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News from China
Ne Zha" given extended box office run on Chinese mainland
18th September 2019

 Chinese animation hit "Ne Zha" has been given another extended run at the Chinese mainland box office and will be screened until October 26, the film's official Weibo account announced.

 
Hitting screens on July 26, the film has raked in over 4.9 billion yuan (US$693 million), making it the second-highest-grossing film in Chinese box office history.
 
It is set to pass the 5-billion-yuan mark in the coming days, a milestone that has only been reached by the 2017 action film "Wolf Warrior 2."
 
The film managed to maintain its momentum after over 50 days of screening, grossing about 61.06 million yuan during the Mid-Autumn Festival holiday, which ran from Sept. 13 to 15.
 
Loosely based on the tale of Nezha, a mythological figure from Chinese legends, the film depicts Nezha as a mischievous boy with cute and ugly features instead of the attractive young figure that appeared in recent remakes.
 
"Ne Zha" has grossed over 3.3 million dollars at the North American box office. 
Source: Shanghai Daily, September 18, 2019
Trump says US reaches 'initial' trade deal with Japan
17th September 2019

 US President Donald Trump said on Monday that his administration has reached an "initial" trade deal regarding tariff barriers with Japan, indicating that the agreement doesn't need to be approved by the US Congress.

 
"I intend to enter into the agreement in the coming weeks," Trump said in a message to Congress released by the White House, adding that he will also be entering into an "executive agreement" with Japan regarding digital trade.
 
He said that his administration looks forward to "continued collaboration" with the Congress on further negotiations with Japan to achieve a comprehensive trade agreement that results in more fair and reciprocal trade between the two countries.
 
Trump cited the Bipartisan Congressional Trade Priorities and Accountability Act of 2015, which allows the US president to proclaim reciprocal reductions in tariffs without congressional approval.
 
In October 2018, the Trump administration notified the Congress that it intended to initiate trade negotiations with Japan under the framework of the act.
 
In late August, Trump and Japanese Prime Minister Shinzo Abe announced at the summit of the Group of Seven (G7) in Biarritz, France that they had reached an agreement in principle to lower tariffs on agricultural and industrial goods, leaving out the auto sector.
 
When a Japanese reporter asked Trump whether he could rule out the possibility of US tariffs on Japan's auto industry, the US president didn't give the confirmation.
 
Earlier this year, Trump had threatened to impose tariffs on imported cars and auto parts on national security grounds, provoking backlash at home and abroad.
 
Source: Shanghai Daily, September 17, 2019
China's holistic reform creating new synergy for high-quality growth
16th September 2019

 China has adopted a package of new reform measures for high-quality development as policy-makers set the tone for greater synergy of reform in different areas.

 
The 10th meeting of the central committee for deepening overall reform decided to enhance synergy, coordination and efficiency in advancing reform and to make institutions in all areas more mature and in better shape.
 
China's reform measures over the past several years highlight the country's holistic approach in addressing institutional obstacles and obstruction and promoting policy innovation.
 
The meeting demanded efforts to promote the integration and co-existence of advanced manufacturing and modern service industries, two sectors seen as increasingly interwoven in recent years.
 
"Integration between the manufacturing and services sectors can help strengthen the international competitiveness of Chinese manufacturing amid rising industrial resource costs," said Deng Zhou, an industrial economist at the Chinese Academy of Social Sciences.
 
Official data showed companies providing services for manufacturers, in particular, engineering design, quality inspection and intellectual property rights maintained robust revenue growth between 2016 and 2018.
 
The meeting underscored more initiatives to promote high-quality development of trade, with a focus on jointly building the Belt and Road and vigorously optimizing the trade structure.
 
In the first eight months of 2019, the total trade between China and the European Union reached 3.15 trillion yuan (US$444.65 billion), up 9.7 percent year on year, while the total trade between China and the Association of Southeast Asian Nations amounted to 2.74 trillion yuan, up 11.7 percent year on year.
 
China's continuous efforts in improving the business environment and reducing taxes and fees led to greater vitality of enterprises. During the period, the imports and exports of private businesses totaled 8.49 trillion yuan, up 11.2 percent year on year, accounting for 42.2 percent of China's total trade volume.
 
The development of private businesses is indispensable for upgrading manufacturing and China's trade competitiveness, said Chi Fulin, head of the China Institute for Reform and Development. "Measures to advance fair competition such as lowering financing costs for small- and medium-sized enterprises are essential to reform."
 
In fact, China is now on the home stretch of implementing an extensive reform plan set out in 2013. By the end of 2018, 95 percent of the 336 major reform tasks in the plan had been implemented with concrete policy measures.
 
Over the years, China has laid the foundation and created strong momentum for comprehensive reform, and now entered a phase of reforms marked by synergy, coordination and efficiency.
 
By the end of 2018, more than 400 documents had been approved and 1,932 measures introduced throughout 40 meetings of the central leading group for deepening overall reform and five meetings of the central committee for deepening overall reform.
Source: Shanghai Daily, September 16, 2019
Concrete efforts needed to create favorable conditions for China-U.S. trade talks
6th September 2019

China and the United States agreed to jointly take concrete actions to create favorable conditions for subsequent consultations, a spokesman for China's Ministry of Commerce (MOC) said Thursday.

 
This came after the two countries' chief trade negotiators agreed to hold the 13th round of China-U.S. high-level economic and trade consultations in early October in Washington and maintain close communication before that, spokesman Gao Feng told a press conference.
 
Working groups of the two sides will conduct consultations in earnest in mid-September to make full preparations for the high-level talks to achieve substantial progress, Gao said.
 
China firmly opposes escalating the trade war, which harms China, the United States and the whole world, the spokesman said.
Source: Xinhua

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