Europe

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To boost sales of budget electric vehicles (EVs), several Chinese car manufacturers are considering relocating their production facilities to Europe. This strategy would allow them to circumvent the high tariffs imposed by the European Union on EVs imported from China.

This decision is driven by two key factors: 

1. The demand for electric vehicles in the Chinese domestic market is gradually declining. 

2. European countries have implemented high tariffs on Chinese EV imports, motivated by concerns that local manufacturers may struggle to compete with the influx of Chinese-made electric vehicles.

 Detailed insights into the plans of Chinese companies expanding into Europe:

CHERY AUTO 

Chery Auto, one of China’s leading exporters, has already taken significant steps toward collaborating with European firms. The company has officially signed a cooperation agreement with Spanish automaker EV Motors. According to Reuters, joint production of electric vehicles will begin this year. Additionally, Chery Auto is reportedly in talks with Italian and British partners. 

BYD

BYD, the world’s largest electric vehicle manufacturer, plans to shift nearly all production for the European market to Europe, with essential components sourced from factories in Hungary and Turkey. According to the company’s Vice President, Stella Li, only smaller parts will be imported from China.

LEAPMOTOR 

Chinese automaker Leapmotor announced its partnership with Stellantis in September. According to Stellantis’ CEO, Carlos Tavares, production of Leapmotor’s electric vehicles will take place at the Stellantis factory in Poland. 

SAIC MOTOR

SAIC Motor, China’s second-largest automotive exporter and a state-owned enterprise, is planning to establish an EV plant in France to meet the rising demand in the European market. The company already produces automotive parts in Amsterdam.

Source: https://www.reuters.com/business/autos-transportation/chinese-ev-makers-plans-make-cars-europe-2024-05-07/

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China showcases lunar reach as space powers meet without Russia

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On October 14, at the International Astronautical Congress held in Milan, Italy China presented a sample of rock obtained from the far edge of the Moon. The mentioned congress, due to the tense relationship between the West and Russia, took place without the participation of the latter.

The China National Space Administration’s presentation of a rock sample retrieved by Chang’6 is an indication of Beijing’s growing status as a space power. 

The International Astronautical Congress (IAC) has been functioning since 1950 as a platform where scientists, engineers, politicians and representatives of the private sector discuss thematic cooperation.

Source: https://www.reuters.com/technology/space/moon-race-private-competition-focus-space-powers-gather-milan-2024-10-14/

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Chinese premier could inaugurate Beijing-funded airport in Pakistan during visit

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Chinese premier Li Qiang could inaugurate operations at a Chinese-funded airport in Pakistan's Balochistan province during his visit to the country in the coming week, information minister Attaullah Tarar told reporters on Sunday. 

The start of operations at the $200-million Gwadar International Airport has been pushed back for a security review after deadly attacks by separatist militants in August in the area, government and aviation sources said. 

Li, along with ministers and government officials will visit Pakistan from Oct. 14 to 17.

Source: https://www.reuters.com/world/asia-pacific/chinese-premier-could-inaugurate-beijing-funded-airport-pakistan-during-visit-2024-10-13/

 

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China’s car sales snap five-month decline on subsidy boost

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China’ss passenger vehicle sales rose 4.3% in September from a year earlier, snapping five months of decline with a boost from a government subsidy to encourage trade-ins as part of a broader stimulus package.

All the gains came from battery-powered vehicles, whose buyers and manufacturers have benefited since July from a doubling of subsidies to consumers, while sales of gasoline cars in China, a market foreign brands once dominated, continue to shrink.

Sales in the world’ss biggest auto market hit 2.13 million vehicles in September, up from 2.04 million a year earlier. For the first nine months, sales were up 1.9% from 2023 levels, according to data from the China Passenger Car Association (CPCA).

Sales of electric vehicles and plug-in hybrids jumped 50.9%, accounting for 52.8% of overall sales. It was the third month in a row that battery-powered vehicles including plug-ins outnumbered sales of gasoline-engine cars in China.

Gasoline car sales in September were above 1 million, up more than 100,000 from August. But that was far short of September last year, when over 1.29 million were sold in China.

Sales of EVs and plug-in hybrids – a category the Chinese industry group classifies as “new energy vehicles”; – hit 1.12 million in September and 7.13 million for the first nine months. 

Global EV sales have slowed this year with automakers outside China scaling back production. Sales in China, however, have risen, driven by expanded subsidies for consumers trading in older vehicles for EVs and more fuel-efficient cars – a program  likened to the U.S. “cash-for-clunkers” stimulus in 2009.

source: https://www.reuters.com/business/autos-transportation/china-car-sales-rise-snapping-five-month-decline-subsidy-boost-2024-10-12/

 

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China and Vietnam are expected to sign new agreements to boost railway links andagricultural trade

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According to the Reuters, during Chinese Premier Li Qiang’s visit to Hanoi this weekend, two people briefed about the Sino-Vietnamese plans to sign of future agreement regarding railway links and agricultural trade.

