Chinese premier: Our economy faces ‘new, downward pressure’

Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth. “It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure. “Let me tell you explicitly that this is not consistent with Chinese l


Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth. “It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure. “Let me tell you explicitly that this is not consistent with Chinese l
Chinese premier: Our economy faces ‘new, downward pressure’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: evelyn cheng, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, official, chinese, congress, worlds, economy, beijing, trade, law, growth, downward, premier, li, faces, pressure


Chinese premier: Our economy faces 'new, downward pressure'

Chinese Premier Li Keqiang said Friday that the government will remain supportive of the economy in the face of new pressures on growth.

“It is true that China’s economy has encountered new, downward pressure,” Li said in Mandarin, according to an official translation of his remarks at a press conference. He also pointed out that the slowdown in the world’s second-largest economy came as global growth was also under pressure.

“We are not going for monetary easing but trying to provide effective support to the real economy,” he added.

Li was speaking with reporters Friday following the closing ceremony of the annual National People’s Congress. The meeting of roughly 3,000 delegates in Beijing is typically symbolic in nature as the real power lies with the Communist Party and its Politburo Standing Committee, headed now by President Xi Jinping.

This year’s National People’s Congress also takes place as the international legal battle over Chinese telecom giant Huawei intensifies, and U.S.-China trade negotiations reach a critical point.

Li on Friday did not disclose details on the latest progress of the trade talks. He emphasized that the two sides remained in close discussions, and expressed confidence that both sides had enough wisdom to diffuse tensions.

In response to a question about whether China forces its technology companies to spy on other countries — a prominent argument from the U.S. and others against the use of Huawei hardware — Li maintained that the government would never require such behavior.

“Let me tell you explicitly that this is not consistent with Chinese law,” he said, through an official translator. “This is not how China behaves. We did not do that and will not do that in the future.”

On Friday, the gathering of Chinese delegates endorsed a new foreign investment law that added new language at the last minute that added further protection of foreign company commercial and trade secrets, according to a final draft reviewed by the U.S.-China Business Council.

The new law, which is set to take effect Jan. 1, 2020, could help Beijing show U.S. President Donald Trump’s administration that it’s serious about reaching a deal on trade. State media reported Friday that leaders of both the American and Chinese delegation held a phone call early in the morning Beijing time.

During the opening of the congress last week, Li laid out a bleak picture for China’s economy. He stressed the need to prepare for a “tough struggle” and set a lower growth target range of between 6 to 6.5 percent growth. Official government figures showed the world’s second-largest economy grew at 6.6 percent last year, its slowest pace since 1990.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: evelyn cheng, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, official, chinese, congress, worlds, economy, beijing, trade, law, growth, downward, premier, li, faces, pressure


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‘Justice will have its day’: Beijing backs Huawei’s lawsuit against US government

Here’s what investors need to know 20 Hours Ago | 02:10″People can tell right and wrong, justice will have its day. Wang did not explain how being blocked from selling to the American government would prevent the company from innovating. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC ha


Here’s what investors need to know 20 Hours Ago | 02:10″People can tell right and wrong, justice will have its day. Wang did not explain how being blocked from selling to the American government would prevent the company from innovating. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC ha
‘Justice will have its day’: Beijing backs Huawei’s lawsuit against US government Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: arjun kharpal, joan cros, nurphoto, getty images, elizabeth schulze
Keywords: news, cnbc, companies, chinese, wang, justice, backs, huawei, right, intelligence, technology, interests, lawsuit, beijing, huaweis, day, experts, company, telecom


'Justice will have its day': Beijing backs Huawei's lawsuit against US government

Huawei is suing the US government for constitutional violations. Here’s what investors need to know 20 Hours Ago | 02:10

“People can tell right and wrong, justice will have its day. What we’re standing up for is not just the interests of a company, but also a country or nation’s legitimate right to innovate and by extension the basic right of all countries who wish to climb up the technology ladder,” Wang said.

Wang did not explain how being blocked from selling to the American government would prevent the company from innovating.

