HOT TOPICS
U.S. and China reach preliminary consensus on trade issues
The U.S. and China formed a preliminary consensus on resolving multiple key economic and trade issues after two days of negotiations in Kuala Lumpur that concluded on Oct. 26. Li Chenggang, a lead negotiator for China, told reporters after the talks that the U.S. side expressed its position forcefully, and the Chinese side was firm in safeguarding its interests. The next step will be for both sides to complete their domestic approval procedures.
President Xi to visit South Korea for APEC summit
Chinese President Xi Jinping will attend the 32nd APEC Economic Leaders’ Meeting in Gyeongju, South Korea, and pay a state visit to the country from Oct. 30 to Nov. 1, at the invitation of South Korean President Lee Jae-myung, China’s foreign ministry announced on Oct. 24.
NDRC targets emerging industries to drive future growth
China plans to accelerate the development of strategic emerging industrial clusters in areas such as new energy, new materials, aerospace, and the low-altitude economy, National Development and Reform Commission head Zheng Shanjie said on Oct. 24. Speaking at a press conference on the spirit of the 20th Communist Party Central Committee’s fourth plenary session, Zheng said the government will also promote future industries like quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G mobile communications to become new economic growth points. He said that the scale of growth in these industries over the next 10 years could be equivalent to creating another one of China’s high-tech industries.
Regulators investigate major food delivery platforms
China’s State Administration for Market Regulation initiated investigations on the same day in mid-October into companies including JD.com Inc., Meituan, and Ele.me, involving issues such as food safety and the review of merchant qualifications on their takeaway platforms. Douyin was also on the list of companies being investigated.
Li Auto responds to vehicle fire
Li Auto Inc. on Oct. 24 responded to an incident where one of its Li Mega models caught fire while in motion, stating that the vehicle’s doors opened smoothly and all occupants exited safely. The company said it will cooperate with the fire department’s investigation.
NEWS SUMMARY
Domestic
Loans for inclusive finance, technology, and medium- to long-term projects grew rapidly in the first three quarters of the year, optimizing China’s overall loan structure.
The scale of China’s wealth management products expanded to 32 trillion yuan in the third quarter, with a continued strong willingness among residents to move savings into such products.
Guangdong province has issued measures to support the construction of low-altitude infrastructure.
Companies
Chen Hua, head of Guizhou province’s energy bureau, has been appointed chairman of Kweichow Moutai Group.
Chinese AI chip startup MetaX has passed a review for a STAR Market listing after reporting a total loss of 3 billion yuan over the past three years.
Miniso Group Holding Ltd. announced plans to open 100 new stores in Thailand over the next three to five years.
