Viet Nam News SINGAPORE — A China-backed bid to complete the world’s largest trade deal -- without the United States -- was pushed back to next year after Asia-Pacific trade ministers failed to agree key terms at a Singapore summit. The Regional Comprehensive Economic Partnership (RCEP), covering half the world’s population, is billed as an antidote to Donald Trump’s "America First" agenda, which has seen tariffs imposed on almost half of all Chinese imports to the US -- and retaliatory levies by Beijing. Chinese Premier Li Keqiang is in Singapore to give impetus to the deal on the sidelines of a gathering of Southeast Asian and world leaders. But trade diplomats late Monday indicated negotiations on the RCEP, a sweeping 16-country deal that includes China, Japan, India and the 10 members of ASEAN (Association of Southeast Asian Nations), will carry on deep into 2019. "We made significant progress, (but it) is not the final conclusion," New … [Read more...] about China-backed trade deal pushed back to 2019
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China hopes trade expo will highlight import clout as US dispute rages
The November 5-10 China International Import Expo, or CIIE, is an attempt by Beijing to counter mounting criticism of its trade and business practices by bringing thousands of foreign companies together with Chinese buyers to demonstrate the importing potential of the world’s no.2 economy. At its core, the event is symbolic. When Chinese President Xi Jinping opens the expo with a speech on Monday morning, few expect him to announce bold new policies of the kind that many foreign governments and businesses have been seeking. Instead, people involved in planning meetings have said they expect state-owned companies to arrive with orders to do deals, possibly even with quotas, so that the expo will end with China something to show the world. No officials from the United States — China’s top trading partner — will be present as their trade dispute rages, but over 100 U.S. firms will be exhibiting their wares. With political pressure to deliver, some deals are likely … [Read more...] about China hopes trade expo will highlight import clout as US dispute rages
EU gives Britain two months to pay US$3.3 billion over China fraud
The EU on Monday (Sep 24) gave Britain two months to recover 2.7 billion euros (US$3.3 billion) in lost customs duties or risk referral to the EU's top court after London allegedly ignored a scam by Chinese importers. The case follows an EU investigation last year that found Britain turned a blind eye to the use of fake invoices and customs claims by Chinese textiles importers AFP/GREG BAKER The demand, part of a so-called infringement action launched by Brussels, threatens to further inflame tensions amid fraught Brexit negotiations just days after an EU summit in Austria ended in acrimony. "The United Kingdom now has two months to act; otherwise the Commission may refer the case to the Court of Justice of the EU," said a statement by the commission, the European Union's executive arm. The case follows an investigation last year by the EU fraud watchdog that found Britain turned a blind eye to the rampant use of fake invoices and customs claims by Chinese importers for … [Read more...] about EU gives Britain two months to pay US$3.3 billion over China fraud
Hong Kong (China) calls for investment from Vietnam
Hong Kong (China) is currently an ideal destination for Vietnamese firms to expand operations abroad, heard a round-table seminar in Ho Chi Minh City on August 13. In addition to cellphones and components, fiber is one of the major export items from Vietnam to the Hong Kong (China) market Vo Tan Thanh, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City Branch, held that Vietnam and Hong Kong (China) are key major trade partners of each other with bilateral trade reaching US$9.2 billion in 2017, up 22 pct from 2016. As of June 2018, Hong Kong (China) was the sixth largest foreign investor in Vietnam with a total capital of nearly US$19 billion, he said. With the ASEAN-Hong Kong (China) free trade agreement, trade and investment between Vietnam and Hong Kong (China) are both expected to grow fiercely in the near future. Vietnam is encouraging firms to expand investment abroad to popularise Vietnamese products across the world. Thanh hailed … [Read more...] about Hong Kong (China) calls for investment from Vietnam
Asian markets mostly down as data shows China growth slowing
Asian markets mostly fell on Monday (Jul 16) as data showed that China's economic growth slowed in the second quarter on the brink of a potential trade war with the United States. Asian markets mostly down as data shows China growth slowing, Photo: AFP / Yomiuri Shimbun After a positive end to last week's roller-coaster ride for equities, investors shifted back into defensive mode in early business, with concerns about the impact of tit-for-tat tariffs on the world's top two economies. Beijing said growth in April-June came in at 6.7 per cent, in line with forecasts in an AFP survey and better than the government's annual target but a shade down from the previous three months. While the reading refers to the three months before US levies on billions of dollars of Chinese goods were imposed, observers had already said the country was likely to struggle with a trade face-off as leaders battle a debt mountain and pollution. At the same time the yuan and local stock markets are … [Read more...] about Asian markets mostly down as data shows China growth slowing
