Author: Mia Nulimaimaiti

A recent domestic price war in China has led to a significant drop in vehicle prices, prompting dealers to seek government intervention. Meanwhile, Chinese carmakers are reducing prices in overseas markets to stay competitive, as evidenced by customs data. The export value of Chinese electric vehicles (EVs) increased last month, but at a lower rate (3.73%) than the growth in the number of units exported (10%). This has resulted in a 5.74% year-on-year decline in EV prices and an 11.67% drop over the first eight months. This trend is particularly noticeable in the European Union, where a trade investigation on…

In a significant development, China recently announced plans to increase its retirement age by up to five years. This change will affect both male and female workers, with the retirement age for men rising from 60 to 63, and for women in office positions from 55 to 58. Blue-collar female workers, who previously retired at 50, will now retire at 55. These adjustments will be implemented gradually over the next 15 years, starting from January 1, 2025. Additionally, the minimum period for pension contributions in China will increase from 15 to 20 years by 2030. Compared to other developed nations,…

The Impact of Price Wars on China’s Catering Industry In Beijing, catering companies with annual revenues exceeding 2 million yuan saw an 88.8% year-on-year decrease in profits in the first half of the year, dropping to 180 million yuan. Profit margins also plummeted to 0.37%, highlighting the industry’s struggle. Shanghai’s operators fared even worse, experiencing losses totaling 770 million yuan, a stark contrast to last year’s profits of 1.7 billion yuan. The price war reflects the broader trend of consumer downgrading Peng Peng, Guangdong Society of Reform Caterers are lowering prices in a bid to attract consumers, but this tactic…

Spanish tourist Maxim Gomez had his heart set on visiting the Chengdu Research Base of Giant Panda Breeding during his first trip to China. The 24-year-old was captivated by the reserve, which offers a unique opportunity to see pandas in their natural habitat, unlike traditional zoos. Like many others, Gomez fell in love with the clumsy and playful behavior of pandas, a sentiment shared widely on social media platforms back in Spain. The rise of panda-related content online has not only made the bears popular globally but has also led to the development of a “panda economy” in their habitats.…

“This is a market that has a future, and we are currently working towards that.” China’s stock market is facing challenges, as weak economic data has raised concerns about recovery. Lian Ping emphasizes the importance of a thriving stock market in providing long-term financial support for tech firms. “Banks are not patient capital, instead, they are prudent capital.” – Lian Ping Lian Ping Recent market performance in mainland China and Hong Kong has been disappointing, with falling indices and a decrease in new accounts being opened. Amidst this turmoil, Chen Zhiwu has called for the closure of China’s A-share market,…

China’s capital, Beijing, has increased the quota for new energy vehicle number plates in an effort to boost domestic consumption following a call from top leaders to achieve economic targets. The city government plans to issue 20,000 new energy passenger car number plates for families. Other major Chinese cities have also implemented car purchase restrictions to ease congestion and reduce pollution using a lottery system to distribute quotas. The move to stimulate consumption also involves relaxing original car-buying restrictions, according to Peng Peng of the Guangdong Society of Reform. With Beijing increasing its quota by 34%, the government aims to…

China’s smart computing capacity has surged due to a market frenzy for AI large language models and efforts to boost the tech industry amidst US containment measures. Data shows smart computing now makes up 30% of China’s total capacity, with expectations to reach 35% by 2025. Smart computing focuses on complex algorithms and large data, aiding in faster, cost-effective model training. China aims for technological self-reliance and economic growth through computing investments. The country is unifying computing resources to accelerate tech development amid escalating restrictions. The race for tech parity intensifies as the US releases advanced models. Local initiatives like…

Since the third plenum of China’s 19th Central Committee in 2018, experts have been offering advice on Beijing’s economic strategies. As the upcoming third plenum approaches, we reflect on the insights provided by four prominent economists and academics. 1. Liu Yuanchun Liu Yuanchun, president of Shanghai University of Finance and Economics, emphasized guiding capital development and market role in resource allocation. 2. Mo Rong Mo Rong focused on creating new jobs by enhancing professional skills training and social security policies. 3. Xie Duo Xie Duo, chairman of Silk Road Fund, proposed strategies to support the real economy through financial services…

The international pressure has impeded Beijing’s plans for new economic growth points, with Canada considering tariffs on Chinese EVs and batteries. China faces internal economic challenges like weak consumer confidence and local government debt. Despite this, Premier Li pledges to achieve a 5% GDP growth target and the upcoming third plenum aims to set development goals for the next decade. Peng Sen advocates for a better environment for competition, emphasizing government support for market entities and private firms’ creative development. Ren Hongbin of the China Council for the Promotion of International Trade affirms China’s commitment to the US market despite…

China Aims to Boost Government Purchases from SMEs and Green Sectors, Using Digital Technology to Curb Local Protectionism China’s State Council has unveiled a three-year action plan to enhance government purchases from small and medium-sized enterprises (SMEs) and green sectors, with a focus on leveraging digital technology to standardize procurement processes and reduce local protectionism. The plan aims to boost private sector confidence by increasing the share of purchases from SMEs in projects exceeding 4 million yuan (US$550,000). The initiative also includes creating channels to share procurement information with financial institutions to facilitate loan support for SMEs, as well as…