When it comes to trade-offs, this has been a big week for the mandarins in Beijing.
On Tuesday, China managed to hammer out a 24-point summit joint statement with the European Union in Brussels without giving too much away, apart from the usual promises.
With crucial industries still ring-fenced from foreign competition and a Great Firewall encompassing the country’s cyber world, Beijing has become a past master in smoke and mirrors diplomacy.
Indeed, that was evident in one of the key points from the joint statement:
“The EU and China commit to build their economic relationship on openness, non-discrimination, and fair competition, ensuring a level playing field, transparency, and based on mutual benefits.
“The two sides commit to achieve in the course of 2019 the decisive progress required, notably with regard to the liberalization commitments, for the conclusion of an ambitious EU-China Comprehensive Investment Agreement in 2020.
“The high level of ambition will be reflected in substantially improved market access, the elimination of discriminatory requirements and practices affecting foreign investors, the establishment of a balanced investment protection framework and the inclusion of provisions on investment and sustainable development.
“Both sides agree to establish a political mechanism to continuously monitor the progress in the negotiations and to report to leaders by the end of the year on the progress made.”
Detailed, yet suitably vague, the timeframe gives President Xi Jinping’s government plenty of wriggle room.
Twenty-four hours later, news filtered out of Washington suggesting that the United States and China were closing in on a trade deal after a marathon conflict, which at times has resembled an economic Cold War.
“Mechanism” was also the main buzz word when US Treasury Secretary Steven Mnuchin discussed the situation.
“We’ve pretty much agreed on an enforcement mechanism, we’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters,” he told CNBC television but refused to be drawn on when tariffs on Chinese imports worth US$250 billion would be lifted.
If, or when, the draft document is agreed, US President Donald Trump will sign it off with Xi at a planned mini-summit.
“As soon as we’re ready and we have this done, he’s ready and willing to meet with President Xi [Jinping] and it’s important for the two leaders to meet, and we’re hopeful we can do this quickly, but we’re not going to set an arbitrary deadline,” Mnuchin added.
A bruising battle between the world’s two largest economies has forced Beijing to speed up its reform timetable and draft a new foreign investment law, addressing US and EU concerns about forced technology transfer, intellectual property theft, and improved market access.
But issues still remain for the international business community.
Tim Stratford, the chairman of the American Chamber of Commerce in China, pointed out that the vague language in the legislation would allow local governments to expropriate investments that “harm the public interest.”
He also highlighted the inability of foreign firms to appeal against the outcome of national security reviews.
“[The changes] only address a small slice of the overall set of concerns our members have about the uneven playing field foreign companies encounter in China,” Stratford said.
For Beijing, easing tensions between the US and the EU have become priorities as it takes steps to warm up a cooling economy.
At least on that front, pessimism has been replaced by optimism.
Corporate tax cuts and rising manufacturing activity have fueled renewed hope.
Earlier this week, the International Monetary Fund raised its forecast for China growth by 0.1 point to 6.3% this year, despite downgrading its projection for the overall global outlook.
Elsewhere, HSBC economists Qu Hongbin and Julia Wang have estimated that tax reductions announced last month will be equivalent of more than 2% of projected gross domestic product, or GDP, in 2019.
“The shape of the stimulus package this time is very different from earlier rounds,” Qu and Wang said in a report. “We believe that it will not only work but will also trigger a self-sustained recovery in the coming quarters.”
Now, that would make Beijing’s bean-counters happy.
Way cool! Some very valid points! I appreciate you writing this write-up and also the
rest of the site is very good.
Do you have a spam issue on this blog; I also am
a blogger, and I was wanting to know your situation; we have developed some nice practices and we are looking to exchange strategies with others, please shoot me an e-mail if interested.
Having read this I believed it was very enlightening.
I appreciate you finding the time and effort to put this information together.
I once again find myself spending a lot of time both reading and leaving comments.
But so what, it was still worth it!
What’s up, after reading this awesome article i am also
cheerful to share my knowledge here with mates.
This design is spectacular! You certainly know how to
keep a reader amused. Between your wit and your videos,
I was almost moved to start my own blog (well, almost…HaHa!) Excellent job.
I really enjoyed what you had to say, and more than that, how you presented it.
It’s amazing in support of me to have a web page, which is helpful in support of my knowledge.
It’s going to be finish of mine day, however before finish I am reading this wonderful piece of writing to improve my know-how.
Hey! This is kind of off topic but I need some guidance from an established blog.
Is it hard to set up your own blog? I’m not
very techincal but I can figure things out pretty fast.
I’m thinking about making my own but I’m not sure where to start.
Do you have any tips or suggestions? Many thanks
Having read this I thought it was rather informative.
I appreciate you taking the time and energy to put this informative article together.
I once again find myself personally spending a lot of time both reading and leaving comments.
But so what, it was still worthwhile!
The other day, while I was at work, my cousin stole my apple ipad and
tested to see if it can survive a 30 foot drop, just
so she can be a youtube sensation. My apple ipad is now broken and she has 83 views.
