China's commerce ministry on Tuesday expressed strong dissatisfaction with and firm opposition against the Canadian government's announcement of imposing additional import tariffs on Chinese electric vehicles.
The second quarter GDP of Germany, the largest economy in Europe, fell by 0.1 percent compared to the previous three months, confirming preliminary data.
IFF, Bank of Japan meet, explore future China-Japan economic growth
August 22, 2024, International Finance Forum (IFF) Vice President Xiong Wanpeng met with Bank of Japan (BOJ) Executive Director Seiichi Shimizu and other delegates from the BOJ visiting China. The two sides held talks on Japan’s monetary policy and its economic growth trends, the dynamic of China’s financial markets, and the state of China’s societal consumption and real estate reform, as well as the impacts of the United States Federal Reserve’s monetary policies and their spillover effects on the Chinese and Japanese economies. Chief Representative of the BOJ China Representative Office Kazunori Koike, Tatsuya Yoshida, a representative from its Beijing Representative Office, and leading members of the IFF Secretariat in attendance engaged in discussions and exchanges.
During these talks, the IFF Secretariat introduced the IFF’s 20-year course of development as an independent international organization and its deep roots within the Japanese government and people, and further conveyed the hope that the two sides will develop cooperation at even more levels in future.
Seiichi Shimizu expressed his appreciation for the opportunity of holding discussions with the Chinese side, above all with an international and professional platform such as the IFF, and offered his sincere recommendations for bolstering contacts and expanding exchanges at the business level.
On behalf of the BOJ, Shimizu presented the current state of Japan’s economic growth. He noted that China-Japan economic exchanges are growing ever more frequent and that the BOJ pays keen attention to growth trends in the Chinese economy. He hopes to enhance economic interactions between the two peoples by fostering exchanges with the IFF and tightening cooperative research and reciprocal learning on hot international economic and financial issues which are of common concern.
IFF LIVE: A three-step strategy for advancing the housing and retirement system
From August 21st to August 26th, IFF Live hosted three live broadcasts to discuss hot topics such as current trends in study abroad, the future of municipal solid waste management and the landing of the housing and pension system.
China firmly opposes Canada's EV tariffs
China will take all necessary measures to defend the legitimate rights and interests of Chinese electric vehicles companies, said the Ministry of Commerce on Tuesday.
The Canadian government announced on Monday that it plans to impose a 100 percent tariff on imports of Chinese electric vehicles and a 25 percent tariff on imported steel and aluminum from China, following similar moves made by the United States and the European Union.
China has repeatedly emphasized that the development of industries such as electric vehicles is based on its comparative advantages and is the result of open competition, said a spokesperson from the Ministry of Commerce in an online statement.
China promotes green finance along Yangtze River Economic Belt
The Chinese government has recently reiterated its commitment to promoting green finance along the Yangtze River Economic Belt, aiming to support the region's green, low-carbon and high-quality development.
According to a set of guidelines released by various government agencies, including the People's Bank of China and the Ministry of Ecology and Environment, the country will make full use of structural monetary policy tools and encourage more social investment in the green, low-carbon transformation of the economic belt.
Chinese SOEs see uptick in Jan-July revenues
The combined revenues of China's state-owned enterprises (SOEs) totalled around RMB 47.29 trillion(about US$ 6.64 trillion) from January to July this year, up 1.6 percent from a year earlier, the Ministry of Finance said on Tuesday.
Combined profits dipped 2 percent year on year to overRMB 2.57 trillion, and their debt-to-asset ratio reach 64.9 percent at the end of July, the data showed.
China to hold int'l fair to enhance global investment links
The 24th China International Fair for Investment & Trade (CIFIT) will be held from Sept. 8 to 11 in Xiamen, east China's Fujian Province, the organizer said Monday.
Under the theme "Investment Connecting the World," the four-day event will feature nearly 50 business matchmaking activities and roadshows, signalling the country's strong commitment to cooperation and mutual benefit, Vice Commerce Minister Ling Ji told a press conference.
Ling highlighted the fair's focus on "Invest in China," adding that the CIFIT aims to offer diverse opportunities for foreign firms to innovate and deepen their presence in the Chinese market.
China’s Fiscal Revenue Should Pick Up Soon After Slumping in First Seven Months, Finance Ministry Official Says
China’s fiscal revenue will rise in months to come, despite tumbling in the first seven months, as macro-economic policies take effect, the economic recovery becomes more solid, and the impact of particular factors such as tax cuts recedes, an official from the Ministry of Finance said.
Fiscal revenue of the country dipped 2.6 percent year on year in the first seven months of this year, according to statistics released by the ministry on Monday.
German economy shrinks slightly in Q2, slowing recovery
Data released on Tuesday shows that the German economy saw a slight contraction in the second quarter (Q2) of 2024. This was primarily due to decreased investments and a downturn in the construction industry, said the Federal Statistical Office of Germany.
The gross domestic product (GDP) of Europe's largest economy fell by 0.1 percent in Q2 compared to the previous three months, confirming preliminary figures.
S. Korean banks' capital adequacy ratio rebounds in Q2
South Korean banks' capital adequacy ratio rebounded in the second quarter owing to slower growth in risk-weighted assets and higher capital, according to a financial watchdog data.
The total capital ratio for 28 banks, bank holding companies and Internet-only banks under the Bank for International Settlements framework averaged 15.76 percent at the end of June, up 0.13 percentage points from three months earlier, according to the Financial Supervisory Service.
Major chipmakers criticized for posing health risks to minority communities in U.S.
The United States' ambitious drive to bolster domestic semiconductor manufacturing faces a new hurdle as labor unions and community groups band together to voice concerns over potential health and environmental risks.
Comments to U.S. Department of Commerce early this month submitted by a national coalition known as Chips Communities United (CCU), which includes influential labor unions such as the Communications Workers of America and United Auto Workers, calling for comprehensive assessments of new semiconductor projects to ensure complete transparency regarding their impacts.
The coalition's concerns primarily focus on the environmental review processes for three major projects, including Taiwan Semiconductor Manufacturing Company's (TSMC) plant in Phoenix, Arizona; Intel's Ocotillo factory in Chandler, Arizona; and Micron's ID1 plant in Boise, Idaho.
European airlines suspend flights amid escalating Israel-Hezbollah conflict
Several major airlines in European countries announced the suspension of flights to and from Israel and Lebanon due to the intense conflict between the two countries.
These airlines include Lufthansa of Germany, British Airways, Air France, Greek flag carrier Aegean Airlines, and Hungarian budget airline Wizz Air.
Israeli and Hezbollah forces engaged in extensive exchanges of fire early Sunday morning along the Israel-Lebanon border, marking a significant escalation in their longstanding conflict.
UK's monetary policy works but falls short of victory
At this year's Jackson Hole Economic Symposium, the Bank of England (BoE) Governor adopted a "cautiously optimistic" tone about inflation in the United Kingdom (UK), suggesting a potential interest rate cut later this year while acknowledging ongoing inflationary pressures.
Andrew Bailey, the UK's central bank chief, said on Friday at the global central bankers' conference in Jackson Hole, Wyoming, US, that there is evidence that the BoE's monetary policies may be working, with inflation showing less persistence than anticipated a year ago.
However, Bailey also pointed out that inflation has not yet returned to the bank's target on a "sustained basis." Bailey emphasized that future policies will need to remain restrictive for a sufficient period to ensure that inflation risks close to the bank's 2-percent target.
