This episode contains segments on China’s Q3 GDP growth; on the EU-China Strategic Dialogue; on China’s price indices in September and on the sharp fall of total value of China’s exports and imports in September. From the Chamber’s side: a flash survey was launched on 16th October to gauge the impact of China’s data regulations on European. A link and a password to the online questionnaire have been sent to primary contacts of member companies via email. By taking the survey, you can add your voice to our advocacy efforts on the topic.
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Read more:
China Q3 GDP (in Chinese)
http://www.stats.gov.cn/sj/zxfb/202310/t20231018_1943654.html
EU-China High-level Strategic Dialogue
China official PPI/CPI September (in Chinese)
http://www.stats.gov.cn/sj/zxfb/202310/t20231013_1943549.html
http://www.stats.gov.cn/sj/zxfb/202310/t20231013_1943548.html
China September foreign trade data (in Chinese)
http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/5427538/index.html
http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/5427627/index.html
Transcript:
XINHE: Hello and welcome to China Shortcuts,
MARIANN: the European Chamber’s weekly catchup on China’s business landscape.
XINHE: China’s gross domestic product grew 4.9 per cent in the third quarter of 2023, compared to the same period last year, according to data released by China’s statistics bureau on 18th October.
MARIANN: China’s GDP growth in the third quarter decelerated form the previous quarter but its pace was faster than what analysts had expected. Quarter-on-quarter, China’s GDP increased 1.3 per cent.
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XINHE: On 12th October, the European Union’s foreign policy chief Josep Borrell arrived to China for his first visit since the pandemic.
MARIANN: During his visit the EU’s high representative for foreign affairs and security policy co-chaired the EU-China Strategic Dialogue together with Chinese foreign minister Wang Yi in preparation for the next bilateral summit that is to take place before the end of the year. During their discussion, the two sides reviewed developments in the EU-China relations, with both sides expressing their will to maintain a stable relationship.
During his visit to Shanghai, a Chamber delegation hosted High Representative Borrell for a luncheon meeting, where they presented to him the Chamber’s Position Paper with the key recommendations for improving the business environment for European business in China.
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XINHE: According to data released by the National Bureau of Statistics on 13th October, the drop in producer prices in China continued to slow in September, while consumer prices stagnated as consumption remained weak.
MARIANN: The prices producers charge their clients decreased 2.5 per cent year-on-year in September. The main reason behind this was a drop in raw material prices. While on a year-on-year basis, producer prices have been in decline for the twelfth consecutive month in September, the rate of decrease has been gradually slowing since June.
Consumer prices remained unchanged from a year ago in September, as food prices continued to drop, while prices for services – including in areas such as education, culture and entertainment – rose at a relatively fast pace.
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XINHE: The total value of China’s exports and imports both fell sharply in September, although the rate of decrease showed some easing compared to the previous months.
MARIANN: According to data published by the China’s General Administration of Customs on 13th October, the total value of Chinas exports decreased 6.2 per cent year-on-year in dollar terms. This was the mildest drop recorded in the past five months, and significantly less than analysts’ forecasts. The total value of imports also fell 6.2 per cent compared to the same period last year, and for the eleventh month in a row.
In the first nine months of 2023, the value of China’s exports to the EU reached over USD382 billion, which indicated a year-on-year drop of 10.6 per cent. Meanwhile, China’s imports from the EU fell 2.1 per cent to USD212 billion. The EU remained China’s second largest trading partner behind the countries of the Association of Southeast Asian Nations, and followed by the US.
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XINHE: On 16th October, the European Chamber launched a flash survey to gauge the impact of China’s data regulations on European business. A link and a password to the online questionnaire have been sent to primary contacts of member companies. At some companies, the best suited respondent would be the Data Protection Officer. All information received from members will be anonymised and kept strictly confidential.
MARIANN: The aim of the flash survey is to better understand the impact of China’s existing, and proposed data regulations on European business, identify what improvements are still needed on top of the proposed ones, and determine how to best assist in advocating on this issue.
XINHE: Members of the European Chamber’s Shanghai Chapter received invitations to participate in two surveys this week, as the Shanghai Chapter launched a local flash survey dedicated to the topic of the China International Import Expo.
MARIANN: Surveys like these are instrumental to our work as a Chamber, and help us to leverage the findings from our members into actionable advocacy points with our stakeholders in both China and Europe. We hope you take the brief time to answer our questions and add your voice to these efforts.
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XINHE: Thanks for listening. Tune in again next week.
MARIANN: In the meantime, please find useful links in the episode notes.