China: Shanghai the foreigners’ favorite

(THIS ARTICLE IS COURTESY OF SHANGHAI CHINA’S ‘SHINE’ NEWS)

 

Shanghai the foreigners’ favorite

Shanghai has topped a list of the most attractive cities on the Chinese mainland for foreigners for the seventh consecutive year, it was revealed on Sunday.

At the 17th Conference on International Exchange Professionals, Zhang Jianguo, the deputy science and technology minister, released the latest “Amazing China — the Most Attractive Chinese Cities for Foreigners” ranking.

Launched in 2010 by the State Administration of Foreign Experts Affairs, the poll required foreigners to vote in four categories — expat-friendly policies, governmental administrative capacity, and working and living conditions.

“Shanghai is becoming a very important hub for international talent,” Oscar Ramos, managing director of Shanghai-based Chinaccelerator, the first startup accelerator launched in China, told Shanghai Daily.

“On one side local companies are internationalizing more and faster than ever and that requires global teams with cultural diversity. On the other hand, there’s great potential to build new products and services in Shanghai that will have global potential.”

He added: “Shanghai citizens and enterprises are early adopters of new technology and the dynamic environment is a great ecosystem for innovation that is starting to be leveraged by both startups and multinationals.”

Ramos said that when he decided to move to China 11 years ago, his go-to destinations were initially Shenzhen or Beijing. He thought they would be perfect for his startup until a friend recommended Shanghai.

“Building a startup is a marathon and the support ecosystem is very important. Shanghai not only had a very supportive international community but in general was more welcoming for business with foreigners,” he added.

Frenchman Sebastien Gaudin released healthcare app CareVoice in Jing’an District in Shanghai in 2014.

He said: “Shanghai concentrates large successful multinational companies, Chinese private companies and fast-growing startups across sectors providing great opportunities for any foreign talent.”

He added: “The quality of life is great too. The city has been modernized while preserving its heritage. Quality of air has been drastically improved and the many outside areas make it easy to enjoy sports and other activities. Shanghai is definitely the most international city on the Chinese mainland, making it uniquely positioned to attract foreign talent.”

The ranking was based on a poll carried out among nearly 10,000 foreigners throughout China including Nobel laureates and Chinese Friendship Award and Turing Award recipients.

They included Konstantin Novoselo, winner of the Nobel Prize in Physics in 2010, Edvard Moser, winner of the Nobel Prize in Physiology or Medicine in 2014, and Leslie Valiant, winner of the 2010 ACM A.M. Turing Award.

Ranked in the top-10 list were Shanghai, Beijing, Hefei, Hangzhou, Shenzhen, Suzhou, Qingdao, Tianjin, Xi’an and Wuhan. Chengdu, Nanjing and Guangzhou, which were on the previous year’s list, were replaced by Tianjin, Xi’an and Wuhan.

Currently, Shanghai has 215,000 working foreigners, accounting for 23.7 percent of the Chinese mainland’s total, and 55 of them have been honored with the Chinese government’s Friendship Award.

Since April 2017, Shanghai has issued more than 120,000 work permits, with more than 18 percent issued to high-level foreign professionals, topping the country. Last year, Shanghai welcomed more than 500 foreign professionals.

Shanghai has a number of policies designed to attract foreign professionals.

The city has streamlined procedures for foreigners to apply for visas, as well as work and residence permits. In Pudong, foreign professionals are now able to obtain work and residence permits in just five days, and they have access to a one-stop service, meaning they don’t need to visit different departments and fill in different forms with the same details.

Last month, the city government released 25 measures offering greater financial and administrative support for aspiring innovators to accelerate the city’s development as a global science innovation hub by encouraging overseas research and innovation institutes to build global innovation centers in Shanghai and cooperate with local laboratories.

Market watchdog investigates after viral Mercedes oil leak

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS PAPER ‘SHINE’)

 

Market watchdog investigates after viral Mercedes oil leak

The market watchdog in northwest China’s Xi’an has launched an investigation into a customer complaint that her newly bought Mercedes-Benz sedan has engine oil leaks.

The incident has attracted wide attention after a video of a woman sitting on top of a Mercedes-Benz while weeping and arguing with salesmen went viral online.

