China Declines to Speculate on Potential Trump Tariffs

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A rundown of the news making headlines in and around China:

U.S. presidential election: A Foreign Ministry spokesperson said China respects the American people's choice in their election. Responding to questions at a regular press conference, the spokesperson said the country's policy toward the U.S. has been consistent and declined to respond to questions about Washington potentially imposing extra tariffs on imports from China. In February, Trump vowed a batch of trade measures aimed at China, including raising tariffs on all Chinese goods to 60%.

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China respects the U.S. election results, with ongoing concern about potential tariffs from the Trump administration aimed at increasing tariffs to 60% on Chinese goods.
Xiaomi Chairman Lei Jun's controlled company, alongside Volkswagen and BNP Paribas, received approval to establish a property insurer in China, amidst challenges in the EV insurance market.
DeepRoute.ai raised $100 million to enhance its autonomous driving platform, following ByteDance's dismissal of 103 employees for ethical violations, including an intern interfering with an AI project.

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Who’s Who

Xiaomi Corp.: Xiaomi Corp., led by Chairman Lei Jun, has received approval to set up a property insurer in China alongside Volkswagen Financial Services Overseas AG and France’s BNP Paribas Cardif. This comes after Xiaomi launched its first electric vehicle (EV) less than a year ago, with the collaboration potentially generating synergies in the challenging EV insurance market.

Volkswagen Financial Services Overseas AG: Volkswagen Financial Services Overseas AG is involved in setting up a property insurer in China alongside Xiaomi Corp. and BNP Paribas Cardif. This collaboration, involving the company controlled by Xiaomi Chairman Lei Jun, links the automotive and insurance sectors to capitalize on synergies, especially within the challenging electric vehicle market.

BNP Paribas Cardif: BNP Paribas Cardif is collaborating with Xiaomi Corp. Chairman Lei Jun and Volkswagen Financial Services Overseas AG to establish a property insurer in China. The collaboration follows the approval from the Chinese authorities and is part of efforts to generate synergies between automakers and insurance companies, particularly in the challenging electric vehicle market.

DeepRoute.ai LLC: DeepRoute.ai LLC, a Chinese self-driving startup, raised $100 million in its latest funding round. The company plans to use the funds to develop its autonomous driving platform, expand collaborations with automakers, and recruit AI-savvy personnel. Recently, they have delivered around 20,000 vehicles using their platform.

WeRide Inc.: WeRide Inc., a Chinese self-driving startup, recently listed in the U.S., marking one of the few major offerings by a Chinese company in the country in recent years. This event follows DeepRoute.ai LLC's $100 million funding, indicating active developments in the autonomous driving market in and around China.

ByteDance Ltd.: ByteDance Ltd. dismissed 103 employees for ethical or rule violations, with 11 facing police investigations. The company's report didn't specify when these actions occurred. Notably, one punished employee, an intern, sabotaged a generative AI project. ByteDance is enhancing internal controls and enforcing ethical conduct measures as its business expands.

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