Business Brief (Oct. 27): U.S. and China Reach Preliminary Consensus on Key Trade Issues
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U.S. and China reach preliminary consensus on trade issues
The U.S. and China formed a preliminary consensus on resolving multiple key economic and trade issues after two days of negotiations in Kuala Lumpur that concluded on Oct. 26. Li Chenggang, a lead negotiator for China, told reporters after the talks that the U.S. side expressed its position forcefully, and the Chinese side was firm in safeguarding its interests. The next step will be for both sides to complete their domestic approval procedures.
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- The U.S. and China reached a preliminary consensus on key trade issues after talks in Kuala Lumpur; next steps involve domestic approvals.
- China will boost strategic emerging industries, aiming for major growth in sectors like new energy, quantum tech, and 6G over the next decade.
- Chinese regulators are investigating major food delivery platforms, while MetaX, an AI chip startup, passed a STAR Market review despite losses.
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Who’s Who
- JD.com Inc.
- JD.com Inc. is currently under investigation by China's State Administration for Market Regulation. The investigation, initiated in mid-October, concerns issues such as food safety and the review of merchant qualifications on its takeaway platforms.
- Meituan
- Meituan is a Chinese company that operates a major food delivery platform. In mid-October, China's State Administration for Market Regulation initiated an investigation into Meituan, along with other companies like JD.com Inc. and Ele.me. The investigation focuses on issues such as food safety and the review of merchant qualifications on their takeaway platforms.
- Ele.me
- Ele.me, a Chinese food delivery platform, is currently under investigation by China's State Administration for Market Regulation. The investigation, initiated in mid-October, concerns issues such as food safety and the review of merchant qualifications on its takeaway platform.
- Douyin
- Douyin was among the companies investigated by China's State Administration for Market Regulation in mid-October. The investigations concerned various issues, including food safety and the review of merchant qualifications on their takeaway platforms.
- Li Auto Inc.
- Li Auto Inc. responded to an incident on October 24 where one of its Li Mega models caught fire while in motion. The company stated that all occupants exited safely and that it would cooperate with the fire department's investigation.
- Kweichow Moutai Group
- Kweichow Moutai Group, a prominent Chinese company, has recently seen a change in its leadership. Chen Hua, formerly the head of Guizhou province’s energy bureau, has been appointed as the new chairman of the group.
- MetaX
- MetaX, a Chinese AI chip startup, has advanced in its STAR Market listing process by passing a review. This comes despite the company reporting a cumulative loss of 3 billion yuan over the last three years.
- Miniso Group Holding Ltd.
- Miniso Group Holding Ltd. has announced plans to establish 100 new stores in Thailand within the next three to five years.
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