SwedCham China Insights for week of October 21 – October 25

SwedCham China Insights for October 21 – October 25

Content Provided by Kreab

Top news of the week:

China’s GDP grows 4.8% in first three quarters

21 October 2024

China’s GDP grew by 4.8% in the first three quarters of 2024, reaching 94.97 trillion yuan (US$13.33 trillion), according to data released by the National Bureau of Statistics (NBS). In the third quarter, GDP grew by 4.6% year-on-year.

President Xi Jinping leaves for 16th BRICS Summit in Kazan, Russia

22 October 2024

On October 22, President Xi Jinping left Beijing for the 16th BRICS Summit in Kazan, Russia, at the invitation of Russian President Vladimir Putin.

Apple CEO Tim Cook meets China’s Minister of MIIT during Beijing visit

23 October 2024

Apple’s CEO Tim Cook pledged to continue to expand the company’s investment in China during a meeting with Jin Zhuanglong, minister of Industry and Information Technology (MIIT), on October 23. The two sides exchanged views on topics such as Apple’s development in China, network data security management and cloud services, according to a statement from the website of the ministry.

China to formulate action plan for manufacturing industry’s green, low-carbon development

24 October 2024

China’s Ministry of Industry and Information Technology (MIIT) will formulate an action plan for green and low-carbon development of the manufacturing industry, a spokesperson said on October 23.

China’s air, water quality improves in first three quarters of 2024

25 October 2024

During the January-September period, the average density of PM2.5 in 339 Chinese cities at or above the prefecture level stood at 27 micrograms per cubic meter, down 3.6% year on year, said Pei Xiaofei, spokesperson for the Ministry of Ecology and Environment. The proportion of days with good air quality in these cities during this period was 85.8%, up 1.6 percentage points from the same period last year, Pei said.

Insight of the week:

At noon on October 22 local time, President Xi Jinping arrived in the southwestern Russian city of Kazan to attend the 16th BRICS Summit at the invitation of President of the Russian Federation Vladimir Putin. Foreign Minister Wang Yi accompanied Xi to Kazan, along with Cai Qi, the president’s chief of staff. The three-day BRICS summit is the first meeting of the group of major emerging economies Brazil, Russia, India, China and South Africa since it expanded to include Egypt, United Arab Emirates, Ethiopia, and Iran.

On October 23, Xi met with Indian Prime Minister Narendra Modi on the margins of the BRICS Summit for their first formal talks in five years, signalling that ties between the Asian giants have begun to recover from the diplomatic rift caused by the clash along their disputed Himalayan frontier. Both leaders agreed to boost communication and cooperation between the two countries and resolve conflicts to help improve ties that were damaged by a deadly military clash in 2020. The Xi-Modi meeting came two days after New Delhi said it had reached a deal with Beijing to resolve the four-year military standoff in the Himalayan region of Ladakh, although neither side has shared details of the pact.

President Xi Jinping also delivered a speech at the 16th BRICS Summit on October 23. In his speech, he stressed the importance of advancing global governance reform and called for solidarity and cooperation among BRICS countries. As the summit is the first gathering after its expansion, Xi prompted all BRICS member states to work together for the high-quality development of greater BRICS cooperation. On October 24, Xi called on “BRICS Plus” countries to strive for common security, common development and harmony among civilizations. Xi made the remarks while addressing the “BRICS Plus” leaders’ dialogue.

The 16th BRICS Summit concluded on October 23, with the adoption of the Kazan Declaration, a comprehensive document outlining key areas of cooperation and the bloc’s unified stance on global issues. Under the theme “Strengthening Multilateralism for Just Global Development and Security”, the Kazan Declaration emphasized the importance of BRICS solidarity and strategic partnerships. The leaders pledged their commitment to fostering peace, ensuring a fairer international order, and promoting sustainable development.

The BRICS countries have agreed to include 13 nations in the category of “partner states” in the association. The group of countries invited to join the BRICS as “partner states” includes Turkey, Indonesia, Algeria, Belarus, Cuba, Bolivia, Malaysia, Uzbekistan, Kazakhstan, Thailand, Vietnam, Nigeria, and Uganda. 

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