Chinese officials are under increasing pressure to halt the recent decline in stock prices, which is deepening a crisis of confidence in the world’s second-largest economy. Can China turn things around before it's too late?

China's $6.5 trillion stock rout worsens economic peril for Xi

#Gravitas | An environmental crisis is unfolding in Tibet that could spark a wave of disaster across Asia. Two lakes, Siling and Bange, on the Tibetan Plateau, normally are four miles apart but are expected to merge for the first time in 4000 years by 2030, raising fears of ripple effects that could devastate ecosystems, water flows, and political relations in the region.

China Destroys Tibet Lakes in Water Wars

The United States and China held&nbsp;theatre-level&nbsp;commander talks for the first time on Tuesday (Sep 10), Chinese authorities said, amid efforts to stabilise military ties and avoid misunderstandings, especially in regional hot spots such as the South China Sea.

Washington seeks to open new channels of regular military communication with Beijing since ties sank to a historic low after the United States downed a suspected Chinese surveillance balloon last year.

Admiral Sam Paparo, head of the US Indo-Pacific Command, held a video telephone call with his counterpart Wu Yanan of the Southern Theater Command of the People's Liberation Army (PLA).

The US Indo-Pacific Command's areas of responsibility include the South China Sea and the Taiwan Strait, two hot spots for regional tension that are also flashpoints in US-China bilateral ties.

<a href="https://www.wionews.com/videos/us-companies-report-insufficient-demand-in-china-world-business-watch-wion-756832">Watch |&nbsp;U.S. companies report ‘insufficient demand’ in China | World Business Watch</a>

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Both sides had an "in depth exchange of views on issues of common concern," the Chinese defence ministry said in a readout.

Paparo urged the PLA "to reconsider its use of dangerous, coercive, and potentially escalatory tactics in the South China Sea and beyond", the Indo-Pacific Command said in a statement that described the exchange as "constructive and respectful".

He also stressed the importance of continued talks to clarify intent and reduce the risk of misperception or miscalculation.

The call followed a meeting in Beijing last month between US National Security Adviser Jake Sullivan and Chinese leader Xi Jinping's leading military adviser, at which the talks were agreed.

US and Chinese troops were also taking part in large-scale military exercises led by the Brazilian Armed Forces this week in the Brazilian city of Formosa in the state of Goiás.

American and Chinese troops had not trained side by side since 2016, when Beijing participated in the Rim of the Pacific Exercise, or Rimpac, led by the U.S. Indo-Pacific Command.

<a href="https://www.wionews.com/opinions-blogs/indo-pacific-is-regaining-salience-amid-west-asia-crisis-us-china-strategic-contestation-711405">Also read |&nbsp;Indo-Pacific is regaining salience amid West Asia crisis, US-China strategic contestation</a>

Most two-way military engagements between the US and China were suspended for almost two years after Nancy Pelosi, then speaker of the US House of Representatives, visited Taiwan in August 2022.

"I certainly worry about an unintended conflict between our military forces, an accident, an accidental collision," Nicholas Burns, the U.S. ambassador to China, told the magazine Foreign Policy in an online interview.

Later this week, the United States plans to send a senior Pentagon official to a major security forum in China.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The United States and China held theatre-level commander talks for the first time on Tuesday (Sep 10), Chinese authorities said, amid efforts to stabilise military ties and avoid misunderstandings, especially in regional hot spots such as the South China Sea.

The United States and China held theatre-level commander talks for the first time on Tuesday (Sep 10), Chinese authorities said, amid efforts to stabilise military ties and avoid misunderstandings, especially in regional hot spots such as the South China Sea. Washington seeks to open new channels of regular military communication with Beijing since ties sank to a historic low after the United States downed a suspected Chinese surveillance balloon last year. Admiral Sam Paparo, head of the US Indo-Pacific Command, held a video telephone call with his counterpart Wu Yanan of the Southern Theater Command of the People's Liberation Army (PLA). The US Indo-Pacific Command's areas of responsibility include the South China Sea and the Taiwan Strait, two hot spots for regional tension that are also flashpoints in US-China bilateral ties. Watch | U.S. companies report ‘insufficient demand’ in China | World Business Watch × Both sides had an "in depth exchange of views on issues of common concern," the Chinese defence ministry said in a readout. Paparo urged the PLA "to reconsider its use of dangerous, coercive, and potentially escalatory tactics in the South China Sea and beyond", the Indo-Pacific Command said in a statement that described the exchange as "constructive and respectful". He also stressed the importance of continued talks to clarify intent and reduce the risk of misperception or miscalculation. The call followed a meeting in Beijing last month between US National Security Adviser Jake Sullivan and Chinese leader Xi Jinping's leading military adviser, at which the talks were agreed. US and Chinese troops were also taking part in large-scale military exercises led by the Brazilian Armed Forces this week in the Brazilian city of Formosa in the state of Goiás. American and Chinese troops had not trained side by side since 2016, when Beijing participated in the Rim of the Pacific Exercise, or Rimpac, led by the U.S. Indo-Pacific Command. Also read | Indo-Pacific is regaining salience amid West Asia crisis, US-China strategic contestation Most two-way military engagements between the US and China were suspended for almost two years after Nancy Pelosi, then speaker of the US House of Representatives, visited Taiwan in August 2022. "I certainly worry about an unintended conflict between our military forces, an accident, an accidental collision," Nicholas Burns, the U.S. ambassador to China, told the magazine Foreign Policy in an online interview. Later this week, the United States plans to send a senior Pentagon official to a major security forum in China. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Top US, Chinese military commanders hold rare call to stabilise ties, avoid 'miscalculation'

A weird prehistoric bird 'Longipteryx', which has a beak filled with ultra-strong teeth, may have been eating fruits and not flesh in China&nbsp;120 million years ago.

The scientists from the Field Museum,&nbsp;Chicago, found fossilised fruit in the belly of this bird, which highlighted its diet.&nbsp;

This evidence suggested that Longipteryx did not eat fish but may have been eating insects along with fruits.&nbsp;

The study's lead author, Jingmai O'Connor, said, "Longipteryx is one of my favourite fossil birds, because it’s just so weird— it has this long skull, and teeth only at the tip of its beak."

The remains of the prehistoric bird were discovered in 2000 beneath Northwestern China and had left palaeontologists puzzled.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/bird-genes-store-memories-of-dinosaur-extiction-here-is-how-749319">Bird genes 'store' memories of dinosaur extinction: Here is how</a>

Dr O'Connor said that the evidence which has come up with the new theory didn't fit with the idea that they were eating fish.&nbsp;

"Longipteryx is one of my favourite fossil birds, because it's just so weird— it has this long skull, and teeth only at the tip of its beak," he said.&nbsp;

"There are other fossil birds, like Yanornis, that ate fish, and we know because specimens have been found with preserved stomach contents, and fish tend to preserve well. Plus, these fish-eating birds had lots of teeth, all the way along their beaks, unlike how Longipteryx only has teeth at the very tip of its beak. It just didn't add up," said O'Connor.&nbsp;

<h2>Prehistoric bird's puzzling diet</h2>

Dr O'Connor, during a trip to the Shandong Tianyu Museum of Nature in China, spotted two specimens which had something in the stomachs.&nbsp;

When he looked closer, he saw it was neither fish nor insects but the fruit from trees.&nbsp;

Because Longipteryx lived in a temperate climate, the researchers are not convinced by the argument that they ate fruit all year round, which means that they should have had a mixed diet.&nbsp;

Watch:&nbsp;China nature reserve seeks co-existence of wild birds &amp; power supply facilities

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"It’s always been weird that we didn’t know what they were eating, but this study also hints at a bigger picture problem in palaeontology, that physical characteristics of a fossil don’t always tell the whole story about what animal ate or how it lived," Dr O'Connor said.&nbsp;

The researchers discovered that Longipteryx's teeth were coated with a layer of enamel 50 microns thick.

