Foreign trade personnel, please check: Weekly Hot News Review and Outlook (4.29-5.5)

01 Important Event

IMF President: Fair Cooperation between Rich and Poor Countries

On the 28th local time, at the Special Session of the World Economic Forum on Global Cooperative Growth and Energy Development held in Riyadh, Saudi Arabia, Christina Georgieva, President of the International Monetary Fund (IMF), stated that the world is a whole, and fairness is the key to cooperation between rich and low-income countries. Low income countries need to levy taxes, combat corruption, and improve the quality of expenditures to demonstrate their commitment to their people. Correspondingly, they should receive significant international support in debt restructuring and meet their financial needs with external assistance.

Source: Caixin News Agency

New regulations on non compete agreements issued by the US FTC will face legal challenges

On Tuesday local time, the Federal Trade Commission of the United States voted 3-2 to pass a resolution prohibiting US companies from using non compete agreements to prevent employees from joining competing companies. After the new regulations take effect, all existing non compete agreements will become invalid except for a small number of executives. However, the Chamber of Commerce has made it clear that this new regulation is a "blatant power grab that will weaken the ability of American companies to maintain competitiveness" and will seek legal challenges from the FTC.

Source: Caixin News Agency

President of the China Council for the Promotion of International Trade Ren Hongbin met with Elon Musk today

At the invitation of the China Council for the Promotion of International Trade, Elon Musk, CEO of Tesla from the United States, arrived in Beijing. Ren Hongbin, President of the China Council for the Promotion of International Trade, met with Musk to discuss topics such as future cooperation.

Source: Global Market Intelligence

The total consumption of tourists visiting Japan in the first quarter of this year reached a historic high of 175.05 billion yen

Recently, due to the depreciation of the Japanese yen, the number of foreign tourists visiting Japan has continued to increase. According to the calculation of the Japanese government's Tourism Bureau, the number of tourists visiting Japan exceeded 3 million for the first time in March, setting a record high for a single month. The weak yen has boosted luxury consumption among tourists visiting Japan, and hotel prices have also increased by nearly 30% compared to the same period last year. The data also shows that the total tourism consumption of tourists visiting Japan in the first quarter of this year reached 175.05 billion yen (approximately RMB 81.9 billion), setting a new historical high for a single quarter.

Source: Global Market Intelligence

The IMF predicts that France will fall out of the top ten global economies within 5 years, contributing less than 2% to global growth

According to the latest Global Outlook report from the International Monetary Fund (IMF), slow economic growth will lead France to withdraw from the top ten global economies within five years, and its contribution to global economic growth may be less than 2% by 2029. The IMF predicts that France's contribution to global economic growth, calculated at purchasing power parity, will decrease to 1.98% by 2029, while the IMF recorded this figure at 2.2% in 2023. The latest IMF forecast shows that by 2029, France's budget deficit will remain above 4%, and public debt is expected to exceed 115% of gross domestic product (GDP). The European Commission has previously stated that France's 2024 budget plan may conflict with EU fiscal rules, and there is a risk of France being negatively adjusted by global rating agencies

Source: Global Market Intelligence

The European Central Bank reports a slight decline in consumer inflation expectations in the Eurozone in March, consolidating expectations for a rate cut in June

On April 26th, Caixin News Agency reported that the European Central Bank pointed out that consumer inflation expectations in the eurozone slightly decreased in March, supporting plans to start loosening monetary policy in a few weeks. The European Central Bank stated in its monthly survey on Friday that its inflation expectation for the next 12 months in March was 3%, lower than February's 3.1%. The central bank stated that this has reached its lowest level since December 2021. Looking ahead to the next three years, it is expected to rise by 2.5%, unchanged from the previous month. The above results may strengthen the determination of the European Central Bank to lower deposit rates from a record high of 4% in June, and officials are increasingly confident in inflation returning to the 2% target. The April inflation data for the Eurozone will be released next week, and research predicts that inflation is expected to remain stable at 2.4%.

Source: Global Market Intelligence

Apple will hold its spring press conference on May 7th

On Tuesday, April 23rd local time, Apple announced that it will hold an online special event on May 7th, during which new hardware products will be launched. According to previous market spoilers, in addition to the new Apple Pencil depicted on the invitation letter, the new iPad Pro, iPad Air, and MiaoKong keyboard are expected to make their debut.

