Foreign traders, please check: Review and Outlook of One Week's Hot News (6.24-6.30)

01 Industry News

Optimizing Business Environment: Shanghai Pudong New Area Launches Eight Measures to Promote Foreign Trade Development

On the 20th, Shanghai Pudong New Area released eight measures to promote the high-quality development of Pudong's foreign trade, further promoting the construction of the core area of Shanghai International Trade Center and continuously optimizing the trade facilitation and business environment in Pudong New Area. It is mentioned that we will accelerate the promotion of high standard institutional opening up, fully implement national strategic tasks such as Pudong Leading Area, Comprehensive Reform, and the overall plan for high-level institutional opening up, and actively promote the implementation of pilot measures. Promote stable and high-quality trade of goods, strengthen trade empowerment, expand the export of high-tech products, carry out demonstration enterprise certification for district level international trade distribution centers, establish second-hand car export trading service bases, and create new growth points for foreign trade.
Source: Caixin News Agency

In the first five months of this year, the import and export scale of Northeast China exceeded 500 billion yuan for the first time

According to customs statistics, since the first quarter of this year, the import and export scale of Northeast China has continued to rise, breaking through three major barriers of 300 billion yuan, 400 billion yuan, and 500 billion yuan. The comprehensive revitalization of Northeast China has continuously made new breakthroughs in the field of foreign trade. The latest data from customs shows that in the first five months of this year, the total import and export value of foreign trade in Northeast China reached 516.06 billion yuan, breaking through 500 billion yuan for the first time, setting a new record for the same period in history, with a year-on-year increase of 4.5%.
Source: CCTV News

Wang Chunying, Deputy Director of the State Administration of Foreign Exchange: Promoting Financial Institutions to Establish and Improve Long term Mechanisms for Enterprise Exchange Rate Risk Management

Wang Chunying, Deputy Director of the State Administration of Foreign Exchange and spokesperson, stated in an interview that financial institutions will be promoted to establish and improve a long-term mechanism for managing enterprise exchange rate risks. Key guidance should be given to banks in increasing publicity and guidance, enriching the types of foreign exchange derivatives, improving online trading mechanisms for foreign exchange derivatives, optimizing credit mechanisms for foreign exchange derivatives, supporting small and medium-sized enterprises, strengthening grassroots capacity building of banks, and forming a joint force to effectively improve service levels. We will increase support for small and medium-sized enterprises. Continue to explore and promote the cooperation mechanism between government and banks in collaboration with relevant departments, and reduce the cost of exchange rate risk management for small and medium-sized enterprises according to local conditions. Support and expand third-party platforms such as comprehensive foreign trade services and market procurement to provide exchange rate hedging services for small and medium-sized enterprises.
Source: China Finance

From January to April, the total timber trade between China and Europe decreased by more than 40%

Between January and April 2024, the total timber trade volume between China and Europe decreased by more than 40%, and the import volume decreased from over 4 million cubic meters in the same period in 2023 to less than 3 million cubic meters. Excluding factors such as sluggish demand in the Chinese market and the negative impact of the Red Sea crisis, the biggest impact is the reduction in European timber production and the transfer of more exported timber to the European market for use.
Behind the reduction in European timber production is the unprecedented multiple pressures on European forests. According to the World Resources Institute, European forests are facing an unprecedented ecological crisis, from the sharp decline in towering forest areas, to wildfires caused by climate change, frequent insect disasters, and intensified timber harvesting due to the surge in energy demand.
Source: Today's Home Furnishings

DingTalk has clearly defined going abroad as a strategic project

Recently, there have been media reports that DingTalk has clearly defined going global as a strategic project, with several departments including production and research, solutions, sales, and marketing. Candidates have been selected to form a mixed team.
DingTalk has stated to the public that it does have a relevant layout and is currently mainly serving the overseas needs of existing customers. It has already served hundreds of Chinese enterprises such as Jingke Energy, Trina Solar, and Sunshine Power in overseas scenarios.
Source: New Consumer Daily