"Tooth enamel is the hardest substance in the body, and Longipteryx's&nbsp;tooth enamel&nbsp;is 50 microns thick. That's the same thickness of the enamel on enormous predatory dinosaurs like Allosaurus that weighed 4,000 pounds, but Longipteryx is the size of a bluejay," said Alex Clark, co-author of the paper.

(With inputs from agencies)

A weird prehistoric bird 'Longipteryx', which has a beak filled with ultra-strong teeth, may have been eating fruits and not flesh in China 120 million years ago.

A weird prehistoric bird 'Longipteryx', which has a beak filled with ultra-strong teeth, may have been eating fruits and not flesh in China 120 million years ago. The scientists from the Field Museum, Chicago, found fossilised fruit in the belly of this bird, which highlighted its diet. This evidence suggested that Longipteryx did not eat fish but may have been eating insects along with fruits. The study's lead author, Jingmai O'Connor, said, "Longipteryx is one of my favourite fossil birds, because it’s just so weird— it has this long skull, and teeth only at the tip of its beak." The remains of the prehistoric bird were discovered in 2000 beneath Northwestern China and had left palaeontologists puzzled. Also Read: Bird genes 'store' memories of dinosaur extinction: Here is how Dr O'Connor said that the evidence which has come up with the new theory didn't fit with the idea that they were eating fish. "Longipteryx is one of my favourite fossil birds, because it's just so weird— it has this long skull, and teeth only at the tip of its beak," he said. "There are other fossil birds, like Yanornis, that ate fish, and we know because specimens have been found with preserved stomach contents, and fish tend to preserve well. Plus, these fish-eating birds had lots of teeth, all the way along their beaks, unlike how Longipteryx only has teeth at the very tip of its beak. It just didn't add up," said O'Connor. Prehistoric bird's puzzling diet Dr O'Connor, during a trip to the Shandong Tianyu Museum of Nature in China, spotted two specimens which had something in the stomachs. When he looked closer, he saw it was neither fish nor insects but the fruit from trees. Because Longipteryx lived in a temperate climate, the researchers are not convinced by the argument that they ate fruit all year round, which means that they should have had a mixed diet. Watch: China nature reserve seeks co-existence of wild birds & power supply facilities "It’s always been weird that we didn’t know what they were eating, but this study also hints at a bigger picture problem in palaeontology, that physical characteristics of a fossil don’t always tell the whole story about what animal ate or how it lived," Dr O'Connor said. The researchers discovered that Longipteryx's teeth were coated with a layer of enamel 50 microns thick. "Tooth enamel is the hardest substance in the body, and Longipteryx's tooth enamel is 50 microns thick. That's the same thickness of the enamel on enormous predatory dinosaurs like Allosaurus that weighed 4,000 pounds, but Longipteryx is the size of a bluejay," said Alex Clark, co-author of the paper. (With inputs from agencies)

This 'weird' prehistoric bird species ate fruit, not flesh in China, shows fossil analysis

China will train thousands of foreign law enforcement officers over the next 12 months, as a part of its efforts to position itself as a global security leader.&nbsp;

The country will also send police consultants to countries for conducting training to improve their law enforcement capabilities.&nbsp;

Minister of Public Security, Wang Xiaohong, told an annual global security forum on Monday, "We will [also] send police consultants to countries in need to conduct training to help them quickly and effectively improve their law enforcement capabilities."&nbsp;

<a href="https://www.wionews.com/world/xi-jinping-praises-indias-panchsheel-agreement-for-ending-global-conflicts-736237">Also read:&nbsp;Xi Jinping praises India's 'Panchsheel' agreement for ending global conflicts</a>

Xiaohong was speaking in the eastern city of Lianyungang and was addressing law enforcement representatives from 122 countries, regions, and international organisations such as Interpol.&nbsp;

However, the police have not provided the details on the officers or countries who will receive the training.&nbsp;

<h2>Global Security Initiative launched in 2022</h2>

Chinese leader Xi Jinping launched the Global Security Initiative (GSI) in 2022, which makes China a facilitator to "improve global security governance...and promote durable peace."&nbsp;

In the past year, China has already trained 2,700 foreign law enforcement officials.&nbsp;

Last year, China highlighted that the GSI sought to encourage greater cooperation between tertiary-level military and police academies, and was “willing to provide other developing countries with 5,000 training opportunities in the next five years to train professionals for addressing global security issues”.

Watch |&nbsp;China to improve anti-hacking protections by 2026

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However, some human rights groups have voiced concerns that recent training programmes for African police officers introduce Communist party-style authoritarian tactics, adding that they are majorly focused on protecting Chinese commercial interests in those countries, often connected to Beijing's state-run foreign investment programme, the Belt and Road Initiative.

Last year, China stated that the GSI sought to boost greater cooperation between tertiary-level military and police academics and was "willing to provide other developing countries with 5,000 training opportunities in the next five years to train professionals for addressing global security issues."

(With inputs from agencies)

China will train thousands of foreign law enforcement officers over the next 12 months, as a part of its efforts to position itself as a global security leader. The country will also send police consultants to countries for conducting training to improve their law enforcement capabilities.

China will train thousands of foreign law enforcement officers over the next 12 months, as a part of its efforts to position itself as a global security leader. The country will also send police consultants to countries for conducting training to improve their law enforcement capabilities. Minister of Public Security, Wang Xiaohong, told an annual global security forum on Monday, "We will [also] send police consultants to countries in need to conduct training to help them quickly and effectively improve their law enforcement capabilities." Also read: Xi Jinping praises India's 'Panchsheel' agreement for ending global conflicts Xiaohong was speaking in the eastern city of Lianyungang and was addressing law enforcement representatives from 122 countries, regions, and international organisations such as Interpol. However, the police have not provided the details on the officers or countries who will receive the training. Global Security Initiative launched in 2022 Chinese leader Xi Jinping launched the Global Security Initiative (GSI) in 2022, which makes China a facilitator to "improve global security governance...and promote durable peace." In the past year, China has already trained 2,700 foreign law enforcement officials. Last year, China highlighted that the GSI sought to encourage greater cooperation between tertiary-level military and police academies, and was “willing to provide other developing countries with 5,000 training opportunities in the next five years to train professionals for addressing global security issues”. Watch | China to improve anti-hacking protections by 2026 × However, some human rights groups have voiced concerns that recent training programmes for African police officers introduce Communist party-style authoritarian tactics, adding that they are majorly focused on protecting Chinese commercial interests in those countries, often connected to Beijing's state-run foreign investment programme, the Belt and Road Initiative. Last year, China stated that the GSI sought to boost greater cooperation between tertiary-level military and police academics and was "willing to provide other developing countries with 5,000 training opportunities in the next five years to train professionals for addressing global security issues." (With inputs from agencies)

China to train thousands of foreign law enforcement officers to pose itself as global security leader

In August, China witnessed a significant milestone in its automotive industry as electric vehicles (EVs) accounted for more than half of all vehicle sales for the second consecutive month. This achievement occurred despite an overall decline in vehicle sales across the world's largest automotive market.

&nbsp;

According to data from the China Passenger Car Association (CPCA), sales of electric vehicles – a category that encompasses both fully battery-powered models and hybrid vehicles combining petrol and battery engines – experienced a substantial increase of 43.2 per cent, reaching 1.03 million units in August. This impressive figure represented 53.9 per cent of total nationwide vehicle deliveries, marking the second month in a row where EVs outsold traditional petrol-powered vehicles. For comparison, the EV adoption rate in July stood at 51.1 per cent.

&nbsp;

This data shows the rapid pace at which Chinese consumers are embracing electric mobility. The shift is being driven by fierce competition among numerous carmakers, who are vying to offer EVs with extended range, rapid charging capabilities, and advanced smart features, often at significantly discounted prices. The speed of this transition may even surpass projections made by financial institutions such as UBS, which had forecast that three out of every five new vehicles would be electrically powered by 2030.

&nbsp;

The accelerating adoption of EVs is casting a shadow over manufacturers of internal combustion engine vehicles. Sales of traditional petrol-powered cars dropped to 870,000 units in August, representing a substantial 28 per cent decrease compared to the same period last year. The overall automotive market experienced a slight contraction, with total sales declining by 1 per cent to 1.91 million units in August, as reported by the CPCA.

