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China to liberalize foreign ownership rules

17 April, 2018, 20:29 | Author: Sara Gill
  • Kim Jong Un gives grand banquet for visit of Chinese art troupe

It said preliminary results of a trade probe found USA sorghum, a grain used as animal feed and in alcohol distilling, was sold at improperly low prices that hurt Chinese farmers. It said importers must post bonds of 178.6 percent of the value of their goods to cover possible anti-dumping duties while the probe is completed.

China's move came amid the trade spat with the US following which Beijing has slapped 25 per cent tariffs on American soybean imports in retaliation for US President Donald Trump camping tariffs on a range of Chinese products.

Earlier this month, the Chinese commerce ministry threatened to impose a 25% duty on USA agricultural products, including soybeans, wheat, and beef, in response to the U.S. proposal to levy duties on Chinese high-tech goods. Beijing has responded with its own list of USA goods for possible retaliation.

Carmakers complied because they gained access to China's populous market, which passed the United States in 2009 as the world's biggest by number of vehicles sold.

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.

While cranking up the pressure on USA farmers, China also announced plans Tuesday to allow full foreign ownership of automakers in five years, ending some restrictions that have helped fuel its trade dispute with Mr. Trump as it promotes electric vehicle development. US President Donald Trump initiated a series of actions against unfair trade practices of China, including taking steps to impose additional tariffs on a number of Chinese items amounting to United States dollars 60 billion. Trump complained Beijing was hampering trade by charging a 25 percent import duty on most cars while the USA charges less than 3 percent.

China has said it would retaliate.

Output at China's factories and workshops expanded 6.8 percent year-on-year for the first quarter, matching the expansion seen during the same period last year, but below the 6.9 percent forecast by Bloomberg News.

The NDRC also said the shipbuilding industry will do away this year with foreign ownership restrictions for firms designing, making and repairing vessels. Beijing is using sales quotas and fuel efficiency standards to press global automakers to help local suppliers develop battery technology.


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