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☆ Factbox: China's measures to shore up a faltering economy, more support expected
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +4 min

- China stepped up measures to boost the country's faltering economy, with top banks paving the way for further cuts in lending rates. Aug. 25 -China's cabinet on Friday approved guidelines for planning and construction of affordable housing at a meeting chaired by Premier Li Qiang. July 24- China's top leaders, at a Politburo meeting, pledged to step up support for the economy, signalling more stimulus steps. July 24 - China's state planner unveiled measures to support private investment in some infrastructure sectors and said it will strengthen financing support for private projects. July 14 - China's cabinet approved guidelines for improving the building of public infrastructure in megacities, to help support the economy and cope with future public health crises.

Persons: Premier Li Qiang, Kevin Yao, Shri Navaratnam Organizations: Premier, Communist Party, Thomson Locations: BEIJING, China, megacities

☆ In China, Raimondo says US will prioritise national security, does not seek decoupling
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Andy Wong/Pool via REUTERS/ Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - The United States will put national security concerns first but does not seek to decouple from China, Commerce Secretary Gina Raimondo told China's Vice Premier He Lifeng at a meeting on Tuesday. "While we will never compromise in protecting our national security, I want to be clear that we will never seek to decouple or hold China's economy back," Raimondo said during opening remarks in Beijing's Great Hall of the People. A confidant of President Xi Jinping, He took up the post of China's economy tsar in March, having earlier run the powerful state planner. Earlier on Tuesday, Raimondo and Tourism Minister Hu Hepin agreed to hold the 14th China-U.S. Tourism Leadership Summit in China in the first half of 2024. Such an exchange offered a platform to reduce misunderstandings of U.S. national security policies, Raimondo said on Monday, but added, "We are not compromising or negotiating on matters of national security.

Persons: Gina Raimondo, Andy Wong, Biden, " Raimondo, Xi Jinping, Liu, Raimondo, Hu Hepin, Walt Disney, Matthew Axelrod, Xie Feng, Wang Wentao, Xie, Wang, David Shepardson, Joe Cash, Clarence Fernandez Organizations: . Commerce, of, People, REUTERS, Rights, Harvard, U.S . Tourism Leadership Summit, Commerce Department, United, Walt, Shendi, Twitter, Intel, Micron, Thomson Locations: Beijing, China, Rights BEIJING, United States, decouple, Beijing's, U.S, Seattle, Shanghai, Washington

☆ US commerce chief meets Chinese premier in Beijing
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/3] U.S. Commerce Secretary Gina Raimondo and Chinese Vice Premier He Lifeng head to their seats for a meeting at the Great Hall of the People in Beijing, China, Tuesday, August, 29, 2023. Andy Wong/Pool via REUTERS/ Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - U.S. Commerce Secretary Gina Raimondo met China's Premier Li Qiang in Beijing on Tuesday, her second full day of talks with top Chinese leaders on balancing business ties and national security concerns. Earlier on Tuesday, Raimondo told China's economy tsar and her direct counterpart, He Lifeng, that the U.S. does not seek to decouple from its geopolitical rival. A confidant of President Xi Jinping, He took up the post of China's economy tsar in March, having earlier run the powerful state planner. Such an exchange offered a platform to reduce misunderstandings of U.S. national security policies, Raimondo said on Monday, but added, "We are not compromising or negotiating on matters of national security.

Persons: Gina Raimondo, Andy Wong, China's, Li Qiang, Raimondo, Biden, Xi Jinping, Liu, Hu Hepin, Walt Disney, Matthew Axelrod, Xie Feng, Wang Wentao, Xie, Wang, David Shepardson, Joe Cash, Clarence Fernandez Organizations: . Commerce, of, People, REUTERS, Rights, Harvard, U.S . Tourism Leadership Summit, Commerce Department, United, Walt, Shendi, Twitter, Intel, Micron, Thomson Locations: Beijing, China, Rights BEIJING, U.S, Seattle, United States, Shanghai, Washington

☆ US Commerce chief seeks trade, tourism boost in China talks
▼ + stars: | 2023-08-27 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

[1/4] U.S. Commerce Secretary Gina Raimondo, shakes hands with Lin Feng, Director General of China Ministry of Commerce as U.S. Republicans in Congress have criticized the possibilityRaimondo will establish a working group with China during the visit to discuss U.S. semiconductor export controls. China's ambassador to the United States, Xie Feng, who met Raimondo last week, said China seeks "mutual respect, peaceful coexistence and win-win cooperation". 'MANY CHALLENGES'Raimondo, the fourth high-level U.S. official to visit China recently, is the first commerce secretary to make the trip in seven years. China and the United States agreed this month to double the number of flights permitted between them - still a fraction of the number before the pandemic.

