The US and China made ‘substantial progress’ at trade talks, Chinese vice premier says

“Stopping the escalation of the trade war benefits China, the U.S and the whole world. It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war. China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth. China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production a


“Stopping the escalation of the trade war benefits China, the U.S and the whole world.
It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war.
China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth.
China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production a
The US and China made ‘substantial progress’ at trade talks, Chinese vice premier says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-19
Keywords: news, cnbc, companies, core, vice, premier, trade, progress, liu, substantial, economic, china, growth, week, sides, chinese, talks, world, war


The US and China made 'substantial progress' at trade talks, Chinese vice premier says

President Donald Trump, right, shakes hands with Liu He, China’s vice premier, during a meeting in the Oval Office of the White House in Washington, D.C., on Friday, Oct. 11, 2019.

Chinese Vice Premier Liu He said on Saturday that will work with the to address each other’s core concerns on the basis of equality and mutual respect, and that stopping the trade war would be good for both sides and the world.

“The two sides have made substantial progress in many fields, laying an important foundation for the signing of a phased agreement,” Liu, also the chief negotiator in the trade talks, told a virtual reality conference in Nanchang, the capital of southeastern Jiangxi province.

“Stopping the escalation of the trade war benefits China, the U.S and the whole world. It’s what producers and consumers alike are hoping for,” Liu said in a rare public speech about the trade war.

China and the United States reached a limited deal last week toward ending the trade war that has roiled global markets and hammered world growth. Both sides are working toward a written agreement.

China’s third-quarter economic growth slowed to an annual 6.0%, its weakest pace in almost three decades as the bruising trade war hit factory production and investment sentiment.

Liu said on Saturday that China will step up investment in core technologies to accelerate economic restructuring, adding economic prospects remain “very bright.”

“We’re not worried about short-term economic volatility. We have every confidence in our ability to meet macroeconomic targets for the year,” he said.

Liu said improved relations between China and the United States benefited the world.

“Growth in Sino-U.S. economic and trade cooperation is connected to peace, stability and prosperity of the whole world,” he said.

“China and the U.S. can meet each other half way, based on equality and mutual respect, addressing each other’s core concerns, striving to create a good environment and achieving both sides’ common goals.”

The International Monetary Fund estimated that a tentative trade deal reached by Washington and Beijing last week could reduce the harm done by tit-for-tat tariffs imposed by both countries over the past 15 months.

Instead of dragging global growth down by 0.8%, the impact might be limited to 0.6%, Managing Director Kristalina Georgieva said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-10-19
Keywords: news, cnbc, companies, core, vice, premier, trade, progress, liu, substantial, economic, china, growth, week, sides, chinese, talks, world, war


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Trump says he hopes US-China trade deal will be signed by mid-November

US President Donald Trump speaks as he arrives at Naval Air Station Joint Reserve Base Forth Worth in Texas on October 17, 2019. U.S. President Donald Trump on Friday said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17. “I think it will get signed quite easily, hopefully by the summit in Chile, where President Xi and I will both be,” Trump told reporters at the White House,


US President Donald Trump speaks as he arrives at Naval Air Station Joint Reserve Base Forth Worth in Texas on October 17, 2019.
U.S. President Donald Trump on Friday said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.
“I think it will get signed quite easily, hopefully by the summit in Chile, where President Xi and I will both be,” Trump told reporters at the White House,
Trump says he hopes US-China trade deal will be signed by mid-November Cached Page below :
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Trump says he hopes US-China trade deal will be signed by mid-November

US President Donald Trump speaks as he arrives at Naval Air Station Joint Reserve Base Forth Worth in Texas on October 17, 2019.

U.S. President Donald Trump on Friday said he thinks a trade deal between the United States and China will be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.

Chinese Vice Premier Liu He will provide Beijing’s perspective on the progress of the talks in a speech on Saturday, according to a tweet from editor-in-chief of the Global Times, a tabloid published by the People’s Daily of China’s ruling Communist Party.

“I think it will get signed quite easily, hopefully by the summit in Chile, where President Xi and I will both be,” Trump told reporters at the White House, without providing details.

“We’re working with China very well,” Trump also said.

