Tag Archives: China

IMF cuts global growth forecast to 3.7%

growth

MNA Business Desk: An upswing in economic risks due to rising trade tensions and debt levels has prompted the International Monetary Fund (IMF) to cut its forecast for world growth for this year and next, reported news agency. With trade growth set to slow sharply amid a trade war between the United States and China, the IMF cut its outlook for global GDP by two-tenths to 3.7 percent for 2018 and 2019, according to the quarterly World Economic Outlook Report issued Monday. The revised estimates includes a worsening outlook for developing economies this year and next compared to the July ...

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China fines Fan Bingbing for tax evasion

tax evasion

MNA Entertainment Desk: China’s taxation authorities fined A-list Chinese movie star Fan Bingbing more than 479 million yuan ($69.74 million) over tax evasion and ordered her to pay back more than 255 million yuan in taxes, reported news agency. Fan appeared in the “X-Men” and “Iron Man” film franchises with more than 62 million followers online in China. She dropped off the radar in June amid reports she was involved in an investigation into tax evasion in the film industry. Her vanishing act sparked wild speculation in China about her fate, including reports she had been detained. A Chinese TV ...

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U.S. seeks North Korea denuclearized by 2021

North Korea

MNA International Desk: The United States said it was ready to recommence discussion with North Korea after Pyongyang pledged on Wednesday to take to pieces its key missile facilities and suggested it would close its main Yongbyon nuclear complex if Washington took indeterminate actions. U.S. Secretary of State Mike Pompeo said he had invited North Korea’s foreign minister to meet in New York next week, with the plan of completing its denuclearization by January 2021, after a Pyongyang summit between the leaders of the two Koreas. The United States appeared keen to seize on commitments by North Korean leader Kim ...

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Trump hits China with another $200b tariffs

tariffs

MNA Business Desk: US president Donald Trump on Monday defied warnings and escalated the trade confrontation with China, hitting the country with tariffs starting next week on another $200 billion in imports and threatening to target even more if Beijing retaliates. Trump said China had refused to change the unfair practices that hurt US businesses and workers. “For months, we have urged China to change these unfair practices and give fair and reciprocal treatment to American companies,” Trump said in a statement. “These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy,” ...

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Typhoon slams into China after killing 59 in Philippines

Typhoon

MNA International Desk: Typhoon Mangkhut slammed into mainland China late Sunday after leaving a trail of destruction in Hong Kong and Macau and killing at least 59 people in the northern Philippines, reported news agency. The world’s biggest storm this year felled trees and sent skyscrapers swaying in high-rise Hong Kong, injuring more than 200 people there before making landfall on the coast of Jiangmen city, in southern China’s Guangdong province. Provincial authorities said they evacuated a total of 2.37 million people and ordered tens of thousands of fishing boats back to port before the arrival of what Chinese media ...

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Beijing to reject trade talks if Washington imposes tariffs

trade talks

MNA Business Desk: The Chinese government may decline to participate in proposed trade talks with the United States later this month if the Trump administration moves forward with additional tariffs on imported Chinese goods, reported news agency. The US had proposed the talks, but at the same time moved forward with planning additional tariffs on some $200 billion of Chinese products. The report quoted one senior Chinese official saying the country would not negotiate “with a gun pointed to its head.” Other officials who advise the country’s leaders are suggesting China impose limits on the sale of parts and supplies ...

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Rohingya crisis reinforce China-Myanmar bonds

Myanmar

MNA Exclusive Desk: China’s Belt and Road Initiative (BRI) got a high octane boost last week, when Myanmar — facing the heat from the West because of the Rohingya refugee crisis — inked an agreement with Beijing to establish a cross border economic corridor. The 1,700-km corridor will provide China yet another node to access the Indian Ocean. Already Gwadar port — one of the terminal points of the China Pakistan Economic Corridor (CPEC) — has become Beijing’s star gateway to the Arabian Sea. “The China Myanmar Economic Corridor (CMEC) can become a major factor in lifting the economies of ...

