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Stocks jump as China's president eases trade fight fears

11 April, 2018, 17:30 | Author: Shawna Walton
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The list was authorized by the U.S. Trade Representative's office, which in August 2017 initiated an unfounded investigation under the Section 301 of the U.S. Trade Act of 1974 to probe China's intellectual property and technology transfer practices.

Xi said China will widen market access for foreign investors, a point of contention for US President Donald Trump's administration.

While the leader did not mention President Trump by name, he said he'd move to further open China's markets and ease restrictions on foreign ownership in its auto industry.

Targeting "Made in China 2025" directly addresses complaints by American companies doing business in China, more than the earlier tariffs he'd slapped on washing machines, solar panels, steel and aluminum.

But it's unclear how much, if at all, Xi's pledges Tuesday will help defuse the trade tensions between the two sides. Beijing, the next day, said it would also place 25 per cent tariffs on $50 billion worth of United States imports, including in the aerospace sector where China has emerged as a key market for companies like Boeing. China hit back with its own threatened tariffs on United States imports including soybeans, planes, cars, whisky and chemicals. USA companies have long argued that China uses a range of tactics to force them to transfer intellectual property such as industrial designs and patents, and that Chinese entities engage in widespread theft of US trade secrets. Technology and industrial companies also rose.

More broadly, Xi repeated official promises to expand imports and to narrow China's trade surplus, another irritant for Washington.

The tougher environment means Chinese companies are creating fewer USA jobs.

During an eagerly awaited speech at a development conference on the tropical Chinese island of Hainan, Xi billed the planned cut in vehicle tariffs and a series of other measures as "a new phase of opening up."But numerous steps he outlined are ones Beijing has already proposed in some form".

Wang Sheng, an analyst with Shenwan Hongyuan Securities, said the president's remarks at the Boao Forum represented a substantial step forward in encouraging majority ownership by foreign vehicle brands in China.

China stocks ended higher on Wednesday as the market welcomed Beijing's pledge to further open the country's financial sector to foreign investors, and as worries about a trade war with the United States showed signs of easing.

Trump has often slammed China's huge surplus in the trade of goods with the United States, which reached $375 billion previous year, according to USA data.

Jinping has made similar promises before. "And we can only achieve win-win results by insisting on peaceful development and working together". That can make a significant difference in developing countries, where the government often accounts for most sales of computer software, medical equipment and other high-value goods.

Xi sounded a conciliatory note toward neighbors with which Beijing has territorial disputes, saying China wants to pursue peaceful cooperative development.

"In today's world, the trend of peace and cooperation is moving forward and the Cold War mentality and zero-sum-game thinking are outdated". "Arrogance or self-righteousness can only bump into walls at every turn".


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