&nbsp;

Government incentives have played a crucial role in making EVs more attractive to consumers. The CPCA noted that buyers can receive up to 20,000 yuan (approximately USD 2,808) per vehicle when replacing a petrol-powered car with an EV, following a July announcement that doubled the previous incentive from April. Currently, the subsidy for switching from petrol engines to electric vehicles stands at 15,000 yuan per vehicle.

&nbsp;

Eric Han, a senior manager at Suolei, an advisory firm based in Shanghai, commented on the impact of these incentives, "Since EV buyers can receive 5,000 yuan more than the buyers of petrol cars, electric car assemblers stand to benefit from the new policy. A rapid increase of EV ownership has made it difficult for many conventional carmakers to survive the fierce competition."

&nbsp;

China's dominant position in the global EV market is further emphasised by the fact that sales of pure electric and hybrid cars in the country accounted for 65 per cent of the global total in the first half of this year.

&nbsp;

Breaking down the EV sales figures for August, hybrid EVs experienced a remarkable year-on-year surge of 96.9 per cent, reaching 444,000 units. This represents 43.2 per cent of total EV sales, a slight decrease of 1.9 percentage points from the previous month.

&nbsp;

BYD, the world's largest EV manufacturer, achieved a record-breaking performance in August, delivering 373,083 cars to customers both domestically and internationally. This figure represents a 36 per cent increase compared to the same period in 2023, solidifying BYD's position as the leading seller among both EV and petrol car manufacturers.

&nbsp;

However, despite the growing adoption of EVs, most Chinese electric car manufacturers – with the exceptions of BYD and Li Auto, Tesla's closest competitor in mainland China – are yet to achieve profitability. This is largely due to an intense price war in the market.

&nbsp;

BYD reported last month that its gross margin had narrowed by 3.2 percentage points to 18.7 percent in the second quarter of 2024, a direct result of price reductions. Similarly, Li Auto saw its gross margin contract by 1.1 percentage points to 19.5 percent in the quarter ending June, attributed to customer incentives.

&nbsp;

&nbsp;

In August, China witnessed a significant milestone in its automotive industry as electric vehicles (EVs) accounted for more than half of all vehicle sales for the second consecutive month.

In August, China witnessed a significant milestone in its automotive industry as electric vehicles (EVs) accounted for more than half of all vehicle sales for the second consecutive month. This achievement occurred despite an overall decline in vehicle sales across the world's largest automotive market. According to data from the China Passenger Car Association (CPCA), sales of electric vehicles – a category that encompasses both fully battery-powered models and hybrid vehicles combining petrol and battery engines – experienced a substantial increase of 43.2 per cent, reaching 1.03 million units in August. This impressive figure represented 53.9 per cent of total nationwide vehicle deliveries, marking the second month in a row where EVs outsold traditional petrol-powered vehicles. For comparison, the EV adoption rate in July stood at 51.1 per cent. This data shows the rapid pace at which Chinese consumers are embracing electric mobility. The shift is being driven by fierce competition among numerous carmakers, who are vying to offer EVs with extended range, rapid charging capabilities, and advanced smart features, often at significantly discounted prices. The speed of this transition may even surpass projections made by financial institutions such as UBS, which had forecast that three out of every five new vehicles would be electrically powered by 2030. The accelerating adoption of EVs is casting a shadow over manufacturers of internal combustion engine vehicles. Sales of traditional petrol-powered cars dropped to 870,000 units in August, representing a substantial 28 per cent decrease compared to the same period last year. The overall automotive market experienced a slight contraction, with total sales declining by 1 per cent to 1.91 million units in August, as reported by the CPCA. Government incentives have played a crucial role in making EVs more attractive to consumers. The CPCA noted that buyers can receive up to 20,000 yuan (approximately USD 2,808) per vehicle when replacing a petrol-powered car with an EV, following a July announcement that doubled the previous incentive from April. Currently, the subsidy for switching from petrol engines to electric vehicles stands at 15,000 yuan per vehicle. Eric Han, a senior manager at Suolei, an advisory firm based in Shanghai, commented on the impact of these incentives, "Since EV buyers can receive 5,000 yuan more than the buyers of petrol cars, electric car assemblers stand to benefit from the new policy. A rapid increase of EV ownership has made it difficult for many conventional carmakers to survive the fierce competition." China's dominant position in the global EV market is further emphasised by the fact that sales of pure electric and hybrid cars in the country accounted for 65 per cent of the global total in the first half of this year. Breaking down the EV sales figures for August, hybrid EVs experienced a remarkable year-on-year surge of 96.9 per cent, reaching 444,000 units. This represents 43.2 per cent of total EV sales, a slight decrease of 1.9 percentage points from the previous month. BYD, the world's largest EV manufacturer, achieved a record-breaking performance in August, delivering 373,083 cars to customers both domestically and internationally. This figure represents a 36 per cent increase compared to the same period in 2023, solidifying BYD's position as the leading seller among both EV and petrol car manufacturers. However, despite the growing adoption of EVs, most Chinese electric car manufacturers – with the exceptions of BYD and Li Auto, Tesla's closest competitor in mainland China – are yet to achieve profitability. This is largely due to an intense price war in the market. BYD reported last month that its gross margin had narrowed by 3.2 percentage points to 18.7 percent in the second quarter of 2024, a direct result of price reductions. Similarly, Li Auto saw its gross margin contract by 1.1 percentage points to 19.5 percent in the quarter ending June, attributed to customer incentives.

China’s EV sales account for more than 50 per cent sales alone

Russian Defence Ministry released footage of various types of missiles launched as part of ongoing naval drills conducted along with China. The war games involved over 400 Russian warships, submarines, and support vessels. Watch in for more details!

Russia launches various missiles as part of naval exercises with China

The death toll in Vietnam from Asia's worst storm this year reaches 143 with torrents of rain triggering floods and landslides, burying homes, sweeping away a bridge and now threatening the capital Hanoi.

Typhoon Yagi death toll soars to 143 amid mass evacuations in Hanoi

European enterprises operating in China have reached a critical juncture in their investment decisions, prompting urgent calls for action from Beijing to address the growing pessimism among these companies. According to the EU Chamber of Commerce in China, the future of European businesses in the country hangs in the balance, with many questioning whether to continue investing amidst a deteriorating business climate as detailed in a CNBC report.

"We truly believe we are at a critical juncture. If action is to be taken, it must occur now," remarked Jens Eskelund, the chamber's president, during a recent press briefing. This sentiment reflects the widespread concern among European businesses about the viability of their operations in China.

Deteriorating business climate and economic downturn; decline in Foreign Direct Investments<o:p></o:p>

The growth rate in China, the second-largest economy globally, has experienced a significant downturn. Despite its long-standing promises to enhance the business climate, China has not made substantial progress, leading to a sense of "promise fatigue" among foreign investors. This fatigue is highlighted in the chamber's latest position paper, which underlines the need for immediate and decisive measures from Beijing to restore confidence.

Data from China's Ministry of Commerce reveals a stark decline in foreign direct investment, plummeting by 29.6 per cent during the first seven months of the year compared to the previous year. This decline is attributed to an elevated baseline from the previous year, further worsening the concerns of foreign investors.

In response to the concerns raised by foreign businesses, Chinese authorities have made several policy adjustments. These include permitting foreign enterprises to fully own hospitals in select cities and regions, as well as conducting human stem cell research and treatments in designated areas. Additionally, the government has announced plans to relax restrictions on foreign investment in manufacturing, aiming to open the Chinese market further to overseas firms. 

However, these advancements, while positive, do not significantly impact European businesses. Jens Eskelund emphasized that despite these changes, optimism about profitability in China over the next two years remains at a record low among chamber members. "Perhaps there is a need to expedite the resolution of regulatory hurdles given the current market conditions, which do not seem to provide the same returns as they did prior to the pandemic," he stated.