In the video posted on Weibo by a netizen identified as “huashenfangcunshan” on April 11, the woman claimed she found an oil leak when she was driving the car home from the dealer. After she drove the car back, she was told she couldn’t get a refund nor switch to a new car. All the dealer offered was to change the engine.

The CLS300 sedan cost around 660,000 yuan (US$98,445).

The customer met with officials from the market watchdog of Gaoxin District Saturday, demanding a full maintenance history of the car and an independent test by a third-party, Shaanxi TV Station reported Saturday.

Mercedes-Benz issued a statement on its Weibo account on Saturday, saying it was sorry for the customer’s “unpleasant experience,” and has dispatched a team to Xi’an to help solve the issue.

The dealer claimed the car had passed all tests before it was sold, according to a report by Xi’an’s news portal cnwest.com on April 12.

Li Yong, an official with the market watchdog of Gaoxin District in Xi’an, told cnwest.com that they learned about the incident online. They are still investigating and will punish those responsible if any violations are discovered, the report said.

China: People Mourn Martyrs Who Died Fighting Forest Fire

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

People mourn for martyrs who died while fighting forest fire in Sichuan

Xinhua

Xinhua

A ceremony is held to receive the bone ashes of fireman Zhang Chengpeng, who died while fighting a forest fire in southwest China’s Sichuan Province, at Jinan international airport in Jinan, east China’s Shandong Province, April 5, 2019. The ashes of fireman Zhang Chengpeng returned to his hometown of Zouping in Shandong Province on Friday.

Xinhua

People mourn for Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, as their remains are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

The remains of Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

The remains of Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

People mourn for Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, as their remains are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

People attend a mourning ceremony for fireman Zhang Chengpeng, who died while fighting a forest fire in southwest China’s Sichuan Province, in Dachen Village, Zouping, east China’s Shandong Province, April 5, 2019.

Xinhua

The remains of Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

People mourn for Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, as their remains are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

A ceremony is held to receive the bone ashes of fireman Zhang Chengpeng, who died while fighting a forest fire in southwest China’s Sichuan Province, at Jinan international airport in Jinan, east China’s Shandong Province, April 5, 2019.

Xinhua

People mourn for Yang Ruilun, a martyr who died while fighting a forest fire in southwest China’s Sichuan Province, as his remains are taken back to his hometown in Majiang County, Miao and Dong Autonomous Prefecture of Qiandongnan, southwest China’s Guizhou Province, April 5, 2019.

Xinhua

People mourn for Yang Ruilun, a martyr who died while fighting a forest fire in southwest China’s Sichuan Province, as his remains are taken back to his hometown in Majiang County, Miao and Dong Autonomous Prefecture of Qiandongnan, southwest China’s Guizhou Province, April 5, 2019.

Xinhua

The remains of Xu Penglong, Zhao Yongyi, Zhang Shuai and Kang Rongzhen, martyrs who died while fighting a forest fire in southwest China’s Sichuan Province, are taken back to their hometown in Linyi, east China’s Shandong Province, April 5, 2019.

Xinhua

People mourn for Yang Ruilun, a martyr who died while fighting a forest fire in southwest China’s Sichuan Province, as his remains are taken back to his hometown in Majiang County, Miao and Dong Autonomous Prefecture of Qiandongnan, southwest China’s Guizhou Province, April 5, 2019.

Xi says new substantial progress made on text of China-US economic and trade agreement

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWSPAPER ‘SHINE’)

 

Xi says new substantial progress made on text of China-US economic and trade agreement

Xinhua

Chinese President Xi Jinping said in a message delivered to his US counterpart, Donald Trump, on Thursday that new substantial progress has been made on the text of the China-US economic and trade agreement in the past more than one month.

In the message conveyed by Chinese Vice Premier Liu He at a meeting with Trump at the White House, Xi encouraged the two sides to keep up with the spirit of mutual respect, equality and mutual benefit, and resolve issues of mutual concern so as to conclude the negotiations on the agreement text as soon as possible.

Under the current situation, a healthy and stable development of China-US relations concerns the interests of both Chinese and American people, as well as the interests of people of other countries around the world, and it needs, in particular, their strategic leadership, Xi told Trump.

