Tuesday , October 23 2018
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In 2017, Kim spent millions on luxury goods from China:lawmaker


SEOUL:North Korea imported at least $640 million (72 billion yen) worth of luxury goods from China last year, in defiance of U.N. sanctions outlawing such trade over North Korea’s nuclear and missile programs, a South Korean lawmaker said on Monday. The United States has urged strict implementation of sanctions as part of a “maximum pressure” campaign which Washington has credited ... Read More »

Customs intercepts N28m China-made container load of soup


Shanghai : The Nigeria Customs Service on Friday said it had intercepted a container full of soup and other edible items worth N27,960,000 being imported from China. The NCS said the container, which was cleared in one of the ports in Lagos, was intercepted by the Comptroller-General of Customs Strike Force team based on intelligence provided by the intelligence unit ... Read More »

US shies away from calling China a currency manipulator


Shanghai :The United States has refrained from labelling China a “currency manipulator” in a move which may help defuse escalating tension over trade between the two countries. President Donald Trump has previously accused China of keeping its currency weak to make exports more competitive. Speculation that the US Treasury would make that claim formally this week has not been borne ... Read More »

China to show off its zeal to import but business awaits policies

Workers pave a road ahead of the China International Import Expo in Shanghai, China September 27, 2018.  REUTERS/Aly Song

SHANGHAI :China will soon host a huge trade fair to highlight its commitment to free trade and show off its willingness to import, but sceptical foreign businesses and diplomats say they want to see concrete policy changes to improve market access. The China International Import Expo, announced by President Xi Jinping in 2017, is aimed at calming mounting foreign concern ... Read More »

BMW is paying $4 billion to take control of its China business


China :BMW is racing ahead of other global automakers in China. The German company that it will pay €3.6 billion ($4.2 billion) to take control of its business in China. It’s the first international carmaker to announce this kind of deal since the Chinese government moved earlier this year to relax ownership restrictions. Under the deal with its Chinese partner, ... Read More »

Sierra Leone cancels $300 million airport deal with China


Hong Kong :Sierra Leone has nixed plans to build a controversial, $318 million airport outside the capital of Freetown with a Chinese company and funded by Chinese loans. The mega project, which was due to be completed in 2022, had been commissioned by the previous president Ernest Bai Koroma in March this year. Its cancellation comes amid cooling enthusiasm in ... Read More »

Philippines customs intercept ₱16 million worth of smuggled onions


Beijing :The Bureau of Customs captured ₱16 million (€250.000) worth of red onions smuggled from China. Customs Commissioner Isidro Lapeña said the shipment of ASD Total Package Enterprises Inc. was intercepted at the port on the suspicion that it contained mis-declared agricultural products. The eight containers from ASD were declared to contain 20,000 cartons of fresh apples when they arrived ... Read More »

China RQFII quota at 640 bln yuan


Shanghai:The quota in the RMB Qualified Foreign Institutional Investors (RQFII) program came in at 640.2 billion yuan (about 93.2 billion US dollars) as of September 29, according to the State Administration of Foreign Exchange (SAFE). The amount was up 12.7 billion yuan from the previous month, said SAFE. China’s currency, the yuan, is convertible for trade purposes under the current ... Read More »

China wants to end trade war but US keeps changing position : Cui Tiankai


Shanghai : China wants to end the trade war with the US, but the US’s position keeps changing, said Cui Tiankai, China’s ambassador to the US on Wednesday. Cui made this remark during an interview at National Public Radio (NPR) headquarters. “The US’s position keeps changing all the time, so we don’t know exactly what the US would want as ... Read More »

Tighter customs checks in China hit sales of luxury goods from LVMH to Shiseido

Pedestrians walk by a LVMH Moet Hennessy Louis Vuitton SE luxury store store on the Getreidegasse shopping precinct in Salzburg, Austria, on Wednesday, Sept. 12, 2018. Pumped-hydro plants like Kaprun, with 830 megawatts of capacity, can store enough power to cover almost 100,000 households for more than a week. Photographer: Akos Stiller/Bloomberg