Tesco has been named the cheapest supermarket for 19 consecutive months

Tesco, a British supermarket chain, reported a 4.6% increase in basic sales in the UK market in the first quarter and strengthened its market share. Thanks to this, Tesco has maintained its forecast of a retail adjusted operating profit of at least £ 2.8 billion for 2024/25, higher than £ 2.76 billion for 2023/24. CEO Ken Murphy said, "We continue to maintain business momentum, with strong sales growth in the UK, Republic of Ireland, and Central European markets supported by easing inflation." Tesco stated that the company has been named the cheapest full line supermarket for 19 consecutive months, thanks to its low price strategy combination of Aldi Price Match, Low Everyday Prices, and Clubcard Prices.
Source: Deke Chuangyi

Dutch discount store Action has become the favorite brand of French people

This year is a wonderful beginning for Action. This Dutch discount store stands out among many brands and has become the favorite retail brand of the French, surpassing Decathlon (a global sports goods retailer and brand) and Leroy Merlin (a large home repair retail chain in France) as two major regulars. It has also become the first foreign retailer in 14 years to reach the top of the French favorite brand list.
The rapid rise of Action in France continues. In the latest released "French Favorite Retail Brands" ranking, this Dutch discount store jumped from 9th place to the top in just four years, with a fan base of up to 46%.
Source: Deke Chuangyi

The Mexican home goods market contains huge business opportunities, and TJX collaborates with Axo to deeply cultivate the discount retail market in Mexico

TJX, an internationally renowned discount retailer, has announced a strategic partnership with Mexican retail leader Axo Group to jointly develop Mexico's discount retail market. This measure demonstrates TJX's deep recognition of the potential of the Mexican market and its determination to actively layout. Axo is a multi brand, multi-channel retailer of clothing, fashion accessories, footwear, beauty, and personal care products, with over 6900 sales outlets and 970 boutiques in department stores in Latin American countries such as Mexico, Chile, Peru, and Uruguay.
Source: Today's Home Textile
 
02 Important Events

Li Qiang will attend the 15th Summer Davos Forum

  Premier Li Qiang will deliver a special speech at the forum, meet with the President of the World Economic Forum, Schwab, and foreign guests, and have discussions and exchanges with representatives from the foreign business community. Polish President Duda and Vietnamese Prime Minister Pham Myung sung will attend the forum. More than 1600 representatives from the political, business, academic, and media sectors from nearly 80 countries and regions will attend the conference.
Source: Caixin News Agency

Chinese citizens can apply for Australian multiple business, tourism, and family visit visas for five years from now on

According to the arrangement between China and Australia regarding the issuance of multiple visas for each other's business, tourism, and family visits, starting from today, China and Australia will issue visas for each other's eligible business, tourism, and family visits with a maximum validity period of 5 years, multiple entry, and no more than 90 days of each stay. Chinese citizens can inquire about the requirements for certification materials through the website of the Australian Embassy in China.
Source: Global Market Intelligence

China and Malaysia extend visa free policies to each other

The governments of the People's Republic of China and Malaysia have issued a joint statement on deepening and enhancing the comprehensive strategic partnership and jointly building a community with a shared future between China and Malaysia. It is mentioned that China has agreed to extend the visa free policy for Malaysian citizens until the end of 2025. As a reciprocal arrangement, Malaysia will extend the visa free policy for Chinese citizens until the end of 2026. The leaders of the two countries welcome the continuation of negotiations on a visa free agreement, providing convenience for citizens of both countries to enter each other's countries.
Source: Global Market Intelligence

