CX Daily: Xi Gives the Phase One Deal His Blessing
Trade war /
Xi, Trump discuss trade-deal progress on phone call
Chinese President Xi Jinping and U.S. President Donald Trump spoke by phone Friday on progress in the recently reached trade deal, pledging to sign a formal agreement “as soon as possible,” China’s official Xinhua News Agency reported.
Against a backdrop of a complex international environment, the phase one trade agreement between China and the United States will benefit both China and the U.S., as well as the rest of the world, Xi was quoted by Xinhua as saying. The accord was reached on the basis of equality and mutual respect, Xi said.
During the conversation, Trump called the trade deal “a good thing” for the U.S., China and the world. “The U.S. is willing to maintain close communications with China and strive to sign and implement it as soon as possible,” the U.S. leader was quoted as saying.
FINANCE & ECONOMICS
China to cut tariffs on goods including pork, tech gear
China cut import tariffs on a wide range of goods including food, consumer items and parts for manufacturing smartphones, continuing Beijing’s drive to lower trade barriers and spur domestic demand.
The Ministry of Finance on Monday published a list of 859 types of products that will enjoy tariffs lower than the standard rates for this year. It included frozen pork as a key item aimed at alleviating shortages of the meat due to the outbreak of African swine fever. In 2018 imports of the listed items totaled $389 billion, according to Bloomberg. The provisional levies on the items will take effect Jan. 1.
China falls further in latest global gender relations rankings
China made little progress on gender relations in the past year, underscoring a decade-long trend that has seen other nations outpace the East Asian giant when it comes to improving the position of women.
The country ranked 106th out of 153 nations in the World Economic Forum’s 2020 Global Gender Gap Report that was released Tuesday. That’s three places lower than last year and a dramatic slide from 2008, when China placed 57th on the list. China’s overall score of 0.676 fell far below the 0.877 attained by the highest-ranking nation, Iceland. Scandinavian nations occupied the top four positions, while the U.K. came 21st and the U.S. 53rd.
Foreign ownership /
Europe’s Amundi wins approval for China wealth management venture
Amundi Asset Management, European’s largest asset management company, won approval to set up the first foreign-controlled wealth management joint venture in China amid the country’s push to open up its massive financial industry.
The China Banking and Insurance Regulatory Commission granted approval Friday for the establishment of the Shanghai-based venture, which will be 55% owned by Amundi and 45% owned by Bank of China Wealth Management, according to a statement published on the regulator’s website.
Quick hits /
Pan Gongsheng: Foreign investors still have a lot of room to tap into China’s financial markets
Misery looms over top coal shippers as China looks to buy less in 2020
Fisher: Why rising corporate debt defaults are good news for China
BUSINESS & TECH
Pig farm in trouble for defenses against swine fever-infected drones
A pig farm in northeastern China landed itself in trouble with the authorities after a device it ostensibly installed to ward off drones interfered with the navigation systems of planes flying overhead. Earlier this month, local media reported that criminal gangs were using drones to deliberately spread African swine fever in a bid to force farmers to sell off pork at discounted rates.
The farm, located in Zhaozhou County, Heilongjiang province, and operated by Heilongjiang Dabeinong Agriculture & Pastoral Food, fitted the radio-blocking gadget to prevent gangs from flying items infected with the deadly virus into the area, online news outlet Thepaper.cn reported Wednesday.
Tesla bucks China car slump as November registrations soar
Tesla Inc. bucked a downturn in the world’s biggest electric-vehicle market as new-car registrations soared 14-fold last month in China, giving the Model 3 maker momentum as it prepares to begin deliveries from its multibillion-dollar Shanghai factory.
Registrations of Tesla cars climbed to a five-month high of 5,597 vehicles in November, compared with 393 a year earlier, according to state-backed China Automotive Information Net, which gathers and reports car-industry data.
From scrubland to ski slopes: China gets ready for the Olympics
Just outside the Chinese capital of Beijing, in the nearby city of Zhangjiakou, brown scrubland is being transformed into ski slopes carpeted with powdery snow. Alpine cottages are replacing rural farmland, and the drone of ski lifts is becoming a part of everyday life as China puts the final touches to preparations for the 2022 Winter Olympics.
Zhangjiakou is one of three competition zones — the others are in Beijing and in Yanqing, a suburb on the outskirts of the capital — for the coming Winter Games, and officials and businesses both hope the event will be a boon for the region’s economy and place the city among the ranks of the world’s top skiing destinations.
China has big plan to boost biogas output 16,000%
Biogas plays a tiny role in China’s energy mix now, but the country’s top economic planner wants to massively expand production, adding almost 10 billion cubic meters of capacity by 2025, and then doubling the total over the following five years.
These production targets are ambitious — this year China produced only 60 million cubic meters of biogas. However experts and industry players say big changes will be needed to make the sector attractive to investors. The goals were set in the National Development and Reform Commission’s new guidelines on developing the country’s biogas industry, released Dec. 19.
Quick hits /
Chinese electronic cigarette maker Smoore files for IPO in Hong Kong amid sales ban
Billion-dollar Hanergy plant grinds to halt, leaving local government in the lurch
In depth: How ‘clean coal’ might be poisoning villagers in North China
Li Rongrong, who battled to reform China’s SOEs, dies at 75
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