The commentary from Wang was the latest in a series of arguments from either Huawei or the Chinese government that the U.S. has engaged in a pre-meditated attack on the company. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly.

The U.S., however, has said that it is worried about the security risks posed by Huawei, alleging that the company’s equipment may contain backdoors that could be used by the Chinese government for espionage. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC have said there’s cause for skepticism about the company’s assurances it’s not a risk.

Experts point to Chinese laws that allegedly mean every domestic company is legally mandated to assist the country in intelligence gathering. China’s companies are also thought to be forbidden from talking about any intelligence work.

Huawei has argued that its absence from the U.S. telecom market could slow the rollout of next generation mobile network technology known as 5G and hurt consumers, claims experts have dismissed.

—CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: arjun kharpal, joan cros, nurphoto, getty images, elizabeth schulze
Keywords: news, cnbc, companies, chinese, wang, justice, backs, huawei, right, intelligence, technology, interests, lawsuit, beijing, huaweis, day, experts, company, telecom


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‘Justice will have its day’: Beijing backs Huawei’s lawsuit against US government

Here’s what investors need to know 21 Hours Ago | 02:10″People can tell right and wrong, justice will have its day. Wang did not explain how being blocked from selling to the American government would prevent the company from innovating. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC ha


Here’s what investors need to know 21 Hours Ago | 02:10″People can tell right and wrong, justice will have its day. Wang did not explain how being blocked from selling to the American government would prevent the company from innovating. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC ha
‘Justice will have its day’: Beijing backs Huawei’s lawsuit against US government Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: arjun kharpal, joan cros, nurphoto, getty images, elizabeth schulze
Keywords: news, cnbc, companies, chinese, wang, justice, backs, huawei, right, intelligence, technology, interests, lawsuit, beijing, huaweis, day, experts, company, telecom


'Justice will have its day': Beijing backs Huawei's lawsuit against US government

Huawei is suing the US government for constitutional violations. Here’s what investors need to know 21 Hours Ago | 02:10

“People can tell right and wrong, justice will have its day. What we’re standing up for is not just the interests of a company, but also a country or nation’s legitimate right to innovate and by extension the basic right of all countries who wish to climb up the technology ladder,” Wang said.

Wang did not explain how being blocked from selling to the American government would prevent the company from innovating.

The commentary from Wang was the latest in a series of arguments from either Huawei or the Chinese government that the U.S. has engaged in a pre-meditated attack on the company. Beijing has repeatedly suggested it’s because the world’s largest economy feels its business interests are threatened by the telecom — and Chinese technology more broadly.

The U.S., however, has said that it is worried about the security risks posed by Huawei, alleging that the company’s equipment may contain backdoors that could be used by the Chinese government for espionage. Huawei has continuously denied those claims, but intelligence experts who spoke to CNBC have said there’s cause for skepticism about the company’s assurances it’s not a risk.

Experts point to Chinese laws that allegedly mean every domestic company is legally mandated to assist the country in intelligence gathering. China’s companies are also thought to be forbidden from talking about any intelligence work.

Huawei has argued that its absence from the U.S. telecom market could slow the rollout of next generation mobile network technology known as 5G and hurt consumers, claims experts have dismissed.

—CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: arjun kharpal, joan cros, nurphoto, getty images, elizabeth schulze
Keywords: news, cnbc, companies, chinese, wang, justice, backs, huawei, right, intelligence, technology, interests, lawsuit, beijing, huaweis, day, experts, company, telecom


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Beijing is worried that Trump may walk away from the table, like he did with North Korea

“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Wash


“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Wash
Beijing is worried that Trump may walk away from the table, like he did with North Korea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eamon javers, christine wang, saul loeb, afp, getty images
Keywords: news, cnbc, companies, walk, meeting, trump, north, dont, xi, away, maralago, table, korea, send, summit, beijing, worried, official


Beijing is worried that Trump may walk away from the table, like he did with North Korea

“The Chinese saw him walk away from North Korea and they’re concerned he will walk away from the China deal,” the official said. “You don’t want to send Xi to Mar-a-Lago and have Trump walk away. That would be a diplomatic catastrophe.”

