Chinese Economics Thread
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Ex-Huawei brand, now independent, emerges with second-largest share
Honor Device Co Ltd's shipments have surged to make the company China's second-largest smartphone maker with a 16.7 percent share of the market, a new industry report from Counterpoint, a market research provider, showed.
Honor won the second spot for the first time after it was spun off from Huawei Technologies Co in 2020.
Its rise in the smartphone sector shows the battle for market supremacy is heating up, device industry experts said.
Counterpoint data showed Honor increased its market share by more than two times from a year earlier in the fourth quarter of last year.
Archie Zhang, an analyst at Counterpoint, said Honor's mid-range to high-end products helped drive the brand's sales, with its model Honor 50 retaining the top spot in the $200-$599 price band for five months after its launch in June.
In comparison, Apple was the largest smartphone vendor in China with a market share of 21.7 percent, as the iPhone 13 dominated the premium segment, thanks to its comparatively lower launch price. Oppo came in a close third with a market share of 16.6 percent.
"Coming into 2022, we expect Honor to maintain its growth momentum with the help of the newly launched products such as the Honor 60 and its foldable smartphone, the Magic V," Zhang said.
According to Counterpoint's weekly China sales data, Honor enjoyed strong momentum, with its sales in the last two weeks of January increasing 32 percent over the first two weeks. Its market share reached a record 17 percent in the week to Jan 30.
Even though China's smartphone shipments dropped 11 percent year-on-year in the last quarter of last year, major players kept expanding their premium product portfolios. Such devices include Vivo's X70 Pro, Xiaomi's Mix 4 and Honor's Magic 3 and the Magic V, Counterpoint said.
Foldable smartphones are another hot option for smartphone makers that seek to target the premium segment with differentiated products. In December, Huawei, Honor and Oppo all unveiled their flagship foldable smartphones.
Canalys, a market research provider, forecast that foldable smartphone shipments will likely increase by a compound annual growth rate of 53 percent between 2021 and 2024, to exceed 30 million units in 2024.
Runar Bjorhovde, a research analyst at Canalys, said: "The key catalyst for foldable smartphones has been the booming use of large-screen devices during the COVID-19 pandemic. As consumers are constantly looking for a better experience on their day-to-day mobile devices, the bar has now been set even higher by the productivity and entertainment experience on large screens."
Other sector experts said Apple is yet to enter the foldable smartphone segment, which could present an opportunity to other players to get a head start.
This year, Chinese smartphone companies such as Honor, Vivo and Oppo will likely seek to expand in the premium segment, in order to reclaim some of the market share gained by Apple in 2021, experts said.
The companies are expected to introduce more premium products in Western Europe, a region that already has a relatively large premium smartphone user base and can help Chinese companies boost their brand image in more overseas markets, said Zhang from Counterpoint.
That will not go down well with everyone. After all Australia was let into the RCEP agreement. Scomo is probably done in the next election anyway. Albanese will play ball but will want to have some gifts in return to placate the die hard sinophobes.
Counting down the days to May lol. Albo will have significant support from the state governments. The right wing muppets have their votes divided between the coalition sinophobes and the extremist sinophobes. Will be fun watching them kill each other and steal each other's votes. Real fun watching how desperate Sco Mo get, to think I had been voting for them all my life too.....
broadsword
Brigadier
France will use CIPS
By Global Times Published: Feb 17, 2022 09:47 PM
China France File photo: cnsphoto
The cooperation between China and France on the RMB Cross-Border Interbank Payment System will help with internationalization of the yuan and will also provide an opportunity for the eurozone to reduce its reliance on the US dollar, experts said.
China has agreed to support more French banks and financial infrastructure in joining the RMB Cross-Border Interbank Payment System, which was a highlight of multiple important agreements on bilateral cooperation agreed on by the two sides on Wednesday.
The Chinese side will review in a positive manner French banks' applications for financial qualifications in accordance with relevant procedures and standards, Xinhua reported.