Persons: Gina Raimondo, Lin Feng, China Nick Burns, Andy Wong, Raimondo, I'm, Mintz, " Raimondo, China Nicholas Burns, Joe Biden, Xie Feng, Wendy Cutler, Xi Jinping, Walt Disney, David Shepardson, Michael Martina, Robert Birsel, Bill Berkrot Organizations: . Commerce, China Ministry of Commerce, Beijing Capital International Airport, REUTERS Acquire, Rights, Micron Technology, U.S, Chinese Commerce Ministry, Republicans, Asia Society Policy Institute, United, Walt, Shendi Group, Reuters, Boeing, Thomson Locations: China, Beijing, Rights BEIJING, United States, Shanghai, America, U.S, Washington

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai - its largest factory worldwide - and one outside Berlin.

Persons: Narendra Modi, Elon Musk, Tesla, Tesla's, Nirmala Sitharaman, Rohan Patel, Aditi Shah, Aditya Kalra, Shivangi Acharya, Kevin Krolicki, Raju Gopalakrishnan, Sharon Singleton Organizations: India's, India's Press, REUTERS, India EV, NEW DELHI, Indian, Tata Motors, Reuters, Mahindra, Tata, EV, EVs, Thomson Locations: New York City , New York, U.S, India, Tesla, New Delhi, Indonesia, United States, Shanghai, Berlin, Mexico

LONDON, Aug 23 (Reuters) - The United States and China may feel some financial detente is wise at this point - even if goading one another plays well domestically. But elements of the once-feared bind of 'mutally-assured financial destruction' (MAFD) still apply. Pulling the rug out from under either - battering U.S. and Chinese demand in effect - seems to make little economic sense at least. America had new markets and investments and a seemingly durable new creditor that kept borrowing rates low and consumption up. Falling China Share of Foreign US Treasury HoldingsChina FX Reserves vs Global ReservesUS Treasury Debt Climbs as Fed Pulls Back'MAFD'But is that where the situation has landed post-pandemic?

Persons: Larry Summers, Summers, Goldman Sachs, Jim O'Neill, O'Neill, Gina Raimondo's, Stephen Jen, Eurizon SLJ, Treasuries, Deepa Babington Organizations: U.S . Treasury Securities, ., Treasury, Foreign US Treasury Holdings China FX, Global Reserves, U.S ., Commerce, U.S, Reuters Graphics Reuters, Reuters, Thomson Locations: United States, China, Washington, Ukraine, Taiwan, Hong Kong, U.S, Beijing, America

The International Labour Organization (ILO), of which Cambodia is a member, permits prison labour provided it is not forced. The companies, which Sopheak confirmed were W Dexing Garment (Cambodia), IGTM (Cambodia) and Chia Ho (Cambodia) Garment Industrial, did not respond to requests for comment. It said it learned in February that Cambodia was investigating and that the prison workshops had been suspended. Centric told Reuters in an email in June that it had "placed on hold" imports from a factory in Cambodia and would "immediately terminate" any supplier found to be using prison labour. CAMBODIA INVESTIGATESPrison labour at CC2 potentially puts Cambodia at odds with the U.S. Generalized System of Preferences, which grants duty-free benefits to eligible developing nations.

Persons: Keo Chhea, Sopheak, Chia Ho, AAFA's, Ken Loo, Aun, Loo, Calvin Klein, Tommy Hilfiger, amfori, Klot Dara, Stephen Lamar, Nate Herman, Clare Baldwin, Katherine Masters, Siddharth Cavale, John Shiffman, Kristina Cooke, David Crawshaw, Kay Johnson Organizations: Correctional, Google, REUTERS Acquire, Walmart, Centric Brands, Reuters, American Apparel and Footwear Association, International Labour Organization, ILO, Cambodian Ministry of Commerce, State, European Union, Japan, Garment, Human Rights, Textile, Apparel, Footwear, Travel Goods Association, IZOD, U.S . Federal Trade Commission, U.S, Travelway, Centric, Better Factories, BFC, amfori's Business, Authentic Brands, U.S . Trade, CC2, Cambodia's Ministry of Interior, General Department of Prisons, Facebook, Thomson Locations: Phnom Penh, Cambodia, PHNOM PENH, U.S, Washington, AAFA, IGTM, Canada, Better Factories Cambodia, CC2, CAMBODIA, Cambodia's U.S, New York, Los Angeles

