CX Daily: EU Tariffs on Chinese EV Imports Get Final Nod
TOP STORY
EVs?/
The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation concluded that state subsidies are enabling Chinese automakers to unfairly undercut their European rivals.
In a statement on Tuesday, the commission said that it has fixed the definitive countervailing duties, which will range from a 7.8% levy for Tesla Inc. cars manufactured in China to up to 35.3% for vehicles made by state-owned SAIC Motor Corp. Ltd. and other companies deemed not to have cooperated with the investigation. ?
FINANCE & ECONOMY
Stocks?/
The Beijing Stock Exchange 50 Index closed up 3.68% Tuesday after rising more than 5.5% earlier in the day, with a surge in trading volume to 53.3 billion yuan ($7.47 billion), the second highest since the exchange’s launch in 2021.
The surge follows a volatile period in Chinese markets, marking a rapid recovery in smaller stocks despite broader market challenges. Analysts attributed the rally to speculative interest in small-market stocks, improved market sentiment and expectations of regulatory reforms. ?
Quick hit?/
BUSINESS & TECH
领英推荐
Comac?/
China’s commercial aviation ambitions took a significant leap as its state-owned aircraft manufacturer Commercial Aircraft Corp. of China Ltd. (Comac) opened its Asia-Pacific office in Singapore Tuesday, to promote domestic aircrafts like the ARJ21 and C919 internationally.
The new office will serve as a hub for coordinating with airlines, maintenance providers, suppliers and other partners across the Asia-Pacific region, the company said. Comac’s director Tan Wangeng emphasized that the Singapore office will bring the company closer to international customers. ?
BRIEFING
A run-down of key developments in China over the past 24 hours:
Tech war: Washington has finalized rules restricting investments and other transactions that people in the United States make with Chinese parties in the semiconductor, quantum technology and artificial intelligence (AI) sectors. More than a year in the making, the final rules aims to prevent U.S. investments abroad from being used to further the development of technologies that pose a national security threat to the U.S. Even before they were finalized, the restrictions led several prominent investment outfits such as Sequoia Capital and Matrix Partners to spin off or rename their businesses in China to avoid running afoul with U.S. regulators.
Xiaomi EV: A luxury version of Xiaomi Corp.’s flagship electric vehicle (EV) racked up more than 3,600 pre-orders in its first 10 minutes of being on sale. The Chinese electronics-maker, which only recently moved into EVs, launched the SU7 Ultra on Tuesday . Xiaomi released the sports car at the same price as the suped-up version of Tesla Inc.’s Model S.
Shipping rate rebound: Several global giants have raised their November sea freight rates from China in a sign that the months-long slide in shipping prices might be coming to an end. The Shanghai Export Containerized Freight Index (SCFI) rose 6% week-on-week on Oct. 25, halting a downward trend that began in early July.
Education abroad: One of the world’s top science and technology institutes has announced additional security review measures for graduate students. The Swiss Federal Institute of Technology Zurich’s new measures have added fuel to the debate about whether Chinese applicants in the science, technology, engineering?and mathematics fields are being treated unfairly by European universities. Schools across Europe have grown increasingly vigilant about unwanted transfers of sensitive knowledge and technology in recent years. Many have instituted security screenings that have delayed or in some cases scuttled the admission of Chinese students.?
Limiting global warming: The United Nations Environment Programme (UNEP) has urged the world’s leading rich and developing nations, particularly China and the U.S., to make more ambitious commitments to reducing carbon emissions. In its Emission Gap Report, the UNEP advised that the world’s nations must cut greenhouse gas emissions from 2019 levels by 42% by 2030 and by 57% by 2035. Otherwise, global warming could cause an average temperature increase of 2.6 to 2.8 degrees Celsius. Under the Paris Agreement, the goal is to limit the rise in global temperatures to 1.5 C. ?
GALLERY
The spacecraft carried three astronauts, including the country’s only female spaceflight engineer, into orbit on Wednesday, where it docked with the Tiangong space station. The mission will last about six months, during which the crew will conduct experiments and take spacewalks. They will replace the crew of the Shenzhou-18 mission, who are scheduled to return to Earth on Nov. 4.