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China Update - US-China high-level economic talks - 17 November 2023
Following extensive talks with US Treasury Secretary Janet Yellen on 9-10 November, Chinese Vice Premier HE Lifeng said the two sides had reached “three important consensuses”.
China’s Economy Faces Challenges Ahead
The World Bank and UBS expect China’s 2024 GDP will grow 4.5%; Moody’s projected 5% is similar to forecasts by most Chinese economists.
Chinese Private Space Enterprise Completes Vertical Takeoff, Vertical Landing Rocket Test
In January, Chinese private space enterprise LandSpace completed a “hop test” of its Vertical Takeoff, Vertical Landing (VTVL) rocket at the Jiuquan Satellite Launch Center. This was another step in China’s efforts to become commercially competitive in reusable launch technology.
Boeing’s Challenges Press China's Emerging Aircraft Industry
On 27 January a Boeing 737 MAX 8 ordered by China Southern Airlines touched down in Guangzhou. This was the first delivery of a 737 MAX to China following a nearly five-year import ban.
China Pharma Market Demand for Diabetes and Weight Loss Drugs Expands
On 26 January China’s National Medical Products Administration announced that it had approved Novo Nordisk’s Rybelsus treatment for Type-2 diabetes, making it the first orally administrated GLP-1 receptor agonist drug available in the burgeoning Chinese market.
China’s renewable energy battery storage sector is enjoying a boom
China is forging ahead with new renewable energy systems – and battery storage technologies that are needed to store intermittent energy sources, such as wind and solar.
Italy confirms intention to leave China’s Belt and Road Initiative
Italy joined China’s BRI initiative in March 2019 despite heavy U.S. criticism, but as Rome’s presidency of the G7 approaches in March 2024, Italy Prime Minister Giorgia Meloni has formally announced that Italy will not renew its BRI accord, which is set to renew in the same month.
China Accelerates Space Dominance Pursuit
2024 is poised to be a pivotal year for China's space endeavors. A notable milestone will be the Chang'e 6 lunar mission to mark China's second attempt at returning lunar surface samples to Earth following the success of the Chang’e 5 mission in 2023.
Xi Jinping’s Anti-Graft Campaign Seeks To Deflect Economic Pressure
On 8 January Xi Jinping, who also is General Secretary of the Chinese Communist Party, addressed the annual meeting of the Party’s Central Commission for Discipline Inspection and pledged that the Party will show no leniency for corruption.
China’s 2024 Economic Roadmap Toward Self-Reliance
China’s annual Central Economic Work Conference (CEWC) held on 12-13 December 2023 analyzed China’s economic situation and concluded that favorable conditions outweighed unfavorable factors in China’s development and that the fundamental trend of economic recovery has a positive long-term outlook.
China Lifts Boeing 737 MAX Ban, but Scrutiny Increases
Boeing seemed poised to resume aircraft deliveries to China, but the recent Alaska Airlines incident and reported mechanical failures involving US Secretary of State Blinken’s 737 aircraft almost certainly will lead to greater technical scrutiny and possible delays.
China Gains Competitive Edge in Sodium-Ion EVs
On 5 January Anhui Jianghua Automobile (JAC) began deliveries of its Yiwei electric vehicle, which it claims is the world’s first mass-produced car powered by a sodium-ion battery.
US Seeks To Deter Use of Chinese EV Batteries
Beijing has criticized as “protectionist” the December 2023 US decision to deny tax credits to electric vehicles equipped with battery minerals or components originating from “Foreign Entities of Concern”; designated countries are China, Russia, Iran, and North Korea.
Taiwan’s Economic Decoupling From China Gains Traction
Taiwan’s policy of economic decoupling from China has resulted in the weakening of Taiwan’s economic ties to China, even though China remains Taiwan’s largest export destination and source of imports.
China faces technological self-sufficiency challenges as U.S. tightens export controls on AI-capable chips
New U.S. rules expand and strengthen existing export restrictions on advanced chips, and particularly those with AI capabilities, as China grapples with developing technological self-sufficiency.
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