Trade war with US hampered 2019 foreign trade: China | WeForNews | Latest News, Blogs Trade war with US hampered 2019 foreign trade: China – WeForNews | Latest News, Blogs
Connect with us

Business

Trade war with US hampered 2019 foreign trade: China

China’s trade scenario last year was marked by the ongoing trade war with the US, leading bilateral trade between them to fall by 10.7 per cent to 3.73 trillion yuan.

Published

on

US-China-trade-war

Beijing, Jan 14 : China’s international trade growth slowed to 3.4 per cent in 2019, affected by the trade war with the US, with which exchanges decreased 10.7 per cent, according to official data published on Tuesday.

China’s foreign trade increased by 3.4 per cent to 31.54 trillion yuan ($4.57 trillion) in 2019, figures of the General Administration of Customs showed.

Exports grew by 5 per cent in 2019 to 17.23 trillion yuan, while imports increased by 1.6 percent to 14.31 trillion yuan, reports Efe news citing the data as saying.

The trade surplus increased by 25.4 per cent, totalling 2.92 trillion yuan.

Although the growth rate was lower than in the previous two years, customs authorities underlined that the total trade volume as well as imports and exports set record nominal figures in 2019.

There was a sharp increase in pork imports (75 per cent), a product in great demand in China and for which supply was severely affected by the African swine fever epidemic.

Purchases of veal meat abroad, used as a substitute, also experienced a notable increase (59.7 per cent).

China’s trade scenario last year was marked by the ongoing trade war with the US, leading bilateral trade between them to fall by 10.7 per cent to 3.73 trillion yuan.

The figure means that the US was no longer China’s second-largest trading partner, and fell to third place, although it was still far superior to fourth-placed Japan.

Chinese exports to the US reduced by 8.7 per cent to 2.89 trillion yuan, while imports from the North American country dropped by 17.1 per cent to 845.38 billion yuan.

This lopsided trade balance between them in favor of China – which last year stood at 2.04 trillion yuan, a drop of 4.7 per cent – was among the major reasons for US President Donald Trump’s administration to start the trade war with Beijing.

While trade with the US fell, China increased exchanges with the European Union by 8 per cent, the UK (12 per cent).

One of the commercial year’s notable relationships was with the Association of Southeast Asian Nations, a regional bloc with which China raised its businesses by 14.1 per cent and took the place of the US as Beijing’s second-largest trading partner.

In addition, the Asian giant carried out 8 per cent more year-on-year more purchases and sales in Latin America in 2019, and 6.8 per cent more in Africa.

The country’s Customs authorities also highlighted trade growth with countries that are part of the Chinese initiative of the New Silk Routes, which rose by 10.8 per cent.

Business

Global markets under pressure over fear of coronavirus spread

Published

on

By

Stock Market Down

Mumbai, Jan 24 : Fears that the outbreak of coronavirus in China may disrupt economic activity and global growth has sent the stock markets tumbling.

Chinese health authorities on Friday said that 830 cases of pneumonia caused by coronavirus were confirmed in 29 provincial-level regions in the country. The pneumonia has so far claimed 25 lives.

A sharp adverse reaction from Asian, US and European markets was witnessed because China is entering one of its busiest travel periods on account of its Lunar New Year holiday. The virus outbreak could hurt demand.

On Thursday, Chinese stock markets logged its biggest slide in eight months. However, Indian markets closed higher as the oil prices plunged significantly. The global oil benchmark, Brent slipped to $62 a barrel as the virus outbreak in China may dent fuel demand.

Meanwhile official sources told IANS that though over 500 Indian students study in Wuhan city’s medical colleges and universities, most of them had left for home for the Chinese New Year holidays.

Deaths due to the virus have revived memories of the SARS epidemic, caused by a coronavirus, which killed nearly 800 people and infected more than 8,000 others across the world in 2002-2003.