Economists say China needs measures to boost consumption and business confidence, such as tax cuts or government-funded consumption vouchers, but add that unlike previous slowdowns, there is no quick fix. Wang's comments came after weak economic activity data on Tuesday fuelled concern that China is heading for a deeper, longer slowdown. The private sector accounts for 60% of gross domestic product and 80% of urban employment, officials say. But there is a growing disconnect between officials calling for investment and a sweeping national security crackdown that is denting business confidence, diplomats in China say. One example was a recent anti-espionage law, accompanied by raids on some foreign consultancy firms, that sent waves of anxiety through the foreign business community.

Persons: Xi Jinping, Tingshu Wang, Joe Biden, Biden, Xi, Christopher Beddor, Wang Wenbin, Wang's, Lee Smith, Baker Donelson, Xu Chenggang, Xu, Laurie Chen, Yew Lun Tian, Martin Quin Pollard, John Geddie, Robert Birsel Organizations: REUTERS, Rights, GAP, State, U.S . Department of Commerce, Stanford University's Center, Chinese Communist Party, Thomson Locations: Beijing, China, Rights BEIJING, U.S, loggerheads, Taiwan

☆ Chinese duties on U.S. imports 'inconsistent' with WTO obligations
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsGENEVA, Aug 16 (Reuters) - A World Trade Organization (WTO) dispute settlement panel on Wednesday found that China had acted inconsistently with its WTO obligations by imposing additional duties on certain U.S. imports in response to U.S. tariffs on steel and aluminium. China's Commerce Ministry said it had noted the WTO panel decision and demanded that the United States immediately lift tariffs imposed on steel and aluminium imports. The U.S. imposed a 25% duty on steel imports and a 10% duty on aluminium imports in March 2018 based on the Donald Trump administration's "Section 232" national security investigation into steel and aluminium imports. In response to the U.S. duties, China announced that additional duties of between 15% and 25% would apply to certain imports originating in the United States, a measure challenged by Washington.

Persons: Denis Balibouse, Donald Trump, Joe Biden's, Gabrielle Tétrault, Farber, Susan Heavey, Ella Cao, Rachel More, Devika Syamnath, Sharon Singleton Organizations: World Trade Organization, REUTERS, Rights, Trade Organization, U.S . Trade, WTO, Ministry, U.S, Washington, United, Thomson Locations: Geneva, Switzerland, China, United States, Beijing, U.S, Washington

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

The order is aimed at preventing American capital and expertise from helping China develop technologies that could support its military modernization and undermine U.S. national security. China said on Thursday it is "gravely concerned" about the order and that it reserves the right to take measures. The White House said Biden consulted allies on the plan and incorporated feedback from Group of Seven nations. "Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." Last year, total U.S.-based venture-capital investment in China plummeted to $9.7 billion from $32.9 billion in 2021, according to PitchBook data.

Persons: Joe Biden, Elizabeth Frantz, Biden's, Biden, Chuck Schumer, Marco Rubio, Emily Benson, David Shepardson, Andrea Shalal, Stephen Nellis, Max Cherney, Krystal Hu, Karen Freifeld, Idrees Ali, Liz Lee, Lincoln, Jonathan Oatis, Cynthia Osterman, Michael Perry Organizations: White, REUTERS, Wednesday, U.S, Treasury, Biden, Chinese Commerce Ministry, Seven, Democratic, Republicans, REPUBLICAN, The Semiconductor Industry Association, Center for Strategic, International Studies, Thomson Locations: Washington , U.S, WASHINGTON, China, U.S, Japan, Netherlands, United States, Washington, Beijing

☆ China slams Biden's order limiting U.S. overseas tech investment
▼ + stars: | 2023-08-10 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Dong Wenjie | Moment | Getty ImagesChina criticized President Joe Biden's long-awaited executive order regulating fresh U.S. investment in technology — but stopped short of issuing immediate counter measures. "China expresses its grave concern and reserves the right to implement measures," the Chinese Commerce Ministry said in the statement, according to a CNBC translation. Biden's order comes amid an escalating race for global technology supremacy. watch now"This seriously deviates from the market economy and fair competition principles that the U.S. has always advocated," the Chinese Ministry of Commerce added. The wording on Biden's executive order appears similar to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently introduced.

