31/10/2019
- Negotiations going ‘as planned’, foreign ministry says after cancellation of Apec summit at which presidents were set to meet to sign ‘phase-one’ agreement
- With an election looming and possible impeachment inquiry, Trump in more of a hurry to reach a deal than Xi, observers say
Talks between China and the US are going well, according to the Chinese foreign ministry. Photo: AFP
Presidents Xi Jinping and
Donald Trump have “maintained contact”, China’s foreign ministry said on Thursday after authorities in Chile announced the cancellation of the upcoming
Apec summit at which the US and Chinese leaders were set to meet and possibly sign a trade deal.
Talks between the two nations were going well, ministry spokesman Geng Shuang told a daily press briefing.
“The negotiations are smooth and things are working out as planned,” he said.
“Regarding the meeting between the two state leaders, they have maintained contact through various means.”
Geng’s comments came after China’s commerce ministry said that top trade negotiators from the two countries would hold a telephone conversation on Friday.
Xi and Trump were due to meet on the sidelines of the Asia-Pacific Economic Cooperation summit in Santiago on November 16-17, but the event was cancelled due to the ongoing protests in the country. The leaders were also expected to sign an interim trade deal based on the ground made at the latest negotiations in Washington on October 11.
According to diplomatic observers, while Beijing wants a truce in the trade dispute it is in less of a hurry than Trump, who is facing the threat of impeachment and trying to prepare for an election campaign.
Shen Dingli, an expert in international relations based in Shanghai, said that China faced less domestic opposition to its handling of the trade talks than Washington.
“Trump is facing a lot of problems on both the diplomatic and domestic fronts,” he said. “[But] I think both sides still need an agreement. It is always better to have an agreement than not.”
US Trade Representative Robert Lighthizer (left) and Chinese Vice-Premier Liu He met in Washington early this month. Photo: AFP
Yuan Zheng, an expert on China-US relations at the Chinese Academy of Social Sciences, said that while the Apec summit had offered a convenient way for the presidents to meet, the substance of the deal was more important than where it might be signed.
“It’s true that the deal can be signed by representatives instead of the presidents but this depends very much on how keen Trump is for the presidential meeting to happen,” he said.
“He is facing an election and huge domestic pressure, so he … needs to show his strong leadership more than Xi. But of course, if the deal is set and if the details of the meeting are practical, the Chinese side would like a presidential meeting too.”
Shen Dingli, an expert in international relations, says China faces less domestic opposition to its handling of the trade talks than Washington. Photo: AP
Speaking after the talks in Washington between
Chinese Vice-Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin, Trump said the two sides had reached a “substantial phase one deal” and that after it had been put down on paper it would be signed at the Apec meeting.
Tai Hui, chief market strategist for Asia at JPMorgan Asset Management, said the cancellation of the Chile summit should not stop the US and China agreeing a truce.
“If the two sides are genuinely willing to reach an interim deal before mid-December, when the next increase in tariffs on Chinese goods is due to take place, they will find a venue to get it done,” he said.
Source: SCMP
Posted in Apec summit, Asia-Pacific Economic Cooperation, Asia-Pacific Economic Cooperation (APEC), Beijing, Chile, Chinese Academy of Social Sciences, Chinese Academy of Social Sciences (CASS), Chinese goods, Chinese Vice-Premier Liu He, in contact, JPMorgan Asset Management, President Donald Trump, President Xi Jinping, Robert Lighthizer, Shanghai, tariffs, trade deal, Uncategorized, Washington |
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29/10/2019
- Chinese President Xi Jinping and US President Donald Trump set to meet on the sidelines of the Apec summit in Chile next month, a source says
- The two state leaders are expected to sign an interim trade deal ‘if everything goes smoothly’
Chinese President Xi Jinping and US President Donald Trump have met twice already over the course of the 16-month trade war. Photo: AP
Chinese President Xi Jinping and US President Donald Trump are tentatively expected to meet on November 17 with the aim of signing an interim trade deal, a source briefed on the arrangements told the South China Morning Post.
The two leaders are expected to come face-to-face immediately after the Asia-Pacific Economic Cooperation (Apec) summit in Santiago, Chile, with a trade truce signed “if everything goes smoothly”, said the person, who declined to be identified.
Trade envoys from Beijing and Washington are still finalising the text for the two leaders to sign, but both sides have expressed optimism that Trump’s so-called phase one trade deal can be completed in time for the meeting.
Trump said on Monday that negotiations on the interim deal were running “ahead of schedule”.
“We are looking probably to be ahead of schedule to sign a very big portion of the China deal, and we’ll call it phase one but it’s a very big portion,” Trump said. “That would take care of the farmers. It would take care of some of the other things. It will also take care of a lot of the banking needs.
