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December 14, 2018

Huawei’s Sabrina Meng Wanzhou is the new face of China’s rich and powerful corporate heiresses

Sabrina Meng Wanzhou’s arrest in Canada has turned the Huawei chief financial officer from a low profile executive into one of the most recognisable faces in the world, drawing attention to the emergence of a group of rich and powerful daughters who are set to walk into the limelight of the Chinese business world. Before being imprisoned in Vancouver upon request of the United States earlier this month, a move which infuriated Beijing and created an escalating diplomatic row between China...
December 14, 2018

Huawei’s Meng Wanzhou is the new face of China’s rich and powerful corporate heiresses

Meng Wanzhou’s arrest in Canada has turned the Huawei chief financial officer from a low profile executive into one of the most recognisable faces in the world, drawing attention to the emergence of a group of rich and powerful daughters who are set to walk into the limelight of the Chinese business world. Before being imprisoned in Vancouver upon request of the United States earlier this month, a move which infuriated Beijing and created an escalating diplomatic row between China and...
December 14, 2018

In 2012 this Iowa man hosted Xi Jinping. Now Donald Trump’s trade war is hurting his soybean farm

On an autumn morning in November, Grant Kimberley told a room full of visitors how income from his 4,000-acre (1,600 hectares) family farm in Maxwell, Iowa, has plummeted by as much as 25 per cent in a year, because of the trade war that his president has started with his largest export market. “Soybeans and agriculture have become the collateral damage” in America’s relations with its biggest trading partner, Kimberley said, flicking between PowerPoint charts that showed the...
December 14, 2018

China economy needs new stimulus plan after November data disappoints, economists agree

Winter has arrived for the Chinese economy, with a series of activity data plunging to multi-year lows in November. And the situation is only likely to worsen next year, as the full force of the trade war with the United States hits home, economists said. Beijing is expected to introduce a more aggressive economic stimulus package early next year to help stabilise growth, but policymakers should pay more attention this time to the effects of their measures on the economy, as the steps they have...
December 14, 2018

China to roll back extra tariff on US car imports for three months, in likely boon to Tesla

China will roll back an extra tariff it slapped on US car imports for three months, the State Council, the government cabinet, announced Friday, in a likely boon to US electric car maker Tesla. The tariff will be rolled back to 15 per cent – the tariff now applied to all foreign car imports – from the 40 per cent rate China imposed in July in retaliation for the first round of US tariffs on Chinese imports imposed that month. The reprieve will commence at the start of the new...
December 14, 2018

China to roll back extra tariff on US car imports for three months, in likely boon to US carmaker Tesla

China will roll back an extra tariff it slapped on US car imports for three months, the State Council, the government cabinet, announced on Friday, in a likely boon to US electric carmaker Tesla. The tariff will be rolled back to 15 per cent – the tariff now applied to all foreign car imports – from the 40 per cent rate China imposed in July in retaliation for the first round of US tariffs on Chinese imports imposed that month. The reprieve will commence at the start of the new...
December 14, 2018

China rolling back tariffs on US car imports for three months, in likely boon to American carmaker Tesla as Trump-Xi talks bear fruit

China will temporarily roll back tariffs on US car imports, Beijing announced on Friday in its first concrete concession to the US since Chinese President Xi Jinping and his American counterpart Donald Trump agreed to a 90-day trade war truce in Buenos Aires on December 1. An additional 25 per cent in tariffs that had been placed on American-made cars and auto parts will be suspended, although the original 15 per cent will remain. This affects 144 products including hybrid cars and diesel-...
December 14, 2018

Lowest retail sales growth for 15 years dash China’s hopes that consumption will offset trade war

Beijing had high hopes that tax cuts for individuals would lift consumer spending and boost an economy which is showing the effects of the trade war, but overall retail sales in November proved disappointing. Even record spend on Singles' Day’ on November 11 could not prevent retail sales from posting their weakest growth rate in 15 years. November’s retail sales, which covers both corporate and consumer spending, stood at 3.52 trillion yuan, down from 3.55 trillion yuan in...
December 14, 2018

‘Crushing victory’: what’s next for Chinese President Xi Jinping’s war on corruption?

