China steps up US soybean purchases as trade talks drag on

China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade. Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S. U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties. Reports and official Commerce Ministry statements indi


China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade.
Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S.
U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties.
Reports and official Commerce Ministry statements indi
China steps up US soybean purchases as trade talks drag on Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: evelyn cheng
Keywords: news, cnbc, companies, soybean, purchases, china, imports, drag, talks, tariffs, chinas, trade, chinese, steps, according, soybeans


China steps up US soybean purchases as trade talks drag on

China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade.

Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S. Soybean Export Council. That’s based on analysis of Chinese and U.S. data.

U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties.

As a result, all Chinese purchases of U.S. soybeans this year occurred through specific arrangements, outside normal trade channels that would otherwise subject the imports to retaliatory tariffs of about 30%, Zhang said in a phone interview Monday.

That trend was made public on Friday, when China’s Ministry of Finance said on its website, according to CNBC’s translation of the Chinese text, that Chinese companies “independently import” certain amounts of U.S. commodities and that the government is working on waiving tariffs for some U.S. soybeans, pork and other commodities, based on company applications.

In the past, Beijing has tended to describe its U.S. agricultural purchases in vague terms, such as “according to Chinese market needs and market-based principles.”

The world’s two largest economies have been embroiled in a trade conflict for more than a year, with each country applying tariffs to billions of dollars’ worth of goods from the other.

While both sides remain far apart on issues such as the role of the state in China’s economy, the two delegations decided in October to work toward a “phase-one” agreement. Reports and official Commerce Ministry statements indicate that reaching such a deal involves agreeing on greater Chinese purchases of U.S. agricultural products, and a rollback of retaliatory tariffs.

Chinese exports to the U.S. dropped 23% in November — the lowest single-month growth rate on record, after adjusting for the lunar year holiday — but imports rose 2.7%, the first increase since August 2018, according to China customs data accessed via the Wind Financial database.

Ting Lu, chief China economist at Nomura, said in a note Monday that he attributed the increase in imports to a low comparison base, more agricultural imports from the U.S. amid the trade negotiations, and potential front-loading of imports from the U.S. given China’s plans to retaliate to American duties set to take effect Dec. 15.

China’s overall soybean imports rose 53.9% in November to 8.278 million tons, their highest since August, according to China customs data accessed via the Wind Financial database.


Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: evelyn cheng
Keywords: news, cnbc, companies, soybean, purchases, china, imports, drag, talks, tariffs, chinas, trade, chinese, steps, according, soybeans


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China steps up US soybean purchases as trade talks drag on

China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade. Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S. U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties. Reports and official Commerce Ministry statements indi


China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade.
Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S.
U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties.
Reports and official Commerce Ministry statements indi
China steps up US soybean purchases as trade talks drag on Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: evelyn cheng
Keywords: news, cnbc, companies, soybean, chinese, soybeans, steps, drag, according, trade, china, purchases, tariffs, imports, talks, chinas


China steps up US soybean purchases as trade talks drag on

China is buying more U.S. soybeans, as both countries try to reach an initial agreement on trade.

Between September and November this year, Chinese imports of American soybeans increased 13 times from the same period last year, according to Xiaoping Zhang, Greater China Regional Director for the U.S. Soybean Export Council. That’s based on analysis of Chinese and U.S. data.

U.S. soybean exports to China dropped off sharply in the second half of last year after Beijing retaliated to U.S. tariffs with its own duties.

As a result, all Chinese purchases of U.S. soybeans this year occurred through specific arrangements, outside normal trade channels that would otherwise subject the imports to retaliatory tariffs of about 30%, Zhang said in a phone interview Monday.

That trend was made public on Friday, when China’s Ministry of Finance said on its website, according to CNBC’s translation of the Chinese text, that Chinese companies “independently import” certain amounts of U.S. commodities and that the government is working on waiving tariffs for some U.S. soybeans, pork and other commodities, based on company applications.

In the past, Beijing has tended to describe its U.S. agricultural purchases in vague terms, such as “according to Chinese market needs and market-based principles.”

The world’s two largest economies have been embroiled in a trade conflict for more than a year, with each country applying tariffs to billions of dollars’ worth of goods from the other.

