SwedCham China Insights for the Week of August 21 - August 25 , 2023

Top news of the week:

Premier Li Qiang meets the delegation of the US-China Business Council

August 21, 2023

On August 21, Premier Li Qiang met with the delegation of the US-China Business Council (USCBC) led by Marc N. Casper, chair of USCBC. Both sides stressed the importance of developing sound and stable bilateral relations, maintaining good economic and trade cooperation, and promoting mutual benefit between the two countries.

China releases implementation plan for new industries’ standards

August 22, 2023

The Ministry of Industry and Information Technology, together with the Ministry of Science and Technology, the National Energy Administration, and the Standardization Administration of China, recently released implementation guidelines as part of standards for new emerging industries. It focuses on eight major fields, including new-generation IT, new energy, and new materials, as well as nine future industries such as the metaverse, brain-computer interfaces, and quantum information.  

President Xi Jinping attended the 15th BRICS Summit and delivered a speech

August 23, 2023

The 15th BRICS Summit was held in Johannesburg on August 23. South African President Ramaphosa chaired the meeting. Chinese President Xi Jinping, Brazil President Lula, India Prime Minister Modi, and Russia President Putin (virtually) attended the summit. President Xi Jinping delivered a keynote speech titled “Seeking Development Through Solidarity and Cooperation and Shouldering Our Responsibility for Peace” and called for BRICS countries to cope with current and future global issues.

China completely suspends imports of Japanese aquatic products

August 24, 2023

China's General Administration of Customs (GAC) announced that it had suspended imports of all aquatic products from Japan as of August 24, shortly after Japan began releasing treated radioactive water from the Fukushima nuclear plant into the ocean. GAC said it made the decision to “protect the health of Chinese consumers” and “guard against the risks of radioactive contamination on food safety,” The Hong Kong SAR and the Macao SAR have also prohibited the import of aquatic products from ten regions in Japan since August 24.

China's finance authority stresses tax cuts for SMEs

August 25, 2023

China’s Ministry of Finance published a notice on strengthening the implementation of supportive fiscal and tax policies to promote the high-quality development of small and medium-sized enterprises (SMEs) on August 24. The notification underlined the importance of fully implementing targeted and preferential tax and fee policies for SMEs.

Insight of the week:

The leaders from Brazil, Russia, India, China, and South Africa began a three-day BRICS summit in Johannesburg. President Xi Jinping affirmed China's dedication to solidarity and cooperation with other emerging markets and developing countries, and to advance a more fair and equitable global order.

As a developing country and member of the Global South, China shares a common vision with other developing nations for a sustainable future and has steadfastly defended their collective interests, according to Xi. In his speech read out by Chinese Commerce Minister Wang Wentao at the 2023 BRICS Business Forum, President Xi emphasized China's efforts to enhance the representation and influence of emerging markets and developing countries in global affairs.

However, some Western media and officials believe that the BRICS seeks to establish itself as a counterweight to Western dominance in global institutions. This belief is based on South Africa's statement that more than 40 other countries have shown interest in joining the organization, with 22 formally requesting membership, as they seek an alternative to the current global order.