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The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Govt asks white goods industry to apply for manufacturing sops in large numbers

The <keyword id="20143656" type="General" weightage="20" keywordseo="turnover" source="keywords">turnover</keyword> of India's automotive component industry registered a <keyword id="19910261" type="General" weightage="20" keywordseo="growth" source="keywords">growth</keyword> of 9.8 per cent in the financial year 2023-24, according to the Automotive Component Manufacturers Association of India (<keyword id="20475655" type="General" weightage="20" keywordseo="ACMA" source="keywords">ACMA</keyword>). The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India's auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release. <keyword id="20373789" type="General" weightage="20" keywordseo="shradha-suri-marwah" source="keywords">Shradha Suri Marwah</keyword>, President, ACMA, and CMD, Subros, said that apart from an increase in <keyword id="21825714" type="General" weightage="20" keywordseo="vehicle-production" source="keywords">vehicle production</keyword>, higher value addition from the component sector has led to growth in the auto components sector. "On the front of trade, whilst overall merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> from India witnessed degrowth in FY24, auto component exports have grown despite geopolitical challenges and an increase in logistics costs," Marwah said. Elaborating on the mood of the industry and outlook for the near future, Marwah mentioned, steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in 2023-24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in <keyword id="20051501" type="General" weightage="20" keywordseo="vehicle-sales" source="keywords">vehicle sales</keyword>, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections. "With strong macro-economic indicators, conducive government policies, and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in 2024-25," Marwah added in the release. Following are some of the key findings of the ACMA Annual Industry Performance Review: Auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market were at Rs 5.18 lakh crore (USD 62.4 billion), growing 8.9 per cent compared to the previous year. Consumption of increased value-added components, a thrust on localisation, and a shift in market preference towards larger and more powerful vehicles contributed to the increased turnover of the auto-components sector. Exports of auto components witnessed growth of 5.5 per cent to Rs USD 21.2 billion in 2023-24 in contrast to USD 20.1 billion in 2022-23. North America accounted for 32 per cent of exports. Europe accounted for another 33 per cent and Asia for 24 per cent, respectively. Exports to Europe grew by 12 per cent while to Asia remained flat. The key export items included drive transmission and steering, engine components, body and chassis, suspension and braking systems. Component imports grew by 3.0 per cent in 2023-24 to USD 20.9 billion from USD 20.3 billion in 2022-23. Further, increased vehicle movement and a surge in demand for used vehicles led to buoyancy in the aftermarket across all segments. The turnover of the aftermarket in 2023-24 stood at Rs 93,886 crore (USD 11.3 billion) compared to Rs 85,333 crore (USD 10.6 billion) in the previous year. The aftermarket, with an increase in e-commerce, is witnessing enhanced penetration, especially in the hinterland, and a gradual evolution into the organised sector. (ANI)

Indian auto component industry turnover grows 9.8% in 2023-24; outlook positive: ACMA review

<keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords">Samsung</keyword> views India as a crucial market with <keyword id="19895934" type="General" weightage="20" keywordseo="Noida" source="keywords">Noida</keyword> and Bengaluru becoming one of its biggest <keyword id="21081461" type="General" weightage="20" keywordseo="RD-centres" source="keywords">R&amp;D centres</keyword>, and is in talks with Indian <keyword id="22430808" type="General" weightage="20" keywordseo="component-partners" source="keywords">component partners</keyword> to strengthen its operations, a senior official said. Samsung Electronics President and Head of Mobile eXperience (MX) Business <keyword id="20372974" type="General" weightage="20" keywordseo="TM-Roh" source="keywords">TM Roh</keyword> was speaking at a media roundtable here on the sidelines of Samsung Unpacked 2024. "The Indian market is very important to Samsung. We have operated the manufacturing facility since 1996, and we also have R&amp;D centres in India. Noida and Bengaluru R&amp;D centres have become one of the biggest R&amp;D centres of Samsung and MX business. "They are busy developing flagship products as well as contributing to the development of <keyword id="22430809" type="General" weightage="20" keywordseo="Galaxy-AI-technologies" source="keywords">Galaxy AI technologies</keyword>," Roh said, adding that these collaborations and efforts will continue in the future. In January this year, Roh termed India as one of Samsung's important manufacturing bases and said that the Korean electronics major will start manufacturing laptops this year at its Noida facility. "We are also working closely with component partners in the Indian market to strengthen infrastructure and supply chain. We have done so, and we will continue to do so going forward," Roh said. At Samsung Unpacked 2024, the tech giant expanded its wearables portfolio with the launch of Galaxy Ring, a health and wellness wearable device powered by Galaxy AI. It also unveiled its sixth generation foldable smartphones Galaxy Z Fold6 and Z Flip6, along with Galaxy Buds3 and Galaxy Buds3 Pro. Both Galaxy Z Fold6 and Z Flip6 are manufactured at the Noida facility. "The Indian market is one of the markets where the foldable range is growing exponentially, and at the centre lies Galaxy foldables. "Particularly, making health AI possible on our new products like watches and foldables, the contribution and efforts of Indian R&amp;D centres were immense," Roh said. He further said that the company expects the market demand to grow this year and has high expectations around Indian customers and consumers adopting the new foldable range with the incorporation of optimised Galaxy AI. "We will come closer to the consumers through diverse initiatives like first-hand experience programmes, game-related promotional activities, and Olympic sponsorship-related activities as well," he said. On the monetisation of AI services, Roh said mobile AI technologies and their usage patterns are progressing at such a speed that it would be too premature to comment on how it could be monetised. "I believe monetisation-related decisions should be and will be made based on a comprehensive review of the customer voice and customer needs, market demands, market needs, and technological trends and changes," he said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms" target="_blank">OnePlus Nord 4 with metal back, Snapdragon 7+ Gen 3 launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms" target="_blank">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a>