“So we’re about, I would say, a little bit ahead of schedule, maybe a lot ahead of schedule,” the president said, adding the deal would “probably” be signed.
Top trade negotiators for the two countries – US Treasury Secretary Steven Mnuchin, US trade representative Robert Lighthizer and Chinese Vice-Premier Liu He – spoke by telephone last Friday. The Office of the US Trade Representative released a statement after the call saying that the two sides “made headway on specific issues” and “are close to finalising some sections of the agreement”.
China’s official Xinhua News Agency said on Saturday negotiators have “agreed to properly resolve core concerns of each other” and had “basically completed technical discussions about parts of the text”. In particular, China would lift the current ban on US poultry imports and recognise the American public health certification system for meat product imports, Xinhua said.
The top trade envoys are expected to hold another conference call in the near future.
China’s Vice-Premier Liu He between US trade representative Robert Lighthizer (left) and US Treasury Secretary Steve Mnuchin during trade negotiations in Washington this month. Photo: Reuters
Taoran Notes, an account on Chinese social media platform WeChat run by the official Economic Daily newspaper, wrote over the weekend that Beijing and Washington had moved a step closer to agreement on a “temporary deal”.
“According to past experiences and practises, the negotiation will enter the stage of translation and legal review after the technical completion of the text,” the account said.
Geng Shuang, a Chinese foreign ministry spokesman, said that technical negotiations about part of the deal were finished but deputy-level talks were ongoing. “China hopes both sides can find a trade solution based upon mutual respect and benefits,” Geng said at a regular press conference on Tuesday.
If it goes ahead as planned, the summit between Trump and Xi in Chile next month would be the third time the two leaders have sat down to talk about ending the nearly 16-month-long trade war.
Last December, the two leaders met on the sidelines of the G20 Leaders’ Summit in the Argentinian capital Buenos Aires and agreed to a three-month tariff truce to allow time for the countries’ trade envoys to work out a comprehensive deal. But the talks collapsed in early May with the US blaming China for reneging on promises it made in negotiations, while China blamed the US for attempting to infringe on its economic sovereignty.
The pair met again in late June in the Japanese city of Osaka, where they agreed to restart trade negotiations.
A minor ceasefire was reached in October when Beijing promised to buy US$40 billion to US$50 billion worth of American agricultural products in exchange for Washington postponing indefinitely a tariff increase on US$250 billion of Chinese goods to 30 per cent from 25 per cent on October 15.
Analysts expect fresh 15 per cent duties on about US$160 billion of Chinese imports – including popular products like smartphones and consumer electronics – that are due to go into effect mid-December will also be postponed if a deal is signed, though this has not been officially confirmed.
The interim deal is also expected to contain a provision on intellectual property protection, a key US demand. China has taken steps to improve IP protection, including setting up a system to punish and compensate instances of infringement, and improve settlement disputes. But how well these measures will be implemented remains in question.
China and the US would also agree to avoid allowing currency devaluations to gain trade advantages, codifying a commitment both countries made as part of a G20 agreement several years ago. A currency agreement – similar to provisions in the yet-to-be-ratified US-Mexico-Canada Agreement – could pave the way for the US to remove its designation of China as a “currency manipulator”.
The deal may include a new dispute resolution mechanism to ensure both sides live up to commitments. The system, which will give both sides equal standing, would replace a contentious US-proposed enforcement mechanism that was a key reason for trade talks breaking down in May after China felt the demands too intrusive and one-sided. It is unclear how effective the proposal would be, but the US has insisted since talks began that a similar mechanism be implemented to ensure China did not backslide on promises as it had in the past.
In addition to large purchases of farm products, the interim agreement may contain commitments by China to buy US-built aircraft and energy products, particularly liquefied natural gas.
China will also agree to lift foreign ownership limits on Chinese financial firms under the deal, changes which are already underway.
However, the interim deal will not address broader US complaints about China’s economic model, particularly allegations that foreign firms are treated unfairly and heavy government subsidies favour some domestic industries. Nor will it contain any break for telecommunications equipment maker Huawei and other Chinese tech companies that were blacklisted by the US on national security concerns.
