China sets out road map to open car sector to foreign makers

17 April, 2018, 20:30 | Author: Teresa Adams
  • Sterling and metals shine brightest as risk appetite returns

In a statement, China's Ministry of Commerce said the alleged USA dumping had caused "substantial damage" to China's domestic sorghum industry, according to an informal translation, and that the ministry had chose to implement "temporary anti-dumping measures" and collect a 178.6 percent deposit on US sorghum imports beginning on Wednesday.

The Chinese Ministry of Commerce said United States sorghum exports to China rose from 317,000 tonnes in 2013 to 4.76 million tonnes in 2017, while price of the exported sorghum fell in 31 per cent - harming Chinese farmers.

The threatened tariffs on a 150 billion worth of Chinese goods, and 50 billion of U.S. goods, would dent economic growth on both sides of the Pacific, analysts say. China is one of the biggest foreign markets for US sorghum growers.

It said the investigation had found Chinese imports of sorghum had increased 14-fold in the five years from 2013 even as the price for the commodity fell 31 percent.

The ministry said results of a parallel anti-subsidy investigation of US sorghum would be released later.

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Xi's announcement was among a raft of measures that were seen as potential concessions to US President Donald Trump as they face a potential trade war.

China on Tuesday elaborated on when it would scrap foreign ownership limits for automakers, shipbuilders and aircraft producers.

"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.

President Xi Jinping announced the plans last week without providing any details. The US has trade deficit of Dollars 500 billion per annum.

This will be followed by the removal of ownership obstacles in 2022 for makers of commercial vehicles and passenger cars.

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President Ashraf Ghani condemned the attack and said it was carried out by "Afghanistan's enemy", a reference to the Taliban. Shaker said that a number of officials were killed after a Public Order Police vehicle stepped on a roadside mine.

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

Until now, global automakers such as General Motors (GM) and Volkswagen (VLKAY) have been allowed to own no more than 50 percent of a joint venture with a Chinese partner and were limited to two ventures.

China is the world's biggest electric vehicle market, with last year's sales rising 53 percent over 2016 to 770,000 vehicles.

"Foreign brands will not have as much of an advantage as they had with combustion engines", said Zeng.

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Pence, meanwhile, tends to be more scripted in his exchanges and frequently glanced down at highlighted index cards as he spoke to Latin American leaders here.

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Your 7 Day Weather & Air Quality Forecast | Saturday, April 14
The bulk of the rain will fall during the first half of Saturday with close to an inch possible through Saturday night . Sunday's temperatures are expected to hover around the freezing mark, with precipitation turning to a wintry April mix.

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