Business
White House’s Navarro Says China Trade Deal Will Take Time: CNBC
WASHINGTON—White House trade adviser Peter Navarro said on July 2 that U.S. trade talks with China are heading in the right direction and any concessions to Beijing on Huawei were small in the context of a larger trade deal.
“We’re headed in a very good direction,” Navarro said in an interview with CNBC. “It’s complicated, as the president said, correctly, this will take time and we want to get it right. So let’s get it right.”
Trump and Chinese leader Xi Jinping agreed in a meeting on Saturday at the Group of 20 summit in Japan to restart trade talks after the last major round of negotiations collapsed in May.
The partial lifting of restrictions on Huawei was a key element of the agreement, which allows expanded sales of U.S. technology supplies to the Chinese telecommunications giant. Washington put Huawei on an export blacklist in May, citing national security concerns over its 5G network technology.
Navarro played down the concession on Huawei, saying U.S. policy with respect to the 5G component has not changed.
“All we’ve done basically is to allow the sale of chips to Huawei, and these are lower-tech items which do not impact national security whatever,” Navarro said. “Selling chips to Huawei, a small amount of chips—less than $1 billion a year—in the short run is small in the scheme of things.
Huawei’s founder and chief executive, Ren Zhengfei, told the Financial Times the company was willing to continue buying products from U.S. firms, but the relaxation of the ban would not have “much impact” on Huawei’s business as it adjusts to a new era of American hostility.
Navarro said Washington would continue working closely with allies to ensure they did not adopt Huawei 5G technology, but had agreed to allow the sale of some low-level chips to bring China back to the negotiating table and secure an agreement by Beijing to buy significant amounts of agricultural products.
“We’re not going to sacrifice anything in order to get a cheap political trick,” he said. “The whole China game plan … is to dominate not just 5G but artificial intelligence, blockchain technology, and we can’t let that happen.”
Warren Maruyama, former general counsel for the U.S. Trade Representative’s Office and a partner with the Hogan Lovells law firm, said it remained unclear if the two sides could strike a deal after China abruptly backed away from a carefully negotiated draft agreement in May.
“It’s still completely up in the air. If anything, it’s going to take several months. What the blow-up in May showed is that there are some pretty fundamental differences they would have to resolve to get to a deal,” he said.
William Reinsch, a senior adviser at Kelley, Drye & Warren and a former under secretary of commerce for export administration, said the Trump administration could amend the temporary general license granted shortly after Huawei was put on the blacklist to include more technologies that U.S. companies could sell without obtaining approval.
Some chips needed to build 5G telecoms equipment, such as field programmable gate arrays and various radio frequency chips and multiplexers, have uses outside of the 5G sector.
Companies could also apply for individual licenses, he told Reuters, noting that the departments of Commerce, Defense, State and Energy would work together to define what technologies might be acceptable for resumed exports to Huawei.
He said it remained unclear if the 5G ban would include 5G smartphones as well as telecommunications gear that Huawei sells to telecommunications customers.
By Makini Brice, David Lawder, Stephen Nellis & Munsif Vengattil
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
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