This episode contains segments on:
- GDP growth in the first quarter and macroeconomic indicators in March;
- Foreign trade data in March;
- EU member states adopt proposals to postpone the application of the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive; and
- Price indices in March.
Listeners are also invited to join an exclusive dialogue with Timothy Stratford, Senior Counsel at Covington & Burling LLP, on 18th April. The event will take place in Beijing and attendees can also watch online.
Contact:
We’d love to hear your feedback. Contact us at website@europeanchamber.com.cn.
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Read more:
China Q1 GDP and March macroeconomic indicators
https://www.stats.gov.cn/sj/zxfb/202504/t20250416_1959321.html
https://www.stats.gov.cn/sj/zxfb/202504/t20250416_1959320.html
https://www.stats.gov.cn/sj/zxfb/202504/t20250416_1959317.html
EU member states adopt proposals to postpone the application of the CSRD and the CSDDD
China foreign trade data, March (GAC)
http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/6462438/index.html
http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/6462546/index.html
China Price indices, March (NBS)
https://www.stats.gov.cn/sj/sjjd/202504/t20250410_1959259.html
European Chamber event: Exclusive Dialogue with Timothy P. Startford – US Tariffs and Global Trade
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 16th April 2025.
(MUSIC)
RUI: Official data released by the National Bureau of Statistics on 16th April suggested that China’s economic growth maintained some momentum in the first quarter. Many analysts linked this to a final surge in the country’s exports before the US imposing sky-high tariffs on all imports from China. However, other indicators, including retail sales data, also suggest an overall uptick in economic performance.
MARIANN: China’s gross domestic product or GDP increased 5.4 per cent year-on-year in the first quarter. This was equivalent to the growth rate recorded in the last quarter of 2024. Production at larger industrial firms rose 7.7 per cent in March compared to the same period last year. This was the highest rate of growth recorded since July 2021 – almost four years ago. The total value of retail sales also increased sharply at 5.9 per cent year-on-year, setting a new record for the past 13 months. The surveyed urban unemployment rate edged down to 5.2 per cent from the 5.4 per cent recorded in February.
(MUSIC)
RUI: China’s exports surged at the fastest rate in four months in March, while its imports continued to shrink for the second month in a row.
MARIANN: Customs data published on 14th April revealed that in US dollar denominated terms, the total value of China’s exports grew 12.4 per cent year-on-year, while the total value of imports fell 4.3 per cent. According to China’s official breakdown, its largest trade partner in the first three months of the year was the Association of Southeast Asian Nations or ASEAN. However, when it comes to single markets, the European Union tops the list, followed by the United States. Concerningly, the trade imbalance between the EU and China continued to increase, with exports from China to the EU rising 3.7 per cent year-on-year, while imports to China from the bloc dropped 6.3 per cent in the January-March period.
(MUSIC)
RUI: On 14th April, the Council of the EU adopted the Commission’s so-called ‘stop-the-clock’ directive, postponing the application of certain requirements related to corporate sustainability reporting and due diligence.
MARIANN: The proposals were introduced by the Commission as part of the first Omnibus package, released in February. They include postponing the application of the requirements laid out in the Corporate Sustainability Reporting Directive (CSRD) by two years, with the transposition deadline and the first phase of the application of the Corporate Sustainability Due Diligence Directive (CSDDD) being postponed by one year. The directive will come into force one day after its publication in the EU’s Official Journal.
(MUSIC)
RUI: Producer prices in China dropped for the 30th consecutive month in March. With consumer prices also continuing their decrease for the second month in a row, deflationary pressures intensified.
MARIANN: Data released by China’s statistics bureau on 10th April showed that producer prices fell 2.5 per cent year-on-year, which was the sharpest decline recorded since November. The statistics bureau attributed the dip in prices to both seasonal and international market factors. For seasonal factors, it mentioned the decreasing demand for coal as heating in the northern regions of the country was suspended with the coming of spring. As for international factors, it listed the fall in international crude oil prices which led to a drop in prices in related domestic sectors.
Consumer prices fell 0.1 per cent in March compared to a year ago, which was much milder than the 0.7 per cent fall recorded in February.
(MUSIC)
RUI: On 2nd April, US President Donald Trump announced sweeping import tariffs, which has sparked significant disruptions in global trade and prompted strong reactions from multiple governments.
MARIANN: Following China’s announcement of countermeasures, including additional tariffs on US imports, the US side further increased additional levies on imports from China, which led to a quick back and forth escalation between the two sides.
RUI: Join us on 18th April online or in person in Beijing for an exclusive dialogue with Timothy Stratford, Senior Counsel at Covington & Burling LLP. As Chairman Emeritus of the American Chamber of Commerce in China and former Assistant United States Trade Representative, Mr Stratford has been instrumental in shaping US trade policy toward China and Mongolia. He will share his insights on the implications of the recent tariff war for the trilateral relationship between the EU, the US and China.
(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.