This episode contains segments on:
- Chinese Premier pledges to further open its economy;
- Official Purchasing Managers’ Index (PMI) in October;
- Caixin China General PMI in October;
- China’s installed power generation capacity by September;
Also, listeners are welcome to join an event on 12th November in Beijing to gain an exclusive insight into Brunswick’s China sentiment tracking research.
Contact:
We’d love to hear your feedback. Contact us at website@europeanchamber.com.cn.
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Read more:
Chinese premier pledges broader opening-up for foreign-funded firms
https://english.www.gov.cn/news/202411/05/content_WS672954d0c6d0868f4e8ec95d.html
Official PMI in October
https://www.stats.gov.cn/sj/zxfb/202410/t20241031_1957214.html
https://www.stats.gov.cn/sj/sjjd/202410/t20241031_1957213.html
Caixin China General Manufacturing PMI
https://download.caixin.com/upload/CN_Manufacturing_ENG_2410_PR.pdf
China’s installed power generation capacity up 14.1 pct
https://english.www.gov.cn/archive/statistics/202410/31/content_WS67237d3ec6d0868f4e8ec7bf.html
European Chamber event: Navigating Public Sentiment to Build Consumer Trust
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 6th November 2024.
(MUSIC)
RUI: On 4th November, during a meeting with selected companies attending the seventh China International Import Expo (CIIE), Chinese Premier Li Qiang pledged that China will continue to open its economy to foreign-funded firms.
MARIANN: Premier Li reiterated the Chinese government’s intent to ease market access and progressively open up the telecommunications, education, culture and healthcare industries. He also pledged to improve the business environment and level the playing field for government procurement, access to production factors and issuance of operating licences.
The European Chamber acknowledges China’s leadership’s reiteration of the intent to further open its economy, but also notes that this rhetoric needs to be backed by meaningful action to restore business confidence.
RUI: The seventh China International Import Expo is being held in Shanghai from 5th to 10th November. According to the organisers, this year’s expo will host nearly 3,500 exhibitors from 129 countries and regions. The 7th Hongqiao International Economic Forum is held simultaneously with the expo. This year’s forum features 19 parallel sessions on the topic of opening-up, as well as a host of closed-door meetings, including roundtables for foreign-invested enterprises.
Chamber Vice President Carlo D’Andrea was invited to speak at a sub-forum on WTO reform and China’s role in it. He pointed out that China should play an influential role in advancing WTO reform by means of expanding the country’s institutional openness and optimising its business environment. To this end, D’Andrea advocated for further improving the legal and regulatory framework, strengthening intellectual property (IP) protection, accelerating the implementation of free trade zone (FTZ) policies, and better integrating the small and medium-sized enterprises (SMEs) into the Chinese economy.
(MUSIC)
RUI: According to data released by the National Bureau of Statistics on 31st October, China’s manufacturing activity expanded for the first time after five months of contraction.
MARIANN: October’s official manufacturing purchasing managers’ index, or PMI, stood at 50.1 points, just above the 50-point benchmark separating growth from contraction. The subindex for production reached 52 points, showing an uptick in production activity. The subindex for new orders stood at 50 points, edging up only 0.1 points from the previous month, indicating slower recovery of demand.
Driven by the week-long National Holiday, the non-manufacturing PMI was up 0.2 points from the previous month, standing at 50.2 points in October. However, the accommodation and real estate business activities index remained below the 50-point benchmark.
(MUSIC)
RUI: A private survey also confirmed the recovery in China’s manufacturing activity: the Caixin China General Manufacturing PMI rose to 50.3 points in October, re-entering expansion territory after briefly contracting in September.
MARIANN: The Caixin data indicated that the recovery was primarily propelled by an improvement in domestic demand. At the same time, external demand remained subdued, however the pace of decline in new export orders slowed. Manufacturing firms taking part in the survey expressed hopes that economic conditions would improve, which, combined with R&D efforts, could help improve their sales results in the year ahead. However, the reduction of headcounts continued, with employment levels falling at the fastest rate in almost a year and a half.
(MUSIC)
RUI: According to data released by the National Energy Administration on 31st October, China’s total installed power generation capacity increased over 14 per cent from a year ago by the end of September.
MARIANN: Installed renewable energy capacity now accounts for over 54 per cent of total installed power generation capacity. In the first three quarters of 2024, renewable energy power generation was up over 20 per cent from a year ago, accounting for over one third of total power generation.
(MUSIC)
RUI: As geopolitical tensions have continued to rise and the disconnect between headquarters and China operations has intensified over the past two years, it is becoming increasingly important for multinational companies to stay abreast of global and domestic developments, as well as changes in public sentiment, in order to maintain trust between brand and consumer.
MARIANN: A recent sentiment tracking research programme covers multiple relevant themes, including Chinese public opinion on both the economic environment and multinational companies operating in China. The report sheds light on how MNCs’ in China can improve their marketing and communications strategies to enhance their trustworthiness and likeability and detect potential public relations crises.
RUI: Join us on 12th November, and gain an exclusive insight into the key findings of the report, which is not publicly available.
(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.