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News from China
China urges US to honor words to facilitate agricultural cooperation
6th August 2019

 A Chinese Foreign Ministry spokesperson on Tuesday urged the US side to honor their words and seriously implement the consensus reached by the two countries' leaders in Osaka to create conditions for bilateral agricultural cooperation.

 
Spokesperson Hua Chunying made the remarks when asked to comment on the Ministry of Commerce's announcement that related Chinese enterprises have suspended their purchase of US farm products.
 
The US side announced plans to impose additional 10-percent tariffs on US$300 billion worth of Chinese imports, which seriously violated the consensus reached by the two countries' heads of state in Osaka, Japan, Hua said.
 
In response, China has decided, for the moment, not to rule out levying import tariffs on American farm imports purchased after August 3, and related Chinese enterprises have halted their purchase, according to Hua.
 
"China has a large market capacity and the prospect of importing high-quality US agricultural products is bright," she said. "However, the US side should seriously implement the consensus reached by the two leaders, honor the words and keep promises to create necessary conditions for bilateral agricultural cooperation."
 
Source: Shanghai Daily, August 6, 2019
China confident of keeping yuan stable: central bank
5th August 2019

 China's central bank reiterated on Monday that it has the confidence and capability of keeping the yuan exchange rate basically stable.

 
The People's Bank of China attributed the weakening of the currency beyond 7 yuan per US dollar on Monday to factors including measures of unilateralism and protectionism, as well as the expectation of additional tariffs on Chinese goods.
 
Despite the weakening, the yuan has maintained basically stable and strong against a basket of currencies.
 
"The PBOC has the experience, confidence and capability of keeping the yuan's exchange rate basically stable at a reasonable and balanced level," the statement said.
 
Source: Shanghai Daily, August 10, 2019
Japan decides to revoke S. Korea's preferential trade status
2nd August 2019

 Japan on Friday decided to remove South Korea from a list of nations entitled to simplified export control procedures.

 
The Cabinet of Prime Minister Shinzo Abe approved the plans to remove South Korea from its "white list" of countries, raising the stakes in a bitter diplomatic row between the two neighbors.
 
The removal of South Korea from the list will take effect on August 28 following the necessary completion of domestic procedures, Japanese Minister of Economy, Trade and Industry Hiroshige Seko said at a press conference.
 
Seko maintained that the move by Tokyo was not aimed at restraining trade or supposed to damage bilateral ties between both countries, although observers have noted that bilateral relations have already sunk to new lows in recent times amid an ongoing labor dispute and Japan's previous tightening of export control regulations.
 
Japan has already tightened regulations early last month on its exports to South Korea of three materials vital to make memory chips and display panels, which are mainstays of the South Korean economy, in a further escalation of souring ties between both parties.
 
Chief Cabinet Secretary Yoshihide Suga, however, told a separate press briefing on the matter that Japan will deal with South Korea the same way it treats other countries in the region.
 
"We don't believe there would be any impact on global supply chains," Japan's top government spokesman said.
 
Suga previously reiterated that Japan believes that it is an appropriate step from enforcing effective export controls to remove South Korea from the white list.
 
Japan has a total of 27 countries on its whitelist, including the United States, Britain, Germany, Australia, New Zealand and Argentina, and whitelisted countries can, through simplified procedures, receive products exported from Japan that could be potentially be diverted for military use.
 
South Korea has been on the list of nations entitled to simplified export control procedures since 2004, which cover a wide range of items, except for food, timber and other goods.
 
In order to then export the products to countries not on the white list, the countries only need to obtain approval from Japan's trade ministry.
 
The South Korean government had urged Japan not to proceed with its removal from the white list, which it estimates could have a negative bearing on more than 1,000 items in key industries spanning the auto and petrochemical sectors.
 
Experts close to the matter said that the measures could adversely affect both South Korean manufacturers and Japanese exporters as their supply chains are closely connected.
 
Japanese and South Korean foreign ministers failed to resolve differences between the two countries in a recent meeting in Bangkok, Thailand.
 
Source: Shanghai Daily, AUgust 2, 2019
12th round of China-US high-level trade consultations marks crucial step forward: Chinese FM
1st August 2019

 The 12th round of China-US high-level economic and trade consultations marked an important step forward in a new process, Chinese State Councilor and Foreign Minister Wang Yi said.

 
Speaking at a press conference after meeting with Thai Foreign Minister Don Pramudwinai on Wednesday, Wang said that the new round of consultations marked the implementation of the consensuses reached by the top leaders of the two countries in Osaka, Japan, and also echoed the call of the international community.
 
"We believe that as long as the two sides conduct consultations on the basis of equality and mutual respect and address each other's concerns, a mutually beneficial agreement will be reached, which will not only serve the interests of China and the United States, but also the common interests of the countries around the world," Wang said.
 
Wang said the restart of the China-US high-level economic and trade consultations proved again that no matter how complicated the issues between the two countries are or how sharp their differences are, both sides need and should communicate through face-to-face dialogue so as to find a proper solution.
 
"We should also be aware that despite differences, there is also a vast space for cooperation between China and the United States," Wang said.
 
A meeting between Wang and US Secretary of State Mike Pompeo will be held on Thursday here as scheduled, which Wang said represents an important opportunity for them to communicate.
 
Source: SHanghai Daily August 1, 2019

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