Daily Buzz 16 April 2025

Top News

Regional 'shaking hands'

Chinese President Xi Jinping arrived in Malaysia on the second leg of an overseas trip aimed at strengthening regional trade ties amid a tariff war initiated by the US.

In his first stop, Chinese and Vietnamese officials signed dozens of cooperation deals related to production, supply chains and railways. Cambodia is next on Xi's itinerary.

The Association of Southeast Asian Nations, or ASEAN, is China's largest trading partner, and the three countries he is visiting have been hit with stiff US tariffs on their imports: Vietnam, 46 percent; Malaysia, 24 percent; and Cambodia, 49 percent.

"In the face of external uncertainties, China will insist on shaking hands rather than shaking fists, tearing down walls instead of building barriers, connecting instead of decoupling," Chinese foreign ministry spokesperson Lin Jian told a press briefing this week.

EU-US talks make little progress

European exports may suffer higher tariffs after a "very focused and productive meeting" between the European Union and US officials in Washington on Monday made little headway.

The EU repeated an offer of zero-for-zero reciprocal tariffs for industrial goods, including cars, and asked the US "to define its position," according to a readout of the meeting.

The readout also indicated, without elaborating, that overcapacity in steel and aluminum sectors is also included in the scope of the ongoing discussions, as well as resilience of supply chains in semiconductors and pharmaceuticals. The EU has drawn up a list of reciprocal tariffs if talks fail.

Canton Fair bustling

In a sign that China's trade sector remains strong, a record 30,000 exporters are exhibiting at the 137th China Import and Export Fair, which opened this week in the southern city of Guangzhou. More than 200,000 overseas buyers – including foreign retail giants like Walmart and Carrefour – were reported to have pre-registered for the annual event, also known as the Canton Fair. China's oldest trade fair features 55 exhibition sections and 172 product zones. It ends on May 5.

Top Business

Premier pledges expanded domestic market

Chinese Premier Li Qiang on Tuesday emphasized the need to "calmly and steadily respond to challenges brought by external shocks, further boost consumer spending, expand domestic demand and unleash the vitality and potential of China's super-large-scale market." He made the comments while visiting a shopping mall in Beijing, where a fair features export products. China has been seeking to boost domestic consumer spending to offset 145 percent US tariffs on its exports and shore up the economy.

Electric car standards

China updated the mandatory national standard on the safety of electric vehicle batteries with new safety test and more detailed requirements. It comes into effect on July 1, 2026. Revisions include updates on thermal diffusion testing of batteries and clarification on temperature requirements and vehicle testing conditions. A new safety test following fast-charging cycles has also been added, requiring external short-circuit testing after 300 fast charge cycles, mandating no fire or explosion. The safety of electric vehicles and their lithium-ion batteries have come under scrutiny after several accidents involving the vehicles.

Economy

China's foreign visitors rise

Chinese border officers handled 163 million entries and exits in the first quarter of 2025, marking an increase of 15.3 percent year-on-year, authorities said on Tuesday. The sharpest growth came from foreign nationals, who comprised 17.4 million border crossings, a jump of 33 percent. The increase is attributed to China's expansion of visa-free policies. Foreigners transiting through China can now stay 240 hours visa-free, and visitors from 38 countries can visit the country for up to 30 days without a visa.

Corporate

DHgate downloads surge

Chinese e-commerce platform DHgate has soared to the No. 2 spot on the US App Store, just behind ChatGPT, amid rising American interest in Chinese goods since the imposition of US tariffs on imports.

On April 13 alone, the app had 117,500 downloads globally. That's 6.5 times its 30-day average, with 65,100 from the US.

The spike follows an increase in viral TikTok videos by Chinese suppliers explaining luxury brand supply chains and offering direct purchase links. These videos have sparked a wave of US consumers seeking "factory-direct" products.

Founded in 2004, DHgate now serves buyers in 225 countries and hosts over 2.6 million suppliers.

Meituan Expands Quick Commerce

Beijing-based online shopping platform Meituan launched its "Meituan Flash Buy" platform on April 15, stepping up its investment in the booming instant retail sector. The platform pledges 30-minute delivery by partnering with retailers and small merchants.

Instant retail has become a key battleground for China's e-commerce giants, with JD.com and Alibaba accelerating efforts in that space. According to market research firm Analysys, China's instant retail market revenue reached 1.2 trillion yuan (US$165 billion) in 2024.

Apple tops smartphone shipments

Apple led global smartphone shipments in the January-March period of 2025, overtaking Samsung for the first time in a first quarter. According to IDC and Counterpoint Research, Apple shipments rose 10 percent to 57.9 million iPhones, comprising 19 percent of the global market share.

The surge was partly driven by Apple's move to front-load US shipments ahead of steep tariffs imposed by the Trump administration on Chinese imports.

Samsung, facing a delayed Galaxy S25 launch, ended with an 18 percent market share.