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U.S., China Resume Talks to Cool Trade Tensions

Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, about a deal that would ease trade tension, ahead of a meeting of the leaders of China and the U.S. set for the end of the month. The two spoke by telephone on Friday, said people briefed on the conversation, as the U.S. demands that China put forward a concrete offer before negotiations on a trade deal can take place. Chinese officials are resisting and say they want to talk first before making a formal ...

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China says exports to US rising ‘because American economy is strong and they want to buy our products’

China’s exports to the United States are still growing, thanks to a strong American economy and consumers’ preference for Chinese products, China’s ministry of commerce said. The delivery of previously placed orders and “front-loading” by Chinese shippers also contributed to a robust performance so far this year, the ministry concluded in a report reviewing and forecasting China’s trade performance. As such, the impact of the US trade war on China’s trade and broad economy will be “limited” with “total risks under control”, the ministry concluded in the report. “The United ...

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UK’s WTO ambassador – It is dawning on other members there is a possibility of no Brexit deal

It is dawning on other members of the World Trade Organization that there is a possibility Britain leaves the European Union without a deal, Britain’s Ambassador to the WTO said on Tuesday. With less than five months until Britain is due to leave the EU on March 29, Britain is yet to clinch an exit agreement. Even if a deal is reached, it remains unclear whether Prime Minister Theresa May can get any deal approved by parliament. Asked whether there had been a shift in the dynamic within the WTO ...

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Brexit Barometer Turns Up in October Amid Signs of Slowing Ahead

The Bloomberg Brexit Barometer firmed in October after a sharp drop in September, but remained in “windy” territory for a second straight month. The slight gain was driven mainly by improvement in an uncertainty gauge as the U.K. economy showed signs of gaining strength. The barometer, which includes data for growth, labor market, inflation and other key economic indicators, firmed to 19.2 from a revised 18.5 in September. The October reading represents the second-lowest level since January. The U.K. economy posted its best calendar quarter in almost two years for ...

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China calls for open world economy but work remains on landmark trade pact

China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact. Li’s remarks in an article in Singapore’s Straits Times newspaper came as Singapore’s Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures. “China has opened its door to the world; we will never close it but open it even wider,” Li said ...

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China, Singapore to boost connectivity cooperation on new land-sea transport corridor

China and Singapore have agreed to intensify joint efforts in building a new land-sea transit route so as to further improve connectivity between the two countries and beyond. In talks with Singaporean Prime Minister Lee Hsien Loong in Singapore on Nov 12, visiting Premier Li Keqiang said that with the signing of a memorandum of understanding on the new logistics corridor, the two sides should build on the momentum and further boost two-way connectivity. Lee said his country will join hands with China to build the new corridor so as ...

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Wall Street’s $45 Trillion China Dream Inches Toward Reality

Chinese President Xi Jinping said in a speech last week that the country was “steadily widening the opening up” of its financial industry. For China watchers, steadily was the key word. Almost exactly a year after the country announced historic plans to ease local ownership rules and entry barriers to what’s now a $45 trillion industry, the pace of change has been closer to a crawl than a sprint. While Xi signaled that China’s opening remains on track despite the country’s trade war with America, he also made it clear ...

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China to create better environment to boost private economy: official

China will provide more investment opportunities and better services for private businesses in the country, said Ning Jizhe, deputy head of the National Development and Reform Commission. China will promote a series of projects in the sectors of transport, energy, ecology and environmental protection in line with national industrial policies, with sound preliminary works and clear investment return mechanism to private businesses, said Ning, also head of the National Bureau of Statistics. Each year, the country will publish a list of promotion projects for private businesses, with follow-up support and ...

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Fed’s Daly wants gradual rate hikes, says Fed not on autopilot

With the U.S. economy at or beyond full employment and inflation likely to rise slightly above a 2 percent goal over the next year, the Federal Reserve should continue to raise rates gradually, its newest policymaker said. “I view this gradualism as a process of iterated learning, guided by incoming data,” San Francisco Federal Reserve Bank president Mary Daly said in her first public remarks since taking her new job last month. “That is, we take a policy action, wait, learn about the economy’s response, and repeat. The information gathered ...

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U.S., China, 10 Other Countries Seek Brexit Assurance at WTO

A dozen nations including the U.S. and China demanded the European Union provide a mechanism for “appropriate compensation” to ensure its split with the U.K. doesn’t leave them worse off after Brexit, according to a World Trade Organization document. The document marks another snag in the EU and U.K.’s plan to unwind their WTO commitments and increases the likelihood of a showdown at the global trade body. “We urge the EU to provide further assurances to members that it will provide clarity on how it intends to account for U.K.-EU ...

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Euro zone growth slowdown is a return to normal – ECB

Euro zone growth is merely returning to normal after an exceptional 2017 and the slowdown is primarily due to weaker external demand, European Central Bank Vice President Luis de Guindos said on Monday. He added that negative market spillovers from Italy’s recent budget tussle were so far limited, and argued that Rome’s main problem was not high spending but weak growth, which can only be addressed through longer term, structural reforms. Source: Reuters (Reporting by Balazs Koranyi; Editing by Kevin Liffey)

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China must open its markets to weather Trump’s trade war

When it comes to the Chinese economy, Beijing has always faced a choice between short-term economic stabilisation and long-term growth. Or, in other words, between government intervention and market liberalisation. In the face of a sharp slowdown as US President Donald Trump’s punitive tariffs begin to kick in, a recent pledge by the Politburo to enact new measures to combat “growing downward pressure” on the economy served as both a good and bad omen as it sent mixed signals about policy direction. The October 31 Politburo communique emphasised efforts to ...

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China Expected to Expand Budget Deficit Amid Trade War Risks

China’s policy makers are expected to increase the budget deficit in the coming year, as a slowing economy and the downdraft from the trade war with the U.S. raise the need for a more active fiscal policy. Authorities will increase the budget deficit target to between 2.6 percent and 3 percent of economic output, up from 2.6 percent this year, according to 21 of 28 economists in a Bloomberg survey. The remainder forecast a deficit higher than 3 percent of gross domestic product. The quota for off-budget government bonds — ...

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Euro zone will not survive without fiscal convergence – Le Maire

Germany and France need to find a compromise necessary to complete a banking and capital markets union designed to shield the euro zone from future crises, French Finance Minister Bruno Le Maire said in remarks published on Sunday. He said it was also important that euro zone member states finalise plans to allow their ESM bailout fund to become a backstop for the Single Resolution Fund (SRF) which is meant to finance the winding down of failing banks in the currency union. “Without this (fiscal) convergence the euro zone will ...

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Italy seeks to cut 2019 growth forecasts to get EU budget deal – source

Italy’s economy minister is looking to revise down the budget’s growth forecast for next year to try to reach a deal with the European Commission over fiscal policy, a government source said on Sunday. The Commission rejected Italy’s fiscal plan for 2019 last month. The European Union’s executive said it flouted a commitment to lower the deficit and did not guarantee a reduction in the country’s debt, the second highest in the euro zone as a proportion of gross domestic product. The Commission gave Rome until Tuesday to present a ...

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