Source: Science and Technology Innovation Board Daily

Apple Restarts Negotiations with OpenAI to Add Artificial Intelligence New Features to New Products

According to media reports on Friday, Apple has resumed negotiations with OpenAI to explore using the startup's technology to support the iPhone launched later this year. Insiders say the two companies have started discussing possible agreement terms and how to integrate OpenAI functionality into Apple's next-generation iPhone operating system, iOS 18.

This move marks the resumption of dialogue between the two companies. Apple had discussions with OpenAI earlier this year, but cooperation between the two sides has been minimal since then. Apple is also discussing the licensing issue of its Gemini chatbot with Google, a subsidiary of Alphabet. Apple has not yet made a final decision on which partner to use, and there is no guarantee that a deal will be reached.

Source: Science and Technology Innovation Board Daily

Sources say Musk took a flight to Beijing today for an "unexpected visit"

According to media reports, two sources revealed that Tesla CEO Elon Musk took a flight to Beijing on Sunday (28th). The report described it as an "unexpected visit" to China. Regarding Musk's trip, it was reported that an informed source stated that Musk is seeking to meet with Chinese officials in Beijing to discuss the launch of fully autonomous driving (FSD) software in China and seek approval.

Source: Science and Technology Innovation Board Daily

02 Industry News

Ministry of Commerce: Organize cross-border e-commerce comprehensive pilot zones to carry out special actions such as platform and seller going abroad

The Ministry of Commerce has issued the Three Year Action Plan for Digital Commerce (2024-2026). It is proposed to optimize the supervision of cross-border e-commerce exports. Organize cross-border e-commerce comprehensive pilot zones to carry out special actions such as platform and seller going abroad. Supporting cross-border e-commerce to empower industrial belts, guiding traditional foreign trade enterprises to develop cross-border e-commerce, and establishing a marketing service system that integrates online and offline, as well as domestic and overseas linkage. Enhance the specialization, scale, and intelligence level of overseas warehouses.

The total import and export value of Yiwu, Zhejiang Province in the first quarter reached 148.25 billion yuan, a year-on-year increase of 25.5%

According to Yiwu Customs, Yiwu's foreign trade started well in the first quarter of this year, with its import and export volume and increment ranking first among counties (cities, districts) in the province. The total import and export value of Yiwu reached 148.25 billion yuan, a year-on-year increase of 25.5%. Among them, exports amounted to 128.77 billion yuan, a year-on-year increase of 20.5%; Imports amounted to 19.48 billion yuan, a year-on-year increase of 72.3%.

Source: Caixin News Agency

The import and export scale of Hebei Province in the first quarter exceeded 150 billion yuan for the first time in history, with a year-on-year increase of 15%

The Hebei Provincial Government Information Office held a press conference on the import and export situation of Hebei Province's foreign trade in the first quarter of 2024 on April 26. It is reported that in the first quarter, Hebei achieved a total import and export value of 151.74 billion yuan, a year-on-year increase of 15%, with a growth rate 10 percentage points higher than the overall national growth rate. Among them, exports amounted to 87.84 billion yuan, a year-on-year increase of 15.5%, with a growth rate 10.6 percentage points higher than the overall national growth rate; Imports amounted to 63.9 billion yuan, a year-on-year increase of 14.3%, with a growth rate 9.3 percentage points higher than the overall national growth rate.

Source: Caixin News Agency

Guangzhou Huangpu opens the first national customs cross-border e-commerce import goods drone direct delivery service

On the second floor platform of the Cross border E-commerce Supervision Center in Huangpu Comprehensive Bonded Zone, Guangzhou, a drone carrying goods took off. After a 20 minute flight, the goods were successfully delivered to consumers 13 kilometers away from Huangpu District to Tai Plaza. This is the first cross-border e-commerce imported goods drone direct delivery service issued by the national customs, marking the official opening of the low altitude logistics route from the Huangpu Comprehensive Bonded Zone Supervision Center to Tai Plaza.