Persons: Dong Wenjie, Joe Biden's, Prasad, Janet Yellen Organizations: Images China, Chinese Commerce Ministry, Biden, CNBC, Chinese Ministry of Commerce, Cornell University, Treasury, Senate Locations: Shanghai, Asia, China, China , Hong Kong, Macao, U.S, Japan, Netherlands, Beijing

"The situation is already very bad for dollar-based funds to invest in China's tech sector. There isn't much room for things to get worse," said Beijing-based China Growth Capital partner Wayne Shiong. Biden's move will likely make China-focussed venture capital firms feel more urgency to raise yuan funds from Chinese investors, he said. In response to Biden's executive order, China's commerce ministry said it was "gravely concerned" and reserved the right to take countermeasures. But the executive order is barely going to do anything, and China escalating would risk turning a molehill into a mountain."

Persons: Florence Lo, Joe Biden's, Donald Trump, Weiheng Chen, Wilson Sonsini, Biden, Chen, Wayne Shiong, Biden's, Yuan, Pan, Trump, Derek Scissors, Kane Wu, Michael Martina, Roxanne Liu, Ziyi Tang, Yantoultra, Sumeet Chatterjee, William Mallard Organizations: REUTERS, U.S, Reuters Graphics Reuters, China Growth Capital, Chinese Academy of Social Sciences, TECH, Hua Hong Semiconductor, Analysts, American Enterprise Institute, Thomson Locations: China, U.S, HONG KONG, WASHINGTON, Beijing, Washington, Shanghai, Hong Kong, Singapore, Bengaluru

India's defence ministry did not respond to Reuters questions. The U.S. Congress in 2019 banned the Pentagon from buying or using drones and components made in China. India has set aside 1.6 billion rupees ($19.77 billion) for military modernisation in 2023-24, of which 75% is reserved for domestic industry. But the ban on Chinese parts has raised the cost of making military drones locally by forcing manufacturers to source components elsewhere, government and industry experts said. Sameer Joshi, founder of Bengaluru-based NewSpace Research and Technologies, a supplier of small drones for India's military, said 70% of goods in the supply chain were made in China.

Persons: Narendra Modi, Sameer Joshi, Joshi, Dilip, ADE, Nirmala Sitharaman, Narang, Krishn Kaushik, Joe Cash, David Crawshaw, YP Rajesh Organizations: Reuters, U.S, Congress, Pentagon, Research, Technologies, Manohar Parrikar Institute for Defence Studies, Finance, YP, Thomson Locations: DELHI, India, China, Delhi, cyberattacks, Beijing, Bengaluru, Polish

☆ Australia urges China to remove all trade restrictions after barley tariffs lifted
▼ + stars: | 2023-08-07 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Don Farrell Australian trade minister"We always saw the barley application and the suspension of the barley application before the [World Trade Organisation] as a template for dealing with the wine issue," he said. "And of course, we're extremely confident that the 220% tariffs that were applied to Australian wine will be removed." Thawing tensionsIn April, Australia agreed to "temporarily suspend" its World Trade Organization complaint against China for its 2020 decision to impose 80.5% duties on Australian barley trade that was once worth about 1.5 billion Australian dollars ($988.1 million). Vcg | Visual China Group | Getty ImagesOn Monday, Farrell said a "range of factors" were at play, with Chinese beer consumers and barley importers "very strongly in favor" of reintroducing Australian barley. Since then, Australia's foreign minister Penny Wong and trade minister Farrell have visited Beijing and have had direct meetings with their direct counterparts.

Persons: Don Farrell, Farrell, Xi Jinping, Anthony Albanese, Penny Wong Organizations: World Trade, World Trade Organization, Chinese Commerce Ministry, Nantong, Trade Zone, Visual China, Australian Locations: Australia, China, Beijing, Nantong, Jiangsu Province, Bali

☆ China curbs drone exports over ‘national security concerns’
▼ + stars: | 2023-08-01 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China will place export controls on drone and drone equipment in order to “safeguard national security and interests,” its commerce ministry announced Monday, in a move that could impact the war in Ukraine. The restrictions on equipment will require vendors to seek permission to export certain drone engines, lasers, imaging, communications and radar gear, and anti-drone systems. China exports drones to several markets, including the United States, and has a sizable domestic drone manufacturing industry. China has also imposed restrictions on the basis of national security in recent years, “especially since the US-China trade war,” he said. Beijing last month imposed export controls on two elements essential for manufacturing semiconductors.

