Archive for ‘major economies’

12/09/2019

China welcomes more Japanese investments: Premier Li

BEIJING, Sept. 11 (Xinhua) — Premier Li Keqiang on Wednesday expressed his expectation for the Japanese economic community to seize the opportunities of China’s opening up, increase investment in China and expand bilateral cooperation areas to promote more achievements in trade and the economy.

Li made the remarks in a meeting with a delegation from Japan’s business community, led by president of the Japan-China Association on Economy and Trade Shoji Muneoka, chair of the Japan Chamber of Commerce and Industry Akio Mimura, and Nobuyuki Koga, chairman of the Board of Councilors of the Japan Business Federation.

China-Japan relations have returned to the right track since last year thanks to the joint efforts of the two sides, and the trade and economic cooperation between the two countries has been steadily advanced and the prospects for bilateral cooperation are broad, said Li.

When China-Japan relations encountered difficulties, the Japanese economic community made important efforts and contributions to maintain their healthy and steady development as well as accelerate pragmatic cooperation between the two countries, the Chinese premier said.

According to Li, China and Japan are two of the world’s major economies, and should give full play to their complementary advantages and work together to deepen cooperation, which will not only benefit the two countries, but also conducive to regional and global economy, as well as the prosperity and stability of the world.

Noting that economic globalization is irreversible, and economic and trade exchanges should not be blocked by national borders, Li pointed out that promoting the healthy development of globalization is the way of progress.

“China has always firmly upheld the multilateral trading system with the World Trade Organization at its core and promotes the liberalization and facilitation of trade and investment,” Li said, stressing China will unswervingly promote all-round opening up, and strive to optimize the business environment.

China welcomes the Japanese economic community to seize the opportunity brought forth by China’s opening up and increase investments in China, expand cooperation areas, and promote more cooperation achievements in trade and economic areas between the two countries, he said.

While expressing congratulations on the 70th anniversary of the founding of the People’s Republic of China, the Japanese economic delegation said that Japan and China have witnessed progress in bilateral ties since last year, and close high-level exchanges have facilitated the two countries’ economic and trade cooperation.

The Japanese economic community firmly supports free trade and hopes China and the United States will resolutely resolve their trade disputes through negotiation, they said.

Speaking highly of China’s efforts in promoting trade and investment liberalization, expanding market access and improving the business environment, they said that the Japanese economic community is willing to boost cooperation with the Chinese side in science and technology innovation, climate change, health care and third-party markets.

They also expressed their expectation of concluding the negotiations for the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement between the 10 ASEAN (the Association of Southeast Asian Nations) members and Australia, China, India, Japan, South Korea and New Zealand, by the end of the year.

Source: Xinhua

29/06/2019

‘Back on track’: China and U.S. agree to restart trade talks

OSAKA (Reuters) – The United States and China agreed on Saturday to restart trade talks with Washington holding off new tariffs on Chinese exports, signalling a pause in the trade hostilities between the world’s two largest economies.

Commenting on a long-running dispute over China’s Huawei, President Donald Trump said U.S. firms would be able to sell components to the world’s biggest telecoms network gear maker where there was no national security problem.
The truce offered relief from a nearly year-long trade standoff in which the countries have slapped tariffs on billions of dollars of each other’s imports, disrupting global supply lines, roiling markets and dragging on global economic growth.
“We’re right back on track and we’ll see what happens,” Trump told reporters after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of a summit of leaders of the Group of 20 (G20) major economies in Osaka, western Japan.
Trump said while he would not lift existing import tariffs, he would refrain from slapping new levies on an additional $300 billion worth of Chinese goods – which would have effectively extended tariffs to everything China exports to the America.
“We’re holding back on tariffs and they’re going to buy farm products,” he said at a news conference, without giving any details of China’s future agricultural product purchases.

“If we make a deal, it will be a very historic event.”

He gave no timeline for what he called a complex deal but said he was not in a rush. “I want to get it right.”

HUAWEI HOPES

On Huawei, Trump said the U.S. commerce department would meet in the next few days on whether to take it off a list of firms banned from buying components and technology from U.S. companies without government approval.

China welcomed the step.

“If the U.S. does what it says, then of course, we welcome it,” said Wang Xiaolong, the Chinese foreign ministry’s envoy for G20 affairs.

U.S. microchip makers also applauded the move.

“We are encouraged the talks are restarting and additional tariffs are on hold and we look forward to getting more detail on the president’s remarks on Huawei,” John Neuffer, president of the U.S. Semiconductor Association, said in a statement.

Huawei has come under mounting scrutiny for over a year, led by U.S. allegations that “back doors” in its routers, switches and other gear could allow China to spy on U.S. communications.