Economic projections and long-term implications on the Chinese economy

Official projections indicate that China's economy is expected to expand by approximately 5 per cent this year. However, retail sales increased by only 2 per cent in June compared to the previous year and by 2.7 per cent in July. Imports measured in U.S. dollar terms saw a mere 0.5 per cent increase in August year-on-year, reflecting ongoing weak domestic demand.

While the long-term potential of China as a consumer market and its capabilities are not in question, the immediate need for concrete actions to infuse confidence among investors is paramount. "Long-term, I don’t think anyone truly questions the potential of China and its capabilities. That is not the issue here," Eskelund remarked. "We observe remarkable supply chains and recognize the long-term prospects of China as a consumer market. What we need is to witness concrete actions that infuse confidence, allowing us to believe that investments can be made within a reasonable timeframe".

<o:p>&nbsp;</o:p>

European enterprises operating in China have reached a critical juncture in their investment decisions, prompting urgent calls for action from Beijing to address the growing pessimism among these companies.

European enterprises operating in China have reached a critical juncture in their investment decisions, prompting urgent calls for action from Beijing to address the growing pessimism among these companies. According to the EU Chamber of Commerce in China, the future of European businesses in the country hangs in the balance, with many questioning whether to continue investing amidst a deteriorating business climate as detailed in a CNBC report. "We truly believe we are at a critical juncture. If action is to be taken, it must occur now," remarked Jens Eskelund, the chamber's president, during a recent press briefing. This sentiment reflects the widespread concern among European businesses about the viability of their operations in China. Deteriorating business climate and economic downturn; decline in Foreign Direct Investments The growth rate in China, the second-largest economy globally, has experienced a significant downturn. Despite its long-standing promises to enhance the business climate, China has not made substantial progress, leading to a sense of "promise fatigue" among foreign investors. This fatigue is highlighted in the chamber's latest position paper, which underlines the need for immediate and decisive measures from Beijing to restore confidence. Data from China's Ministry of Commerce reveals a stark decline in foreign direct investment, plummeting by 29.6 per cent during the first seven months of the year compared to the previous year. This decline is attributed to an elevated baseline from the previous year, further worsening the concerns of foreign investors. In response to the concerns raised by foreign businesses, Chinese authorities have made several policy adjustments. These include permitting foreign enterprises to fully own hospitals in select cities and regions, as well as conducting human stem cell research and treatments in designated areas. Additionally, the government has announced plans to relax restrictions on foreign investment in manufacturing, aiming to open the Chinese market further to overseas firms. However, these advancements, while positive, do not significantly impact European businesses. Jens Eskelund emphasized that despite these changes, optimism about profitability in China over the next two years remains at a record low among chamber members. "Perhaps there is a need to expedite the resolution of regulatory hurdles given the current market conditions, which do not seem to provide the same returns as they did prior to the pandemic," he stated. Economic projections and long-term implications on the Chinese economy Official projections indicate that China's economy is expected to expand by approximately 5 per cent this year. However, retail sales increased by only 2 per cent in June compared to the previous year and by 2.7 per cent in July. Imports measured in U.S. dollar terms saw a mere 0.5 per cent increase in August year-on-year, reflecting ongoing weak domestic demand. While the long-term potential of China as a consumer market and its capabilities are not in question, the immediate need for concrete actions to infuse confidence among investors is paramount. "Long-term, I don’t think anyone truly questions the potential of China and its capabilities. That is not the issue here," Eskelund remarked. "We observe remarkable supply chains and recognize the long-term prospects of China as a consumer market. What we need is to witness concrete actions that infuse confidence, allowing us to believe that investments can be made within a reasonable timeframe".

European businesses in China face critical decision on future investments

Signs of a downward spiral of deflation in China's economy is emerging. This casts doubt on the future of the world's second-largest economy and prompts demands for swift intervention. While wages are falling, data released on Monday showed that consumer price increase was almost nonexistent through much of the economy, with the exception of food prices. Bloomberg economics and experts at BNP Paribas predict that the gross domestic product deflator, a more comprehensive indicator of economic prices, would likely continue its current five-quarter decline until 2025. That would be the longest period of deflation in china since data tracking started in 1993. It's a cycle the world has seen before in japan, starting in the 1990s during a period that came to be known as its "Lost decades."

China's deflation to sprial further

Russian and Chinese warships commence their joint drills in the Sea of Japan on Tuesday, part of a major naval exercise that President Putin said was the largest of its kind for three decades. Watch in for more details!

Russian and Chinese warships begin joint drills in the Sea of Japan

The Frankfurt trade fair, Automechanika, is witnessing a significant influx of Chinese automotive industry participants, with nearly 900 auto suppliers and several electric vehicle (EV) manufacturers from China showcasing their products and technologies. This substantial presence shows the Chinese automotive sector's determination to expand its global footprint and counteract declining domestic profits, despite looming trade barriers in international markets.

&nbsp;

The event, which traditionally focuses on suppliers, has been expanded this year to include an "EV Expo" featuring Chinese carmakers such as BYD, Geely, Hongqi, and GAC International. This addition was organised in collaboration with the China Council for the Promotion of International Trade, highlighting the growing importance of Chinese EV manufacturers in the global automotive landscape.

&nbsp;

Geely, represented by Senior Vice-President Victor Yang, demonstrated a particularly strong commitment to the European market. Despite facing potential tariffs of up to 19.3 per cent on its China-made EVs under proposed European Commission plans, Yang emphasised Geely's unwavering dedication to Europe.

He stated, "Even if some in Europe turn against us, we will never turn against the European market," underscoring the company's resolve to maintain and grow its presence in the region. Yang reported that Geely sold approximately 200,000 cars in Europe during the first half of the year, indicating the company's significant market penetration.

&nbsp;

The Chinese auto industry's investment in overseas expansion comes at a time when both Europe and North America are implementing trade barriers to curb the influx of China-made EVs. These measures are based on allegations that Chinese EVs benefit from unfair subsidies, creating a challenging environment for Chinese manufacturers seeking to expand globally.

&nbsp;

Olaf Musshoff, Automechanika's director, explained that the inclusion of the EV Expo aims to build trust and familiarity with Chinese-made EVs in the industry. This move reflects the growing influence of Chinese automakers in the European market, where their share of passenger car sales has increased from 12 per cent to 17 per cent in the first seven months of 2024, according to data from automotive consultancy Inovev.

&nbsp;

The overwhelming presence of Chinese suppliers at the fair - almost double the number of German suppliers in attendance - highlights their increasingly crucial role in the global supply chain. This shift is particularly significant as Chinese carmakers explore local production options in Europe and other regions to navigate around trade tariffs.

&nbsp;

A recent PwC study has shed light on the challenges faced by German suppliers, noting that a focus on cost efficiency and limited access to capital are hindering their ability to invest in innovative technologies. In contrast, Chinese companies, often backed by state support, are more likely to invest in advancing battery and software technologies, potentially gaining market share from their German and Japanese counterparts.

&nbsp;

Despite these challenges, the scale and scope of Automechanika Frankfurt, featuring 4,200 companies from over 170 countries, reinforces Europe's continued importance as a hub for innovation in the automotive sector. Frank Schlehuber of Europe's supplier association CLEPA affirmed this sentiment, stating, "Frankfurt is still the centre of gravity."

The Frankfurt trade fair, Automechanika, is witnessing a significant influx of Chinese automotive industry participants, with nearly 900 auto suppliers and several electric vehicle (EV) manufacturers from China showcasing their products and technologies.

