SwedCham China Insights for the Week of May 13 - May 17 , 2024

Top news of the week:

China and US envoys will hold the first top-level dialogue on artificial intelligence in Geneva May 13, 2024

High-level envoys from the US and China are set to meet in Geneva on Tuesday for talks about artificial intelligence, including the risks of AI and ways to set shared standards to manage it.

White House unveils new protectionist tariffs on Chinese-made EVs

May 14, 2024

President Biden slapped major new tariffs on Chinese electric vehicles amongst other sectors on Tuesday, attempting to attract voters in the upcoming election as he embraced a strategy that’s increasing friction between the world’s two largest economies.

Putin to pay state visit to China

May 15, 2024

At the invitation of Chinese President Xi Jinping, Russian President Vladimir Putin will pay a state visit to China from May 16 to 17.

China fully allows visa-free entry of foreign tourist groups via cruise ships

May 16, 2024

China on Wednesday enforced a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.

China's retail sales up 4.1 pct in first four months

May 17, 2024

China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 4.1 percent year on year in the first four months of 2024, official data showed Friday.

Insight of the week:

Chinese President Xi Jinping held talks with Russian President Vladimir Putin, who is on a state visit to China, in Beijing on Thursday.

Both countries plan further cooperation in oil, natural gas, liquefied natural gas, coal, electricity and other fields ‘according to market principles’, according to a joint communiqué released after Xi’s meeting with Putin. Last year, China-Russia two-way trade exceeded 240 billion U.S. dollars, close to 2.7 times that of a decade ago, indicating comprehensive cooperation of mutual benefit that continues to deepen between the two countries.

China has notably extended unwavering diplomatic backing to Moscow following its intervention in Ukraine, while concurrently emerging as a pivotal export destination for Russian oil and gas, thereby bolstering the Kremlin's financial resources for wartime expenditures. Additionally, Russia has leaned on China as a primary source of high-tech imports to sustain its military infrastructure.

By picking China for his first foreign trip since being sworn in this month for another six-year term, Putin is signally his priorities and underscoring the strength of his personal ties with Xi. President Xi emphasised that the two sides should take the 75th anniversary of the diplomatic ties as a new starting point, further synergise development strategies, and continue to enrich the bilateral cooperation to bring greater benefits to the two countries and peoples.