China signed an agreement with the United States to reduce tariffs affecting tens of billions of dollars worth of goods from both countries.

This was announced in an official Chinese statement on Wednesday, May 20, following the meeting in Beijing between Donald Trump and Xi Jinping.

“As a result of their summit last week, a trade council was established, under whose auspices both sides agreed in principle to discuss a framework agreement for the reciprocal reduction of tariffs on equivalent-scale products,” the Chinese Ministry of Commerce stated.

Tariff cuts are expected to affect goods valued at “$30,000 or more for each side,” an anonymous source indicated.

China is confident that the U.S. will honor its commitment and has requested an extension of the trade truce agreements reached last year. Furthermore, the Ministry of Commerce reported that the country will reinstate the registrations of some U.S. beef exporters, which expired last year.

M.Pino

Source: ultimahora

(Reference image source: Rinson Chory on Unsplash)

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The meeting between Donald Trump and Xi Jinping, originally planned for March, will now take place in Beijing on May 14 and 15. The two leaders will discuss key issues such as trade, technology, security, and the Middle East conflict.

The two leaders met last October in South Korea. According to White House Press Secretary Karoline Leavitt, “the new date coincides with estimates that the Iran war could end within four to six weeks, although the Chinese government has called for an immediate cessation of attacks and warned that the conflict could spiral out of control.”

Another topic the leaders will discuss is “coordinating positions regarding the war in Ukraine, in an international context marked by geopolitical tensions and trade disputes.”

The US president considered the meeting “momentous” and indicated that he will later receive Xi and his wife, Peng Liyuan, at the White House.

M.Pino

Source: ensegundos

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Next year, China will ease monetary policy to stimulate its economy. The measure has the support of President Xi Jinping.

Currently, the Asian country, the second-largest economy in the world, is struggling to contain the slowdown in the sector, which could be accentuated by Donald Trump’s threats to raise tariffs on Chinese exports upon his return to the White House.

The 24 members of the Political Bureau of the Central Committee of the Communist Party held a meeting on Monday, December 9, to “analyze and study future economic measures in 2025.”

The goal is to “strongly stimulate consumption, improve investment efficiency and broadly expand domestic demand” by 2025, through a more proactive fiscal policy and appropriate monetary policy easing.”

With this change of attitude, the Chinese government recognizes the challenges that the country is currently facing, in the midst of a struggle to “avoid the spectre of deflation, triggered by a severe real estate crisis and consumption levels well below those seen before the pandemic.”

Some measures are already being implemented, such as a reduction in interest rates along with an increase in the debt ceiling for local governments.

M.Pino

Source: cactus24

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The president of Uruguay, Luis Lacalle, and his Chinese counterpart, Xi Jinping, have addressed this week the benefits of a Free Trade Agreement between both countries, with which they will be able to strengthen cooperation in different strategic areas, in addition to acting as a pilot for similar agreements with other countries in the region.

In 2022, Uruguay and China raised the possibility of establishing an FTA between both countries. At that time, the Uruguayan president pointed out that the studies in this regard were positive and encouraging.

China, for its part, has provided support in various areas to the Latin American country, maintaining good diplomatic relations. This has allowed the deepening of bilateral trade relations.

Before concluding his official visit this Thursday, Lacalle is scheduled to meet with the Chinese Prime Minister, Li Qiang, and with the president of the National People’s Congress (Legislative), Zhao Leji, in addition to attending the signing of the agreement between Uruguay XXI and the Chinese Chamber of Commerce.

The meetings between the leaders of both countries have also addressed aspects such as renewable energy, education, health, food security, climate change and technology. A Free Trade Agreement would open the way to greater cooperation.

The objective is to promote Chinese investment in Uruguay, a country that has a stable business environment, in addition to being an open market that is attractive for Chinese companies. So the conditions are in place to deepen binational relations.

M.Pino

Source: swissinfo

(Reference image source: China Xinhua News, social network X)

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The President of China, Xi Jinping, received this Wednesday in Beijing his Colombian counterpart, Gustavo Petro, who described the relationship between both countries as “essential” after a symbolic ceremony in which a dozen cooperation agreements were signed.

In addition to these agreements, which cover economic, technological, educational, scientific or cultural aspects, Xi has granted Petro to elevate bilateral relations to the level of Strategic Partnership, “a historic fact” in the opinion of the Colombian Presidency, which has released several statements about subsequent meetings.

“Neither mountains nor seas can distance people with common aspirations. The vast Pacific Ocean cannot hinder the deep friendship between the Chinese and Colombian peoples,” emphasized Petro, who appealed during the official dinner to the “diverse and numerous challenges” shared by both nations.

In the field of economic cooperation, the Colombian president has taken advantage of his trip to defend Chinese participation in the construction of the Bogotá metro, marred in recent weeks by suspicions of possible corruption that have called into question the role of the mayor, Claudia López.

For Petro, “it would be foolish” if the Colombian capital were left without its underground transportation network if there is foreign interest in “financing one hundred percent of that project.” In this sense, after meeting with several companies, he highlighted that this external financing could allow Bogotá to allocate resources to social projects.

