Business
China says Chinese steelmakers not engaged in dumping surplus goods
The European Union has launched new probes into imports of Chinese steel, warning that it wouldn’t allow ‘unfair competition’ to threaten Europe’s industry already crumbling under a flood of cheap imports. CCTV’s reporter has talked to government officials and industry experts in Beijing on the issue.
The iron and steel industry has become the main area where China-Europe trade friction occurs.
China’s Ministry of Commerce says Chinese steel makers are not engaged in any form of dumping of surplus goods into the European Union.
“Low preliminary tariffs are not evidence of dumping by China. Overcapacity is a worldwide industry problem,”
“The Chinese government and enterprises made efforts to restructure the steel industry and reduce excess capacity and these made headway,” said Shen Danyang, spokesman Ministry of Commerce.
The EU market accounts for less than eight percent of China’s iron and steel export market. Experts say China hopes to deal with the overcapacity together with the EU, and protectionism will only exacerbate the situation.”
For Xu Xiangchun who’s worked for the China Iron and Steel Association for over ten years, blaming China for the slumping iron and steel market in Europe is unfair.
Xu now works for one of China’s biggest steel e-Commerce sector companies… and as one of his tasks is to deal with up-to-date steel prices everyday, he thinks the EU is not a main market of China’s iron and steel export industry.
According to the Association, Asia accounts for over 70 percent of China’s main export market in this industry while the EU is less than eight percent.
“The selling prices of China’s steel products in the EU market is about twenty percent higher than China’s domestic prices. So it’s unfair to say that China’s is selling below the cost of production,” said Xu Xiangchun, Chief Analyst of Mysteel.com.
In recent years, the EU has frequently imposed anti-dumping and anti-subsidy measures against iron and steel imports from China and other exporters.
Chinese steel exports have been the subject of 37 investigations worldwide in 2015, and that equalled the probes over the previous two years.
“These anti-dumping investigation measures have produced few results in bringing down the import volume. This has shown the problem lies not in imports but in the iron and steel industry in Europe itself,” said Xu.
China has seen a wave of shut downs last year in small- and medium-sized iron and steel smelters. However, State-owned enterprises really have the say in the total output.
The central government has called on them to replace outdated capacity with advanced technologies. But it will take time for these measures to have an impact.
Business
BRICS: China Classifies Crypto as Property and Prohibits Business Ownership
China’s Shanghai court ruled cryptocurrencies are property, boosting optimism in the crypto industry while maintaining a ban on business transactions. This may signal a shift in future regulations.
China’s Ruling on Cryptocurrency
In a pivotal decision for the nation and its BRICS alliance, China has officially classified cryptocurrency as property while maintaining prohibitions against business transactions involving digital assets. A notable ruling from the Shanghai Songjiant People’s Court affirmed cryptocurrencies as property, sparking optimism within the crypto industry regarding future regulations.
Implications for the Crypto Industry
As cryptocurrencies gain significance globally, the Chinese ruling is viewed as a potential-positive shift amidst ongoing restrictions. While individuals can hold virtual currency, businesses remain barred from engaging in investment transactions or issuing tokens independently. This decision has generated anticipation for more accommodating regulations in the future.
Future Prospects for Cryptocurrency in China
Experts like Max Keiser believe this ruling indicates China’s growing acknowledgment of Bitcoin’s influence. As BRICS nations explore increased cryptocurrency utilization in trade, this legal shift could enhance market demand and lead to greater acceptance of cryptocurrencies as a legitimate asset class, setting the stage for potential developments in 2025.
Source : BRICS: China Rules Crypto as Property, Bars Business Holdings
Business
Wegovy: The Popular Weight-Loss Drug Now Available in China
Novo Nordisk launched Wegovy in China after approval, competing with Eli Lilly’s upcoming weight-loss drug. The treatment, costing 1,400 yuan, targets obesity but has potential side effects and isn’t covered by healthcare.
Wegovy Launch in China
Novo Nordisk recently launched its weight-loss drug, Wegovy, in China after obtaining approval from local health authorities in June. The introduction of Wegovy is expected to increase competition with Eli Lilly, which has also received approval for its weight-loss treatment, although it has not yet been released in China’s significant pharmaceutical market.
Cost and Accessibility
In China, a set of four Wegovy injections will be priced at 1,400 yuan (approximately $194), significantly lower than the drug’s U.S. price. However, patients will need to pay the full amount out of pocket since Wegovy is not yet covered by the national healthcare insurance plan.
Benefits and Side Effects
Research indicates that Wegovy can help users lose over 10% of their body weight. The drug contains semaglutide, which assists with appetite control and satiety. While Wegovy has been gaining traction globally, it may cause side effects like nausea. Concerns have emerged about its misuse among individuals who are not obese, prompting medical professionals to remain vigilant.
Source : Popular weight-loss drug Wegovy goes on sale in China
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
- BRICS: China Classifies Crypto as Property and Prohibits Business Ownership
- Digital Taxation in China: Effects on Corporate Tax Risk Management and Compliance Strategies
- Farms to fame: How China’s rural influencers are redefining country life
- Wegovy: The Popular Weight-Loss Drug Now Available in China
- China Implements New Measures to Increase Foreign Investment in A-Share Market
- Less is More: Rethinking Indonesia’s Tariffs on China