The White House has announced that China agreed to buy up to $50 billion of U.S. farm products annually, as part of the first phase of a trade deal, although China seems slow to follow through.

The so-called phase 1 deal was unveiled at the White House last week during a visit by vice premier He as part of a bid to end a tit-for-tat trade war between Beijing and Washington that has roiled markets and hammered global growth.

U.S. officials said a second phase of negotiations could address thornier issues like forced technology transfer and non-financial services issues.


Company: cnbc, Activity: cnbc, Date: 2019-10-19
Keywords: news, cnbc, companies, vice, signed, trade, president, phase, house, midnovember, hopes, trump, china, deal, white, uschina


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From automakers to manufacturers, Chinese businesses face a challenging environment

A Chinese national flag flies in front of a building under construction in the central business district of Beijing, China, on February 1, 2019. Giulia Marchi | Bloomberg | Getty ImagesBEIJING — An early look at the state of some Chinese businesses for the third quarter indicates many companies are still waiting for the worst to blow over. The figure missed analysts’ expectations for what many were already predicting would be a rough quarter for China. Due to the impact of China-U.S. trade tensi


A Chinese national flag flies in front of a building under construction in the central business district of Beijing, China, on February 1, 2019.
Giulia Marchi | Bloomberg | Getty ImagesBEIJING — An early look at the state of some Chinese businesses for the third quarter indicates many companies are still waiting for the worst to blow over.
The figure missed analysts’ expectations for what many were already predicting would be a rough quarter for China.
Due to the impact of China-U.S. trade tensi
From automakers to manufacturers, Chinese businesses face a challenging environment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: evelyn cheng
Keywords: news, cnbc, companies, automakers, businesses, period, challenging, chinese, manufacturers, face, economic, tensions, business, situation, profits, environment, liu, trade, quarter, china


From automakers to manufacturers, Chinese businesses face a challenging environment

A Chinese national flag flies in front of a building under construction in the central business district of Beijing, China, on February 1, 2019. Giulia Marchi | Bloomberg | Getty Images

BEIJING — An early look at the state of some Chinese businesses for the third quarter indicates many companies are still waiting for the worst to blow over. The world’s second-largest economy reported third quarter growth of 6% on Friday. The figure missed analysts’ expectations for what many were already predicting would be a rough quarter for China. Even for China’s giant state-owned enterprises — which are typically less efficient — profits in the first three quarters grew 7.4% from a year ago, according to online government statements. That’s slower than the 8.6% rate in the first half of the year, the data showed. It was not clear how much profits changed in the third quarter alone. For privately run companies, a clearer picture of their ability to maintain profits, or reduce losses, may emerge by the end of the month.”

Due to the impact of China-U.S. trade tensions and domestic structural adjustments, businesses’ operating situation in the third quarter is not as good as the same period last year. Liu Xiangdong China Center for International Economic Exchanges

Amid trade tensions with the U.S. and Beijing’s efforts to reduce reliance on debt for growth, the Chinese government has unveiled a slew of measures to support growth. But whether it’s tax cuts or encouraging lending to privately run enterprises, the new policies have yet to translate into a significant economic boost. “Due to the impact of China-U.S. trade tensions and domestic structural adjustments, businesses’ operating situation in the third quarter is not as good as the same period last year,” Liu Xiangdong, deputy director of the economic research department at the Beijing-based China Center for International Economic Exchanges, said earlier in the week. “However, there’s improvement from the worst period of the first half of the year,” Liu said, according to a CNBC translation of his Mandarin-language remarks. He expects the business situation to gradually improve, especially if China and the U.S. can reach a trade agreement in the fourth quarter.

China’s finance sector

The financial industry may offer some clues into China’s economic health, as it sheds light on how much demand there is for companies to expand their business. “For all banks, no matter small or large, doing business is rather difficult,” said Weng Tao, Beijing-based partner in financial services practices for Oliver Wyman’s Greater China team. That’s according to a CNBC translation of his Mandarin-language remarks. “The customers you could serve, you pretty much already serve,” Weng said. “The points of breakthrough (in business) aren’t that great.” Rather, he noted that greater focus is on how to maintain a stable business, while new government policies or adoption of financial technology will have more effect in the longer term.

