China denies setting target to cut US trade surplus

Workers perform quality check on toys for export at a factory in Lianyungang in east China’s Jiangsu province. (AFP)
Updated 24 May 2018
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China denies setting target to cut US trade surplus

BEIJING: China said Thursday it has not set a target to cut its trade surplus with the US but will seek to increase imports after the two sides stepped back from a potential trade war.
Officials from Beijing were reported to have offered to slash the country’s huge surplus by $200 billion during high-level talks last week — meeting a key Washington demand — by ramping up imports from the US.
That was followed on Monday by President Donald Trump tweeting that China will buy “massive amounts” of additional American agriculture products.
But commerce ministry spokesman Gao Feng denied that any figure was set during negotiations in Washington, which ended with the two countries agreeing to back off imposing tit-for-tat tariffs, though few details were revealed.
“China did not make any commitment on the specific amount of reduction of trade surplus with the US,” Gao told a regular news briefing.
“China will actively encourage companies to increase imports of US commodities and services according to market principles” and its own economic and consumption needs, Gao said.
“The two sides are willing to further strengthen cooperation in fields including agricultural products, energy, medical treatment, high-tech industry and finance.”
Both sides have extended olive branches since the weekend, with China announcing on Tuesday that it will cut auto import tariffs from July 1.
And Trump said his administration could impose a new fine of as much as $1.3 billion on embattled Chinese telecom company ZTE to replace crippling sanctions imposed last month that threatened to put the firm out of business.
However, there are concerns about Sunday’s agreement after Trump said he was “not satisfied” with it.


Russia’s RDIF to boost investment deals in Saudi Arabia

Updated 17 January 2019
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Russia’s RDIF to boost investment deals in Saudi Arabia

  • Fund's CEO Kirill Dmitriev leads a delegation of more than 20 Russian business figures to the Kingdom
  • The delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services

RIYADH: Russian sovereign wealth fund RDIF said on Wednesday it would significantly boost its investments deals with Saudi Arabia in 2019.

The fund’s CEO Kirill Dmitriev led a delegation of more than 20 Russian business figures to the Kingdom to discuss new projects.

Saudi Energy Minister Khalid Al-Falih met Dmitriev in Riyadh and expressed his happiness on the progress they made in the talks and the cooperation between the two countries. 

“Its not only commercial cooperation, but we are also working on scientific research, and we have opened a research center in Moscow University,” Al-Falih said.

The minister said the Russian delegation will also meet officials from Saudi Basic Industries Corporation SABIC and mining company Ma’aden among other companies during their three day visit to the Kingdom.

The delegation discussed projects in oil refining, petrochemical, gas chemical and oilfield services sectors, a Russian Direct Investment Fund statement said.

Al-Falih added that the Russian side has started a rubber plant project in Al-Jubail with Total and Novomet.

RDIF already has a $10 billion investment partnership with the Saudi Public Investment Fun (PIF), with more than $2 billion already invested in projects.

“We extend our cooperation not only on oil cuts but to cooperate in oil services, technology, LG and petrochemicals,” Dmitriev said. “We believe Saudi Aramco can be one of the greatest partners of Russia.”

The CEO said they were continuing to cooperate with PIF in Saudi Arabia through a number of energy investments.

Russian companies are also keen to invest in the Kingdom’s planned $500 billion mega-city NEOM.

“We have companies that have interest to invest in NEOM, we would like to build a port in NEOM, it can be a big port,” Dmitriev said.