China News - 4 May 2023
International
UK wants to reinvigorate ties with Hong Kong, says Consul General. Brian Davidson, British consul general to Hong Kong and Macau, has said difficult issues should be ‘subjected more to honest behind-the-scenes discussions with less megaphone diplomacy’. Jeffie Lam. South China Morning Post, 4 May
Australian Prime Minister and UK Defence Secretary visit the shipyard where AUKUS nuclear submarines will be built. Anthony Albanese was joined by Ben Wallace on a trip to Barrow-in-Furness shipyard. Gov.uk, 3 May
Senate votes in favour of reinstating tariffs on solar panels found to violate US trade rules. The Biden administration had temporarily halted tariffs to ensure adequate supply for combating climate change. President Biden has said that he will veto the measure, and a two-thirds majority of lawmakers in both houses would be needed to override him. Ana Swanson. The New York Times, 3 May
Washington grants concession to Beijing over flights. The Department of Transportation on Wednesday issued an order allowing Chinese carriers to boost their weekly round-trip flights from eight to 12, matching the number of flights to China that US carriers have. Demetri Savastopulo. Financial Times, 3 May
US Select Committee on the CCP launch investigation into Adidas, Nike, Shein and Temu over UFLPA compliance. House Select Committee Chairman Mike Gallagher (R-Wisc.) and Ranking Member Raja Krishnamoorthi (D-Ill.) have sent letters to the four companies, querying where materials for products are sourced and what steps they have taken to examine their supply chains since the law was passed. A copy of the letters sent to Adidas and Nike were shared by the Committee on Twitter. Jarrell Dillard. Bloomberg, 3 May
China says its stand on Ukraine war ‘has not changed’ after UN vote. Beijing backed a resolution last week that described the conflict as ‘aggression by the Russian Federation’. But China’s mission to the UN says its vote was on the entire text and wasn’t an endorsement of that paragraph. Jack Lau. South China Morning Post, 4 May
UK Trade Remedies Authority launches two reviews into anti-dumping and countervailing measures on tyres imported from China. The TRA will determine whether injury to the UK industry would be likely to continue or recur if the measures were no longer applied. The UK’s retreading industry is estimated to contribute around £230 million to the UK economy each year and supports 5,500 UK jobs. Gov.uk, 3 May
Economy & tech
Chinese e-commerce company behind Pinduoduo and Temu has relocated headquarters to Ireland. PDD Holdings listed an address in Dublin as its ‘principal executive offices’ in latest filings with the US SEC. The move comes as Temu attracts scrutiny from US lawmakers for potential ties to Xinjiang. Pinduoduo is still based out of Shanghai while Temu is headquartered in Boston. Louise Matsakis. Semafor, 3 May
Multinationals add China-Taiwan risk clauses to contracts. Experts say companies increasingly concerned about legal and commercial fallout from potential conflict in the region. Echo Wong and Pak Yiu. Financial Times, 3 May
TSMC may charge 30 percent more for chips made at US fabs. TSMC reportedly wants to cover some of the cost of setting up its Arizona fabs using $15 billion in government subsidies from the CHIPS Act funding pool. Adrian Potoroaca. Techspot, 3 May
Opinion & long reads
New rules curbing US investment in China will be tricky to implement. Analysis of the challenges that face the Biden administration as it seeks to clarify economic and security policies towards China. Martin Chorzempa. Peterson Institute for International Economics, 3 May
The Global Development Finance Agenda and the G7 Hiroshima Summit. A comprehensive assessment of the G7’s infrastructure financing initiatives to counter China. Conor M. Savoy. CSIS, 3 May
Britain cannot stand idly by as China wages the autocracies' war on journalism. Co-founder and Chief Executive of Hong Kong Watch issues a call to action. Benedict Rogers. The Telegraph, 3 May
Born in Asia but Based in Britain, HSBC Fights to Stay in One Piece. A rundown of HSBC’s struggles ahead of its annual shareholder meeting tomorrow. Michael J. de la Merced. The New York Times, 4 May