Continue Reading

Business

SC stays NCLAT order on RoC plea for changes in Tata-Mistry verdict

Published

on

By

Cyrus Mistry

New Delhi, Jan 24 : In a major development in the Tata Sons-Cyrus Mistry row, the Supreme Court on Thursday stayed the National Company Law Appellate Tribunal’s (NCLAT) order dismissing the Registrar of Company’s (RoC) plea to modify its verdict on the Tata Sons matter.

Tata Sons had challenged in the apex court the NCLAT’s January 6 order on conversion of Tata Sons from a public to a private company.

Agreeing to hear the Tata Sons’ plea, the apex court on Friday issued a notice to the parties concerned. The three judge bench headed by Chief Justice S.A. Bobde will hear the matter along with the main plea filed by Tata Sons against NCLAT’s verdict.

The National Company Law Appellate Tribunal (NCLAT) had on January 6 rejected the plea by the RoC to modify the appellate tribunal’s judgement in the Tata-Mistry case.

The NCLAT had in its December 18 verdict termed the RoC’s decision to allow conversion of Tata Sons from a public to private company as illegal, while the RoC had filed a plea at the appellate tribunal to remove the word “illegal” from its verdict, among other observations.

The two-judge bench headed by NCLAT Chairman Justice S.J. Mukhopadhaya had observed that the judgment did not cast any aspersions on the RoC.

Posting the matter for hearing after four weeks, the Supreme Court had, on January 10, stayed the NCLAT order reinstating Cyrus Mistry as Tata Sons Chairman. Chief Justice S.A. Bobde said the NCLAT had granted a prayer not made.

However, Mistry has already made a statement that he is no longer interested in taking up the chairmanship of Tata Sons.

Continue Reading

Business

Swamy warns against Air India sale, wants House panel to vet his note

It has been reliably learnt that the Rajya Sabha member had expressed reservations over privatisation of Air India the meeting of a Parliamentary consultative committee earlier this month.

Published

on

By

Subramanian Swamy

New Delhi, Jan 23: The government’s plan to sell national carrier Air India may face political and legal headwinds with senior BJP leader Subramanian Swamy raising the red flag against the decision.

Days before the launch of bidding process by inviting Expressions of Interest (EoI) from potential suitors, Swamy has warned against such move, saying the issue was currently being discussed by a Parliamentary panel.

“Right now, it (Air India disinvestment) is before the consultative committee and I am a member of that. I have been asked to give a note which will be discussed in the next meeting. They can’t go ahead without that,” Swamy told IANS.

“If they do, I will go to court. They know that too,” he cautioned.

A vocal opponent of Air India privatisation, Swamy had earlier suggested to list 49 per cent of Air India shares on stock exchanges while government holds 51 per cent in the carrier as an alternative to selling its entire stake to private companies.

It has been reliably learnt that the Rajya Sabha member had expressed reservations over privatisation of Air India the meeting of a Parliamentary consultative committee earlier this month.

After its failed first attempt, the Modi government has shown great zeal this time to sell Air India. It is set to offer a sweetened deal to potential buyers this time around by removing a large chunk of the debt and liabilities from the airline books.

Aviation Minister Hardeep Singh Puri had earlier said that Air India will be shut down, in case the disinvestment exercise is not successful.

Sources told IANS that the preliminary information memorandum (PIM) inviting EoI has been tentatively scheduled to be unveiled on January 27.

Air India is proposed to be sold along with its subsidiary Air India Express and ground-handling joint venture company Air India Singapore Airport Terminal Services Ltd (AISATS) in which it has 50 per cent stake.

Air India on January 10 came out with tender for engaging aircraft asset management companies for carrying out technical audit of its entire fleet.

A Ministerial panel on Air India chaired by Home Minister Amit Shah on January 7 approved the draft EoI and a share purchase agreement (SPA) for the airline’s disinvestment.

(Nirbhay Kumar can be contacted at [email protected])

Continue Reading
Advertisement

Most Popular