China’s Communist Party has for the first time declared a “crushing victory” in President Xi Jinping’s war on corruption, a sudden announcement that left observers debating what it all meant for the six-year campaign. In a statement after its meeting on Thursday, the party’s top 25-member decision-making body, the Politburo, said “the fight against corruption has achieved a crushing victory” since the 19th party congress late last year. But it also...
December 14, 2018

China’s central bank keen to avoid ‘irrational panic’ despite economic slowdown, says governor

China’s central bank will continue to fine-tune its monetary policy in a timely manner to better offset the slowdown in the country’s economy and look to maintain the stability of yuan exchange rate by closely monitoring cross-border capital flows to avoid “herd behaviour and irrational panic”, People’s Bank of China governor Yi Gang said on Thursday night. “In the face of external shocks, we must take timely measures to prevent market instability and...
December 14, 2018

China economy showing effects of trade war as growth slows again in November

The Chinese economy weakened further in November, as the trade war with the United States continued to take a toll on growth, according to economic data released on Friday. The data suggest that fourth quarter growth will slow further from the decade-low GDP growth rate of 6.5 per cent posted in the third quarter. Retail sales growth decelerated sharply to 8.1 per cent from the 8.6 per cent rate in October, lower than the 8.8 per cent rate expected by analysts polled by Bloomberg. The November...
December 14, 2018

China must be clear about government role in economy, says European lobby group in Beijing

China has been urged to define the role of the government in its economy, with experts warning that its continued interference is spooking global markets. “When we look at the next round of reforms, the key issue is the correct definition and the role of the government in the economy,” said Mats Harborn, president of the European Union Chamber of Commerce in China, who spoke on the sidelines of his group’s annual conference in Beijing. “It’s the core of all the...
December 13, 2018

China’s foreign direct investment plunges 27.6 per cent in November on trade war worries

Foreign investment in China fell sharply in November as concerns over the tariff battle between China and the United States hit investor confidence. According to figures released by the Ministry of Commerce on Thursday, foreign direct investment (FDI) in the month fell 27.6 per cent year on year to US$13.6 billion. The slide came despite Beijing making the stabilisation of foreign investment one of its top economic policy priorities. Although even before November, the FDI growth rate had being...
December 13, 2018

China economic work conference: how will Beijing combat US trade war impact on 2019 domestic economy?

In December each year, security around the Jingxi Hotel in Beijing increases dramatically, indicating that China’s most important economic policy decision-making event is taking place. The army-run hotel, 3km west of the Communist Party headquarters of Zhongnanhai, is the regular location for the Central Economic Work Conference (CEWC), which will be attended by the likes of President Xi Jinping, Premier Li Keqiang and Vice-Premier Liu He, as well as financial regulatory officials,...
December 13, 2018

China sets sights on ‘powerful home market’ to drive growth through 2019 trade turmoil

China will try to develop “a powerful home market” to help offset external uncertainties next year, the country’s top leadership agreed on Thursday, roughly two weeks into a 90-day truce in the trade war with the United States. The Politburo, the country’s highest decision-making body, said China still had a “strategic window of opportunity” and “must firmly focus on getting its own goals accomplished”, state-run Xinhua reported, signalling...
December 13, 2018

US trade war spreading to China’s state-owned enterprises, warns senior government official

The trade war with the United States is dealing a heavy blow to China’s private-sector businesses and that impact has started to spread to state-sector firms, a senior Chinese government official has warned in a private speech. Meng Jianmin, the deputy head of the State-owned Assets Supervision and Administration Commission (SASAC), which supervises China’s state-sector assets, made the comments last week at an internal meeting urging state enterprises to quickly pay invoices for...
December 13, 2018

Beijing no longer requires local governments to work on ‘Made in China 2025’, but China’s hi-tech ambitions remain

China has stopped requiring local governments to work on the “Made in China 2025” strategy, the latest directive issued by the central Chinese government to local authorities showed, in a clear sign that Beijing is toning down a policy that has become a centrepiece of its rivalry with the US. However, China will continue to pursue its ambition of becoming an industrial and technological power, with the directive making clear that the initiative has been dropped in name only....
December 13, 2018

Beijing no longer requires local governments to work on ‘Made in China 2025’, but hi-tech ambitions remain

China has stopped requiring local governments to work on the “Made in China 2025” strategy, the latest directive issued by the central Chinese government to local authorities showed, in a clear sign that Beijing is toning down a policy that has become a centrepiece of its rivalry with the US. However, China will continue to pursue its ambition of becoming an industrial and technological power, with the directive making clear that the initiative has been dropped in name only. “...
December 13, 2018

Beijing’s policymakers gather to set course for Chinese economy as tide of trade war with US continues to rise

China’s senior policymakers will on Tuesday begin setting out the government’s economic policy direction for next year, immediately after the ceremony celebrating the 40th anniversary of the country’s reform and opening up initiative, sources said. The annual Central Economic Work Conference (CEWC), which will be attended by all high-ranking state leaders including President Xi Jinping, Premier Li Keqiang, Vice Premier Liu He, financial regulatory officials, economic planners...
December 13, 2018

Beijing policymakers gather on Tuesday to set course for Chinese economy as US trade war tide rises

China’s senior policymakers will on Tuesday begin setting out the government’s economic policy direction for next year, immediately after the ceremony celebrating the 40th anniversary of the country’s reform and opening up initiative, sources said. The annual Central Economic Work Conference (CEWC), which will be attended by all high-ranking state leaders including President Xi Jinping, Premier Li Keqiang, Vice Premier Liu He, financial regulatory officials, economic planners...