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BD to get more tariff reduction under APTA

tariff

MNA Business Desk: The tariff-cut amendment of the Asia-Pacific Trade Agreement (APTA) became effective Sunday, with China’s Ministry of Commerce saying it would facilitate regional economic integration in Asia, according to reports by Xinhua and Global Times. “The amendment will provide member countries new economic impetus, prompt continued trade increases, facilitate economic integration and help further materialise the Belt and Road Initiative,” the ministry said Sunday in an online statement. The six members of APTA – China, India, South Korea, Bangladesh, Sri Lanka and Laos – will slash tariffs by an average of 33 per cent on 10,312 product categories. ...

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EU, China pledge to uphold global trade order

global trade

MNA Business Desk: The European Union and China pledged on Monday to uphold a rules-based global trade system, making an oblique criticism of growing protectionism in Washington despite their own disagreements, reported news agency. The two sides held high-level economic meetings in Beijing as both face rising trade tensions with the United States. Brussels and Beijing recently announced new tariffs on US goods in retaliation for moves by the Trump administration. “Both sides agreed to resolutely oppose unilateralism and protectionism and prevent such practices from impacting the world economy and even dragging the world economy into recession,” said Chinese Vice ...

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Trump imposes tariffs on China

Chinese

MNA Business Desk: The US President Donald Trump on Friday announced fresh tariffs targeting tens of billions in Chinese imports, reported news agency. The new tariff will sparking immediate retaliation from Beijing and bringing the world’s two largest economies to the brink of an all-out trade war feared by markets and industry. Making good on a pledge to punish the alleged theft of American intellectual property, Trump warned in a statement of “additional tariffs” if China hits back with tit-for-tat duties on American goods and services exports. At least initially, though, the new tariffs will not cover the full $50 ...

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Modi calls for unimpeded trade, access in Indo-Pacific

Modi

MNA Business Desk: Indian Prime Minister Narendra Modi called for equal access at sea and in the air for all Asian countries at a major defence conference on Friday, but avoided singling out China’s claims to the hotly contested South China Sea. Modi outlined his regional vision at the annual Shangri-La Dialogue in Singapore, attended by defence chiefs from over 40 countries, including US Defense Secretary Jim Mattis. The Indian leader’s visit to Southeast Asia, which he described as the centre of a new era of cooperation in a region that spanned the coast of Africa to the US West ...

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China to cut auto tariffs on July 1

auto

MNA Business Desk: China announced that it would cut tariffs on auto imports from July 1, the latest sign of a thaw in trade frictions with the United States. Beijing has announced a flurry of liberalisations and reforms since coming under fire from the Trump administration and some European politicians for its protectionist policies. The planned reduction in import duties from 25 percent to 15 percent is a boon for international carmakers keen to grow sales in the world’s largest auto market but may fall short of fulfilling US President Donald Trump’s expectations that Beijing match US tariffs of 2.5 ...

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China-US agree to abandon trade war

abandon

MNA Business Desk: Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, reported news agency. The announcement came after high-level talks in the US capital and followed months of tensions over what president Donald Trump has blasted as an unfair commercial relationship between the two economic giants. Vice-premier Liu He, who led Chinese negotiators in Washington said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” state-run news agency Xinhua reported Sunday. Liu called the agreement a “necessity”, but ...

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China to give $2.6b loan for Padma rail link

Padma Bridge construction site

MNA Business Desk: The loan agreement of Padma rail link project was signed on Friday in Beijing, capital of China, said an official release in Dhaka. The $2.67 billion agreement was signed at Exim Bank of China’s head office at 10.30am (local time of China), reported news agency. Additional secretary of the Economic Relations Division (ERD) M Zahidul Haq and China Exim Bank vice president Sun Ping signed the agreement on behalf of their respective sides. A six-member Bangladesh delegation is now visiting China. Officials from the contractor organizations and Economic Counselor of Bangladesh embassy in China M Jahangir, among ...

