By Jenny Leonard The US and China announced Friday that they reached a phase-one trade deal but provided little detail on what exactly will be part of the agreement. US Trade Representative Robert Lighthizer brought a print-out of the 86-page agreement to a briefing with reporters Friday afternoon as a “show-and-tell” to prove that it’s all done and written up. Lighthizer said it’s an important step forward for the two countries while acknowledging that a lot of big issues are outstanding and need to be addressed in future negotiations. Here’s what we do and don’t know: Tariffs As part of the deal, the US will halve its 15 per cent tariff on about $120 billion in Chinese goods. It will also suspend indefinitely planned duties that were set to take effect on Sunday that would have covered consumer favorites such as smartphones and laptops. That leaves roughly $250 billion taxed at 25 per cent and $120 billion that will be subject to a 7.5 per … [Read more...] about Phase-one China-US trade deal: what’s in and what’s missing?
Asean china free trade area preferential tariff certificate of origin
LANZHOU - Seven endangered alpine musk deer were spotted in Qilian Mountain National Park in Northwest China's Gansu province, according to the park administration. The footprints of the alpine musk deer have been recently identified along a 2.2-km-long survey line in Qilian Mountain National Park during wildlife research. "It is rare to see so many alpine musk deer at such a short distance. It shows that the local environment is getting better and better," said Ma Duifang, an official with the park administration, also the leader of the research team. Alpine musk deer were classified as "endangered" by the International Union for Conservation of Nature Red List of Threatened Species. The number of the species has been threatened by poaching and overgrazing. China has been continuously strengthening wildlife protection efforts in recent years. With the development of national parks, wild animal populations have been growing in areas where the ecosystems and biodiversity protection and … [Read more...] about Endangered deer spotted in NW China’s Qilian Mountains
DOHA: US Treasury Secretary Steven Mnuchin said on Saturday a "phase one" trade deal between the United States and China was "very good" for global economic growth, and added that the second phase could come in several steps. The United States and China cooled their trade war on Friday, announcing a "phase one" agreement that reduces some US tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods. Mnuchin said full details of the new deal, or a factsheet on "phase one", would come out later on Saturday or on Sunday after both sides do fact and language checks. "We expect it will be fully executed in January. And then we get to `phase two`," Mnuchin told the Doha Forum conference in Qatar. Live TV "The most important issue is - let's make sure we implement `phase one` with an enforceable agreement, which it is. And then we start negotiating `phase two`. "There is an important issue left in `phase two`. And … [Read more...] about Steven Mnuchin says US-China trade deal will boost global economy
BEIJING: China plans to set a lower economic growth target of around 6% in 2020 from this year's 6-6.5%, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said. Chinese leaders are trying to support growth to limit job losses that could affect social stability, but are facing pressure to tackle debt risks caused by pump-priming policies. The proposed target, to be unveiled at China's annual parliamentary session in early March 2020, was endorsed by top leaders at the annual closed-door Central Economic Work Conference this month, according to three sources with knowledge of the meeting's outcome. "We aim to keep next year's growth within a reasonable range, or around 6%," said a source who requested anonymity. Top leaders pledged to keep economic policies stable while making them more effective to achieve growth targets in 2020, state media said on Thursday. Next year will be crucial for the ruling Communist Party to fulfill its goal … [Read more...] about China to target around 6% growth in 2020, step up state spending: Sources
WASHINGTON: US President Donald Trump lashed out at the World Bank on Friday, blaming the international financial institution for lending money to China. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote on Twitter. The US President was reiterating a position long held by his administration, including David Malpass when he was a treasury department official prior to his election as the current head of the World Bank. Trump's message on the World Bank was also echoed by his treasury secretary, Steven Mnuchin, who told a house of representatives committee on Thursday that the United States "has objected" to the institution's multi-year programme of loans and projects in China. That programme was nonetheless adopted on Thursday. It plans to reduce its lending to China. The programme "reflects the evolution of our relationship with China," Martin Raiser, World Bank country director … [Read more...] about Donald Trump calls on World Bank to stop lending to China