SwedCham China Insights for the Week of August 7 - August 11 , 2023

Top news of the week:

China attended the Ukraine Peace Summit in Jeddah

August 7, 2023

Saudi Arabia hosted the Ukraine Peace Summit in Jeddah on August 5-6. The talks, which excluded Russia, were attended by the US, India, the EU and China’s special envoy for Eurasian affairs, Li Hui. During the meeting, Li Hui had extensive contacts and communication with various parties on the political settlement of the Ukraine crisis, elaborated on China’s position and proposals, listened to opinions and proposals from all sides, and further consolidated international consensus.

Unregistered apps are not allowed to engage in Internet information services

August 8, 2023

On August 8, the Ministry of Industry and Information Technology (MIIT) issued a notice requiring all mobile app providers in China to file business details with the government. Failure to complete the registration procedures will result in the Application being prohibited from providing Internet information services.

Consumer Price Index up 0.2% month-on-month

August 9, 2023

According to data released by the National Bureau of Statistics, domestic consumption demand continued to recover in July. China's consumer price index (CPI) rose 0.2% MoM, but fell by 0.3% YoY. This was due to the high base from the prior-year period.

China lifts bans on group tours to US, Japan and other key markets

August 10, 2023

China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the United States, Japan, South Korea, and Australia. The decision was announced by China’s culture and tourism ministry on August 10, effective immediately.

The Shanghai and Shenzhen stock exchanges will improve the trading system

August 11, 2023

To vitalize the market and enhance trading convenience, the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced that they will accelerate the implementation of a series of pragmatic measures to improve trading systems and optimize trading supervision.

Insight of the week:

China’s decision to join international talks seeking to end Russia’s war in Ukraine has attracted global attention. China's participation was seen as a demonstration of its determination to seek a peaceful solution to the Ukraine crisis. Although China is an important partner of Russia, it has also strengthened diplomatic relations with Ukraine. China’s foreign ministry stated that the country will strengthen dialogue and exchanges with all parties and contribute to the political settlement of the “Ukraine crisis”. The country has made its efforts to end the Russia-Ukraine War. Notably, in February 2023, China unveiled a comprehensive document consisting of 12 key points, outlining its stance on the political settlement of the Ukraine crisis. In May 2023. Li Hui, as China’s representative, visited Europe and made extensive efforts for a peaceful settlement of the Ukraine issue. China believes that a peaceful and negotiated resolution stands as the optimal outcome, carrying benefits for both Russia and Ukraine alike.

Some analysts believe that Saudi Arabia’s diplomatic strategies played an important role in ensuring China’s participation in this international talk. In recent years, China’s relationship with Saudi Arabia has been closer. In late 2022, President Xi Jinping visited Riyadh, and in March 2023, Beijing successfully facilitated the restoration of relations between Saudi Arabia and its regional rival, Iran.