This episode contains segments on:

• Foreign trade data in June and the first half of 2024;
• China’s GDP and macroeconomic indicators in the second quarter this year;
• Temporary policy adjustments in six Chinese cities to boost foreign investment in the service sector;
• European Commission anti-dumping tariffs on Chinese titanium dioxide imports.

Also, if you listen to China Dispatches, the podcast will be dedicating three future episodes to exploring some of the findings in the Business Confidence Survey 2024 on carbon neutrality, market access and competition with members from relevant industries.

Contact:

We’d love to hear your feedback. Contact us at website@europeanchamber.com.cn.

Follow the European Chamber on LinkedIn, Twitter, WeChat (europeanchamber), and sign up for our newsletter here, to get notified on new episodes.

Read more:

China Q2 GDP, macroeconomic indicators (NBS)

https://www.stats.gov.cn/sj/zxfb/202407/t20240715_1955618.html

China foreign trade data, June and H1 (GAC)

http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/5982336/index.html

http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/5982433/index.html

Temporary policy adjustments in 6 Chinese cities to boost foreign investment in service sector

https://www.gov.cn/zhengce/content/202407/content_6962582.htm

European Commission imposing anti-dumping tariffs on Chinese titanium dioxide imports

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024R1923&qid=1721096981940

European Chamber podcast: China Dispatches

https://podcast.europeanchamber.com.cn/category/china-dispatches/

Transcript:

RUI: Hello and welcome to China ShortCuts,

MARIANN: the European Chamber’s weekly catchup on China’s business landscape.

RUI: This episode was recorded on 17^th July 2024.

(MUSIC)

RUI: Chinese export growth accelerated to the fastest rate recorded in fifteen months in June, while imports fell sharply after two consecutive months of expansion.

MARIANN: In US dollar-denominated terms, the value of China’s exports surged 8.6 per cent year-on-year. Data for the first half of the year showed a 3.6 per cent increase in China’s total export value. Meanwhile, the country’s imports fell 2.3 per cent year-on-year in June, and rose 2 per cent in the first half, compared to the same period last year. The half year data revealed that the total value of China’s imports was about three quarters of its total value of exports, resulting in a trade surplus of 435 billion US dollars.

In the first half of 2024, the European Union remained China’s second largest trade partner, with China’s total value of exports to the EU almost double the amount of its imports from the bloc.

(MUSIC)

RUI: The growth of China’s economy slowed in the second quarter, with the country battling several challenges, including weak consumption and growing tensions over trade imbalances with some of its largest trade partners.

MARIANN: China’s gross domestic product rose 4.7 per cent year-on-year in the April-June period, which was the lowest level of quarterly growth since the first quarter of 2023. At the Two Sessions held in March, China set the annual target for its GDP growth rate at about 5 per cent, matching last year’s goal.

(MUSIC)

RUI: On 15^th July, along with the GDP figures, the National Bureau of Statistics released a series of other macroeconomic indicators, some of which suggested a slowdown in growth in June.

MARIANN: Production at larger industrial firms increased 5.3 per cent year-on-year, with the pace of growth decelerating to the slowest in three months. The total value of retail sales edged up 2 per cent from the same period last year, which was the lowest increase since December 2022. As for the first half of the year, industrial production expanded 6 per cent, while retail sales rose 3.7 per cent year-on-year. The surveyed urban unemployment rate stood at 5.1 per cent.

(MUSIC)

RUI: On 11^th July, the State Council announced a list of temporary policy adjustments to be implemented in six cities—Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou and Chengdu—with the goal of attracting foreign investment.

MARIANN: The nine, city-specific measures focus on promoting further opening of the services sector. Notably, however, the listed provisions are narrowly defined. For instance, foreign investors will be allowed to set up non-profit elderly care facilities in Hangzhou, Guangzhou and Chengdu. Similarly, in Shenyang, Nanjing, Guangzhou and Chengdu, they will be able to operate travel agencies and offer outbound travel services. While the release of these provisions is seen as a positive step, their impact is expected to be highly limited due to their narrow scope.

(MUSIC)

RUI: On 11^th July, the European Commission announced preliminary anti-dumping tariffs on Chinese imports of titanium dioxide, a chemical product used in a wide range of industrial and consumer products ranging from paint and coatings to textiles and pharmaceuticals.

MARIANN: The Commission launched an anti-dumping probe into the product in November 2023, and has now issued provisional anti-dumping duties ranging from 14.4 to 39.7 per cent. Interested parties can submit their written comments on the regulation within 15 days of it coming into force.  

(MUSIC)

RUI: The European Chamber published its annual Business Confidence Survey in early May. The Chamber’s long-format podcast, China Dispatches is dedicating three episodes to discuss some of the survey’s findings with members from relevant industries.

MARIANN: Check the latest episodes of the Dispatches series to hear on-the-ground insights on European companies’ decarbonisation strategies and the challenges they face reaching their targets in China. You can also find out more about the sectors in which businesses report some recent market opening. And stay tuned for our upcoming episode on competition.

RUI: You can find all episodes of China Dispatches on the Chamber’s website and WeChat account. They are also available on Apple Podcasts, Spotify and YouTube.

(MUSIC)

MARIANN: Thanks for listening, and don’t forget to tune in again next week.

RUI: In the meantime, please find useful links in the episode notes.