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News from China
China's new oceanic research vessel conducts first sea trial
26th August 2019

 China's new self-developed oceanic research vessel has set sail to the South China Sea to conduct its first comprehensive sea trial, according to the Science and Technology Daily Monday.

The vessel named Dayang (Ocean) is designed by the China Shipbuilding Industry Corporation.
With a total length of 98.5 meters and a width of 17 meters, the ship has a designed displacement of 4,650 tonnes. It can operate at a speed of up to 16 knots and has a range of more than 14,000 nautical miles.
The vessel is equipped with an advanced propeller and highly-integrated control system. Its electric propulsion system is energy-efficient, low-emission and noise-reducing, the paper cited Yang Jun, the chief designer of the vessel as saying. 
Source: Shanghai Daily, August 26. 2019
China vows countermeasures if US puts new tariffs on Chinese goods
23rd August 2019

 China's Commerce Ministry said Thursday that the country would have to take countermeasures if the United States imposes new additional tariffs on Chinese goods.

This came after the United States threatened an additional tariff of 10 percent on about US$300 billion of Chinese imports.
China's position is consistent and clear. "Trade wars produce no winners. China does not want a trade war, but it is not afraid of one, and it will fight one if necessary," Ministry of Commerce spokesman Gao Feng told a press conference.
Although the United States announced a plan to postpone the tariff hike on some Chinese goods, any new US tariff hike will lead to an escalation of trade frictions unilaterally, Gao said.
"If the United States acts arbitrarily, China will have to take countermeasures," he said.
The tariff measures will damage the interests of both China and the United States, and may also have a recessionary impact on the global economy, Gao said.
"If the United States goes ahead willfully, it will have a serious negative impact on US businesses and consumers," Gao said. "Some US financial institutions have predicted that the tariffs would cost an ordinary US family US$1,000 a year on average."
"At the same time, the delay in imposing tariffs on some goods fully demonstrate that there are no winners in a trade war," he said. "If the trade frictions escalate, US consumers and businesses will suffer heavy losses."
Gao expressed the hope that the US side would stop its erroneous practice of imposing tariffs, meet halfway with China, and find a solution to the problem based on equality and mutual respect.
He said that the US move would pose certain challenges to China's exports and economy, but the impact is fully controllable in general.
"The Chinese side is confident, determined and capable of meeting various challenges and maintaining the sound and stable development of its economy and foreign trade," he added.
Chinese and US chief trade negotiators held a phone conversation on Aug. 13 and agreed to hold another phone conversation in two weeks.
"The two negotiating teams have maintained communication," Gao said. 
Source: Shanghai Daily, August 23, 2019
Indian companies bet big on China with Shanghai the most popular destination
22nd August 2019

 Shanghai is the most popular investment destination for Indian companies in China, according to a survey by Confederation of Indian Industry and Evalueserve. 

