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News from China
Over 600 US companies, associations warn White House against tariff hikes on China
14th June 2019

 A total of 661 US companies and associations have signed a letter to President Donald Trump, urging his administration to abandon tariff hikes and reach a deal with China, a US nationwide anti-tariff campaign said Thursday.

 
According to a press release issued by Tariffs Hurt the Heartland, a bipartisan campaign against levies, 520 companies and 141 associations said in the letter that they "remain concerned about the escalation of tit-for-tat tariffs" between the United States and China.
 
"We know firsthand that the additional tariffs will have a significant, negative and long-term impact on American businesses, farmers, families and the US economy," read the letter. "Tariffs are taxes paid directly by US companies."
 
The letter came as the US Trade Representative Office plans to begin a public hearing on June 17 to solicit public comments on and responses to proposed tariff measures.
 
The Trump administration increased additional tariffs on US$200 billion worth of Chinese imports from 10 percent to 25 percent in May, and has threatened to impose tariffs of 25 percent on essentially all remaining Chinese goods sold to the United States — valued at roughly US$300 billion — which are not yet subject to extra duties.
 
In response, China raised additional tariffs on a range of US imports on June 1.
 
Tariffs Hurt the Heartland said combined with the impact of previously implemented tariffs and retaliation, the new tariffs on another 300 billion dollars worth of Chinese imports, if imposed, would result in the loss of more than 2 million US jobs, add more than US$2,000 in costs for an average American family of four, and reduce the value of US gross domestic product by 1 percent.
 
"We urge your administration to get back to the negotiating table," signatories of the letter told Trump. "An escalated trade war is not in the country's best interest, and both sides will lose."
 
Source: Shanghai Daily, June 14, 2019
China launches sci-tech innovation board
13th June 2019

 China inaugurated its science and technology innovation board on Thursday, kicking off the country's much-anticipated capital market reform this year.

 
The new market will support tech companies that are in line with the national strategies, make breakthroughs in core technologies and are well accepted by the market to grow stronger, Yi Huiman, chairman of the China Securities Regulatory Commission, said at the launching ceremony of the sci-tech innovation board at the Lujiazui Forum in Shanghai.
 
Yi pledged to push forward key institutional innovations and implement the registration-based initial public offering system on the new board that underlines sufficient information disclosure.
 
Yi said the CSRC will promote experience from the sci-tech innovation board to push forward sweeping reforms of the capital market and build the capital market into a regulated, transparent and open one full of vigor and resilience.
 
"The sci-tech innovation board is full of broad development prospects, but it would inevitably meet some challenges during its development," he said.
 
Yi vowed to stick to the market-oriented, law-based and international approach, respect the market rules and ensure the solid implementation of all reform measures.
Source: Shanghai Daily, June 13, 2019
Alipay extends QR payment reach
11th June 2019

 Alibaba's payment affiliate Alipay said it has  joined with six mobile payment services providers in Europe to collaborate on QR-code payments.

 
The six parties — Bluecode, ePassi, momo pocket, Pagaqui, Pivo and Vipps — will use a QR code format provided by Alipay, covering more than 5 million digital wallet users and around 190,000 merchants in Europe. 
 
Bluecode and ePassi will offer technical services to the participants.
 
Merchants that already accept mobile payments via the six apps will be able to accept payments by customers from other countries covered by the collaboration.
 
Ailpay users in China will be able to pay in Europe without downloading a separate app for each country. 
 
Rune Garbog, CEO of Vipps, commented: "We are extremely enthusiastic about new partners joining this collaboration, giving all our combined users broader possibilities for using their preferred mobile app when travelling abroad.”
 
Helsinki-based ePassi and Oslo-based Vipps are already preparing to use the QR format across several Nordic countries.
 
Source: Shanghai Daily, June 11, 2019
Visitors spend up over festival
10th June 2019

 Consumption in Shanghai over the Dragon Boat Festival holiday  totalled 10.658 billion yuan (US$1.5 billion), up 7.73 percent from a year earlier.

 
According to data from China UnionPay Merchant Services Co (China UMS), the number of people who spent money during the three-day break rose 11.24 percent from the same period last year to exceed 7.3 million. 
 
Tills rang at well-established commercial areas such as Nanjing Road W., Nanjing Road E. and Lujiazui in Pudong.
 
Around 2.7 million visitors from other provinces and cities spent more than 3.98 billion yuan.
 
The number of visitors and spending increased by 10.2 percent and 13.34 percent, respectively, year on year. 
 
Tourists from Jiangsu Province accounted for 23.05 percent of the total number of visitors, followed by Zhejiang Province at 10.96 percent. 
 
In terms of cities, Suzhou, Beijing and Shenzhen contributed the most visitors, accounting for 8.09 percent, 6.20 percent and 4.93 percent of the total.
 
More than 2.62 million Shanghai residents took trips out of the city, spending 2.75 billion yuan in total, or 1,049 yuan per capita. 
 
The figures were up by 3.62 percent, 6.65 percent and 2.92 percent, respectively, compared with the same period last year.
Source: Shanghai Daily, June 10, 2019

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