This report offers information on commercial, political and economic developments in China.
JANUARY 2024
POLITICS, SOCIETY, BUSINESS
POLITICS
Xi Jinping acknowledges hardships in New Year’s speech
Summary: Xi Jinping recognize that companies and people are struggling as he addressed economic challenges in his annual New Year’s speech for the first time but vowed to “consolidate and strengthen the momentum of economic recovery”.
Source: CNN
China says deeper Russia ties a ‘strategic choice’
Summary: Chinese President Xi Jinping and Russian Prime Minister Mikhail Mishustin agreed to further expand bilateral economic cooperation in the fields on economy, trade, and energy as they met in Beijing this week.
Source: Bloomberg
Taiwan ruling party’s Lai wins presidential election
Summary: William Lai Ching-te from the ruling Democratic Progressive Party (DPP) has won Taiwan’s presidential election. The outcome of the election will determine the self-ruled island’s future stance towards China.
Source: South China Morning Post
SOCIETY
“Ice city” Harbin sees historical tourism peak in 2024
Summary: Harbin, the snowy capital of China’s Heilongjiang province, became the latest internet sensation, with its exquisite ice sculptures attracting over 3 million visitors during the three-day New Year holiday.
Source: CGTV
China approves new drug against Alzheimer’s
Summary: China has approved the Leqimbi drug to treat Alzheimer’s, becoming only the third country after the US and Japan to fast track its sale to treat the irreversible and progressive brain disorder.
Source: Reuters
China steals crown from US for most branded coffee shops
Summary: China has seen the number of branded coffee shops increase by 58% over the past year to overtake the US as the country with the most branded coffee shops. There are almost 50.000 branded coffee shops in China.
Source: Guardian
BUSINESS
2023 vehicle sales exceeds 30 million units
Summary: China’s automobile sales exceeded 30 million units in 2023, setting a record high. Among them, 4.91 million units were exported, making China the largest auto exporter in the world.
Source: China Daily
Danish companies more optimistic about China prospects
Summary: Danish companies have raised the outlook on their immediate market prospects in China, according to the DBOC survey for Q4. While the majority remain skeptical, respondents based in Denmark and SMEs are more positive than before.
Source: Danish Trade Council
Nvidia will produce AI chip for China market
Summary: Nvidia plans to begin mass production of an AI chip designed for the Chinese market in the second quarter of 2024. The new chip will be made to comply with U.S. sanctions on exports of high-tech equipment to China.
Source: Reuters
ECONOMIC GROWTH
QUICK TAKE
The World Bank has lifted the forecast for global growth in 2023, citing better-than-expected reliance on major economies such as China and the U.S. China’s growth rate is projected to reach 5.6% in 2023, an increase from the earlier forecast of 5.1%.
KEY ECONOMIC INDICATORS
QUICK TAKE
- GDP grows 1.3% q/q in Q3, following revised Q2 growth of 0.5%.
- China’s economic growth is projected to reach 5.3 percent in 2024, compared to a 4.5 per cent projection by the World Bank, citing a report by Chinese Academy of Sciences.
UPCOMING EVENTS
25 JANUARY 2024
Highlights from Taiwan election
At this webinar, we take a close look at Taiwan’s presidential election. The outcome of the election could have major political and economic consequences. Not just for Taiwan, but across the world. Will its government continue to pursue a confrontational line towards Beijing under the new president, William Lai? What should the international business community expect in terms of Taiwan’s attraction as an economic partner?
29 FEBRUARY 2024
1-1 talk with Simon Lichtenberg
Join our exclusive conversation with Simon Lichtenberg, CEO and Founder of Trayton Group. Simon is one of the most successful Danish entrepreneurs and businesspeople in China. Learn his thoughts on do’s and don’t’s when operating in a market characterized by intransparency, tough competition, and local protectionism. Why do some foreign businesses record massive profits in China, while many others find it almost impossible to penetrate the market?
Visit SenseChina.dk to see all upcoming events and watch recordings of past events.