1.The 6th China International Import Expo will be held in Shanghai from November 5th to 10th

The 6th CIIE will be held in the National Convention & Exhibition Centre (Shanghai) from November 5 to 10, 2023. The 6th CIIE, according to Liu Fuxue, a deputy director-general of the CIIE Bureau, aims to create more potenitals for particpants to communicate face-to-face, as well as to increase efforts to carry out roadshows both at home and overseas. More than 500 enterprises have signed up for the 6th China International Import Expo (CIIE), and over 200,000 square meters of exhibition area have been booked for this year’s expo, which will be staged at the National Exhibition and Convention Center. This year’s fair has set up six exhibition areas, namely food and agricultural products, automobiles, technology and equipment, consumer goods, medical equipment and healthcare, and service trade. Meanwhile, the exhibition area of China Pavilion has increased from 1,500 square metres to 2,500 square metres, the largest scale ever, which will focus on displaying the latest achievements of China’s high-level opening up and high-quality development, and attracting “Invest in China”.

Since 2018, the China International Import Expo (hereinafter referred to as the CIIE) has been held annually, with growing standards and benefits, wider international influence, and the role of the four major platforms becoming more prominent, and it has become a window for China to build a new pattern of development, a platform to promote a high level of openness, and an international public product shared by the world.

Over the past five years, 128 countries and 3 international organizations have participated in the CIIE in both online and offline channels, demonstrating to the world the diverse civilisations and economic development of various countries and promoting humanistic exchanges between countries. The Enterprise Business Exhibition has drawn enterprises from more than 170 countries and regions, displaying approximately 2,000 new products, new technologies, and new services, with an expected turnover of nearly US$350 billion, and an average of more than 200 of the world’s top 500 companies and leading enterprises attending each year.

In conclusion, the 6th CIIE, slated for November 5-10, 2023, is not only a testament to China’s commitment to global trade and cooperation but also a remarkable platform for international businesses and enterprises to explore new opportunities, expand their horizons, and contribute to the development of a more interconnected and prosperous world.

2.2023 World Internet Conference Wuzhen Summit will be open from November 8th to 10th

The 10th World Internet Conference (WIC) Wuzhen Summit is set to be held in Wuzhen from Nov. 8 to 10, east China’s Zhejiang Province, themed on “Creating an Inclusive and Resilient Digital World Beneficial to All — Building a Community with a Shared Future in Cyberspace”. After ten-year developement, the WIC has been transformed to be an international organisation with a permanent structure rather than an international conference. The 10th WIC will feature new activities including the awarding of honorary titles and the inauguration of a global youth leadership program under the framework of the WIC.

Focusing on the digital world derived from the Internet, the WIC will organise 20 sub-forums on topics such as global development initiatives, collaborative digital and green transformation, artificial intelligence, arithmetic networks, cybersecurity, data governance, digital poverty alleviation, and cyber protection for minors, from the perspectives of co-operation and development, technology and industry, governance and security, as well as humanities and society, etc. Meanwhile, the WIC will create more opportunities for the new forces in the fields of Internet technology, industry and governance, delivering vocies of the new generations to the world on the global basis. Furthermore, the World Internet Science and Technology Museum in Wuzhen is constantly enriching the exhibition, and will be formally unveiled during the summit to show the world the latest achievements of the Internet for the benefit of mankind in vivid and diversified forms.

As in previous editions, the WIC 2023 is committed to fostering win-win cooperation, advancing the development of a more equitable, open, secure, and dynamic cyberspace. This commitment is underlined by its ability to convene representatives and experts from across the globe. The WIC 2023 serves as a forum for visionary discussions and collaborations that can shape the future of a global digital landscape.

In summary, the WIC 2023, with its renewed focus on inclusivity and resilience in the digital world, marks a significant milestone in the evolution of cyberspace and international cooperation.

3.Numerous provinces deny rumors regarding the “implementation of seniority-based retirement system”

Chinese provinces have recently refuted rumors about the “implementation of a seniority-based retirement system.” Instead, they emphasize their strict adherence to the unified national retirement policy. Various articles suggesting that retirement age in China will be determined by years of work and that more years of service will result in a higher retirement age and pension have been circulating in Hebei, Hunan, Shandong, and other provinces. However, these claims have been debunked by the Department of Human Resources and Social Security in these regions. The national unified retirement policy remains in place, with no truth to the internet rumors of retirees being evaluated based on length of service.

This system of retirement based on years of service has its roots in China’s planned economy era, primarily within state-owned companies. The policy links an employee’s retirement age and pension benefits to their tenure with the organization, with longer service translating to higher retirement age and pension benefits. The system was initially introduced to encourage employees to stay with their organizations and contribute to both the company and the nation.

This policy offers several advantages. It motivates employees to retire when they have met the service requirements, reducing employment pressure and creating more job opportunities for the younger workforce. Those who prefer early retirement based on years of service benefit from pension payments aligned with their years of service, offering flexibility and aligning with individual needs.

However, there are disadvantages to this system as well. It may lead to an unequal distribution of pensions based solely on years of service. Early retirement could result in a shortage of skilled professionals in fields like education, healthcare, science, and technology.

Given the current circumstances, it is unlikely that a seniority-based retirement system will be implemented in China. To address the challenges posed by pensions and talent shortages, a more scientifically and reasonably designed retirement system is needed to align with social development and demographic changes.

