China This Week: Five things you need to know (Apr. 26-May. 2, 2025)
One Step Closer to China: A weekly dispatch from Beijing every Friday with insights you don’t want to miss.
Editor's note: This week, China's focus on the AI-related hi-tech industry is worth reading. China reaffirmed that it will stand up against the U.S. tariff bullying at the China-Central Asian foreign ministers' meeting and the BRICS foreign ministers' talks. Moreover, China's targeted retaliation on U.S. soybeans is having market effects as more Brazilian shipments of soybeans have reached Chinese ports. As China eased its tax refund policy, do enjoy China travel and China shopping amid the five-day Labor Day holiday. Thank you!
1. Chinese President Xi Inspects AI industry in Shanghai, Hails Broader BRICS Cooperation at the New Development Bank
Chinese President Xi Jinping on April 29 visited an AI incubator (模速空间) in Shanghai, calling on the city to take the lead in AI development and governance. Xi urged promoting healthy and orderly development of AI and accelerating the building of a highland of scientific and technological innovation with global influence. Xi visited the New Development Bank (NDB) and called the bank "a pioneering initiative for the unity and self-improvement of the Global South."
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2. China Honors Model Workers, Exemplary Individuals Ahead of International Workers' Day
International Workers' Day, which falls on May 1, serves as a celebration of workers across the whole social spectrum. Chinese President Xi on April 28 stresses pooling strength of working class for rejuvenation of Chinese nation at a grand gathering to celebrate the 100th anniversary of the founding of the All-China Federation of Trade Unions (中华全国总工会). China honored 1,670 people as national role model workers, while 756 were recognized as exemplary individuals for their outstanding work performance and contributions to the nation's manufacturing and industrial development.
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3. U.S. Farmers’ Loss is Brazil’s Gain: China Accelerates Agricultural Trade Shift to Brazil
The New York Post said U.S. President Donald Trump's tariffs have sent the U.S. agricultural industry into a "full-blown crisis." Chinese ports have seen a surge in Brazilian soybean imports as U.S. agricultural exports plunge amid tariffs. Brazil has maintained its position as the largest source of agricultural imports for China since 2018, led by soybean and corn shipments, accounting for 71.1 percent of China's total soybean imports.
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4. China's Diplomacy: Prepare for the 2nd China-Central Asia Summit, Enhance the BRICS Mechanism, Stand Against U.S. Tariff Bullying
It has been a busy time for Chinese Foreign Minister Wang Yi, attending the Sixth China-Central Asia Foreign Ministers’ Meeting, holding the second China-Kazakhstan Foreign Ministers’ Strategic Dialogue, and attending the BRICS Foreign Ministers' Meeting, among other engagements. China and Central Asian countries agreed to deepen high-quality Belt and Road cooperation as the second China-Central Asia Summit will be held in June in Kazakhstan.
Wang Yi clarified China's position on the U.S. tariff war, saying during the meeting that compromising and flinching will only invite more bullying. He also highlighted BRICS unity and cooperation to improve global governance.
Read More:
China puts forward 5 proposals to boost cooperation with Central Asia -CGTN-
Wang Yi: Uphold BRICS unity and cooperation, reform and improve global governance -Chinese Foreign Ministry-
BRICS foreign ministers tout multilateralism amid economic turmoil from US trade policies -South China Morning Post-
5. From 'China Travel' to 'China Shopping,' China Welcomes Travelers with Easier Tax Refund Policy
From "China Travel" to "China Shopping," China on April 27 lowered the threshold of tax refunds for overseas travelers to 200 yuan (about $27) and raised the upper limit for cash refunds to 20,000 yuan (about $2,775), according to a statement《境外旅客购物离境退税管理办法（试行）》issued by the Ministry of Commerce and other authorities. Refunds will be made available through multiple channels, including mobile payments, bank cards and cash.
Read More:
China eases tax refund rules to boost inbound shopping -CGTN-
China lowers minimum amount for tax refunds for tourists to boost spending -Associate Press-
Optimization of tax refund policies: further opening-up pledge delivered by China -Global Times-
Stay tuned for more updates on China's political, economic, and cultural landscapes.
Disclaimer: This newsletter is for informational purposes only. All sources are publicly available and subject to change.
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