Samsung in talks with component partners to boost ops in India: TM Roh

Sales of telecom equipment have surpassed the Rs 50,000 crore milestone under the Production Linked Incentive (PLI) scheme. According to a press release by the Ministry of Communication, this accomplishment reflects the success of governmental efforts to bolster <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword> and reduce import dependence, aligned with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat'. Within three years of its inception, the Telecom <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has attracted an investment of Rs 3,400 crore, surpassing the Rs 50,000 crore milestone in telecom equipment production, with exports reaching approximately Rs 10,500 crore. This achievement has resulted in the creation of more than 17,800 direct jobs and numerous indirect employment opportunities, underscoring the robust growth and competitiveness of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s telecom manufacturing sector. Government initiatives aimed at promoting local production and reducing import dependency have played a pivotal role in this success, aiming to bolster domestic manufacturing capabilities and position India as a global hub for telecom equipment production, read the press release. The Production Linked Incentive Scheme for Large Scale Electronic Manufacturing of Electronics, encompassing mobile phone and component manufacturing, has significantly boosted both production and export figures. From producing 5.8 crore mobile phones and importing 21 crore units in 2014-15, India manufactured 33 crore phones domestically in 2023-24, with only 0.3 crore units imported and nearly 5 crore units exported. The value of mobile phone exports surged from Rs 1,556 crore in 2014-15 to Rs 1,28,982 crore in 2023-24, highlighting substantial growth and reduced import reliance. India, historically a net importer of telecom gear, has seen a transformative shift due to initiatives like <keyword id="20262813" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make-in-India</keyword> and the PLI scheme, resulting in domestic equipment production valued at over Rs 50,000 crore, read the press release. The <keyword id="22354280" type="General" weightage="20" keywordseo="telecom-equipment-manufacturing" source="keywords">telecom equipment manufacturing</keyword> sector has shown exceptional growth under the PLI scheme, with total sales exceeding Rs 50,000 crore, marking a 370 per cent increase compared to the base year of FY 2019-20. Generating over 17,800 direct jobs and additional roles across the manufacturing value chain, fostering economic growth and development. Encouraging local production, the scheme has reduced India's reliance on imported telecom equipment by 60 per cent, enhancing national security and self-reliance in critical technologies. Indian manufacturers are now competing globally, offering high-quality products at competitive prices, particularly in advanced telecom technologies like 5G. Under the stewardship of the Department of Telecommunications (DoT) and Ministry of Electronics and Information Technology (MeitY), initiatives like the PLI Scheme for Telecom and Networking Products have significantly narrowed the gap between telecom imports and exports, read the press release. In FY 2023-24, exports of telecom equipment and mobiles combined totaled over Rs 1.49 lakh crore, slightly below imports valued at Rs 1.53 lakh crore, reflecting India's growing export prowess in the sector. Minister of Communications and Electronics, Ashwini Vaishnaw, posted on X, "The reality of mobile phone, electronics and telecom product manufacturing is known to all except those who don't like our country's progress. In 2014-15, India produced only 5.8 Crore mobile phones and imported about 21 Crore mobile phones. In 2023-24, Bharat produced 33 Crore phones and exported close to 5 Crore mobile phones. Telecom equipment manufacturing was a dream for India. PLI enabled telecom manufacturing. In 2023-24, telecom equipment production topped benchmark of Rs. 45,000 Crore. Exports crossed Rs. 10,500 Crore. Guess who else, apart from Congress, doesn't like our country emerging as a manufacturer of mobile phones and telecom equipment?" Over the past five years, the trade deficit in telecom products has decreased from Rs 68,000 crore to Rs 4,000 crore, demonstrating the PLI schemes' success in enhancing India's global competitiveness and attracting investments in cutting-edge technologies. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank">Xiaomi SU7 with up to 800 km range showcased in India but you can’t buy it</a><a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank">Redmi 13 5G with 120Hz display launched in India starting at ₹13,999</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank">Samsung Galaxy Unpacked – How to watch, expected launches and everything you need to know</a>

India's telecom equipment manufacturing sales cross ₹50,000 crore under PLI scheme

