Copying and distributing are prohibited without permission of the publisher.

Watermark

China policy round-up: trade talk scheduled in Shanghai, Johnson says he's ‘pro-China’, real estate financing woes build

Trump_China_AL_230x150
By Rebecca Feng
26 Jul 2019

In this round-up, the US and China will meet in Shanghai next Tuesday to continue trade negotiations, newly elected UK prime minister Boris Johnson showed some love to China and Mainland regulators are continuing a crack-down on real estate financing firms.


The Chinese Ministry of Commerce confirmed on Thursday that the next round of trade talks will be held in Shanghai on July 30 and July 31.

The US delegation will be led by Robert Lighthizer, trade representative, and Steven Mnuchin, treasury secretary. On the Chinese side, vice premier Liu He and Zhong Shang, minister of commerce, will be at the negotiation table.

Meanwhile, executives from US technology firms gathered at the White House with US president Donald Trump on Monday. The conclusion of their discussion was that the US should continue to block out Huawei.

“The CEOs expressed strong support of the president’s policies, including national security restrictions on United States telecom equipment purchases and sales to Huawei,” White House spokesman Judd Deere said. “They requested timely licensing decisions from the Department of Commerce, and the president agreed.”

Huawei, however, appears to be riding out the storm. It reported a 30% revenue growth in the first half of the year despite US sales ban, Bloomberg reported on Tuesday, citing people familiar with the matter.

*

In an interview with Phoenix TV, a Hong Kong-based Chinese language broadcaster, newly elected UK prime minister Boris Johnson said that his government would be “pro-China”.

He also said the government is enthusiastic about the Belt and Road Initiative and the UK will be “the most open economy in Europe” for China investments.

*

Chinese regulators are launching another round of inspection of real estate financing firms, local media Caixin reported.

The China Banking and Insurance Regulatory Commission is set to launch inspections of 75 banks in 30 cities later this year, according to the report. The goal is to further hammer down violations of lending to property developers and home buyers.

The inspection will be carried out by examining banks’ property-related loans, the report said.

*

Protests in Hong Kong continued last Sunday against a controversial extradition bill. Some of the more extreme protesters vandalised Beijing’s main office in the city.

Geng Shuang, a spokesperson of the foreign ministry, said on Monday that some activists’ actions have “touched the fundamental principle of One Country Two Systems” and will not be tolerated.

On the same day in Yuen Long, an area in Hong Kong'sNew Territory close to the mainland border, groups of men in white T-shirts were seen beating residents and pro-democracy protesters.

Hua Chunying, another spokesperson of the Chinese foreign ministry, said on Tuesday that the US officials were behind the protests in Hong Kong and warned against the country’s interference.

“Can the US officials tell the world what role did they play in recent affairs in Hong Kong and what are their aims?” Hua said. “No matter how little the US understands itself, it should understand one thing – Hong Kong is China’s Hong Kong.”

On Thursday, the Hong Kong police refused to give permission for another protest planned on July 27.


By Rebecca Feng
26 Jul 2019