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☆ China urges Japan to stop imposing chip export controls
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 29 (Reuters) - Chinese Commerce Minister Wang Wentao urged Japan to correct its "wrongdoing" of imposing chip export controls, according to a statement from the Chinese commerce ministry on Monday. Wang made the comments during talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference. Wang was quoted as saying that Japan had ignored China's strong opposition and opinion within the industry and that its actions "seriously violated" international economic and trade rules. "China is willing to work with Japan to promote pratical cooperation in key economic and trade areas," the statement also quoted Wang as saying. Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Muralikumar Anantharaman and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ China declines US request for a meeting between defense chiefs
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +3 min

[1/2] Chinese Defence Minister Li Shangfu attends a meeting with Russian President Vladimir Putin and Defence Minister Sergei Shoigu in Moscow, Russia, April 16, 2023. Sputnik/Pavel Bednyakov/Pool via REUTERSMay 29 (Reuters) - China has declined a request by the U.S. for a meeting between their defense chiefs at an annual security forum in Singapore this weekend, media reported on Monday, a new sign of strain between the powers. The Pentagon said it believed in open communication "to ensure that competition does not veer into conflict." Last week, White House spokesman John Kirby said there were discussions by the Defense Department to get talks going between Lloyd Austin and his Chinese counterpart, who was named defense minister in March. Li is a member of the Central Military Commission, China's top defense body that is commanded by President Xi Jinping.

☆ US review of China tariffs won't depend on trade 'breakthrough'-Deputy USTR
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +4 min

We’re not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review. U.S. Treasury Secretary Janet Yellen that eliminating "non-strategic" tariffs would reduce costs for specific goods, while Trade Representative Katherine Tai argued that the duties represent "significant leverage" over China. "On trade right now, there aren’t many similar perspectives," she said of the U.S. and China.

☆ US 'won't tolerate' China's ban on Micron chips, commerce secretary says
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +2 min

DETROIT, May 27 (Reuters) - The United States "won't tolerate" China's effective ban on purchases of Micron Technology (MU.O) memory chips and is working closely with allies to address such "economic coercion," U.S. Commerce Secretary Gina Raimondo said on Saturday. These "target a single U.S. company without any basis in fact, and we see it as plain and simple economic coercion and we won't tolerate it, nor do we think it will be successful." Raimondo also raised the Micron issue in a meeting on Thursday with China's Commerce Minister, Wang Wentao. "The investments in the CHIPS Act are to strengthen and bolster our domestic production of semiconductors. Having said that, we welcome participation from companies that are in IPEF countries, you know, so we expect that companies from Japan, Korea, Singapore, etc, will participate in the CHIPS Act funding," Raimondo said.

☆ China, South Korea agree to strengthen talks on chip industry, Chinese commerce ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationBEIJING, May 27 (Reuters) - China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, China's commerce minister said. Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which ended on Friday. Wang also said that China is willing to work with South Korea to deepen trade ties and investment cooperation. South Korea is in the crosshairs of a tit-for-tat row between the United States and China over semiconductors.

☆ Economic development in Asia still faces many challenges, China minister says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 27 (Reuters) - Economic and trade development in the Asia-Pacific still faces many disturbances and challenges, China's commerce minister Wang Wentao said. Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider global trade rifts and uncertainties. "The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges," Wang said, according to a statement from the Chinese Ministry of Commerce. Wang also discussed China's positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development. World leaders have been looking for ways to fortify global supply chains, which are still wobbly in the post-COVID world.

☆ Washington and Tokyo vow closer chip cooperation
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Nishimura Yasutoshi, Minister of Economy, Trade and Industry (METI), talks during an interview with Reuters in Tokyo, Japan, April 5, 2023. In a joint statement, the two countries agreed to increase cooperation between their research and development hubs, as they map out future technology collaboration. The statement came after Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura met in Detroit with U.S. Secretary of Commerce Gina Raimondo. The two countries agreed to work together "to identify and resolve geographic concentrations of production undermining semiconductor supply chain resilience". Raimondo on Thursday met China's Minister of Commerce Wang Wentao in Washington where the pair exchanged views on trade, investment and export policies.