<ul><li><keyword id="6354427" type="General" weightage="100" keywordseo="apple" source="Orion">Apple</keyword> has started manufacturing components for <keyword id="1660289" type="General" weightage="80" keywordseo="airpods" source="Orion">AirPods</keyword> in India.</li><li>A supplier of the company is manufacturing enclosures for AirPods.</li><li>The components are being exported to Vietnam and China.</li></ul> In a push to domestic manufacturing, Cupertino tech giant Apple has reportedly started manufacturing components for AirPods in the country. This is part of the company’s strategy to diversify its production across countries, reducing its dependence on China. According to a<a href="https://www.bloomberg.com/news/articles/2023-01-30/apple-supplier-in-india-begins-making-airpods-parts-for-export"> report</a> by Bloomberg, Jabil Inc., a major Apple supplier in the country has started manufacturing components for AirPods as part of the company’s push to expand production in India. This comes after Apple started manufacturing<a href="https://www.bloomberg.com/news/articles/2023-01-30/apple-supplier-in-india-begins-making-airpods-parts-for-export"> iPhone 14</a> in the country soon after its launch. <cmsannotation type="cmsannotation" annotationid="AirPods second device to be partially manufactured in India" comment="subhead" text="AirPods second device to be partially manufactured in India">AirPods second device to be partially manufactured in India</cmsannotation> So far, Apple’s production in India has been limited to iPhones. With the production of components for AirPods, the true wireless earbuds have become the second Apple device to be partially manufactured in India. The components reportedly being manufactured are the enclosure or plastic bodies, so there is still some time before the AirPods can be fully manufactured in the country. These enclosures are reportedly being exported to Vietnam and China. While there’s still some time before AirPods is fully manufactured in India, the government has been pushing for domestic manufacturing and has also provided initial clearances to over a dozen Chinese suppliers to set up joint ventures with Indian companies and begin production. Luxshare Precision Industry Co Ltd., a major Apple supplier that makes AirPods is among the dozen companies that have received approval to begin operations in India. The Indian government is planning to offer financial incentives as part of its production linked incentive (PLI) scheme for production of wireless earphones and smartwatches. Apple has been pushing iPhone production in India for some time now. A recent<a href="https://www.businessinsider.in/tech/mobile/news/40-of-indias-mobiles-export-in-2022-23-are-iphones-india-g20-sherpa-amitabh-kant/articleshow/96471669.cms"> report</a> had revealed that around 40% of smartphone exports in 2022-2023 were by Apple. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-launches-macbook-pro-and-mac-mini-with-new-m2-chipsets-in-india-price-specs-and-features/articleshow/97080949.cms">Apple launches MacBook Pro and Mac mini with new M2 chipsets in India – price, specs and features</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-13-becomes-the-best-selling-smartphone-in-india-in-q4-2022-first-iphone-ever-to-join-the-list/articleshow/96794819.cms">iPhone 13 becomes the best-selling smartphone in India in Q4 2022, first iPhone ever to join the list</a> <a href="https://www.businessinsider.in/tech/mobile/news/made-in-india-smartphone-shipments-decline-by-8-amid-decline-in-demand/articleshow/96562322.cms">Made in India smartphone shipments decline by 8% as consumer demand declines: Counterpoint</a>

After iPhones, Apple reportedly starts manufacturing components for AirPods in India

New Delhi, The government on Wednesday eased <keyword id="19946825" type="General" weightage="20" keywordseo="foreign-direct-investment" source="keywords">Foreign Direct Investment</keyword> (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The decision was taken at the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword> meeting chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Presently, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through government route only. By changing the current policy, the government has allowed up to 74 per cent FDI under automatic route in satellites-manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval will be required in these areas for FDI, it said. Up to 49 per cent FDI is allowed through the automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft. Beyond 49 per cent, FDI in these activities would require government approval, it added. Further, up to 100 per cent overseas investments are permitted under the automatic route for manufacturing of components and systems/sub-systems for satellites, ground and user segments. This increased private sector participation would help generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. Through the decision, the government seeks to liberalise the FDI policy provisions in the space sector by prescribing easy entry routes and providing clarity for overseas investments in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft and manufacturing of space-related components and systems. With this, companies will be able to set up their manufacturing facilities within the country, duly encouraging Make In <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> initiatives of the government.

