Business Brief (Oct. 13): Beijing Decries U.S. ‘Double Standards’ on Trade Controls
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China accuses U.S. of “double standards” on export controls
China’s Ministry of Commerce said recent U.S. statements reflect “typical double standards,” accusing Washington of overgeneralizing national security and abusing export controls with discriminatory practices against China. The ministry noted that the U.S. control list includes over 3,000 items, while China’s has just over 900. Reaffirming its stance on tariffs, the ministry said China does not want a trade war but is not afraid of one, and it will take decisive countermeasures if the U.S. continues its current course.
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- China accused the U.S. of double standards on export controls; U.S. stocks and crypto markets dropped after Trump proposed higher tariffs on China; China announced new port fees for U.S. ships.
- The Dutch government froze adjustments at China-owned Nexperia; Qualcomm faces a China antitrust probe; Didi’s autonomous driving unit raised 2 billion yuan.
- Over 7 trillion yuan approved in property loans; Japan’s Komeito left the coalition; Congo plans to lift the cobalt export ban.
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Who’s Who
- Qualcomm
- Qualcomm is currently undergoing an antitrust investigation in China. The State Administration for Market Regulation is scrutinizing its proposed acquisition of Autotalks, an Israeli vehicle-communication chipmaker. This places Qualcomm among other U.S. tech giants like Google and Nvidia, who are also facing antitrust probes in China.
- Autotalks
- Autotalks is an Israeli vehicle communication chipmaker. Qualcomm's proposed acquisition of Autotalks is currently under antitrust investigation by China's State Administration for Market Regulation, alongside other U.S. companies like Google and Nvidia.
- Google is one of the U.S. companies currently facing an antitrust investigation in China. No further details about the nature or specifics of this investigation are provided in the article.
- Nvidia
- Nvidia is currently under an antitrust investigation in China. This probe is being conducted by China's State Administration for Market Regulation. Other U.S. companies, such as Google, are also facing similar investigations in China.
- Wingtech Technology Co. Ltd.
- Wingtech Technology Co. Ltd. announced on October 12 that the Dutch government issued a directive on September 30, ordering a one-year freeze on adjustments to assets and intellectual property at its subsidiary, Nexperia.
- Nexperia
- The Dutch government froze assets and intellectual property at Nexperia for one year, as announced by its parent company, Wingtech Technology Co. Ltd. This directive was issued on September 30. Nexperia is a China-owned semiconductor subsidiary.
- Wahaha Group
- Zong Fuli has resigned as chairman of Wahaha Group. The article does not provide further details about Wahaha Group.
- China Evergrande Group
- A Hong Kong court ordered the liquidators of **China Evergrande Group** to take control of assets held in the name of its chairman, Hui Ka Yan (Xu Jiayin in Mandarin). These assets include those held by related offshore companies and trusts.
- Didi
- Didi's autonomous driving unit has successfully secured a new 2 billion yuan financing round. This funding comes from various investors, including state-owned funds from Beijing and Guangzhou, as well as GAC Group.
- GAC Group
- GAC Group invested in Didi's autonomous driving unit, contributing to a 2 billion yuan financing round. This investment came alongside other state-owned funds from Beijing and Guangzhou.
- China Mineral Resources Group Co. Ltd.
- China Mineral Resources Group Co. Ltd. (CMRG) is currently in long-term iron ore contract negotiations with BHP Group Ltd. This indicates CMRG's involvement in the global mining and resources sector, particularly concerning iron ore supplies.
- BHP Group Ltd.
- BHP Group Ltd. is mentioned in the context of ongoing negotiations with China Mineral Resources Group Co. Ltd. regarding long-term iron ore contracts.
- Neuralink
- Neuralink's brain implant has allowed an ALS patient to eat and drink without assistance using a robotic arm.
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