Source: Overseas Cross border Weekly Report

Changzhou introduces new policies to support the development of cross-border e-commerce and cultivate 1-2 listed cross-border e-commerce enterprises by 2026

Changzhou has released the "Three Year Action Plan for Promoting High Quality Development of Cross border E-commerce in Changzhou City (2024-2026)". The Action Plan clearly states that by 2026, we will focus on cultivating more than 10 cross-border e-commerce export brands with certain international influence, creating more than 5 cross-border e-commerce characteristic industrial belts, building more than 3 cross-border e-commerce industrial bases, and increasing the scale of cross-border e-commerce by more than 50% annually, accounting for over 8% of imports and exports. The high-quality development level of cross-border e-commerce in the city has significantly improved, and its supporting role in the innovation and development of foreign trade has been significantly enhanced. The Action Plan proposes to cultivate and strengthen cross-border trade entities, encourage traditional foreign trade enterprises to upgrade their network, actively use cross-border e-commerce to explore international markets, and by 2026, more than 5000 enterprises will carry out cross-border e-commerce business. By 2026, cultivate more than 50 industry-leading and internationally competitive cross-border e-commerce enterprises, cultivate 1 to 2 listed cross-border e-commerce enterprises, and focus on policy support for enterprises with obvious development results and strong demonstration and driving effects.

Source: Overseas Cross border Weekly Report

Hangzhou: Goal: By 2026, the city aims to achieve a digital trade volume of 430 billion yuan and more than 1500 large-scale enterprises

The General Office of the People's Government of Hangzhou City has issued the three-year action plan for promoting digital trade to strengthen the city (2024-2026). By 2026, the city will achieve a digital trade volume of 430 billion yuan, more than 300 overseas brands in the field of digital trade, more than 1500 large-scale enterprises, and more than 30 globally competitive platform enterprises. The city's digital trade exports maintain double-digit growth; The proportion of digital service trade exports to service trade exports exceeds 60%, which is more than 10 percentage points higher than the national average; Cross border e-commerce accounts for over 20% of foreign trade exports. The market-oriented allocation reform of urban data elements is at the forefront of the country, with over 900 dedicated channels for cross-border exchanges; Build a global cross-border payment settlement center, cultivate more than 5 cross-border payment enterprises, and achieve a digital trade payment settlement amount of 1 trillion yuan; The air cargo and mail throughput exceeds 1.1 million tons.

Source: Global Market Intelligence

Reported that Meituan plans to launch the delivery platform KeeTa in Riyadh

According to Bloomberg, Meituan is planning to launch its takeout platform KeeTa in the Saudi Arabian capital of Riyadh, marking its first exit from Greater China as domestic market growth slows down. It is reported that Meituan is working hard to launch its KeeTa application in the Middle East and will make Riyadh its first stop. The product may be launched as early as the next few months.

Last May, Meituan launched the new takeout brand KeeTa in Hong Kong. On January 5, 2024, KeeTa announced that over 1.3 million users had downloaded and registered. According to the third-party platform Measurable AI, KeeTa accounted for approximately 30.6% of the total takeout orders in Hong Kong in November 2023, making it the second largest player in the Hong Kong takeout market.

Source: Overseas Cross border Weekly Report

Baiguoyuan and the Ministry of Agriculture and Cooperatives of Thailand have reached a cooperation agreement

On April 22nd, Baiguoyuan Group held an exclusive flagship fruit press conference in the ancient city of Siam, Bangkok. At the meeting, Thai state-owned enterprise agricultural marketing agency signed a memorandum of cooperation with Baiguoyuan to further expand the export of Thai agricultural products and consumer goods to the Chinese market. At the same time, Baiguoyuan has signed a memorandum of cooperation with Richfield Fresh Fruit Co., Ltd., the largest local fruit export trader in Thailand, as well as multiple fruit packaging companies, to jointly expand and strengthen the market.

Source: Overseas Cross border Weekly Report

The second draft of the Tariff Law clarifies the obligor for cross-border e-commerce tariff withholding

The second draft of the Tariff Law was submitted for review at the 9th meeting of the Standing Committee of the 14th National People's Congress on the 23rd. The second draft has made improvements and modifications to the first draft, including clarifying the relevant withholding agents in the cross-border e-commerce field, and enriching and improving the provisions of the origin system rules. It is understood that the draft of the Tariff Law was publicly solicited for public opinion after the initial review of the Standing Committee of the National People's Congress. Some regions and departments suggested that in order to meet the requirements of cross-border e-commerce development, clear provisions should be made for withholding agents in relevant fields.

In response to this, the second draft of the draft clearly states that e-commerce platform operators, logistics enterprises, and customs declaration enterprises engaged in cross-border e-commerce retail imports, as well as units and individuals who are required by laws and administrative regulations to withhold and collect customs duties, are obligated to withhold and pay tariffs.