Persons: “, China “, Russia ”, Moscow “, ”, Antony Blinken, Washington, Henry Gao, ” Gao, DJI Organizations: Hong Kong CNN, CNN, Mugin, US, National Intelligence, China’s, Ministry, Commerce Ministry, ” Export, Singapore Management University, China Locations: Hong Kong, China, Ukraine, Russia, Moscow, Taobao, United States, People’s Republic of China, Beijing, ”, Washington, Shenzhen, Xinjiang

☆ Factbox: China's measures to slow yuan depreciation
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +4 min

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. The informal instruction, or the so-called window guidance, was meant to slow the pace of yuan depreciation, the sources said. China's yuan has lost 3.6% against the dollar to 7.16 per dollar, becoming one of the worst performing Asian currencies. ** July 20, 2023China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades, sources with direct knowledge of the matter said. ** June 29, 2023China's major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market, sources with knowledge of the matter said.

Persons: Florence Lo, Winni Zhou, Vidya Ranganathan, Susan Fenton Organizations: REUTERS, People's Bank of China, prudential, Reuters, Thomson Locations: China

☆ China curbs exports of drone equipment amid U.S. tech tension
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 31 (Reuters) - China on Monday announced export controls on some drones and drone-related equipment, saying it wanted to safeguard "national security and interests" amid escalating tension with the United States over access to technology. The restrictions on equipment including some drone engines, lasers, communication equipment and anti-drone systems would take effect on Sept. 1, the commerce ministry said. The controls would also affect some consumer drones, and no civilian drones could be exported for military purposes, a ministry spokesperson said in a statement. China has a big drone manufacturing industry and exports to several markets including the U.S.U.S. lawmakers have said that more than 50% of drones sold in the U.S. are made by Chinese-based company DJI, and they are the most popular drone used by public safety agencies. The drone export curbs come after China announced export controls of some metals widely used in chipmaking last month, following moves by the United States to restrict China's access to key technologies, such as chipmaking equipment.

Persons: DJI, Mark Potter Organizations: Monday, Authorities, U.S . U.S, Beijing, Thomson Locations: BEIJING, China, United States, U.S, Russia, Ukraine, chipmaking

NEW DELHI, July 24 (Reuters) - Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters. The meeting with the commerce minister would be the highest level discussions between Tesla and the Indian government since June when Elon Musk met India's Prime Minister Narendra Modi and said he intended to make a significant investment in the country. The $24,000 target price for the new Tesla vehicle was reported earlier this month by The Times of India newspaper. Reuters reported in May that Tesla executives visited India and held talks with officials on establishing a manufacturing base for cars and batteries in India. As part of that, Tesla representatives are set to meet Indian commerce minister Piyush Goyal, the first person said, and discussions are expected to centre around setting up an EV supply chain and discussing land allotment for a factory.

Persons: Tesla, Elon Musk, Narendra Modi, Piyush Goyal, Shivangi Acharya, Nikunj, Kevin Krolicki, Kirsten Donovan Organizations: Reuters, India's, EV Tesla, The Times, Thomson Locations: DELHI, India, China, New Delhi

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ China says foreign trade faces 'extremely severe' situation, blames geopolitics for slump
▼ + stars: | 2023-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Commerce Ministry on Wednesday said non-economic factors were growing and interfering with the country's foreign trade which was facing an "extremely severe" situation in the second half of this year. "Some countries' forceful push for 'decoupling,' 'severing [supply] chains' and so-called 'de-risking' are human-made obstacles blocking normal commerce," Li Xingqian, the head of the ministry's external trade department, said in Mandarin, according to a CNBC translation. He was speaking to reporters at a press conference about the ministry's work in the first half of the year. China's exports, a significant contributor to domestic growth, have plunged in recent months as global growth has slowed. He also said that since trade had risen during the three years of the Covid-19 pandemic, that had set a high base for this year's figures.

