Asia-Business

News from China

China worried over EU’s duties on steel

14th November 2016

CHINA is greatly concerned about the European Union’s protectionist measures

against Chinese steel products, the commerce ministry said on Saturday.

“The Chinese side has expressed great concerns and worries about the EU’s trade protectionist

tendency over steel,” the ministry said in a statement on its website.

The ministry was responding to the EU’s latest decision to take temporary anti-dumping measures

against imports of Chinese seamless steel pipes, based on preliminary investigations, it said.

A worldwide steel glut has stoked trade disputes between China, the world’s top maker of the

construction material, and other producers such as the United States and the EU.

China is the EU’s second-largest trade partner but they have had a series of disputes over cheap

Chinese exports that Europeans say are unfairly flooding their market.

High duties levied on Chinese products could hurt Chinese companies, the ministry said.

“China is willing to strengthen exchanges and communication with the European side and properly

solve problems that the steel industry is facing,” it said.

“These new measures have no basis in World Trade Organization rules,” said ministry spokesman

Shen Danyang, adding the EU was illegally stripping China of its WTO rights.

Source: Shanghai Daily, November 14, 2016

SUVs propel China’s auto sales by 20.3%

11th November 2016

CHINA’S auto sales soared 20.3 percent in October from a year earlier,

lifted by surging demand for sport-utility vehicles, an industry group said yesterday.

Dealers sold 2.3 million cars, minivans and SUVs in the world’s biggest auto market,

according to the China Association of Automobile Manufacturers. Total vehicle sales

including trucks and buses climbed 18.6 percent to 2.6 million units.

Sales growth plunged last year, slamming global brands that look to China to drive revenue.

They rebounded after Beijing suspended a sales tax, though growth is expected to drop back

to single digit after the tax cut expires at the end of the year.

Strong demand in lower-priced market segments has helped Chinese automakers recover market

share from bigger, richer global rivals.

October’s SUV sales rose 43.3 percent year on year to 896,000 units. Sales of Chinese-brand SUVs

increased 60.4 percent to 557,000, expanding the Chinese share of that market by 6.6 percentage points to 62.2 percent.

Sales of sedans rose 10.1 percent to 1.2 million, while those of Chinese-branded sedans grew 8.3 percent to 243,000.

Total auto sales for the first 10 months rose 15.4 percent year on year to 19.1 million

Source: Shanghai Daily, November 11, 2016

High-tech trade to be the norm

10th November 2016

HINA’S trade with the rest of the world is being transformed to one

focused on high technologies from the exports of cheap manufactured goods,

Shanghai Daily learned yesterday at a forum of the Shanghai WTO Affairs Consultation Center.

“While cheap labor cost was commonly taken as the competitive advantage of China in global trading,

it would be replaced more and more by high technologies in the coming years,” said Zhang Youwen,

president of Shanghai Society of World Economy.

Presently around 85 percent of the products China exports to the United States are “newly developed high-tech goods”

rather than natural resources or cheaply produced goods, Zhang said.

Foreign investors prefer to invest in technologies in China. “High technology will be the new highlight in China’s

trade with global markets,” Zhang said.

Source: Shanghai Daily, November 10, 2016

PBOC seeks curbs on asset bubbles

9th November 2016

CHINA’S central bank yesterday stressed efforts to curb asset bubbles as it recognized the increasingly challenging task to seek a balance between stabilizing growth and preventing froth.

In its latest policy report, the People’s Bank of China highlighted the mission to control asset bubbles to guard against financial risks, while ensuring adequate liquidity to create

conditions for advancing structural reforms.

China will stick to a prudent monetary policy, with an appropriate degree of flexibility and timely preemptive adjustments, the PBOC pledged.

More emphasis will be given to reforms and innovation to allow the market to play a decisive role in resource allocation, the report noted, calling for more efforts to guide the money flow

to the real economy.

While acknowledging the positive changes in China’s growth, the report said the economy still relied heavily on the property market and infrastructure investment, and weak private investment

has curbed growth.

China’s economy grew 6.7 percent in the third quarter, holding steady with the first and second quarters and boosting sentiment this year’s annual growth target of 6.5 percent to 7 percent

is achievable.

Source: Shanghai Daily, November 9, 2016

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