China targets US defence firms over Taiwan, launches trade probe • FRANCE 24 English

China targets US defence firms over Taiwan, launches trade probe • FRANCE 24 English

equally impressive is today’s business news Brian Quinn is here he’s impressive too he’s starting in China today uh the government is retaliating against the EU and the US amid a deepening trade back BR they are uh indeed Stuart Beijing announced it’s launching an anti-dumping probe against the EU the US Japan and Taiwan in the crosshairs a plastic called polyoxymethylene co-polymer commonly used in the manufacturer of electronics and cars Beijing also announcing sanctions on three American defense companies due to their sale of weapon systems to Taiwan as new president Ali chin was inaugurated Monday those companies General atomics General Dynamics and Boeing defense targeted those measures come in response to several EU probes into China’s use of State subsidies to underwrite uh cheap exports that Brussels seize as a threat to Europe’s industrial base the Biden Administration meanwhile has hik tariffs on Chinese electric vehicles solar cells and medals as the West pushes back against what it calls overc capacity in the Chinese manufacturing sector Beijing uh denouncing those moves take a listen here this is protectionism in the name of Fair competition the real aim is to contain China’s new energy sectors hamper China’s high quality development and get advantage in the elections by competing to be tough to be tougher on China well meanwhile the Chinese government is taking new measures to prop up its struggling real estate sector BR so Beijing is set to pump billions of dollars into China’s crisis stricken property Market amid of raft of bankruptcies among the country’s top developers The People’s Bank of China rolling out a $41.5 billion fund to help local governments buy unsold units and resell them as low-income housing the Central Bank also eliminating the country’s minimum mortgage rate and lowering the minimum down payment for both first and second homes Chinese home prices fell for the 10th straight month in April at 610 of a percent it was the steepest fall in nearly a decade home prices for the first quarter were nearly 10% lower than they were a year ago the real estate sector has been in crisis since 2021 when the Chinese government moved to reduce developers debt levels sending several into default it is a major problem real estate once accounted for nearly a quarter of Chinese GDP growth here is the country’s National statistics Bureau we must process existing properties and optimize housing based on changes in the real estate market and people’s expectations for high quality housing we must accelerate the transition to a new model of high quality real estate development so is that plan then brand providing any relief for Chinese developers on the markets at all a bit you might say Stuart investors though are comparing that $41.5 billion repurchasing plan to the amount of unsold housing stock in the country and coming up away less than fully convinced some large developers did see their shares rise a bit China vankey up nearly 1 and a half% Hong Kong’s Mainland property index though down nearly half a percent the Hong sang and Shanghai composite each up around uh half a percent as we head towards the closing bell there here in Europe major indexes also trending higher following wall Street’s lead after the Dow closed above 40,000 points for the first time ever on Friday Ryan Air has announced a 34% rise in first quarter net profits over last year along with a 700 million euro a share byy back its shares gaining London Paris and Frankfurt all up around a qu% uh at the open there but all investor eyes will be on this Chinese property plan uh to see how it plays out over the coming months and if it will have the desired effect in propping up that heavily damaged real estate sector in China Brian thanks very much Brian Quinn from my business Des here on fr for

Beijing sanctions three American defence companies as Taiwan’s new president takes office. China is also launching an anti-dumping investigation into imported EU, US, Japan and Taiwan chemicals amid a growing trade spat. The country’s struggling property market gets a government lifeline, but investors remain unconvinced that it will be enough.

Read more about this story in our article: https://f24.my/ALMc.y

🔔 Subscribe to France 24 now: https://f24.my/YTen
🔴 LIVE – Watch FRANCE 24 English 24/7 here: https://f24.my/YTliveEN

🌍 Read the latest International News and Top Stories: https://www.france24.com/en/

Like us on Facebook: https://f24.my/FBen
Follow us on X (Twitter): https://f24.my/Xen
Browse the news in pictures on Instagram: https://f24.my/IGen
Discover our TikTok videos: https://f24.my/TKen
Get the latest top stories on Telegram: https://f24.my/TGen