Shanghai: Share prices of groups dealing in luxury goods from Japan’s Shiseido to France’s LVMH fell after social media reports that China is stepping up customs checks on citizens bringing in goods from overseas, adding to jitters from a trade war with the US. Chinese consumers make up the lion’s share of growth for the luxury business and account for ... Read More »

Customs receives 1st batch of Philippine food to China’s import expo


SHANGHAI,:A container full of dried fruits from the Philippines arrived at Wusong Port, Shanghai, making it the first batch of foreign foods to reach China for the upcoming import expo, according to Shanghai Customs Thursday. Dried fruits including mangoes, bananas and durians from 15 Filipino companies were shipped to China, serving as a testimony of the extensive attention small- and ... Read More »

China to cut customs clearance time by over 33%


Shanghai :China aims to cut the overall customs clearance time for cargo from 97.39 hours in 2017 to 65 hours before the end of this year, said an official with the General Administration of Customs. Zhang Guangzhi, head of the National Office of Port Administration under the General Administration of Customs, said robust measures such as expanded pre-arrival declaration for ... Read More »

Trieste aims to be China’s main port in Europe


Shanghai :The Chinese are keen to invest in new terminals, docks, yards, logistics platforms and industrial areas in the northern Italian port, given its deeper integration into EU rail networks than Piraeus, the Greek port taken over by Cosco in 2016 A seaport city of just over 200,000 residents in northeast Italy could play a significant geopolitical role in promoting ... Read More »

China customs announces measures to quicken cargo clearance


BEIJING:The General Administration of Customs (GAC) announced new measures Thursday to expedite cargo clearance and cut administrative charges as part of the efforts to facilitate foreign trade. Clearance documents subject to verification at ports will be reduced from 86 to 48 by Nov. 1, Zhang Guangzhi, a senior GAC official, told a press briefing. Procedures will also be improved, Zhang ... Read More »

Improved Information Sharing Needed to Combat Illegal Export of SUVs to China


Shanghai :An investigative arm for the insurance industry says an improved system for sharing information is needed to combat the illegal exportation of luxury vehicles to China. In the past, the National Insurance Crime Bureau worked with local police and the U.S. Customs and Border Protection to catch people illegally moving luxury autos out of the United States. But the ... Read More »

China Customs Says Nation Imported 4.71 Million Tonnes of LNG in August Up 51% Year over Year


BEIJING:China imported 4.71 million tonnes of liquefied natural gas (LNG) in August, up 51.5 percent year on year, the country’s customs authority said Sunday. Total LNG imports in the first eight months reached 32.63 million tonnes, up 47.8 percent year on year, according to the General Administration of Customs. China surpassed the Republic of Korea to become the world’s second-largest ... Read More »

China says it will immediately retaliate when Trump tariffs take effect

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

BEIJING:Beijing will immediately launch retaliatory tariffs when President Trump’s new duties on $200 billion in Chinese imports take effect next week, a move the government said Tuesday it “deeply” regrets. China has previously warned it will strike back with levies on an additional $60 billion in American goods following Trump’s escalation of the trade war, effectively slapping tariffs on almost ... Read More »

Trump will slap 10% tariffs on $200 billion in Chinese goods — and they will go to 25% at year-end


President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year. The action, announced by the Trump administration Monday, escalates a trade conflict between the world’s two largest economies. China has already threatened to retaliate against new duties. The White House removed ... Read More »

Chinese official: Beijing should target goods needed by US


One of China’s most prominent figures in global finance says Beijing should press Washington to end their tariff battle by clamping down on exports of goods needed by American companies, according to news reports Monday. The comments by Lou Jiwei, a former finance minister and chairman of China’s sovereign wealth fund, follow reports regulators are squeezing American companies by slowing ... Read More »

Tariff hikes won’t address U.S. trade deficit: MOC

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US:The United States’ unilateral measure of imposing additional tariffs won’t solve its trade deficit issue, a spokesperson for China’s Ministry of Commerce (MOC) said Thursday. The widening or narrowing of the trade surplus or deficit is decided by the market, MOC spokesperson Gao Feng said at a press conference in response to a question on China’s widened trade surplus with ... Read More »