The European Critical Raw Material Act is a necessary attempt to reduce the risks of excessive dependence on China in the raw materials market. However, as effective reduction of dependencies will be a decade-long effort, companies are advised to carefully review their supply chains for critical vulnerabilities
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After lifting all travel restrictions that were put in place since the beginning of the Covid-19 outbreak, Chinese tourism is gaining pace again. While the numbers are not expected to reach pre-Covid heights, industry experts are optimistic about domestic tourism, while outbound tourism is expected to recover more slowly.
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Social Credit System blacklistings are a tool for Chinese authorities to punish companies with major non-compliance cases. Data on the numbers of blacklisted companies are not systematically published, but some exceptions provide an idea of how many legal entities might be affected across China.
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Among the key outcomes of the "Two Sessions" of the National People's Congress is the reorganization of China's research and development strategy. Among other things, this reform states that the Ministry of Science and Technology (MOST) will focus only on projects and functions which embody "the state will", for instance, managing major national sci-tech projects and formulating China's technology development strategy
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Taiwan has been actively trying to diversify in trade destinations to reduce high reliance on exports to Mainland China. However, exports from Taiwan to the mainland and Hong Kong keep growing during the past decade, accounting for 38.7 percent of total export in 2022. The persistently high economic interdependence between Taiwan and Mainland China implies significant consequences for both sides in case of escalating decoupling scenarios.
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Over the weekend, the Two Sessions, China’s parliament and its consultative body, convened and discussed the new government report. While the National People’s Congress (NPC) and Chinese People’s Consultative Conference (CPPCC) do not have significant legislative powers, the composition of delegates represented at the Two Sessions still signals certain government priorities.
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In 2022, China's population declined for the first time since the 1960s. Of particular concern is the demographic structure with a rapidly aging society and a low fertility rate. This will have a deep impact on the economy.
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The economic targets of the individual provinces for 2023 show a clear focus on growth. The majority are aiming for growth of six percent or more. They place an emphasis on promoting consumption and innovation. Foreign companies will also be able to benefit at the local level.
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The household income data shows that the economic disparities between developed areas and undeveloped areas in China are enlarging, contrary to what the government intends to achieve. FIEs eyeing China’s less developed areas for future growth drivers have to be patient when waiting for recovery.
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Under the commitment of reaching its carbon peak by 2030, China is continuously ramping up its renewable power capacity. The majority of newly added power capacity now comes from renewable sources, especially solar power. However, new coal-based power plants are still being built up, albeit at a slower pace, mainly due to energy security concerns.
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