Paytm, a popular payment app in India, faces government restrictions on business because of its Chinese connections, local media say. India is ramping up scrutiny and restrictions on other Chinese tech companies, too, amid concerns about security and geopolitics. Henry Wilkins has the story from Mumbai. Voice of America
Two Chinese-linked online marketplaces are shaking up the e-commerce market with extremely low prices, even as the firms face concerns from consumers about labor practices. The rapid rise in popularity of Temu and SHEIN has been so sudden that Amazon now sees the two firms as its biggest rivals, according to a recent report by The Wall Street Journal. China-operated Temu launched in September 2022 and now has 51 million U.S. users, while Chinese-founded fashion and lifestyle retailer SHEIN has almost 14 million U.S. downloads. Christopher Tang, a professor at…
China on Friday imposed a levy on imports of an acid from the United States widely used in food, feed, pesticides and medical fields, amid heightened tensions with Washington over bilateral trade. From Saturday, imports of propionic acid from the United States will be subject to a levy of 43.5%, the Ministry of Commerce said in a statement, after a July investigation found the Chinese domestic propionic acid industry was “materially damaged.” A trade dispute between the world’s two biggest economies has been intensifying despite recent diplomatic visits. In a…
SCRANTON, Pa. — President Joe Biden is calling for a tripling of tariffs on steel from China to protect American producers from a flood of cheap imports, an announcement he planned to roll out Wednesday in an address to steelworkers in the battleground state of Pennsylvania. The move reflects the intersection of Biden’s international trade policy with his efforts to court voters in a state that is likely to play a pivotal role in deciding November’s election. President Joe Biden speaks at a campaign event, April 16, 2024, in Scranton,…
German Chancellor Olaf Scholz is calling for fair competition in trade with China while urging the European Union to not adopt protectionist policies against Beijing. The bloc has been considering tariffs amid concerns about Chinese goods being dumped on European markets and overproduction. Scholz is in China on a three-day visit. He is expected to meet with President Xi Jinping Tuesday in Beijing before ending his trip, which is his second to China since taking office in 2021. According to the Reuters news agency, Beijing is expected to urge Berlin…
In the port of Benguela on Angola’s Pacific coast, fishermen and fish traders are struggling to make ends meet. They say their catch is getting smaller and they blame illegal fishing by Chinese trawlers. For Joao Marcos, Barbara Santos has this report. (Mayra de Lassalette contributed) Voice of America
BEIJING — U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity. Yellen told a media conference that U.S. President Joe Biden would not allow a repeat of the “China shock” of the early 2000s, when a flood of Chinese imports destroyed about 2 million American manufacturing jobs. She did not, however, threaten new tariffs or other trade actions…
TAIPEI, TAIWAN — The United States and China have agreed to hold talks and create two economic groups focused on a wide range of issues — including addressing American complaints about China’s economic model, growth in domestic and global economies and efforts against money laundering — according to a statement released Saturday by the U.S. Treasury Department. The agreement comes on the second day of an official visit to China by U.S. Treasury Secretary Janet Yellen, during which she has urged Chinese leaders to change their domestic manufacturing policies. The…
Trading in shares of Chinese property developer Country Garden was suspended Tuesday in Hong Kong, amid financial woes stemming from the ongoing Chinese housing crisis. The announcement came days after the company, which used to be one of China’s biggest developers, postponed the release of its 2023 annual results. In a Hong Kong exchange filing Tuesday, Country Garden said, “At the request of the company, trading in the shares of the company on the stock exchange will be suspended … pending publication of the 2023 Annual Results.” Last Thursday, the…
Brushing off domestic economic headwinds, a top Communist Party official said Thursday that China aims to drive the world’s recovery this year by pushing forward reforms and making tech innovation a new point of growth. The remarks from Zhao Leji, who chairs the Standing Committee of the National People’s Congress, come as foreign investment in the country is falling and it grapples with issues that include high youth unemployment, ballooning debt and a crisis in the property market. Speaking to businesspeople and other leaders at the Boao Forum for Asia,…