The official said a face-to-face meeting between China’s Xi Jinping and Trump is still a ways off, given that the two to three weeks of summit preparation work has not started yet. To ensure such a summit would not follow the same fallout as the nuclear talks in Hanoi, the official said Beijing and Washington are going through “line-by-line negotiations.”

“What they don’t want is to send their guy here and POTUS says ‘nope I’m out of here, see you on the 9th hole,'” the official said.

Earlier Friday, there were reports that a meeting between the two leaders at Mar-a-Lago was cancelled. The White House said that nothing has officially been scheduled or cancelled.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: eamon javers, christine wang, saul loeb, afp, getty images
Keywords: news, cnbc, companies, walk, meeting, trump, north, dont, xi, away, maralago, table, korea, send, summit, beijing, worried, official


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China’s defense spending is growing more slowly. But that doesn’t mean military tensions are easing

China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease. At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion). Military tensions between the U.S. and China have been on the rise in recent years as Beijing tak


China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease. At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion). Military tensions between the U.S. and China have been on the rise in recent years as Beijing tak
China’s defense spending is growing more slowly. But that doesn’t mean military tensions are easing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: kelly olsen, str, afp, getty images, vcg
Keywords: news, cnbc, companies, doesnt, tensions, mean, military, heath, sea, growing, easing, beijing, defense, slowly, china, chinas, spending, slower


China's defense spending is growing more slowly. But that doesn't mean military tensions are easing

China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease.

At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion).

That’s lower than the 8.1 percent growth in 2018 and far below double-digit increases of previous years — though analysts have long questioned how accurately the budget reflects actual spending.

Military tensions between the U.S. and China have been on the rise in recent years as Beijing takes a more assertive stance on territorial claims in the South China Sea and East China Sea, as well as over Taiwan — a self-ruled territory which Beijing claims as its own.

But slower growth in defense spending doesn’t mean tensions with Washington have ceased, warned Timothy Heath, senior international defense researcher at U.S. think tank Rand Corporation.

In fact, the stated amount is less important than what it’s used for, Heath told CNBC’s “Squawk Box” on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: kelly olsen, str, afp, getty images, vcg
Keywords: news, cnbc, companies, doesnt, tensions, mean, military, heath, sea, growing, easing, beijing, defense, slowly, china, chinas, spending, slower


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China is facing employment challenges as its economy slows, official says

China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday. “When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a bi


China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday. “When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a bi
China is facing employment challenges as its economy slows, official says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: evelyn cheng, jie zhao, corbis news, getty images
Keywords: news, cnbc, companies, employment, zhang, economic, widespread, china, official, challenges, beijing, companies, slows, chinese, worlds, facing, economy, research


China is facing employment challenges as its economy slows, official says

China’s economic slowdown is creating some difficulties for national employment, an economic researcher in the country’s top executive body said Thursday.

“When we look at the downward pressure on the Chinese economy, what we care most about is employment,” said Zhang Liqun, research fellow at the Macroeconomic Department of the Development Research Center of the State Council. Zhang was speaking in Mandarin through a translator at a press event in Beijing on Thursday morning.

For Beijing, keeping a handle on employment is critical to maintaining control over a massive country of more than a billion people. Widespread job losses could lead to undesirable social unrest.

Unemployment in the world’s second-largest economy remains low compared with other countries, near five percent or below. But amid persistent skepticism about the accuracy of such data, official reports are beginning to show some challenges in Chinese people’s ability to hold jobs.

Zhang’s on-the-record comments on Thursday provided greater insight into how severe unemployment issues might be, at least in labor-intensive industries.

“Many of the companies in Guangdong province have permitted leave for their employees since November — many of the export companies,” he said. “That has something to do with the U.S.-China trade frictions.”