Govt eases FDI norms in space sector; 100% in making components for satellites

<ul class="summary-list"><li>Russia is expanding arms production by buying secondhand tools via China to evade sanctions.</li><li>A new report sheds light on how the Kremlin is circumventing Western restrictions.</li></ul>Russia is rushing to expand its arms production by buying secondhand machine tools from China through covert networks to get around <a target="_blank" href="https://www.businessinsider.com/russia-china-trade-partnership-us-sanctions-alfa-bank-beijing-moscow-2024-6">Western sanctions</a>.A report from Washington-based nonprofit think-tank <a target="_blank" href="https://c4ads.org/reports/war-machine/">The Center for Advanced Defense Studies</a>, or C4ADS, said that Russia's arms manufacturers were "scrambling to expand their production capabilities using whatever they can get."And Russian defense industry analyst and lead researcher Allen Maggard told the <a target="_blank" href="https://www.ft.com/content/944dfd76-eb9d-4746-9695-fe5b15230bd8">Financial Times</a> that the decades-old machine tools Russia is importing are still effective."Just because a machining center is two or three decades old doesn't mean that it's incapable of producing simple components for weapons," he said."This speaks to a lack of compliance in the second-hand market, not to mention that manufacturers are unlikely to care about where their products end up after being sold," he added.<h2 id="2b296eb1-4eb5-47ff-b2f0-e41991ed95dd">Getting around sanctions</h2>Since it launched its full-scale invasion of <a target="_blank" href="https://www.businessinsider.com/north-korea-south-korea-weapons-are-fueling-war-in-ukraine-2024-6">Ukraine</a> in February 2022, <a target="_blank" href="https://www.businessinsider.com/russian-ships-not-enough-protect-kerch-bridge-ukraine-naval-drones-2024-6">Russia</a> has had to find the supplies needed to keep its war machine going.One of Russia's greatest vulnerabilities is its reliance on foreign technologies, including machine tools that automate the manufacture of precision-guided munitions and aircraft parts, among other key defense equipment, the researchers wrote in the report.Faced with restrictive sanctions and export controls, the Kremlin has turned to complicated arrangements with opaque companies that act as middlemen.Many Russian military suppliers have been placed under sanctions by the US. However, they are finding workarounds.One supplier, AMG, increased its buying of high-end defense equipment made by a Japanese company, Tsugami, from $600,000 in 2021 to $50 million in 2023, according to customs documents.In 2023 more than 60% of Tsugami sales were to China.The rise from AMG has come through two middlemen, according to the report: Amegino, a US-sanctioned company based in the UAE and owned by Andrey Mironov, and ELE Technology, a company based in China that fraudulently claims to be part of US company Gray Machinery.Glenn Gray, the president of Gray Machinery, told the FT he'd never heard of the company.Tsugami also told the publication that it hasn't sold any products directly to ELE.Documents seen by C4ADS show that Amegino and ELE have worked together to procure goods for Russia, according to the report, with Amegino acting as a broker, commissioning Chinese companies such as ELE to ship goods to Russia.C4ADS found other similar cases including a Russian company, UMIC — not sanctioned by the US but thought to be owned by the wife of the owner of AMG — acquiring machine tools made in various countries around the world, but all bought in yuan through Chinese traders and shipped from China.UMIC and ELE did not immediately reply to Business Insider's request for comment.

Russian arms manufacturers are 'scrambling to expand their production capabilities using whatever they can get,' expert says