Xi also said he is ready to keep close contact with Trump through various means, and believes that the China-US relations will make new and greater progress under their joint guidance.

At the meeting, Liu said the Chinese and US negotiation teams have over the past two days conducted fruitful consultations and reached new consensus on such important issues as the text of the economic and trade agreement.

Liu also said that the two sides, guided by the consensus reached by the two heads of state, will continue with the consultations to achieve greater progress on issues of mutual concern so as to conclude the negotiations as soon as possible and push forward the healthy and stable development of bilateral economic and trade ties.

Trump said that the US-China bilateral relationship now sees a sound and robust development, and is at a high level in history.

The US president said that he is glad to see that huge progress has been achieved in the economic and trade negotiations, and that he hopes the two sides make further efforts and resolve the remaining issues in a bid to reach a comprehensive and historic agreement as soon as possible.

It will not only benefit the two countries but also the whole world, he added.

The US president said he looks forward to meeting with Xi after the two sides reach the agreement, and to witnessing the great moment together with the Chinese leader.

Trump also thanked Xi for China’s decision to add fentanyl-related substances to a supplementary list of controlled narcotic drugs and psychotropic substances with non-medical use, saying it is of great significance for American people and the US-China anti-drug cooperation.

Liu is in the United States for the ninth round of high-level economic and trade consultations between the two nations.

US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Agriculture Secretary Sonny Perdue, Commerce Secretary Wilbur Ross and Trump’s senior adviser Jared Kushner attended the meeting.

Chinese Views On The Taj Mahal

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA’S ‘SHINE’ NEWS NETWORK)

 

Majestic Taj Mahal, a modern wonder and symbol of love

If Varanasi is a holy city of priests and devotees, Agra is a grand city of the emperors — and you can feel it the moment you get off the train at the Agar Fort station.

The Agar Fort, right next to the railway station, was a military base and royal residence of the Mughal Dynasty emperors until 1638, when the capital was shifted from Agra to Delhi.

The Hall of Public Audience to the right of the pathway through the Lahore Gate was where the emperor would listen to public petitions and meet state officials.

Contrary to the joyful squirrels who littered the ground, the huge pillared hall with the white marble throne in the center backstage gave all the authority and solemnity over its subjects standing down under.

As of today, most of the white marble palaces were built during the reign of the fifth Mughal Emperor Shah Jahan (1592-1666). However, there were earlier buildings of red sandstone with layers of decorated columns in the inner court, which were also “of great importance to the study of Mughal buildings’ architectural history,” said a teacher to a group of students on the site.

Xu Qin

The Hall of Public Audience (Diwan-i-Am) in Agra Fort

Mounted high on a rocky ridge, Fatehpur Sikri, also known as the “City of Victory,” is a palace city built primarily to afford leisure and luxury to its famous residents during the reign of the third Mughal Emperor Akbar (1556-1605), Shan Jahan’s grandfather.

The city was built massively and preferably with red sandstone.

The architecture features both the Hindu and Muslim styles, popular in India at the time, with large domes, large halls and colossal gateways.

The Tomb of Sheikh Salim Chishti, along with the imperial complex at Fatehpur Sikri, is said to have the most delicate marble screens in India. It enshrines the burial place of the Sufi saint, Salim Chisti (1478-1572), who foretold the birth of Akbar’s son Jahangir.

Today people are often seen at the tomb praying for child birth blessings. With Sufi singers performing in front of the door to the chamber, visitors come in to pay homage to the saint while tying a thread on the marble screens to seek fulfillment of their wishes.

Standing on top of the palace walls, one can enjoy an aerial view of the green Indian countryside with small homes dotting around the rice fields on the outskirts. It is hard to believe the city, due to a lack of water, was abandoned just a few years after its construction.

Xu Qin

Mounted high on a rocky ridge, Fatehpur Sikri is also known as the “City of Victory.”

Xu Qin

The white marble tomb of Sufi saint Salim Chishti at Fatehpur Sikri

Xu Qin

Standing on top of the palace walls, one can enjoy an aerial view of the green Indian countryside with small homes dotting around the rice fields on the outskirts.