Source: Overseas Cross border Weekly Report

03 Important event reminder for next week

Global News for a Week

Monday (April 29th): Eurozone April Economic Prosperity Index, Dallas Federal Reserve Business Activity Index for April.

Tuesday (April 30th): China's official manufacturing PMI for April, China's Caixin manufacturing PMI for April, Eurozone April CPI, and US February FHFA housing price index.

Wednesday (May 1st): US April ISM Manufacturing PMI, US March JOLTs job vacancies, US April ADP employment, and US Treasury Department disclosure of quarterly refinancing data.

Thursday (May 2nd): Federal Reserve announces interest rate decision&Powell press conference, Eurozone April manufacturing PMI final value, US March trade account.

Friday (May 3rd): Norwegian central bank interest rate decision, US April non-farm data, Eurozone March unemployment rate.

★ (May 4th) ★ Berkshire Hathaway holds a shareholder meeting, and Chairman Buffett will answer shareholder questions on site.

04 Global Important Meetings

The 46th Australian Gifts and Household Products Expo 2024

Host: AGHA Australian Household Gifts Association

Time: August 3rd to August 6th, 2024

Exhibition location: Melbourne International Convention and Exhibition Center

Suggestion: AGHA Gift Fairs is the largest gift and home goods trade fair in Australia. Since 1977, the exhibition has been held annually in Sydney and Melbourne respectively, namely Sydney Gift Fairs and Melbourne Gift Fairs. The exhibition has always provided excellent trade exhibitions, and Sydney Gift Fairs and Melbourne Gift Fairs are considered the largest industry-leading gift and home goods trade exhibitions in Australia, attracting tens of thousands of retail buyers seeking market leading brands and innovative products every year. The simultaneous Reed Gift Fairs, a combination of two gift shows, forms Australia's largest annual gift and home goods event and exhibition week, attracting attention from industry and foreign trade professionals.

2024 Malaysia International Packaging and Printing Paper Exhibition

Hosted by: Kessen Malaysia Trade Show Limited

Time: August 7th to August 10th, 2024

Exhibition location: Kuala Lumpur International Exhibition Center, Malaysia

Suggestion: IPMEX Malaysia is the most influential printing and packaging exhibition in Malaysia, held every two years, along with the Sign Malaysia exhibition, aimed at showcasing the latest packaging, printing technology, advertising logo production technology, and creative design products and services. This exhibition usually attracts professionals and companies from the packaging, printing, and advertising signage industries mainly from Southeast Asia to participate. This exhibition has received strong support from the Publishing and Printing Bureau of the Ministry of the Interior of Malaysia, the Ministry of Tourism and Culture, and the Malaysian Convention and Exhibition Bureau, and has been recognized by the Malaysian Foreign Trade Development Bureau (MATRADE) and domestic and foreign printing associations. Foreign trade professionals in related industries are worth paying attention to.

05 Global Major Festivals

May 1st (Wednesday) Labor Day

International Labor Day, also known as May 1st International Labor Day, Labor Day, or International Day of Demonstrations, is a celebration festival promoted by the international labor movement and held by workers and working classes around the world on May 1st each year, to commemorate the hay market incident in Chicago where workers were suppressed by police forces in pursuit of an eight hour work week.

Suggestion: Best wishes and greetings.

May 3rd (Friday) Poland - National Day

Polish National Day is May 3rd, originally July 22nd. On April 5th, 1991, the Polish Parliament passed a bill to change the National Day of the Republic of Poland to May 3rd.

Suggestion: Blessing in advance and confirmation of vacation.

May 5th (Sunday) Japan - Children's Day

Japan Children's Day is a Japanese holiday and a national holiday celebrated on May 5th in the Gregorian calendar, and also the last day of the Golden Week. This festival was implemented with the promulgation of the National Day Celebration Law on July 20, 1948, aiming to "value the personality of children, pay attention to their happiness, and be grateful to their mothers.".

Activities: On the eve or day before the festival, residents with children will raise carp flags in the courtyard or balcony, and use cypress cakes and Zongzi as festival food.

Suggestion: Understanding is sufficient.

May 5th (Sunday) Korea - Children's Day

Children's Day in South Korea began in 1923 and evolved from "Boys' Day". This is also a public holiday in South Korea, set on May 5th every year.

Activity: Parents usually take their children to parks, zoos, or other amusement facilities on this day to make their children happy during holidays.

Suggestion: Understanding is sufficient.

Source: Chuangmao Group 2024-04-29 09:43 Shenzhen