“Many of these companies think they have done what they can do before November and they are not planning to organize further production after that,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: evelyn cheng, jie zhao, corbis news, getty images
Keywords: news, cnbc, companies, employment, zhang, economic, widespread, china, official, challenges, beijing, companies, slows, chinese, worlds, facing, economy, research


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Amid US-China trade dispute, companies say there’s one area of change

While the U.S. and China are locked in a trade dispute over Beijing’s treatment of foreign firms, many foreign companies say there’s one area with some positive change: intellectual property. The American Chamber of Commerce in China said Tuesday that 59 percent of its members believe Beijing has improved its enforcement of intellectual property protection in the last five years. The survey of 314 member company representatives between Nov. 13 and Dec. 16 also found more members said enforcement


While the U.S. and China are locked in a trade dispute over Beijing’s treatment of foreign firms, many foreign companies say there’s one area with some positive change: intellectual property. The American Chamber of Commerce in China said Tuesday that 59 percent of its members believe Beijing has improved its enforcement of intellectual property protection in the last five years. The survey of 314 member company representatives between Nov. 13 and Dec. 16 also found more members said enforcement
Amid US-China trade dispute, companies say there’s one area of change Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, intellectual, companies, theres, amid, area, protection, trade, uschina, enforcement, china, beijing, foreign, dispute, rights, say, members, change, property


Amid US-China trade dispute, companies say there's one area of change

While the U.S. and China are locked in a trade dispute over Beijing’s treatment of foreign firms, many foreign companies say there’s one area with some positive change: intellectual property.

The American Chamber of Commerce in China said Tuesday that 59 percent of its members believe Beijing has improved its enforcement of intellectual property protection in the last five years. The survey of 314 member company representatives between Nov. 13 and Dec. 16 also found more members said enforcement in trademark and brand protection improved between 2016 and 2018.

“I think the statistics that we showed indicate that there’s a feeling there’s been a modest improvement in enforcement in the judicial system (on intellectual property rights),” Timothy Stratford, chairman of AmCham China, said during a press conference in Beijing on Tuesday.

While Beijing has generally acted far more slowly than foreign businesses would like, the improvement in sentiment and latest developments do indicate progress in the right direction. Late December last year, Beijing announced that China’s Supreme Court would begin hearing appeals on intellectual property rights cases from January. In the past, those cases were only handled by provincial-level high courts.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: evelyn cheng, qilai shen, bloomberg, getty images
Keywords: news, cnbc, companies, intellectual, companies, theres, amid, area, protection, trade, uschina, enforcement, china, beijing, foreign, dispute, rights, say, members, change, property


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US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism


Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism
US-China trade war: Deal needs enforcement, says Chamber of Commerce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps


US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce.

That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. So far, reports indicate, the two countries have found common ground on China decreasing its trade surplus with the U.S. through more purchases, but sticking points remain on issues such as intellectual property theft and the subsidies Beijing gives to its domestic firms.

Still, even if Trump’s team can realize its goals on those fronts, it will all come down to whether both countries actually live up to their commitments, according to Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce.

“Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. “Implementation and enforcement are going to be two key elements — so you need to have implementation, you need to have follow-through, but you need to have enforcement mechanisms that will ensure that both sides have trust that this deal is sustaining and verifiable.”

Enforcement mechanisms could include a “snapback” in tariffs if China doesn’t live up to the terms of the deal, he said. Another option, according to Brilliant, would be for the U.S. to “delay the reduction of tariffs being reduced from 10 percent down to zero” contingent on Beijing’s adherence to the agreement.

Such measures are unlikely to be well received by the Chinese negotiators, and multiple media reports indicate that remains one of the biggest sticking points in the ongoing discussion. Still, Brilliant emphasized that the business community is hoping some sort of agreement will come together.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps


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Washington said to urge Beijing for a stable currency in trade talks

The United States is reportedly asking China to address the value of the its currency as part of the trade deal. Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request f


The United States is reportedly asking China to address the value of the its currency as part of the trade deal. Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request f
Washington said to urge Beijing for a stable currency in trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: thomas franck, vcg, getty images
Keywords: news, cnbc, companies, aimed, beijing, united, yuan, chinese, urge, talks, states, exports, trade, bloomberg, washington, currency, stable, china


Washington said to urge Beijing for a stable currency in trade talks

The United States is reportedly asking China to address the value of the its currency as part of the trade deal.