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China’s largest trade fair opens

largest trade fair

MNA Business Desk: China’s largest trade fair opened its 123rd session Sunday in south China’s Guangdong Province, attracting more than 25,000 companies as exhibitors. The biannual China Import and Export Fair, also known as the Canton Fair, is considered as a barometer of China’s foreign trade. Xu Bing, the fair’s spokesperson, said buyers from more than 210 countries and regions are expected to attend the fair, with the total number of buyers to level with the previous session. The first phase of the fair, which runs from April 15 to April 19, features products including home appliances, electronics and hardware, ...

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U.S. anticipates talks with China on rise of trade fight

trade

MNA Business Desk: The U.S. expressed willingness on Wednesday to negotiate a resolution to an escalating trade fight with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports, but the Chinese ambassador to Washington said it will require willingness of both. Just 11 hours after President Donald Trump’s administration proposed 25 percent tariffs on some 1,300 Chinese industrial, technology, transport and medical products, China shot back with a list of similar duties on major American imports including soybeans, planes, cars, beef and chemicals. Beijing’s rapid and vigorous reaction raised the ...

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North Korean leader Kim visits China

North Korean leader Kim

MNA International Desk: North Korean leader Kim Jong Un has pledged to denuclearise and meet US officials, China said on Wednesday after an historic meeting with President Xi Jinping, who promised China would uphold its friendship with its isolated neighbour. After two days of speculation, China and North Korea both confirmed that Kim had visited Beijing and met Xi during what China’s Foreign Ministry called an unofficial visit to China from Sunday to Wednesday. The China visit was Kim’s first known trip outside North Korea since he assumed power in 2011 and is believed by analysts to serve as preparation ...

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List of passengers aboard US-Bangla flight

US-Bangla

MNA Exclusive Desk: The US-Bangla Airlines flight which crashed at Tribhuvan International Airport in Nepal was carrying 67 passengers – 32 from Bangladesh, 33 from Nepal and one each from China and the Maldives, according to sources at the airlines. They were: Mr Zhang Ming (CHN) Mrs Rizana Abdulla (MDV) Mr Ahmed Foysal(BGD) Ms Shahreen Ahmed(BGD) Mr Eakub Ali (BGD) Mr Alifuzzaman (BGD) Mrs Almun Nahar Annie (BGD) Miss Bilkis Ara (BGD) Mrs Sila Bajgain (NPL) Mrs Begum Hurun Nahar Bilquis Banu (BGD) Ms Algina Baral (NPL) Ms Charu Baral (NPL) Mrs Mst Akhtara Begum (BGD) Mr Md Shahin Bepari ...

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China proposes 3-stage path to resolve Rohingya crisis

Rohingya crisis

MNA Exclusive Desk: China has proposed a three-phase plan for resolving the Rohingya crisis, starting with a ceasefire in Myanmar’s Rakhine State so that refugees can return from Bangladesh, China’s Foreign Ministry said ahead of meeting of European and Asian officials in Myanmar on Monday. The foreign ministers Asia-Europe Meeting, or ASEM, opening in the Myanmar capital Naypyitaw is an important multilateral diplomatic gathering which happens once every two years and is designed to discuss issues between Asia and Europe. The meeting was scheduled to take place in Myanmar before the outbreak of the current crisis. Speaking in Naypyitaw on ...

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US, Chinese firms sign $9b deals

tariffs

MNA Business Desk: US and Chinese companies signed nearly 20 deals worth a total $9 billion on Wednesday at the start of president Donald Trump’s state visit to Beijing. US commerce secretary Wilbur Ross and Chinese vice premier Wang Yang oversaw a signing ceremony at the Great Hall of the People but they did not immediately give details about the 19 deals. Wang said the agreements were merely a “warmup” before Trump and Chinese President Xi Jinping oversee their own ceremony on Thursday involving bigger deals, including in exports of natural gas and soybeans. Trump plans to use the three-day ...

