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News from China
China's foreign trade up 7.9% in H1, surplus down
13th July 2018

 China's goods trade went up 7.9 percent year on year to 14.12 trillion yuan (US$2.12 trillion) in the first half of this year, customs data showed on Friday.

 
Exports rose 4.9 percent year on year in the January-June period while imports grew 11.5 percent, resulting in a trade surplus of 901.32 billion yuan, which narrowed by 26.7 percent, according to the General Administration of Customs.
 
GAC spokesperson Huang Songping said at a press conference that foreign trade has largely maintained rapid growth year to date thanks to a continued global economic recovery and a stable domestic economy.
 
Exports and imports of products under the general trade category, which are differentiated with processing trade, gained 12.2 percent from a year ago to 8.33 trillion yuan, accounting for 59 percent of the total foreign trade, 2.3 percentage points higher than the same period in 2017.
 
Ties with major trading partners strengthened.
 
China's trade with the European Union, its largest trading partner, climbed 5.3 percent, and trade volume with the United States and the ASEAN countries came in at 5.2 percent and 11 percent, respectively. The three contributed 41 percent of China's total foreign trade.
 
Trade with the Central and Eastern European countries was especially robust, up 14.7 percent year on year. Trade with countries along the Belt and Road also registered faster-than-average growth.
 
Huang noted China has made headway in pushing for more balanced trade, citing surplus having shrunk for eight quarters in a row and a much faster growth pace in imports.
 
"China's surplus in goods trade was determined by its economic structure and the international division of labor, which should be treated objectively and rationally," Huang said, noting along with further opening up, China's foreign trade will see more balanced development."
Source: Shanghai Daily, July 13,2018
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
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
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

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