CX Daily: Chinese Auto Makers Rev Up Price War in Race for Market Dominance
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Autos?/
A brutal?price war is raging ?across China’s auto sector, catalyzing a profound overhaul of the world’s largest car market as makers of new-energy vehicles and conventional fossil fuel cars face off to win a greater share of a market rattled by slowing sales.
The first shot was fired by U.S. electric vehicle (EV) maker?Tesla Inc., which late last year rolled out massive subsidies and price cuts to spur sales. A flurry of domestic and foreign EV-makers?followed suit , with?BYD Co. Ltd., XPeng Inc., Nio Inc.?and?Volkswagen AG?all racing to win customers by offering generous discounts.
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Forum?/
China will further expand market access and make greater efforts to attract foreign investment in a drive to continue the opening up of the country, Vice Premier Ding Xuexiang?said? Sunday during a high-level dialogue forum.
Speaking at the opening ceremony of the China Development Forum 2023, Ding noted that China is fostering a new development pattern —?a “dual circulation” economic model involving both domestic and international markets rather than a “closed domestic loop.”
China-Honduras?/
China?invited ?Honduras President Xiomara Castro to visit after the Central American country formally established diplomatic relations with its second-largest trading partner after severing ties with Taiwan.
On Sunday, Foreign Minister Qin Gang and his Honduran counterpart Eduardo Enrique Reina signed a joint communique stating that China and Honduras, “in keeping with the interests and desires of the two peoples,?have decided to recognize each other and establish diplomatic relations at the ambassadorial level,”?according to the Chinese foreign ministry. The decision was effective immediately.
Yiwu?/
The overseas appetite for labor-intensive goods in China surged in the third full week of March by one industry measure, offering some positive news to the export industry after the country’s?shipments abroad fell? in the first two months of the year.
The Yiwu small commodity export price index, which tracks goods prices charged by exporters in the eastern Chinese city,?surged to 107.22 last week, its highest reading since 2014.?Yiwu is home to one of the world’s largest wholesale markets for Christmas decorations, neckties, showerheads and a multitude of other products known domestically as “small commodities.”
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NDB?/
Former Brazilian President Dilma Rousseff?was elected? president of the?New Development Bank (NDB), a supranational bank set up by Brazil, Russia, India, China and South Africa (the BRICS nations).
Rousseff, an economist and first female president of Brazil, succeeds Marcos Troyjo as head of the Shanghai-headquartered development bank. She was elected “unanimously” by the bank’s board of governors, the NDB said Frisday in a statement.
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领英推荐
REITs?/
China?expanded a pilot program ?for publicly traded real estate investment trusts (REITs) for the second time to include more types of commercial properties?in a push to increase infrastructure investment amid waning economic growth.
The REIT pilot program, launched in 2015 and expanded in 2021, will be broadened again?to include consumer-related infrastructure projects, such as department stores, shopping malls and farmers’ markets,?according to a notice issued Friday by the China Securities Regulatory Commission.
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Quick hits?/
Huawei?/
Chinese telecom equipment giant?Huawei Technologies Co. Ltd.?developed its own? electronic design automation (EDA) tool, eight months after the U.S. tightened its restrictions on exports of the software used to develop semiconductors.
The EDA tool — which Huawei co-developed with several domestic software companies — is for working on chips that are made with 14-nanometer technology or above,?according to a transcript of a speech delivered by Huawei’s rotating Chairman Xu Zhijun at a company event in late February.
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Jack Ma?/
Alibaba Group Holding Ltd.?co-founder Jack Ma, who has rarely been seen in public during the past two and a half years,?made his first appearance ?in months on the Chinese mainland.
Ma toured a private school Monday in Alibaba’s hometown Hangzhou, according to a post published the same day on the school’s official WeChat account.
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Quick hits?/
Long Read?/
The 2023 China Development Forum kicked off in the capital’s Diaoyutai State Guesthouse on Saturday, drawing over 100 delegates including officials, scholars and business leaders from companies such as Apple, Standard Chartered and Shell. Hosted by State Council’s think tank, the Development Research Center, the three-day event was the first time the forum had been held in-person since the start of the pandemic
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