China | Pixr8 News

22May By Lavina TolaniNo Comments

CHINA

China Cuts Down Auto Import Tariffs as Trade Fears Ease

China's Finance Ministry has announced to slash import tariffs for automobiles and car parts thus opening up greater access to the world’s largest auto market amidst easing of trade tensions with the US. The government will cut down imports to 15% from 25% which will be effective from 1 July as an effort to open up China’s markets and spur development of the local auto sector, as reported by Ministry of Finance. Interestingly, China had said last month that it would announce a timeline to remove long-standing caps on foreign ownership of automotive ventures by slashing auto tariffs soon. This move will particularly prove beneficial for overseas carmakers especially those that import premium-end cars to China like Tesla Inc, Daimler AG’s Mercedes-Benz and Germany’s BMW. China's Hig...

21May By Gauri SinghNo Comments

CHINA

China’s Meitu Pacts with British Museum to Launch a Woman’s Smartphone

China’s leading mobile internet company, Meitu along with the British Museum is all set to launch a limited edition smartphone by and large for the women. It brings forth Artificial Intelligence (AI) as well as beautification technology. It’s the first time that the British Museum has partnered with a smartphone company on a co-branded project. The design of the smartphone has been inspired by one of the best and famed Rococo artists named Antoine Watteau. The beautiful smartphone (a limited edition of Meitu’s V6) is priced at $1,101 (6,999 yuan). The sale of the phone starts from 20th May 2018. It is available from May 20 on jd.com and from May 30 at China Telecom retail stores. To add to the specifications, the smartphone has introduced Dual-pixel front camera fitted with Optica...

19May By Gauri SinghNo Comments

CHINA

COO Qi Lu walks away from Baidu

China’s top search engine Baidu stated that it’s former Microsoft executive Qi Lu will abdicate from his position and will no longer work for the same after July 2018. Talking about Baidu, it is a famous search engine based in China which is also known as the China's Google. They have rich experience in Chinese language searching and shares 80% of China search engine market. In a social media posting, Lu proclaimed that he joined the company in late 2016 and is now leaving the role in July due to some personal and family reasons. It’s been said that he is planning to spend more time with his family in the US. In this context, he stated, “For my next steps, I plan to work in research and investment areas, to help advance our shared mission to make a complex world simpler through te...

China to Buy $200 Billion of American Goods Amid Trade War Fears

18May By Sheldan RungasamyNo Comments

USA

China to Buy $200 Billion of American Goods Amid Trade War Fears

In a bid to release tensions between America and China concerning the trade war, China may be disposed to buy up to $200 billion worth of American goods in an initiative that will decrease the tremendous trade deficit with the US, according to several media reports. Donald Trump announced that he would impose 25% tariffs that would amount to $150 billion against imported products Made in China. To counter, the Chinese government targeted $50 billion against American exports. The threats have not yet been implemented as of yet as the two countries are still trying to find a common ground of accord before taking drastic decisions. Currently, China deployed a high-level delegation led by Vice Premier Liu He in Washington to negotiate with the White House. The talks will be held for two ...

14May By Lavina TolaniNo Comments

CHINA

JP Morgan Appoints a New CEO in China

American Investment Bank, JP Morgan Chase has appointed Mark Leung as the new chief executive officer for its China's business. As per banks statement, it is also seeking to create a securities company in China and plans to take a majority stake in its local fund management. Mark Leung who has been serving the bank for past 21 years will manage onshore and offshore activities in the country. The veteran began his career in rates derivatives trading and has previously held roles in credit hybrids and equity derivatives. The new appointment will happen after Zili Shao stepped down to become the bank’s vice chairman in April 2014. CEO Jamie Dimon said, Our investment in China is a commitment to bring the full force of JPMorgan Chase and our resources to the country. We wil...

Redmi S2: Xiaomi’s Another Budget Smartphone Launched

11May By Lavina TolaniNo Comments

Tech

Redmi S2: Xiaomi’s Another Budget Smartphone Launched

Chinese Smartphone Major, Xiaomi launched another flagship smartphone in its Redmi Series Redmi S2 for the Indian and Chinese market. The smartphone launched in China while the Indian launch still hasn't been officially announced but is surely expected to hit the Indian market in coming months. The Xiaomi Redmi S2 will be available in three RAM and Storage Options. The 2 GB variant and 16 GB internal storage is being expected to cost at CNY 1,000 which will roughly translate to Rs. 10,500. Going in by the company's recent trends, the phone might cost a little lower at Rs. 9,999 in India. On the other hand, the 3 GB variant with 32 GB storage is tentatively expected to cost Rs. 12,000. There is no information on the price of top-end 4 GB RAM and 64 GB storage version, but market analy...

