The China Agenda for August 7–13 — Taiwan’s vice president to New York
This is what’s on the diplomatic, political, and business agenda for the week of August 7–13.
Beijing’s leaders have headed to their annual summer retreat at the seaside resort town of Beidaihe, accompanied last week by 57 technology experts. The lack of political business in both Beijing and Washington means that the big events for the upcoming week will be in the financial markets and in Taiwan-related travels.
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Upcoming diplomatic visits and international political events
Taiwan’s Vice President William Lai (賴淸德 Lài Qīngdé) will land in New York on Saturday, August 12, on his way to Paraguay to celebrate the inauguration of the Taiwanese ally’s incoming president, Santiago Peña Palacios.
Japan’s former prime minister Taro Aso will be in Taiwan on Monday for a three-day visit.
- Aso will meet President Tsai Ing-wen (蔡英文 Cài Yīngwén), Vice President William Lai, Taipei Mayor Chiang Wan-an (蔣萬安 Jiǎng Wàn’ān), and former Legislative Speaker Wang Jin-pyng (王金平 Wáng Jīnpíng).
- Aso is currently the vice president of the ruling Liberal Democratic Party, as well as a member of the House of Representatives. His delegation will include other members of Japan’s parliament, the Diet.
The United Nations is holding two sessions this week, as follows:
- The 30th session of the Human Rights Council Advisory Committee, from August 7 to August 11.
- The 110th session of the Committee on the Elimination of Racial Discrimination, from August 7 to August 31.
Important speeches, policy announcements, and political events in China
The National People’s Congress Standing Committee (NPCSC) is seeking public comment on a draft Criminal Law Amendment (XII) through August 24. In addition, the following bills are set to return to be reviewed this month, including:
- A draft revision to the Company Law
- A draft Value-Added Tax Law
- A draft amendment to the Civil Procedure Law
- A draft amendment to the Administrative Litigation Law
China’s fifth national economic census will be held from August to October. The extensive survey from the National Bureau of Statistics seeks to ascertain key information about the state of businesses and the economy, from personnel wages to ecommerce transactions to research and development.
Earnings reports, IPOs, and other market events
Data releases:
- On August 7, at 11 p.m. ET, China’s balance of trade statistics for the month of July will be released.
- Also on August 7, at 11 p.m. ET, data on China’s foreign exchange reserves will be published.
- On August 8, at 9:30 p.m. ET, China’s inflation rate numbers will be released.
- Also on August 8, at 9:30 p.m. ET, China’s PPI (Producer Price Changes Index) figures will be published. China has experienced nine consecutive months of producer deflation, and June saw the fastest fall in prices since December 2015. This trend is expected to have continued into July.
- On August 11, data on vehicle sales will be released by the China Association of Automobile Manufacturers.
- Also on August 11, data on new yuan loans will be released, as well as data on the M2 money supply.
IPOs:
On August 7, Huahong Grace Semiconductor is set to launch on the Shanghai Stock Exchange.
- Having raised nearly $3 billion, this is the biggest IPO of 2023 so far, and the STAR board’s third-largest-ever listing.
Earnings:
Sohu, the Chinese online media, video, and gaming group, will report its second-quarter financial results on August 7 before markets open. An investor conference call will be held at 7:30 a.m. ET.
Microvast, a Texas-based battery company, will report its quarterly earnings after markets close on August 7, and will host a conference call for investors at 5 p.m. ET.
- The federal government canceled a $200 million grant to the company in May following concerns voiced by Republican lawmakers over its ties to China.
Li Auto will announce its earnings for the second quarter of 2023 on August 8 before markets open. The Beijing-based electric vehicle company has had a strong start to the year.
Alibaba Group, one of the world’s biggest companies, reports its financial results on August 10 before markets open, and will hold an investor call at 7:30 a.m. ET.
- The ecommerce, logistics, and cloud computing giant announced a governance overhaul back in March, restructuring into six separate entities.
China Yuchai International, a holding company whose subsidiaries are involved in engine manufacturing, operating hotels in China and Malaysia, and making a range of technology products, will report its earnings on August 11, at 8 a.m. ET.
China Automotive Systems, a power steering components and systems supplier, is expected to report its earnings on August 11.
Moatable Inc. (formerly Renren) is expected to report its quarterly earnings this week. The company is a social networking and software as a service (SaaS) business.
- The company moved its global headquarters to the U.S. from Beijing in 2021.
Events
Academic and think-tank events this week include:
CSIS: A Front Row View of the NSA: Reflections from General Paul M. Nakasone, August 10, 10:00 a.m. ET.
U.S.-China Business Council: Expert Perspectives on Decarbonizing Supply Chains in China, August 9, 9:00 a.m. ET.
Asia Society: Book Talk | Eat the Buddha: Being Tibetan in 21st Century China, August 8, 6:30 p.m. ET.
