Founded in Stockholm, Sweden, in 1970, Kreab is a global strategic communications consultancy with offices in 25 countries, serving over 500 global clients. Kreab advises on communication issues of strategic importance in business, finance, and politics, helping clients solve complex communications challenges and achieve their strategic goals. The Kreab Beijing team is well known for its track record of helping clients manage and strengthen their reputation through services spanning corporate communications, financial communications, public affairs, and social media. Contact Kreab at kchina@kreab.com, follow Kreab on WeChat (ID: KreabChina), or visit Kreab’s website at https://www.kreab.com/beijing.
SwedCham China Insights for the Week of September 29 - October 8 , 2023
Top news of the week:
China to waive security checks for some data exports
September 29, 2023
On September 28, China proposed relaxing some rules concerning the transfer of data abroad. The Cyberspace Administration of China (CAC) said it was considering waiving data export security assessments for activities such as international trade, academic cooperation, cross-border manufacturing and marketing that do not contain personal information or important data. It also intends to cancel the need for data export security assessments in certain circumstances that require personal information to be transferred abroad.
China FX regulator: will actively fend off external shock risks
October 2, 2023
China will actively fend off and resolve external shock risks and strive to maintain the stability of the foreign exchange market and its balance of payments, according to the foreign exchange regulator. China’s current account surplus will remain basically stable in the second half of 2023, the State Administration of Foreign Exchange said in a report.
China, Germany hold high-level financial dialogue, both sides committed to combating trade protectionism
October 3, 2023
China and Germany held the 3rd China-Germany High Level Financial Dialogue in Frankfurt on October 1, during which both sides reached consensus on 25 items for raised for discussion.
US Senate Majority Leader to lead bipartisan delegation to China
October 4, 2023
US Senate Majority Leader Chuck Schumer will lead a bipartisan delegation of six senators on a visit to China and is expected to engage in meetings with Chinese government and business leaders. Beijing said that it welcomed Schumer and other senior lawmakers’ upcoming visit and hoped the trip would enhance their understanding of the country.
China says EU’s probe into Chinese electric cars disobeys WTO rules
October 5, 2023
The European Union has formally launched an anti-subsidies probe into electric vehicles manufactured in China, setting in motion a one-year investigation that could see provisional measures such as countervailing duties imposed in the next nine months. China expressed strong dissatisfaction over that and said that it is inconsistent with relevant WTO rules.
China supports Afghanistan to establish inclusive government
October 6, 2023
China will continue to support Afghanistan to establish a broad-based and inclusive government and adopt moderate policies, according to senior Chinese diplomat Wang Yi. Wang Yi made the remarks when meeting with acting Foreign Minister of the Afghan Interim Government Amir Khan Muttaqi.
China to encourage more private enterprises to participate in telecommunications sector
October 7, 2023
On October 7, China’s Ministry of Industry and Information Technology unveiled a draft document aimed at improving the business environment in the telecommunications sector and encouraging more private enterprises to participate.
Asian Games 2023 comes to an end on October 8
October 8, 2023
After delivering two weeks of memorable sporting action, the Asian Games 2023 came to an end on October 8 with a closing ceremony at the Hangzhou Olympic Sports Centre Stadium. Team China bagged a total of 383 medals, including 201 gold, 111 silver and 71 bronze, ranking first in the medal tally during the 19th Asian Games.
Insight of the week:
Chinese holidaymakers’ spending surged during this year’s eight-day Golden Week holiday, beating pre-pandemic levels and potentially boosting confidence in the country’s economic recovery. Average spending per trip during the Golden Week holiday this year reached 911.6 yuan (US$124.86), according to Reuters calculations based on government data. The per-trip spending increased significantly compared to 830.8-yuan per trip in 2019 and 680.6-yuan in 2022.
Official data showed that China’s inbound and outbound trips surged during the holiday this year, recovering to 85% of their pre-pandemic level and nearly quadruple the 2022 average but lower than an earlier government estimate. A total of 826 million domestic trips were made across China during the holidays, up 71.3 percent year on year and 4.1 percent higher than in 2019, according to the latest official figures. Domestic tourism revenue for the holiday period reached 753 billion yuan (US$103.14 billion), up 129.5% from last year and 1.5% higher than 2019 levels. Booking agency Trip.com said that outbound travel volume during the holiday was more than eight times higher than in 2022.
About Kreab
Founded in Stockholm, Sweden, in 1970, Kreab is a global strategic communications consultancy with offices in 25 countries, serving over 500 global clients. Kreab advises on communication issues of strategic importance in business, finance, and politics, helping clients solve complex communications challenges and achieve their strategic goals. The Kreab Beijing team is well known for its track record of helping clients manage and strengthen their reputation through services spanning corporate communications, financial communications, public affairs, and social media. Contact Kreab at kchina@kreab.com, follow Kreab on WeChat (ID: KreabChina), or visit Kreab's website at https://www.kreab.com/beijing.
About Kreab