10May By Lavina TolaniNo Comments

CHINA

China’s ZTE Main Business Operations Cease after USA Ban

Chinese Multinational Agglomerate, ZTE was hit by a ban from Washington, forbidding U.S firms from supplying it with components and technology allegations of violating against U.S export restrictions by illegally shipping goods to Iran. The U.S ban which threatens to cut ZTE supply chain came amidst the heightened tensions over a possible China-U.S Trade War. The Chinese government too had raised the issue of the ban while visiting U.S trade delegation. In its exchange filings on Wednesday, ZTE said, "As a result of the Denial Order, the major operating activities of the company have ceased. As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject in compliance with laws and regulations." The U.S. action which was first reporte...

14Apr By Lavina TolaniNo Comments

INDIA

India’s Export Fall For the First Time in 5 Months

India's merchandise export has witnessed a plunge in March for the first time ever in five months widening the trade deficit over global trade and the U.S moves to review a programme allowing duty-free imports of goods. The US Trade Representative also said earlier on Thursday, that it has launched reviews over concerns that India and Indonesia were not complying with Generalized System of Preferences (GSP) programme on market access. India's merchandise export has fallen 0.7 percent in March to $29.1 billion, widening the trade gap to $13.7 billion due to an upsurge in imports, as indicated by government data on Friday. Import has risen to $42.8 billion (7.2 percent) in March. Coming to year fiscal close, goods exports has risen 9.8 percent to $302.8 billion while imports have ri...

Countries at Risk From US-China Trade War

6Apr By Lavina TolaniNo Comments

USA

Countries at Risk From US-China Trade War

Economists from all over the world are busy speculating the consequences of a full-blown trade war and how it will affect the overall economy.Meanwhile, global tensions have been continuously escalating amidst impending trade war between US and China. Trump's latest stringent move that imposed additional tariffs on of 25 percent over Chinese imports worth $50 billion has further aggravated the situation. Economy analysts believe this will do more harm to the American economy than taking over China's theft policy for technology. China's immediate retaliation has also come forward in the form of a proposal for tariffs to be imposed on more than 100 American products. While, it is not clear if these 'tit for tat' tariff p...

Trump Proposes Tariffs on $50 Billion Chinese Imports

4Apr By Lavina TolaniNo Comments

USA

Trump Proposes Tariffs on $50 Billion Chinese Imports

US Administration has escalated a stringent move on trade by announcing a 25 percent tariffs on Chinese imports amounting to USD 50 billion. This has come in as a response to the protest against Beijing policies requiring foreign companies to hand over their technology. The proposed list of products subjected to additional 25 percent tariffs are based on an extensive interagency economic analysis and would target products that are benefitted from Chinese plans while minimizing the impact on the American economy. The sectors targeted in the list include products from aerospace, communication and information technology, robotics and machinery. About 1300 different tariff lines in the proposed list will undergo a review in a public notice followed by a hearing post which a final list of...

Trade War between America and China Officially Begins

23Mar By Sheldan RungasamyNo Comments

USA

Trade War between America and China Officially Begins

US President Donald Trump went ahead with his trade war despite China’s advice to abandon the move. However, Donald Trump turned a deaf ear to the Chinese government and imposed tariffs of $60 billion on Chinese imports to serve as punishment for what US President considers to be “unfair” appropriation of American intellectual property. A move that will surely add more tension on an already 'not-very-friendly' trade relations between the two biggest economies of the world. The Cause of Conflict Trump advised the US trade representative to set up the tariffs to almost $60 billion worth of Chinese imports after a probe of seven months into the intellectual property theft, which has been a sensitive issue in the US-China trade relations. "We have a tremendous intellectual prope...

Chinese Premier Urges President Donald Trump Not to Start A Trade War

20Mar By Sheldan RungasamyNo Comments

CHINA

Chinese Premier Urges President Donald Trump Not to Start A Trade War

Li Keqiang, Chinese Premier said on Tuesday that China did not want to get involved in a trade war with the United States of America, stating that the conflict could only ruin the relationship between the two countries. “We hope that both parties can maintain reason, not act emotionally, and avoid a trade war,” said Mr. Li at a press conference. He further added that any trade war would make no winner between the two superpowers and he hopes both parties can stay “calm” at the present situation. ALSO NEWS: Trump’s Harley Davidson Vs Modi’s Royal Enfield- The Beginning of Motorcycle War Addressing at the end of the 13th National People’s Congress (NPC, China's national legislature), Premier Li affirmed that Beijing only wishes to maintain a good and stable relationship w...