💡 From Tariffs to Tech: Alibaba's Billion-Dollar Bet, Visa-Free Boom, Micron's Mega Move 📈

2024-03-31

Welcome to this week’s edition! We've sifted through hundreds of sources to bring you the latest business and tech insights on China in under 5 minutes.

China’s wind turbine makers extend dominance as Vestas, GE slip

Four of the five biggest producers in 2023 were China-based companies, up from just two in the prior year, according to a BloombergNEF report released Wednesday. Goldwind Science & Technology Co. retained the top spot, while Envision Energy Co. took second place from Vestas Wind Systems A/S. General Electric Co. and Siemens Gamesa were pushed out of the top five.

China lifts tariffs on Australian wine, ends three-year freeze in trade

China will lift anti-dumping and anti-subsidy tariffs on Australian wine from March 29, the Chinese commerce ministry said on Thursday, ending three years of punitive levies and offering long-awaited relief to Australian wine producers.

Micron starts construction of new plant in Xi’an

Micron Technology Inc., America’s largest memory-chip maker, Thursday kicked off construction of a new semiconductor packaging and testing plant in Xi’an, northwest China’s Shaanxi province, eyeing production to begin in the second half of 2025.

China reports more trips by foreign travelers in first 2 months of 2024 as visa-free policies take effect

Foreigners made 2.95 million trips to and from China in January and February, more than double the amount in the previous two-month period. Tourism ministry official notes uptick in visitors from countries covered by new visa rules, including France, Germany, Spain, Malaysia and Singapore.

China sports boom drives Lululemon, Nike revenue growth

Lululemon and Nike are seeing significant revenue growth in China, fueled by an increasing interest in sports and wellness trends, particularly among Gen Z.

Singapore's RGE to acquire, privatize Chinese tissue giant Vinda

Vinda International Holdings said that Singapore's Royal Golden Eagle, owned by Indonesian billionaire Sukanto Tanoto, has bought an 83.5 percent stake in the major Chinese tissue maker and will later fully acquire and privatize it.

Alibaba to take on Coupang with USD 1.1 billion investment in South Korea

China’s Alibaba Group will invest USD 1.1 billion over the next three years to create a logistics network in South Korea, aiming to take on local e-commerce giant Coupang by leveraging low prices and speedy deliveries.

Xpeng, Zeekr, and more enter Thailand, eye expansion across Southeast Asia

Southeast Asia’s largest car producer and exporter, Thailand has also become a strategic location for Chinese automakers wishing to diversify their operations and reduce geopolitical risks.

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