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The Jakarta Post BUSINESS THURSDAY February 1, 2024 7
On the rise
Reuters/Ann Wang
A person works at a construction site in New Taipei City on Wednesday. Economists see Taiwan’s
economy expanding more than 3 percent in 2024, which would be the strongest rate since 2021
when GDP growth topped 6.6 percent.
China overtakes Japan
as world’s biggest
vehicle exporter
China exported 4.91 million vehicles in total
Etienne Balmer that it was also number one for tric vehicles, data this month
and Sebastien Ricci a whole year. showed.
Unlike Chinese firms, Japanese On Tuesday, BYD, which
Agence France-Presse/Tokyo/ automakers including Toyota, stands for Build Your Dreams,
Beijing reconfirmed on Tuesday as the and which also sells batteries
China’s global dominance in world’s largest company by unit to the likes of Tesla, BMW and
electric cars helped it overtake sales, also make huge volumes of Mercedes, said it expects net
Japan as the world’s biggest ve- vehicles in other countries. profit for last year to reach 29
hicle exporter last year, official In 2022, vehicle production billion (US$4.1 billion)-31 bil-
data confirmed Wednesday. in Japan excluding motorcycles lion yuan.
Japanese giants such as Toy- totaled 7.84 million units, but But China’s success in EVs has
ota and Nissan have been much overseas production was almost also landed its firms in hot water
more cautious than their Chi- 17 million. with regulators in Western mar-
nese counterparts like BYD on Japanese manufacturers have kets worried about unfair com-
electric vehicles (EVs), banking long bet on hybrids that com- petition for local automakers.
instead on hybrid models. bine battery power and inter- The European Commission is
Figures released Wednesday nal combustion engines, an area investigating Chinese state sub-
by the Japan Automobile Man- they pioneered with the likes of sidies in a probe that could lead
ufacturers Association showed the Toyota Prius. to the European Union imposing
shipments of cars, trucks and But they have vowed to up import duties.
buses rising 16 percent to 4.42 their game, with Toyota aiming To soothe concerns, BYD is
million last year. to sell 1.5 million EVs annually planning to build more factories
But China exported almost by 2026 and 3.5 million by 2030. abroad including a $600 million
500,000 more—4.91 million ve- The company is also hoping plant in Brazil and another in
hicles in total, as reported by the to mass-produce solid-state bat- Hungary.
China Association of Automo- teries that charge faster than “It’s kind of reminiscent of
bile Manufacturers this month. conventional ones and give EVs what happened to Japan in the
China’s customs bureau put more range. 1980s, when they started export-
the number even higher at 5.22 Helped by strong government ing a lot of automotive,” said
million, a huge year-on-year rise support, Chinese EV firms have Christopher Richter, an auto an-
of 57 percent, with one in three stolen a march on more estab- alyst at CLSA.
an EV. lished rivals such as General Mo- “So, the Japanese solved it by
The country had already been tors, Volkswagen and Toyota. starting [to build] a lot of facto-
shipping more vehicles than Ja- BYD in the fourth quarter ries overseas [...] They build over-
pan on a monthly basis, but of 2023 even snatched Tesla’s seas four times more than what
Wednesday’s data confirmed crown for most sales of all-elec- they export,” he said in October.
Risks of RI exiting WTO’s
digital goods tax moratorium
Ruth Dea Juwita ganization’s longstanding mora- revenues, according to Paine.
torium on customs duties on elec- However, he argued that po-
The Jakarta Post/Jakarta tronic transmissions hangs in the tential foregone customs rev-
Countries opting to exit a de- balance, with its expiration set for enues from the moratorium
cades-old moratorium on e- March 31 unless WTO members are projected to be minimal for
commerce that prevents impos- decide on its renewal. developing countries with the
ing customs duties on electronic The moratorium is expected WTO providing an estimate that
goods, would risk their own digi- to be a major talking point at they may hover at less than 0.33
tal and overall economies, the the upcoming 13th WTO Minis- percent of government revenue.
Asia Internet Coalition (AIC) has terial Conference (MC13) slated Indonesia, along with India
warned. for Feb. 26-29, alongside oth- and South Africa, has sought clar-
The AIC, which advocates for er crucial matters like dispute- ification on the definition, scope
the interests of internet compa- settlement reforms and agricul- and impact of the moratorium in
nies such as Google, Meta and ture-related matters. the past few years before making
others, said ending the mora- The moratorium, first im- a decision on whether or not to
torium could negatively impact plemented in 1998, has been a keep the moratorium in place.
business productivity, innova- temporary measure periodical- “To date, there is no clarity on
tion, national competitiveness ly renewed by WTO members. those [aspects] of the moratori-
and job creation. Since its inception, this morato- um,” the Trade Ministry’s interna-
Indonesia, South Africa, Sri rium has been supported by 105 tional trade negotiations director
Lanka and Pakistan are among countries, including the Unit- general, Djatmiko Bris Witjakso-
the countries looking to end ed States, the United Kingdom, no, told the Post on Jan. 22.
the moratorium over the past Australia, China and Japan. Finance Ministry Regulation
few years, with Canada recently However, the AIC views a per- No. 190/2022, recognizes the
joining the movement as well, manent exemption as “ideal” for transmission of digital products
the AIC said. fostering a stable business cli- as a type of import.
“Customers have been used mate, benefiting both compa- While it does not levy a duty
to low prices with any losses on nies and consumers of importing on such transmissions, affect-
the collateral costs offset by the countries, and ultimately propel- ed businesses must file certain
benefit of digital services,” AIC ling the digital economy forward. statements on the products
managing director Jeff Paine “The AIC is calling for the transmitted with the Customs
told The Jakarta Post on Tuesday. moratorium to be made perma- and Excise Office, which sug-
“If the moratorium ends, these nent,” Paine emphasized. gests the regulation could serve
extra costs will likely be passed “The uncertainty prevents peo- as an instrument for impos-
on to local, small and emerging ple from making investments.” ing duties in the future.
enterprise businesses.” While ending the moratorium In Indonesia’s case, the coun-
Electronic transmissions in- could “stifle investment and in- try has made attempts to collect
clude online deliveries such novation in the digital sector” as more revenue by requiring firms
as music, e-books, films, soft- Paine highlighted, countries were to collect value added tax (VAT)
ware and video games. opting to exit due to ongoing con- from digital goods sold in the
The fate of the World Trade Or- cerns about foregone customs country since July 2020.
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