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September 18, 2018

Trade war: Taiwanese firms to flee mainland China over Donald Trump’s tariffs, claims Taipei

Taiwanese businesses based in mainland China are being persuaded to move home by the escalating US-China trade war, according to the island’s government, which is promising “the most effective” aid to help them do so. At least 20 Taiwanese enterprises were likely to relocate from the mainland to Taiwan, wary of the imminent impact of fresh US tariffs on imports from mainland China, Taiwan’s Minister of Economic Affairs Shen Jong-chin said on Tuesday. The stand-off...
September 18, 2018

Staggered US tariffs leave crack in door open to trade war talks with China – and avoid taking bite out of Apple

Washington’s latest tariffs on Chinese goods give US companies time to change business tack and temporarily shield heavy-hitters like tech giant Apple, according to analysts. The two-phase duties also gave both countries a chance to go back to the negotiation table before the full force of the tariffs was felt, they said. In the strongest escalation of the US-China trade war yet, the administration of US President Donald Trump announced on Monday it would impose 10 per cent tariffs on US$...
September 18, 2018

Trade war: how will Donald Trump’s tariffs on US$200 billion of goods affect China’s GDP?

The US’ latest announcement of tariffs on US$200 billion worth of Chinese products may knock about half a percentage point off China’s growth rate, according to officials and economists. That figure may be manageable, but the real challenge for Beijing in an escalating trade battle with the US is that China’s manufacturing base, which helped to underpin the country’s economic boom in the past four decades, may start be harmed, they said. Liu Shijin, the former vice-...
September 18, 2018

Southern China counts cost of Typhoon Mangkhut – and more billion-dollar storms

The financial toll from the most powerful typhoon to hit China this year could be in the billions of yuan, officials and analysts estimate, adding to the ever-growing economic cost storms are taking on the country’s coastal areas. In addition to the four people dead in Guangdong province and the more than 100 dead or missing in the Philippines, China Insurance News reported on Tuesday that more than 140 million yuan (US$20.4 million) in damage claims related to Typhoon Mangkhut had been...
September 18, 2018

China says it will hit back against Donald Trump’s latest trade war tariffs

China’s Ministry of Commerce said on Tuesday it would be forced to take “synchronised counter measures” against the latest tariffs announced by US President Donald Trump. In a statement, the ministry also said that the tariffs announced by Trump had “added new uncertainties” to talks between the two sides. Trump announced that the US will start to charge 10 per cent tariffs on US$200 billion worth of Chinese products from next Monday, significantly widening the...
September 18, 2018

US-China trade war heats up as Beijing vows to hit back at US President Donald Trump’s new tariffs

China’s Ministry of Commerce said it would be forced to take “synchronised countermeasures” to defend its own interests against the latest US tariffs, escalating trade tensions between the world’s two biggest economies. In a statement on Tuesday, the ministry said the tariffs announced by US President Donald Trump a day earlier had “added new uncertainties” to talks between the two sides. It also said China hoped the US side could “be aware of possible...
September 18, 2018

US-China trade war heats up as Beijing hits back at US President Donald Trump’s new tariffs

China has hit back at fresh US tariffs on Chinese goods, announcing its own additional duties on US$60 billion worth of American imports as the trade war escalates between the world’s two biggest economies. The new tariffs – of 5 per cent and 10 per cent – will come into effect on September 24, the same day as the US’ new duties, the Chinese Ministry of Finance said in a statement on Tuesday. Beijing’s retaliation came after US President Donald Trump announced that...
September 18, 2018

US firms in China say Donald Trump’s tariffs will hurt them, not make them relocate home

Donald Trump’s latest decision to impose tariffs on US$200 billion worth of Chinese products will “cause suffering” for US businesses in China and fail to persuade them to relocate to the US, the trade group representing the interests of US businesses in China has said. The group also said about half of US firms in China are worried about a “strong negative impact” on their operations from an escalated trade war. William Zarit, the chairman of the American Chamber...
September 18, 2018

US firms in China say Donald Trump’s tariffs will hurt them, not make them move home

US President Donald Trump’s decision to impose tariffs on US$200 billion worth of Chinese products will “cause suffering” for US businesses in China and fail to persuade them to relocate to the United States, the trade group representing the interests of US businesses in China has said. The group also said about half of the US firms in China were worried about a “strong negative impact” on their operations from an escalated trade war. William Zarit, chairman of...
September 18, 2018

Trump spares Apple Watch, AirPods from fresh US$200 billion tariffs as trade war escalates with China

Apple’s smartwatches and wireless earphones were among the items that were spared as the US unveiled its updated list of tariffs on US$200 billion of Chinese-made products as US President Donald Trump escalated a trade war with China on Tuesday. The Cupertino, California-based tech giant lobbied the Trump administration to not include more than a dozen categories of products and components in its proposed list of tariffs. These included its Apple Watch, AirPods and components for its...
September 18, 2018