Persons: Li Xingqian, Li Organizations: BEIJING, China's Commerce Ministry, CNBC

☆ China vows to 'restore and expand' consumption to boost growth
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

China's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth in the world's second-largest economyChina's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment. "Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved," Jin added. On Monday, a raft of weaker-than-expected economic data provided more basis for market watchers to renew calls for policy support to bolster growth. "We will promptly formulate and introduce policies to restore and expand consumption, and issue policies to stabilize large scale consumption, promote the consumption of automobile and electronic products, expand rural consumption, and optimize the consumption environment" Jin added. Within hours, Commerce Ministry followed with an announcement of an 11-point plan to boost the domestic consumption of household consumer goods and services.

Persons: China's, Jin Xiandong, Jin Organizations: National Development, Reform, CNBC, Consumer, Commerce Locations: Beijing, Shanghai

☆ Divisive China, Taiwan bids to join Pacific trade pact in focus at meet
▼ + stars: | 2023-07-14 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Britain will become the 12th member to join the pact that cuts trade barriers, as it looks to deepen ties in the Pacific. In support of its application, Britain has said that CPTPP countries will have a combined GDP of 11 trillion pounds ($13.6 trillion) once Britain joins, or 15% of global GDP. "There’s a large gap between the high standards and binding commitments that are demanded of CPTPP members, and where China is currently at," he added. The other countries' applications also provide opportunities. "After modernising the Canada-Ukraine FTA this year, Canada knows that Ukraine is capable of meeting the high standards of the CPTPP," she said.

Persons: Charles Finny, CPTPP, Chris Hipkins, Shu Jueting, Penny Wong, Aidan Arasasingham, Joanne Ou, Roy Lee, Mary Ng, Lucy Craymer, Ben Blanchard, Joe Cash, Praveen Menon, Muralikumar Organizations: WELLINGTON, Trans, Pacific, New Zealand, Reuters, Centre, Strategic, International Studies, Washington DC, Thomson Locations: Pacific, Auckland, China, Taiwan, New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, Costa Rica, Uruguay, Ecuador, Ukraine, New, Beijing, Zealand, Jakarta, Taipei, CPTPP, Wellington

☆ China's chip metal export curbs are 'a wake up call' for countries to diversify their supply chains
▼ + stars: | 2023-07-13 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Luisa Moreno, President of mining company Defense Metals Corp, expects China to further restrict metal exports which could include rare earths. Jakub Porzycki | Nurphoto | Getty ImagesChina's metal export curbs on gallium and germanium could spur some countries to diversify their supply chains away from China. Rare earths are essential for high-tech consumer products like smartphones and military equipment like radar systems. Rare earths make up a group of 17 elements composed of scandium, yttrium, and the lanthanides. China also threatened to stop rare earths exports to the U.S. in 2019.

Persons: Luisa Moreno, Jakub Porzycki, Stewart Randall, Intralink, Randall, Brady Wang, Moreno, Counterpoint's Wang, Intralink's Randall, Ross Berntson Organizations: Defense Metals Corp, Nurphoto, Getty, CNBC, Alliance, Europe Commission, Counterpoint Research, Indium Corporation Locations: China, Shanghai, Europe, Japan

☆ Yellen's latest trip helps set a new normal for the U.S.-China relationship
▼ + stars: | 2023-07-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cabinet member to visit China in a month, setting the stage for more high-level communication between the two countries. In coming days, John Kerry, special presidential envoy for climate, also plans to visit China, he told the The New York Times. She said she told her Chinese counterparts that any curbs on U.S. outbound investments would be "very narrowly targeted." Yellen's visit this past Thursday to Sunday came about three weeks after Blinken met with Chinese President Xi Jinping in Beijing. He also leads China-U.S. economic and trade cooperation efforts, according to a state media report that described his meeting with Yellen as "constructive."

Persons: Li Qiang, Janet Yellen, Mark Schiefelbein, John Kerry, Antony Blinken, Yifan Hu, Yellen, Blinken, Xi Jinping, Scott Kennedy Organizations: U.S, Treasury, of, People, Afp, Getty, U.S . Cabinet, New York Times, CNBC, Asia Pacific, UBS Global Wealth Management, Ministry of Finance, Commerce Ministry, CBS, Scott Kennedy Center for Strategic, International Locations: Beijing, BEIJING, U.S, China, Asia

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