EU Reiterates Overcapacity Claims Amid Chinese Air-Conditioner Boom
As Chinese cooling products like air conditioners gain popularity among European consumers, the European Union reiterated claims of a massive influx of Chinese products into Europe fueled by overcapacity. In response, China’s foreign ministry urged relevant European parties to view China-EU economic and trade relations objectively, abandon a zero-sum mentality and work together to enlarge the pie of mutual benefit.
Core City Property Markets Show Signs of Recovery
Signs of a real estate market recovery in key cities continued to emerge in the first half of the year, driving recent active land transactions. Data from China Index Academy Ltd. showed that 20 key cities saw 761,000 existing homes sold in the first half of the year, up 5.6% year-on-year, with transaction volumes rebounding in cities including Beijing, Shanghai and Shenzhen.
NEWS SUMMARY
Chinese banks are exploring ways to tap into the booming commercial space sector.
The Cyberspace Administration of China launched a campaign to rectify chaos in AI applications, cleaning up more than 6 million pieces of illegal and noncompliant information.
Electric-vehicle startup Zhejiang Leapmotor Technology Co. Ltd. entered the North American market with its launch in Mexico.
Porsche is considering cutting an additional 4,000 jobs in Germany.
The number of foreign tourists visiting South Korea by cruise ship surpassed 200,000 in May, with Chinese nationals accounting for nearly half.
Contact editor Lin Jinbing (jinbinglin@caixin.com)