Posted in American agricultural products, Apec summit, Argentinian capital, Asia-Pacific Economic Cooperation (Apec) summit, banking needs, Beijing, Buenos Aires, Chile, China alert, Chinese economic model, Chinese Vice-Premier Liu He, consumer electronics, currency devaluations, Economic Daily, energy products, farmers, G20 Leaders’ Summit, government subsidies, Huawei, intellectual property protection, interim, Japanese city, Liquefied natural gas, meeting, Osaka, poultry imports, President Donald Trump, President Xi Jinping, Robert Lighthizer, Santiago, sign, smartphones, south china morning post, Steven Mnuchin, Taoran Notes, telecommunications equipment maker, Trade envoys, trade war deal, U.S. Treasury Secretary Steven Mnuchin, Uncategorized, US, US Trade Representative, US Treasury Secretary, US-built aircraft, US-Mexico-Canada Agreement, Washington, WeChat, Xinhua News Agency |
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31/08/2019
- Shanghai AI conference has attracted executives from nearly 300 companies including US firms Intel, IBM, Microsoft and Qualcomm
- Ma is mainly an AI optimist, whereas Musk has sounded several warnings on the topic
Elon Musk and Jack Ma face off over AI at the 2019 Shanghai WAIC. Photo: SCMP
Billionaire techpreneurs Jack Ma and Elon Musk faced off over AI in a much-anticipated morning session at the Shanghai World Artificial Intelligence Conference on Thursday, and although sparks didn’t actually fly it was clear to the packed audience that they each have a different vision of the future.
“AI will open a new chapter so that humans will know themselves better,” said Jack Ma, Alibaba Group Holding founder. “Most of the projections about AI are wrong … people who are street-smart about AI are not scared by it.”
The conference has attracted executives from nearly 300 companies including US firms Intel, IBM, Microsoft and Qualcomm as well as scientists and scholars from across the world. Both men had to condense their visions of the future into a compact 45-minute session, which also included answering a series of pre-prepared questions from Chinese netizens.
“Due to AI, people will have more time to enjoy themselves as a human being … forget long days, we could end up with 12-hour work weeks,” said Ma. “I don’t worry too much about the impact of AI on jobs … in the future we will not need a lot of jobs.”
Musk, who has founded a string of tech ventures including SpaceX, Boring Company and Neuralink aside from his role as co-founder and CEO of Tesla, said he had heard that “AI sounds like love in Chinese” but in a more cautious tone described AI as “much more than just a smart human”.
“Humans may become too slow. A millisecond is an eternity to a computer today,” said Musk, who has championed everything from electric cars to Mars colonies. “Computers are already smarter than human beings in many aspects,” he said, adding that while humans write AI software today, in the end the machine will do this itself.
Alibaba co-founder and chairman Jack Ma speaks at the 2019 World Economic Forum (WEF) annual meeting in Davos. Photo: Xinhua
The comments from the two executives, who are both engaged in industries [e-commerce and autonomous driving] where AI is essential – were largely in line with what they have said before on the topic. Ma is mainly an optimist, seeing AI as an inevitable agent of change in a digital world, whereas Musk has sounded several warnings.
In 2017, Musk – along with 100 robotics and AI leaders – urged the United Nations to take action against the dangers of autonomous weapons, known as “killer robots”. He has also described AI as humanity’s “biggest existential threat”, comparing it to “summoning the demon”.
AI cannot replace me yet, says Esquire magazine editor
Earlier in the week, Ma said that amid an escalating trade and technology war between the US and China, both countries needed to make a concerted effort to work together on technology for the world to benefit from the digital era.
“In the smart era, it is almost impossible for anyone to strike out on their own,” Ma said in a speech at the Smart China Expo in Chongqing on Monday. “Only if China and the US work together on technology, can we enter the digital era together.”
Tesla CEO Elon Musk, 2019. Photo: AP
Chinese Vice-Premier Liu He, Beijing’s top trade negotiator said on Monday at a conference that an escalation of the trade war was not in anyone’s interests. US tariffs on some US$300 billion worth of Chinese imports – mostly consumer goods – are expected to increase from 10 to 15 per cent later this year, in retaliation to China’s decision last week to impose tariffs of between 5 to 10 per cent on US$75 billion worth of American products including soybeans, pork and crude oil.
Automobiles is one of the most high-profile sectors to be affected by the trade war, and US President Donald Trump has highlighted the tariff gap between the US and China on imported cars in earlier comments.
Minority Report-style crime prevention is fast becoming reality
Founded in 2003, Tesla is currently building its first overseas factory in Shanghai, which is nearing completion and expected to start production by the year end with an initial annual output of 250,000 vehicles.
China is Tesla’s second largest market after the US. The California-based electric car-maker reported an over 40 per cent year-on-year surge in sales generated in the country to nearly US$1.5 billion in the first six months of the year.
Musk is expected to visit the US$5 billion production facility in Lingang, part of Shanghai’s free-trade zone, amid his China trip and launch a China unit for his infrastructure start-up Boring, as announced earlier on Twitter.
Source: SCMP
Posted in Alibaba, Automobiles, Chinese netizens, Chinese Vice-Premier Liu He, Chongqing, Elon Musk, Esquire magazine, IBM, Intel, Jack Ma, machine control, Microsoft, Qualcomm Inc, Shanghai, Shanghai AI conference, Shanghai World Artificial Intelligence Conference, Smart China Expo, Tesla, Twitter, Uncategorized, US President Donald Trump |
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CHINDIA ALERT: You'll be living in their world, very soon 