The Sunday Mail
Manyika Kangai
China’s Xi meets Australian Prime Minister
Chinese President Xi Jinping met with Australian Prime Minister Anthony Albanese in Beijing on Monday, saying China and Australia have embarked on the right path of improving relations. This year marks the 50th anniversary of the visit by Australian Prime Minister Gough Whitlam and the first visit by an Australian leader in seven years, after a diplomatic dispute had put a halt to once-annual meetings of leaders. Albanese also met Chinese Premier Li Qiang in Beijing on Tuesday, restarting an annual leaders’ dialogue that Albanese said will continue as relations between the trading partners stabilised. Albanese said Australia adheres to the One-China policy and stands ready to work with China to promote the steady development of bilateral relations, strengthening economic and trade exchanges.
The 6th China International Import Expo (CIIE)
The sixth China International Import Expo (CIIE) kicked off in Shanghai under the theme “New Era, Shared Future”. This year’s expo — running from November 5 to 10 — set a record with 289 Global Fortune 500 companies and industry leaders attending, according to Chinese media reports. Over 3 400 exhibitors and 394 000 professional visitors registered for the event that gives foreign businesses an opportunity to showcase their products to Chinese buyers so they can break into the Chinese market. Chinese President Xi Jinping sent a letter pledging that China will firmly advance high standard opening-up and continue to make economic globalisation more open, inclusive, balanced and beneficial to all. Chinese Premier Li Qiang gave the keynote address at the opening ceremony and said China will protect foreign investors’ rights and interests in accordance with the law and continue to provide a business environment that is market-oriented, law-based and up to international standards.
China’s foreign trade expands
China’s total import and export of goods expanded 0,03 percent year-on-year to 34,32 trillion yuan (about US$4,8 trillion) in the first ten months of the year, according to official data released by the General Administration of Customs on Tuesday.
Exports grew 0,4 percent year-on-year to 19,6 trillion yuan (about US$ 2,72 trillion) for January-October, while imports declined 0,5 percent from a year earlier to 14,8 trillion yuan (about US$2,1 trillion). In October alone, the country’s foreign trade rose 0,9 percent from a year earlier to 3,5 trillion yuan (about US$493 billion). The country’s exports shrank 3,1 percent year-on-year last month, while imports increased by 6,4 percent. In the first ten months of 2023, the Association of Southeast Asian Nations (ASEAN) remained China’s largest trade partner, accounting for 15,2 percent of the country’s total trade value. China’s trade with ASEAN countries rose 0,9 percent year-on-year to 5,2 trillion yuan (about US$728 billion). Trade with the European Union and United States declined 1,6 percent and 7,6 percent, respectively, while trade with countries along the Belt and Road rose 3,2 percent year-on-year.
China’s forex reserves drop
China’s foreign exchange reserves came in at US$3,1trillion at the end of October, down US$13,8 billion dollars from the end of September, according to the State Administration of Foreign Exchange on Tuesday. The country’s foreign exchange regulator attributed this decrease to the combined impact of currency translation and asset price changes.
China holds most cyber-security patents
Chinese firms such as Huawei and Tencent accounted for six of the top 10 global patent holdings in the cybersecurity technology sector as of August, based on data compiled by Nikkei in cooperation with US information services provider LexisNexis. The data took into account patents registered across 95 countries and regions. The report said that US computer manufacturer IBM came out top with 6 363 patents, followed by Huawei and Tencent with 5,735 and 4,803 patents, respectively. Other Chinese companies in the top 10 included financial services provider Ant Group in sixth with 3 922 patents, followed by power transmission company State Grid Corp of China with 3 696, Alibaba Group Holding with 3 122 and sovereign wealth fund China Investment with 3, 042.
*Manyika Kangai has over 17 years of experience facilitating and advising on China-Africa trade and investment deals. Feedback:+27743487997/ ww.muvambi-sa.co.za
