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News from China
US expert says tariff escalation hampers highly interwoven global economy
12th July 2018

 Since the world economy is highly interwoven into a supply chain, tariff escalation will hamper the world economy in which no one could escape, a US expert told Xinhua on Tuesday.

 
Michael D. Maher, senior program advisor for the Center for Energy Studies at Rice University's Baker Institute for Public Policy, made the remarks when commenting on the recent trade tension between the United States and China.
 
He said that "impacting the ability of China's export to the U.S. actually can impact (US) domestic companies because that's part of their supply chain."
 
Washington on Friday announced a 25-percent additional tariff on US$34 billion of imports from China.
 
In the latest escalation of its trade offensive against China, the United States said Tuesday it will impose 10 percent tariffs on an additional US$200 billion in Chinese imports.
 
The Trump administration is also pushing tariffs against other countries.
 
Maher said the boundaries of one's domestic economy has been blurred with the development of economic globalization.
 
"There is no such thing that is purely domestic company or purely foreign company. They are all becoming interwoven," said the expert at the Houston-based think tank and a nonpartisan center for public policy research.
 
Instead of protecting its own domestic economy, the United States should pay more attention to the global economy which is much bigger and interdependent, the expert said.
 
"Our future is tied not just to our domestic market, it's the global market. So if there are issues, let's get down and negotiate on them," he added.
 
According to Maher, the global trade system over the last 40 to 50 years has increase global economic growth quite a bit, but unilateral tariff moves are going to break that down and at the same time will slow down the economic growth.
 
"Global trade tied people together not split them apart," he said.
 
Source: Shanghai Daily, July 12, 2018
China's CPI up 1.9% in June
10th July 2018

 China's consumer price index, a main gauge of inflation, rose 1.9 percent year on year in June, compared with 1.8 percent in May, data from the National Bureau of Statistics showed Tuesday.

 
On a month-on-month basis, the CPI declined 0.1 percent.
 
Lower prices of fresh fruits and vegetables driven by abundant supply were the major reason for the CPI decline from May, said NBS statistician Sheng Guoqing.
 
Food prices slipped 0.8 percent month on month and climbed only 0.3 percent year on year.
 
The price of pork, China's staple meat, slumped 12.8 percent year on year, dragging down CPI growth by 0.32 percentage point. On a monthly basis, it registered a 1.1-percent increase after a three-month straight decline.
 
Non-food prices rose 2.2 percent from the same period last year, and 0.1 percent from May.
 
China is aiming to keep annual CPI growth at around 3 percent this year, the same as the target for 2017.
 
The producer price index, which measures costs for goods at the factory gate, rose 4.7 percent year on year in June, hitting a six-month high.
 
Source: Shanghai Daily, July 10, 2018
China's CPI up 1.9% in June
10th July 2018

 China's consumer price index, a main gauge of inflation, rose 1.9 percent year on year in June, compared with 1.8 percent in May, data from the National Bureau of Statistics showed Tuesday.

 
On a month-on-month basis, the CPI declined 0.1 percent.
 
Lower prices of fresh fruits and vegetables driven by abundant supply were the major reason for the CPI decline from May, said NBS statistician Sheng Guoqing.
 
Food prices slipped 0.8 percent month on month and climbed only 0.3 percent year on year.
 
The price of pork, China's staple meat, slumped 12.8 percent year on year, dragging down CPI growth by 0.32 percentage point. On a monthly basis, it registered a 1.1-percent increase after a three-month straight decline.
 
Non-food prices rose 2.2 percent from the same period last year, and 0.1 percent from May.
 
China is aiming to keep annual CPI growth at around 3 percent this year, the same as the target for 2017.
 
The producer price index, which measures costs for goods at the factory gate, rose 4.7 percent year on year in June, hitting a six-month high.
 
Source: Shanghai Daily, July 10, 2018
Chinese coastal province braces for typhoon
9th July 2018

 China's eastern coastal province of Fujian has activated an emergency response to cope with approaching typhoon Maria, the eighth typhoon this year.

 
The typhoon is expected to strike Fujian on Wednesday morning, whipping up gales and high waves, according to provincial meteorological authorities.
 
It will bypass or brush northeastern Taiwan early on Wednesday before reaching Fujian, where winds of up to 37 meters per second are expected in coastal areas with waves of up to 6 meters.
 
All fishing boats are ordered to return to harbor by Tuesday noon and all personnel at offshore fish farms are demanded to retreat to land by 6pm.
 
All coastal tourist resorts should also be closed by 6pm Tuesday.
 
Source: Shanghai Daily, July 9, 2018

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