US-sanctioned Huawei unveils new Pura 70 smartphone series amid speculation over its chip capabilities
Apple CEO to Meet Singapore Leader to Wrap Whirlwind Asia Tour
Welcome to this issue of The China Brief. Today is April 18, 2024. Here at The China Brief, we bring you the latest news on China's politics, economy, and society from global media sources, along with exclusive expert analysis. If you find our content helpful, please subscribe to our newsletter.
South China Morning Post
Huawei has announced the launch of its new smartphone series, the Pura 70. The series includes two models, the Pura 70 Ultra and Pura 70 Pro, and will be available for purchase starting April 22. The Chinese tech giant did not reveal the processors used in the Pura 70 series, but analysts believe the devices will feature Huawei's own Kirin chips. The launch of the Pura 70 series is seen as a significant move for Huawei, as it represents the company's biggest flagship handset launch since the Mate 60 Pro, which drew attention for its Chinese-made processor.
Apple CEO to Meet Singapore Leader to Wrap Whirlwind Asia Tour
Bloomberg
Apple CEO Tim Cook is set to meet with Singapore's Prime Minister Lee Hsien Loong and his successor Lawrence Wong on 30 and 31 March, as part of Cook's tour of Southeast Asia. Cook has been searching for new growth markets and manufacturing locations to offset the company's struggles in China. Apple is looking to expand in Southeast Asia, which has a relatively fast-growing market with over 650 million consumers. The company is also considering opening its first Apple Store in Malaysia.
China steelmakers show overcapacity strain as U.S. battens import hatches
Nikkei Asia
Chinese steelmakers are struggling with overcapacity and are turning to exports to alleviate the situation, according to recent earnings reports. Angang Steel reported a net loss of CNY3.25bn ($450m) in 2023, while Maanshan Iron & Steel reported a net loss of CNY1.32bn for the same period. Both companies cited excess supply in the market as a key factor in their poor performance. As a result, both steelmakers are looking to expand their presence in overseas markets. Xinjiang Ba Yi Iron & Steel also warned of overcapacity in its annual results, which included a net loss of CNY1.16bn in 2023. The company called the adjustments in the sector an "unprecedented challenge." Other smaller steelmakers, including Shandong Iron & Steel and Hunan Valin Steel, are also looking to exports to boost revenue. The moves come as US President Joe Biden calls for higher tariffs on Chinese steel and aluminum.
Apple plans to invest more than $250m to expand Singapore campus
Nikkei Asia
Apple plans to invest over $250 million to expand its operations in Singapore's Ang Mo Kio district. The company will upgrade two buildings acquired in 2022, which are located across from Apple's existing offices. Singapore serves as an operations center for Apple in the region, and the company currently employs over 3,600 people in the city-state. Apple CEO Tim Cook will meet with Singapore's prime minister-designate and incumbent leader as part of his Southeast Asia tour.
TSMC says global tech recovery 'not fast enough' despite AI boom
Nikkei Asia
Taiwan Semiconductor Manufacturing Co (TSMC) CEO C.C. Wei says the recovery in the smartphone and PC markets is less than expected, limiting global semiconductor growth for 2024. TSMC has reduced its overall projection for the global logic semiconductor industry and the global contract chipmaking industry. It has, however, maintained its forecast for its own growth at 21% to 26% for all of 2024, citing strong demand for generative AI computing. TSMC's Q1 2024 net profit was up 8.9% YoY at NT$225.49bn ($6.9bn), with revenue for the period up 16.5% YoY at NT$592.64bn.
Jokowi asks China to help build transport new Indonesian capital
Nikkei Asia
Indonesian President Joko Widodo met with Chinese Foreign Minister Wang Yi in Jakarta to discuss cooperation in various areas, including developing the country's new capital, Nusantara, and investment in the petrochemical sector in North Kalimantan. Widodo also requested China's assistance in extending the high-speed railway project connecting Jakarta and Bandung to Surabaya. The meeting comes as China strengthens ties with Southeast Asian countries, including Indonesia, as it competes with the US for influence in the region. China and Indonesia have grown closer since President-elect Prabowo Subianto won the presidential election in February.
South China Morning Post
Hong Kong has failed to rank among the world’s top 10 ports for the first time in 2023, with the city's struggles to reverse a long-term decline in shipping volumes cited as the reason. The city has posted seven straight years of declining shipment volumes due to competition from its mainland counterparts. The drop in the rankings is bruising for Hong Kong, which was the world’s top container port for most of the period from 1987 to 2004. In total, six of the top 10 spots were held by mainland Chinese cities.
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