Beijing likely to cancel trade war talks after Donald Trump ups the ante with tariffs on US$200 billion of goods

China is likely to cancel its tentative plans to send Xi Jinping’s top economic adviser to Washington after Donald Trump announced new tariffs on US$200 billion worth of Chinese products, a government source in Beijing said on Tuesday. According to the source, who declined to be identified as the plans have not been made public, China is reviewing its earlier plans to send a delegation, headed by vice-premier Liu He, to Washington next week. One precondition for the talks was that the...
September 18, 2018

China’s US$128 billion pork industry is under threat by a deadly, mysterious virus

Six weeks after African swine fever emerged in China, scientists are racing to pinpoint how the deadly pig virus entered the world’s biggest pork market and spread between farms hundreds of miles apart. Finding answers is critical for stopping the further international spread of what Russian researchers consider the most dangerous swine disease. The virus has been reported in seven Chinese provinces since August 1, causing the deaths of about 40,000 pigs and threatening major disruption...
September 17, 2018

‘Made In China 2025’: a peek at the robot revolution under way in the hub of the world’s factory

Amid the sprawl of drab, dusty concrete factories in Shunde district in the southern Chinese city of Foshan, one gleaming new structure stands out. The 40,000 square metre (430,000 square feet) factory, designed by an American architect, cost 120 million yuan (US$17.5 million) to build and is expected to triple Jaten Robot & Automation’s annual production to 10,000 robots. Just a few miles away, work is under way on an 800,000 square metre, 10 billion yuan industrial estate that will...
September 17, 2018

‘Made In China 2025’: a peek at the robot revolution under way in the hub of the ‘world’s factory’

Amid the sprawl of drab, dusty concrete factories in Shunde district in the southern Chinese city of Foshan, one gleaming new structure stands out. The 40,000 square metre (430,000 square feet) factory, designed by an American architect, cost 120 million yuan (US$17.5 million) to build and is expected to triple Jaten Robot & Automation’s annual production to 10,000 robots. Just a few miles away, work is under way on an 800,000 square metre, 10 billion yuan industrial estate that will...
September 17, 2018

Xi Jinping’s top economic adviser Liu He meets pro-market liberals as debate over China’s future direction rages

Chinese President Xi Jinping’s top economic adviser, vice-premier Liu He, has met a group of pro-reform economists in a show of support for a liberal vision of the country’s economic future. Liu did not address Sunday’s 20th anniversary conference of the Chinese Economists 50 Forum, a club he helped co-found when he was a government adviser. His attendance was not reported by the official Xinhua news agency or the government website as he was not there in his official capacity...
September 17, 2018

Trade war will not derail China’s promise to open up its financial markets, central bank chief says

China is committed to opening up its financial services markets to foreign players irrespective of the trade war with the United States, the head of its central bank said on Sunday, countering claims it had suspended licence applications as a result of the dispute. The People’s Bank of China (PBOC) would “implement” agreed plans for the move, governor Yi Gang told reporters on the sidelines of a forum in Beijing, which was also attended by Chinese Vice-Premier Liu He. “...
September 16, 2018

Beijing urged to print more money to help China cope with Donald Trump’s trade war

Beijing should loosen its monetary policy to boost domestic demand as a way of managing the threat of additional tariffs from Washington, a former senior official said on Sunday. “We must fully play up the role of monetary policy in bolstering domestic demand” when Donald Trump’s trade war is directly hitting the country’s export sector, Zheng Xinli, former deputy director of the Central Policy Research Office of the Communist Party told a seminar in Beijing. Speaking at...
September 16, 2018

Keep calm and carry on amid the current state of the trade war, for time is on China’s side

Over the weekend, Donald Trump’s trade team invited Beijing to fresh trade talks. Almost simultaneously, tweets from the White House cast doubt on the talks. Is this “good cop, bad cop” tactics? Or routine erratic signalling? How is one to respond, given how much the world economy is at stake? Having mulled this conundrum carefully over the weekend, and without any attempt to discover what Beijing’s leaders might do, I have decided to imagine a secret internal memo from...
September 14, 2018

Still no sign of lending bump from China’s steps to offset trade war

China eased up on its 2½-year campaign to reduce financial risks so that it could stabilise growth in face of the escalating trade war with the United States, but the results so far have been disappointing. Credit growth hit a fresh record low in August while banks made fewer new loans, highlighting the difficulty faced by the People’s Bank of China in getting the financial system to translate the extra liquidity it is adding into financing to support the economy. With US President...
September 14, 2018

China’s August economic data lacklustre but slower investment growth ‘not caused by trade war’

China’s economy showed new signs of weakness in August, as fixed-asset investment growth continued on its downward trend to a record low, but a government official said the decline had nothing to do with the country’s trade war with the United States. “Infrastructure investment [growth] has been falling for some time,” Mao Shengyong, a spokesman for the National Bureau of Statistics, said. “As local governments continue to launch [new] legally compliant projects,...