Passenger car sales took a major beating in all key markets across the world in the first half of this year, the German Association of the Automotive Industry (VDA) said on Wednesday. The biggest fall was seen in the world's biggest car market by sales, China, where new car sales were down 14% to nearly 9.9 million, putting it on track for a second year of declining sales. In June, new car sales in the Asian giant fell a little over 7% to 1.7 million. 2018 saw the first annual drop in Chinese car sales in almost three decades. The Chinese auto sector has been under a lot of pressure over the past 18 months, hurt by an economic slowdown that has dented consumer confidence, the ongoing trade dispute between Beijing and Washington, and the government's crackdown on peer-to-peer lending. Looming stricter emissions rules are also causing Chinese buyers to wait to buy new cars. "The decline in the Chinese market has been the biggest shock for the whole industry," Nigel Griffiths … [Read more...] about China slowdown, trade dispute hurt global carmakers
Exporting new cars to china
After months of intense negotiation and deal-making, on Friday the US and China slapped tit-for-tat tariffs on $34 billion worth of the other's imports, setting the stage for a full-blown trade conflict between the world's top two economies. US President Donald Trump has also put pressure on Beijing by banning Chinese companies from investing in US tech firms and blocking tech exports to China. The Trump administration has long accused Beijing of using unfair means to overtake America's technological supremacy. Read more: From the world's workshop to the world's tech hub: China's economic leap forward The main source of Washington's grumbling appears to be Beijing's "Made in China 2025" initiative, an ambitious plan to close the Asian giant's technology gap with the West. First unveiled in 2015, the initiative seeks to turn China from being the world's factory into a global technology leader, including in biotech, robotics, aerospace and clean-energy cars. Watch … [Read more...] about Is China on course with ‘Made in China 2025’ amid trade row with US?
The latest round of trade talks between the United States and China are taking place on Tuesday and Wednesday in the Chinese financial hub of Shanghai. The two-day negotiations are the first face-to-face discussions since talks between the two sides collapsed in May, when US President Donald Trump accused Beijing of reneging on its commitments. Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion (€323 billion) in two-way trade. Read more: IMF warns of trade tensions in global outlook downgrade This is the first time Shanghai has hosted US-China talks since the trade row began and the 12th round of negotiations overall. The US delegation is being led by Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, while Vice Premier Liu He and Commerce Minister Zhong Shan lead the Chinese side. But hours after the US officials landed in China, Trump took to Twitter to slam Beijing. "My team is … [Read more...] about US-China trade talks resume in Shanghai