Symbolic imageChina's car market shrinks for a tenth month as exports surge
Chinese car sales fell 21.1 percent in July, the tenth monthly decline in a row, while exports jumped 88 percent from a year earlier.
The China Passenger Car Association put July sales at 1.47 million vehicles and overseas sales at 923,000, Handelsblatt reported on Tuesday, 11 August. The decline was smaller than in June. German carmakers are among the losers, with BMW, Volkswagen and Mercedes posting profit slumps while BYD, Geely and SAIC win share in the Germans' home markets with electric and hybrid models.
Deeper reach into Europe and Asia
The Financial Times reports Chinese firms are tightening their grip on Europe's car supply chain; Nikkei Asia calls Southeast Asia the testbed for a push beyond cars into jewellery, watches and wine.
Renminbi clearing in Europe
Deutsche Bank has become Europe's first clearing bank for the renminbi, according to the Financial Times; the Global Times calls the designation an impetus for broader trade.
Washington's complaints
The US State Department's Fiscal Transparency Report, released on Tuesday, found China short of minimum disclosure standards for foreign loans and warned of unexpected defaults in emerging markets. A US-China Business Council survey found US export-licence delays cost billions for no strategic gain, the South China Morning Post reported.
Other opinions
The state-affiliated Global Times relayed People's Daily commentaries denying that weak domestic demand or subsidies create overcapacity.