The Frankfurt trade fair, Automechanika, is witnessing a significant influx of Chinese automotive industry participants, with nearly 900 auto suppliers and several electric vehicle (EV) manufacturers from China showcasing their products and technologies. This substantial presence shows the Chinese automotive sector's determination to expand its global footprint and counteract declining domestic profits, despite looming trade barriers in international markets. The event, which traditionally focuses on suppliers, has been expanded this year to include an "EV Expo" featuring Chinese carmakers such as BYD, Geely, Hongqi, and GAC International. This addition was organised in collaboration with the China Council for the Promotion of International Trade, highlighting the growing importance of Chinese EV manufacturers in the global automotive landscape. Geely, represented by Senior Vice-President Victor Yang, demonstrated a particularly strong commitment to the European market. Despite facing potential tariffs of up to 19.3 per cent on its China-made EVs under proposed European Commission plans, Yang emphasised Geely's unwavering dedication to Europe. He stated, "Even if some in Europe turn against us, we will never turn against the European market," underscoring the company's resolve to maintain and grow its presence in the region. Yang reported that Geely sold approximately 200,000 cars in Europe during the first half of the year, indicating the company's significant market penetration. The Chinese auto industry's investment in overseas expansion comes at a time when both Europe and North America are implementing trade barriers to curb the influx of China-made EVs. These measures are based on allegations that Chinese EVs benefit from unfair subsidies, creating a challenging environment for Chinese manufacturers seeking to expand globally. Olaf Musshoff, Automechanika's director, explained that the inclusion of the EV Expo aims to build trust and familiarity with Chinese-made EVs in the industry. This move reflects the growing influence of Chinese automakers in the European market, where their share of passenger car sales has increased from 12 per cent to 17 per cent in the first seven months of 2024, according to data from automotive consultancy Inovev. The overwhelming presence of Chinese suppliers at the fair - almost double the number of German suppliers in attendance - highlights their increasingly crucial role in the global supply chain. This shift is particularly significant as Chinese carmakers explore local production options in Europe and other regions to navigate around trade tariffs. A recent PwC study has shed light on the challenges faced by German suppliers, noting that a focus on cost efficiency and limited access to capital are hindering their ability to invest in innovative technologies. In contrast, Chinese companies, often backed by state support, are more likely to invest in advancing battery and software technologies, potentially gaining market share from their German and Japanese counterparts. Despite these challenges, the scale and scope of Automechanika Frankfurt, featuring 4,200 companies from over 170 countries, reinforces Europe's continued importance as a hub for innovation in the automotive sector. Frank Schlehuber of Europe's supplier association CLEPA affirmed this sentiment, stating, "Frankfurt is still the centre of gravity."

China auto suppliers and EV makers participate in Germany's major trade fair

China's disappeared Foreign Minister Qin Gang has reportedly been demoted to low level publishing job. The Chinese Foreign Ministry has declined to comment on Qin’s current role. The Washington Post in its report cited two former US officials dealing the Fall From Grace of the Chinese Diplomat who was once called a 'Wolf Warrior'.

China's disappeared foreign minister demoted to low-level publishing job

Severe floods are set to hit northern Vietnam, including the capital Hanoi, following the devastating impact of Typhoon Yagi—the most powerful storm to strike Asia this year. Government officials warn of widespread inundation as the storm's deadly aftermath continues to unfold.

Typhoon Yagi: Floods inundate north Vietnam as death toll climbs

China's disappeared Foreign Minister Qin Gang has reportedly been demoted to low level publishing job. The Chinese Foreign Ministry has declined to comment on Qin’s current role/ Watch for more details.

China's disappeared foreign minister Qin Gang demoted to low-level publishing job

A new and robust partnership is emerging posing a formidable challenge to the West. As the conflict in Ukraine rages on Russia has forged an ever closer bond with the three nations China, Iran and North Korea. Watch in for more details!

Russia, China, Iran and North Korea forge stronger ties

China's disappeared Foreign Minister Qin Gang has reportedly been demoted to low level publishing job. Watch for more details.

Report: Qin Gang demoted to low-level publishing job

Asia's most powerful storm of 2024 has devastated Vietnam. The death toll as a result of typhoon Yagi has climbed to at least 60. Hundreds have been injured millions remain impacted as a result of the aftermath. Watch in for more details!

Typhoon Yagi: At least 60 killed, hundred injured in Vietnam

China has announced significant policy changes to attract foreign investment in its healthcare sector. According to a joint circular, foreign investors are now permitted to establish wholly foreign-owned hospitals in several major cities including Beijing, Shanghai, and Guangzhou, as well as in the Southern island province of Hainan.

China opens doors for foreign investment in major cities' hospitals

China's yearly growth target is under pressure. The reason: The country's consumer prices rose at a slower-than-expected rate last month. This adds to the evidence that officials are having trouble getting households to spend.

China's consumer prices rose less than expected in August

A "groundbreaking" nuclear power plant is being developed by Russia and China which is expected to support human settlements on the Moon in future.

A new report published by Russian news agency TASS, however, has suggested that India is also likely to become a part of this ambitious project in future.

The project, which has been led by Russia's state nuclear corporation Rosatom, is aimed at establishing a small nuclear reactor on the Moon which is expected to generate nearly half a megawatt of energy.

Also Read:&nbsp;<a href="https://www.wionews.com/science/historic-first-indias-chandrayaan-3-records-more-than-50-moonquakes-heres-what-it-means-757154">Historic first! India's Chandrayaan-3 records more than 50 moonquakes. Here's what it means</a>

Rosatom chief Alexey Likhachev has been quoted by TASS as saying that India and China have been interested in becoming a part of this groundbreaking lunar energy solution.

While addressing the Eastern Economic Forum, Likhachev said, “The new solution that we are asked to implement is the option of a lunar nuclear power plant with an energy capacity of up to half a megawatt.”

“By the way, with the involvement of the international community, our Chinese and Indian partners are very interested in this. We are trying to lay the foundation for several international space projects,” Likhachev added.

<h2>Russia's ambitious nuclear lunar mission and its future prospect</h2>

Russia’s space agency Roscosmos had earlier announced in May that they have been working on the nuclear power plant and it is intended to get deployed on the Moon by 2036.

The reactor is set to provide energy for the proposed lunar base on which Russia and China have been working jointly.

The lunar nuclear power plant's construction will be complex. Russia had earlier stated that it would be carried out autonomously and there would be no direct involvement of humans.

Watch:&nbsp;NASA astronaut stuck in space reports ‘strange noises’ coming from Starliner capsule

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/nasa-astronaut-stuck-in-space-reports-strange-noises-coming-from-starliner-capsule-755353/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The project's technological solutions are almost near completion and are now set to take a major leap forward in lunar exploration and energy production.

Russia and China have also been working on a joint lunar base known as the International Lunar Research Station (ILRS).

The station is set to become operational between 2035 and 2045 and will be “open to all interested countries and international partners.”

(With inputs from agencies)

A "groundbreaking" nuclear power plant is being developed by Russia and China which is expected to support human settlements on the Moon in future. A new report published by Russian news agency TASS, however, has suggested that India is also likely to become a part of this ambitious project in future.

A "groundbreaking" nuclear power plant is being developed by Russia and China which is expected to support human settlements on the Moon in future. A new report published by Russian news agency TASS, however, has suggested that India is also likely to become a part of this ambitious project in future. The project, which has been led by Russia's state nuclear corporation Rosatom, is aimed at establishing a small nuclear reactor on the Moon which is expected to generate nearly half a megawatt of energy. Also Read: Historic first! India's Chandrayaan-3 records more than 50 moonquakes. Here's what it means Rosatom chief Alexey Likhachev has been quoted by TASS as saying that India and China have been interested in becoming a part of this groundbreaking lunar energy solution. While addressing the Eastern Economic Forum, Likhachev said, “The new solution that we are asked to implement is the option of a lunar nuclear power plant with an energy capacity of up to half a megawatt.” “By the way, with the involvement of the international community, our Chinese and Indian partners are very interested in this. We are trying to lay the foundation for several international space projects,” Likhachev added. Russia's ambitious nuclear lunar mission and its future prospect Russia’s space agency Roscosmos had earlier announced in May that they have been working on the nuclear power plant and it is intended to get deployed on the Moon by 2036. The reactor is set to provide energy for the proposed lunar base on which Russia and China have been working jointly. The lunar nuclear power plant's construction will be complex. Russia had earlier stated that it would be carried out autonomously and there would be no direct involvement of humans. Watch: NASA astronaut stuck in space reports ‘strange noises’ coming from Starliner capsule The project's technological solutions are almost near completion and are now set to take a major leap forward in lunar exploration and energy production. Russia and China have also been working on a joint lunar base known as the International Lunar Research Station (ILRS). The station is set to become operational between 2035 and 2045 and will be “open to all interested countries and international partners.” (With inputs from agencies)

India to be part of 'groundbreaking' lunar nuclear plant set-up with Russia and China? Moscow says...