The move would be aimed at mediating any effort by the Chinese to devalue the yuan to counter American tariffs, people familiar with the situation told Bloomberg News. The Trump administration has insisted that moves to devalue the yuan to buoy Chinese exports would be countered with additional or more severe American tariffs, sources told Bloomberg News.

Representatives for the two nations resumed overall trade discussions on Tuesday, with follow-up sessions at a higher level scheduled for later in the week, the White House said Monday. Though last week’s deliberations that ended in Beijing concluded without a deal, officials said progress was made on some contentious issues.

U.S. stocks extended their gains Tuesday after President Donald Trump said that the March deadline is not a “magical date,” suggesting the cutoff could be adjusted.

Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. The two sides will also discuss China’s pledge to purchase a substantial amount of goods and services from the United States,” the White House said in a statement.

Meetings between the top brass will start on Thursday and be led by U.S. Trade Representative Robert Lighthizer, a vocal advocate of pressing China to end practices that the U.S. says include forced technology transfers and intellectual property theft.

As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request for comment.

Beijing least year reintroduced measures to stabilize its managed currency, including a calculation method called the counter-cyclical factor (CCF), aimed at keeping the yuan’s daily midpoint fixed to a relatively stable value. But China has faced international pressure in the past for what many deemed unfair manipulation of its currency. Many U.S. economists argue that China’s tampering in years past gave their exports a boost as a weaker yuan made Chinese exports less expensive.

— Click here to read the original Bloomberg News report.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: thomas franck, vcg, getty images
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It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted

What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji


What are those enforceable structural reforms the U.S. wants China to implement? One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules. Beiji
It’s looking like a US-China trade deal is near — and Beijing will get everything it wanted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


It's looking like a US-China trade deal is near — and Beijing will get everything it wanted

How? Trump was apparently (ill) advised that China’s readiness to reduce the bilateral trade imbalance won’t be enough. No, Washington needed to impose on China enforceable structural reforms. Without that, as has been frequently repeated by U.S. Commerce Secretary Wilbur Ross, China’s destabilizing trade surpluses would be back in no time.

What are those enforceable structural reforms the U.S. wants China to implement?

Essentially, there are three: the protection of intellectual property, the outlawing of forced technology transfers and the cessation of illegal, market-distorting industry subsidies.

China denies any of those violations, leading to an apparently insurmountable stalemate.

It was obvious that China would not accept the claim that its economic and industrial revival was based on decades of intellectual property theft and coerced technology transfers. Beijing says that’s slander and part of Washington’s attempts to smear and contain China.

One of the news leaks from last week’s trade negotiations in Beijing is an example of the key blockages. Reportedly, China would make its industry subsidies compliant with the relevant rules of the World Trade Organization, but it is not willing to discuss that with Washington. China wants to work with the WTO to align its policies with existing trade rules and arbitration procedures. The U.S. can participate in those deliberations as any other WTO member.

Washington finds that unacceptable because it wants to keep the “enforcement control” as a trigger for trade tariffs in case it determines that China violated agreed-upon industry subsidy rules.

That is, in a nutshell, the entire U.S.-China trade problem: Beijing rejects the coercion of an American trade “enforcement mechanism” and wants to operate in the multilateral framework of WTO rules.

Those breakdown lines in a months-long technical dialogue are clear and simple. They leave nothing for the American and Chinese heads of state and government to talk about. Beijing seems to understand that, but Washington apparently believes it can still bring China into its own world.

That is an appalling ignorance of China’s statecraft.


Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: dr michael ivanovitch, thomas peter, pool, getty images
Keywords: news, cnbc, companies, industry, uschina, wanted, wants, wto, chinas, near, trade, deal, looking, beijing, washington, china, transfers, apparently


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