Must-Read China Economic News (Nov. 24-Nov. 30)

Beijing expo on supply chains, Tim Cook's visit in China, China-EU EV price commitment talks......

⭐Under the Spotlight

China sends a clear message on global industrial and supply chains at Beijing expo

The country will continue to take concrete actions to ensure stable and unimpeded global industrial and supply chains, Chinese Premier Li Qiang said Monday while attending a symposium with representatives of enterprises and organizations participating in the second China International Supply Chain Expo (CISCE).

In his address at the expo's opening ceremony on Tuesday, Chinese Vice President Han Zheng called for promoting win-win cooperation, optimization and upgrading as well as green transition of global industrial and supply chains.

China will adhere to the right course of economic globalization, and enhance business and industrial capacity cooperation with other countries for a positive interplay among industries and shared benefits, Han said.

Tim Cook reiterates importance of Apple's partnership with Chinese suppliers

On Monday, Apple CEO Tim Cook highlighted Apple's partnership with Chinese suppliers at the second CISCE in Beijing. "I am so proud that Apple has an exhibit here with our partners. We could not do what we do without them," Cook said while visiting a booth showcasing innovations from four of Apple's Chinese suppliers at the expo.

This marks Cook's third visit to the Chinese mainland this year, following the opening of Apple's largest retail store in China in March, where he reaffirmed the company's long-term commitment to the market.

Cook emphasized the importance of China to Apple's supply chain by saying that "there's no supply chain in the world that's more critical to us than China." He noted that Apple will collaborate closely with Chinese partners in green and smart manufacturing to achieve mutual benefits.

Last month, Cook met with Chinese ministers of commerce and industry and information technology in Beijing, pledging to increase investment in China, particularly in supply chain and research and development.

China-EU price commitment talks on Chinese EVs

China and the European Union (EU) have made progress in their consultations on a price commitment plan for Chinese electric vehicles (EVs), and talks are still ongoing, China's Ministry of Commerce said on Thursday.

The remarks were made by ministry spokesperson, He Yadong, at a press conference. He noted that various sectors in both China and the EU are looking forward to a proper resolution of the EU's anti-subsidy case involving Chinese EVs.

Building on an existing principled consensus, technical teams from both sides have engaged in intensive consultations and have made some progress thanks to their hard work, the spokesperson confirmed.

China hopes that the two sides will work in the same direction and address each other's legitimate concerns in a pragmatic and balanced manner, according to the spokesperson.

Global Panda Partners 2024 conference

Themed "Harmonious Coexistence Between Man and Nature," the Global Panda Partners 2024 opened on Tuesday in Chengdu, Sichuan. The conference brings together government agencies, professionals and the general public as panda partners.

It calls on countries to join hands in protecting the living environments of pandas and other rare flora and fauna, and deepen cooperation and trust, as well as people-to-people exchanges and friendships.

The global captive population of giant pandas now stands at 757, according to the National Forestry and Grassland Administration. Currently, the population of giant pandas in the wild in China is around 1,900.

In 2016, the International Union for Conservation of Nature reported that the giant panda population has improved enough for the endangered species label to be downgraded to "vulnerable."

China has now established 67 giant panda nature reserves and the Giant Panda National Park, covering a combined area of 2.58 million hectares and connecting the habitats of 85 percent of the country's wild panda population, according to the administration.

Snowstorms, blizzards batter China's northern regions

China's meteorological authority issued a yellow alert for snowstorms on Monday, with blizzards expected to hit parts of the country's northeast.

Starting on Tuesday, many areas in Jilin and Heilongjiang provinces in northeast China have been experiencing a sharp temperature drop of more than 10 degrees Celsius.

In Hegang City of Heilongjiang, the cumulative snowfall from Tuesday morning to Wednesday morning notched up 49.7 mm, breaking the local historical record for single-day snowfall in November. The city's maximum snow depth has reached 48 cm.

China's capital Beijing also experienced strong winds and freezing temperatures as it issued a blue cold wave alert on Sunday. Residents are urged to drive cautiously, monitor road conditions, and avoid outdoor activities in mountainous areas where snow and ice could pose risks.

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Large-scale application of 5G

China aims to achieve a 5G user penetration rate of more than 85 percent by the end of 2027, as the world's second-largest economy accelerates the large-scale applications of 5G technologies.

By that point, there will be 38 5G base stations for every 10,000 people, 5G will account for 75 percent of mobile internet traffic, and the number of Internet of Things terminals connected by 5G in the country will exceed 100 million, according to an action plan formulated by multiple government departments.

As of the end of September this year, the number of 5G base stations in China reached about 4.09 million. Meanwhile, the number of 5G mobile subscribers hit 981 million, according to data from the Ministry of Industry and Information Technology.

With a population of around 1.4 billion, the nation's 5G user penetration rate has reached around 70 percent.