China to liberalize foreign ownership rules

17 Апреля, 2018, 20:31 | Author: Kathy Ellis
  • China's OROB May Cost 8 Trillion Dollars

In recent months, the U.S. and China have exchanged escalating threats of tariffs worth billions of dollars.

Beijing on Tuesday announced hefty preliminary antidumping duties on US imports of sorghum.

Earlier this month, the Chinese commerce ministry threatened to impose a 25% duty on U.S. agricultural products, including soybeans, wheat, and beef, in response to the United States proposal to levy duties on Chinese high-tech goods.

"There was dumping of imported sorghum grown in the United States and the domestic sorghum industry has suffered from substantial damage", the commerce ministry said in a statement. China is one of the biggest foreign markets for US sorghum growers.

The ministry took the decision after detecting a rise of exports of such a product by 317 thousand tons in 2013 to 4.76 million in 2017, while prices went down 31 percent in the Chinese market.

The GDP growth rate has stayed within the range of 6.7 percent to 6.9 percent for 11 quarters, with the jobless rate and inflation remaining stable, he said.

President Xi Jinping announced the plans last week without providing any details.

Читайте также: Bucks lose to Celtics in OT, 113-107

The ministry launched the investigation in February in what many observers said was meant as a retaliation for the Trump administration's tariffs on Chinese solar panels and washing machines late previous year.

That will be followed by a similar repeal for makers of commercial vehicles in 2020 and passenger vehicles in 2022.

The NDCR added the shipbuilding industry would later this year do away with any restrictions for foreign investors designing, making or repairing vessels.

China now forces foreign auto makers to set up 50-50 joint ventures with Chinese partners if they want to locally produce cars to avoid 25% tariffs.

One vehicle company likely to gain is electric auto giant Tesla led by entrepreneur Elon Musk, who this year had asked US President Donald Trump for help on the market access issue, alluding to the troubles his firm has faced producing in China. Sales of sedans, SUVs and minivans past year totaled 24.8 million units, about 55 percent of which was American, European, Japanese and Korean brands.

The solid first-quarter performance extended the economic strength of last year, when China's GDP logged 6.9 percent growth, picking up pace for the first time in seven years. "More or less, Chinese brands already compete with them on a similar level in electric cars".

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