CNAD-#90- China's ???????????Updates about ????+(????????????????????????????)

Everyday Briefing: 2024-06-19

????China Internal??

???China's State Taxation Administration (STA) has clarified that it has not launched a nationwide or industry-wide campaign to scrutinize tax bills dating back to 20 or 30 years. The STA has acknowledged the concerns of business entities and the public and stated that some tax inspections targeted recent tax arrears and were routine duties performed by tax departments in accordance with laws and regulations. The STA stated that it is the duty of tax departments to support the development of enterprises and that they will implement preferential tax and fee policies, strictly prevent illegal taxation and tax collection violations, and help businesses develop in a healthy and law-abiding way. The STA pledged to further optimize tax law enforcement means and promote precise oversight and law enforcement to create a fair competition environment for law-abiding enterprises.

??China's central bank governor, Pan Gongsheng, announced that the country will maintain accommodative monetary policy and strengthen counter-cyclical and inter-temporal adjustments to aid economic recovery and create a favorable financial environment for economic and social development. However, the Chinese economy faces challenges such as insufficient demand, domestic economic circulation blockages, and increased external uncertainty.

??China's Ministry of Education has launched a website offering free guidance for high school graduates applying for universities and colleges after the annual national college entrance exam, the gaokao. The website provides information about over 2,800 institutions and details of over 130 popular majors, including core courses and career options. Students can input test scores and receive recommendations based on big data analysis of college admissions in past years. The ministry plans to provide an online platform for universities and colleges to respond to inquiries via text chats and live-streaming. College admission will start in early July and conclude before the end of August in most parts of the country.

??Science and Technology??

??The China National Nuclear Corporation (CNNC) has pledged support for technological advancements and long-term investment in Namibia's mining sector during a conference in Windhoek. The conference discussed the evolution of mining policies, economic prospects of uranium mining, mineralization potential, and progress in exploration across the country. CNNC's expertise in exploration, mining, metallurgy, and nuclear energy development was highlighted, underscoring the company's long-term commitment to investing in Namibia's mining and energy sectors. Junli Chen, chairperson of China National Uranium Corporation Limited (CNUC), emphasized the importance of natural uranium in global energy development and addressing climate change. The Rossing Uranium Mine, the largest and longest-operational open-pit uranium mine in the world, plays a pivotal role in Namibia's economy, contributing significantly to the mining sector and fostering international collaboration in nuclear energy.

????Chinese roofing company SINOMA Roofing Company has opened a new factory in Kenya, focusing on providing affordable, eco-friendly, and durable roofing materials. The factory, located in Machakos County, will employ at least 50 locals and plans to increase to 200 in the near future. The company is committed to complying with local regulatory requirements to protect the environment and referencing the eco-friendly nature of the roofing materials. The establishment of the efficient roofing company comes at a crucial time when Kenya continues to implement an ambitious national plan to provide affordable housing units in cities and metropolitan areas. The factory will also provide an opportunity for young people to learn how this technology works.

??Business China??

??????Germany's imports of fully electric cars from China reached 40.9% in the first four months of 2024, according to the Federal Statistical Office. Despite a 15.7% decline to 31,500 units due to weak German domestic demand, China remains the most important supplier of all-electric cars to Europe's largest economy. Germany's total imports of all-electric vehicles fell by 45.3% in the months to April, with imports from countries like the Czech Republic and South Korea experiencing sharp declines. The European Union (EU) has announced higher tariffs on electric cars from China, with import taxes expected to rise to up to 38.1 percent from July.

????According to Ian Mizzi, president of the Maltese-Chinese Chamber of Commerce, the stability of China's economy is crucial for global economic recovery. Mizzi believes a stable Chinese economy supports international trade, fosters innovation, and maintains economic stability. The recovery of China's economy has positive implications for the global economy, as it can provide a steady source of demand for global products and services, benefiting numerous exporting countries. The Chinese economy continued its upward recovery trend in May, with faster consumption growth and steady expansion in industrial production. The emerging momentum in high-tech and innovation-driven industries signifies a strategic shift towards a more modern and sustainable economic structure. The improvement in market vitality, evidenced by effective tax cuts, fee reductions, and enhanced business environments, catalyzes corporate profits and cultivates a more dynamic economic ecosystem.

