Month: May 2019
ss to US suppliers “will do significant economic harm to the US companies” and affect “tens of thousands of US jobs”. In total, US firm
s sold an estimated $11 billion worth of components to Huawei last year, according to earlier media reports.
“I’m not able to tell you exactly what the costs will be; it differs from company to company,” said Allen.
“But clearly, from a corporate perspective, this Department
of Commerce action has created costs and has escalated the uncertainty quite a bit.”
Asked to comment on some voices in the US calling for the “decoupling” of the two countries, especially in the technology sect
or, Allen said both sides should pursue a playing field of “smart competition and engagement”, in which the
y play by a “common set of rules” that are mainly set by World Trade Organization obligations.
ng should be leveraged to improve coordination mechanisms
for economic policies such as finance, currency, employment, industry, and regional develop
ment to ensure the nation’s economic development stays within a reasonable range, the statement said.
The meeting highlighted the importance of strengthening innovative cap
abilities as well as opening-up and cooperation in this regard, and called for improving the serv
ices and environment for opening-up and cooperation so that development is promoted through opening-up, inn
ovation is advanced through reforms and win-win results are achieved through cooperation, it said.
Tough and newly emerging problems should be resolved through deepening reforms, the state
ment said, adding that the capability of dealing with challenges and preventing risks should be intensified.
Two television anchorwomen — one from China and one from the US — will debate
two sides of the long-running trade dispute between the two countries.
Liu Xin, a mainstay of the China Global
Television Network, and Trish Regan, a former CNBC busi
ness correspondent who now hosts her
own show on the Fox Business Network, will have at it over i
ssues such as tariffs and technology
Wednesday at 8 pm EDT in the US and simultaneously at 8 am Thursday in China.
The discourse will take place via satellite, as Liu will be in CGTN’s studio in Beijing, while Regan will be at Fox’s studio in New York.
The debate idea came about after the two newswomen clashed earlier this month after Regan said Beijing stole “$600 bill
on worth of intellectual property a year”, leading to the Trump administration tariffs.
eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho
ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.
Li Yang, director of the National Institution for Finance and Development of the Chinese Academy
of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de
fend its currency, even if depreciation pressure rises amid any escalation in trade tension.
In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen
t under market pressure as global investors worried about the escalation of trade friction.
Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin
a’s imports triggered financial market volatility, and this also affected the offshore RMB.
Beijing will not sacrifice forex reserves to defend its currency, analysts say
China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d
ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.
The United States Treasury announced on Wednesday that it could not label China a
s a “currency manipulator” after Washington monitored the recent performance of the RMB.
No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev
eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.
lear that if the US treats the Chinese negotiating team with respect and shows the willingness to talk wit
hout using outside pressure, there is a high possibility that there could be a productive trade deal.
“Otherwise, I think we might be facing a prolonged period of problems for both sides,” she said.
Regan, at the close of their 15-minute talk, said again, “No one wan
ts trade wars. But we have to think long hard about the right next steps.”
Liu, however, did counter an assertion by Regan that China’s government controls its entire economy.
“Everybody thinks that China’s economy is state-owned, state-controlled, every
thing is state, state, state. Let me tell you that is not the true picture,” Liu said. “We are a
Three officials in Wuxi, East China’s Jiangsu province, have been gi
ven Party and administrative punishments on Thursday over an inappropriate question about
whether kindergarten children were involved in gangs, the local government said on its official Wechat account.
According to the government of Wuxi’s Xishan district, Feng Dongyan, director and Party chief
of the Xishan Education Bureau, has been given the punishment of warning within the Party.
Wang Zhaoyu, director of the educational bureau’s general office, has been given a serious warni
ng within the Party and removed from office. Lu Zhongxian, director of the bureau’s educational equi
pment and student aid management center, was also given a serious warning and dismissed.
authority intervention in foreign exchange markets over the past se
veral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.
The May report summarized that China’s growth appears to be stabilizing on the back of recently enhanced supportive measures.
The report expanded the number of countries it scrutinizes for curre
ncy manipulation to 21 from 12. Countries with a current account surplus with the US
equivalent to 2 percent of GDP were put on the watch list, compared with 3 percent of GDP before.
China didn’t meet the “currency manipulator” criteria listed by the US Treasury, but Washington will continue asse
ssing the RMB’s performance given China’s large trade surplus with the US, the report said.
China and Niger should enhance Belt and Road cooperation and implemen
t major projects in areas such as infrastructure, energy and agriculture, President Xi Jinp
ing said on Tuesday. Xi made the remark while meeting with Niger’s President Mahamadou Issoufou at the Gre
at Hall of the People in Beijing. Issoufou is paying a state visit to China from Sunday to Thursday.
Witnessed by the two leaders, China and Niger signed a number of cooperation documents after their talks. Xi appre
ciated Issoufou’s efforts in promoting the China-Niger and China-Africa friendship over the past few years. Not
ing that China and Niger are good friends, partners and brothers, Xi said that the two countries have enhanced mu
tual political trust and have achieved fruitful outcomes in practical cooperation in several areas.
China would like to work with Niger to jointly implement the outcomes of the Beijing Summit of the Forum on China-Afri
ca Cooperation, strengthen strategic cooperation and bring more benefits to the people of both countries.
live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.