Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Chinese premier says China and Malaysia jointly usher in new "Golden 50 Years" for bilateral ties;
- China's industrial profits went up 1.4 percent in Jan-April.
Here’s what you need to know about China in the past 24 hours
Chinese Premier Li Qiang said Monday that China is ready to work with Malaysia to deepen exchanges and collaboration across various fields, and jointly usher in a new "Golden 50 Years" for bilateral ties guided by the principles of mutual respect and trust, equality and mutual benefit for win-win outcomes.
Li made the remarks when meeting with Malaysian Prime Minister Anwar Ibrahim.
Li said that both sides agreed to build a high-level strategic China-Malaysia community with a shared future and mapped out the strategic direction for the development of bilateral relations.
He urged the two sides to continue expanding trade and investment cooperation with a focus on cutting-edge areas, including the digital economy, the green economy and artificial intelligence, promote the integrated development of industrial and supply chains and value chains, and steadily advance major projects such as the "Two Countries, Twin Parks" and the East Coast Rail Link, so as to strengthen the economic growth engine of the China-Malaysia community with a shared future.
Li is among guests attending a two-day summit of Southeast Asian nations, China's biggest regional export market. The meeting of the 10-member ASEAN trading bloc, hosted by Malaysia, is likely to be dominated by concerns about US tariffs and calls for greater regional integration to withstand rising global trade protectionism. Gulf states, including Saudi Arabia and the United Arab Emirates, were also attending.
In the face of rising unilateralism and protectionism and a sluggish global economic recovery, China, the ASEAN and the Gulf Cooperation Council (GCC) countries, all participants in and beneficiaries of economic globalization, should enhance coordination and jointly uphold open regionalism and true multilateralism, Li said.
Noting that Malaysia is both the rotating chair of ASEAN and the host of the trilateral summit, Li said that China is ready to work closely with Malaysia to take the event as an opportunity to push for closer economic cooperation among the three sides, build a model of global cooperation and development, jointly safeguard free trade and the multilateral trading system and address global challenges together.
For his part, Anwar noted that China is a good neighbor and partner of Malaysia. Malaysia firmly supports multilateralism and China's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, he said, adding that his country is ready to work with China to ensure fruitful outcomes of the inaugural ASEAN-GCC-China Summit.
Speaking at the opening ceremony of the ASEAN Summit on Monday, Anwar urged ASEAN members to work together to face the challenges brought about by a changing world order to ensure the agenda of sustainable and equitable development is not sidelined.
- Profits of China's industrial enterprises above the designated size rose 1.4 percent to 2.12 trillion yuan in the first four months from a year earlier, the NBS said today. Their revenue climbed 3.2 percent to 43.44 trillion yuan.
GBA express
- The 21st China (Shenzhen) International Cultural Industries Fair concluded on Monday with total visits exceeding 2.2 million in five days -- a strong testament to its role as a major platform for global cultural exchange and cooperation. Featuring an artificial intelligence exhibition area for the first time, the fair drew 60 leading and emerging AI companies.
- Guangdong on Monday launched eight measures to promote inbound shopping. These measures include increasing the number of tax refund shops, promoting departure tax refund policies, accelerating the construction of duty-free shops within cities, encouraging cruise and yacht economy consumption, supporting targeted renovations of commercial streets, promoting trendy domestic products, optimizing entry permit processing, and improving payment convenience for inbound consumers.
- China introduced new rules to encourage Hong Kong and Macao service providers to set up movie production companies on the Chinese mainland to deepen industry cooperation and boost filmmaking, according to the China Film Administration.
Industry and company news
- “We are ready and prepared to do whatever it takes to win the fight and solidify our market leadership,” Meituan’s CEO Wang Xing said during the Chinese takeaway giant’s earnings conference call yesterday to respond to a question about JD.com introducing 10 billion yuan in food delivery subsidies that intensified competition. Shares in Meituan fell 5.5 percent in Hong Kong after Chinese regulators issued draft guidelines related to the fees paid to online merchants. Shares in rival JD.com slid 1.2 percent.
- AI chip developer Hygon Information Technology and computer-server manufacturer Dawning Information Industry announced a merger valued at over 400 billion yuan on Monday. The move is expected to address surging domestic demand for artificial intelligence capabilities and bolster China's drive for technological independence to reduce reliance on US technologies.
- Swedish truck maker Scania will begin operations at its new USD2.3 billion Chinese factory in the Jiangsu Province city of Rugao in October, media reported, citing Chief Executive Christian Levin. The new Chinese factory will eventually reach a production capacity of 50,000 vehicles for the mainland and Asian markets.
- China's Ministry of Commerce and seven other agencies released a new plan on Monday to accelerate the development of "smart" supply chains across sectors such as agriculture, manufacturing, wholesale and retail. The plan aims to cut nationwide logistics costs and boost industrial resilience by promoting AI-powered smart factories, warehousing and retail systems. Authorities are aiming for 100 major smart supply chains by 2030.
- China had 232 economic and technological development zones across 31 province-level regions at the end of last year, housing some 85,000 high-tech enterprises, according to the Ministry of Commerce. They achieved 10.7 trillion yuan in foreign trade last year, accounting for 25 percent of the country’s total.
- Pony.ai entered an MoU with Dubai's Roads and Transport Authority to deploy its advanced robotaxi fleet in the region, the Chinese self-driving technology startup announced today. The initial supervised trials will begin this year and will be followed by fully driverless operations next year.
Asia-Pacific highlights
- Chinese Premier Li Qiang said on Tuesday that China is ready to work with Cambodia to promote trade and investment liberalization and facilitation, so as to further expand economic and trade cooperation. In his meeting with Cambodian Prime Minister Hun Manet, Li said that China is willing to strengthen cooperation with Cambodia in such areas as infrastructure, digital economy, advanced manufacturing and clean energy.
- The People's Bank of China (PBOC) and Bank Indonesia on Sunday signed an MoU on establishing a cooperation framework to promote bilateral transaction settlement in local currencies. The new agreement expands upon a previous MoU, which was limited to current account transactions and direct investment. According to the PBOC, the scope of bilateral local currency settlement cooperation will be expanded to include transactions made through capital and financial accounts.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
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