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China to take 70 percent stake in strategic port in Myanmar

percent stake

MNA Business Desk: China has agreed to take a 70 percent stake in a strategically important sea port in Myanmar, at the lower end of a proposed range amid local concerns about Beijing’s growing economic clout in the country, a senior government official said. Oo Maung, vice chairman of a government-led committee overseeing the project, said Myanmar had pushed for a bigger slice of the roughly $7.2 billion deep sea port, in western Rakhine state, in negotiations with a consortium led by China’s CITIC Group. Agreement was reached in September, he said. “Locals from Rakhine and communities across Myanmar think ...

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China welcomes ‘attacks on Rohingya Muslims’

welcomes

MNA Exclusive Desk: China’s foreign minister Wang Yi said China welcomes the measures taken by Myanmar’s government to alleviate the situation in Rakhine state. Wang made the comments in New York on Thursday on during a meeting on the sidelines of the annual United Nations General Assembly with Myanmar officials, according to a Foreign Ministry statement. More than 400,000 Muslim Rohingya have fled from Rakhine across the border to Bangladesh following a counter-insurgency offensive by Myanmar’s army in the wake of militant attacks on security forces. U.N. officials have described Myanmar’s strategy as “ethnic cleansing”. Earlier, myanmar’s army chief called ...

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Global recovery on firmer footing: IMF

recovery

MNA Business Desk: The global economic recovery is on firmer footing as improving growth in China, Europe and Japan offset downward revisions for the United States and Britain, the International Monetary Fund said Sunday. However, wage growth remains sluggish which risks increasing tensions that have pushed some countries toward more anti-global policies, while efforts to erode financial regulations put in place since the 2008 crisis could erode stability, the IMF warned. “The recovery in global growth that we projected in April is on a firmer footing; there is now no question mark over the world economy’s gain in momentum,” IMF ...

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China shuts down 3,918 illegal websites

illegal websites

MNA Science & Tech Desk: A total of 3,918 illegal websites were shut down by China’s internet watchdogs from April to June, the Cyberspace Administration of China (CAC) has said. The websites included those that published content that jeopardized national security, and those that spread violence, vulgarity or unfounded rumours, according to the CAC statement on Saturday, news agency reported. Up to 316 cases related to illegal websites were handed to judicial organs in the same period, the CAC said. More than 810,000 illicit cyber accounts were also closed in the second quarter of the year, the statement read. Moreover, ...

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China ready to attack India

ready

MNA International Desk: Samajwadi Party leader and former defence minister Mulayam Singh Yadav on Wednesday claimed that China was ready to attack India in collaboration with Pakistan and asked the government to reverse its stand on the Tibet issue and support its independence. Raising the matter in the Lok Sabha against the backdrop of tension between India and China, he asked the government to inform Parliament what it has done to meet any likely challenge from the neighbouring country. “India is today facing a big danger from China. I have been cautioning the central government for years. China has joined ...

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Apple unveils iCloud data centre in China

mapping

MNA Science & Tech Desk: Apple has unveiled plans to build a data centre in China to store its local iCloud customers’ personal details, marking the first such move by a foreign technology firm following the imposition of strict new cyber-security laws in the country. The US titan said it was partnering with an internet service provider in southwestern Guizhou province on the project, which will “improve the speed and reliability of our products and services while also complying with newly passed regulations.” Some foreign firms have said the law is worryingly vague on key provisions and expressed concern over ...

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Oppo eyes global market after toppling Apple

Oppo

MNA Science & Technology Desk: With its army of salespeople and vast network of outlets, Oppo has exploded in popularity to overtake global giants Apple and Samsung in China’s market — and now it has its eye on the West. Oppo began life selling DVD players in the in the southern manufacturing hub of Dongguan a little more than a decade ago and only broke into the handset market in 2011. But with an aggressive marketing strategy and concentration on bricks-and-mortar stores in small and medium-sized cities — rather than relying on online customers — sales have soared. Last year ...

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