China’s trade surplus with US hits record as exporters rush to beat tariffs
China's trade surplus with the United States swelled to a record in June as its overall exports grew at a solid pace, a result that could further inflame a bitter trade dispute with Washington. But signs exporters were rushing shipments before tariffs went into effect in the first week of July suggest the spike in the surplus was a one-off, with analysts expecting a less favourable trade balance for China in coming months as duties on exports start to bite. The data came after the administration of U.S. President Donald Trump raised the stakes in its trade row with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports, including numerous consumer items. China's trade surplus with the United States, which is at the centre of the tariff tussle, widened to a record monthly high of $28.97 billion, up from $24.58 billion in May, according to Reuters calculations based on official data going back to 2008. Trump, who has demanded Beijing … [Read more...] about China’s trade surplus with US hits record as exporters rush to beat tariffs
EU ‘possibly as bad as China’ on trade: Trump
Europe is "possibly as bad as China" on trade, US President Donald Trump said in an interview broadcast on Sunday (Jul 1), with trade wars emerging against both the Asian giant as well as longtime allies in Europe and Canada. File photo taken on Jun 29, 2018, of US President Donald Trump speaking to the press aboard Air Force One in flight as he travels from Joint Base Andrews in Maryland, to Bedminster, New Jersey. (SAUL LOEB/AFP) "The European Union is possibly as bad as China, only smaller," Trump said on Fox News' "Sunday Morning Futures" programme. "They send a Mercedes in, we can't send our cars in. Look what they do to our farmers. They don't want our farm products. Now in all fairness they have their farmers ... But we don't protect ours and they protect theirs," he said. Trump had already threatened tariffs on cars imported from the European Union, in response to the EU's retaliatory tariffs last week on iconic US products including bourbon, jeans and motorcycles. … [Read more...] about EU ‘possibly as bad as China’ on trade: Trump
Trump praises China’s Xi as trade talks begin in Beijing
U.S. President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying. A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two days of talks, though a package of short-term Chinese measures could delay Washington’s decision to impose tariffs on about $50 billion worth of Chinese exports. The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development. “Thrilled to be here. Thank you,” Mnuchin told Reuters at his hotel when asked if he expected progress. He made no other comments. As Mnuchin arrived, Trump tweeted: … [Read more...] about Trump praises China’s Xi as trade talks begin in Beijing
China’s Xi renews pledges to open economy, cut tariffs this year
Chinese President Xi Jinping on Tuesday promised to open the country's economy further and lower import tariffs on products including cars, in a speech seen as conciliatory amid rising trade tensions between China and the United States. While most of the pledges were reiterations of previously announced measures, Xi's comments sent U.S. stock futures, the dollar and Asian shares higher. Xi said that China will sharply widen market access for foreign investors, a chief complaint of the country's trading partners and a point of contention for U.S. President Donald Trump's administration, which has threatened billions of dollars in tariffs on Chinese goods. The speech at the Boao Forum for Asia in the southern province of Hainan had been widely anticipated as one of Xi's first major addresses in a year in which the ruling Communist Party marks the 40th anniversary of its landmark economic reforms andopening up under former leader Deng Xiaoping. Xi said China would raise the foreign … [Read more...] about China’s Xi renews pledges to open economy, cut tariffs this year
Vietnamese firms turn their backs on China for Japan, S Korea: report
Vietnamese businesses are depending less on the Chinese market and looking more to Japan and South Korea, according to a press statement released by HSBC on Thursday. China remains the most important market for Vietnam, with 39 percent of local businesses considering the northern neighbor their top partner, HSBC said in its report, titled: ‘Navigator: Now, next and how for business.’ However, Vietnamese firms are also gravitating towards Japan and South Korea, the report, which surveyed 6,000 businesses across the globe, said. Japan and South Korea round up the top three as the top trading partners for 29 and 24 percent of Vietnamese businesses. According to economists, the shift from China to Japan is partly due to the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between 11 countries back in March, which includes Vietnam and Japan. The new agreement will reduce tariffs in countries that together amount to more than 13 … [Read more...] about Vietnamese firms turn their backs on China for Japan, S Korea: report