China’s leaders pledged on Thursday to open the country’s coffers wider and provide a much-needed jolt to domestic demand in a statement issued after this year’s central economic work conference. This would be accomplished, they said, by raising the fiscal deficit ratio and increasing the issuance of treasury bonds in the coming year. The world’s … Read more
“Instead, it seems that we must prepare for a policy marked by caution and continuity.” Third plenums – this one a meeting of the Communist Party’s 20th Central Committee – have historically precipitated extensive changes to the country’s economy, with sweeping ideological statements issued to chart the course of policy for the next five years … Read more
The use of “better leverage” in reference to the role of the market at the twice-a-decade event – formally known as the third plenum of the party’s 20th Central Committee – slightly deviates from rhetoric used at the same gatherings in 2013 and 2018, when the market was granted a “decisive role” in resource allocation. … Read more
In 2018 and 2019, his administration imposed tariffs of up to 25 per cent on hundreds of billions of US dollars of Chinese goods. During this year’s campaign he has already issued sterner threats, including duties in excess of 60 per cent on all Chinese imports. “It seems we are already adapting gradually,” Chen said. … Read more
China has – after some delay – scheduled the much-anticipated third plenum of its Communist Party’s Central Committee for Monday, with the four-day meeting expected to shape the country’s economic strategy for the next five to 10 years. Previous third plenums unveiled landmark changes. At the plenum of 1978, the policy of reform and opening … Read more
With import tariffs removed for the first time in three years, shipments of Australian wine to China surged in April, with analysts expecting producers to jump back into the lucrative market “quite quickly”. China imported US$10.4 million of wine from Australia in April, up from US$126,045 a year earlier, representing a roughly eightyfold increase, according … Read more
The US Trade Representative’s (USTR) office also initiated a probe into China’s maritime, logistics and shipbuilding industries, alleging that Beijing used “unfair, non-market policies and practices” to dominate these sectors. Henry Gao, a law professor at Singapore Management University, said he would not be surprised if China imposes countermeasures against the proposed tariffs through countervailing … Read more
More Americans trust former President Trump’s approach to trade than President Biden’s but are split on their approach to tariffs on China, according to a new survey. The YouGov poll, released Friday, found 42 percent of Americans somewhat approve of Trump’s approach to foreign trade, 11 percent higher than Biden’s 31 percent. At the same … Read more
But Russia’s share fell from nearly half to 22 per cent during the same period, as shipments from its northern neighbour fell by 41 per cent to US$1.25 billion. Relations between China and Australia deteriorated in 2020 when Canberra called for an investigation into the origins of the coronavirus. But ties have since slowly improved, … Read more
“Something will need to change because Europe cannot just accept that strategically viable industries constituting the European industrial base are being priced out of the market,” he said. “That is where trade becomes a security question.” As US, EU anxiety grows, will overcapacity curb exports of China’s ‘new three’? Tensions between China and the European … Read more