The RMB Cross-Border Interbank Payment System between China and France is needed for bilateral trade, Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology, told the Global Times on Thursday.
The cooperation between China and France has yielded fruitful results. Last year bilateral trade exceeded $80 billion, and China's total imports of agricultural products from France increased by 40 percent year-on-year.
Dong noted that France could first accept the yuan as a payment currency to carry out RMB cross-border settlement and investment. As a next step, France could add the yuan to its reserve currency list and increase the proportion of the yuan in France's foreign exchange reserves.
“It is expected that the cooperation between China and France will set an example for other countries in the eurozone to accept the yuan as a reserve currency and diversify their foreign exchange reserves to avoid risk,” he noted.
According to SWIFT's latest report, the share of the yuan in international payments rose to 3.20 percent in January from 2.70 percent in December 2021, breaking the previous record set in 2015. The global ranking of the yuan in international payments remains fourth in the world.
Aside from cooperation in the financial sector, the two sides have also agreed to push for early implementation of cooperation on agricultural technology and between agricultural industries with local advantages. The Chinese side is encouraging more French agrifood enterprises that meet the necessary requirements to register in China.
The agricultural cooperation between France and China is deeply rooted. France's high level of marketization in the agricultural industry, as well as its advanced technology and nutritious agricultural products are in line with China's rural revitalization strategy, Zhou Rong, a senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Thursday.
The two sides have also agreed to deepen the China-France green manufacturing partnership initiative and to each provide a fair, equitable and non-discriminatory business environment. They will also support aviation enterprises from both countries in deepening cooperation in various forms, and promote mutual airworthiness certification for aircraft.
By Global Times Published: Feb 17, 2022 09:47 PM
China France File photo: cnsphoto
The cooperation between China and France on the RMB Cross-Border Interbank Payment System will help with internationalization of the yuan and will also provide an opportunity for the eurozone to reduce its reliance on the US dollar, experts said.
China has agreed to support more French banks and financial infrastructure in joining the RMB Cross-Border Interbank Payment System, which was a highlight of multiple important agreements on bilateral cooperation agreed on by the two sides on Wednesday.
The Chinese side will review in a positive manner French banks' applications for financial qualifications in accordance with relevant procedures and standards, Xinhua reported.
The RMB Cross-Border Interbank Payment System between China and France is needed for bilateral trade, Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology, told the Global Times on Thursday.
The cooperation between China and France has yielded fruitful results. Last year bilateral trade exceeded $80 billion, and China's total imports of agricultural products from France increased by 40 percent year-on-year.
Dong noted that France could first accept the yuan as a payment currency to carry out RMB cross-border settlement and investment. As a next step, France could add the yuan to its reserve currency list and increase the proportion of the yuan in France's foreign exchange reserves.
“It is expected that the cooperation between China and France will set an example for other countries in the eurozone to accept the yuan as a reserve currency and diversify their foreign exchange reserves to avoid risk,” he noted.
According to SWIFT's latest report, the share of the yuan in international payments rose to 3.20 percent in January from 2.70 percent in December 2021, breaking the previous record set in 2015. The global ranking of the yuan in international payments remains fourth in the world.
Aside from cooperation in the financial sector, the two sides have also agreed to push for early implementation of cooperation on agricultural technology and between agricultural industries with local advantages. The Chinese side is encouraging more French agrifood enterprises that meet the necessary requirements to register in China.
The agricultural cooperation between France and China is deeply rooted. France's high level of marketization in the agricultural industry, as well as its advanced technology and nutritious agricultural products are in line with China's rural revitalization strategy, Zhou Rong, a senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Thursday.
The two sides have also agreed to deepen the China-France green manufacturing partnership initiative and to each provide a fair, equitable and non-discriminatory business environment. They will also support aviation enterprises from both countries in deepening cooperation in various forms, and promote mutual airworthiness certification for aircraft.