Growth sectors remain


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: evelyn cheng
Keywords: news, cnbc, companies, automakers, businesses, period, challenging, chinese, manufacturers, face, economic, tensions, business, situation, profits, environment, liu, trade, quarter, china


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Treasury yields steady as investors digest China data, Brexit developments

U.S. government debt yields held steady Friday as investors digested Chinese data and new Brexit developments. The yield on the benchmark 10-year Treasury note traded just higher at 1.766%, while the yield on the 30-year Treasury bond rose to 2.255%. China posted its weakest growth in nearly three decades, as the U.S.-China trade war hit demand at home and abroad. ET, Dallas Fed President Robert Kaplan will be speaking, followed by Kansas Fed President Esther George at 10:05 a.m. Minneapolis Fed


U.S. government debt yields held steady Friday as investors digested Chinese data and new Brexit developments.
The yield on the benchmark 10-year Treasury note traded just higher at 1.766%, while the yield on the 30-year Treasury bond rose to 2.255%.
China posted its weakest growth in nearly three decades, as the U.S.-China trade war hit demand at home and abroad.
ET, Dallas Fed President Robert Kaplan will be speaking, followed by Kansas Fed President Esther George at 10:05 a.m.
Minneapolis Fed
Treasury yields steady as investors digest China data, Brexit developments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: thomas franck spriha srivastava, thomas franck, spriha srivastava
Keywords: news, cnbc, companies, weakest, investors, speak, yields, steady, developments, digest, data, president, brexit, treasury, fed, yield, expected, china


Treasury yields steady as investors digest China data, Brexit developments

U.S. government debt yields held steady Friday as investors digested Chinese data and new Brexit developments.

The yield on the benchmark 10-year Treasury note traded just higher at 1.766%, while the yield on the 30-year Treasury bond rose to 2.255%. Yields move inversely to prices.

China posted its weakest growth in nearly three decades, as the U.S.-China trade war hit demand at home and abroad. The world’s second-largest economy grew 6% in the third quarter, less than expected, and its weakest pace of expansion in over 27 years.

The downbeat data appeared to offset a global shift in market sentiment on Thursday, after the U.K. and European Union struck a long-awaited Brexit deal. British and EU officials reached the agreement after successive days of late-night talks and almost three years of tense discussions.

British Prime Minister Boris Johnson will now attempt to persuade U.K. lawmakers to back his agreement, ahead of what is expected to be a knife-edge vote on Saturday.

There are a number of Fed speeches expected on Friday. At 9.00 a.m. ET, Dallas Fed President Robert Kaplan will be speaking, followed by Kansas Fed President Esther George at 10:05 a.m. ET at a separate event.

Minneapolis Fed President Neel Kashkari is set to speak at 10:30 a.m. ET at the Federal Home Loan Bank’s annual leadership summit in Bloomington and Federal Reserve Board of Governors Vice Chair Richard Clarida will speak at the CFA Institute conference in Boston.

– CNBC’s Sam Meredith contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: thomas franck spriha srivastava, thomas franck, spriha srivastava
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Walter Isaacson on how American CEOs can best navigate China

Walter Isaacson on how American CEOs can best navigate China1 Hour AgoWalter Isaacson, Tulane professor, and Barry Sternlicht, chairman and CEO of Starwood Capital Group, join “Squawk Box” to discuss the relationship between the Chinese government and big American businesses such as Apple and Facebook.


Walter Isaacson on how American CEOs can best navigate China1 Hour AgoWalter Isaacson, Tulane professor, and Barry Sternlicht, chairman and CEO of Starwood Capital Group, join “Squawk Box” to discuss the relationship between the Chinese government and big American businesses such as Apple and Facebook.
Walter Isaacson on how American CEOs can best navigate China Cached Page below :
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Walter Isaacson on how American CEOs can best navigate China

Walter Isaacson on how American CEOs can best navigate China

1 Hour Ago

Walter Isaacson, Tulane professor, and Barry Sternlicht, chairman and CEO of Starwood Capital Group, join “Squawk Box” to discuss the relationship between the Chinese government and big American businesses such as Apple and Facebook.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: michael kovac, getty images
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NBA salary caps could feel pressure from China rift

