As countries reopen and new cases slow in the U.S., trade war tensions are back in the news, picking up from where we left off with new instigations and new threats. China and the U.S., the two largest economies in the world are disagreeing on many matters (financial markets, human rights, the origins of COVID-19) but the battleground is now Hong Kong, the "Pearl of the Orient."To get more china latest business news, you can visit shine news official website.

Yesterday China ignored international warnings and passed a national security law that greatly increases its influence over Hong Kong. Expected to be enacted before September, few details are known besides that it will bypass the local legislature and allow Chinese intelligence agencies to set up bases in the semi-autonomous region. Critics fear it will curb the essential freedoms and rights of residents in the financial hub.

President Trump held a press conference today to announce how his administration plans to penalize the Asian country. Those measures include, for now:

The U.S. will terminate its relationship with the World Health Organization
The U.S. will suspend entry of certain students and researchers into the country
The U.S. is studying Chinese firms' accounting practices
The U.S. will eliminate special economic status for Hong Kong

Financial War
Shares in financial companies operating on a large scale in the city, like HSBC and Prudential Plc, fell in London and there's talk of a brewing financial war between the U.S. and China. U.S. political strategist Greg Valliere said China hawks in the Trump Administration are proposing sanctions on foreign banks and corporations that deal with Hong Kong banks. He wrote, "Much of China's banking is conducted in Hong Kong, mostly with U.S. dollars. Could the U.S. penalize foreign banks that deal with Hong Kong banks? Could the U.S. deny Federal Reserve credit lines to Chinese banks? Could foreign banks get cold feet in dealing with U.S.-sanctioned firms?"

The U.S. Secretary of State has recommended Hong Kong lose its special customs territory status, which means tariffs and sanctions can be imposed. The total value of U.S. goods and services trade with Hong Kong was $66.9 billion in 2018. Exports were $50.1 billion, and imports were $16.8 billion. The U.S. goods and services trade surplus with Hong Kong was $33.4 billion in 2018.

Tesla's "Alien Dreadnought" goal for production is being highlighted after the company shared a new video of Giga Shanghai's Model 3 production lines in China.To get more latest Shanghai news, you can visit shine news official website.

The video was shared by the company's official page on Chinese social media outlet Weibo and shows a timelapse of Model 3 production lines at the Giga Shanghai production facility. The manufacturing plant has been operational since late 2019, and Chinese citizens have been receiving their all-electric sedans since January 2020.

The company's post stated, "Production, assembly, quality inspection, waiting for delivery. The rhythm is orderly step on the point, one word: Steady!"The company's focus on manufacturing was highlighted during the most recent Quarterly Earnings Call in July, but Tesla has focused on production efficiency for many years in an attempt to keep up with increasing demand.

In 2016, CEO Elon Musk said that Tesla planned to turn the Fremont facility into an "alien dreadnought," which would increase automation in the plant. "Our internal code name for the factory, the machine that builds the machine, is the alien dreadnought," Musk said on the call. "[When] our factory looks like an alien dreadnought, then we know it's probably right," Musk said.

The idea came before the production of the Model 3 began, and it was a process that Musk knew would take several years to complete. Version 1 of the alien dreadnought was expected by Summer 2018, but the idea ultimately never came to fruition as Tesla was battling "production hell" in the Northern California plant.

The goal was to increase the efficiency of manufacturing. While Tesla has managed to do that throughout the past few years, the company has not taken its focus off of improving the manufacturing process even more. During the Q2 2020 Earnings Call, Musk stated that the company was seeking talented individuals to help improve production efficiency, which has evidently made its way to China.

Giga Shanghai has increased its annual production rate to 200,000 vehicles a year. Currently, Tesla produces the Model 3 at the factory but is working to expand the facility to make way for the manufacturing of the Model Y.

Tesla has established itself as the best selling EV manufacturer in China in just eight short months because of the popularity of the Model 3 sedan. Tesla has been able to keep up with the demand of the Model 3 through improved manufacturing processes, which has alleviated delivery times and allowed the company to grow in the largest automotive market in the world.