While both sides remain far apart on issues such as the role of the state in China’s economy, the two delegations decided in October to work toward a “phase-one” agreement. Reports and official Commerce Ministry statements indicate that reaching such a deal involves agreeing on greater Chinese purchases of U.S. agricultural products, and a rollback of retaliatory tariffs.

Chinese exports to the U.S. dropped 23% in November — the lowest single-month growth rate on record, after adjusting for the lunar year holiday — but imports rose 2.7%, the first increase since August 2018, according to China customs data accessed via the Wind Financial database.

Ting Lu, chief China economist at Nomura, said in a note Monday that he attributed the increase in imports to a low comparison base, more agricultural imports from the U.S. amid the trade negotiations, and potential front-loading of imports from the U.S. given China’s plans to retaliate to American duties set to take effect Dec. 15.

China’s overall soybean imports rose 53.9% in November to 8.278 million tons, their highest since August, according to China customs data accessed via the Wind Financial database.


Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: evelyn cheng
Keywords: news, cnbc, companies, soybean, chinese, soybeans, steps, drag, according, trade, china, purchases, tariffs, imports, talks, chinas


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China gives little indication US trade talks are progressing

Chinese Ministry of Commerce spokesman Gao Feng speaks at a press conference in Beijing, days ahead of an imminent US-China trade war, on July 5, 2018. BEIJING — China’s official spokespeople are keeping quiet on trade talks with the U.S. amid growing uncertainty on when even a phase-one agreement can be reached. “China believes if both sides reach a phase-one agreement, relevant tariffs must be lowered,” Gao Feng, Ministry of Commerce spokesman, said Thursday, according to a CNBC translation of


Chinese Ministry of Commerce spokesman Gao Feng speaks at a press conference in Beijing, days ahead of an imminent US-China trade war, on July 5, 2018.
BEIJING — China’s official spokespeople are keeping quiet on trade talks with the U.S. amid growing uncertainty on when even a phase-one agreement can be reached.
“China believes if both sides reach a phase-one agreement, relevant tariffs must be lowered,” Gao Feng, Ministry of Commerce spokesman, said Thursday, according to a CNBC translation of
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Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: evelyn cheng
Keywords: news, cnbc, companies, commerce, gao, tariffs, china, ministry, feng, gives, spokesman, indication, talks, details, progressing, trade, provide, little, phaseone


China gives little indication US trade talks are progressing

Chinese Ministry of Commerce spokesman Gao Feng speaks at a press conference in Beijing, days ahead of an imminent US-China trade war, on July 5, 2018.

BEIJING — China’s official spokespeople are keeping quiet on trade talks with the U.S. amid growing uncertainty on when even a phase-one agreement can be reached.

“China believes if both sides reach a phase-one agreement, relevant tariffs must be lowered,” Gao Feng, Ministry of Commerce spokesman, said Thursday, according to a CNBC translation of his Mandarin-language remarks.

The comments reiterated the position Beijing has expressed in the last few weeks, since both countries indicated a rollback of tariffs would be part of a so-called phase-one agreement.

On Thursday, Gao noted both trade delegations remain in communication, but disclosed few additional details about the negotiations.

He did not provide a direct response when asked about China’s view on additional U.S. tariffs, which are set to take effect Dec. 15. Gao also did not provide details on the unreliable entities list. The commerce ministry raised the threat of such a designation in late May, shortly after U.S. President Donald Trump’s administration put Chinese telecommunications giant Huawei on a blacklist that effectively prevents it from buying from American suppliers.