Likewise, he has clarified that “technically” a line can be developed without “major delays” in two phases – “a first elevated and an underground” – using the studies initially carried out during his time as mayor of Bogotá. “Technically it is possible and legally also; the question is whether politically,” he slipped.

Source: dpa

(Referential image source: Presidency of Colombia, Europa Press / dpa)

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This Monday, China’s offer to buy the debt of El Salvador, a pro-cryptocurrency Central American country, was announced as a measure to help refinance its external obligations.

The vice president of El Salvador, Félix Ulloa, said this week that China offered to buy the debt and thus prevent it from falling into default. It is important to note that according to Moody’s, S&P and Fitch Ratings, the nation “currently has the lowest risk rating in Central America.”

Ulloa told Bloomberg during an event in Madrid, Spain, that the Asian country made the offer to buy his country’s debt, which currently has a CCC+ rating from S&P Global Ratings. This is seven notches below investment grade.

The main reason for this strategy launched by Xi Jinping would be to help El Salvador avoid falling into default, taking into account that it currently has 670 million dollars in bonds maturing on January 24.

El Salvador is at a crossroads. Even if it can avoid a sovereign default in 2023, “in our baseline, the reserves would disappear if the government paid the redemption of the 2025 eurobonds,” Oxford Economics analysts Felipe Camargo and Lucila Bonilla noted in an October note.

M.Pino

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Source: elfinanciero

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The National Statistics Office of China confirmed that it postponed the publication of the figures of the Gross Domestic Product (GDP) of the Asian giant corresponding to the third quarter of the year, scheduled for this Tuesday, coinciding with the celebration of the XX National Congress of the Communist Party of China (CCP).

In addition to GDP figures, China’s statistical office also postponed the publication of other statistics, such as monthly data on retail sales or developments in the real estate market.

According to analyst consensus, China’s annual GDP growth in the third quarter was expected to be 3.3 %, down from 0.4 % in the second quarter, but below the target of 5.5 % for the whole of the year.

However, in statements collected by the BBC, Zhao Chenxin, deputy director of China’s National Development and Reform Commission, stated that the country’s economy “recovered significantly in the third quarter.”

During the opening of the 20th Congress this Sunday, Chinese President Xi Jinping outlined the strategy to modernize the economy and speed up the creation of “a new pattern of development” with which to build “a modern socialist country in all aspects,” emphasizing modernization and commitment to quality in industrialization, without forgetting the aerospace industry or the transport sector.

K. Tovar

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Source: CNN

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China wants to have greater control of its technologies and is taking measures that limit the actions of large companies in the sector. Alipay, the payments giant owned by Ant Group, is one of those affected.

The Chinese rulers are not very interested in the business of credits and microloans that are made in Alipay, but in the financial data of their clients, that is why the government of Xi Jinping wants the Ant group to give them the information of its users.

The objective is to create a new independent application, but for this Ant will have to provide the information, which in many cases is automated, and on which its decisions to grant loans are based.”

According to the publication made by the Financial Times, Beijing is planning to close the Alibaba Payment App to found a new credit company where the State would be a shareholder.

It is the first time that state-owned organizations have sought to remove a “substantial stake in Ant’s credit rating joint venture”, aiming to institute a “personal credit rating company in which Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 % of the company, while other state-backed partners, Hangzhou Finance and Investment Group and Zhejiang Electronic Port, will each hold just over 5 %.”

Last April, the regulatory institutions asked the Ant group to transform its business into a “financial holding company”, ordering it to divide its two areas. One of them is Huabei, which works in a similar way to credit card companies, and the other is Jiebei, which is dedicated to microcredits.

M. Rodríguez

Source: publico.es

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In China currently operates two types of refineries: Tetera 1.0 and Tetera 2.0. The latter are making progress because they cooperate with the vision of the future of the sector held by the President Xi Jinping, who protects the cleanest and most energy-efficient industries.

The new companies, known as Tetera 2.0, alluding to the first private refineries in the country, “belong to companies such as Jiangsu Eastern Shenghong and Hengli Petrochemical”, which make up “large, greener refining complexes, focused on the use of crude oil to produce plastics and chemicals instead of more polluting fuels like diesel.

According to Michal Meidan, director of the China Energy Research Program at the Oxford Institute for Energy Studies, the companies of the “Tetera 2.0” group have a different philosophy of “business and operating model” and that is why new approach that the authorities are granting some privileges such as tax benefits or permits to import oil.

The new private companies have increased in value as a result of the new approach. This is how Shenghong, which was oriented towards the production of synthetic fibers, changed its strategic vision and began and completed, last June, the installation of the largest refining tower in the country, generating a 4-fold increase in the value of its actions.

The Hengli company also increased its value 3 times more, since the construction of its first refinery, in 2018. While Bloomberg decided to build its new refineries in underserved or sparsely populated areas with the purpose of reducing pollution in cities or populated areas.

In addition, they also focused their orientation on the production of goods such as paraxylene, which is used to create articles for daily use.

M. Rodríguez

Source: actualidad.rt

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