I know this is entirely off topic but I had to share it with someone!
Hey there terrific blog! Does running a blog similar to this require a large amount of work?
I’ve very little knowledge of computer programming but I
was hoping to start my own blog in the near future.
Anyway, if you have any suggestions or tips for new blog owners
please share. I know this is off topic however I simply
needed to ask. Kudos!
Thanks for any other informative site. The place
else could I get that kind of info written in such an ideal way?
I have a venture that I’m just now operating on, and I’ve been at the glance out
for such info.
Hi, i think that i saw you visited my web
site so i came to “return the favor”.I’m trying to find things to enhance my site!I suppose
its ok to use some of your ideas!!
It is perfect time to make a few plans for the future and it’s time to be happy. I have read this post and if I could I desire to counsel you some attention-grabbing things or tips. Maybe you could write subsequent articles relating to this article. I wish to learn even more issues about it!
Unquestionably believe that which you stated. Your favorite justification seemed to
be on the net the easiest thing to be aware of.
I say to you, I certainly get irked while people think about
worries that they plainly do not know about. You managed to hit the nail
upon the top as well as defined out the whole thing without having side-effects , people can take a signal.
Will likely be back to get more. Thanks
Amazing! Its really amazing paragraph, I have got much clear idea concerning from this article.
Magnificent site. A lot of useful info here. I am sending it to some buddies ans
additionally sharing in delicious. And of course, thank you for your effort!
This text is priceless. Where can I find out more?
Heya! I’m at work browsing your blog from my new iphone!
Just wanted to say I love reading your blog and look
forward to all your posts! Keep up the fantastic work!
This is a good tip particularly to those fresh to the blogosphere.
Brief but very precise info… Thanks for sharing
this one. A must read post!
I like what you guys are up too. This type of clever work and reporting!
Keep up the superb works guys I’ve added you guys
to my own blogroll.
Hmm it looks like your blog ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog.
I too am an aspiring blog writer but I’m still new to everything.
Do you have any suggestions for first-time blog writers?
I’d certainly appreciate it.
You actually make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand.
It seems too complex and very broad for me. I am looking forward for your next post, I will try to get the hang of it!
Hey! Do you know if they make any plugins to help with SEO?
I’m trying to get my blog to rank for some targeted keywords but I’m not
seeing very good success. If you know of any please share.
Informative article, just what I wanted to find.
With havin so much content and articles do you ever run into any problems of plagorism or copyright violation? My blog has a
lot of exclusive content I’ve either authored myself or outsourced but it looks like a lot of it
is popping it up all over the internet without my permission.
Do you know any techniques to help stop content
from being stolen? I’d really appreciate it.
Hello my family member! I wish to say that this article is awesome, great written and include almost all vital infos.
I’d like to peer extra posts like this .
Greetings! Very helpful advice within this post! It’s the
little changes which will make the biggest changes.
Many thanks for sharing!
I needed to thank you for this very good read!! I certainly enjoyed every bit of it.
I have you saved as a favorite to check out new things you post…
Hi! I’ve been following your blog for a long time
now and finally got the bravery to go ahead and give
you a shout out from Porter Texas! Just wanted
to mention keep up the good job!
Incredible points. Great arguments. Keep up the good effort.
Buy Celexa Uk Cephalexin Indications generic cialis canada Viagra Cuanto Dura La Ereccion Where To Order Macrobid
I’m really enjoying the theme/design of your web site.
Do you ever run into any internet browser
compatibility issues? A small number of my blog visitors have complained about my site not operating correctly in Explorer but looks great in Safari.
Do you have any solutions to help fix this issue?
Hello, blame you looking for word! I repost in Facebook
Hello, tender thanks you in regard to word! viagra without a doctor prescription http://viapwronline.com I repost in Facebook.
Hello, blame you http://cialisxtl.com in hate of facts! viagra vs cialis vs levitra
viagra substitute over counter
Cialis how long does 20mg cialis keep in system does viagra or cialis help with pe
Cialis high blood pressure and cialis lowest price cialis
Enjoyed every bit of your blog post.Much thanks again. Really Great.
Cialis cialis price best liquid cialis
We’re a group of volunteers and opening a brand new scheme in our community.
Your site offered us with valuable info to work on. You have performed an impressive job
and our entire neighborhood can be thankful to you.
Cialis cialis generic availability 5mg cialis
can cialis pills be cut in half viagra sale essex cialis without prescription
buy viagra cheap uk real cialis for sale buy viagra online yahoo answers
cheap-cialis.net buy levitra canada legal buy viagra online
cialis brand cheap buy levitra in europe where to buy cialis in toronto canada
O artigo seguinte irá ilustrar várias técnicas de marketing altamente eficazes que, quando implementadas correctamente, podem ajudá-lo a desenvolver uma forte ligação com o seu público. Ao tirar proveito do e-mail marketing e rever continuamente sua estratégia de marketing com base nas necessidades de seus clientes, você pode estar bem no seu caminho para o sucesso.
levitra to buy uk can you have multiple orgasms with cialis where to buy levitra in canada
Leave a comment