☆ U.S., China's top commerce officials meet to discuss trade concerns
▼ + stars: | 2023-05-26 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The U.S. and China flags stand behind a microphone at the U.S. Embassy in Beijing on April 9, 2009. U.S. Secretary of Commerce Gina Raimondo sat down with her Chinese counterpart Wang Wentao in Washington D.C. on Thursday to discuss "concerns" surrounding bilateral trade. Marking the first cabinet-level exchange between the two countries in months, the U.S. talked about American companies operating in China. Raimondo also "raised concerns about the recent spate of PRC [People's Republic of China] actions taken against U.S. companies operating in the PRC," it said. The bilateral exchange between Raimondo and Wang comes as market observers keep a close eye on whether the U.S. will curb American investments into China, as relations between the world's largest economies sour.

WASHINGTON, May 18 (Reuters) - China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the spokesperson for China's embassy in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. A source familiar with planning for the meetings said that Chinese Commerce Minister Wang Wentao will meet with Commerce Secretary Gina Raimondo in Washington next week before traveling to Detroit for a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers. He will meet with U.S. Trade Representative Katherine Tai on the sidelines of that gathering, scheduled for May 25-26. Washington has expressed eagerness for high-level meetings with China in an effort to keep increasingly tense relations from veering toward conflict. Blinken, Raimondo, and U.S. Treasury Secretary Janet Yellen have all expressed interest in visiting China.

☆ U.S., Taiwan reach deal on first part of '21st Century' trade pact
▼ + stars: | 2023-05-18 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, May 18 (Reuters) - The U.S. and Taiwan reached agreement on the first part of their "21st Century" trade initiative, covering customs and border procedures, regulatory practices, and small business, the U.S. Trade Representative's office said on Thursday. After the initial agreement of the U.S.-Taiwan Initiative on 21st Century Trade is signed, negotiations will commence on other, more complicated trade areas including agriculture, digital trade, labor and environmental standards, state-owned enterprises and non-market policies and practices, USTR said. "We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles 21st Century economic challenges," Tai said. Announcement of the trade pact comes just ahead of planned meetings between China's Commerce Minister Wang Wentao and USTR Tai and U.S. Commerce Secretary Gina Raimondo. The bilateral talks commenced last August, after the Biden administration excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework.

☆ Australia trade minister flies to China to lobby for 'full' restoration of exports
▼ + stars: | 2023-05-12 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Trade Minister Don Farrell arrived in Beijing on Thursday for a three-day visit to meet with his counterpart, Wang Wentao, according to the Chinese commerce ministry. It’s the first visit to China by an Australian trade minister since 2019. “I will be advocating strongly for the full resumption of unimpeded Australian exports to China — for all sectors — to the benefit of both countries,” he added. As a result, Australian exports to China fell by 13% in 2022, compared to the previous year, according to Chinese customs data. In March, Australia’s exports to China hit a record high, with the value of shipments reaching 19 billion Australian dollars ($12.8 billion).

The China Development Forum, a high-profile, government-hosted conference with a who’s who of international executives in attendance, was a moment for Beijing to renew its efforts to win over foreign businesses. Businesses from outside China “are not foreigners, but family,” said Wang Wentao, China’s commerce minister. State media reported that the chief executives of Apple, Pfizer and Procter & Gamble were at the forum, held in late March. Mr. Wang pledged to remove obstacles preventing firms from investing more — 2023, he declared, was “Invest in China year.”The good will did not last long. The recent targeting of consulting and advisory firms with foreign ties through raids, detainments and arrests has reignited concerns about doing business in China.

☆ China Development Forum: Li Qiang rolls out the welcome wagon for foreign companies
▼ + stars: | 2023-03-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“China’s economy has been deeply integrated into the global division of labor.”Li pledged that the country will align with international economic and trade rules, give equal treatment to foreign investment and facilitate trade and investment by removing government controls. Worries about foreign investmentConcerns about foreign capital leaving China have grown. To boost business confidence, China’s new economic leadership is trying to reassure foreign business and the domestic private sector. “You are not foreigners, but family,” Wang Wentao, the commerce minister, told attendees at the China Development Forum. In a meeting with Cook on Monday, he said China is willing to “provide a good environment and services” for foreign enterprises including Apple.

