EU Calls for Dialogue on Pork Anti-Dumping Investigation
EU officials are calling for dialogue with China following the Ministry of Commerce's launch of an anti-dumping investigation into EU pork imports. The investigation could impact the EU's pork exports, which were valued at $3.3 billion in 2023. The probe responds to the China Animal Agriculture Association's claims that EU pork prices have harmed domestic producers.
Increase in Gasoline and Diesel Prices
China's top economic planner announced an increase in gasoline and diesel prices effective from Friday. Gasoline prices will rise by 210 yuan per tonne and diesel by 200 yuan per tonne, reflecting changes in international oil prices. The country's major oil companies have been directed to maintain production and ensure stable supplies.
Tariff Exemptions for Serbian Imports
China will implement tariff rates under a new free trade agreement (FTA) with Serbia starting July 1, 2024. The FTA will exempt tariffs on various Serbian imports, including electric generators and beef, enhancing bilateral trade and investment cooperation. This is China's first FTA with a central or eastern European country.
Industrial Firms See Profit Growth
Profits of China's major industrial firms increased by 3.4% year-on-year in the first five months of 2024, reaching 2.75 trillion yuan. The equipment manufacturing sector contributed significantly with an 11.5% profit increase. Despite the recovery, domestic demand remains insufficient, and more efforts are needed to boost economic growth.
New Measures for Venture Capital Development
China's new measures to advance venture capital (VC) focus on expanding capital sources, improving exit mechanisms, and optimizing the market environment. These efforts aim to support "little giant" firms and unicorn companies, promoting innovation and high-quality development. The measures include encouraging long-term funds and supporting asset managers to invest in VC.