The following morning we got up early as the Taj Mahal was desperately waiting to say hello. Sitting on the south bank of the Yamuna River in Agra, the UNESCO-listed mausoleum is perhaps the finest testament to Mughal architecture.

The Mughal Emperor Shah Jahan built the beautiful Taj Mahal in the memory of his wife, Mumtaz Mahal. According to popular legend, Shah Jahan spotted Mumtaz at the marketplace in his royal complex. It was love at first sight for the two, and he quickly made her his third wife. Mumtaz traveled with Shah Jahan throughout India, as his chief companion and beloved advisor. After bearing him 14 children, Mumtaz died, leaving Shah Jahan devastated.

Taking inspiration from the detailed description of Heaven in the Quran, Shah Jahan started building the Taj Mahal in 1632. To ensure that no one could recreate the Taj Mahal’s beauty, Shah Jahan supposedly severed the hands and gouged the eyes of the artisans and craftsmen after construction was completed in 1647.

Each year, millions of visitors come to the Taj Mahal to appreciate one of the greatest achievements in human history, and the stories of the loving couple flow from everyone’s lips like new gossip.

Looming out like a mirage in the morning fog, the harmony and balance of the Taj Mahal looks astounding from all directions. Inside the building, the marble screens, calligraphy inscriptions and floral inlays were detailed to everyone’s heart content.

Compared to Shah Jahan, those who built the Taj Mahal were classified as the insignificant others, like most of us who were visiting.

As I pressed my finger tip on the wall and felt along the swirling waves of the patterns, I could hear the sound of their chisels: chip-chip, chip-chip…

Xu Qin

Looming out like a mirage in the morning fog, the harmony and balance of the Taj Mahal looks astounding from all directions.

The inside of the Taj Mahal houses the tombs of Mumtaz Mahal and Shah Jahan

IMF cuts global growth forecasts, citing escalating trade tensions

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

IMF cuts global growth forecasts, citing escalating trade tensions

Xinhua

The International Monetary Fund has cut growth forecasts for the global economy this year and next year, as escalating trade tensions could dent business sentiment and trigger financial market volatility.

In its updated World Economic Outlook report released on the IMF’s website on Monday, the Washington-based international lender said global economic growth is projected to reach 3.7 percent in 2018 and 2019, 0.2 percentage points lower than its previous forecasts in July.

“Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded,” the report said, adding the economic expansion has become “less balanced” and “may have peaked” in some major economies.

The IMF maintained its growth forecast of 2.4 percent for advanced economies in 2018, while downgrading its forecast for those economies in 2019 to 2.1 percent, 0.1 percentage points lower than its July forecast.

Growth in emerging markets and developing economies is projected to reach 4.7 percent in 2018 and 2019, 0.2 percentage points and 0.4 percentage points, respectively, lower than the previous forecasts in July.

The IMF kept its growth forecast for China at 6.6 percent this year, while shaving its projection for China’s growth next year to 6.2 percent, down 0.2 percentage points from three months ago.

As the United States unilaterally imposed additional tariffs on some of its main trade partners in the past several months, the IMF warned that “escalating trade tensions and the potential shift away from a multilateral, rules-based trading system” are key threats to the global outlook.

“An intensification of trade tensions, and the associated rise in policy uncertainty, could dent business and financial market sentiment, trigger financial market volatility, and slow investment and trade,” the report said.

“Higher trade barriers would disrupt global supply chains and slow the spread of new technologies, ultimately lowering global productivity and welfare,” the report argued, adding more import restrictions would push up the prices of consumer goods, thus harming low-income households disproportionately.

The report comes as global financial ministers and central bankers gather in Bali, Indonesia, this week to attend the annual meetings of the IMF and the World Bank. Officials are expected to have a heated discussion on the trade tensions.

Christine Lagarde, managing director of the IMF, last week called on economies around the world to “de-escalate and resolve the current trade disputes” as global economic growth outlook has dimmed.

“The stakes are high because the fracturing of global value chains could have a devastating effect on many countries,” Lagarde said, urging countries to work together to build a global trade system that is “stronger, fairer, and fit for the future.”

