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News from China
Chinese coastal province braces for typhoon
9th July 2018

 China's eastern coastal province of Fujian has activated an emergency response to cope with approaching typhoon Maria, the eighth typhoon this year.

 
The typhoon is expected to strike Fujian on Wednesday morning, whipping up gales and high waves, according to provincial meteorological authorities.
 
It will bypass or brush northeastern Taiwan early on Wednesday before reaching Fujian, where winds of up to 37 meters per second are expected in coastal areas with waves of up to 6 meters.
 
All fishing boats are ordered to return to harbor by Tuesday noon and all personnel at offshore fish farms are demanded to retreat to land by 6pm.
 
All coastal tourist resorts should also be closed by 6pm Tuesday.
 
Source: Shanghai Daily, July 9, 2018
US has ignited largest trade war in economic history: China's MOC
6th July 2018

 With the 25-percent additional tariffs on Chinese products worth US$34 billion effective on Friday, the United States has ignited the largest trade war in economic history, said a Ministry of Commerce spokesperson.

 
These tariffs violate the World Trade Organization rules and represents a typical "trade bully," posing a grave threat to the security of global industry and value chains.
 
Moreover, it will hamper global economic recovery and trigger global market turmoil while dealing a blow to many multinationals, enterprises and ordinary consumers.
 
Instead of serving the interests of US companies and people, the move will prove to be counter-productive and damaging.
 
The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the core national interests and interests of its people.
 
China will report the relevant situations to the WTO in time, and stand with other countries in defending free trade and multilateral mechanisms.
 
The ministry also reiterates China's unswerving commitment to deepening reform and expanding opening-up, protecting entrepreneurship, strengthening protection of intellectual property rights, and creating a good business environment for foreign-invested companies in China.
 
The MOC will continuously assess the impact on affected companies and take effective measures to offer them support.
 
Source: Shanghai Daily, July 6, 2018
Chinese premier leaves Beijing for Bulgaria, Germany visits
5th July 2018

 Chinese Premier Li Keqiang on Thursday left Beijing for official visits to Bulgaria and Germany.

 
Li will pay official visits to the two countries, attend the seventh leaders' meeting of China and the Central and Eastern European countries in Sofia, and chair the fifth round of intergovernmental consultations between China and Germany.
 
He was invited by Bulgarian Prime Minister Boyko Borissov and German Chancellor Angela Merkel.
 
Li's entourage includes his wife Cheng Hong; Xiao Jie, state councilor and secretary-general of the State Council; and He Lifeng, vice chairman of the National Committee of the Chinese People's Political Consultative Conference and minister in charge of the National Development and Reform Commission.
Source: Shanghai Daily, July 5, 2018
China, Europe should resist trade protectionism hand in hand
4th July 2018

 Evidently, trade protectionism is now posing a real and serious challenge for global free traders and, if left unchecked, it is very likely to retard or even reverse the current hard-won world economic upturn.

 
Later this week, Chinese Premier Li Keqiang is set to embark on an official visit to Europe. It presents a good chance for the two sides, both staunch supporters of global free trade, to cement cooperation and enlarge their consensus on defending the rules-based multilateral trading system.
 
During the week-long trip, the premier will also attend the 7th meeting of leaders from China and the Central and Eastern European Countries in Sofia, Bulgaria, and co-chair in Berlin the 5th round of China-Germany intergovernmental consultations with his German counterpart, Angela Merkel.
 
China and European countries are natural partners. They are even more so in a world of growing uncertainties. They firmly believe that free trade is a powerful engine for global economic growth, while unilateralism and trade protectionism could trigger volatility and recession in the global economy.
 
In Washington, trade hawks seem to have betrayed the current multilateral trading order it used to defend, and are instigating protectionism by playing with tactics of tariffs.
 
In just several months' time, the Trump administration has fired a fusillade of tariff warning shots. It has decided to slap steep tariffs on steel and aluminum imports from many of its European Union allies and threatened to levy punitive tariffs on tens of billions of dollars worth of Chinese imports.
 
In the face of these challenges, European nations and China have refused to sit still. Their responses so far are as reasonable as they are legitimate.
 
While sparkplugging the very spirit of free trade, they should also jointly work to reform existing global economic governing institutions so that they can be more open, inclusive and resilient.
 
Also, they should call on all members of the international community to resist the temptation of resorting to unilateral actions in fixing trade disputes, and to stay committed to talks within the framework of the World Trade Organization, the backbone of today's multilateral trading system.
 
Over the past 40 years since China adopted the reform and opening-up policy, it has done its fair share of promoting economic openness and free trade, and has made great contributions to the world. It has promised to do more.
 
Only days ahead of Li's visit, China introduced huge new tariff cuts covering consumer goods and automobiles to help increase imports.
 
That is part of Beijing's proposed measures made at Boao Forum for Asia in April to pursue further opening up, including significantly increasing market access, creating a more attractive investment environment, strengthening protection of intellectual property rights and expanding imports.
 
Germany is home to many of the world's car manufacturing giants. For these businesses, China's latest moves mean more direct market opportunities.
 
As China further opens its doors as it has promised, China and European countries can further tap their great potential for cooperation in areas including high-tech, innovation, agriculture, finance, digital economy, e-commerce and climate change.
 
In the final analysis, it is their joint responsibility to use their fruitful and mutually-beneficial cooperation to prove to the rest of the world that free and open trade is the only sure way towards fair benefits for all.
 
After all, closing doors and indulging in protectionism would produce losers uniformly. The only difference is who loses more.
 
Source: Shanghai Daily, July 4, 2018

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