<div type="image" title="One Planet Banner Test" height="138" width="1100" msid="108470190" hostid="261" sizebytes="5076"></div>When Robert Howey joined the US Navy right after high school, he didn't expect to return home anytime soon.Howey, now 30, grew up in northwestern Georgia near Dalton, a small city known as the "carpet capital of the world." If he'd stayed in the area, he likely would have pursued a career in the carpet industry."That's one of the reasons why I wanted to leave," Howey told Business Insider.Howey spent four years as an aerographer's mate analyzing the conditions above and below the ocean. But after being stationed in Japan during the Fukushima earthquake in 2016, he realized the military wasn't his long-term career.He missed home and moved back to Dalton, where a job in carpet manufacturing was indeed the best-paying option. That was until 2018, when Howey heard about a new company moving into Dalton. A local staffing agency was recruiting for Qcells, a solar-panel manufacturing company owned by the South Korean conglomerate Hanwha Group."I didn't even know what a solar panel was," Howey, now a master training coordinator at Qcells, said. "In the beginning, it was just about getting a job where I could grow. Now I believe in the mission of completely clean energy."Howey is among the 1,800 employees Qcells has hired since opening a solar assembly plant in 2019. The company finished an expansion in October, and it plans to open another factory in Cartersville, about an hour south of Dalton, to make smaller parts of solar panels, including ingots, wafers, and cells. Those parts are currently being imported from South Korea and Malaysia.<div type="image" title="An employee at Qcells inspects a solar panel on the factory floor." height="3024" width="4032" msid="108470191" hostid="261" sizebytes="1120990"></div>Qcells is part of a broader transformation of Georgia's economy into a renewable-energy manufacturing hub, accelerated by tax breaks in the <a target="_blank" href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Inflation Reduction Act</a> that President Joe Biden signed in August 2022. Since then, more than $15 billion worth of investment has been announced in the state – the second-largest amount behind North Carolina, <a target="_blank" href="https://e2.org/announcements/">according to E2</a>, a nonpartisan business group that advocates climate policy. Most of the money is for new battery plants to supply Georgia's growing <a target="_blank" href="https://www.businessinsider.com/electric-vehicles-ev-industry-only-sector-meet-climate-goals-2023-11">electric-vehicle sector</a>, while about $2.6 billion is set to go toward solar manufacturing, led by Qcells. E2 has estimated the projects could create 15,400 jobs statewide.All the activity has made Georgia a key testing ground for the <a target="_blank" href="https://www.businessinsider.com/biden-laws-us-infrastructure-invest-funding-2024-3">Biden administration's promise</a> that tackling the climate crisis would create <a target="_blank" href="https://www.businessinsider.com/climate-jobs-career-grow-pay-well-high-salary-2024">good-paying jobs</a> and help reshore American manufacturing. Though companies have announced billions of dollars' worth of investments, efforts to build a domestic supply chain of solar panels and electric vehicles are still in their infancy and face stiff competition from China.<h2>Aggressive recruitment</h2>Experts in economic and workforce development say it's no accident this <a target="_blank" href="https://www.businessinsider.com/jobs-climate-manufacturing-work-best-places-georgia-carolinas-2024-1">manufacturing is taking off in Georgia</a>.Bob Keefe, the executive director of E2, said southeastern states view economic development as "a blood sport." Attracting new companies is a priority for leaders in Georgia, North Carolina, and South Carolina, and the states typically offer generous tax breaks.Keefe added that land and labor in the Southeast tend to be more affordable, in part because few workers are unionized. Many workers are also already skilled in manufacturing.Beyond Qcells, the German auto-parts maker Gedia opened a factory in Dalton to supply the burgeoning EV industry in Georgia and the broader Southeast. In nearby Cartersville, two South Korean conglomerates, SK On and Hyundai, are building a battery plant to supply the electric vehicles Hyundai plans to assemble at a massive new complex in Savannah; both sites are expected to open in 2025. India's Rayzon Solar, which makes solar panels, chose Atlanta for its first US factory. SolarCycle, <a target="_blank" href="https://www.businessinsider.com/climate-action-30-global-leaders-climate-solutions-2023-11#pablo-ribeiro-dias-cofounder-and-cto-solarcycle-19">which reclaims old solar panels</a> to make new ones, in February announced plans for a glass factory.<div type="image" title="SK On and Hyundai's battery factory under construction in Cartersville, Georgia." height="1660" width="3590" msid="108470192" hostid="261" sizebytes="324146"></div>Pat Wilson, the commissioner of the Georgia Department of Economic Development, told BI that recruiting solar and electric-vehicle companies was strategic. Wilson said that on a trip to Germany his department organized with Gov. Brian Kemp shortly after he took office in 2019, executives they met with at <a target="_blank" href="https://www.businessinsider.com/porsche-unveils-mission-x-new-electric-hypercar-ev-electric-vehicle-2023-6">Porsche</a> and <a target="_blank" href="https://www.businessinsider.com/mercedes-benz-ev-2030-electric-car-market-trends-2024-2">Mercedes-Benz</a> talked at length about electric vehicles.Qcells had already selected Dalton for its new solar-panel factory by the time Kemp was elected. Wilson said that was partly because of Georgia's decadeslong business relationship with South Korea, where the state established an office in 1985.Wilson said he met with SK On's officials several times before it looked to open a battery factory in the Southeast. SK On opened two battery plants in Commerce, Georgia, in 2018 and hired some 3,000 workers, though it <a target="_blank" href="https://www.ft.com/content/9453dc6b-be15-4a54-8e26-fffdc7a3c9eb">recently laid off</a> more than 100 employees as automakers slowed EV investments, the Financial Times reported.Beyond the ties to South Korean conglomerates, Georgia invests more than $100 million dollars a year in workforce training, budget documents show. A state-funded program known as Quick Start can be tailored to the technical skills companies are looking for and offered for free to workers. Georgia's network of 22 technical colleges also partners with local companies to prepare students for work.Heidi Popham, the president of Georgia Northwestern Technical College, said the state agency that oversees that network of technical colleges developed an electric-vehicle-technician certificate, given the massive growth of that industry. She expects her college will offer that certification soon."The students in our automotive-technician program that work on the vehicles will have to have those skills," Popham told BI.<h2>China looms large</h2>Georgia's strategy in recruitment and workforce development is only part of the reason for the boom in renewable-energy-technology companies.In 2018, President Donald Trump <a target="_blank" href="https://www.businessinsider.com/trump-solar-tariffs-solar-panels-thousands-of-job-losses-2018-1">slapped tariffs on imports</a> of solar panels and cells, with the goal of helping US manufacturers compete with cheaper imports from China and Southeast Asia. The tariffs were requested by two American companies, including Suniva, which had once been the fastest-growing solar company in the US before filing for bankruptcy protection in 2017.Foreign companies shipping to the US, including Hanwha, were forced to reevaluate their supply chains."We have factories in Korea and Malaysia that were impacted by that duty," said Scott Moskowitz, the director of strategy and market intelligence at Qcells. "The US was our largest market, and we had long wanted to build a factory here. But that trade policy jump-started us making the investment."Qcells' latest expansion plans were buoyed by the Inflation Reduction Act. The law authorized big tax credits for companies making renewable-energy technologies, including solar panels, batteries, and electric vehicles, in the US.Those subsidies could increase if companies use what's known as domestic content: components of those technologies that are also sourced from the US. The Treasury Department is still working on final guidance for which components would qualify. An initial draft covers solar modules and cells but not wafers and polysilicon. In February, a dozen senators, including Sen. Jon Ossoff of Georgia, <a target="_blank" href="https://www.ossoff.senate.gov/wp-content/uploads/2024/02/24.02.28_Sen.