Tag: Economy

Taiwan-Lithuania Ties Face Uncertainty Two Years After Taiwan Office Opened

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TALLINN, ESTONIA —  Two years after Taiwan opened a representative office in Lithuania, officials from both sides stress progress in bilateral relations while analysts cite risks that the deepened engagement could be affected by domestic political shift in Lithuania. “After two years of engagement with Taiwan, we have some specific agreements with Taiwanese companies and organizations, especially in the field of semiconductors, but we shouldn’t neglect the risk of some changes in Lithuania’s current relationship with Taiwan and China caused by domestic political shifts,” Tomas Janeliunas, an international relations professor…

Biden, Xi Compete for Partnership With Asia-Pacific at Summit

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US President Joe Biden on Thursday stressed the strength of America’s economic growth in a bid to sway 19 Asia-Pacific economies to partner with the U.S. — as China’s leader did the same at this week’s gathering of Asian leaders and powerful CEOs. The business world is asking: Why not both? VOA’s Anita Powell reports from San Francisco. Voice of America

China’s Discount E-Commerce Retailers Bank on South Korea

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washington —  China’s e-commerce retailers, faced with weak domestic consumption, are targeting inflation-battered South Korean customers who want low-cost items despite possible human rights violations associated with their production. South Korea’s e-commerce purchases from companies in China such as AliExpress and Temu will surpass online purchases from the United States this year for the first time if soaring sales continue in the fourth quarter. In the first three quarters of the year, South Koreans made online purchases worth more than $3.5 billion from sellers outside the country. China accounted for…

China’s ‘Singles Day’ Shopping Bonanza Loses its Luster

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BEIJING —  China’s annual “Singles Day” sales bonanza wraps up at midnight Saturday, but consumers this year appear largely unswayed by its flashy deals and discounts as the world’s second-largest economy slows. Conceived by tech giant Alibaba, “Singles Day” — which this year spanned well over a week — was launched in 2009 and has since ballooned into a yearly blockbuster retail period. Sales for last year’s Singles Day reached $153 billion, according to a recent report by consultancy firm Bain. But among consumers surveyed by Bain this year, 77%…

US Treasury Secretary to Meet Chinese Vice Premier, in What Analysts See as Act of Diplomacy 

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U.S. Treasury Secretary Janet Yellen kicks off two days of talks with Chinese Vice Premier He Lifeng Thursday as the U.S. looks to manage tensions with Beijing and keep dialogue open on a range of issues from climate change to trade and defense. Following Yellen’s meetings on Thursday and Friday, presidents Joe Biden and Xi Jinping are expected to meet next week on the sidelines of the Asia-Pacific Economic Cooperation, or APEC, forum in San Francisco. Analysts say Yellen’s meeting with He is the latest attempt to ensure that China…

African Businesses Navigate Trade With US and China

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African leaders are pushing for renewal of a preferential U.S. trade policy, set to expire in 2025, that allows them duty-free access to the U.S. market. Kate Bartlett spoke with U.S. trade representative Katherine Tai about U.S.-China competition at the annual summit of the African Growth and Opportunity Act in Johannesburg and visited a factory that does business with both countries. Camera — Zaheer Cassim. Voice of America

US Takes Up China’s Infrastructure Mantel in Africa

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JOHANNESBURG —  This week, the U.S. State Department confirmed that Washington’s plan to refurbish and extend the Lobito Corridor — a railway that will run through mineral-rich Zambia and the Democratic Republic of Congo to an Atlantic port in Angola — is moving full steam ahead. Such ambitious infrastructure investments by other powers in Africa have been derailed in the past. For years, China has tried with mixed results to increase its influence in Africa and boost trade connectivity by investing in ports and railways. Debt-incurring or unfinished projects undertaken…

Debt-Laden Local Governments in China Encouraging Start Ups

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WASHINGTON/TAIPEI, TAIWAN —  Amid rising debts, authorities in China’s coastal province of Jiangsu are encouraging workers at state-owned enterprises to participate in “off-duty entrepreneurships” and take leave without pay to start their own businesses. News of the new measure came ahead of China’s two-day Central Financial Work Conference, attended by President Xi Jinping, who pledged to set up a long-term mechanism to resolve debt risks tied to local authorities and signaled a willingness to expand central government borrowing. China’s local government debt reached 92 trillion yuan ($12.58 trillion), equal to…

Traders, Consumers in Zambia Have Mixed View on Chinese Imports

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Zambian authorities say trade between the country and China increased to more than $5 billion in 2022, bringing an influx of Chinese products into local markets. Some Zambians appreciate having more choices, but others aren’t happy about the competition. Kathy Short reports from Lusaka. VOA footage by Richard Kille. Voice of America