China marks Japan’s WWII surrender

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS AGENCY ‘SHINE’)

 

China marks Japan’s WWII surrender

Xinhua

A peace assembly was held in Nanjing, capital of east China’s Jiangsu Province, yesterday to commemorate the 73rd anniversary of Japan’s surrender in World War II.

Representatives from countries, including China, Japan, the United States and Thailand, attended the event held at the Memorial Hall of the Victims in Nanjing Massacre by Japanese Invaders, mourning the 300,000 people who were killed in one of the most barbaric episodes of World War II.

Japanese invaders slaughtered about 300,000 Chinese during a six-week rampage after they captured the city, which was then China’s capital, on December 13, 1937.

Members of an anti-war NGO based in Kobe, Japan, laid wreaths and paid tribute to the victims in silence. It was the 22nd time the group had attended the peace assembly in Nanjing.

“We choose to come to China to mark the event because Chinese people were the victims of the war and they deserve tribute and remembrance,” said Miyauchi Yoko, head of the group.

“Ordinary people suffer the most in times of war,” said a student from Thailand. “Everyone should make contributions to world peace.”

Ge Daorong, a survivor of the massacre, was only 10 years old when Nanjing fell to the Japanese. During the massacre, he and his close family took refuge in a safety zone and survived the onslaught, but his three uncles did not.

“We look back at sad episodes of history in order to cherish today’s peace,” Ge said at a forum held after the assembly.

In northeastern Heilongjiang Province, nearly 100 teenagers from China and Russia took part in a historical reenactment to mark the anniversary of Japan’s WWII surrender.

The activity was held at Shengshan Stronghold, a war relic that has now been turned into a base for patriotic education of young people from China and Russia.

“Both China and Russia suffered great losses during WWII,” said Yulia Ablova, an education official from the Russian city of Blagoveshchensk. “We need to remember the history and cherish the peace.”

In the southwestern city of Chengdu in Sichuan Province, 1,207 hand prints of WWII Chinese veterans were donated to the Jianchuan Museum Cluster, the largest private museum complex in China, to commemorate the anniversary.

The hand prints were from surviving soldiers in Hunan Province who fought during the Chinese People’s War of Resistance against Japanese Aggression (1931-1945).

During the ceremony on Tuesday, Fan Jianchuan, curator of the museum, said the veteran hand-print installation was expanding. More than 4,800 red hand prints have been imprinted on tempered glass slabs arranged in a V-shape to symbolize victory.

“Seventy-three years ago, these hands held broadswords and spears, threw hand grenades and buried landmines to safeguard our country and rescue our people,” Fan said. “They should be remembered.”

China to continue opening up: Chinese Ambassador to US

(THIS ARTICLE IS COURTESY OF THE SHANGHAI CHINA NEWS SERVICE ‘SHINE’)

 

China to continue opening up: Chinese ambassador to US

Xinhua

Chinese Ambassador to the United States Cui Tiankai has said here that China will continue to open its doors to the global community.

“We cannot develop ourselves behind closed doors… We have to open our door even wider and seek cooperation with others, particularly with countries like the United States,” Cui said at the welcome banquet held by Kentucky Governor Matt Bevin on Monday.

Cui said China-US relations are not zero sum game, but rather will continue to be mutually beneficial. He said Beijing and Washington should deal with trade issues in an effective way.

Addressing Kentucky officials and businesses, Cui said he has full confidence in bilateral cooperation at the provincial, municipal and county levels, adding that the Chinese people came to know the state after the first Kentucky Fried Chicken restaurant opened in Beijing over three decades ago.

Over the past decades, the Chinese people have learned that the state has much more to offer, including Bourbon, race horses, farm products and manufactured goods, prompting the Chinese public and business leaders to develop strong relations with Kentucky, Cui said.

For his part, Bevin said his administration is working to cut red tape for businesses who wish to invest here, highlighting the elaborate transportation web his state boasts.

Bevin admitted that certain trade policies Washington has pursued created uncertainties for bilateral business ties, but pledged to work at a state level to assure foreign investors.

China Robust July foreign trade shows little impact from row with US

(THIS ARTICLE IS COURTESY OF THE SHANGHAI NEWS AGENCY ‘SHINE’)

 

Robust July foreign trade shows little impact from row with US

China’s foreign trade accelerated in July despite escalating trade tensions with the United States, with data pointing to a more balanced trade picture.