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: evelyn cheng
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Economist tells newspaper he was forced out from Chinese bank because he’s a Hong Konger

Buildings along Victoria Harbor at night in Hong Kong, on April 29, 2019. Law Ka-chung stepped down as chief economist at the Hong Kong unit of a Chinese state-owned bank and has alleged he was forced to do so because he is a native of Hong Kong, the Financial Times reported on Tuesday. Law spent 14 years at the Bank of Communications before being forced to resign in October, the article said. “They don’t think it’s appropriate for a Hong Kong guy to speak on behalf of a Chinese bank,” Law told


Buildings along Victoria Harbor at night in Hong Kong, on April 29, 2019.
Law Ka-chung stepped down as chief economist at the Hong Kong unit of a Chinese state-owned bank and has alleged he was forced to do so because he is a native of Hong Kong, the Financial Times reported on Tuesday.
Law spent 14 years at the Bank of Communications before being forced to resign in October, the article said.
“They don’t think it’s appropriate for a Hong Kong guy to speak on behalf of a Chinese bank,” Law told
Economist tells newspaper he was forced out from Chinese bank because he’s a Hong Konger Cached Page below :
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Keywords: news, cnbc, companies, newspaper, economist, victoria, unit, hong, kong, communications, tells, tuesdaylaw, told, chinese, forced, bank, hes, konger


Economist tells newspaper he was forced out from Chinese bank because he's a Hong Konger

Buildings along Victoria Harbor at night in Hong Kong, on April 29, 2019.

Law Ka-chung stepped down as chief economist at the Hong Kong unit of a Chinese state-owned bank and has alleged he was forced to do so because he is a native of Hong Kong, the Financial Times reported on Tuesday.

Law spent 14 years at the Bank of Communications before being forced to resign in October, the article said.

“They don’t think it’s appropriate for a Hong Kong guy to speak on behalf of a Chinese bank,” Law told the newspaper. The report noted it was his first interview with an international English-language media organization since being asked to resign.

The Bank of Communications did not immediately respond to a CNBC request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: evelyn cheng
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China’s overseas financial links deepen despite trade tensions with US

U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019. Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States. “Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.” The Chinese governm


U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019.
Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States.
“Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.”
The Chinese governm
China’s overseas financial links deepen despite trade tensions with US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: evelyn cheng
Keywords: news, cnbc, companies, chinas, trade, yuan, foreign, overseas, investors, china, international, financial, tensions, deepen, chinese, despite, issuance, local, links


China's overseas financial links deepen despite trade tensions with US

U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019.

Foreign money is still betting on China, regardless of a slowdown in its economic growth, or tense trade negotiations with the United States.

As global bond yields remain low, investors clamored for China’s biggest ever international sovereign bond sale on Tuesday, with orders for the $6 billion raise reaching 3.6 times the issuance, according to China’s Ministry of Finance.

“We still have a lot of investors who have confidence in investing in China,” Frank Zheng, head of international fixed income at China Asset Management Company, said in a phone interview Thursday, according to a CNBC translation of his Mandarin-language remarks.

The issuance yields for the four tranches of bonds ranged from 1.929% for a three-year term to 2.881% for a 20-year term, the finance ministry said.

“The tight spreads achieved provides a very positive signal on China’s fundamentals from an international investor’s perspective,” Rong Ren Goh, portfolio manager in Eastspring Investments’ fixed income team, said in an email. “Beyond financial considerations, this issuance also reflects China’s ongoing efforts to integrate itself into global financial markets, and delivers a strong message that it welcomes foreign investors.”

The Chinese government has picked up the pace of a long-touted opening of the local financial industry to foreign investors, peeling back limits on foreign stakes and quotas for foreign securities investment. The moves come as Beijing is under pressure from the U.S. to improve foreign access to Chinese markets, and needs to attract more capital into the local market.

Zhao Bowen, research director at Beijing-based Blue Stone Asset Management, pointed out that in the third quarter, China’s non-reserve financial assets broke a trend of running a surplus and instead posted a significant deficit that was greater than the current account surplus. Zhao also noted how trade tensions with the U.S. pushed the yuan weaker, giving Beijing more incentive to attract foreign capital.

While the majority of China’s debt (which has soared to a more-than-300% debt-to-GDP ratio) is denominated in local currency, Beijing needs U.S. dollars and other major foreign currencies for doing business with other countries, as the internationalization of the yuan makes slow progress.


