HOT TOPICS
China opposes U.K. sanctions on 11 Chinese firms over Russia ties
China’s Ministry of Commerce said it firmly opposes the U.K.’s decision to sanction 11 Chinese companies on the grounds of their alleged ties to Russia. A ministry spokesperson said the move would have a negative impact on bilateral economic relations, and that the U.K. had proceeded despite China’s representations and the positive momentum in Sino-British trade. The spokesperson urged the U.K. to immediately correct its mistake and withdraw the sanctions to safeguard overall economic and trade cooperation.
Wang Yi holds phone call with U.S. Secretary of State Rubio
Chinese Foreign Minister Wang Yi held a phone call with U.S. Secretary of State Marco Rubio. Wang said that the China-U.S. relationship influences the direction of the world and that a healthy, stable, and sustainable bilateral relationship is in the long-term interests of both countries and a common expectation of the international community. He expressed hope that both sides would work together to prepare for high-level interactions and create favorable conditions for the development of the relationship. Rubio said the U.S.-China relationship is the most important bilateral relationship in the world and that he looks forward to sending a positive signal to the world through high-level interactions.
A-share market hits 10-year high
China’s A-share indexes rose across the board on Oct. 27, with the Shanghai Composite Index hitting a new 10-year high. Hotly traded sectors rotated, with computing hardware and memory chips continuing their strong performance, while stocks related to controlled nuclear fusion and Fujian province also trended higher. The gaming and wind power equipment sectors were among the biggest losers.
Central bank to resume open market trading of government bonds
Pan Gongsheng, governor of the People’s Bank of China, announced that the central bank will resume buying and selling government bonds in its open market operations. He noted that the bond market is currently operating smoothly. Pan also disclosed that the central bank is studying the implementation of a one-time personal credit relief policy.
NEWS SUMMARY
Domestic
Profits at China’s major industrial enterprises rose 21.6% year-on-year in September, with the growth rate accelerating partly due to a low base of comparison from last year.
The 11th round of China’s national centralized drug procurement began with bidding from over 400 companies for 55 drug varieties.
China’s “artificial sun” project is expected to be completed in 2027 and has the potential to become the first device in human history to achieve fusion power generation, the foreign ministry said.
Companies
Liu Peng, a former vice president at Alibaba, has joined Walmart China to serve as president of its Sam’s Club division.
Goldwind Science & Technology Co. Ltd. is accelerating its international expansion and aims to increase the share of its overseas business to one-third within the next five years.
International
Canada has launched anti-dumping and countervailing duty investigations into truck bodies imported from China.
