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News from China
Boeing voices concern about US-China trade war impact on aerospace industry
5th April 2018

 US top aircraft manufacturer Boeing Company Wednesday expressed deep concern about the ongoing trade dispute between the US and China, which is likely to escalate into a major trade war that will negatively impact the aerospace industry.

The tariff battle between the US and China "could do harm to the global aerospace industry," Boeing said in a short statement released on Wednesday.
"We will continue in our own efforts to proactively engage both governments and build on the recent assurances by US and Chinese leaders that productive talks are ongoing," it said.
In a tit-for-tat response to US President Donald Trump administration's tariff hike on a list of about 1,300 Chinese exports worth about US$50 billion annually, China said it plans to impose a 25 percent tariff on US$50 billion worth of US exports. The 106 affected American products will also include soybeans, chemicals and aircraft.
The Chinese tariffs threatened to be imposed on aircraft in a weight range would include some variants of Boeing's popular 737 jets, which are the fastest-selling airplanes in Boeing history.
Single-aisle planes, dominated by the 737 and Airbus' A320 family, are likely to account for three quarters of the global market over the next two decades, according to Boeing estimates.
With a worrying eye on the imminent prospect of a trade war, Boeing said in the statement that "a strong and vibrant aerospace industry is important to the economic prosperity and national security of both countries."
It said the company "is confident that dialogue continues" between the governments of the US and China, the two largest economies in the world
Source: Xinhua., April 5, 2018
China firmly opposes US tariff proposals, counter measures underway
4th April 2018

 China strongly condemns and firmly opposes the US tariff proposals and is ready to take countermeasures on US products, the Ministry of Commerce said on Wednesday.

A MOC spokesperson made the statement after the US administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth US$50 billion with a suggested tariff rate of 25 percent.
"Disregarding strong representations by China, the United States announced the tariff proposals that are completely unfounded, a typical unilateralist and protectionist practice that China strongly condemns and firmly opposes," according to the statement.
The US side published the list in disregard of the mutually beneficial and win-win nature of the China-US commercial cooperation in the past 40 years, the appeal of the Chinese and American business communities and the interests of consumers, it said.
The move went against the interests of China, the United States and the world economy, seriously violating the basic principles and spirit of the World Trade Organization.
China plans to immediately bring relevant US practice to the dispute settlement body of the WTO, and is ready to take countermeasures on US products with equal force and scale that will be published in the coming days.
"We have the confidence and ability to respond to any US trade protectionist measures," the spokesperson said.
Chinese Foreign Ministry spokesman Lu Kang also made a response on Wednesday, saying the US tariff proposals are "typical unilateralist and protectionist action."
China strongly condemns and firmly opposes such action, Lu said.
Despite strong warnings from business groups and trade experts, US President Donald Trump signed a memorandum on March 22 that could impose tariffs on Chinese imports and restrictions on Chinese investment in the United States.
The memorandum is based on a Section 301 investigation, launched by the Trump administration in August 2017, into alleged Chinese intellectual property and technology transfer practices.
The move came after the US administration took an increasingly hawkish turn on China, as it blamed its trade deficit with major trading partners for its domestic economic woes and job losses.
Source: Shanghai Daily, April 4, 2018
Canada to work with Shanghai to tap opportunities in financial technologies
3rd April 2018

 Canada will seek to collaborate with Shanghai to tap investment opportunities in the new economy like financial technologies as the city strives to become a global technological innovation hub, William Bill Morneau, minister of finance, said on his visit to Shanghai today.

Shanghai and Hong Kong were added as stops for the first time this year as the relationship with China and the entire Asia-Pacific Region is a priority for the government of Canada. Shanghai's capital market presents great opportunities and China’s futures market has potential, Morneau said.
The minister said that four of Canada’s top five trading partners are members of APEC, the Asia-Pacific Economic Cooperation, with China its second largest trading partner after the US. 
Earlier this month, the country launched a new federal agency called “Invest in Canada”, which will simplify the process for global businesses to make Canada their home.
More regular meetings will be held with government officials as well as business community leaders and Canada will increase the number of trade commissioners based in China, Morneau said.
Canada also aims to expand its relationship with China to other areas like education and tourism.
Morneau said he sees enormous growth opportunities for travel between the two countries as 2018 is the year of tourism between Canada and China.
Source: Shanghai Daily, April 3, 2018
China imposes tariff on 128 items of US imports
2nd April 2018

 China suspended tariff concessions on 128 items of US products including pork and fruits starting Monday, according to the Ministry of Finance.

The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous US move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the US administration decided to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, with tariffs on imports from countries including China.
Although in violation of WTO rules, the US measure went into effect in March 23, which has severely undermined China's interests, according to the statement.
China advocates and supports a multilateral trade system, the ministry said, noting that to suspend tariff concession on US imports is a just move to safeguard China's interests using WTO rules.
Source: Shanghai Daily, April 2, 2018

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