Saturday, 21 July, 2018

China to roll out new negative lists for foreign investors

Sterling and metals shine brightest as risk appetite returns Sterling and metals shine brightest as risk appetite returns
Jodi Jackson | 17 April, 2018, 20:32

It was unclear whether that might mollify Mr Trump, who has threatened tariff hikes on 150 billion United States dollars of Chinese goods in response to complaints Beijing pressures foreign companies to hand over technology.

The US shipped 4.8 million tonnes of sorghum to China past year, a fourteenfold increase from 317,000 tonnes in 2013, said Wang Hejun, director of the ministry's trade remedy and investigation bureau.

Since then, Trump has threatened to raise duties on up to Dollars 150 billion of Chinese goods in a dispute over technology policy.

Beijing on Tuesday announced hefty preliminary antidumping duties on USA imports of sorghum.

Investigators concluded dumping of USA sorghum "substantially damaged" Chinese competitors, the Commerce Ministry said. China is one of the biggest foreign markets for USA sorghum growers.

It said prices of USA sorghum fell 13 percent from 2013 to 2017, while shipments increased 14-fold.

Automakers had been waiting for details since President Xi Jinping announced in a speech last week that ownership restrictions would be eased and auto import duties reduced.

The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, he said.

The preliminary action follows an anti-dumping and anti-subsidy investigation launched in February, after the U.S. imposed tariffs on Chinese solar panels and washing machines.

That will be followed by a similar repeal for makers of commercial vehicles in 2020 and passenger vehicles in 2022.

The NDRC said the shipbuilding industry would this year scrap foreign ownership restrictions on firms designing, making and repairing vessels.

China imposed ownership restrictions in 1994, limiting foreign carmakers to owning no more than a 50% share of any local venture. China is one of the biggest foreign markets for USA sorghum growers. Sales of sedans, SUVs and minivans previous year totaled 24.8 million units, about 55 percent of which was American, European, Japanese and Korean brands.

Output at China's factories and workshops expanded 6.8 percent year-on-year for the first quarter, matching the expansion seen during the same period last year, but below the 6.9 percent forecast by Bloomberg News.

The step reflects growing official confidence in China's young but fast-growing carmakers and a desire to make the industry more flexible as Beijing promotes development of electric cars.

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