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Straits Times
5 hours ago
- Business
- Straits Times
China and US still key trade partners, commerce minister says
Sign up now: Get ST's newsletters delivered to your inbox US and Chinese officials agreed to seek an extension of their 90-day tariff truce on July 29, 2025. BEIJING - China and the United States remain important trade and economic partners, and American companies are welcome to invest, the Chinese commerce minister told a US business delegation on July 30 , according to his ministry. Trade relations between the countries have seen ups and downs but dialogue and consultation on 'an equal footing' are the key to resolving differences, Mr Wang Wentao told the US-China Business Council, the ministry statement said. The minister also pointed to the trade talks between China and the US, the latest one being held in Stockholm earlier this week , and said it is hoped both countries can meet halfway so that they can jointly maintain stable relations. US and Chinese officials agreed to seek an extension of their 90-day tariff truce on July 29 , following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth. REUTERS
Free Malaysia Today
23-07-2025
- Business
- Free Malaysia Today
China says raised ‘solemn representations' with EU over Russia sanctions
China's commerce minister Wang Wentao made solemn representations regarding the inclusion of two Chinese banks in the EU's sanctions. (EPA Images pic) BEIJING : China's commerce minister lodged 'solemn representations' to his EU counterpart over two Chinese banks' inclusion in the bloc's sanctions on Russia over the Ukraine war, Beijing said today. EU bosses Antonio Costa and Ursula von der Leyen will be in Beijing on Thursday for talks with top Chinese leaders over tense topics like trade and the war in Ukraine, but in which few concrete outcomes are expected. The summit comes less than a week after the EU adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18th round of economic measures from Europe against Russia since its 2022 invasion comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. In talks with EU trade chief Maros Sefcovic yesterday, the Chinese commerce ministry said commerce minister Wang Wentao 'made solemn representations regarding the inclusion of two Chinese financial institutions in the EU's 18th round of sanctions against Russia'. Brussels says China's deepening political and economic relations with Russia since the 2022 invasion represent tacit support for Moscow that have helped its economy weather sweeping Western sanctions. China denies the claims.
Al Arabiya
23-07-2025
- Business
- Al Arabiya
China raised ‘solemn representations' with EU over Russia sanctions
China's commerce minister lodged 'solemn representations' to his EU counterpart over two Chinese banks' inclusion in the bloc's sanctions on Russia over the Ukraine war, Beijing said Wednesday. EU bosses Antonio Costa and Ursula von der Leyen will be in Beijing on Thursday for talks with top Chinese leaders over tense topics like trade and the war in Ukraine but in which few concrete outcomes are expected. The summit comes less than a week after the EU adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. The 18th round of economic measures from Europe against Russia since its 2022 invasion comes as allies hope US President Donald Trump follows through on his threat to punish Moscow for stalling peace efforts. Among other targets, sanctions will be placed on a Russian-owned oil refinery in India and two Chinese banks as the EU seeks to curb Moscow's ties with international partners. And in talks with EU trade chief Maros Sefcovic on Tuesday, the Chinese commerce ministry said Commerce Minister Wang Wentao 'made solemn representations regarding the inclusion of two Chinese financial institutions in the EU's 18th round of sanctions against Russia'. Brussels says China's deepening political and economic relations with Russia since the 2022 invasion represent tacit support for Moscow that have helped its economy weather sweeping Western sanctions. China denies the claims.
