SwedCham China Insights for May 29-June 02

Top news of the week:

China’s C919 aircraft completes inaugural commercial flight

May 29, 2023

China’s first domestically made large passenger jet, the C919, arrived at Beijing Capital International Airport following its inaugural commercial flight on May 28. The C919 is China’s first self-developed trunk jetliner in accordance with international airworthiness standards, and China owns its independent intellectual property rights.

Shenzhou-16 spacecraft successfully docks with China Space Station Tianhe core module

May 30, 2023

At 4:29 pm on May 30, some six and a half hours after launch, the Shenzhou-16 manned spacecraft successfully docked with China Space Station core module Tianhe’s radial port, according to the CMSA. The China Space Station staged its first “heavenly reunion” of six taikonauts after it entered the application and development phase at the end of 2022. The historic moment marked the beginning of China’s second in-orbit direct handover between two Shenzhou crews.

China sets up 1^st headquarters cluster of intl sci-tech organizations

May 31, 2023

The capital of China, Beijing, put into use the country’s first headquarters cluster for international sci-tech organizations on May 31, aimed at supporting the development of such organizations in China.

China releases first national standard for blockchain technology to accelerate development

June 1, 2023

China’s Ministry of Industry and Information Technology (MIIT) has released the country’s first national standard for blockchain technology, aiming to accelerate development of the emerging industry. This offers a basic and universal standard to guide the application and industrial development of China’s blockchain technology, and it standardizes the functional architecture and core elements of the blockchain system, according to the MIIT.

China’s services trade sustains growth in first 4 months

June 2, 2023

China’s services trade sustained a sound growth momentum in the first four months of 2023, official data showed. The country’s services trade topped 2.08 trillion yuan (about USD 293.1 billion) from January to April, up 9.1 percent year on year, data from the Ministry of Commerce showed.

Insight of the week:

Tesla chief executive Elon Musk made his trip to China on May 30, marking his first trip to the world’s second largest economy in over three years. Musk has met with China’s foreign minister Qin Gang, commerce minister Wang Wentao, and industry minister Jin Zhuanglong. He also met with Ren Hongbin, chairman of the China Council for the Promotion of International Trade, Zeng Yuqun, chairman of top battery supplier CATL, and Chen Jining, Shanghai’s party secretary. Some news said that Musk also had a meeting with Chinese Vice Premier Ding Xuexiang on May 31, marking the first time that Ding is known to have had a one-on-one meeting with a foreign CEO. But this was not reported by major Chinese media.

According to Qin Gang, China will create a better market-oriented business environment for enterprises from all countries. Musk expressed that Tesla opposes decoupling and is willing to further expand business in China. During his meeting with Wang Wentao and Jin Zhuanglong, they exchanged views on China-US economic and trade cooperation as well as the development of new-energy vehicles (NEVs). Musk also exchanged in-depth views with Ren Hongbin on promoting China-US new-energy sector cooperation, boosting exchanges and cooperation between China and US industrial and commercial ties. Musk made a late-night visit to Shanghai Gigafactory on May 31 amid tight schedule during China visit. During his meeting with Chen Jining on June 1, Musk praised the success of Shanghai Gigafactory and talked about low-carbon cooperation and green products. He voiced his hope to continue to deepen cooperation with the city in various areas to better serve the Chinese and global markets.

Elon Musk departed Shanghai on June 1, wrapping up his trip to China.