The NBA has already suffered “substantial” losses as Chinese businesses distance themselves from the league, Silver said. Chinese state-run television network CCTV suspended its broadcast arrangements for the NBA’s preseason games in China; and Tencent, which owns the digital streaming rights for the NBA in China, also suspended its preseason broadcast agreement. On Thursday, Silver said he told Chinese officials “there’s no chance,” Morey will be fired for speaking his mind. A league executive,


The NBA has already suffered “substantial” losses as Chinese businesses distance themselves from the league, Silver said.
Chinese state-run television network CCTV suspended its broadcast arrangements for the NBA’s preseason games in China; and Tencent, which owns the digital streaming rights for the NBA in China, also suspended its preseason broadcast agreement.
On Thursday, Silver said he told Chinese officials “there’s no chance,” Morey will be fired for speaking his mind.
A league executive,
NBA salary caps could feel pressure from China rift Cached Page below :
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Keywords: news, cnbc, companies, caps, league, losses, feel, silver, salary, nba, china, continue, executive, moreys, rift, officials, pressure, chinese


NBA salary caps could feel pressure from China rift

Reality is setting in for the NBA and its financial losses are “fairly dramatic” after the league refused to fire a team executive who supported anti-government protesters in Hong Kong, commissioner Adam Silver said at the Time 100 Summit event in New York on Thursday.

Silver, 57, made his first public comments in the United States since returning from Shanghai where he previously said he hoped to smooth relations with Chinese officials after Houston Rockets General Manager Daryl Morey’s tweet ignited a political and economic firestorm in China.

The NBA has already suffered “substantial” losses as Chinese businesses distance themselves from the league, Silver said. Chinese state-run television network CCTV suspended its broadcast arrangements for the NBA’s preseason games in China; and Tencent, which owns the digital streaming rights for the NBA in China, also suspended its preseason broadcast agreement.

“I don’t know where we go from here,” Silver said at the summit. “The financial consequences have been and may continue to be fairly dramatic.”

The Chinese government asked the NBA to fire Morey for his now-deleted Oct. 4 tweet. In an Oct. 8 statement, Silver defended Morey’s right to free speech, adding “values of equality, respect and freedom of expression have long defined the NBA – and will continue to do so.”

On Thursday, Silver said he told Chinese officials “there’s no chance,” Morey will be fired for speaking his mind.

“There’s no chance we’ll even discipline him,” Silver said.

A league executive, who asked not to be identified because of the sensitivity of the issue, said it might take the NBA a few months to feel the losses, maybe by next quarter. He said officials have already started best and worst-case projections, hoping they can prepare for any real decline in revenue.

“This is the intersection of money and geopolitics,” the Western Conference executive said. “They are not easy to maneuver.”

Should China continue to blackball the NBA, it could eventually hit the league’s basketball-related income, according to league executives. Any decrease in revenue could put pressure on the salary cap. The 2019-20 cap is already set at roughly $109 million, and next year it could reach $120 million. But that increase is at least partly dependent on its revenue from China, they said.

“They are going to want the NBA back,” the Western Conference executive said. “I don’t think this is permanent. This is, ‘We’re going to cause a pause to make them feel the pain.’ And within the pause, some diplomacy will be necessary.”

Silvers comments come days after Lakers star LeBron James called Morey’s stance “misinformed.” James also received backlash for appearing to support China with his comments. Less than 24 hours after James spoke to reporters in Los Angeles, images surfaced showing his jerseys burning in Hong Kong.