Company: cnbc, Activity: cnbc, Date: 2019-11-29  Authors: evelyn cheng
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China accuses US of ‘sinister intentions’ after Trump signs bills supporting Hong Kong protesters

China’s Ministry of Foreign Affairs said Thursday the U.S. has “sinister intentions” and its “plot” is “doomed to fail,” after President Donald Trump signed two bills supporting Hong Kong protesters into law. In a statement released by the White House, Trump said, “I signed these bills out of respect for President Xi, China, and the people of Hong Kong. Beijing’s statements came just hours after Trump signed the Hong Kong Human Rights and Democracy Act of 2019 into law. He also signed another bi


China’s Ministry of Foreign Affairs said Thursday the U.S. has “sinister intentions” and its “plot” is “doomed to fail,” after President Donald Trump signed two bills supporting Hong Kong protesters into law.
In a statement released by the White House, Trump said, “I signed these bills out of respect for President Xi, China, and the people of Hong Kong.
Beijing’s statements came just hours after Trump signed the Hong Kong Human Rights and Democracy Act of 2019 into law.
He also signed another bi
China accuses US of ‘sinister intentions’ after Trump signs bills supporting Hong Kong protesters Cached Page below :
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Keywords: news, cnbc, companies, china, systems, bills, hong, country, trump, kong, signed, sinister, signs, underestimate, statement, bill, protesters, supporting, president, intentions


China accuses US of 'sinister intentions' after Trump signs bills supporting Hong Kong protesters

China’s President Xi Jinping and US President Donald Trump during a meeting outside the Great Hall of the People in Beijing.

China’s Ministry of Foreign Affairs said Thursday the U.S. has “sinister intentions” and its “plot” is “doomed to fail,” after President Donald Trump signed two bills supporting Hong Kong protesters into law.

State media also published a statement from the Hong Kong liaison office, emphasizing its commitment to defending its “one country, two systems” policy.

“We are officially telling the U.S. and the handful of opposition politicians in Hong Kong who follow America’s lead to not underestimate our determination to protect Hong Kong’s prosperity and stability, don’t underestimate our belief to protect the ‘one country, two systems policy’ and don’t underestimate our capabilities and strategies in protecting our country’s sovereignty, safety, growth and rights,” the office said, according to a CNBC translation of an online-Chinese language statement.

Hong Kong is a semi-autonomous territory which operates under the “one country, two systems” principle — a structure that grants the city’s citizens some degree of financial and legal independence from the mainland.

In a statement released by the White House, Trump said, “I signed these bills out of respect for President Xi, China, and the people of Hong Kong. They are being enacted in the hope that Leaders and Representatives of China and Hong Kong will be able to amicably settle their differences leading to long term peace and prosperity for all.”

Beijing’s statements came just hours after Trump signed the Hong Kong Human Rights and Democracy Act of 2019 into law. That bill would require the State Department to certify once a year that Hong Kong is sufficiently autonomous to retain its special U.S. trading consideration — a status that helps its economy. He also signed another bill banning the sale of munitions like tear gas and rubber bullets to Hong Kong police.

“This so-called bill will only make the Chinese people, including our compatriots in Hong Kong, further understand the sinister intentions and hegemonic nature of the United States. It will only make the Chinese people more united and make the American plot doomed to fail,” China’s foreign ministry said in an online Chinese-language statement Thursday, according to a CNBC translation.


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China’s top trade negotiator Liu He talks to Lighthizer, Mnuchin about ‘resolving core issues’

Chinese President Xi Jinping and President Donald Trump at the G-20 Summit in Osaka on June 29, 2019. The leaders of the U.S.-China trade negotiations held another phone call on Tuesday morning, China’s Ministry of Commerce said in an online statement. Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the statement said. Xi also said China holds a “positive attitude” toward the trade talks, the report said. Pres


Chinese President Xi Jinping and President Donald Trump at the G-20 Summit in Osaka on June 29, 2019.
The leaders of the U.S.-China trade negotiations held another phone call on Tuesday morning, China’s Ministry of Commerce said in an online statement.
Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the statement said.
Xi also said China holds a “positive attitude” toward the trade talks, the report said.
Pres
China’s top trade negotiator Liu He talks to Lighthizer, Mnuchin about ‘resolving core issues’ Cached Page below :
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Keywords: news, cnbc, companies, trump, chinese, resolving, lighthizer, talks, according, core, commerce, issues, liu, president, phase, trade, china, negotiator, mnuchin, chinas


China's top trade negotiator Liu He talks to Lighthizer, Mnuchin about 'resolving core issues'

Chinese President Xi Jinping and President Donald Trump at the G-20 Summit in Osaka on June 29, 2019.

