Briefing: More Fallout From Deadly Stabbing of Japanese Schoolboy
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A run-down of key developments in China over the past 24 hours:
Stabbing fallout: Several Japanese companies have offered to move their employees out of China after the deadly stabbing of a 10-year-old Japanese boy. The attack, the latest in spate targeting foreigners in recent months, hurts ongoing government efforts to make life in China more attractive to foreign businesses and their employees. Depending on the needs and circumstances of its individual employees, Panasonic Holdings Corp. will arrange to send workers and their accompanying family members back to Japan temporarily at its own expense. It is one of several Japanese companies that are helping employees in China return to Japan or that are considering doing so.
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- Several Japanese companies, including Panasonic, are moving employees out of China following a deadly stabbing of a Japanese boy.
- China's urban youth unemployment rate rose to 18.8% in August, the highest since the new data series started.
- China's central bank cut the 14-day reverse repo rate by 10 basis points, injecting 74.5 billion yuan into the banking system.
- Panasonic Holdings Corp.
- Panasonic Holdings Corp. is offering to temporarily move its employees and their accompanying family members out of China at its own expense following the deadly stabbing of a 10-year-old Japanese boy. This move is in response to recent attacks targeting foreigners, impacting efforts to attract foreign businesses and employees to China.
- Volkswagen
- Volkswagen's China joint venture with SAIC Motor Corp. Ltd. is considering closing its Nanjing factory, where it produces the conventionally powered Passat. The potential closure reflects Volkswagen's accelerated shift towards electric vehicles in China, as demand for fossil fuel-powered cars declines.
- SAIC Motor Corp. Ltd.
- SAIC Motor Corp. Ltd. is collaborating with Volkswagen in a joint venture to produce vehicles in China. The company, through its joint venture SAIC Volkswagen Automotive Co. Ltd., is evaluating the possible closure of its factory in Nanjing, which currently produces the conventionally powered Passat, as the company accelerates its shift toward electric vehicles (EVs) in response to weakening demand for fossil fuel-powered vehicles.
- SAIC Volkswagen Automotive Co. Ltd.
- SAIC Volkswagen Automotive Co. Ltd., a joint venture between Volkswagen and SAIC Motor Corp. Ltd., may shutter its factory in Nanjing. This plant currently produces the conventionally powered Passat. The potential closure highlights the company's shift towards electric vehicle production as demand for fossil fuel-powered cars dwindles in China, the world's largest auto market.
- July 2024：
- China’s central bank cut the seven-day reverse repo rate.
- August 2024：
- China’s surveyed urban youth unemployment rate rose to 18.8%, the highest since the revamped data series was first released in January 2024.
- August 2024：
- Proceeds from land sales, a crucial source of local government revenue, fell by 41.8% year-on-year, marking the largest drop since May 2015.
- Monday：
- China’s central bank lowered the interest rate for its 14-day reverse repurchase operations by 10 basis points, injecting 74.5 billion yuan ($10.6 billion) into the banking system ahead of the National Day holiday.
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