Wednesday , August 15 2018
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China

Chinese buyers cool to Beijing’s additional 25% import tariff on US coking coal

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China:Chinese coking coal buyers were unfazed by Beijing’s slapping of an additional 25% import tariff on $16 billion worth of US products — including coking coal, coke and thermal coal — from August 23, given ample availability of alternative supplies. According to Chinese market participants, there are several domestic metallurgical coal grades with similar specifications to US coal that can ... Read More »

U.S. built Mercedes-Benz SUV’s held up by Chinese customs

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FRANKFURT:Mercedes-Benz sports utility vehicles built in Tuscaloosa, Alabama, are being checked for potential problems by Shanghai customs authorities, Daimler (DAIGn.DE) confirmed on Thursday, as a trade dispute between the United States and China heats up. Mercedes-Benz GLE and GLS models, built in the United States between May 4 and June 12, 2018, have a brake issue which poses a “safety ... Read More »

China announces acceptance of electronic documents for Customs clearance

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China:Customs Authorities in the People’s Republic of China will accept electronic documents (eDocs) at the point of Customs declaration, ceasing to require paper documents as a strict prerequisite for clearance. The news comes from a recent announcement by China’s General Administration of Customs, noting that the decision is intended “to further promote the convenience of foreign trade and improve the ... Read More »

U.S finalizes next China tariff list targeting $16b in imports

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Washington:The United States will begin collecting 25 percent tariffs on another $16 billion (1.8 trillion yen) in Chinese goods on Aug. 23, the U.S. Trade Representative’s office said on Tuesday as it published a final tariff list targeting 279 imported product lines, Reuters reports. The action is the latest by U.S. President Donald Trump to put pressure on China to ... Read More »

Beyond tariffs: China’s ‘precision strikes’ on US businesses

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China:US companies in China are bracing for more retaliatory pain from Beijing as the trade row between the two countries shows no sign of abating. Observers said some American firms had reported higher costs and much greater regulatory scrutiny, and feared a major drop-off in business from rising nationalism. The fallout follows a decision by Washington and then Beijing to ... Read More »

Exclusive: Myanmar scales back Chinese-backed port project due to debt fears – official

A general view of the "Colombo Port City" construction site (R), backed by Chinese investment, is seen in Colombo, Sri Lanka January 14, 2016. REUTERS/Dinuka Liyanawatte

NAYPYITAW:Myanmar has scaled back plans for a Chinese-backed port on its western coast, sharply reducing the cost of the project after concerns it could leave the Southeast Asian nation heavily indebted, a top government official and an advisor told Reuters. The initial $7.3 billion price tag on the Kyauk Pyu deepwater port, on the western tip of Myanmar’s conflict-torn Rakhine ... Read More »

China invests in 42 overseas ports under Belt and Road project

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China:Chinese companies have participated in the construction and operation of a total of 42 ports in 34 countries under its Belt and Road initiative launched five years ago, according to China’s Ministry of Transport. These ports include Piraeus Port in Greece, Hambantota Port in Sri Lanka and Gwadar Port in Pakistan, Wu Chungeng, the ministry’s spokesperson, told a press briefing ... Read More »

Chinese customs seizes 7m items in first half of 2018

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Chin:Chinese customs has seized 7.1 million items suspected of IP infringement in the first half of 2018, according to new data shared by China’s official news agency Xinhua yesterday. The data, from China’s General Administration of Customs (GAC), showed that most of the items (6.9 million) were suspected of infringing trademarks. Xinhua noted that China’s customs worked closely with its ... Read More »

GAC taking steps to further simplify customs procedures for firms

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China:The General Administration of Customs is redoubling efforts to improve enterprise credit management, in a bid to further strengthen corporate integrity and simplify customs procedures. GAC has been, for the past decade, promoting and improving its Authorized Economic Operator classification system. Companies that are certified as an AEO are qualified for simplified customs procedures like clearance facilitation, while the discredited ... Read More »

China Focus: China’s consumption upgrading benefits the world

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GUANGZHOU:Xinsha Customs in Dongguan, south China’s Guangdong Province, has seen a surge in customs declaration of imported automobiles since July. As one of the busiest port for vehicle imports in southern China, Xinsha has set a new record of customs declaration of nearly 15,000 vehicles on a single day this month. “We have taken new measures to speed up customs ... Read More »