The leaders of the U.S.-China trade negotiations held another phone call on Tuesday morning, China’s Ministry of Commerce said in an online statement.

“Both sides discussed resolving core issues of common concern, reached consensus on how to resolve related problems (and) agreed to stay in contact over remaining issues for a phase one agreement,” the Chinese-language statement said, according to a CNBC translation.

Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the statement said.

Also joining the call were Chinese Commerce Minister Zhong Shan, People’s Bank of China Governor Yi Gang and Ning Jizhe, vice chairman of China’s top economic planning body, the National Development and Reform Commission, according to the Commerce Ministry.

Trade tensions between the world’s two largest economies have persisted for more than a year, with both countries applying tariffs to billions of dollars’ worth of goods from the other. Rather than address at once all the points of U.S. complaints — which range from bilateral trade to China’s state-dominated economic structure — both sides are first trying to reach a so-called “phase one” agreement.

China has said any such deal will require a rollback of tariffs, while the U.S. would like to ensure that Beijing will increase its purchases of American agricultural products.

On Friday, Chinese President Xi Jinping told a U.S. business delegation visiting Beijing that China wants “to work for a phase one agreement on the basis of mutual respect and equality,” according to an Associated Press report.

Xi also said China holds a “positive attitude” toward the trade talks, the report said. “When necessary we will fight back but we have been working actively to try not to have a trade war.”

President Donald Trump on Friday said on the television program “Fox and Friends” that a long-negotiated trade deal with China is “potentially very close.”


Company: cnbc, Activity: cnbc, Date: 2019-11-26  Authors: evelyn cheng
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Self-driving trucks likely to hit the roads before passenger cars

GUANGZHOU, China — As the hype over self-driving vehicles begins to wear a bit thin, it looks like the technology will come to trucks more quickly than passenger cars. Chinese autonomous driving company Pony.ai, which also has an office in California, has focused on applying the technology to passenger vehicles. In the months since, two companies that also straddle China and California but focus on self-driving trucks have brought in at least twice the amount of capital. Pony.ai is testing nearl


GUANGZHOU, China — As the hype over self-driving vehicles begins to wear a bit thin, it looks like the technology will come to trucks more quickly than passenger cars.
Chinese autonomous driving company Pony.ai, which also has an office in California, has focused on applying the technology to passenger vehicles.
In the months since, two companies that also straddle China and California but focus on self-driving trucks have brought in at least twice the amount of capital.
Pony.ai is testing nearl
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Self-driving trucks likely to hit the roads before passenger cars

GUANGZHOU, China — As the hype over self-driving vehicles begins to wear a bit thin, it looks like the technology will come to trucks more quickly than passenger cars. Chinese autonomous driving company Pony.ai, which also has an office in California, has focused on applying the technology to passenger vehicles. Its latest funding round in April brought in $50 million, according to Crunchbase. In the months since, two companies that also straddle China and California but focus on self-driving trucks have brought in at least twice the amount of capital. TuSimple has raised $120 million since June, while Plus.ai raised $200 million in August, according to Crunchbase.

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“Overall, the funding situation for us (has) definitely cooled (down) a little bit, but definitely not dried up,” James Peng, co-founder and CEO of Pony.ai, said Tuesday at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China. Peng noted the company has focused more recently on strategic partnerships. As for trucks, Pony.ai announced in April the company had been testing autonomous driving for 16 weeks with a 10-person team. No further details were available when contacted this week by CNBC. Pony.ai is testing nearly 30 self-driving passenger vehicles in Nansha and they are able to navigate rush hour traffic, Peng said on Tuesday. Speaking on the same panel, Nasdaq Asia-Pacific Chairman Robert McCooey then jumped in. “Isn’t, at the end of the day, the nirvana is not autonomous driving vehicles for us. It’s long-haul trucks and things of that nature,” he said. “That’s where the real benefit is.”

