a reposting from
PREAMBLE
Two news items to start off:
1) China set to punish U.S. chips accused of dumping;
2) China’s 2024 GDP shows a 5% increase from last year.
The U.S. accused of dumping low-end chips in China at predatory prices.
On January 16, a reporter asked during a news conference held by China’s Ministry of Commerce:"There are reports suggesting that China’s domestic mature process chip industry is facing unfair competition from imported U.S. products. There are calls for anti-dumping and anti-subsidy investigations. Has the Ministry of Commerce received such requests? Could you provide more details on this?"
The spokesperson replied: "Insiders from domestic chip industry have reported that, for some time now, the Biden administration has provided substantial subsidies to the chip industry, giving U.S. companies an unfair competitive advantage. These companies have then been exporting low-priced mature process chips to China, which harms the legitimate rights and interests of China’s domestic industry. The concerns of domestic industries are legitimate, and they have the right to file for trade remedy investigations."
“I would like to emphasize that for any such requests and concerns raised by domestic industries, the investigating authorities will review them in accordance with China’s relevant laws and regulations, and will follow World Trade Organization (WTO) rules. Investigations will be launched in accordance with the law."
“In 2024, China's GDP reached 13,490.84 billion yuan, with a year-on-year growth of 5%.”
According to the National Bureau of Statistics, China's Gross Domestic Product (GDP) in 2024 was 13,490.84 billion yuan, representing a 5.0% increase compared to the previous year.
Worth noting statistics:
In terms of industrial production, the output of new energy vehicles, integrated circuits, and industrial robots grew by 38.7%, 22.2%, and 14.2%, respectively.
The added value of the service industry grew by 5.0% compared to the previous year.
By industry, investment in high-tech industries grew by 8.0%, with high-tech manufacturing and high-tech services seeing growth of 7.0% and 10.2%, respectively. Within high-tech manufacturing, investment in aerospace and equipment manufacturing, as well as computer and office equipment manufacturing, grew by 39.5% and 7.1%, respectively.
The total value of imports and exports reached 43,846.8 billion yuan, a 5.0% increase compared to the previous year. Among this, imports and exports with countries participating in the Belt and Road Initiative grew by 6.4%, accounting for 50.3% of the total value of imports and exports.