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German businesses in China register positive outlook despite price pressures

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German businesses in China register positive outlook despite price pressures

2024-06-17 21:19 Last Updated At:21:57

The German Chamber of Commerce in China has seen rising business confidence among its member companies in China despite concerns over price pressures due to market competition, following a turbulent period brought by the pandemic and other external factors, the commerce said at a briefing on Friday in Beijing.

Along with the suggestion of a new development path, the German Chamber of Commerce in China also released its 2024 Flash Survey on Monday, capturing the prevailing sentiment among its members. The survey, encompassing nearly 190 member companies, indicates that the business outlook is on an upward trajectory.

The survey reveals that nearly 40 percent of respondents are optimistic about improvements in China's economy over the next six months. Moreover, over 90 percent of the companies surveyed have no plans to withdraw from the Chinese market.

"The [business] outlook [and turnover] increased. In terms of revenue, turnover is strongly going upwards. That means we see a surging turnover expectation till the end of the year compared to the results in September 2023," said Clas Neumann, chairman of the board of the German Chamber of Commerce in East China.

Approximately 39 percent of the companies anticipate an increase in turnover for 2024 relative to the previous year. Nonetheless, only 25 percent foresee a corresponding rise in profits by year-end. Neumann emphasized the need for more transparent policies to support these German enterprises.

Neumann also noted that the deeper the engagement of German companies in China, the greater their resilience against external instability and tariff issues.

"Local supply chains, again, have lots of German investors, also. Take automotive as an example, the German automotive supplier industry also benefits from the growth of the industry here overall and also of the Chinese car manufacturers. Therefore, more local supply chains are of course, a kind of protection against any kind of disruption, whether the disruption comes now as we've unfortunately seen from the pandemic over many years, or from tariffs, or other measures," said the chairman.

The report highlights concerns regarding price pressure, which is attributed to fierce market competition.

German businesses in China register positive outlook despite price pressures

German businesses in China register positive outlook despite price pressures

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Russia launches offensives, Ukraine reports intense battles on frontlines

2024-07-18 17:23 Last Updated At:17:47

Russia said its army had launched a series of attacks in multiple directions, while the Ukrainian side reported intense battles on the frontlines, according to the official briefings of the two countries released on Wednesday. 

The Russian Defense Ministry said in a statement that its army repelled the Ukrainian attack and launched offensives in various directions, including Kharkiv, Donetsk, Zaporizhzhia, and Kherson, over the past day.

Meanwhile, the General Staff of the Armed Forces of Ukraine said it recorded 15 combat clashes on the Kharkiv front and 21 on the Pokrovsk front, while battles continued in a number of areas. 

In another development, the two countries also exchanged 95 prisoners from each side who were captured during their ongoing conflict, the Russian Defense Ministry said on Wednesday.

Previously in late May and June, Russia and Ukraine conducted two rounds of prisoner swaps, freeing 75 and 90 military personnel from each side, respectively.

Russia launches offensives, Ukraine reports intense battles on frontlines

Russia launches offensives, Ukraine reports intense battles on frontlines

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