-Ossoff-Domestic-Content.pdf">asked the Biden administration</a> to include wafers and polysilicon to help reshore more of the solar-panel supply chain.That change would benefit Qcells. Its parent company, Hanwha, invested in a <a target="_blank" href="https://www.kedglobal.com/energy/newsView/ked202311160013">polysilicon factory in Washington state</a>, reviving operations after a nearly five-year hiatus.Moskowitz said that though the law has spurred the most investment in US manufacturing in decades, these renewable supply chains still face headwinds, primarily from China. He added that China had compensated for its cratering <a target="_blank" href="https://www.businessinsider.com/china-economy-crash-real-estate-collapse-property-market-evergrande-bass-2024-2">real-estate sector</a> by rapidly investing in export-oriented manufacturing inside and outside its borders.According to BloombergNEF, China spent $676 billion on the green-energy transition in 2023, while the US spent $303 billion. The year prior, China spent $546 billion while the US spent $141 billion.As a result, <a target="_blank" href="https://www.businessinsider.com/renewable-energy-how-much-added-wind-solar-evs-2023-12">China dominates the renewable-energy supply chain</a>, from metals to polysilicon to solar components to batteries. The investment has also led to a global oversupply of solar panels and components that's sent prices plunging, and it's made <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2#:~:text=BYD%20eclipsed%20Tesla%20in%202023,on%20threats%20from%20Chinese%20automakers.">China a major player in the EV market</a>.While the US doesn't import solar panels directly from China, the Biden administration <a target="_blank" href="https://www.commerce.gov/news/press-releases/2023/08/department-commerce-issues-final-determination-circumvention-inquiries">last year determined</a> that certain Chinese companies were shipping products through Southeast Asian countries like Malaysia and Vietnam. This allowed those companies to avoid tariffs, which the administration had waived for two years, through June 2024. According to S&amp;P Global, the US imported <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/extreme-dependence-us-solar-panel-imports-boom-to-record-54-gw-in-2023-80448513">more than two-thirds of its solar panels</a> from Southeast Asia last year.The moves reflect the delicate balance the White House is trying to strike between meeting its climate and renewable-energy goals — which rely on imports — and bolstering a domestic manufacturing base.Moskowitz said that despite the difficult market conditions, Qcells was committed to its US expansion plans. The tax breaks in the Inflation Reduction Act are in effect for 10 years, which he said reduced some risk for the company. Qcells also has an eight-year supply deal with Microsoft, which is building out renewable-energy projects to power its operations.Once the Qcells factory in Cartersville is finished, the company said it will produce about 8.4 gigawatts of solar power capacity a year, or <a target="_blank" href="https://www.seia.org/us-solar-market-insight">about a fourth of what the US installed in 2023</a>.<h2>A new era in the carpet capital</h2>Qcells' arrival in Dalton marked a new era in Whitfield County, which was devastated by the Great Recession. The housing-bubble burst, rippled through the carpet industry, and cost the county <a target="_blank" href="https://www.dailycitizen.news/news/local_news/carbondale-business-park-has-attracted-jobs-and-investment/article_3d4025a4-c81a-11ed-830d-e7ae46616883.html">more than 10,000 jobs.</a> The unemployment rate peaked at about 14% in early 2009 and the county's population, which had steadily grown for decades, plateaued. New housing construction halted.Carl Campbell, the executive director of the Dalton-Whitfield County Joint Development Authority, said that while carpet makers like Shaw Industries and Mohawk Industries survived, <a target="_blank" href="https://fred.stlouisfed.org/series/SMU13191403231400001">the industry never returned to prerecession employment levels</a> because of consolidation and automation.The decline led economic-development officials to try to diversify businesses in the area. Campbell said the local workforce already valued manufacturing because of the community's long history in carpet. This — combined with Dalton's proximity to Interstate 75, a freight-rail depot, and a generous 10-year property-tax abatement — helped close the deal with Qcells.Since Qcells opened its doors in 2019, Whitfield County's population has slowly started increasing, but not nearly as fast as Georgia's overall population, which grew by 1.7% between 2020 and 2022.Jevin Jensen, the chairman of the Whitfield County Board of Commissioners, said part of the problem is a lack of housing. Each day, Jensen said, 30,000 people come to the county for work and then leave to go home."Surely some of those people want to live here but can't find a place they like or a place that's new," Jensen told BI. "We haven't had any new apartments in 20 years."<div type="image" title="Local residents stand outside Dalton Station, a new apartment complex in Dalton, Georgia." height="2841" width="3024" msid="108470193" hostid="261" sizebytes="694042"></div>But a lot can change in a year. Jensen said Dalton would have 1,200 new apartments by the end of 2024. In early February, he attended a ribbon-cutting ceremony at a chic new studio-apartment complex that's close to downtown and designed to appeal to young professionals. Amenities include a gym, a common area with a pool table, and cornhole on the patio.Afterward, Jensen gave BI a driving tour of three other developments around Dalton, including a multifamily apartment complex at an old jail site."The younger generation doesn't want to spend time on a remodel," Jensen said. "They want move-in-ready, mixed-use, with retail and restaurants in one area. We had nothing like that for young professionals."Howey, the Qcells employee, lives about 30 minutes outside the city, in Calhoun. He's noticed the new housing popping up in the area, along with <a target="_blank" href="https://www.businessinsider.com/real-estate-investors-ev-truck-electric-charging-stations-2023-10">EV chargers.</a> When he sees solar panels atop the chargers, he feels pride in his job."We are helping power our vehicles and homes in a way that isn't going to kill our planet," Howey said.He's also a father to two stepchildren — he said he's glad they'll have more job opportunities than he did when he graduated."I think the <a target="_blank" href="https://www.businessinsider.com/solar-panel-industry-electricity-generation-us-eia-tariff-prices-trade-2024-2">solar industry</a> has created a whole new atmosphere in the area," he said, "where people want to come here to succeed and move forward."This article is part of "<a target="_blank" rel="" href="https://www.businessinsider.com/category/the-great-transition">The Great Transition</a>," a series covering the big changes across industries that are leading to a more sustainable future. For more climate-action news, visit BI's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/one-planet">One Planet</a> hub.

