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With the US Fed forecasting at least six more increases this year, and more to follow, the city being pegged to the US dollar is bound to feel their cumulative effect.
Xi Jinping reportedly agreed to allow a compliance department chosen by the US to be embedded into the firm, but the move has only emboldened Washington.
Vice-Premier Liu He tells the World Economic Forum that China is getting back to normal more quickly than expected after lifting its zero-Covid policies last month.
Washington says aim of Yellen’s meeting with Liu is to ‘deepen communication’; Beijing calls the meeting ‘policy coordination’.
Liu’s attendance in Davos, Switzerland, will be the first by a Chinese leader since the Covid-19 pandemic.
It will be the first time a top Chinese leader has travelled to the World Economic Forum meeting since the pandemic began.
China will see an economic recovery next year and is mulling new measures to support the beleaguered real estate market, Vice-Premier Liu He said on Thursday.
Reshuffle follows Central Committee retirements, banking crises and Xi Jinping’s anti-corruption campaign but scope of changes prompts uncertainty.
Chinese officials have trumpeted dazzling economic figures to make the case that the country can escape the middle-income trap, but some inconvenient statistics point to a worrying trend for the world’s second-largest economy.
Some analysts say any move by Washington to cut tariffs on Chinese goods would be solely in the US’ own interests, rather than signal an abrupt change in President Biden’s China policy.
Remarks by Vice-Premier Liu He suggest vaccine development remains on the agenda for China, with clinical trials of a home-grown Omicron jab having started in Zhejiang.
The nation’s propaganda machine is churning out pro-growth statements and defending coronavirus-control measures, but some question the official data and say greater policy support is needed.
The shift in policy comes as Chinese Vice-Premier Liu He called for order and transparency in regulators’ dealings with the country’s Big Tech firms.
Vice-Premier Liu He says China is on track to beat its economic growth target of ‘above 6 per cent’ this year, but numerous challenges remain – from the coronavirus to power shortages.
Vice-Premier Liu He reflected on the key weakness of China’s economic system In a 6,500-word article published on Wednesday in the People’s Daily.
Meeting comes amid growing debate over when the world’s second-largest economy will reopen its borders in the wake of pandemic.
The sides hold ‘constructive’ economic talks with global recovery ‘at crucial stage’, according to Chinese statement.
‘Candid’ exchange between Liu He and Katherine Tai also sees Beijing pushing for tariffs to be lifted, while Washington raises concerns over China’s economic model.
Delay in policy statement reflects divisions in the government over what tack to take, Chinese observer says.
Chinese authorities say they will work to build more innovation facilities in Beijing and the Zhongguancun area.
President Xi Jinping and his top economic adviser, Vice-Premier Liu He, on Monday tried to reassure the private sector of its critical place in China’s economy, despite recent regulatory pressure.
China’s Ministry of Commerce (Mofcom) was established in March 2003 and is responsible for trade negotiations and the relationship with the World Trade Organization (WTO).
Economist Gao Shangquan was one of the architects of China’s reform and opening up in the late 1970s and Hong Kong’s handover from Britain in 1997.
Parts of the relationship between China and the United States are ‘unhealthy’ and have been ‘damaging’ to the US economy, US Trade Representative Katherine Tai says.
A state media commentary has welcomed a resumption in economic talks but warned against an emotional response to disputes.
China Vice-Premier Liu He met US Treasury Secretary Janet Yellen on Wednesday having held talks with US Trade Representative Katherine Tai last week.
The strength of the yuan is likely to renew attention on how China manages its exchange rate amid negotiations with the United States, analysts say.
‘Candid’ exchange includes discussion of macro economic situation and importance of bilateral relationship, according to Xinhua.
Vice-Premier Liu He’s lead role in phone call with US Trade Representative Katherine Tai signals Beijing’s wish to keep policy continuity, adviser says.
Beijing and Washington officials agree that resumption of trade dialogue after nine-month hiatus is constructive, but US says ‘very large challenges’ exist in trade and economic relationship with China.