Seamless rail links are a sign of growing trust between the two countries and would be a boost for trade and supply chains, as a growing number of Chinese manufacturers move some export-oriented operations to Vietnam amid trade tensions between China and the United States.

The deals, which one of the people said also included agreements on payment systems and customs procedures, could further boost economic ties between the two Communist-ruled neighbours after a series of high-level meetings and cooperation agreements signed in recent months.

Source: https://www.reuters.com/world/asia-pacific/china-vietnam-set-sign-deals-railway-links-agriculture-sources-say-2024-10-11/

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China kicks off 500 bln yuan swap facility to aid stock market

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China kicks off 500 bln yuan swap facility to aid stock market. China’s central bank said on Thursday it would start accepting applications from financial institutions to join a newly created funding scheme, initially worth 500 billion yuan ($70.62 billion), to aid the capital market.

The People’s Bank of China (PBOC) said eligible securities firms, fund companies and insurers can apply to join the swap scheme, which gives them easier access to funding to buy stocks.

“The swap facility is designed to provide liquidity support to non-bank financial institutions, and can help lift confidence in the stock market” ; said Ming Ming, analyst at Citic Securities.

The PBOC first announced the scheme on Sept. 24 as part of a broad package of policies to stimulate the economy and boost capital markets.

Clarification: The term “swap” refers to the exchange of one asset or liability for another similar asset or liability by increasing or decreasing risks.

Source: https://www.reuters.com/markets/asia/china-cbank-kicks-off-500-bln-yuan-swap-facility-aid-stock-market-2024-10-10/

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Brussels rejected China proposal for 30,000 euro minimum sales price in EV dispute

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Brussels rejected a proposal by the Chinese government for imported electric vehicles made in China to be sold at a minimum price of 30,000 euros ($32,946), sources said, a move Beijing hoped would avert EU tariffs being imposed next month.

The European Commission said it had dismissed minimum price offers from EV makers in China a month ago as part of an anti-subsidy investigation that has thrown Beijing and the European Union into their biggest trade dispute in a decade.

Electric cars cost on average less than half as much in China as they do in Europe and the United States, according to 2023 figures from data firm JATO Dynamics. The country’s carmakers benefit from a range of cost advantages – from local access to raw materials and batteries, to heavy subsidies from Beijing.

The average retail price of a battery-electric car in China was around 32,000 euros ($35,126.40) in the first half of 2023, including models such as BYD’s Seagull that sell for under 10,000 euros. By contrast, the average retail price of a battery electric car in Europe was 66,000 euros.

In rejecting the Chinese proposal, Brussels said at the time that it was not only about the prices carmakers charge for their China-made EVs, but also the subsidies they received producing them and removing the impact of such support payments.

The Commission had declined to provide details of the offers, by which makers of EVs in China pledged to respect certain pricing thresholds to avoid flooding the European market with cheap vehicles the bloc says local rivals cannot compete with.

source: https://www.reuters.com/business/autos-transportation/brussels-rejected-china-proposal-30000-euro-minimum-sales-price-ev-dispute-2024-10-08/

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Chinese hackers breached US court wiretap systems

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Chinese hackers accessed the networks of U.S. broadband providers and obtained information from systems the federal government uses for court-authorized wiretapping, the Wall Street Journal reported on Saturday.

Verizon Communications , AT&T and Lumen Technologies  are among the telecoms companies whose networks were breached by the recently discovered intrusion, the newspaper said, citing people familiar with the matter.

The hackers might have held access for months to network infrastructure used by the companies to cooperate with court-authorized U.S. requests for communications data, the Journal said. It said the hackers had also accessed other tranches of internet traffic.

China’s foreign ministry responded on Sunday that it was not aware of the attack described in the report but said the United States had “concocted a false narrative” to “frame” China in the past.

“At a time when cybersecurity has become a common challenge for all countries around the world, this erroneous approach will only hinder the efforts of the international community to jointly address the challenge through dialogue and cooperation,” the ministry said in a statement to Reuters.

Beijing has previously denied claims by the U.S. government and others that it has used hackers to break into foreign computer systems. The companies themselves , whose systems were attacked , have not commented.

Source: https://www.reuters.com/technology/cybersecurity/chinese-hackers-breached-us-court-wiretap-systems-wsj-reports-2024-10-06/

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