How Georgia became America's green-manufacturing capital 

The rise in <keyword id="20532742" type="General" weightage="20" keywordseo="EV-battery-manufacturing" source="keywords">EV battery manufacturing</keyword>, alongside the '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make in India</keyword>' initiative, will lower manufacturing costs and boost <keyword id="19914921" type="General" weightage="20" keywordseo="EV-sales" source="keywords">EV sales</keyword> in the country, according to industry experts. According to Liz Lee, Associate Director at Counterpoint Research, <keyword id="21214947" type="General" weightage="20" keywordseo="Indias-EV-landscape" source="Orion">India's EV landscape</keyword> is on the cusp of significant growth. "Government initiatives such as the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-scheme" source="Orion">PLI scheme</keyword> for <keyword id="16365365" type="General" weightage="20" keywordseo="Advanced-Chemistry-Cells" source="Orion">Advanced Chemistry Cells</keyword> (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers," said Lee. All this not only opens doors for <keyword id="107096" type="General" weightage="20" keywordseo="Tesla" source="Orion">Tesla</keyword> but also signals India's readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. "It is a clear sign that India's journey to become a major player in the global <keyword id="186291" type="General" weightage="100" keywordseo="EV" source="Orion">EV</keyword> market is accelerating," Lee noted. The EV ecosystem is in a fairly nascent stage. "While the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon," said Research Vice President Neil Shah. "This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based 'localised' design and manufacturing model," Shah explained.

India's EV landscape set to be transformed with key govt initiatives: Industry experts

<ul><li>China witnessed its biggest-ever monthly decline in chip manufacturing in August . </li><li>The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing.</li><li>The Gujarat government has partnered <keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword> and Foxconn, aiming an investment of ₹ 1.54 lakh crore to produce semiconductors. </li></ul> As India and the US double down on domestic <keyword id="712417" type="General" weightage="100" keywordseo="semiconductor-manufacturing" source="Orion">semiconductor manufacturing</keyword>, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units. Local output of microcomputers fell 18.6 per cent to 317.5 billion units in August. In August, domestic manufacturing activity contracted for the first time in three months, the report mentioned. A record 3,470 chip-making companies "went out of business in the first eight months of the year", according to statistics from business database platform Qichacha. The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing. The Gujarat government has partnered Vedanta and Foxconn, aiming an investment of ₹ 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing. India's semiconductor component market is likel to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research. The Indian government has announced an outlay of ₹ 76,000 crore (around $10 billion), under its PLI scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. Meanwhile, US President Joe Biden has signed into law the Chips and Science Act, which provides nearly $52 billion in semiconductor production incentives. Intel has kicked off work on the new $20 billion semiconductor plant in the Ohio state in the US. Samsung has floated an idea of investing nearly $200 billion to build 11 more chip plants in the US over the next two decades. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/idbi-trustee-asks-rcap-administrator-to-withdraw-allegations-of-breach-of-confidentiality/articleshow/94280808.cms">IDBI Trustee asks RCap administrator to withdraw allegations of breach of confidentiality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/obesity-is-linked-to-long-covid-risk/articleshow/94270032.cms">Obesity is linked to long Covid risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/global-artificial-intelligence-market-to-reach-450-bn-in-2022/articleshow/94269565.cms">Global artificial intelligence market to reach $450 bn in 2022</a>

