Business Brief (Sept. 8): China’s August Exports Slow

China’s export growth slowed to 4.4% year over year in August, marking its slowest pace in five months and falling short of expectations, while imports rose 1.3%. This resulted in an expanded trade surplus of $102.3 billion. Notably, exports to the U.S. saw a severe decline by 33.1%, while shipments to the EU and Japan improved and exports to ASEAN surged by 22.7%. Labor-intensive exports weakened, but high-tech product exports increased 9%[para. 2].

China announced plans for a space mission to crash-land a spacecraft on an asteroid. The mission will include a dual approach with both an observer and impactor in a “fly-along, impact, fly-along” sequence. China seeks international collaboration in monitoring, joint development, and data sharing[para. 4].

Yi Huiman, the former chairman of the China Securities Regulatory Commission (CSRC) and previously a long-term executive at ICBC, is under investigation, after years of speculation around such a move. He served as CSRC chairman from January 2019 to February 2024[para. 6].

The European Commission fined Google 2.95 billion euros ($3.1 billion) on September 5th for anticompetitive practices in the ad tech sector, ordering Google to discontinue these practices and address its conflicts of interest. Google has 60 days to respond with a compliance plan[para. 8]. U.S. President Donald Trump condemned the fine, calling it unfair and hinting at potential retaliatory action by the U.S., including a possible “Section 301” investigation into EU penalties on American tech firms[para. 10].

Hesai Group, a LiDAR technology company, launched a dual primary share listing in Hong Kong, offering up to 17 million shares at a maximum price of HK$228 ($29.04) each[para. 12].

China’s foreign exchange reserves rose to $3.3 trillion at August’s end, with the central bank increasing its gold holdings for a tenth consecutive month—adding 60,000 ounces to reach 74.02 million ounces in reserves. International gold prices also rose 4.8% to $3,448 per ounce, fueled by strong demand, especially from central banks[para. 14].

Tesla proposed a record $1 trillion compensation package for CEO Elon Musk, contingent on achieving targets including an $8.5 trillion market capitalization, twice the value of Nvidia, currently the most valuable company globally[para. 16].

Russian President Vladimir Putin announced a reciprocal visa-free regime for Chinese citizens in response to China’s own visa-free policy. This follows an agreement on constructing a large natural gas pipeline[para. 18].

A weak U.S. jobs report revealed only 22,000 new jobs added in August, with the unemployment rate hitting a four-year high, raising expectations for a September Federal Reserve interest rate cut. Spot gold surged above $3,600/oz, up roughly 37% since early 2025[para. 20].

Shenzhen relaxed home-purchase restrictions in about 80% of its districts, removing limits for qualified households in several areas[para. 22].

CATL launched the Shenxing Pro battery for Europe, focusing on longevity and safety—key concerns for European car leasing firms wary of electric vehicle battery degradation[para. 24].

Domestically, China imposed antidumping duties of up to 62.4% on EU pork; the Retail Prosperity Index hit an eight-month high; several regions tightened car purchase subsidies, impacting over 75% of dealerships; and the Hainan Free Trade Port advanced broader visa-free policies[para. 26].

TikTok’s European monthly users surpassed 200 million, while Citibank sought to exit UnionPay, and Warner Bros. sued AI company Midjourney for content infringement[para. 28].

Internationally, Trump hosted U.S. tech firms for investment talks, India announced plans for a nuclear aircraft carrier, and Mexico mulled new tariffs on China. Trump also plans to rename the Department of Defense as the “Department of War,” a $1 billion move. The world’s biggest iceberg is breaking up rapidly; hundreds of Koreans were arrested at a U.S. factory, prompting diplomatic intervention[para. 30].

Lastly, Donald Trump is the current U.S. president, having won the 2024 presidential election over Kamala Harris and taking office on January 20, 2025[para. 32].