Manyika Kangai
China Condemns U.S. Hong Kong Bill
China has strongly condemned the U.S. House of Representatives’ passing of the Hong Kong Economic and Trade Office (HKETO) Certification Act that could lead to the closure of Hong Kong’s economic and trade offices in the U.S. The bill was passed overwhelmingly by 413 to 3 on Tuesday. The legislation must pass the U.S. Senate before it can be sent to President Joe Biden to be signed into law. China urged the U.S to stop advancing the bill as it would cause greater harm to the stability and development of China-U.S. relations but added that should the United States insist on going its own way, China will take practical and effective counter measures.
China’s Foreign Trade
China’s total foreign trade in August stood at 3.75 trillion yuan (about 527 billion U.S. dollars), up 4.8 percent year-on-year, according to data released by the General Administration of Customs (GAC). Exports reached 2.20 trillion yuan (about 309 billion U.S. dollars), up 8.4 percent, while imports were unchanged at 1.55 trillion yuan (about 218 billion U.S. dollars). In US dollar terms, China’s exports in August rose by 8.7 percent, beating broad market expectations. Imports grew by 0.5 percent.
China’s Latest PPI, CPI
China’s Producer Price Index (PPI) for August, which measures cost of goods at the factory gate, went down 1.8 percent year-on-year, according to the National Bureau of Statistics (NBS). The decline was bigger than a 0.8-percent year-on-year dip registered in July. On a monthly basis, the PPI edged down 0.7 percent, widening from a 0.2-percent decrease a month earlier. China’s Consumer Price Index (CPI) for August, a main gauge of inflation, was up 0.6 percent year-on-year. The CPI in August rose by 0.4 percent month-on-month, down 0.1 percentage points from July. Food prices were up by 3.4 percent.
China’s NEVs
China’s production and sales of New Energy Vehicles (NEVs) in August hit 1.09 million units and 1.1 million units, respectively, representing an increase of 29.6 percent and 30 percent year-on-year, according to the China Association of Automobile Manufacturers (CAAM). The sales of NEVs in August accounted for 44.8 percent of the total sales of new vehicles in China. From January to August production of NEVs reached about 7.01 million units, rising 29 percent year-on-year, sales stood at 7.04 million units, growing by 30.9 percent from a year earlier and 818,000 units of NEVs were exported, representing a year-on-year increase of 12.6 percent. The market share of NEVs in China has reached 37.5 percent.
Huawei Launches New Phone
China’s Chinese technology giant Huawei launched an industry-first tri-fold smartphone in south China’s Shenzhen just hours after Apple introduced its iPhone 16. The new Mate XT smartphone has a number of technological breakthroughs such as a dual-hinge system and screen-bending features and currently has just under five million pre-orders since becoming available online on Saturday. The base model starts at 19,999 yuan ($2,800).
To say you know when you know, and to say you do not when you do not, that is knowledge – Confucius
Manyika Kangai is a China-Africa Advisor who has over 18 years of experience facilitating and advising African businesses and governments on China-Africa trade and investment deals.