China's chip output shrinks as India, US ramp up local manufacturing

<ul class="summary-list"><li>China's economic headwinds won't disrupt its status as a manufacturing powerhouse. </li><li>Strategists don't see another country dethroning China as the world's leading manufacturer. </li></ul><a href="https://www.businessinsider.com/china-economy-us-trade-markets-investors-policy-beijing-finance-outlook-2024-1">China's bearish headwinds</a> range from a <a href="https://www.businessinsider.com/china-economy-beijing-lehman-moment-policy-deflation-economy-markets-property-2023-8">real estate crisis</a> and deflation to weak consumer confidence and <a href="https://www.businessinsider.com/china-economy-global-markets-xi-deflation-property-housing-evergrande-developers-2023-8">crashing stocks</a>. Yet none of that necessarily means another country will be able to take China's place as the world's top manufacturing powerhouse.In a note Monday, Eurizon strategists Stephen Jen and Joana Freire said there's little evidence of de-globalization, even as US-China trade relations have deteriorated amid tariffs and geopolitical strains.Other countries such as Vietnam and Mexico — the latter which surpassed China as the <a href="https://www.businessinsider.com/mexico-us-top-trading-partner-china-economic-nearshoring-trade-agreement-2024-2">US's top trade buddy in 2023</a> — have spearheaded a reordering of global trade flows. To that point, China's market share of total US imports has cratered, but Eurizon said the countries that have exported more to the US in China's place are themselves importing more than ever from China. "[I]n this trade spat, the US may have 'won' but China has not 'lost,'" Jen and Freire said. <h3>China's shifting trade focus</h3>Chinese exports' market share in the US has tumbled from 22% to 14% since 2017, and the Trump administration's policies have indeed had the intended effect of discouraging direct imports from China. Still, China remains the biggest exporter in the world, with a global market share of about 15%, according to Eurizon.Excluding distorted pandemic levels, that marks an all-time high. Beijing has engineered the "surprisingly successful" outcome, Jen and Freire said, despite tariffs and domestic headwinds by making heavy investments in third countries that the US prefers to import from, such as Mexico and Vietnam.China in turn has moved to export components to these countries for final assembly, allowing them to skirt US tariffs on Chinese-assembled products. "Indeed, China has invested and exported more in recent years to precisely the friend-shoring destinations to which the US has shifted its sourcing of imports," the Eurizon strategists said.China has also been able to ramp up exports to Europe, helping compensate for the loss in direct goods to the US. <h3>The 'next China' is China</h3>Eurizon strategists remain doubtful that another country could supplant China's role as the dominant world manufacturer.Not only does China's capacity far outpace its rivals, but export prices have been climbing in Mexico and Vietnam by 30% and 31%, respectively, over the last three years."We believe the fact that export prices have risen more rapidly than general inflation – a remarkable fact in a period of a strengthening dollar – indicates stresses and pressures on the manufacturing capacity in these countries, including shortages of appropriate workers, infrastructure, and transport," Eurizon strategists said. One figure illustrates the point: China has a manufacturing labor force of about 212 million, more than the combined economies of the US, the EU, Japan, Canada, Korea, India, Mexico, and Vietnam. It may be possible the world slowly reorients away from China, but smaller countries wouldn't be able to handle a rapid change that forces them to become manufacturing hubs on par with China. "In sum, we wonder if the 'next China' could actually be China: no other country has the manufacturing capacity to supplant China," Jen and Freire said. <h3>Domestic headwinds</h3>China may not be in danger of losing its trade status, but <a href="https://www.businessinsider.com/china-economy-us-trade-markets-investors-beijing-policy-stocks-finance-2024-2">its economy continues to trend in the wrong direction</a>. "The post-pandemic recovery has been anemic on the back of weak sentiment, and the country is digesting a prolonged period of property overinvestment," UBS strategists wrote in a note Monday, adding that China saw its first-ever deficit in foreign direct investment in 3Q23.In Eurizon's view, that loss of foreign direct investment may have been fueled by Beijing's policy mistakes of the last several years. Its faltering property market has pulled household wealth lower, hurt consumer confidence, and crimped demand and spending. All that manifested in the latest CPI report, which showed <a href="https://www.businessinsider.com/china-economy-deflation-global-markets-investors-beijing-inflation-policy-consumers-2024-2?utm_source=copy-link&amp;utm_medium=referral&amp;utm_content=topbar">the country's deflation problem is still getting worse</a>. Meanwhile, Chinese stocks have severely underperformed global equities, reflecting <a href="https://markets.businessinsider.com/news/stocks/china-outlook-economy-beijing-stock-market-rescue-property-real-estate-2024-1?_gl=1*wz3iev*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwNzc1Mzg2OS4xNjA5LjEuMTcwNzc1NjM5MC4xOS4wLjA.">the world's bearish view</a> on China. "Overall investor sentiment toward China remains depressed today," UBS strategists said. "Foreign fund allocations in Chinese assets have been consistently declining, all of which has pushed Chinese stock valuation to very cheap territory."Jen and Freire said Beijing can still use supportive, pragmatic policy to entice foreign investors back into China to eventually help it grow into the world's largest economy. "The world's attitude toward China has changed by as much as China's own domestic policies," they said. "By and large, China has so far managed to retain their dominant position as the world's pre-eminent manufacturing base."

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