Monday, 24 September, 2018

China Applies Antidumping Measures on US Sorghum

China seeks trade firewall with US allies in rush of ambassador meetings China Applies Antidumping Measures on US Sorghum
| 17 April, 2018, 20:28

Analysts said the main beneficiaries, at least in the short term, would be manufacturers focused on new-energy vehicles, including USA electric carmaker Tesla, which has been seeking to set up its own plant in Shanghai.

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.

"The biggest challenge for China's economy this year is a possible slump in the growth of consumer spending", said Jiang Chao, chief economist at Haitong Securities.

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.

While cranking up the pressure on USA farmers, China also announced plans Tuesday to allow full foreign ownership of automakers in five years, ending some restrictions that have helped fuel its trade dispute with Mr. Trump as it promotes electric vehicle development.

"We believe a more free and flexible business environment will benefit both Chinese and foreign companies in China and the Chinese economy".


President Xi Jinping announced the plans for the auto industry last week without giving any timeline.

Since then, President Trump has threatened to raise duties on up to $150 billion of Chinese goods in a dispute over technology policy. The NDRC announcement could allay those complaints by giving specific dates for completion of the reforms.

The NDRC also said the shipbuilding industry will do away this year with foreign ownership restrictions for firms designing, making and repairing vessels.

All sectors are open to foreign investors except for those outlined in the negative list.

The new list will include the already announced opening of the financial services and auto sectors, and expand to include further opening for the energy, resources, infrastructure, transportation, and other sectors, the NRDC announcement said.

SHANGHAI-China said Tuesday it will phase out rules requiring foreign auto makers to share their factory ownership and profits with Chinese companies by 2022, answering USA calls for a level playing field in the world's biggest auto market.

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