????Chinese companies will participate in the 48th Dar es Salaam International Trade Fair (DITF) from June 28 to July 13. Ten more countries are expected to confirm participation, with the theme "Tanzania: Your Best Destination for Business and Investment." The fair aims to promote goods and services, help exhibitors reach new markets, and explore new opportunities. The main sponsor is East Africa Commercial and Logistics Center Limited, a Chinese firm involved in international trade. Last year's DITF attracted 3,233 local and 267 foreign exhibitors from 17 countries.

???China-Foreign Affairs??

??????Chinese Premier Li Qiang has expressed his hope that China and Australia can jointly build competitive industrial and supply chains in the new energy sector. He visited Tianqi Lithium Kwinana Pty Ltd and Fortescue Metals Group (FMG) in Perth, accompanied by Australian Minister for Resources Madeleine King and Premier of Western Australia Roger Cook. He emphasized the potential of leveraging China's technical expertise in new energy vehicle and lithium battery industries and Australia's richness in lithium and other critical minerals. He hoped that these potential industrial and supply chains could contribute to the global green transition and serve the low-carbon development of both countries. He also visited Fortescue's Fortescue Future Industries and expressed his hope that Fortescue would play an active role in the process of China-Australia green development cooperation.

??????The Chinese-built Thwake Multipurpose Dam in Kenya's southeastern county of Makueni is nearly complete, with commissioning expected later this year. The dam is expected to boost water supply, irrigation, and hydropower generation in the drought-prone lower eastern parts of the country. The dam, co-financed by the Kenyan government and the African Development Bank, will be implemented in four phases, covering the installation of embankment, water supply infrastructure, hydropower generation, and irrigation. It will provide nearly 150,000 cubic meters of treated water per day to 1.3 million people in the lower eastern region and irrigate 100,000 acres of land. The dam is expected to generate 20 megawatts of hydroelectric power, furthering Kenya's quest for energy security and industrial growth. The dam project highlights the vitality of Kenya-China cooperation in infrastructure development in line with the Belt and Road Initiative.

Chinese and US officials recently met to discuss promoting counternarcotics cooperation. Chinese Ambassador to the US, Xie Feng, and White House Office of National Drug Control Policy director, Rahul Gupta, discussed mutual respect, equality, and mutual benefit in promoting cooperation. Xie welcomed Gupta's upcoming visit to China and briefed Gupta on China's drug control authorities' efforts. He emphasized that the fentanyl problem is not China's problem and that China has been doing its best to help the US deal with it. He called for the US to move in the same direction and address China's concerns to create a favorable atmosphere for cooperation.

??Chinese Communist Party (CPC) official Liu Jianchao has urged political parties from the BRICS countries to strengthen solidarity, coordinate, and promote exchanges among civilizations. He made the remarks at the "BRICS+" International Political Parties Forum in Russia, where he met with Dmitry Medvedev, chairman of the United Russia Party, and other party leaders. Liu also attended a meeting on "Jointly Resisting Neocolonialism."

????China and the European Union have agreed to deepen green cooperation in the fifth High-Level Environment and Climate Dialogue held in Brussels. Chinese Vice Premier Ding Xuexiang and European Commission Executive Vice President Maros Sefcovic held the dialogue. China has recognized Europe's crucial role in the multi-polar world and regards the EU as an important priority for China's major-country diplomacy with Chinese characteristics and as an important partner for achieving Chinese modernization. China has firmly implemented its national strategy to address climate change, achieving remarkable results in green and low-carbon development. China has announced its commitment to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060, integrated into the country's ecological civilization construction and economic and social development.

????Chinese Premier Li Qiang emphasized the importance of China-Malaysia ties in regional relations, stating that the two countries have consistently maintained sincere friendship, mutual learning, and cooperation over the past 50 years. He made the remarks during his first official visit to Malaysia, highlighting the relationship's progress and benchmarking. Chinese Premier Li Qiang and Malaysian Prime Minister Anwar Ibrahim have agreed that China and ASEAN countries should handle the South China Sea issue independently, manage disputes, promote dialogue, and follow the general direction of bilateral settlement. Moreover, China is willing to collaborate with Malaysia on major projects like the East Coast Rail Link and the "Two Countries, Twin Parks," while expanding trade and investment, according to Chinese Premier Li Qiang, who met with Malaysian Prime Minister Anwar Ibrahim during his first official visit to the region.

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