At a high-profile global summit held by China this month, there were strong statements directed at the west’s “bullying” as well as renewed calls to stabilise “global governance”. The meeting was the clearest indication yet that China is vying to become a world superpower, aiming to marshal an anti-western bloc. But the foundations of that position partly lie in Africa and the Caribbean, where China has been building relationships for decades. A stable partner or a trap? Iconic modernist space … the Friendship Hall, on the banks of the river…
Tag: Business
Chinese economy slows amid Trump trade war and weaker consumer spending
China’s economy showed further signs of weakness last month as it comes under strain from Donald Trump’s trade wars and domestic problems, with factory output and consumer spending rising at their slowest pace for about a year. The disappointing data adds pressure on Beijing to roll out more stimulus to fend off a sharp slowdown, with a debt crisis denting the country’s once-booming property sector and exports facing stronger headwinds. Economists were split over whether policymakers should introduce more near-term fiscal support to hit their annual 5% growth target, with…
Texas now restricts Chinese nationals from buying property. Is it alien land laws all over again?
Shutong Hao came to the US because she needed a new heart. When she was five years old, her family travelled from China to Los Angeles for a life-saving transplant. They later built a life in the suburbs north of Dallas, but Hao was often made to feel as if she didn’t belong. “I had multiple teachers who overlooked me, I think deliberately,” said Hao, now 29. “I really had to seek out and carve out spaces where I feel like I belong, because I never really got that as…
Sainsbury’s in talks to sell Argos to Chinese retailer JD.com
Sainsbury’s ill-starred ownership of the Argos retail business looks likely to end as the supermarket negotiates a sale to the Chinese retailer JD.com. No agreement has yet been reached but Sainsbury’s confirmed it was in discussions to hive off Argos, the general merchandise arm it bought for more than £1bn less than a decade ago. Sainsbury’s said a sale to JD.com would speed up the transformation of Argos, whose business has gone increasingly online and within larger Sainsbury’s branches. JD.com (unrelated to JD Sports) is one of China’s biggest retailers…
Chinese carmakers told to improve locking devices for UK market
British authorities may have well-founded concerns about the cyber-spying threat from vehicles made in China, but it turns out the country’s manufacturers have security worries of their own. Insurers have told Chinese carmakers they need certain critical modifications for vehicles on British streets: namely, tougher locking devices to make them harder to steal. With an average of 11 reported vehicle thefts an hour in the UK, and car crime comparatively rare under Beijing’s strict authoritarian regime, industry sources said it had been a “swift learning curve”. Additions to cars exported…
Trump reportedly asks EU to impose 100% tariffs on India and China to put pressure on Russia
Donald Trump has asked the EU to impose tariffs of up to 100% on India and China as part of an effort to force the Russian president, Vladimir Putin, to end the war in Ukraine, according to reports. The US president made the demand during a meeting between US and EU officials discussing options to increase economic pressure on Russia on Tuesday, according to the Financial Times, BBC and Bloomberg, who cited multiple sources familiar with the discussions. One US official reportedly said that the Trump administration was “ready to…
UK’s new business secretary Peter Kyle expected to visit Beijing in first week
The UK’s new business secretary, Peter Kyle, is expected to fly to Beijing this week as part of Keir Starmer’s continuing efforts to revitalise the UK’s trade relationship with China and provide growth to the British economy. The former science and technology secretary, who was promoted in Friday’s government reshuffle, is expected to land in China on Wednesday, picking up the schedule of his predecessor, Jonathan Reynolds, who is now the chief whip. Kyle will first travel to Washington as part of the preparations for Donald Trump’s state visit to…
China drilling for oil and gas inside Taiwan’s exclusive economic zone
China is drilling for oil and gas inside Taiwan’s exclusive economic zone (EEZ), a move that analysts believe is likely part of Beijing’s unilateral grab for disputed territory that could also aid a future invasion of Taiwan. During July and August at least 12 oil and gas vessels and permanent structures were detected inside Taiwan’s EEZ – including one within 50km of the restricted-waters border of the Taiwan-controlled Pratas Islands – as well as several steel supports for fixed offshore drilling platforms, called jackets. Their presence inside Taiwan’s EEZ have…
Chairman Trump: has the US turned its back on free-market capitalism?
When Ronald Reagan became the first US president to address China’s Great Hall of the People in 1984, he did not waste an opportunity to school his audience on the benefits of the American way. He boiled down his central economic ideology, and that of his Republican party – that governments should get out of the way, allow companies, industries and markets the space the thrive, without intervention – into a simple mantra: trust the people. “These three words are not only the heart and soul of American history, but…
Trump tariffs: global parcel shipments to US lose exemption
The US tariff exemption for package shipments valued under $800 officially ended on Friday, raising costs and disrupting supply chain models for a range of businesses, with Trump administration officials saying the change would be permanent. There is now a six-month transition period under which postal service shippers can opt to pay a flat duty of $80-$200 per package depending on the country of origin, the officials added. The US Customs and Border Protection (CBP) agency began collecting normal duty rates on all global parcel imports, regardless of value, after…