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SwedCham China Insights for the Week of November 6 - November 10 , 2023
Top news of the week:
China stresses high-quality development of rare earth industry
November 6, 2023
China’s State Council stressed high-quality development of the rare earth industry at an executive meeting chaired by Premier Li Qiang. The meeting also deliberated a draft revision on the Frontier Health and Quarantine Law, and approved a draft amendment to the Patent Law implementation rules.
China’s foreign trade up 0.03% year-on-year in first 10 months
November 7, 2023
China’s total import and export of goods expanded 0.03 percent year on year to 34.32 trillion yuan (about US$4.78 trillion) in the first ten months of the year, official data showed. Exports grew 0.4 percent YoY to 19.55 trillion yuan for January-October, while imports declined 0.5 percent YoY to 14.77 trillion yuan, according to the General Administration of Customs.
IMF upgrades China’s 2023, 2024 GDP growth forecasts
November 8, 2023
China’s economy is set to grow 5.4% this year, having made a “strong” post-COVID recovery, the International Monetary Fund (IMF) said, making an upward revision to its earlier forecast of 5% growth, while expecting slower growth next year. The IMF said continued weakness in the property sector and subdued external demand could restrict gross domestic product growth to 4.6% in 2024, which was still better than its October expectation of 4.2% in its World Economic Outlook (WEO).
Annual Conference of Financial Street Forum 2023 kicks off in Beijing
November 9, 2023
The Financial Street Forum 2023 was held from November 8 to November 10 in Beijing with the spotlight on financial openness and economic cooperation this year. Chinese financial regulators vowed to put in place intensified regulations to prevent financial risks while deepening supply-side reforms and expanding opening-up in the sector.
China tops world with most sci-tech clusters
November 10, 2023
China tops the world with the largest number of sci-tech innovation clusters among the top 100 clusters globally for the first time, with 24 in total, said Shen Changyu, head of the National Intellectual Property Administration (NIPA).
Insight of the week:
Chinese Vice Premier and lead person for China-US economic and trade dialogue He Lifeng is currently visiting the US from November 8 to November 12. According to China’s mainstream media, it was important for US to attach importance to and take concrete actions to respond to China’s six key concerns. These concerns pertained to the US’s economic policy toward China, supply chain, the semiconductor policy, equal treatment for Chinese companies investing in the US, “smearing” China’s business environment, and addressing global challenges together. Janet Yellen kicked off two days of talks with He Lifeng on November 9 as the U.S. looks to manage tensions with Beijing and keep dialogue open on a range of issues from climate change to trade and defense. On the agenda for Janet Yellen and He Lifeng were concerns about a level playing field for businesses, cooperation on climate change and debt distress, alongside “the use of economic tools for national security purposes,” Yellen said in opening remarks. “The United States will continue to take targeted actions to protect our and our allies’ national security,” Yellen added ahead of the bilateral talks. “But we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations,” she added. “And we welcome more clarity on China’s thinking and actions.”
The recent wave of bilateral visits by high-ranking officials shows a sign of easing China-US relations. Following Yellen’s meetings, US President Joe Biden and Chinese President Xi Jinping are expected to meet on the sidelines of the Asia-Pacific Economic Cooperation, or APEC, forum in San Francisco. The visit will be Xi’s first trip to the United States since 2017, when he met with President Donald Trump in Florida. The following leaders’ meeting is long-expected as a key event to optimize China-US relations while key global concerns and hot topics will be addressed.