200 more projects to be completed under China-Pakistan Economic Corridor

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BEIJING :The China-Pakistan Economic Corridor (CPEC) has become one of the earliest, fastest-moving and most effective projects under the Belt and Road initiative. Of the 43 projects confirmed at the beginning of the corridor, 20 are under construction or have been completed. “Another 157 projects in the corridor will be gradually completed in the next 12 years,” Zhou Rong, a ... Read More »

China launches steel dumping probe against EU, Japan, S. Korea, Indonesia

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Beijing :China on Monday launched an anti-dumping probe into stainless steel products imported from the European Union, Japan, South Korea and Indonesia as the metal remains the focus of global trade tensions. This spring Washington slapped steep tariffs on steel and aluminium imports from major producers, including China, citing concerns that a glut of the metals was hurting US industry ... Read More »

China’s maritime department advises of unexploded ordinance off Lianyungang port

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China : A Chinese maritime safety department has advised ships to stay clear from a specific area off the busy port of Lianyungang where an unexploded “ordinance” is floating in the waters, according to officials and freight market sources Friday. Register Now The area designated as unsafe is situated north-east of Lianyungang where the water depth is around 23-25 metres, ... Read More »

China customs intercept a million tonnes of illegal waste

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China’s customs authority intercepted nearly one million tonnes of illegally imported rubbish in the first half of this year, it said on Wednesday, part of a crackdown on smuggled waste materials. The General Administration of Customs has made the crackdown on smuggled foreign waste one of its priorities for this year after China imposed bans on 24 types of recyclable ... Read More »

Customs tariffs for some US fruits exported to China increased by 400%

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China: After several months of back-and-forth between the Chinese and US governments, the Sino-US trade war officially began on July 6th, 2018. The cost price of several US agricultural products sharply increased when the new customs tariffs were implemented. Customs tariffs on US apple export to China increased from 10% to 50%, cherries from 10% to 50%, oranges from 11% ... Read More »

China’s tax revenue up 15.3 pct in h1

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BEIJING :China saw steady tax revenue in the first half of this year, the taxation authority said Tuesday. A total of 8.2 trillion yuan (1.2 trillion U.S. dollars) were collected in the first six months of this year excluding export tax rebates, up 15.3 percent year on year, data from the State Administration of Taxation (SAT) showed. Both the industrial ... Read More »

China economic growth slows to 6.7% in second quarter

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Beijing:Chinese growth slowed slightly in the second quarter as the world’s number two economy faced a snowballing trade fight with the United States. The economy expanded by 6.7 percent in April-June, down from 6.8 percent in the first quarter and in line with a 6.7 percent rate tipped in an AFP survey of economists. Despite the quarterly deceleration, growth was ... Read More »

China pledges $20 billion in loans for Arab states

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BEIJING: China will provide Arab states with $20 billion in loans for economic development, President Xi Jinping told top Arab officials Tuesday, as Beijing seeks to build its influence in the Middle East and Africa. The money will be earmarked for “projects that will produce good employment opportunities and positive social impact in Arab States that have reconstruction needs,” said ... Read More »

Trade war ramps up as US threatens $200b in Chinese goods

Donald Trump the campaigner talked tough on China: He threatened to slap tariffs of 45% on Chinese exports, and promised to label Beijing a "currency manipulator."Full credit: Ian Berry/CNNMoney/Shutterstock

Washington/Beijing :The United States and China have fired the next shots in their escalating trade war, with Washington threatening to impose fresh tariffs on another $200 billion in Chinese goods and Beijing vowing to retaliate. The latest moves in the ballooning trade conflict between the world’s top two economies came just days after tit-for-tat duties on $34 billion in goods ... Read More »

China releases guidelines on expanding imports

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BEIJING :China on Monday publicized guidelines on expanding imports for balanced foreign trade, with policy incentives detailed in several areas. China should keep exports stable while at the same time further expand imports, according to the guidelines, which were approved and released by the State Council. China will optimize the structure of imports to support upgrading production and consumption, with ... Read More »