☆ Apple CEO Tim Cook meets with China's commerce minister on supply chain
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Tim Cook, chief executive officer of Apple Inc., speaks during a "First Tool-In" ceremony at the TSMC facility under construction in Phoenix, Arizona, US, on Tuesday, Dec. 6, 2022. Apple CEO Tim Cook met with China's minister of commerce, Wang Wentao, on Monday to discuss industrial and supply chain stabilization, according to a statement from the Ministry of Commerce. "The two sides exchanged views on issues such as Apple's development in China and the stabilization of the industrial and supply chains," the statement from China's Ministry of Commerce read. Cook and Wang's meeting comes after months of lockdowns and Covid restrictions in China. "China will unswervingly promote high-level opening-up, steadily promote rules, regulations, management, standards and other institutional opening-up," the statement from Wang's ministry read.

☆ US corporates and China hug awkwardly in Beijing
▼ + stars: | 2023-03-27 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

The final quarter saw a slight rebound, but American FDI into China has been slowing for years. Despite their suspicions of the U.S. government, Chinese officials don’t want American capitalists to stop investing in the country because their firms create jobs, bring technology and best practices. Anecdotal evidence suggests even in harmless industries like textiles and market research, decoupling is becoming the default American investment thesis. If China surprises by dramatically boosting internal demand, U.S. executives and their shareholders will be placated. Cook is in Beijing to attend the China Development Forum, a flagship investment conference organised by the government and held March 25-27.

☆ Chinese commerce minister in talks with Apple boss Tim Cook
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING, March 27 (Reuters) - Chinese commerce minister Wang Wentao met Apple (AAPL.O) CEO Tim Cook on Monday and exchanged views on the company's development in China, the commerce ministry said. The two talked about stabilising industrial and supply chains, the ministry said, adding that Wang told Cook China is willing to provide a good environment and services for foreign companies including Apple. Cook was in Beijing over the weekend to attend the government-organised China Development Forum. Wang told Cook that China unswervingly promotes a high-level opening-up of rules, regulations, management, standards and other systems, the ministry added. Reporting by Beijing newsroom Writing by Bernard Orr Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Australia did not vow to help US defend Taiwan in submarine deal -minister
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 19 (Reuters) - Australia "absolutely" did not promise to support the U.S. in any military conflict over Taiwan in return for a deal to acquire U.S. nuclear-powered attack submarines, Australia's Defence Minister Richard Marles said on Sunday. Canberra is to buy the U.S. Virginia-class military submarines, with Britain and Australia eventually producing and operating a new submarine class, SSN-AUKUS. Australia's centre-left Labor government says the A$368 billion ($246 billion) deal is necessary given China's military buildup in the region, which it has labelled the largest since World War Two. He said there was "absolutely not" a quid pro quo obligation on Australia from the deal. President Joe Biden has said the U.S. would defend Taiwan in the event of "an unprecedented attack" by China.

China's four new vice premiers:Ding Xuexiang, 60, is the first-ranked vice premier who also sits in the ruling Communist Party's Politburo Standing Committee, China's top echelon of power. Wang Zhigang, 65, remains minister of science and technology. Huai Jinpeng, 60, remains minister of educationPan Yue, 62, remains head of the National Ethnic Affairs CommissionWang Xiaohong, 65, remains minister of public securityChen Yixin, 63, remains minister of state security. Considered a Xi ally, he had worked with Xi when the latter was party chief of Zhejiang province from 2002-2007. Tang Dengjie, 63, remains minister of civil affairsHe Rong, 60, remains minister of justiceWang Xiaoping, 59, remains minister of human resources and social securityWang Guanghua, 59, remains minister of natural resourcesHuang Runqiu, 59, remains minister of ecology and environmentNi Hong, 60, remains minister of housing and urban-rural developmentLi Xiaopeng, 63, remains minister of transportLi Guoying, 63, remains minister of water resourcesTang Renjian, 60, remains minister of agriculture and rural affairsHu Heping, 60, remains minister of culture and tourismMa Xiaowei, 63, remains head of the National Health CommissionPei Jinjia, 59, remains minister of veterans affairsWang Xiangxi, 60, remains minister of emergency managementHou Kai, 60, remains auditor-general of the National Audit OfficeReporting by Yew Lun Tian, Ziyi Tang, additional reporting by Albee Zhang; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

Imports dropped, too, government data showed on Tuesday, also partly reflecting weak foreign demand, since the country brings in parts and materials from abroad for many of its exports. Exports in the two months were 6.8% lower than a year before, after a 9.9% annual fall seen in December. "Given the high inflation in the U.S. and Europe, demand from there should keep weakening, which also dampens the processing demand in China," said Iris Pang, chief economist for Greater China at ING. Commerce Minister Wang Wentao on Thursday cautioned that downward pressure on China's imports and exports would increase significantly this year, because of the risk of a global recession and weakening external demand. China's January-February imports of crude oil were down 1.3% on the same period last year, while imports of natural gas fell by 9.4%.