Global container shipping prices continue to soar

According to data from Drury Shipping Consulting, global container freight rates are rising for the eighth consecutive week, with the upward momentum further accelerating over the past week. The latest data released on Thursday showed that driven by strong increases in freight rates on all major routes from China to the United States and the European Union, the Drury World Container Freight Index rose 6.6% from the previous week to $5117/FEU (40 foot tall container), the highest level since August 2022, with a year-on-year increase of 233%. The biggest increase this week was the freight rate on the route from Shanghai to Rotterdam, which increased significantly by 11% to $6867/FEU.
Source: Caixin News Agency

Biden and Trump qualified for the first debate in the US presidential election

On June 20th local time, it was learned that US President Biden and former President Trump have qualified for the first debate in the 2024 presidential election. CNN is scheduled to host the first debate on June 27th local time.
Source: CCTV News Agency

The CBO has raised its forecast for the US fiscal year 2024 budget deficit by 27% to nearly $2 trillion

The Congressional Budget Office (CBO) has raised its forecast for the US budget deficit for this fiscal year by 27% to nearly $2 trillion, sounding a new alarm for an unprecedented trend in federal borrowing. The latest forecast released in Washington on Tuesday shows that the CBO expects a deficit of $1.92 trillion for fiscal year 2024, higher than the $1.69 trillion for fiscal year 2023. The latest forecast is over $400 billion higher than the forecast in the CBO's February report. In the economic forecast based on the fiscal outlook, CBO has raised its forecast for economic growth and inflation. The expectation for the Federal Reserve's interest rate cut has been postponed from the mid 2024 forecast in the February report to the first quarter of 2025.
Source: Global Market Intelligence

New Zealand's economy emerged from recession with slight GDP growth in the first quarter

New Zealand's GDP grew slightly in the first quarter, and the economy emerged from recession. The New Zealand Bureau of Statistics announced on Thursday that GDP grew by 0.2% month on month in the first quarter, and decreased by 0.1% in the fourth quarter of last year. Economists estimate a month on month growth of 0.1%. In the first quarter, GDP increased by 0.3% year-on-year, exceeding the estimated 0.2%. The Bank of New Zealand has maintained interest rates at their highest level since 2008 to curb inflation and put pressure on the economy. Although strong immigration and tourism recovery have contributed to economic activity, high interest rates have suppressed consumer spending and corporate investment.
Source: Global Market Intelligence

OpenAI announced acquisition of database analysis company Rockset

OpenAI announced on Friday that it has completed the acquisition of database retrieval and analysis company Rockset. The company will integrate Rockset's technology and personnel to strengthen the retrieval infrastructure of various products. Brad Lightcap, Chief Operating Officer of OpenAI, stated that Rockset's infrastructure enables the company to transform data into "actionable intelligence" and is pleased to integrate these foundations into OpenAI's products.
Source: Global Market Intelligence

XAI's "computing power super factory" appears

Dell CEO Michael Dell posted live photos on social media on Wednesday and stated that the company is collaborating with Nvidia to build an AI factory for xAI's Gork chatbot. Musk also revealed on Wednesday that, to be precise, Dell is only assembling half of the racks planned by xAI supercomputers, and the other half will be assembled by SMC.
Source: Science and Technology Innovation Daily

Musk: Developing the Fourth Stage of the Grand Plan Chapter

Musk posted on social media on Monday stating that he is committed to Tesla's "grand chapter four" and that it will be an epic plan. As a prelude to this matter, Musk released the third phase of his grand plan on Investor Day in March last year, hoping to provide feasible solutions for achieving a global sustainable energy economy through terminal electrification, sustainable power generation, and energy storage. According to the schedule, Tesla's next major event will be the Robotaxi launch event for autonomous taxis in August.
Source: Science and Technology Innovation Board Daily
 
03 Important event reminder for next week

Global News for a Week

Monday (June 24th): The Bank of Japan released a summary of the opinions of the members of the June monetary policy meeting.

Tuesday (June 25th): April S&P/CS 20 major city housing price index and June Consumer Confidence Index of the US Chamber of Commerce.