Though the NBA-China partnership is currently strained due to Morey’s tweet, the belief in league circles is the relationship will continue at some point. The thinking is the sport is too popular in the country; hence, the business will recommence.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: jabari young
Keywords: news, cnbc, companies, caps, league, losses, feel, silver, salary, nba, china, continue, executive, moreys, rift, officials, pressure, chinese


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Lawmakers criticize Apple CEO Tim Cook for ‘censorship’ of apps in China

Apple CEO Tim Cook gestures after opening the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City. Lawmakers from both parties in the House and Senate criticized Apple CEO Tim Cook on Friday for “censorship” at the behest of China. Apple said at the time that it had been used to “ambush police” and that it violated Hong Kong law. It recorded $51 billion of its total $265.6 billion in revenue in 2018 from “Greater China,” which includes Hong Kong and Taiwan. WATCH:


Apple CEO Tim Cook gestures after opening the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.
Lawmakers from both parties in the House and Senate criticized Apple CEO Tim Cook on Friday for “censorship” at the behest of China.
Apple said at the time that it had been used to “ambush police” and that it violated Hong Kong law.
It recorded $51 billion of its total $265.6 billion in revenue in 2018 from “Greater China,” which includes Hong Kong and Taiwan.
WATCH:
Lawmakers criticize Apple CEO Tim Cook for ‘censorship’ of apps in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: kif leswing
Keywords: news, cnbc, companies, hong, ceo, apps, cook, chinese, kong, tom, lawmakers, censorship, china, app, used, tim, criticize, apple, letter


Lawmakers criticize Apple CEO Tim Cook for 'censorship' of apps in China

Apple CEO Tim Cook gestures after opening the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.

Lawmakers from both parties in the House and Senate criticized Apple CEO Tim Cook on Friday for “censorship” at the behest of China.

The politicians were referring to an episode last week in which Apple removed an app called HKmap.live used by people during the pro-democracy protests to identify where roadblocks or police activity was taking place. Apple said at the time that it had been used to “ambush police” and that it violated Hong Kong law.

The letter was signed by Senators Ted Cruz (R-TX), Ron Wyden (D-OR), Tom Cotton (R-AR) and Marco Rubio (R-FL). It was signed by Representatives Alexandria Ocasio-Cortez (D-NY), Mike Gallagher (R-WI), and Tom Malinowski (D-NJ).

“We write to express our strong concern about Apple’s censorship of apps, including a prominent app used by protesters in Hong Kong, at the behest of the Chinese government,” they wrote in the letter.

“You have said publicly that you want to work with China’s leaders to effect change rather than sit on the sidelines and yell at them,” the letter said. “We, too, believe that diplomacy and trade can be democratizing forces. But when a repressive government refuses to evolve or, indeed, when it doubles down, cooperation can become complicity.”

The letter also mentions a 2017 episode in which several virtual private network apps used by some to circumvent the Chinese content firewall were removed from Apple’s App Store. Cruz criticized Apple at the time in a letter and series of questions.

Apple has extensive business in China. It recorded $51 billion of its total $265.6 billion in revenue in 2018 from “Greater China,” which includes Hong Kong and Taiwan. Its supply chain that produces over 200 million iPhones per year is also largely based in China. Cook met with a Chinese administrator on Thursday, according to Reuters.

Apple didn’t immediately return a request for comment.

WATCH: A look at how Apple is pricing its iPhone 11 in China


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: kif leswing
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China says its economy grew 6% in the third quarter, slower than expected

In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll. China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records. China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard. Recent data out of China has not been upbeat and anal


In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll.
China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records.
China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard.
Recent data out of China has not been upbeat and anal
China says its economy grew 6% in the third quarter, slower than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: huileng tan
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China says its economy grew 6% in the third quarter, slower than expected

A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.

“There is no doubt that the downturn is serious,” Varathan added in a note on Monday sent before the data.

China’s GDP has fallen sharply since the first quarter of 2018 when it grew 6.8% due to credit tightening and the country’s trade dispute with the U.S., said Vishnu Varathan, head of economics and strategy for the Asia and Oceania Treasury Department at Mizuho Bank.

In the second quarter of 2019, China’s statistics bureau said the economy grew 6.2% from a year ago, as the country’s trade war with the U.S. took its toll.

China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — the lowest in at least 27-1/2 years, according to Reuters records.

Economists are pessimistic about the immediate outlook for China even though there were some bright spots in the September data points released on Friday, with retail sales up 7.8% from a year ago and industrial output rising 5.8% in the same period. Fixed asset investment rose 5.4% from January to September.

“Despite a stronger September, pressure on economic activity should intensify in the coming months,” said Julian Evans-Pritchard, senior China economist at Capital Economics.

