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News from China
China issues statement on Sino-US trade talks
4th June 2018


Chinese and US teams, led by Chinese Vice Premier Liu He and US Secretary of Commerce Wilbur Ross, held economic and trade consultations in Beijing from June 2-3, according to a statement issued by the Chinese side.
"To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress while relevant details are yet to be confirmed by both sides," the statement said.
Liu is also a member of the Political Bureau of the Communist Party of China Central Committee, and chief of the Chinese side of the China-US comprehensive economic dialogue.
"The attitude of the Chinese side remains consistent," said the statement.
To meet the people's ever-growing needs for a better life and the requirements of high-quality economic development, China is willing to increase imports from other countries, including the United States, which will benefit people of both countries and the rest of the world, it noted.
"Reform and opening-up as well as expanding domestic demand are China's national strategies. Our set pace will not change," the statement said.
The outcome of the talks should be based on the prerequisite that the two parties meet each other halfway and will not engage in a trade war, according to the statement.
"All economic and trade outcomes of the talks will not take effect if the US side imposes any trade sanctions including raising tariffs," the statement said.
Source: Shanghai Daily, June 4, 2018
Shanghai Walmart and Metro stores fined for substandard food
1st June 2018

 Two outlets of Walmart and Metro in Shanghai were fined by the market watchdog for selling substandard food products, the Shanghai Food and Drug Administration said on Friday.

Chocolate wafer biscuits weighing 300 grams per packet made by Walmart (China) and sold at the 128 Jinian Road outlet of Walmart in Baoshan District failed for excessive peroxide, a sign that they were stale.
The outlet was fined 50,000 yuan (US$7,793) and had illegal profits of 402 yuan confiscated by the Baoshan District Market Supervision and Management Bureau.
More than 80 packets have been sold, and the remaining 33 were confiscated by the bureau.
The Jinshan outlet of Metro was fined 50,000 yuan after a batch of dried shredded squid sold at the outlet was found to contain 6.68 micrograms of N-Nitrosodimethylamine (NDMA) per kilogram, 67 percent higher than China’s national standard limit of 4mg/kg.
NDMA is toxic to the liver and other organs, and is a human carcinogen.
Sixteen packs of the squid have been sold, and the remaining four were confiscated by the Jinshan District Market Supervision and Management Bureau.
In addition, Shanghai Zhengwen Biological Technology Co Ltd was fined 40,000 yuan and had illegal profit totaling 23,285 yuan confiscated after a calcium tablet it sold failed based on its calcium amount, according to the Pudong New Area Market Supervision and Management Bureau.
More than 4,200 bottles have been sold, and 2,449 have been recalled. Remaining stock of more than 15,000 bottles have been destroyed.
Source: Shanghai Daily, June, 2018
New negative lists to further ease limits for foreign investment: MO
31st May 2018


China is working on new negative lists for market access of foreign investment, an official said on Thursday.
Restrictions on energy, resources, infrastructure, transportation, commerce circulation and professional services will be removed or loosened in the upcoming lists, Gao Feng with the Ministry of Commerce said on Thursday at a press conference.
The country has already announced measures to further liberalize the finance and automobile sectors.
Gao said the MOC, along with other government agencies, is stepping up efforts on two negative lists expected to be released and implemented by the end of June, one for nationwide implementation and one for pilot free trade zones.
There will be a transitional period for some industries and specific measures will be unveiled for the opening in the next few years, Gao added.
China has rolled out an array of measures to significantly broaden market access since the beginning of 2018, a year that marks the 40th anniversary of the country's reform and opening-up policy.
Foreign investment in China hit a new high of 877.56 billion yuan (US$136.72 billion) in 2017, up by 7.9 percent year on year.
Source: Shanghai Daily, May 31, 2018
China shipbuilder delivers large container ship
30th May 2018


The Shanghai Waigaoqiao Shipbuilding Co Ltd has delivered a 20,000-TEU ultra-large container ship, the company said.
The ship, named the Cosco Shipping Virgo, is 399.8 meters long and 58.6 meters wide. It has a maximum capacity of 200,000 tons. It measures 73 meters from hull bottom to top.
The ship was delivered to China COSCO Shipping Corporation Ltd and will be used for shipping lanes between the Middle East and Europe.
It is the third new ship the Shanghai shipbuilder has delivered in May after finishing two 400,000-ton very large ore carriers, the company said.
There are 79 container ships above 19,000 TEU worldwide, and 50 more are still under construction. The China State Shipbuilding Corporation Ltd, Waigaoqiao's parent company, has 17 orders, about a third of the global total.
Earlier this year, Waigaoqiao delivered the Cosco Shipping Taurus, also a 20,000-TEU container ship, to COSCO Shipping.
Source: Shanghai Daily,May 29, 2018

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