After coronavirus, a new virus called Wetland Virus (WELV) has now been found in China, and it can easily infect humans through tick bites, impact brains and lead to neurological disease in some cases.

In June 2019, WELV was first identified in a 61-year-old Jinzhou patient who had fallen ill after getting bitten by ticks in the wetlands in Inner Mongolia.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-officials-alarmed-as-man-catches-bird-flu-virus-without-animal-contact-756708">US officials alarmed as man catches bird flu virus without animal contact</a>

As per a report&nbsp;published in The New England Journal of Medicine, the patient, after getting infected by the virus, suffered from fever, headache, and vomiting and also developed symptoms resistant to antibiotics.

<h2>Tick-borne virus and its impact on humans&nbsp;</h2>

The tick-borne virus belongs to a group of viruses which is famous for getting transmitted by ticks. These viruses can cause severe illness in humans, like the Crimean-Congo hemorrhagic fever virus.

After the virus' initial discovery, a thorough investigation was conducted by the researchers and nearly 14,600 ticks were collected from different locations in northern China&nbsp;and it was discovered that 2 per cent of them tested positive for WELV genetic material.

The doctors also detected the virus in sheep, horses, pigs, and rodents, known as Transbaikal zokor.&nbsp;

The virus was known to cause cytopathic effects in human umbilical vein endothelial cells and also led to deadly infections in animal models.

The researchers further analysed blood samples collected from forest rangers in the region and found antibodies to WELV in around 12 out of 640 individuals.&nbsp;

After testing more patients with tick bites, 20 people were found positive for the virus and had symptoms like fever, dizziness, headache, nausea and diarrhoea.&nbsp;

As per the reports, one patient also went into a coma because of high white blood cell counts in the brain and spinal fluid.

Watch:&nbsp;Next Covid From China: Killer Virus Found in Chinese Fur Farms

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/next-covid-from-china-killer-virus-found-in-chinese-fur-farms-756566/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Even though all patients recovered after treatment, in the lab experiments carried out on mice it was observed that the virus can lead to lethal infections and also affect the nervous system, especially the brain.

"Taken together, these data suggest that a newly discovered orthonairovirus, WELV, is [pathogenic] to humans … and circulates among humans, ticks and various animals in northeastern China," stated the researchers.&nbsp;

"Improving surveillance and detection for emerging orthonairoviruses will allow a better understanding of the effect that these viruses have on human health," they added.

(With inputs from agencies)

After coronavirus, a new virus called Wetland Virus (WELV) has now been found in China, and it can easily infect humans through tick bites, impact brains and lead to neurological disease in some cases.

After coronavirus, a new virus called Wetland Virus (WELV) has now been found in China, and it can easily infect humans through tick bites, impact brains and lead to neurological disease in some cases. In June 2019, WELV was first identified in a 61-year-old Jinzhou patient who had fallen ill after getting bitten by ticks in the wetlands in Inner Mongolia. Also Read: US officials alarmed as man catches bird flu virus without animal contact As per a report published in The New England Journal of Medicine, the patient, after getting infected by the virus, suffered from fever, headache, and vomiting and also developed symptoms resistant to antibiotics. Tick-borne virus and its impact on humans The tick-borne virus belongs to a group of viruses which is famous for getting transmitted by ticks. These viruses can cause severe illness in humans, like the Crimean-Congo hemorrhagic fever virus. After the virus' initial discovery, a thorough investigation was conducted by the researchers and nearly 14,600 ticks were collected from different locations in northern China and it was discovered that 2 per cent of them tested positive for WELV genetic material. The doctors also detected the virus in sheep, horses, pigs, and rodents, known as Transbaikal zokor. The virus was known to cause cytopathic effects in human umbilical vein endothelial cells and also led to deadly infections in animal models. The researchers further analysed blood samples collected from forest rangers in the region and found antibodies to WELV in around 12 out of 640 individuals. After testing more patients with tick bites, 20 people were found positive for the virus and had symptoms like fever, dizziness, headache, nausea and diarrhoea. As per the reports, one patient also went into a coma because of high white blood cell counts in the brain and spinal fluid. Watch: Next Covid From China: Killer Virus Found in Chinese Fur Farms Even though all patients recovered after treatment, in the lab experiments carried out on mice it was observed that the virus can lead to lethal infections and also affect the nervous system, especially the brain. "Taken together, these data suggest that a newly discovered orthonairovirus, WELV, is [pathogenic] to humans … and circulates among humans, ticks and various animals in northeastern China," stated the researchers. "Improving surveillance and detection for emerging orthonairoviruses will allow a better understanding of the effect that these viruses have on human health," they added. (With inputs from agencies)

China virus alert! Newly-detected tick-borne virus can damage brain. Here's how

The Chinese automotive market has experienced a complex mix of trends in recent months, as revealed by the latest industry data from the China Passenger Car Association. August marked the fifth consecutive month of decline in passenger vehicle sales, with a 1.1 per cent year-on-year decrease to 1.92 million units. This decline, while persistent, shows a slight improvement from July's 3.1 per cent drop.

&nbsp;

In stark contrast to the overall market downturn, new energy vehicles (NEVs) - encompassing all-electric and plug-in hybrid models - have shown remarkable growth. NEV sales surged by 43.2 per cent compared to the previous year, reaching a record-breaking 53.5 per cent of total car sales. This growth was particularly bolstered by strong performances from domestic manufacturer BYD, which set a new sales record, and Tesla, which achieved its best month of sales in 2024.

&nbsp;

The export market for Chinese vehicles also demonstrated resilience, with a 24 per cent increase following July's 20 per cent rise. This suggests a growing international appetite for Chinese-made vehicles, potentially offsetting some of the domestic market challenges.

&nbsp;

However, the overall sales decline reflects a broader issue of waning consumer confidence in China. The association noted that first-time car purchases are lagging behind trade-ins, indicating a shift in consumer behaviour. To stimulate the market, the Chinese government has implemented subsidy programs. Drivers can receive up to 20,000 yuan (approximately USD 2,823) when trading in petrol-powered cars for NEVs, or up to 15,000 yuan when opting for smaller-engine alternatives.

&nbsp;

In response to these market conditions, local electric vehicle manufacturers like Nio and Xpeng have launched more affordable brands earlier this year, aiming to capture a wider consumer base amidst the economic downturn.

&nbsp;

Despite the growth in NEV sales, traditional dealerships are facing significant challenges. More than half of the dealerships reported losses in the first half of the year, with the proportion of loss-making dealerships increasing by 7.3 percentage points compared to the previous year. This financial strain was starkly illustrated by the delisting of China Grand Automotive Services, the country's second-largest dealership, from the Shanghai stock exchange in August after its stock price remained below par value for an extended period.

&nbsp;

These trends paint a picture of a rapidly evolving automotive market in China, where the shift towards electric and hybrid vehicles is accelerating, even as overall consumer spending on automobiles remains constrained. The situation underscores the complex interplay between changing consumer preferences, government policies, and broader economic conditions in shaping the future of China's automotive industry.

The Chinese automotive market has experienced a complex mix of trends in recent months, as revealed by the latest industry data from the China Passenger Car Association.

