Chinese Economic Weekly Review - Jun.25~Jul.1
The must-see weekly hotspots of China's economy, all here for you!
China dominates the global LCD TV panel market with the top 5 positions, while Japan and South Korea now hold only 10.2% market share
According to the monthly shipment report by RUNTO Technology, in May 2023, the global shipment of large-sized LCD TV panels reached 20.2 million units. The rankings are as follows: BOE (BOE Technology Group), CSOT (China Star Optoelectronics Technology), HKC (Hong Kong China), Innolux (Innolux Corporation), AUO (AU Optronics), Sharp, CHOT (CHOT Corporation), and LGD (LG Display).
Currently, the market share of Japanese and Korean panels stands at 10.2%, previously dropping to 9%. On the other hand, Chinese mainland panels hold a 69% market share, with Chinese-Taiwanese panels accounting for 20.8%.
MJ Comment: While high-end panel manufacturing is currently dominated by Japan and South Korea, Chinese manufacturers are steadily accumulating technology, and it won't be long before they establish their dominance in the high-end panel market.
ASML Responds to New Dutch Export Regulations
ASML has issued an official response to the recent news regarding the new export regulations imposed by the Dutch government. According to ASML, the export control measures only apply to certain latest Deep Ultraviolet (DUV) lithography systems, specifically the TWINSCAN NXT:2000i and future immersion lithography systems. The export of other systems remains unaffected by these regulations.
Furthermore, ASML clarified that these regulations will come into effect on September 1st and the company has already submitted the necessary license applications in compliance with the requirements.
MJ Comment: This event can be seen as a significant representative of the pause in the trend of globalization, highlighting the challenges faced by companies in the global supply chain.
China Achieves Milestone in CR450 High-Speed Train Development: Reaching a Speed of 453km/h with Excellent Performance
According to the official WeChat account of China Railway, on June 28th, the CR450 high-speed train successfully operated at a single-line speed of 453 kilometers per hour and a relative closing speed of 891 kilometers per hour on the Meizhou Bay Cross-sea Bridge.
It is reported that the current speed grades of the Fuxing (Rejuvenation) trains are CR400/300/200, with the numbers indicating the maximum operating speeds of 350, 250, and 160 km/h respectively. These trains are designed for high-speed railways, rapid transit railways, and intercity railways. With the CR450, it implies that the train's maximum stable speed can reach 450 km/h, with a sustained speed of 400 km/h.
MJ Comment: This speed is almost comparable to that of maglev trains...
SHEIN Caught in IPO Controversy: Official Denial Countered by US Congress
Recently, there have been renewed rumors within the industry that "Shein has secretly filed for an IPO in the United States," causing a stir on Weibo's hot search list. As before, Shein officially responded, stating that the news is false. However, investigative journalists have found that this rumor is not groundless, as multiple sources seem to confirm its credibility. In fact, even US congressional members recently wrote to the SEC (US Securities and Exchange Commission), indirectly confirming Shein's active fundraising efforts and plans for an initial public offering before the end of this year.
MJ Comment: Pursuing an IPO in the current capital environment indirectly indicates that SHEIN is facing numerous and challenging issues that need to be addressed.
China's Cross-border E-commerce Exceeds 2 Trillion Yuan in Annual Import and Export Volume
According to the spokesperson from the General Administration of Customs, in 2022, China's cross-border e-commerce import and export volume exceeded 2 trillion yuan for the first time, reaching 2.1 trillion yuan, representing a 7.1% growth compared to 2021.
Customs statistics show that in 2022, the cross-border e-commerce import and export volume accounted for 4.9% of the total value of the country's goods trade import and export, which is similar to the proportion in 2021. Specifically, exports reached 1.53 trillion yuan, growing by 10.1% and accounting for 6.4% of the total export value.
Among the export destinations, the United States accounted for 34.3%, and the United Kingdom accounted for 6.5%. In terms of import sources, Japan accounted for 21.7% of China's cross-border e-commerce imports, while the United States accounted for 17.9%. Consumer goods accounted for 92.8% of exports, with clothing and accessories comprising 33.1% and mobile phones and electronic products comprising 17.1%. For imports, consumer goods accounted for 98.3%, with beauty and personal care products comprising 28.4% and food and fresh produce comprising 14.7%.
MJ Comment: This data actually reveals an awkward situation, as the low entry barrier of cross-border e-commerce has led to a significant number of unemployed individuals being encouraged to start businesses in this field. Behind the scenes, this trend signifies a large number of unemployed individuals who are forced to engage in cross-border e-commerce due to the lack of alternative job opportunities.