CX Daily: How China is Cracking Down on Border Trade Smugglers
TOP STORY
Smugglers?/
“We are doing what the local government has encouraged, so why have we been accused of smuggling?” Zou Ye asked, still deeply puzzled to this day.
Zou’s husband, the owner of a logistics firm at the Menglian Port in southwestern province of Yunnan, was arrested together with four colleagues in September 2023 for allegedly smuggling goods under false trade declarations, a gray area that is coming under greater scrutiny with lengthy prison sentences for offenders. ?
FINANCE & ECONOMY
Pension?/
China is poised to roll out a private retirement account program nationwide after nearly two years of trials in select cities and regions.
The move comes as the country intensifies efforts to establish a personal pension system addressing the challenges posed by a rapidly aging population. ?
领英推荐
BUSINESS & TECH
EVs?/
Baidu Inc. and Zhejiang Geely Holding Group Co. Ltd.’s electric vehicle (EV) brand has taken to social media with assurances that it will continue to deliver cars, even as Caixin has learned that Baidu has moved to withdraw its investment and Geely has stopped making the brand’s vehicles because of delayed payments.
The brand, Ji Yue, made the vow in the same post where it said it would make adjustments to its operations that include abandoning projects that do not improve its short-term finances and streamlining its internal workflow. Ji Yue also assured the public that it will continue to provide repair and maintenance services for its vehicles. ?
BRIEFING
A rundown of the news making headlines in and around China:
EV export shift: China’s exports of pure electric vehicles (EVs) fell more than 10% in the first 11 months of 2024 even as overseas car shipments were up overall. The change shows the impact that the?EU’s tariff hikes this year have had on Chinese car exports, which have been a key growth driver for China’s auto industry. Chinese car exports rose more than 21% in the first 11 months. In another sign of the effects of EU policy, exports of plug-in hybrid EVs — which are not subject to the higher tariffs — came close to tripling over the period. U.S. hikes tariffs: The U.S. will raise tariff rates on Chinese solar wafers and polysilicon exports to 50% starting from the first of the year. The Office of the United States Trade Representative (USTR) said the tariff hikes were in response to specific China policies and practices related to technology transfer, intellectual property and innovation. The U.S. will also raise the tariff rate on certain tungsten products to 25%. ?
Long Read?/