China will tackle US trade dispute in 2019: commerce minister

Without a resolution, punitive US duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2. (AFP)
Updated 13 January 2019
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China will tackle US trade dispute in 2019: commerce minister

  • ‘We will properly handle the China-US economic and trade frictions’ this year, commerce minister Zhong Shan said
  • China’s policymakers have long promised a more open and free market with better protections for foreign investors

BEIJING: China will work to straighten out trade frictions with the US this year, the country’s commerce minister told state media, following talks with US negotiators this week.
A large US delegation ended a three-day visit to Beijing Wednesday in the first face to face trade talks since President Donald Trump and Chinese leader Xi Jinping in December pledged a three-month truce in the escalating tariff spat.
China said the talks had “laid the foundation” to resolve mutual concerns on trade.
“We will properly handle the China-US economic and trade frictions” this year, commerce minister Zhong Shan said, according to a Saturday report by state media outlet Xinhua.
Zhong said Beijing will also promote outside investment, work to pass a foreign investment law and improve its dispute resolution system, Xinhua reported.
China’s policymakers have long promised a more open and free market with better protections for foreign investors, but officials have been slow to make good on those pledges — leading the European Union Chamber of Commerce in China to coin the term “promise fatigue.”
Zhong said China’s negative list — which restricts investment in certain industries — will be further slimmed down; while Beijing also intends to expand economic sectors open for foreign investment without the need for a Chinese joint-venture partner.
The minister specifically outlined a push for foreign investment in manufacturing, high-tech industries and investment in China’s inner regions — pledges that are similar to promises made last year.
Pushing Beijing to implement economic reforms and further open up areas for US investment is a focus in trade negotiations with Washington.


Iraq cuts oil exports in line with OPEC deal: minister

Updated 20 March 2019
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Iraq cuts oil exports in line with OPEC deal: minister

  • An OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts
BAGHDAD, March 14 : Iraq has cut its oil exports average to 3.5 million barrels per day in compliance with an ongoing production curb agreement, its oil minister said on Thursday.
Thamer Ghadhban told reporters an OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts and whether to extend the curbs until the end of the year.
Iraq is committed to the deal and working to stabilize markets, he said. (Reporting by Ahmed Rasheed; Writing by John Davison; Editing by Mark Potter)