SwedCham China Insights for the Week of January 8 - January 12 , 2024

China’s commercial system to expand consumption and boost foreign trade in 2024

January 8, 2024

The national commerce conference was held from January 7 to January 8 in Beijing. According to the meeting, China’s commercial system will continue to expand consumption and improve both the market and circulation system. The country will foster new engines for foreign trade, including digital trade, further expand market access and create world-class business environment in 2024.

China issues national standards for automotive chips

January 9, 2024

China’s industry ministry issued plans for a set of national standards for semiconductors used in the automotive sector recently. China will formulate more than 30 key automotive chip standards by 2025 and more than 70 related standards by 2030, the Ministry of Industry and Information Technology (MIIT) said in a statement.

Chinese mainland mulls halting tariff cuts on more Taiwan imports

January 10, 2024

The Chinese mainland is contemplating suspending tariff concessions for more products imported from Taiwan, in response to the island’s trade restrictions and political maneuvering, the mainland’s Ministry of Commerce said on January 9.

China issues guidelines to comprehensively promote the development of Beautiful China

January 11, 2024

Chinese central authorities have unveiled a guideline for promoting the Beautiful China Initiative, a top-level development blueprint detailing specific targets for a wide range of sectors for the nation’s green and high quality growth. Jointly issued by the Communist Party of China Central Committee and the State Council, the document was made public on January 11.

China’s CPI down 0.3% in December

January 12, 2024

China’s consumer price index (CPI), a main gauge of inflation, edged down 0.3 percent year on year in December, official data showed, adding that CPI rose 0.2 percent year on year in 2023.

Insight of the week:

China has put into effect a set of measures to facilitate the entry of foreign nationals into China for business, education and tourism, the National Immigration Administration (NIA) said on January 11.

The new measures, effective from January 11, include a relaxation of port visa application requirements and access to visa extension, replacement, and issuance services at local immigration departments for foreign nationals coming to or staying in China for non-diplomatic and non-official purposes such as commercial cooperation, exchanges, investment, entrepreneurship, visiting relatives and personal matters. Foreign nationals enjoy 24-hour direct transit without undergoing border check procedures at nine major airports in cities, including Beijing, Shanghai, Hangzhou, Xiamen, Guangzhou, Shenzhen, Chengdu, and Xi’an. Additionally, multiple-entry visas are available for foreigners in need, and the application requirement for visa documents has been streamlined for foreigners staying in China, according to the NIA.

In addition, China is planning to increase the number of international flights available for the upcoming Spring Festival holiday, with a particular focus on adding more flights to neighboring countries and regions, according to the Civil Aviation Administration of China. China’s international flights saw a recovery in 2023. Data from the end of last year showed China had 4,782 weekly international round-trip flights, amounting to 62.8 percent of the pre-pandemic number.

The new measures follow the same rationale of a series of new policies attracting foreigners since March 2022. Analysts believe the new measures will help promote global trade and further benefit foreign nationals. Many expects that the government’s continuing effort in expanding opening up to the world may speed up the country’s economic recovery.