The Chinese automotive market has experienced a complex mix of trends in recent months, as revealed by the latest industry data from the China Passenger Car Association. August marked the fifth consecutive month of decline in passenger vehicle sales, with a 1.1 per cent year-on-year decrease to 1.92 million units. This decline, while persistent, shows a slight improvement from July's 3.1 per cent drop. In stark contrast to the overall market downturn, new energy vehicles (NEVs) - encompassing all-electric and plug-in hybrid models - have shown remarkable growth. NEV sales surged by 43.2 per cent compared to the previous year, reaching a record-breaking 53.5 per cent of total car sales. This growth was particularly bolstered by strong performances from domestic manufacturer BYD, which set a new sales record, and Tesla, which achieved its best month of sales in 2024. The export market for Chinese vehicles also demonstrated resilience, with a 24 per cent increase following July's 20 per cent rise. This suggests a growing international appetite for Chinese-made vehicles, potentially offsetting some of the domestic market challenges. However, the overall sales decline reflects a broader issue of waning consumer confidence in China. The association noted that first-time car purchases are lagging behind trade-ins, indicating a shift in consumer behaviour. To stimulate the market, the Chinese government has implemented subsidy programs. Drivers can receive up to 20,000 yuan (approximately USD 2,823) when trading in petrol-powered cars for NEVs, or up to 15,000 yuan when opting for smaller-engine alternatives. In response to these market conditions, local electric vehicle manufacturers like Nio and Xpeng have launched more affordable brands earlier this year, aiming to capture a wider consumer base amidst the economic downturn. Despite the growth in NEV sales, traditional dealerships are facing significant challenges. More than half of the dealerships reported losses in the first half of the year, with the proportion of loss-making dealerships increasing by 7.3 percentage points compared to the previous year. This financial strain was starkly illustrated by the delisting of China Grand Automotive Services, the country's second-largest dealership, from the Shanghai stock exchange in August after its stock price remained below par value for an extended period. These trends paint a picture of a rapidly evolving automotive market in China, where the shift towards electric and hybrid vehicles is accelerating, even as overall consumer spending on automobiles remains constrained. The situation underscores the complex interplay between changing consumer preferences, government policies, and broader economic conditions in shaping the future of China's automotive industry.

China car sales fall for fifth consecutive month

In continuance of China's massive ongoing diplomatic push, the Premier Li Qiang is set to travel to Saudi Arabia and the country's top Diplomat Wang Yi will visit Russia this week. Watch in for more details!

Chinese Premier Li Qiang set to travel to Saud Arabia this week

In a recent address, Paolo Gentiloni, the European Union's (EU's)&nbsp;outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges. Despite difficult forecasts predicting recessions and instability due to the Ukraine conflict, the EU's economy has shown signs of slow but steady growth.

Resilience in the face of challenges and navigating dynamics with China<o:p></o:p>

Gentiloni noted that the European economy managed to evade the alarming predictions of economic downturns. During an interview with CNBC at the Ambrosetti Forum, he further emphasised the European Union’s (EU's) need to balance its commitments to Ukraine while maintaining important trade relationships, particularly with China. This delicate balance is crucial as the EU navigates its future amidst complex geopolitical dynamics.

Emerging from the COVID-19 pandemic, the EU is now grappling with a cost-of-living crisis and high inflation, worsened by Russia's invasion of Ukraine and subsequent energy supply issues. Early indicators showed a Gross Domestic Product (GDP) growth of 0.3 per cent for the second quarter of this year. According to the European Commission, a GDP increase of 1 per cent is forecasted for 2024, driven by rising private consumption and a robust labour market.

The challenging trade situation of Europe with China remains a major issue that needs to be addressed soon. The recent tariff increases on Chinese electric vehicle imports, imposed to protect European industries, signify the EU's commitment to fair trade practices. Gentiloni highlighted the need for the incoming Commission to prioritize addressing relations with China, as trade issues coupled with support for Ukraine will define Europe's forthcoming strategies.

The EU's decision to impose tariffs on Chinese electric vehicles (EVs) was made to counter unfair subsidies that benefited Chinese manufacturers and posed a risk to European EV producers. This move has placed the EU in Beijing's sights, underscoring the need for careful navigation of these trade issues. Focus needs to be thrown on resolving differences and finding a reasonable solution.

Looking Ahead: Challenges and Opportunities<o:p></o:p>

The challenges ahead increase considerably due to the upcoming US elections and the uncertain political landscape in Europe. Gentiloni remained optimistic, indicating that even with a potential change in the US administration; he does not foresee significant shifts in economic ties. He emphasized the importance of supporting Ukraine and maintaining open international trade channels, which does not align with accepting China's stance on trade.

Gentiloni also cautioned that failure to enhance competitiveness, progress towards a capital markets union, and address defense challenges could render the evolving global landscape, making it extremely challenging for the Europeans. As he prepares to depart from his role, his commitment to contributing to European matters remains firm.

Hence, as Gentiloni prepares to leave the Commission, he has not yet revealed his future plans. However, he intends to contribute to European matters and perhaps engage in Italian politics. The left-leaning politician may face challenges from rising far-right support across Europe, which has prompted skepticism about the current Commission's ability to bring about needed changes.

Therefore, Europe's economy has demonstrated remarkable resilience in the face of difficult challenges. As it navigates the complicated landscape of global trade and geopolitical tensions, the EU must remain focused on its commitment to fair trade practices and support for Ukraine. The incoming Commission will need to prioritize these issues to ensure the continued growth and stability of the European economy.

In a recent address, Paolo Gentiloni, the European Union's (EU's) outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges.

In a recent address, Paolo Gentiloni, the European Union's (EU's) outgoing Commissioner for economy, highlighted the resilience of Europe's economy in the face of significant global challenges. Despite difficult forecasts predicting recessions and instability due to the Ukraine conflict, the EU's economy has shown signs of slow but steady growth. Resilience in the face of challenges and navigating dynamics with China Gentiloni noted that the European economy managed to evade the alarming predictions of economic downturns. During an interview with CNBC at the Ambrosetti Forum, he further emphasised the European Union’s (EU's) need to balance its commitments to Ukraine while maintaining important trade relationships, particularly with China. This delicate balance is crucial as the EU navigates its future amidst complex geopolitical dynamics. Emerging from the COVID-19 pandemic, the EU is now grappling with a cost-of-living crisis and high inflation, worsened by Russia's invasion of Ukraine and subsequent energy supply issues. Early indicators showed a Gross Domestic Product (GDP) growth of 0.3 per cent for the second quarter of this year. According to the European Commission, a GDP increase of 1 per cent is forecasted for 2024, driven by rising private consumption and a robust labour market. The challenging trade situation of Europe with China remains a major issue that needs to be addressed soon. The recent tariff increases on Chinese electric vehicle imports, imposed to protect European industries, signify the EU's commitment to fair trade practices. Gentiloni highlighted the need for the incoming Commission to prioritize addressing relations with China, as trade issues coupled with support for Ukraine will define Europe's forthcoming strategies. The EU's decision to impose tariffs on Chinese electric vehicles (EVs) was made to counter unfair subsidies that benefited Chinese manufacturers and posed a risk to European EV producers. This move has placed the EU in Beijing's sights, underscoring the need for careful navigation of these trade issues. Focus needs to be thrown on resolving differences and finding a reasonable solution. Looking Ahead: Challenges and Opportunities The challenges ahead increase considerably due to the upcoming US elections and the uncertain political landscape in Europe. Gentiloni remained optimistic, indicating that even with a potential change in the US administration; he does not foresee significant shifts in economic ties. He emphasized the importance of supporting Ukraine and maintaining open international trade channels, which does not align with accepting China's stance on trade. Gentiloni also cautioned that failure to enhance competitiveness, progress towards a capital markets union, and address defense challenges could render the evolving global landscape, making it extremely challenging for the Europeans. As he prepares to depart from his role, his commitment to contributing to European matters remains firm. Hence, as Gentiloni prepares to leave the Commission, he has not yet revealed his future plans. However, he intends to contribute to European matters and perhaps engage in Italian politics. The left-leaning politician may face challenges from rising far-right support across Europe, which has prompted skepticism about the current Commission's ability to bring about needed changes. Therefore, Europe's economy has demonstrated remarkable resilience in the face of difficult challenges. As it navigates the complicated landscape of global trade and geopolitical tensions, the EU must remain focused on its commitment to fair trade practices and support for Ukraine. The incoming Commission will need to prioritize these issues to ensure the continued growth and stability of the European economy.

Europe's economy defies difficult forecasts, still, faces new challenges

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink.

