Tag: Economy

US Trade Representative, China’s Commerce Minister Clash on APEC Sidelines

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detroit, michigan —  U.S. Trade Representative Katherine Tai raised complaints about China’s state-led economic policies during a meeting on Friday with Chinese Commerce Minister Wang Wentao, who objected to U.S. tariffs and trade policies, their offices said. But statements from the U.S. Trade Representative’s office and China’s Commerce Ministry both emphasized the need for Washington and Beijing to maintain communication on trade. “Ambassador Tai highlighted the need to address the critical imbalances caused by China’s state-led, nonmarket approach to the economy and trade policy,” USTR said in a statement released…

DR Congo Leader to Visit China This Week, Minerals Trade Deal Signing Expected 

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Beijing —  The president of minerals-rich Democratic Republic of Congo, Felix Tshisekedi, will visit China from May 24 to 29 and is expected to meet President Xi Jinping to review and sign several key trade deals. A meeting would pave the way for the two countries to formally overhaul and seal a $6 billion infrastructure-for-minerals deal with Chinese investors. The visit was announced by the Chinese foreign ministry on Monday. Tshisekedi instructed his government at a Cabinet meeting on May 19 to move ahead with talks on the deal with…

Greece Welcomes Return of Chinese Travelers 

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Athens —  With the peak tourism season setting in, Greece is bracing for a record number of arrivals and is welcoming back Chinese tourists. The warm feelings follow a period of discontent due to COVID-19 pandemic restrictions placed on travelers from China for the past three years, and other issues. On the cobblestone streets of Athens, tavern owner Spiros Bairaktaris opens his arms wide open, welcoming news of what is already called the Chinese return. He says, “We await them with great love, from the bottom of our hearts. We…

Trade Envoy Tai: US Not Seeking to ‘Decouple’ From China

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tokyo —  Washington is not seeking to decouple the American economy from China’s, U.S. Trade Representative Katherine Tai said Thursday while on a visit to Tokyo. Tai, who is on her fourth visit to Japan after being appointed the top U.S. trade envoy, said all members of President Joe Biden’s administration have been “very clear that it is not the intention to decouple” China’s economy. U.S. trade sanctions against China are “narrowly targeted,” she said. Given its huge size and importance, unraveling the ties with China that keep the world…

China’s GDP Grew by 4.5% in Quarter, Boosted by Consumption

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Beijing —  China’s gross domestic product grew 4.5% in the first quarter of the year, boosted by increased consumption and retail sales, after authorities abruptly abandoned the stringent “zero-COVID” strategy. The growth in the world’s No. 2 economy from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the 2.9% growth in the previous quarter, according to government data released Tuesday. The growth in GDP comes amid a rebound in consumption, as people flocked to shopping malls and restaurants after…

New US Electric Vehicle Rule Would Speed Supply Chain Changes

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A Biden administration proposal would force U.S. automakers to sharply increase their production of electric cars and trucks over the next decade, lending greater urgency to the effort to build raw material supply chains that reduce the industry’s dependence on China. The Environmental Protection Agency on Wednesday announced a proposed rule that would place stricter limits on the average tailpipe emissions of vehicles built in the United States. The proposal would reduce the allowable limit by so much that automakers would have no way to comply unless about two-thirds of…

China Lowers Bank Reserve Requirement in Boost to Flagging Economy 

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Beijing —  China’s central bank on Friday announced a cut to the amount of cash banks are required to hold in reserve for the first time this year, in a move designed to shore up an economy weakened by the pandemic. The People’s Bank of China (PBOC) said it would cut the reserve requirement ratio by 0.25 percentage point starting March 27, which would allow commercial banks to lend more to businesses. This would bring the weighted average reserve requirement ratio for financial institutions to around 7.6%, the central bank…

Favoring Continuity, China Reappoints Central Bank Governor

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Beijing —  China reappointed Yi Gang as head of the central bank Sunday to reassure entrepreneurs and financial markets by showing continuity at the top while other economic officials change during a period of uncertainty in the world’s second-largest economy. Yi, whose official title is governor of the People’s Bank of China, plays no role in making monetary policy, unlike his counterparts in other major economies. His official duties lie in “implementing monetary policy,” or carrying out decisions made by a policymaking body whose membership is a secret. But the…

China Sets Year’s Economic Growth Target ‘Around 5%’

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BEIJING —  China’s government announced plans to promote a consumer-led revival of the nation’s struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping’s control over business and society. Premier Li Keqiang, the top economic official, set this year’s official growth target “around 5%” following the end of anti-virus controls that kept millions of people at home and triggered protests. Growth last year fell to 3%, the second-weakest level since at least the 1970s. “We should give priority to the recovery and expansion of consumption,”…

Biden to Tighten Rules on US Investment in China

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WILMINGTON, Delaware —  The Biden administration is close to tightening rules on some overseas investments by U.S. companies to limit China’s ability to acquire technologies that could improve its military prowess, according to a U.S. official familiar with the deliberations. The soon-to-be-issued executive order from President Joe Biden will limit American investment in advanced technologies that have national security applications — such as next-generation military capabilities that could help China improve the speed and accuracy of military decision making, according to the official, who was not authorized to comment and…