4.DJI denies receiving a fine of 44 billion from the United States

DJI, a prominent player in the civilian drones market, has denied rumors of receiving a 44 billion yuan fine from the United States. According to Zhang Xiaonan, Senior Strategy Director and External Press Spokesman for DJI Innovation, the relevant case from April resulted in a jury verdict of $278.9 million, and the case is still ongoing. Since 2019, DJI has faced speculations of being fined by the U.S. as it, along with other Chinese firms, was added to the “Entity List.”

Chinese netizens have varying opinions on this matter, highlighting the complex nature of global trade, the importance of information accuracy, and the resilience of Chinese firms in the global market:

1. Semiconductor sourcing for more than 80% of DJI’s products primarily involves the United States and Europe, with American investments contributing to overall financing. This scenario underscores the complex interplay between technology and capital transfers in international trade and may account for the United States’ present hesitancy to enforce more severe sanctions against DJI.

2. The rumors that DJI has been fined are fabricated, as no official announcement or validation has been made at this time. This underscores the public’s concern regarding unverified news disseminated through self-promotional media platforms and stresses the criticality of guaranteeing the accuracy of information.

3. In light of prospective penalties levied by the United States, DJI maintains the prerogative to waive the penalty. Such an attitude exemplifies the support of the Chinese populace for domestic companies that compete on the international stage.

4. While DJI may not enjoy the same degree of notoriety as Huawei, their patents and technical prowess are more than adequate to generate worldwide interest in their products. In addition, the Chinese populace is proud and self-assured of their domestic technology firms.”

In today’s interconnected world, DJI must focus on technological innovation and adaptability to maintain its reputation and competitive edge in the midst of evolving global challenges.

5.Chinese automakers are expected to hold a 35% share of the global auto market by September 2023

As of September 2023, automobile sales on a global scale amounted to 8.09 million units, reflecting an 11% growth rate compared to the previous year but a 5% decline when compared to September 2017. Automobile sales increased by 11% annually from January to September 2023, reaching 65.32 million units, but fell short by 6.6% of the 2018 zenith. Increased semiconductor supply significantly improved the operations of the global automotive industry, leading to a subsequent surge in sales for international automobile manufacturers. As of September 2023, the proportion of the global market occupied by Chinese automotive companies was 35%. From January to September, this proportion had accumulated to 32%. During the period of January to September 2023, worldwide automotive sales reached an all-time high of 65.32 million units.

Numerous automobile manufacturers are discovering that the expanding global market is a panacea for surviving the intense competition on the Chinese market. Automobile exports from China are increasing.During the initial quarter of this year, China achieved the historic milestone of becoming the foremost automobile exporter globally, surpassing Japan in quarterly automobile exports. The upward trajectory of Chinese automobile exports corresponds with substantial expansion for Chinese brands in the markets of Russia and Mexico. As a consequence of the withdrawal of the majority of Western brands from the Russian light vehicle market the year prior, Russian consumers developed an increasing preference for Chinese brands, which caused a substantial shift in the market.

According to the European Association of Automotive Logistics (ECG), Chinese brands are gaining market share from established brands in Russia and prospering. On the contrary, the revenue of Western brands that withdrew from the Russian market as a result of the conflict and sanctions has declined significantly. In the interim, China continues to be the principal supplier of automotive components to Mexico. China supplied Mexico with 254,000 vehicles in 2022, which accounted for 24% of the country’s total vehicle imports. For the first time, China surpassed the United States as the principal supplier of imported automobiles to Mexico.

The rise in automobile exports from China, particularly in the electric vehicle sector, underscores the country’s enhanced influence on the global automotive industry. With the worldwide shift towards more environmentally sustainable transportation options, Chinese manufacturers of electric vehicles are strategically positioned to take advantage of this development and augment their market presence.

6.Master Kong responds to price hike of some beverages

Master Kong Beverage Investment (China) Co., Ltd. has announced a retail price adjustment for its tea/juice series products. The adjustment, effective from November 1, 2023, increases the recommended retail price on packaging from RMB 3 per bottle to no less than RMB 3.5 per bottle. The recommended retail price for 1L tea/juice series products will be adjusted from RMB 4 per bottle to no less than RMB 5 per bottle.

Another subject became popular after word spread about Master Kong’s price increase: “You can no longer purchase drinks for only 3 yuan.”Price increases have been observed among retail beverage brands in China since the beginning of this year. This trend was initiated by Nutrifresh in February, and Bao Mineri Lishuit followed suit in April by increasing their prices. Coca-Cola announced its strategic decision to sustain price increases throughout the latter portion of the year in July. Recent research conducted by Chinese media indicates that, apart from mineral water, there are presently a limited number of beverages priced at or below RMB 3 yuan. Furthermore, products that cost more than RMB 5 yuan are more prevalent in the beverage section.

An increasing number of Chinese internet users are voicing apprehensions regarding the escalating cost of living in the face of stagnant wages. Consumer brands appear to be under significant pressure due to increased competition and rising channel costs; consequently, price increases will be the norm on a macro level, and the impact will extend beyond beverages.

This price hike aligns with a broader trend in China’s retail beverage sector, with several brands increasing their prices in recent months. Increased competition and rising channel costs are contributing to these adjustments, reflecting the broader economic environment. It highlights the importance of price adjustments for consumer brands and may extend beyond the beverage sector to address the challenges presented by changing market dynamics.