Page 213 - China

Temu files lawsuit in US against rival Shein, alleges antitrust violations

Chinese e-commerce retailer Temu has filed a lawsuit in Massachusetts accusing its rival Shein of violating US antitrust law by preventing garment makers from working with it. Temu, which is owned by popular Chinese e-commerce site Pinduoduo Inc., is alleging that Shein has compelled clothing manufacturers to submit to unfair supply chain arrangements preventing them from working with Temu after it entered the US market in 2022. Shein (SHE-in) and Temu (TEE-mu) are fast-rising online shopping platforms. Shein has grabbed the largest share of the fast fashion market in the US, at over 50 per cent, according to Temu's complaint. Temu is the most downloaded app in the US, according to the website data.ai, formerly App Annie, which tracks app rankings. It offers everything from apparel to household goods at similarly competitive prices. Shein has engaged in a campaign of threats, intimidation, false assertions of infringement, and attempts to impose baseless punitive fines and has forc

Tiff with Xi? The curious case of China's missing foreign minister Qin Gang

In that role, he's kept a busy schedule. The 57-year-old's longest previous absence was just eight days over the Lunar New Year Holiday, according to government records

Is Japan China's future?

China could be staring at the start of a deflationary phase similar to the one Japan experienced in the early 1990s

Evergrande Group pushes restructuring plan after $81 bn loss over 2 years

To implement one of China's largest debt restructurings ever, the company needs approval from at least 75% of each group of creditors

Pak gets another $600 mn loan from China to help shore up forex: PM Shehbaz

Cash-strapped Pakistan has received a rollover of an additional USD 600 million loan from its all-weather ally China to help shore up the country's foreign exchange reserves on the back of an IMF deal, Prime Minister Shehbaz Sharif said on Tuesday. It is in addition to the over USD 5 billion in loans that Beijing has rolled over for Pakistan in the last three months, helping the debt-ridden nation avert a default as negotiations to secure the IMF bailout dragged on, the Dawn newspaper reported. Pakistan secured a last-gasp USD 3 billion bailout from the International Monetary Fund on June 30, which later disbursed an initial upfront instalment of about USD 1.2 billion. Sharif said the Exim Bank of China has provided the rollover, increasing the country's foreign exchange reserves by USD 600 million. Our foreign exchange reserves are increasing but we want to do it not through loans but generating our income, he said at an event here. Apart from the IMF bailout and the Chinese loan

The curious case of vanishing Chinese foreign minister: Where is Qin Gang?

Gang's last reported engagement was on June 25, when he held talks with diplomats of Vietnam, Russia and Sri Lanka

Evergrande pushes debt restructuring after posting $81 bn loss over 2 yrs

The defaulted real estate giant asked to convene meetings for offshore creditors to approve its credit overhaul plan, after reporting long-delayed financial statements for 2021 and 2022

US semiconductor industry presses Biden to refrain from more China curbs

This also comes after China moved to restrict exports of raw materials such as gallium and germanium that are used in making chips

US' plan to narrow limits on China tech investments likely by 2024

Officials are aiming to wrap up a proposal by the end of August for the long-delayed program to screen and possibly prohibit investment in China's semiconductor

Here's how China beat everyone to be world leader in electric vehicles

Beijing's success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe

Chinese province saw cremations surge 73% as Covid hit, says report

Most people who die in China are cremated, with burials banned in some areas

China reaches a blazing 52.2 degrees celsius temperature in mid-July

China experienced 52.2 degrees celsius temperature on Monday, setting new records for mid-July. The other parts of the world are also struggling with searing temperatures

Global temperatures near record highs as US, China meet on climate change

Wildfires in Europe raged ahead of a second heat wave in two weeks that was set to send temperatures as high as 48C

Indian traders scoop up cheaper Chinese steel, says industry execs

Indian traders are buying the grades used in automobiles and construction, main drivers of domestic steel demand, the officials and analysts said

China intensifies joint military exercises with Russia amid US sanctions

China and the armed forces of Vladimir Putin conducted six joint military exercises together last year, the most in data going back two decades

China's economy grew 6.3% in Q2, lower than expected as momentum slows

China's economy grew 6.3% in the second quarter of the year after near-stagnant growth a year earlier, missing analyst expectations even as momentum is expected to weaken in the coming quarters. The 6.3% growth in China's gross domestic product from April to June compared to the same period in 2022 was the fastest in the past year, and outpaced the 4.5% growth in the previous quarter, according to government data released Monday. The GDP in the second quarter was up 0.8% compared to the first three months of the year. The surge in growth is largely due to China's GDP growing just 0.4% a year ago, amid strict lockdowns in cities like Shanghai during China's worst COVID-19 outbreak of the pandemic. Analysts had forecasted growth for the quarter ended June to exceed 7%. China's GDP in the first quarter beat expectations and grew by 4.5%, as consumers flocked to shopping malls and restaurants after nearly three years of zero-COVID restrictions were removed at the end of 2022. But ana

China using coercive business practices for economic advantage: US

The diplomatic relations between China and US have been downgraded since the Chinese spy balloon incident

China, Vietnam's share in India's steel import basket rises during Jun 2023

The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said. "Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22...," it said. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket. The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets. While India's export of .

Hope to deepen 'very significant' relationship with India, says Yellen

Yellen was speaking in the context of the tariffs imposed on Chinese imports during President Donald Trump's era

UK signs pact to join Pacific trade deal, focus now turns to China

Formerly known as the TPP, the agreement at one time included the US and was seen as a way of containing China's growing influence in the Asia Pacific