China Renews Unmet Trade Promises at China-Africa Summit, Promotes Its Global South Agenda in Search for Gaining More Influence
Issue 162, Monday 9th September 2024
Last week, the 2024 summit of the Forum on China-Africa Cooperation (FOCAC) took place in Beijing. China employed one of its typical tactics by claiming it had been Africa’s largest trading partner for fifteen years. However, this claim is inaccurate. In reality, the European Union, which is a single trade entity, significantly surpasses China in trade with Africa.
Additionally, China avoided discussing the details of the trade balance, as it does not fit well with the much-touted narrative of cooperation
At the 2013 FOCAC meeting, shortly after Xi Jinping took office, China pledged to 'promote the development of trade' with Africa. However, over the next decade, this 'promotion' largely meant that while China's exports to Africa surged by 64%, its imports from the continent remained stagnant.
Listed below are the commodities for which Africa exports more than 25% of its total output to China.
Listed below are the commodities for which China sources more than 25% of its imports from Africa.
China’s Ministry of Commerce Keeps Options Open Amid EU Brandy Dumping Inquiry
On September 5, the Ministry of Commerce spokesperson announced that
The investigating authorities have opted not to implement provisional anti-dumping measures at this time. Moving forward, they will continue to advance the investigation through follow-up actions, including on-site verification, with the goal of delivering an objective and fair final ruling.
China Reacts in Just a Week to Canada's E-Car Tariffs, Announcing Canola Dumping Probe
China's rapid reaction to the Trudeau government's September 2nd announcement of additional tariffs on Chinese-made electric cars was anticipated. The focus of the response is Canada's canola seeds.
The category chosen for retaliation somewhat reflects China’s deep anger towards Trudeau’s government measures. For decades, Canada has been virtually the sole supplier of low-acid seeds, including canola, which stands for Canadian Oil Low Acid. This move appears to be part of China’s playbook; a similar strategy was employed with its imports of brandy, which are almost entirely sourced from France.
China´s Foreign Trade Law says
Article 7 In the event that any country or region applies prohibitive, restrictive or other like measures on a discriminatory basis against the People’s Republic of China in respect of trade, the People’s Republic of China may, as the case may be, take counter-measures against the country or region in question
EU Imports from China by Air
EU imports by air from China amount to more than €200 million per day.
The bulk of EU imports from China by air are concentrated in two main categories: digital technologies, which make up 39%, and machinery, accounting for 27%. Key products in these categories include cellphones, laptops, microprocessors, diodes, and PCBs.
Clothing constitutes 5% of total air imports, while organic chemicals account for 2%. All other categories individually make up 1% or less.
EU Beer Exports to China Halved Since Peak in 2016
China’s Inbound Travelers Return to Pre-Pandemic Levels
Figures, however, remain substantially lower than those from around 2015.
Freight Index for Settled Rates from China to Europe Decreasing Since Late July
According to The LoadStar, ocean carriers are avoiding a downward rate war by blanking a number of export sailings from Asia to Europe and Asia to the US ahead of the Chinese national holiday in early October.
U.S. Introduces New Export Restrictions on Chips Amidst Tensions with China
The Bureau of Industry and Security (BIS) is implementing export controls on several semiconductor, quantum, and additive manufacturing items for national security and foreign policy reasons.
Official World Foreign Exchange Reserves by Currency
According to the latest data from IMF's COFER, the breakdown is as follows:
Chinese Embassies Abroad Promote Wukong Game
SOAPBOX Co-founder Ties the Knot
Let’s join in celebrating our co-editor, Ilaria Perla, and her husband Alessio, as they embark on this new chapter. Few understand the complexities of trade with China like she does.
Congratulazioni, Ilaria e Alessio! Che questo sia solo l'inizio di una lunga e bellissima storia insieme
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