Economy & Trade
China has finally signed up to the Convention on International Transport of Goods Under Cover of TIR Carnets (“TIR Convention”; TIR stands for “Transports Internationaux Routiers” or “International Road Transports”), a multilateral treaty that streamlines administration for international road transport. This brings the total number of signatories to the TIR to 74, including 73 states and the EU.
The occasion was marked yesterday at a ceremony in Dalian, one of six TIR-ready Belt and Road gateways. The TIR will enhance interconnectivity between countries across the region and improve transportation along the routes.
By Alexander Chipman Koty
China and the US struck a trade agreement over the weekend that will see the two countries ease trade tensions and avoid a trade war – for the time being.
The US will suspend plans to slap tariffs on up to US$150 billion worth of Chinese goods, while China will halt the imposition of retaliatory tariffs on US products.
As part of the deal, China agreed to reduce the US trade deficit by purchasing more American products, particularly in the agriculture and energy segments.
China signed a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) today in Astana, Kazakhstan, as indicated by us would occur earlier in the week.
Early reports suggest the FTA is “non preferential”. Kazakhstan’s Minister of National Economy Timur Suleimenov stated, “The agreement is non-preferential by nature and does not imply cancellation of duties or automatic reduction of non-tariff barriers. At the same time, the agreement will make [it] possible to improve conditions for access of goods to the China market, through norms for simplification of trade procedures present in the document, [and] increase the transparency level and improve the level of interaction across all spheres of trade cooperation.”
By Dezan Shira & Associates
China is set to sign a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) this Thursday in Astana, Kazakhstan. Acting Russian Presidential Aide Yuri Ushakov made the statement to the Tass News Agency yesterday, confirming that the agreement on trade and economic cooperation would be going ahead.
By Melissa Cyrill
President Xi Jinping played host to India’s Prime Minister Narendra Modi last week in the city of Wuhan, Hubei province.
Over two days, from April 27 to 28, the two leaders maintained a careful bonhomie – assuring journalists and strategic hawks alike of their relaxed conversations and broad agenda.
The ‘informal’ summit came as a surprise to many, marking less than a year since China and India came close to blows over the disputed border region of Doklam, situated between Tibet and Bhutan.
By Mark Preen
As the capital city of China, it is widely known that Beijing has a significant and central role in many aspects of modern day China. However, less is known about Tianjin and the Hebei province, which make up the region surrounding Beijing and are somewhat overshadowed by the capital.
However, this is set to change, with the inclusion of Tianjin and Hebei province in a grand project that aims to create a world-class city cluster centered around Beijing. This project is known as the “Beijing-Tianjin-Hebei Integration Plan”, as well as “Jing-Jin-Ji” and the “capital economy circle”.
By I-Ting Shelly Lin
In 2017, China maintained its spot as Germany’s largest trading partner for the second consecutive year.
The two countries moved to a full strategic partnership in 2014, and have since benefited from investments in the areas of trade, technology, and innovation.
After the UK’s decision to leave the EU and the US election of President Trump, China and Germany – as the second and fourth largest economies in the world – have been increasingly called upon to lead on global economic affairs.
By Alexander Chipman Koty
Chinese President Xi Jinping has announced plans to transform the entire southern island province of Hainan into a free trade zone (FTZ).
According to a guidance issued by the Communist Party and the State Council, China aims to establish the Hainan FTZ by 2020 and build a Hainan free trade port by 2025. By 2035, Hainan’s free trade system should be completely developed.