Growth in imports and exports, denominated in US dollars, rebounded in July, with imports rocketing by 27.3 percent — nearly double the growth pace in June — and exports rising 12.2 percent from a year earlier, data released yesterday by the General Administration of Customs showed.

July’s trade data was under the spotlight as it was the first reading since fresh US tariffs on a wide range of Chinese goods went into effect. The US slapped an extra 25 percent tariff on US$34 billion worth of Chinese imports beginning July 6, to which China responded with an equivalent retaliatory measure.

China’s surplus with the US shrank slightly to US$28.09 billion in July from a record high of US$28.97 billion in June.

“China-US trade tariffs seem to have had more impact on China’s exports than its imports from the US,” said Betty Wang, senior China economist at the Australia and New Zealand Banking Group.

China’s exports to the US rose 11.2 percent year on year in July, compared with an increase of 12.5 percent in June, while China’s imports from the US grew by a faster 11.1 percent in July, up from June’s 9.6 percent.

At the same time, China’s imports from the Association of Southeast Asian Nations, the European Union and Australia jumped 30.2 percent, 20 percent and 33.7 percent, respectively, “which may suggest that China is trying to seek other import sources in the midst of the trade war,” according to the ANZ Group.

“Currency devaluation, which may have helped exports to some extent, has been largely market-driven in our view and is not a preferred policy tool by Chinese policy-makers as part of retaliatory measures,” Wang said.

Wang added that the much higher-than-expected import growth was mainly driven by surging commodity, mechanical and electrical products.

The better-than-expected growth might be partly because China tends to strengthen economic and trade ties with other major economies amid trade tensions with the US, Huatai Securities said in a research note.

Yesterday’s data also revealed a more balanced trade picture, thanks to the surge in imports.

China’s global trade surplus narrowed by 40 percent from a year earlier to US$28 billion last month. The trade gap with the 28-nation EU contracted by 8 percent to US$11.2 billion.

China has been seeking a more balanced trade pattern, with a series of pro-import policies introduced.

Last month, the State Council released guidelines on expanding imports, promising tariff cuts, clean-ups of unreasonable price markups, and better intellectual property rights protection.

The policy incentives have had positive impacts on imports, Huatai Securities noted. It added that a decision of intensifying efforts to improve infrastructure, made at a meeting of the Political Bureau of the Communist Party of China Central Committee in late July, will further drive imports of industrial raw materials such as iron ore.

Looking forward, China tends to maintain strong imports, while exports are also likely to hold steady despite uncertainties rising from trade tensions with the US, said Bai Ming with the Ministry of Commerce research department.

“The tariffs have so far had a limited impact on overall trade,” China Merchants Securities said. While short-term effects might be mild, the impact of US tariffs on China’s trade may be gradually revealed as time passes and more tariffs on Chinese goods threatened by the US take effect, it noted.

China to slap additional tariffs on US

(THIS ARTICLE IS COURTESY OF THE SHANGHAI ‘SHINE’ NEWS AGENCY)

 

China to slap additional tariffs on US

Xinhua

China has decided to impose additional tariffs on imported products from the United States worth about US$16 billion, according to an official statement released yesterday.

Approved by the State Council, its Customs Tariff Commission has decided to impose additional duties of 25 percent on the US$16 billion of US products after making proper adjustments to the second part of a list of the products subject to the tariffs. The additional duties will take effect on August 23.

Commenting on the decision, a spokesman for the Ministry of Commerce said it is totally unreasonable for the US to put domestic laws above international laws time and time again. To defend its legitimate rights and interests and the multilateral trade system, China was forced to take necessary countermeasures, said the spokesman.

The customs tariff commission said the list has been appropriately adjusted after taking into account the advice of related government departments, industry associations and enterprises to best protect the interest of domestic consumers and companies.

The commission also published a final version of the second part of the list on the website of the Ministry of Finance.

In June, the customs authority unveiled a list of products from the US worth US$50 billion that will be subject to additional tariffs in response to US announcement to impose additional duties on Chinese imports.

Additional duties on the US products in the first part of the list, worth US$34 billion, came into force on July 6.