In a move that further intensifies its competition with Walmart and Amazon, Alibaba Group said it will invest approximately $3.6 billion in Sun Art Retail Group Limited, a leading hypermarket and supermarket operator in China, that will raise its aggregate direct and indirect stake to approximately 72%.
The 128th China Import and Export Fair (Canton Fair), and also its second virtual showcase, kicked off on October 15. About 26,000 exhibitors from 50 exhibition sections have brought more than 2.3 million products across 16 categories to the 10-day event, of which 691,500 products are making their debuts, according to the fair.
The China Import and Export Fair (Canton Fair)’s 128th edition will go online from October 15 to 24. The 10-day virtual exhibition will leverage its digital interaction features to create new opportunities for global companies to source products and forge trade partnerships.
TikTok creator ByteDance has received tentative approval for an agreement with the U.S. government to resolve the outstanding issues about the involvement of China’s government in the original organization, which will allow Oracle and Walmart in partnership to acquire 20% of the newly formed TikTok Global business.
The U.S. government is sanctioning Chinese companies it accuses of complicity in human rights violations arising from Beijing’s actions toward Muslim minorities, including forced labor, and the National Retail Federation has joined other trade associations in publishing a statement about their policies and activities in response.
After a series of occurrences, including trade disputes, the COVID-19 pandemic and political conflicts, consumers in the U.S. are looking at China-made products in a more negative light, according to Coresight Research.
The impact of COVID-19 at major U.S. retail container ports appears to be easing slightly, with projected imports remaining below last year’s levels but not as much as previously forecast, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
According to Coresight Research, almost half of consumers have a negative view of Made in China products.
The Canton Fair’s International Pavilion held an online promotion and communication conference on June 3 to help buyers and business associations in China get prepared for the first-ever online session of Canton Fair, which will be held from June 15 to 24.
Imports at major U.S. retail container ports are expected to see double-digit year-over-year declines this spring and summer as the economic effects of the coronavirus pandemic continue, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
Concerns among U.S. housewares suppliers and retailers about supply chain disruption out of China after the initial coronavirus outbreak have been surpassed by more urgent concerns closer to home about public health and safety and economic wellbeing.
Estimates show that imports at major U.S. retail container ports dropped to their lowest level in five years in March, and imports are projected to remain significantly below normal levels through early summer as the coronavirus pandemic continues, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
The coronavirus outbreak is expected to have a longer and larger impact on imports at major U.S. retail container ports than previously believed as factory shutdowns and travel restrictions in China continue to affect production, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
The show floor at Ambiente in Frankfurt reverberated with mounting concerns about the potential for major supply chain disruption as Chinese factories remained shuttered by China’s massive coronavirus quarantine.