SwedCham China Insights for May 27–May 31, 2024

Top news of the week:

China, Japan and South Korea call for collaboration

27 May 2024

Premier Li Qiang attended the long-suspended China-Japan-Korea leaders’ summit in Seoul. The three countries released several joint statements to call for collaboration and agreed on 2025-2026 as the China-Japan-South Korea Cultural Exchange Year.

China unveils blueprint for IP protection system

28 May 2024

China on Monday unveiled a comprehensive blueprint for the establishment of an intellectual property (IP) protection system, as part of ongoing efforts to shore up its business environment and economic growth.

Chinese SOEs maintain sound operation with growing revenue, profits

29 May 2024

China's state-owned enterprises (SOEs) maintained steady operations in the first four months of the year, reporting increased total revenue and profits, according to official data released on Wednesday.

China plans leading role in global AI race on standards and computing power push

30 May 2024

China launched a three-year action plan on Wednesday to spearhead its work on setting standards in artificial intelligence and strengthening national computing power, as well as cement its presence in the global tech race.

Chinese mainland to halt tariff cuts on Taiwan imports; China-US defence ministers meeting

31 May 2024

Mainland will halt tariff concessions for some Taiwan products that currently enjoy preferential tariff rates stipulated in the Economic Cooperation Framework Agreement in response to the island's trade restrictions, according to the Customs Tariff Commission of the State Council; The Chinese and US defence ministers Dong and Austin are holding a bilateral meeting on the sidelines of the Shangri-La Dialogue in Singapore on Friday, the first in-person meeting between ministers since 2022.

Insight of the week:

The 10th ministerial meeting of the China-Arab States Cooperation Forum (CASCF) was co-chaired by Chinese Foreign Minister Wang Yi and Mohamed Salem Ould Merzouk, Mauritania's minister of foreign affairs, cooperation, and Mauritanians abroad, in Beijing on Thursday. During his opening speech, Chinese President Xi Jinping addressed Arab leaders, stressing the need to end the prolonged conflict in the Middle East and highlighting China's commitment to strengthening ties with Arab nations, a move seen as a challenge to the longstanding influence of the United States in the region.

According to Chinese state media, President Xi reaffirmed China’s support for the establishment of an independent Palestinian state and called for a “more authoritative and more effective” peace conference to address the Israel-Gaza conflict. The meeting resulted in the parties present adopting the China-Arab States Joint Statement on the Palestinian Issue, explicitly condemning the actions of Israel and criticised the support of Israel from the United States.

Chinese Foreign Ministry's Ambassador for CASCF Affairs, Li Chen, expressed optimism about the deepening of strategic trust between China and Arab states, anticipating enhanced cooperation across various sectors and progress towards a shared future for the China-Arab community. President Xi emphasised China's commitment to making China-Arab relations a “benchmark for maintaining world peace and stability” and a “model of harmonious coexistence of different civilisations”.

President Xi further announced China's readiness to expedite bilateral and regional free trade agreements negotiations, inviting active Arab participation in the China International Import Expo and expressing willingness to increase imports of non-energy products from Arab countries, particularly agricultural goods. Notably, China received state visits from leaders of Bahrain, Egypt, Tunisia, and the UAE, signalling the importance of bilateral relations with these nations.