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China foreign trade maintains sound momentum despite COVID-19 impact

By Xinhua| 2020-03-27 10:06:21

China's foreign trade sector has the resilience and growth potential to weather the impact of the novel coronavirus disease (COVID-19), a national trade promotion agency said.With strong competitiveness, a stable industrial chain and rapid development of new business formats, China's foreign trade sector will remain sound growth momentum in the long term, said Gao Yan, head of the China Council for the Promotion of International Trade (CCPIT).While COVID-19 has brought uncertainties to trade development, China has rolled out a string of policies to stabilize the growth of the sector, Gao said in an interview with an official publication under the National Committee of the Chinese People's Political Consultative Conference.Citing a CCPIT survey on foreign companies operating in China, Gao noted that foreign firms are still bullish on the prospects of the Chinese market.The epidemic has brought fresh investment opportunities in sectors including medical science and artificial intelligence, Gao noted, adding that investment from countries along the Belt and Road has seen continued growth despite the epidemic."The epidemic may prompt investors in relevant countries to seek safer investment destinations, leading to further gathering of international industries in China," Gao said.The CCPIT will actively promote stable growth of the foreign trade sector, setting up online exhibition platforms to connect companies for business negotiations, Gao said.

Xinjiang streamlines customs clearance for steel exports

By Xinhua| 2020-03-23 13:40:42

The customs of northwest China's Xinjiang Uygur autonomous region introduced a series of new measures to simplify clearance procedures to ensure timely delivery for steel export companies."It takes just 30 minutes from clearance to shipment," said Wang Jinsong, a declarant in charge of steel export in Urumqi, the regional capital. Wang said most of the formalities could be handled locally, which saves both declaration time and storage costs at the Urumqi port.  To help steel export enterprises resume production, the customs and railway departments in Xinjiang have released favorable measures to support China-Europe freight train services.The customs said the policies would help cut overcapacity, improve efficiency and stabilize exports for major steel companies in the region.

Japan's core private-sector machinery orders rise 2.9 pct in January

By Xinhua| 2020-03-20 14:34:05

Core private-sector machinery orders in Japan rose in January from a month earlier, the government said in a report on Monday.According to the Cabinet Office, orders in the recording period increased 2.9 percent from the previous month, owing to an increase in orders from manufacturers.The orders, excluding those for ships and from utilities because of their volatility, came to 839.36 billion yen (7.87 billion U.S. dollars), the office said.The latest reading follows an 11.9 percent drop in December, although the Cabinet Office opted to maintain its assessment that orders are "stalling."Orders from manufacturers increased 4.6 percent to 380.32 billion yen, the Cabinet Office said, while those from non-manufacturers, excluding ships and electric utilities, dropped 1.7 percent to 460.69 billion yen, the latest data series showed.Overseas orders, which act as a barometer of future exports, however, climbed 9.1 percent to 867.10 billion yen, the Cabinet Office said.Total orders, including those in the public sector, jumped 11.5 percent to 2.39 trillion yen in the recording period, the office also said.Machinery orders are a key advance indicator for corporate capital spending and the government uses the data to predict the strength of business spending in a six to nine month period ahead.A rise in capital expenditure can boost the economy as Japanese companies are producing more machinery to meet rising demands from overseas markets.A drop, however, has the opposite effect and weighs on the economy and can see production at best tapered or at worst significantly reduced.Such business investment accounts for roughly 15 percent of Japan's gross domestic product.Types of machinery included in the monthly government survey comprise engines and turbines, heavy electrical machinery, electronic and communication equipment, industrial machinery, machine tools, railway rolling stock, road vehicles, aircraft, ships, water crafts, as well as sub types in those categories.

China to lower transportation costs for foreign trade enterprises

By Xinhua| 2020-03-17 00:00:00

China will temporarily lower the transportation costs for import and export enterprises, as part of efforts to fast-track work resumption and keep the foreign trade sector afloat amid the novel coronavirus outbreak.Port construction fees levied on importers and exporters will be waived from March 1 to June 30, said a circular jointly released by the Ministry of Finance and the Ministry of Transport Monday.Relevant enterprises will also see their oil pollution damage compensation halved during the period.Fees that have already been paid can be refunded or deducted, said the circular.

China, France energy giants team up for offshore wind power project

By Xinhua| 2020-03-16 00:00:00

The China Energy Investment Corporation (China Energy) said it has inked a deal with the French energy giant EDF Group to jointly develop an offshore wind power project in eastern China's Jiangsu Province.The joint-venture project, with a total investment of 7.9 billion yuan (about 1.13 billion U.S. dollars), was the first of its kind in offshore wind power with both domestic and foreign investment, China Energy said.With a total installed capacity of 502 megawatts, the project is expected to generate 1.39 billion kilowatt-hours of electricity each year, the equivalent of 441,900 tonnes of standard coal, and satisfy the annual electricity needs of nearly 2 million residents, according to the company.The project, based in the city of Dongtai in Jiangsu Province, is scheduled to fully come into service in early 2021 and will be jointly funded, built and operated by China Energy and EDF Group.China Energy said it will hold a 62.5-percent stake in the joint venture, with EDF Group owning the remaining share.

