CX Daily: Chinese Exporters Turn Toward Emerging Markets
TOP STORIES
Exports?/
Qingdao port in eastern China opened 38 new routes in the past year,?mostly to emerging countries ?along the route of China’s Belt and Road initiative.?The new routes have helped to propel Qingdao to become China’s the third-largest container port after Shanghai and Zhoushan,?handling nearly 7 million 20-foot equivalent units (TEUs) in the first quarter, an increase of 16.6% from a year earlier.
A large proportion of the containers handled in Qingdao carry intermediate materials,?which are semi-finished articles used in the manufacture of final goods, and capital items including machinery and tools used to make consumer products.
China-Australia?/
China and Australia’s top trade officials?agreed to resume ?high-level economic dialogue channels in a sign of steadily improving relations between Beijing and Canberra under the Albanese government.
On Friday,?trade ministers from both countries held their first in-person meeting since 2019 during Australian Trade Minister Don Farrell’s 3-day visit to China last week.?Both sides agreed to support business-level collaboration in digital trade and e-commerce industries as well as cooperation in green and low-carbon economy, according to a Saturday statement from the Chinese Ministry of Commerce.
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Espionage?/
A Chinese court?sentenced John Shing-Wan Leung , a Hong Kong permanent resident and U.S. passport holder, to life in prison Monday for espionage.
The 78-year-old was also stripped of his “political rights for life” and had his personal assets of 500,000 yuan (nearly $72,000) confiscated,?according to a statement from the Suzhou Intermediate People’s Court in Suzhou, East China’s Jiangsu province.
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Regulator?/
China’s top securities regulator?slashed some employee benefits ?amid an overall budget cut for 2023 as the agency heeds the central government’s call to tighten its belt, its budget reports show.
The amount the China Securities Regulatory Commission (CSRC) budgeted for salaries and benefits in 2023?totaled 170.3 million yuan ($24.5 million), a 17.2% plunge compared with last year,?according to its budget report published Friday. The overall 2023 budget of the CSRC dropped 3.6% year-on-year to 744.7 million yuan, the report shows.
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Corruption?/
Xing Benxiu, a former vice president of?China Minsheng Banking Corp. Ltd.?(600016.SH ?0.00%),?is being investigated for alleged corruption ?by the country’s top graft watchdog, according to an official announcement.
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Xing is suspected of serious violations of law and Communist Party discipline — a common euphemism for corruption — the Central Commission for Discipline Inspection (CCDI) said Saturday.
Quick hits?/
Nissan?/
Nissan Motor Co. Ltd.?posted a sharp drop ?in its China car sales last year as the Japanese company trailed many of its rivals in shifting toward electrification in the world’s largest auto market, where homegrown electric-vehicle (EV) brands are increasingly gaining traction.
Nissan sold just over 1 million cars in China in 2022, a 24.3% drop on the year,?according to its?earnings report ?released Thursday. In comparison, it booked annual drops in car sales of?5.2% ?and?5.8% ?in the two previous years. But the country is still the auto giant’s largest market, followed by North America, Japan and Europe.
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Batteries?/
Chinese battery makers?cut production ?in April to clear inventories amid slower sales of electric vehicles.?But a rebound is expected in May.
China produced 47 gigawatt-hours of EV batteries in April, down 8.3% from the previous month. Output was still nearly 40% higher than a year earlier.?Battery installations in vehicles declined 9.5% in April from March to 25.1 gigawatt-hours, though that was up nearly 90% from a year earlier,?according to the industry group China Automotive Battery Innovation Alliance.
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Quick hits?/
Long Read?/
Huashiying, located in the capital’s central business district, is on the verge of disappearing as the local government has unveiled a plan for its demolition. Built in the 1950s, the village inspires nostalgia among Beijingers due to its small market stalls. It is also a popular place for migrant workers to live due to its affordable rents. Since the plan to make over the area was announced, the once-bustling village has become a ghost town as many residents have agreed to relocate
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