☆ China Feb services activity jumps sharply as demand recovers- Caixin PMI
▼ + stars: | 2023-03-03 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) - Activity in China’s services sector expanded at the fastest pace in six months in February as the removal of tough COVID-19 restrictions revived customer demand, driving a solid increase in employment, a private sector survey showed on Friday. FILE PHOTO: A worker cleans a broken glass panel at a mall in Beijing, China October 4, 2015. The reading tallies with an official services PMI released on Wednesday, suggesting a robust recovery in the sector is well under way. Thanks to the COVID reopening, business confidence across China’s services sector remained robust last month, though the degree of optimism slipped slightly from January’s near 12-year highs. “The economy has entered a post-COVID recovery, with services activity showing signs of a stronger recovery than the manufacturing sector,” said Wang Zhe, an economist at Caixin Insight Group.

☆ China willing to restart trade dialogue with Australia after talks
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

The virtual meeting "represents another important step in the stabilisation of Australia's relations with China," Farrell said after the first talks between the trade ministers of the two countries since 2019. Wang said China is willing to restart the mechanism facilitating dialogue with Australia on economic and trade issues and to expand cooperation in emerging areas including climate change and the new energy sectors. China's top economic planner in May 2021 suspended all activity under a China-Australia Strategic Economic Dialogue which was an important forum for Australia and China to work through issues relevant to bilateral economic partnership. The Chinese statement said Australia was also willing to work with China to enhance mutual trust and resolve differences through candid dialogue. Wang described China and Australia as important economic and trade partners, with a highly complementary economic structure, making cooperation mutually beneficial.

☆ Senior Australian official asks China to remove trade impediments
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Jan 20(Reuters) - Australia's Assistant Minister for Trade Tim Ayres called for the removal of China's "trade impediments" on Australian exports in a meeting with his Chinese counterpart on the sidelines of the World Economic Forum, his office said. China's Xinhua news agency earlier reported that Thursday's meeting between Australian and Chinese officials had agreed that trade ministers from the two nations will hold virtual discussions "in the near future." No date has been set for the video meeting between Chinese Commerce Minister Wang Wentao and his Australian counterpart, Don Farrell, it said. "Assistant Minister Ayres raised the importance of cooperation to deliver the outcomes of the World Trade Organization 12th Ministerial Conference, and the removal of current trade impediments affecting Australian exports to China in both countries' interests," a spokeswoman for Ayres said in a statement. Canberra has two complaints at the World Trade Organisation against China's tariffs on Australian wine and barley, and is watching to see if Beijing lifts unofficial trade blockages on other Australian exports.

☆ China will move to protect its firms following U.S. telecoms ban
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Dec 1 (Reuters) - China opposes the U.S. Federal Communications Commission's ban on new Chinese telecommunications equipment sales, the commerce ministry said on Thursday, vowing to adopt necessary measures to safeguard the rights of its domestic firms. The Biden administration on Friday banned the sale or import of new telecommunications equipment from China's Huawei Technologies and ZTE (000063.SZ), citing national security risks. Washington designated five Chinese companies to the so-called "covered list" in March 2021: Huawei, ZTE, telecoms firm Hytera Communications Corp, video surveillance firm Hikvision and surveillance equipment maker Dahua. The commission said the following June that it was considering banning all equipment authorisations for the firms on the list. Chinese commerce minister Wang Wentao expressed concerns over U.S. trade restrictions against China during a recent talk with U.S. Trade Representative Katherine Tai, Shu said last week.

☆ U.S.-China Trade Talks Resume on Sidelines of Asian Summit
▼ + stars: | 2022-11-18 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—U.S. Trade Representative Katherine Tai met with Chinese Commerce Minister Wang Wentao Friday to discuss trade issues, in Ms. Tai’s first face-to-face meeting with a senior Chinese official since taking office in 2020, her office said. The session came on the heels of President Biden’s meeting with Chinese President Xi Jinping on Monday, in which the two leaders agreed to maintain communication between key senior officials to discuss global and bilateral issues.

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