ss to US suppliers “will do significant economic harm to the US companies” and affect “tens of thousands of US jobs”. In total, US firm s sold an estimated $11 billion worth of components to Huawei last year, according to earlier media reports. “I’m not able to tell you exactly what the costs will be; it differs from company to company,” said Allen. “But clearly, from a corporate perspective, this Department of Commerce action has created costs and has escalated the uncertainty quite a bit.” Asked to comment on some voices in the US calling for the “decoupling” of the two countries, especially in theRead More →

eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange. Li Yang, director of the National Institution for Finance and Development of the Chinese Academy of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de fend its currency, even if depreciation pressure rises amid any escalation in trade tension. In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen t under market pressure as global investors worriedRead More →

lear that if the US treats the Chinese negotiating team with respect and shows the willingness to talk wit hout using outside pressure, there is a high possibility that there could be a productive trade deal. “Otherwise, I think we might be facing a prolonged period of problems for both sides,” she said. Regan, at the close of their 15-minute talk, said again, “No one wan ts trade wars. But we have to think long hard about the right next steps.” Liu, however, did counter an assertion by Regan that China’s government controls its entire economy. “Everybody thinks that China’s economy is state-owned, state-controlled, everyRead More →

dollar dropped more than 3 percent under market pressure as global investors worried about the escalation of trade friction. Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monda y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB. The currency’s depreciation was purely caused by market forces, a d China has never taken any measures to deliberately devalue the currency to make its exports more attractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission. According to Guo, the short-term fluctuation of the RMBRead More →

rough” and exceeded $100 billion in 2018, and the two permanent members of the United Na tions Security Council have been coordinating closely on major international issues, Ruan said. This year marks the 70th anniversary of the establishment of bilateral ties, which are said to have reached their best level in history. Also, the attendance of the two countries’ leaders at each other’s intern ational forums shows both sides’ support for an open global economy, Ruan added. Addressing the plenary session of the Fourth Eastern Economic Foru m in Vladivostok, Russia, in September, Xi called for regional members to actively alig n their development strategiesRead More →

mpact on China’s financial markets and the effects will be “even smaller” in the future, Guo said. Yi Huiman, chairman of the CSRC, also pledged earlier in May to continuously enhance the quality of listed firms as part of s upply-side reforms in the financial sector to promote the high-quality development of the real economy. The National Development and Reform Commission, China’s top economic planner, said on Tuesday that the country is willing to continue supplying rare-earth metals to world markets but is oppo sed to those who use products made with such rare earths to “suppress and dampen China’s development”. It also said thatRead More →

ird of the college graduates chose to pursue a post-graduate degree instead of entering the job mark et, and within six months of graduation more than 90 percent college graduates found employment. Despite all this, there are still many structural employment problems. Take college graduate s for example. Many college graduates seek a high-paying job and a majority of them prefer to work in the e astern region, first-tier cities and large enterprises, which are wishes the employment market can hardly fulfill, esp ecially because some college graduates don’t possess the skills to meet the market’s demands. What should be a bigger concern, however, isRead More →

President Xi Jinping’s upcoming visit to Russia reflects close cooperation between China and Russia, which is important to maintain the stability of the international community amid rising uncertainties, analysts said. Xi will make a state visit to Russia from June 5 to 7 and attend the 23rd St. Petersburg International Economic Forum, Foreign Ministry spokesman Lu Kang announced on Wednesday. The trip is part of the annual exchange of visits between the two countries’ heads of state, after Russian President Vladimir Putin attended the Second Belt and Road Fo rum for International Cooperation in Beijing in April and had talks with Xi on the sidelines.Read More →

nsultancy Automotive Foresight, said SEAT’s smaller cars will help its parent company to reach custo mers in China’s smaller cities, where electric cars built on Volkswagen’s own platforms would be less affordable. Volkswagen, as well as its subsidiaries from Audi to Porsche, plan to deliver aro und 1.5 million electrified vehicles, most of them pure electric cars, in China by 2025. It also expects global sales of electrified vehicles will total 22 million by 2028, and half of them will be produced in China. China overtook the United States as the largest producer and market of new energy vehicles in 2015. The China Association ofRead More →

icy tools to offset short-term downside pressure, while the financial risks are under control as the country’s debt level has shown signs of stabilizing, Zhang said. China’s overall debt-to-GDP ratio had dropped to 249.4 percent by the end of 2018, 1.5 percentage points lower than a year earlier, according to the PBOC. If trade tensions escalate further, more opening-up policies in the sectors of medical care and education will help boost global investors’ confidence in the Chinese economy, Zhang added. By hiking the tariffs on $200 billion of Chinese goods from 10 percent t o 25 percent just when it seemed the China-US trade talksRead More →