Download Hello and welcome to this edition of Biz China, a weekly business roundup from around the country. This week, we'll bring you an in-depth look at the recent acquisition of Volvo by Chinese auto maker, Zhejiang Geely Holding Group. The acquisition gave Geely percent ownership of Volvo and its related assets. Is this biggest overseas acquisition by a Chinese automaker a sound deal?
The following is an edited translation of a commentary from the Chinese-language "Commentaries on International Affairs.
As an aside, on this occasion, he said it wasn't a "war", but a "skirmish". When Stahl reminded the president that he called it a "war" earlier that day, he said "actually I called it a battle. But, actually, I'm gonna lower that. I consider it a skirmish. They do billion dollars with us.
Obviously, this numbers game was designed to highlight what President Trump sees as China's lack of countermeasures to American pressure. But the trade conflict can't be reduced to measuring the gap between these two numbers. First and foremost, it must be stressed that China isn't looking to throw itself into conflict with the United States.
But although it doesn't want this fight, it can't simply ignore it. This is why it is adopting a combination of quantitative and qualitative countermeasures using the tools it has available.
Its responses are guided by the principle of rational restraint, which shouldn't be misinterpreted as meaning that it is running low on "ammunition".
China's economy has been running at a healthy 6. Its exports reached 2. The size of its economy, and the value of its exports, gives it a substantial throw weight when it comes to responding to attacks on its trade environment.
VCG] At the same time, we've seen China's growth continue to shift from its heavy reliance on exports and capital investment towards domestic consumption fuelled increasingly by the growth in the services sector.
But although China is weaning itself off its old model of export-led growth, it isn't standing still when it comes to pushing forward new reforms that make it a more attractive global trading partner. The government has shortened the list of sectors closed to foreign investment the foreign investment negative listsubstantially relaxed market access restrictions, strengthened intellectual property protections, and actively sought to expand its imports.
These reforms are already showing promise, with German automaker BMW recently announing that it would take a majority stake in its China joint venture and investing a further three billion Euros into its factories here.
ExxonMobil has discussed plans to invest 10 billion U. Shanghai will be the home of Tesla's first "megafactory" outside the United States.
And from November, China will reduce tariffs on 1, different imports, and the average tariff level will be reduced from 9.
These examples help to illustrate why a report released on October 15 by the United Nations Conference on Trade and Development showed that in the first half of this year, China had foreign direct investment inflows totalling 70 billion U. Meanwhile, how are they holding up on the other side of the trenches?
It would seem not well, judging from the 13 percent year-on-year increase in America's trade deficit, which reached an all-time high of Ford Motor Company, an iconic American brand, said recently that the Trump administration's tariffs have slashed one billion dollars off its profits, and the company is preparing to make signficant cuts to its workforce.
And the latest World Economic Outlook report released by the International Monetary Fund said global economic growth would soften from 3. Shortly after winning the presidency in NovemberTrump sat down for an interview with Lesley Stahl, in which he said "we're gonna do a great job for the country.
China knows that it would benefit from the opportunity to work with the United States on resolving some of the concerns both sides have about their trading relationship.
But it won't be held hostage by American demands. China doesn't want this fight, but it has the ammuition it needs if a fight can't be avoided.Ford has entered into a definitive agreement, to sell the Volvo car corporation to Zhejiang Geely Holding Group Company Limited." Booth said the agreement would provide a solid foundation for Volvo to continue building its business under Geely's plombier-nemours.com · Automotive Industry in Hungary plombier-nemours.com Dear Partners, affected by the global financial and economic crisis.
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