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News from China
China urges US to correct faulty practices in anti-subsidy probes
17th July 2019

 China's Ministry of Commerce has urged the United States to correct faulty practices in anti-subsidy probes against Chinese products, after a World Trade Organization report ruled that US countervailing measures were inconsistent with WTO rules.

 
Upholding the findings of a WTO dispute panel announced in March 2018, the Appellate Body ruled Tuesday Geneva time that the United States acted inconsistently with provisions of the subsidies and countervailing measures agreement in 11 of its countervailing proceedings.
 
The report once again proved that the United States has repeatedly abused trade remedy measures against WTO rules, which seriously damaged the fairness and equity of international trade environment, the ministry said in a statement on its website.
 
"China has always respected multilateral trade rules and opposed the abuses of trade remedy measures," the statement said.
 
Bringing the case to the WTO was aimed at protecting China's legitimate interests while maintaining the authority of the multilateral trade system and seriousness of rules, it added.
 
In recent years, the US abuse of anti-subsidy measures has severely hampered normal exports of Chinese products, the ministry said, urging the United States to take actions to create a fair and stable trade environment for businesses in both countries.
 
Source: Shanghai Daily, July 17, 2019
Opinions sought on business climate
16th July 2019
China's top economic planner is asking for public opinions until August 12 on a regulation concerning improving the business environment, the Economic Information Daily reported yesterday.
 
Aiming to regulate the process of improving the business environment, the document stresses treating all market entities equally, the newspaper reported quoting a statement from the National Development and Reform Commission.
 
As China implements unified negative lists for market access across the country, industries, fields and businesses not on the lists are open to all market players for investment, according to the regulation.
 
All market entities, regardless of their ownership, are equal in gaining production factors including personnel, capital and land usage as well as participation in market competition, according to the regulation.
 
The document has clarified rules from setting up a business, obtaining approval for investment, assets registration, and applying for bankruptcy to tax payment.
 
Rolled out by the NDRC and other departments, the regulation will help to better implement policy measures made by the central authorities on optimizing the business environment, said the report.
Source: Shanghai Daily, July 16, 2019
China's resident disposable income expands faster than economy
15th July 2019

 China's per capita disposable income stood at 15,294 yuan (US$2,227) in the first half of 2019, up 8.8 percent year on year in nominal terms, official data showed Monday.

 
The inflation-adjusted growth was 6.5 percent, 0.2 percentage points higher than the 6.3-percent growth rate for the Chinese economy from January to June, according to a statement of the National Bureau of Statistics.
 
During the period, the per capita disposable income in rural areas continued to grow faster than that in urban regions, indicating the closing of the urban-rural income gap, according to NBS data.
 
The average per capita disposable income for rural residents reached 7,778 yuan from January to June, up 6.6 percent after deducting price factors, while that of urban residents rose 5.7 percent in real terms to 21,342 yuan.
 
China aims to double the per capita income of its urban and rural residents by 2020 from the 2010 levels, to build a moderately prosperous society.
 
Source: Shanghai Daily, July 15, 2019
Trump orders probe into France tax on tech giants
12th July 2019

 France's Senate gave final approval to a tax on big technology companies yesterday, potentially opening up a new front in a trade row between Washington and the European Union.

 
US President Donald Trump on Wednesday ordered an investigation into the tax, which could lead to the United States imposing new tariffs or other trade restrictions. “Between allies, we can and should solve our disputes not by threats but through other ways,” Finance Minister Bruno Le Maire told senators before the final vote.
 
The 3 percent levy will apply to revenue from digital services earned in France by firms with more than 25 million euros (US$28 million) in French revenue and 750 million euros worldwide. It is due to kick in retroactively from the start of 2019.
 
France pushed ahead with the tax after EU countries failed to agree a levy valid across the bloc in the face of opposition from Ireland, Denmark, Sweden and Finland. “France is a sovereign country, its decisions on tax matters are sovereign and will continue to be sovereign,” Le Maire said.
 
Other EU countries including Austria, Britain, Spain and Italy have also announced plans for their own digital taxes. They say a levy is needed because big, multinational Internet companies such as Facebook and Amazon are currently able to book profits in low-tax countries like Ireland, no matter where the revenue originates.
 
Political pressure to respond has been growing as local retailers in high streets and online have been disadvantaged; French President Emmanuel Macron has said that taxing big tech more heavily is an issue of social justice. Irish Finance Minister Paschal Donohoe said in May that national taxes targeting mostly US-based digital firms were “highly likely to exacerbate global trade tensions and damage cross-border trade and investment,” and would make it harder to reach agreement on a global reform.
 
The ASIC French lobby representing firms like Facebook, Google, Amazon, Twitter and Airbnb warned of a wider impact. “By attempting to unilaterally overtax American players, Bruno Le Maire has triggered a trade war that penalizes French technology today and will penalize tomorrow many sectors that make the French economy successful, including wine, automobiles and luxury,” ACIS President Giuseppe de Martino said.
 
The digital tax spat is separate from the transatlantic trade row, but could be used by Trump to try to obtain EU concessions on the trade front.
 
 
Source: Shanghai Daily, July 12, 2019

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