Yahoo
23-07-2025
- Business
- Yahoo
China, EU discussed trade cooperation, issues ahead of summit
BEIJING (Reuters) -China's commerce minister and the European Union's trade chief had a "candid and in-depth" discussion on economic and trade cooperation as well as other issues that both sides face, the Chinese ministry said on Wednesday. The call comes days before the China-EU summit on Thursday in Beijing, when EU leaders plan to press China on rare earth supplies and the war in Ukraine. Chinese Commerce Minister Wang Wentao and EU trade commissioner Maros Sefcovic spoke over a video call on Tuesday, during which Wang also conveyed solemn representations on the EU's listing of two Chinese banks under its sanctions against Russia. China has called the EU's accusations against the two financial institutions "groundless" and said it opposes the unilateral sanctions that lack basis in international law. Sign in to access your portfolio
The Star
21-07-2025
- Business
- The Star
China sets its sights on export boost
China will intensify efforts to advance high-quality trade development, deepen international cooperation and bolster innovation to further boost exports during the 15th Five-Year Plan (2026-30) period, the country's top commerce official said on Friday. Speaking at a news conference in Beijing, Commerce Minister Wang Wentao said these measures will foster an open, cooperative and mutually beneficial global trading landscape that promotes shared development. Wang said that despite external pressures, China further cemented its position as a major global trading nation, with notable progress in high-quality development during the 14th Five-Year Plan period (2021-25). The country's foreign trade reached $6.16 trillion in 2024, up 32.4 percent from 2020, maintaining its position as the world's largest trading nation for the eighth consecutive year, according to the Ministry of Commerce. "Chinese exporters have shown remarkable resilience, actively adapting to changes and driving transformation," he said, adding that they are accelerating product upgrades, especially by enhancing technological content, while also expanding into new markets and channels, and exploring innovative business models. The commerce minister said that China's foreign trade-related production and supply chains have become more complete, flexible and efficient, reinforcing the country's ability to navigate external uncertainties and laying a solid foundation for sustained and high-quality trade growth. Noting that any attempt to forcibly "decouple" economic and trade ties between China and the United States is destined to fail, Wang said the bilateral economic relationship has endured fluctuations, with cooperation remaining anchored in economic fundamentals and reflecting the shared interests and expectations of people in both countries. As economic globalization has encountered mounting challenges and unilateralism and protectionism have continued to rise in recent years, China International Trade Representative Li Chenggang said that the world's economic order and governance system have come under significant strain. In response, China has reaffirmed its commitment to the multilateral trading system and has worked to expand its network of high-standard free trade agreements, advancing both multilateral and regional cooperation in parallel, said Li, who is also vice-minister of commerce. "In addition to completing negotiations on the Version 3.0 China-ASEAN Free Trade Area agreement earlier this year, China has also incorporated rules on emerging sectors such as the digital and green economy into its trade negotiations," he added. Reflecting China's broader commitment to high-standard opening-up, foreign investment has also played a key role in supporting the country's economic development. China utilized a total of $708.73 billion in foreign investment during the 14th Five-Year Plan period by the end of June this year, reaching the target set in the national commerce development plan six months ahead of schedule. Ling Ji, vice-minister of commerce and deputy China international trade representative, said that foreign-invested companies have contributed one-third of China's foreign trade and one-quarter of its industrial added value, while creating over 30 million jobs, making a significant contribution to the country's economic development. In a renewed push to draw more global capital, China on Friday introduced 12 targeted measures to encourage foreign companies to reinvest in the Chinese market and boost the effective use of foreign investment. The new policy, jointly issued by the National Development and Reform Commission and six other government bodies, said that China will support eligible foreign-invested companies reinvesting profits domestically through flexible land use, tax incentives, streamlined procedures, financial support and improved services to encourage high-quality foreign reinvestment projects. Jiangsu Mobis Automotive Parts Co Ltd, an automobile lamp and airbag manufacturer and subsidiary of South Korea's Hyundai Mobis Co in Yancheng, Jiangsu province, has strengthened its earning capacity since joining the Authorized Economic Operator (AEO) program in 2024, with support from the local government. The AEO program, promoted by the World Customs Organization, fosters partnerships between customs authorities and businesses to enhance supply chain security and streamline global trade through simplified procedures. "Since joining the program, we have expanded to become a global supplier of components to more automakers in Japan and Southeast Asia," said Zheng Yinyin, a manager at the company's foreign trade unit. The company, which employs more than 1,000 people, saw its exports soar 44.5 percent year-on-year to 430 million yuan ($60 million) between January and June, data from Nanjing Customs showed. - China Daily/ANN
