04-26-2019, 10:53 AM
|
|
|
So Fucking Banned
Industry Role:
Join Date: May 2001
Location: Your mom's front hole
Posts: 40,906
|
China’s Xi Signals Approval for Trump’s Trade War Demands
Great news for Americans...bad news for Anti-Americans aka bladewire, crockett, cruci, mrbb 
Quote:
Chinese President Xi Jinping addressed some 40 world leaders at the Belt and Road forum in Beijing, but his speech may have been aimed at a head of state not in the audience: U.S. President Donald Trump.
Xi spent a large portion of his speech Friday addressing Chinese domestic reforms, pledging to address state subsidies, protect intellectual property rights, allow foreign investment in more sectors and avoid competitive devaluation of the yuan. All four are issues the U.S. is addressing in trade talks with Beijing.
"We will establish a binding enforcement system for international agreements," Xi said, adding that China will standardize all levels of government in terms of issuing administrative licenses and market regulation, and also "eliminate improper rules, subsidies and practices that impede fair competition and distort the market."
Xi’s promises have been echoed by officials over the past few months and China has taken several steps to address U.S. concerns, including passing a new foreign investment law that bans forced technology transfers. Trade negotiators led by U.S. Trade Representative Robert Lighthizer return to Beijing next week as both sides work toward a face-to-face meeting between Trump and Xi to ink a deal.
“He appeared to be offering his personal approval of the concessions that China is likely to make as part of an imminent US-China trade deal,” said Tom Rafferty, the Economist Intelligence Unit’s regional manager for China. “This was a very different speech than that which President Xi gave at the Belt and Road Forum in 2017” when he outlined big commitments in Chinese spending, Rafferty said.
Yuan Stability
The U.S. and China have agreed on a currency provision in their potential trade agreement, Treasury Secretary Steven Mnuchin said in February. Bloomberg News reported earlier that the U.S. was asking China to keep the value of the yuan stable to neutralize any effort to soften the blow of U.S. tariffs.
China won’t engage in currency depreciation that “harms other countries,” Xi said on Friday, adding the yuan will be kept at a “reasonable, equilibrium level,” and the market will play a bigger role in setting the exchange rate.
“In the context that China and the U.S. are coming close to a deal that could include a currency pact, Xi’s words remind investors that there could be an agreement not to have competitive devaluation and that a stronger renminbi is more desirable,” said Fiona Lim, senior currency analyst at Malayan Banking Bhd. in Singapore.
The yuan climbed on Friday as the central bank set its daily reference rate at a stronger-than-expected level.
Cleaning Up
Some 5,000 attendees from across the globe attended Xi’s address, which also focused on efforts to clean up the sprawling infrastructure program that began in 2013 to rebuild ancient trading routes across Eurasia. At least seven countries who agreed to Belt and Road projects have suspended, scaled back or terminated them, or experienced backlash for their involvement.
“The implementation is always what’s really difficult,” Hannah Ryder, chief executive of officer of the Beijing-based consulting firm Development Reimagined, told Bloomberg Television.
“For the governments here for the Belt and Road Forum, of course, these are probably great words, really good to hear,” she said. But Chinese officials will “really have to still invest time, still push in order for these things to happen.”
https://www.bloomberg.com/news/artic...de-war-demands
|
|
|
|