The 10 low Earth orbit satellites were launched from the Taiyuan Satellite Launch Centre in the northern province of Shanxi, Geespace said in a statement.

"With this latest launch, the constellation now includes 30 satellites, covering 90% of the globe with 24-hour communication services," Geespace said.

"This deployment marks the first time a Chinese commercial aerospace company has offered LEO satellite communication on a global scale," the company said.

The carmaker's Geely Technology Group established Geespace for research, launching, and operation of low-orbit satellites in 2018.

LEO satellites normally operate within altitudes of 300-2,000 km above the Earth's surface and enjoy relative advantages in cost and transmission efficiency compared with higher-orbit satellites.

Geespace launched its first 20 satellites into orbit in two separate launches, in 2022 and earlier this year.

Geespace intends to deploy a constellation of close to 6,000 LEO satellites that would be deployed to provide global broadband. The company called the satellite constellation "China's private equivalent to 'Starlink.'"

SpaceX's Starlink is an increasingly implemented commercial broadband constellation presently with approximately 5,500 satellites in space, used by consumers, companies, and government agencies.

Starlink, owned by billionaire Elon Musk, has tens of thousands of users in the US, with plans for tens of thousands more satellites for the system - already the largest of its kind.

Geespace's Friday satellite launch is part of the first construction phase for its constellation to be in orbit, servicing more than 200 million users globally by the end of 2025.

In the second phase, another 264 satellites will be added for mobile phone communications, and in the third phase, 5,676 satellites will be launched for high-speed broadband.

Geespace is one of many Chinese companies hoping to compete with Starlink.

Last month, state-owned Shanghai Spacecom Satellite Technology launched a batch of LEO satellites from Taiyuan for its "Thousand Sails Constellation," also known as the "G60 Starlink Plan".

It aims to launch 108 satellites this year, 648 satellites by the end of 2025, and have a total of 15,000 deployed before 2030.

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink.

Geespace, backed by Chinese automaker Geely, said on Friday that it launched a third batch of satellites to form a mega constellation, the China equivalent of US firm SpaceX's Starlink. The 10 low Earth orbit satellites were launched from the Taiyuan Satellite Launch Centre in the northern province of Shanxi, Geespace said in a statement. "With this latest launch, the constellation now includes 30 satellites, covering 90% of the globe with 24-hour communication services," Geespace said. "This deployment marks the first time a Chinese commercial aerospace company has offered LEO satellite communication on a global scale," the company said. The carmaker's Geely Technology Group established Geespace for research, launching, and operation of low-orbit satellites in 2018. LEO satellites normally operate within altitudes of 300-2,000 km above the Earth's surface and enjoy relative advantages in cost and transmission efficiency compared with higher-orbit satellites. Geespace launched its first 20 satellites into orbit in two separate launches, in 2022 and earlier this year. Geespace intends to deploy a constellation of close to 6,000 LEO satellites that would be deployed to provide global broadband. The company called the satellite constellation "China's private equivalent to 'Starlink.'" SpaceX's Starlink is an increasingly implemented commercial broadband constellation presently with approximately 5,500 satellites in space, used by consumers, companies, and government agencies. Starlink, owned by billionaire Elon Musk, has tens of thousands of users in the US, with plans for tens of thousands more satellites for the system - already the largest of its kind. Geespace's Friday satellite launch is part of the first construction phase for its constellation to be in orbit, servicing more than 200 million users globally by the end of 2025. In the second phase, another 264 satellites will be added for mobile phone communications, and in the third phase, 5,676 satellites will be launched for high-speed broadband. Geespace is one of many Chinese companies hoping to compete with Starlink. Last month, state-owned Shanghai Spacecom Satellite Technology launched a batch of LEO satellites from Taiyuan for its "Thousand Sails Constellation," also known as the "G60 Starlink Plan". It aims to launch 108 satellites this year, 648 satellites by the end of 2025, and have a total of 15,000 deployed before 2030.

China's Geespace deploys 10 low-orbit satellites, targeting Starlink’s market

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets. The analysts said this is going to pick up more pace.

Shanghai-based Guotai Junan Securities will acquire cross-town rival Haitong Securities in a share swap, the two firms said late on Thursday, pending regulatory and shareholder approval.

The combined entity, with 1.6 trillion yuan ($226 billion) in total assets, will dethrone Citic Securities to become China's largest brokerage. Trading in shares of Guotai Junan and Haitong was frozen on Friday.

In addition, both Haitong and Guotai Junan are controlled by companies running state assets for the Shanghai government.

Under the deal, Guotai Junan plans to issue new shares to investors in Haitong's mainland China and Hong Kong listed shares, according to exchange filings. Also, it will issue new shares in the onshore market to raise funds for the deal.

Huatai Securities said in a research note that the consolidation of China's brokerage industry is expected to accelerate, and it will be about firms with state shareholders taking centre stage.

Beijing has turned up the rhetoric about the need for reform in the brokerage sector with new directives to encourage mergers and acquisitions and restructuring in the industry where over 140 Chinese and foreign players compete.

The securities regulator of China announced in March it would work to cultivate about ten leading institutions in the next five years, or two to three internationally competitive investment banks and institutions, by 2035.

Since the end of last year, there have been notices regarding the M&amp;A between six pairs of smaller brokerages, such as, according to the official Shanghai Securities News, the merger between Ping An Securities and Founder Securities.

The latest announcement comes three months after Shanghai Communist Party Secretary Chen Jining called on Guotai Junan during a visit to the brokerage "to march toward becoming a globally competitive and influential investment bank."

The deal would also fuel market expectations of more mergers and acquisitions, potentially including deals involving CICC and Galaxy Securities, said Xu Kang, an analyst at Hua Chuang Securities.

Other possible mergers include those between Citic Securities and China Securities, Xu said.

Spokespersons for CICC, Galaxy Securities, Citic Securities, and China Securities did not immediately respond to Reuters requests for comment.

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets.

The deal combining two state-backed brokerages to make a sector leader in China with $230 billion in assets is part of Beijing's drive to consolidate the $1.7 trillion industry amid challenging markets. The analysts said this is going to pick up more pace. Shanghai-based Guotai Junan Securities will acquire cross-town rival Haitong Securities in a share swap, the two firms said late on Thursday, pending regulatory and shareholder approval. The combined entity, with 1.6 trillion yuan ($226 billion) in total assets, will dethrone Citic Securities to become China's largest brokerage. Trading in shares of Guotai Junan and Haitong was frozen on Friday. In addition, both Haitong and Guotai Junan are controlled by companies running state assets for the Shanghai government. Under the deal, Guotai Junan plans to issue new shares to investors in Haitong's mainland China and Hong Kong listed shares, according to exchange filings. Also, it will issue new shares in the onshore market to raise funds for the deal. Huatai Securities said in a research note that the consolidation of China's brokerage industry is expected to accelerate, and it will be about firms with state shareholders taking centre stage. Beijing has turned up the rhetoric about the need for reform in the brokerage sector with new directives to encourage mergers and acquisitions and restructuring in the industry where over 140 Chinese and foreign players compete. The securities regulator of China announced in March it would work to cultivate about ten leading institutions in the next five years, or two to three internationally competitive investment banks and institutions, by 2035. Since the end of last year, there have been notices regarding the M&A between six pairs of smaller brokerages, such as, according to the official Shanghai Securities News, the merger between Ping An Securities and Founder Securities. The latest announcement comes three months after Shanghai Communist Party Secretary Chen Jining called on Guotai Junan during a visit to the brokerage "to march toward becoming a globally competitive and influential investment bank." The deal would also fuel market expectations of more mergers and acquisitions, potentially including deals involving CICC and Galaxy Securities, said Xu Kang, an analyst at Hua Chuang Securities. Other possible mergers include those between Citic Securities and China Securities, Xu said. Spokespersons for CICC, Galaxy Securities, Citic Securities, and China Securities did not immediately respond to Reuters requests for comment.

China’s brokerage giants merge: Guotai Junan and Haitong lead $1.7 trillion industry shake-up

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