TuSimple self-driving truck Source: TuSimple


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Fallout from US-China trade conflict could be ‘even worse’ than WWI, Kissinger says

China is a major economic country, and so are we. “China is a major economic country, and so are we. “Therefore, if conflict is permitted to develop unconstrained, the outcome could be even worse than it was in Europe,” he said, referring to World War I. “So China will be a big part of the global financial picture in decades to come.” “For the IMF, it is critical that we can have the financial strength to serve the center of the global financial safety net,” IMF Managing Director Kristalina Geor


China is a major economic country, and so are we.
“China is a major economic country, and so are we.
“Therefore, if conflict is permitted to develop unconstrained, the outcome could be even worse than it was in Europe,” he said, referring to World War I.
“So China will be a big part of the global financial picture in decades to come.”
“For the IMF, it is critical that we can have the financial strength to serve the center of the global financial safety net,” IMF Managing Director Kristalina Geor
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Fallout from US-China trade conflict could be 'even worse' than WWI, Kissinger says

Win McNamee | Getty Images

BEIJING — The close economic and financial ties between the U.S. and China create potentially greater risks for America’s global clout if the two countries separate further. “We are still in the foothills of a Cold War,” Henry Kissinger, former U.S. Secretary of State, said Thursday at Bloomberg’s New Economy Forum in Beijing. Rivalry with China has not escalated to the same level the United States had with the Soviet Union, “but we also don’t have forward negotiations to reduce the political conflict,” Kissinger said. Trade tensions between the U.S. and China escalated in the last year, bringing years of growing American concerns against the Chinese Communist government to the forefront of a global debate. U.S. President Donald Trump’s administration has applied tariffs to billions of dollars’ worth of Chinese goods and put several major Chinese technology companies on blacklists that effectively prevent them from buying from their American suppliers.

China is a major economic country, and so are we. And so we are bound to step on each other’s toes all over the world… Henry Kissinger former U.S. Secretary of State

Beijing has countered with tariffs of its own, while pushing ahead with campaigns such as the Belt and Road Initiative — a regional infrastructure development program seen by many as Chinese President Xi Jinping’s effort to increase China’s influence. “China is a major economic country, and so are we. And so we are bound to step on each other’s toes all over the world, in the sense of being conscious of the purposes of the other,” Kissinger said. “Therefore, if conflict is permitted to develop unconstrained, the outcome could be even worse than it was in Europe,” he said, referring to World War I.

China or US? Countries may have to choose

While global stock markets wait apprehensively for the U.S. and China to reach a so-called “phase-one” trade agreement in the next few months, tariffs and overall uncertainty have raised the pressure on businesses to consider how they handle operations between the two largest economies in the world. Many worry about a “tech cold war” in which innovation and technological systems develop separately in the U.S. and China. For former U.S. Treasury Secretary Hank Paulson, the greater concern is that such a divide ultimately forces countries to choose to work with China over the U.S. “I’m not aware of any country that is prepared to abandon a commercial and technology relationship with China,” Paulson said in a separate speech Thursday at the New Economy Forum. “If third countries hop on board with Chinese standards, then China alone will end up with access to these markets, leaving the United States in the cold.”

The same argument holds true for the financial industry, he said, eventually threatening New York’s role as the world’s financial center, while helping other cities like Tokyo — and ultimately Shanghai — fill that gap. “Unless something goes terribly wrong in China, no other nation will wish to decouple from its financial markets,” Paulson said. “So China will be a big part of the global financial picture in decades to come.” Earlier on Thursday, Chinese Premier Li Keqiang and the leaders of the World Bank, International Monetary Fund (IMF) and World Trade Organization, among other organizations, held a press conference in Beijing after their fourth roundtable meeting. “For the IMF, it is critical that we can have the financial strength to serve the center of the global financial safety net,” IMF Managing Director Kristalina Georgieva said. “We are very grateful to our shareholders, very grateful to China, for bringing up our financial resources to $1 trillion so we have a cushion — should we need it. And of course, working together, we may not need that cushion.”