The survey looked into the investment and operation conditions of 57 Indian companies doing business in China during the period between end-January and end-April 2019.
"The survey of Indian companies working in China shows cautious optimism and confidence as compared to the previous survey last year. Most companies do not see significant impact of the current trade situation between the US and China on their business," said Chandrajit Banerjee, director general of CII.
According to the report, 98 percent of the respondents plan to make some investments in China in 2019 with two-fifths considering ramping up their investments over 2018. 
Notably, over 50 percent of respondent companies in the information technology industry and the business process outsourcing sector are planning to make additional investments in 2019.
Two-thirds of the respondents said that their business was "very profitable" or "profitable" in 2018, with higher earnings before interest and taxes than in 2017. 
Of the surveyed companies, 30 percent generated revenues higher than 100 million yuan (US$14.16 million) from China in 2018, while four of five respondents stated that their revenues in 2018 were no less than in the previous year.
As for location, 72 percent — the largest proportion — of Indian companies invested in Shanghai, making the city the most popular destination. Beijing and the provinces of Jiangsu and Guangdong are other popular destinations.
Meanwhile, 72 percent of respondents have up to 50 employees and hired more than half of their workforce locally, the report said. Of note, 50 percent of the surveyed companies have a dedicated team for government and regulatory affairs, while over 80 percent companies have at least 10 employees dedicated to business development.
The survey also highlighted the fact that more than half of the companies said China’s innovation is more favorable than the worldwide average, and 44 percent respondents believe that Chinese firms are more innovative in product/service and business model than Indian companies.
About 70 percent of the Indian companies said the key success factors are quality of products and services and operations efficiency, followed by quality of management team (51 percent), brand and awareness creation (39 percent), as well as R&D and product innovation (37 percent).
Rising labor cost, finding and retaining talent, and stricter regulations, however, are the top external challenges, according to the report, while in terms of management challenges faced by Indian companies in China, around 74 percent of the respondents pointed out "finding and retaining talent."
At the same time, more than 80 percent of the companies rated stricter regulations and unclear changing regulations as the main concerns over the business environment in China, followed by macroeconomic policy adjustments (72 percent), obtaining required licenses (67 percent), and environmental protection policies (60 percent).
Seventy-four percent of the companies said that trade friction between China and the US has had no impact on their business. Of these, 26 companies have business presence in the US.
"Enduring US-China trade war has opened new avenues for China enhancing its economic partnerships with India. This is triggering not only a continued boost for their bilateral trade but also mutual investments," said Swaran Singh, professor of International Relations at New Delhi’s Jawaharlal Nehru University, as reported by CGTN. 
The survey is "an attempt to continuously gauge the performance of Indian companies in China, to understand the challenges they face and help Indian companies and Indian CEOs prioritize their resource allocation to their China engagement," said Kamal Dhuper, chairman of CII India Business forum China and president of NIIT (China) Ltd.
"The results of survey clearly indicate that the deep economic relationship between India and China will continue to grow. It is evident from the growth plans that Indian companies have for the Chinese market," according to Sumeet Chander, head of Evalueserve China.
Source: Shanghai Daily, August 22, 2019
Trump considers multiple tax cuts as recession fear swirls
21st August 2019

 US President Donald Trump said Tuesday he is considering multiple tax cuts to bolster the economy that experts fear will enter into recession, a view the president denied.

Talking to reporters at the White House, Trump said he is thinking about reducing capital-gains taxes by indexing them into inflation, as well as enacting payroll tax cuts.
"We've been talking about indexing for a long time, and many people like indexing," Trump said. "It can be done directly by me."
Under the current tax policy, households owe taxes on the full nominal value of certain capital gains, and the potential change would index the asset basis to inflation, thus exempting those gains that are a result of inflation from being taxed and leaving only real value of any capital gain as taxable income.
The Penn-Wharton Budget Model's analysis suggests that the proposal would cost US$102 billion over the next decade. The research team said in a study published on March 23, 2018 that "high-income households would benefit most" from the policy change.
Trump said he "would love to do something on capital gains... That's a big deal; it goes through Congress."
On payroll taxes, the president said it is "something that we think about and a lot of people would like to see that, and that very much affects the workers of our country." Payroll taxes are usually used to fund social safety net programs such as Social Security and Medicare.
Trump was later challenged by a reporter who asked if the country can afford further tax cuts, given that it is already running some US$1 trillion of deficit. Trump replied, "I'm not talking about doing anything at this moment."
The Trump administration will have to gain Congressional support to adopt both of the two measures, and analysts believe it would be difficult for the two tax reductions to pass in the Democrat-controlled House.
Economists have been expecting a recession in the US economy to come as early as the next two years. The National Association of Business Economics said Monday that 98 percent of member economists responding to its latest Economic Policy Survey believe a recession will come after 2019.
Among these 226 respondents, 38 percent forecast the recession will come in 2020, and 34 percent expect it to happen in 2021.
Trump continued to deny that the United States is entering into a recession, saying the country is "very far from a recession."
The president said he thinks "the word recession is a word that's inappropriate," accusing "certain people and the media" of trying to build up the recession rhetoric "because they'd love to see a recession."
One of the signs pointing to a forthcoming recession is the recent yield curve inversion -- yields on longer-term US Treasury bonds dipping below the yields on shorter-term bonds. On August 14, yield on 10-year US Treasury bond for the first time since 2007 dipped below the yield on the US two-year bond.
Yield curve inversions have usually proceeded recessions. The phenomenon suggests that investors are nervous about the immediate economic outlook and demanding higher yields on short-term loans.
Source: Shanghai Daily, August 21. 2019

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