“Cooling global demand will continue to weigh on exports, fiscal constraints mean that infrastructure spending will wane in the near-term and the recent boom in property construction looks set to unwind,” added in a note.

China’s growth is likely to continue to slow in the next two quarters, said Bo Zhuang, chief China economist at TS Lombard.

That comes as real output growth in services has slowed aggressively in the last few months, Zhuang told CNBC’s “Street Signs.”

Zhuang expects China’s growth to slow to 5.8% in the fourth-quarter of the year, with the country’s full-year growth target to be 6.1%.

“Given the trade talks and the conflict with the U.S., Chinese authorities are accepting lower growth rate,” said Zhuang.

Although Beijing’s official GDP figures are tracked as an indicator of the health of the world’s second-largest economy, many outside experts have long expressed skepticism about the veracity of China’s reports.

Recent data out of China has not been upbeat and analysts, including Evans-Pritchard and Zhuang, expect economic stimulus measures to be rolled out soon.

China’s import and export data for September came in worse than expected amid the country’s trade friction with the U.S.

The two economic giants have been embroiled in a trade dispute for more than a year, with each country applying tariffs on billions of dollars worth of goods from the other.

The latest round of trade talks between the world’s two largest economies ended late last week in Washington, D.C. After the meeting, the U.S. said it would suspend a tariff increase on Chinese goods that were supposed to take effect on Tuesday this week.

U.S. President Donald Trump said China agreed to a “very substantial phase one deal” that will be written over the next three weeks. Trump also said the deal would address intellectual property and financial services concerns, as well as Chinese purchases of about $40 billion to $50 billion U.S. agricultural products.

CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: huileng tan
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China’s pork shortage could give US farmers a chance to cash in

Pigs raised by farmers are seen at Linquan county on December 5, 2018 in Fuyang, Anhui Province of China. Prices have nearly doubled, and publicly available data indicate China’s production of pork this year will likely fall a few million tons short of demand. In December, a kilogram of pork cost about 22.50 yuan, or $1.46 a pound, according to Beijing-based BRIC-Agri Info. According to a CNBC translation of his Mandarin-language remarks, He said the Chinese will show their sincerity by increasi


Pigs raised by farmers are seen at Linquan county on December 5, 2018 in Fuyang, Anhui Province of China.
Prices have nearly doubled, and publicly available data indicate China’s production of pork this year will likely fall a few million tons short of demand.
In December, a kilogram of pork cost about 22.50 yuan, or $1.46 a pound, according to Beijing-based BRIC-Agri Info.
According to a CNBC translation of his Mandarin-language remarks, He said the Chinese will show their sincerity by increasi
China’s pork shortage could give US farmers a chance to cash in Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: evelyn cheng lilian wu, evelyn cheng, lilian wu
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China's pork shortage could give US farmers a chance to cash in

Pigs raised by farmers are seen at Linquan county on December 5, 2018 in Fuyang, Anhui Province of China. Visual China Group | Getty Images

BEIJING — China needs more pork imports than ever as the country grapples with an outbreak of a swine disease — and that could become a business opportunity for U.S. farmers if the two countries can reach an agreement on trade. African swine fever hit Chinese pig farms last year, causing a severe shortage in the meat that is a staple for hundreds of millions of Chinese households. Prices have nearly doubled, and publicly available data indicate China’s production of pork this year will likely fall a few million tons short of demand. In December, a kilogram of pork cost about 22.50 yuan, or $1.46 a pound, according to Beijing-based BRIC-Agri Info. By last week, a kilogram of pork had jumped to 42.46 yuan, or $2.75 a pound, according to figures released by the Ministry of Commerce. At the same time, one of the U.S. demands in ongoing trade negotiations is that China purchases billions of dollars’ worth of American farm products. At the conclusion of the latest round of trade talks last week, U.S. President Donald Trump said China agreed to a “very substantial phase one deal” that includes purchases of about $40 billion to $50 billion American agricultural products. Beijing has yet to publicly confirm the figure.