Chinese Premier Li Keqiang and the leaders of the six major international economic and financial institutions held a press conference in Beijing after their fourth roundtable meeting. Evelyn Cheng | CNBC


Company: cnbc, Activity: cnbc, Date: 2019-11-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, kissinger, fallout, china, world, conflict, major, uschina, chinese, economic, countries, worse, trade, global, war, financial, wwi


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China says ‘external rumors’ about the trade talks are not accurate

Gao also said “external rumors” about the trade talks are not accurate, and noted the two trade delegations remain in close communication. BEIJING — Expectations are rising for a first-stage trade agreement between China and the U.S., despite no clarity on when leaders of the two countries can meet to seal a deal. Separately on Thursday, Bloomberg reported, citing unnamed sources, that China’s lead trade negotiator Liu He said at a dinner speech Wednesday that he was cautiously optimistic about


Gao also said “external rumors” about the trade talks are not accurate, and noted the two trade delegations remain in close communication.
BEIJING — Expectations are rising for a first-stage trade agreement between China and the U.S., despite no clarity on when leaders of the two countries can meet to seal a deal.
Separately on Thursday, Bloomberg reported, citing unnamed sources, that China’s lead trade negotiator Liu He said at a dinner speech Wednesday that he was cautiously optimistic about
China says ‘external rumors’ about the trade talks are not accurate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-21  Authors: evelyn cheng
Keywords: news, cnbc, companies, talks, phaseone, sources, reach, tariffs, external, china, accurate, trump, zhang, agreement, reported, rumors, trade


China says 'external rumors' about the trade talks are not accurate

On Thursday, Reuters reported, citing sources, that a so-called phase-one agreement between the U.S. and China may not be completed until next year as Beijing presses for greater reductions in tariffs and the U.S. President Donald Trump ‘s administration pushes back with its own increased demands.

Gao also said “external rumors” about the trade talks are not accurate, and noted the two trade delegations remain in close communication.

“China is willing, on the basis of equal and mutual respect with the U.S., to work together to properly settle areas of common concern and strive for a phase-one trade agreement,” Gao Feng, China’s Ministry of Commerce spokesman, said at a regular press conference Thursday, according to CNBC’s translation of his Mandarin-language remarks.

BEIJING — Expectations are rising for a first-stage trade agreement between China and the U.S., despite no clarity on when leaders of the two countries can meet to seal a deal.

Separately on Thursday, Bloomberg reported, citing unnamed sources, that China’s lead trade negotiator Liu He said at a dinner speech Wednesday that he was cautiously optimistic about a phase-one trade agreement with the U.S. The report added that Liu told an attendee he was “confused” by the U.S. demands, while remaining confident that a phase-one agreement could be reached.

Trump and Chinese President Xi Jinping were expected to meet on the sidelines of an international summit in mid-November in Chile, until it was canceled due to domestic unrest.

Trade tensions between the world’s two largest economies have festered for more than a year, with both countries applying tariffs on billions of dollars’ worth of goods from the other.

China would like the U.S. to cancel additional tariffs as part of a final trade agreement, and Beijing has indicated a rollback of the duties is a requirement for a phase-one agreement.

Washington would like China to firmly step up its agricultural purchases from the U.S. Trump has also cast doubt on the idea that the U.S. would agree to cut back tariffs as part of an initial agreement, and even threatened more tariffs on China. If no progress is made in trade negotiations, additional U.S. duties on Chinese goods are set to take effect on Dec. 15.

Zhang Yansheng, chief research fellow at the Beijing-based think tank China Center for International Economic Exchanges, is optimistic the U.S. and China will reach a phase-one agreement, given incentives from both sides to do so. Trump needs to appease a domestic constituency ahead of the upcoming elections in the U.S., while China doesn’t want a trade war, Zhang said in a Mandarin-language interview, according to a CNBC translation.

This initial phase of the deal also centers on tariffs, rather than structural issues, which makes an agreement easier to reach at this stage, Zhang said.


Company: cnbc, Activity: cnbc, Date: 2019-11-21  Authors: evelyn cheng
Keywords: news, cnbc, companies, talks, phaseone, sources, reach, tariffs, external, china, accurate, trump, zhang, agreement, reported, rumors, trade


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