While the company has denied its products pose a security threat, the United States has pressed its allies to shun Huawei in their fifth generation, or 5G, networks and has also suggested it could be a factor in a trade deal.

RELIEF AND SCEPTICISM

In a lengthy statement on the two-way talks, China’s foreign ministry quoted Xi as telling Trump he hoped the United States could treat Chinese companies fairly.

On the issues of sovereignty and respect, China must safeguard its core interests, Xi was cited as saying.

“China is sincere about continuing negotiations with the United States … but negotiations should be equal and show mutual respect,” the foreign ministry quoted Xi as saying.

Trump had threatened to extend existing tariffs to almost all Chinese imports into the United States if the meeting brought no progress on wide-ranging U.S. demands for reforms.

Source: Reuters

Slideshow (4 Images)

Financial markets are likely to breathe a sigh of relief on news of the resumption in U.S.-China trade talks.

“Returning to negotiations is good news for the business community and breathes some much needed certainty into a slowly deteriorating relationship,” said Jacob Parker, a vice-president of China operations at the U.S.-China Business Council.

“Now comes the hard work of finding consensus on the most difficult issues in the relationship, but with a commitment from the top we’re hopeful this will put the two sides on a sustained path to resolution,” he said.

Some, however, warned the pause might not last.

“Even if a truce happens this weekend, a subsequent breakdown of talks followed by further escalation still seems likely,” Capital Economics said in a commentary on Friday.

The United States says China has been stealing American intellectual property for years, forces U.S. firms to share trade secrets as a condition for doing business in China, and subsidizes state-owned firms to dominate industries.

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China has said the United States is making unreasonable demands and must also make concessions.

Talks collapsed in May after Washington accused Beijing of reneging on reform pledges. Trump raised tariffs to 25% from 10% on $200 billion of Chinese goods, and China retaliated with levies on U.S. imports.

The U.S.-China feud had cast a pall over the two-day G20 gathering, with leaders pointing to the threat to global growth.

In their communique, the leaders warned of growing risks to the world economy but stopped short of denouncing protectionism, calling instead for a free, fair trade environment after talks some members described as difficult.

16/04/2019

Premier Li meets Japanese officials

CHINA-BEIJING-LI KEQIANG-JAPANESE OFFICIALS-MEETING (CN)

Chinese Premier Li Keqiang meets with Japanese Foreign Minister Taro Kono and some other cabinet ministers who are here to attend the fifth high-level economic dialogue between China and Japan in Beijing, capital of China, April 15, 2019. (Xinhua/Rao Aimin)

BEIJING, April 15 (Xinhua) — Chinese Premier Li Keqiang Monday met with Japanese Foreign Minister Taro Kono and some other cabinet ministers who were here to attend the fifth high-level economic dialogue between China and Japan.

Li said China and Japan are important neighbors. Since last year, through joint efforts, bilateral relations have returned to the right track and achieved new development. On the basis of the principles enshrined in the four China-Japan political documents, the two sides should promote the long-term, healthy and stable development of bilateral relations in the spirit of taking history as a mirror and looking into the future.

He said since China and Japan are two of the world’s major economies, strengthening cooperation is not only in the interests of the two countries but also conducive to peace, stability and prosperity in the region and world.

As both sides support free trade and abide by the rules of the World Trade Organization, they should work together to create a fair, equitable and non-discriminatory business environment for each other’s companies, said Li.

The Chinese side will unswervingly deepen reforms and expand opening up, and welcome Japanese companies to expand investment in China, Li added.

China and Japan successfully held the first meeting of the China-Japan Innovative Cooperation Mechanism this April, said Li, expressing the hope that the two countries further enhance cooperation in the area of innovation and expand cooperation in the areas of finance, third-party market and tourism.

The premier said China stands ready to work with Japan and other relevant parties to promote the negotiation of the China-Japan-Republic of Korea free trade agreement and the Regional Comprehensive Economic Partnership (RCEP) to create more opportunities for regional countries.

China supports Japan in hosting the G20 Okasa Summit this year, Li said, adding that China is willing to jointly promote the reform of global economic governance to inject new impetus into the world economy.

Hailing that Japan-China ties returned to normal last year and the high-level economic dialogue yielded fruitful results, Taro Kono said Japan-China relations in the new era were greatly intensified.

Japan is willing to enhance cooperation with China in areas such as innovation, finance, environmental protection, hydrogen-energy, tourism, youth, smart city and the third-party market, deepen coordination in multi-lateral areas and promote the RCEP negotiation to achieve new progress this year.

Source: Xinhua

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