China to buy US farm products

The phased aspect of the deal is encouraging to the Chinese side, said He Weiwen, executive council member of the China Association of International Trade, which comes under the leadership of the Ministry of Commerce. According to a CNBC translation of his Mandarin-language remarks, He said the Chinese will show their sincerity by increasing purchases of American agricultural products. However, there’s a catch. It’s become increasingly clear that Beijing would like to push the U.S. to remove the tariffs it’s applied on billions of dollars’ worth of Chinese goods. “If China has promised to buy agricultural products, but the U.S. only delays the additional tariffs instead of lifting them, then it doesn’t make much sense to China,“ He said. “This is the crucial point.”

On Thursday, China’s Ministry of Commerce spokesperson Gao Feng emphasized that Beijing would like the U.S. to cancel all additional tariffs in order to reach a final deal on trade. Gao noted that Chinese companies are increasing their purchases of American agricultural products according to market needs and market-based principles, and that the two trade delegations remain in communication with hope of reaching a phased agreement as soon as possible. “I think there will be talk for more pork purchase,” He said earlier in the week, noting he does not speak on behalf of the Chinese government. “China’s soybean shortage is not that big. China can cope with it by adjusting feed formula.” Soybeans are used as animal feed in China and a shrinking pig herd is dampening demand for the oilseed.

China’s import of US pork

U.S. pork accounted for about 14% of Chinese imports of the meat in 2017, about the same as the year before, according to CNBC analysis of Chinese customs data complied by BRIC Agri-Info Group. That proportion dropped to 8% in 2018 as trade tensions escalated, falling as low as 2% in the fourth quarter of last year, the analysis showed. As of May 2019, the data showed U.S. pork recovered a market share of about 8%, still far short of pre-trade war levels. US market share of China pork imports, % by year Source: BRIC Agri-Info, China Customs That gap potentially creates an opportunity for American farmers, such as those from the nation’s largest pork producing state of Iowa.

Pork prices to remain high for now


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: evelyn cheng lilian wu, evelyn cheng, lilian wu
Keywords: news, cnbc, companies, chinese, agricultural, chinas, pork, chance, according, purchases, farmers, china, shortage, products, week, american, cash, trade


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Apple CEO meets China regulator after pulling Hong Kong app

Apple CEO Tim Cook met the chief of China’s market regulator in Beijing on Thursday, the Chinese agency said, a week after the U.S. firm was thrust into the midst of political tensions between the mainland and protesters in Hong Kong. Apple last week removed from its app store an app that helped Hong Kong protesters track police movements after a Chinese state newspaper sharply criticized it for allowing the software. The company said the app, HKmap.live, was used to target the police. Cook had


Apple CEO Tim Cook met the chief of China’s market regulator in Beijing on Thursday, the Chinese agency said, a week after the U.S. firm was thrust into the midst of political tensions between the mainland and protesters in Hong Kong.
Apple last week removed from its app store an app that helped Hong Kong protesters track police movements after a Chinese state newspaper sharply criticized it for allowing the software.
The company said the app, HKmap.live, was used to target the police.
Cook had
Apple CEO meets China regulator after pulling Hong Kong app Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18
Keywords: news, cnbc, companies, market, apple, chinese, app, state, mainland, hong, china, ceo, week, meets, regulator, cook, pulling, kong, protesters


Apple CEO meets China regulator after pulling Hong Kong app

Apple CEO Tim Cook met the chief of China’s market regulator in Beijing on Thursday, the Chinese agency said, a week after the U.S. firm was thrust into the midst of political tensions between the mainland and protesters in Hong Kong.

Apple last week removed from its app store an app that helped Hong Kong protesters track police movements after a Chinese state newspaper sharply criticized it for allowing the software. The company said the app, HKmap.live, was used to target the police.

Cook had defended the removal in the face of criticism for appeasing mainland China, telling Apple workers that “this decision best protects our users.”

China’s State Administration for Market Regulation said in a statement on its website that its chief, Xiao Yaqing, and Cook discussed topics including Apple expanding investment in China, consumer rights protection and fulfilling corporate social responsibility. It did not give more details.

Apple did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-10-18
Keywords: news, cnbc, companies, market, apple, chinese, app, state, mainland, hong, china, ceo, week, meets, regulator, cook, pulling, kong, protesters


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