China remains leading export market for Namibia

By Xinhua| 2020-03-13 17:56:04

China remained at the top of the chart as the leading export market for the Namibian products representing 25.9 percent of the total exports, the latest Namibia Statistics Agency trade statistics showed Thursday.According to the statistics, South Africa claimed the second spot on the chart representing 17.2 percent of the total exports while Botswana held steady in third place, absorbing 10.1 percent."The notable rise in exports was due to substantial growth in foreign demand for domestic commodities by these countries. The increase in exports to China was mainly led by minerals such as copper (49.6 percent) and uranium ores (43 percent)," the report stated.Additionally, according to the report, a new market for meat products was established in China which absorbed meat worth 157 million Namibian dollars (10 million U.S. dollars) contributing to the overall growth of exports to that country.Namibia's imports were mainly supplied by South Africa, Zambia, China, Bulgaria, India, Botswana, USA, Peru, DRC and Chile, most of which also feature on the export list.

Chinese custom steps up efforts to cut fees for import firms

By Xinhua| 2020-03-11 00:00:00

Chinese custom will roll out new measures including cutting arrear payments for import enterprises, as a part of efforts to promote work resumption, according to an official guideline released Tuesday.Enterprises that failed to declare their imported goods in time due to the epidemic can apply for the exemption from paying delayed declaration fees, according to the guideline from the General Administration of Customs.The guideline showed impacted firms have trouble repaying their taxes can apply for deferral with written applications, and penalty payments will be exempted if their payments are originally due as planned.Companies can apply for a three-month extension for items declared before April 30, with guarantors temporarily exempted from paying indemnities.While enhancing epidemic control and prevention at ports, the ministry pledged efforts to make full use of various policy tools and further streamline process of clearance, in a bid to ensure steady growth of foreign trade.

China most important trading partner of Germany for fourth straight year

By Xinhua| 2020-03-09 00:00:00

In 2019, China was Germany's most important trading partner in term of revenues for four years in a row, the Federal Statistical Office (Destatis) announced on Friday.Goods worth 205.7 billion euros (232.1 billion U.S. dollars) were traded between China and Germany, according to provisional results by Destatis.China was followed as Germany's most important trading partner by the Netherlands as a major supplier of oil, gas and other mineral oil products with a trade turnover of 190.4 billion euros. The United States ranked the third with 190.1 billion euros, according to Destatis."China is very important regarding imports of both producer and consumer goods" for Germany, Destatis noted.China's importance for German imports was growing during the last decades. In 1980, China ranked only 35th among the most important importing countries."One of the decisive advantages of trade is that specialization effects can be utilized," Christian Rusche, economist at the German Economic Institute (IW) told Xinhua on Friday. "When states produce what they do best and then trade it, both the quantity and quality of the goods produced can be increased."Germany mainly exported machinery, car and car parts as well as chemical products to China. On the other hand, China exported mainly electronic goods such as smartphones, network equipment and textiles to Germany, according to IW."Both countries have benefited from each other, as the economic development of recent years has shown," Rusche added.According to Destatis, goods worth 109.7 billion euros were imported from China in 2019, an increase of 3.4 percent compared to the previous year.

Vietnam's export up slightly in first 2 months of 2020

By Xinhuanet| 2020-03-06 00:00:00

Vietnam made export turnovers of more than 36.9 billion U.S. dollars and saw import turnovers of 37.1 billion U.S. dollars in the first two months of this year, both up 2.4 percent against the same period last year, the country's General Statistics Office said on Wednesday.Specifically, Vietnam earned 5.4 billion U.S. dollars from electronic goods, computers and components, up 26.7 percent; reaping 6.9 billion U.S. dollars from exporting phones and components, up 2.3 percent; and 2.7 billion U.S. dollars from footwear, up 3 percent.Between January and February, the United States remained Vietnam's biggest importer with turnovers of 9.8 billion U.S. dollars, tailed by the European Union with 5 billion U.S. dollars and China with 4.8 billion U.S. dollars, according to the office.In the same period, Vietnam spent 8.6 billion U.S. dollars on importing electronic goods, computers and components, up 17.1 percent; 5.3 billion U.S. dollars on machines, equipment and spare parts, down 3.7 percent; and 1.6 billion U.S. dollars on cloth, down 10.5 percent.Meanwhile, China was Vietnam's largest exporter with turnovers of 10 billion U.S. dollars, followed by South Korea with 8 billion U.S. dollars, and the ASEAN with 4.5 billion U.S. dollars, the office said.In 2019, Vietnam's total trade turnover reached nearly 517 billion U.S. dollars with an export turnover of nearly 263.5 billion U.S. dollars, up 8.1 percent against 2018. The country posted a trade surplus of more than 9.9 billion U.S. dollars, the highest level in the past four years.

U.S. Department of Commerce issues preliminary antidumping duty determinations on carbon and alloy steel threaded rod from mainland China, India, and Taiwan

By U.S.Department of Commerce| 2019-09-27 00:00:00

On September 20, 2019, the U.S. Department of Commerce announced the affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of carbon and alloy steel threaded rod from mainland China, India, and Taiwan, finding that exporters from mainland China, India, and Taiwan have dumped carbon and alloy steel threaded rod at the following rates:Mainland China – 4.81 percent to 59.45 percentIndia – 2.04 percentTaiwan – 32.26 percentAs a result of the decisions, Commerce will instruct U.S. Customs and Border Protection to collect cash deposits from importers of carbon and alloy steel threaded rod from mainland China, India, and Taiwan as applicable.In 2018, imports of carbon and alloy steel threaded rod from mainland China, India, and Taiwan were valued at an estimated $325 million, $111 million, and $156 million, respectively.Commerce is scheduled to announce the final determination with respect to Taiwan on or about December 4, 2019, and with respect to mainland China and India, on or about February 11, 2020.If Commerce’s final determinations are affirmative, the U.S. International Trade Commission (ITC) will be scheduled to make its final injury determination with respect to Taiwan on or about January 24, 2020, and with respect to mainland China and India, on or about March 26, 2020. 

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