Wednesday (June 26th): Germany's Gfk Consumer Confidence Index for July, US EIA Strategic Oil Reserve Inventory for the week ending June 21st, and MWC Shanghai unveiling (until June 28th).

Thursday (June 27th): The Federal Reserve releases its annual bank stress test results, Eurozone June economic sentiment index, final annualized real GDP rate for the first quarter of the United States, final annualized core PCE price index rate for the first quarter of the United States, EU summit (until June 28th), and the Swedish central bank announces interest rate decisions.

Friday (June 28th): US presidential candidates Biden and Trump have their first televised debate, Iran holds presidential election, US May core PCE price index, Japan May unemployment rate, Tokyo CPI index in June, University of Michigan Consumer Confidence index in June, and France June CPI.
 
04 Global Important Meetings

2024 US Labor Protection Exhibition

Host: National Safety Council of the United States
Time: September 16th to September 18th, 2024
Exhibition location: Orange County Convention and Exhibition Center, Orlando
Suggestion: The National Safety Council is the organizer of the National Safety Council, and is one of the largest safety and labor protection product exhibitions in the United States. It is also one of the largest annual exhibitions in the same field in the world, and has been successfully held 111 times so far. This exhibition is also an important component of the Conference&Expo on International Security in the United States.
During the three-day period of the October 2023 National Safety and Labor Protection Equipment Exhibition, over 800 companies from 52 countries and regions showcased their new products and services, including personal protective and safety equipment, work shoes, labor gloves, raincoats, and workwear. 70% of exhibitors have clearly stated that they will participate in NSC2024. The status and role of this exhibition in North America is similar to the A+A exhibition in Dusseldorf, Germany. Mainly targeting the North American market, while also radiating to South America. The proportion of foreign exhibitors is as high as 37.8%, so this exhibition fully reflects the development trend of the international market and will play an important role in expanding the American market. Foreign trade professionals in related industries are worth paying attention to.

The 37th Poland International Electricity Exhibition in 2024

Host: IAD BIELSKO-BIA Ł A SA
Time: September 17th to September 19th, 2024
Exhibition location: Bielsko Bia, Biawa
Suggestion: ENERGETAB is the largest international exhibition of modern equipment and technology in Poland's energy industry. It is the venue for the most important meetings with major representatives, designers, and service providers from the power sector in Poland and abroad. The Poland International Power Exhibition is currently one of the six major power exhibitions in the world, and it is also one of the most important regular meetings of the Polish power sector. Power industry giants ABB, Siemens, Schneider, Alstom, and Nike, as well as almost all well-known power equipment companies from Poland, are currently the largest and most famous power exhibition in Europe, and related industry foreign traders are worth paying attention to.
 
05 Global Major Festivals

June 24th (Monday) Peru - Sun Festival

The Sun Festival on June 24th is the most significant festival for the Peruvian indigenous people of Quechua. It is celebrated at the Inca ruins of Sacsavaman Castle in the suburbs of Cusco, where the sun god, also known as the Sun Festival, is worshipped.
Activity: Early in the morning, people began preparing for this celebration. In addition to the actors participating in the Sun Festival, many temporary vendors opened stalls on both sides of the Sun Temple Road to sell snacks, drinks, and handicrafts.
Suggestion: Understanding is sufficient.

June 24th (Monday) Nordic Countries - Mid Summer Festival

The Midsummer Festival is an important traditional festival for residents in northern Europe. Initially, it may have been set up to commemorate the summer solstice. After the conversion of the Nordic Church to Catholicism, the Episcopal Church was established to commemorate the birthday of John the Baptist of Christianity. Later, its religious color gradually disappeared and became a folk festival.
Activity: In some places, local residents will erect a Maypole on this day, and a bonfire party is also an important part of the event. According to ancient tradition, bonfires are lit by newlyweds. People wear ethnic costumes to perform various traditional folk handicrafts, and light a raging bonfire to celebrate the midsummer night with singing and dancing.
Suggestion: Simple blessings, leave confirmation.