By Angela Bao
April 5, 2021
(Photo credit): Gettyimages.com/FREDERIC J. BROWN / POOL / AFP
US, China have first high-level meeting, Chinese tariffs likely to remain in effect
The United States and China had their first high-level trade negotiations in Alaska, where discussions of China’s trade practices have reportedly become tense. US Secretary of State Antony Blinken opened the talks with a list of grievances against China, which include China’s crackdown on Hong Kong and cyber attacks. Yang Jiechi, a senior Communist Party member, responded by saying that the United States should stop pushing its democratic ideals on the rest of the world. Although the Beijing side ultimately called the talks substantive, the US team largely rejected the claims and said there is unlikely to be any significant change on the part of China.
United States Trade Representative Katherine Tai said the United States is not ready to lift Trumps tariffs on China. Tai was quoted as saying that the sudden tariff lifting could have a negative impact on the economy, although she added that the United States was open to negotiations with China. President Joe Biden also said he would continue to insist that China abide by international fair trade rules.
PBOC builds its digital currency, support for solar and wind energy
The People’s Bank of China (PBOC) said its planned digital currency will grow alongside Chinese fintech platforms like Alipay and WeChat Pay, which together account for 98% of the Chinese mobile payments market. One of the main reasons the central bank launched a digital currency, called DC / EP, was to provide backup and prevent any negative impact on the financial system, should anything happen to these platforms, a said Mu Changchun, PBOC digital currency director. Research Institute. The PBOC has already tested its digital yuan in several cities across the country.
The PBOC stated that it increase support for solar and wind power industries that were experiencing a cash flow crisis, so the country could meet the carbon emission reductions and renewable industry growth targets President Xi Jinping set for himself.
Alibaba told by Beijing to sell its media assets
As part of the Chinese government’s crackdown on national tech giants, Beijing has ordered Alibaba Group to sell media assets. The government is largely concerned about Alibabas news and social media (the company owns all of the South China Morning Post, which is the region’s largest English-language newspaper, as well as 30% of Weibo, which is the Chinese version of Twitter.) and the undue influence Alibaba may have on the public.
On the entertainment side, those assets would also include Alibabas, wholly owned by Alibaba Pictures Group, as well as stakes in Steven Spielbergs Amblin Entertainment, Chinas Bona Film Group and Huayi Brothers, among others.
Alibabas’ regulatory problems began in November 2020, when Ant Group had to give up its scheduled IPO on the Shanghai and Hong Kong stock exchanges, due to sudden changes in the financial technology regulatory environment.
Warner Music forms joint venture with Tencent
As part of an expanded agreement between Warner Music Group and Tencent Music Entertainment Group, the two companies will form a joint venture label focused on the Chinese market, while expanding the deal they originally signed in 2020.
Under the joint venture’s label, Warner will leverage its global resources and expertise to support artists’ careers, and Tencent will use its influence in mainland China. As part of the expansion, Tencent Music will continue to keep the Warner Music Groups music catalog available on all Tencents platforms, which include QQ Music and its WeSing online karaoke platform, as well as certain designated connected devices. such as car audio systems.
Silicon Valley Autonomous Truck Start-Up Partners With Chinas Hesai
Kodiak Robotics, a Silicon Valley autonomous truck start-up, associated with Hesai Technology Co., based in Shanghai, a manufacturer of lidar (light detection and telemetry). As part of this partnership, Kodiak will integrate Hesais lidar technology into its trucking system. Lidar technology helps cars detect objects around the vehicle, and Kodiak said it will use Hesais lidar on either side of their trucks.
One of China’s largest automakers SAIC Motor is also joining forces with the American lidar company Luminar Technologies for the SAICs R brand of autonomous vehicles, which they plan to produce in China in 2022.
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