Beijing set to ease foreign investment rules and buy more Americ

China steps up effort to avert US trade war

Beijing set to ease foreign investment rules and buy more American semiconductors

 

 

Chinese officials are rushing to finalise new regulations by May that will allow foreign financial groups to take majority stakes in securities companies as they seek to avert a looming trade war with the US.According to people briefed on the discussions, Beijing has also offered to buy more semiconductors from the US by diverting some purchases from South Korean and Taiwanese manufacturers, in an effort to help reduce annual $375bn merchandise trade surplus with the US.Last week US president Donald Trump threatened to impose tariffs of up to 25 per cent on $60bn of Chinese industrial exports, in retaliation for allegedly �forcing� foreign companies to transfer technology and other intellectual property in mandated joint ventures.Beijing subsequently outlined its response to Mr Trump�s earlier threat to impose tariffs on $3bn of Chinese steel exports. The counter-move was intended as a warning that Beijing would respond in kind if Mr Trump proceeded with the much larger action against industrial exports. The discussions to avert a tit-for-tat trade war are being led by Liu He, China�s vice-premier and President Xi Jinping�s most trusted economic adviser, and US Treasury secretary Steven Mnuchin. On Saturday, China�s official Xinhua news agency said Mr Liu told Mr Mnuchin during a phone call that the US actions were in violation of global trade rules and warned him that Beijing was prepared to defend its interests.The US Treasury confirmed the call on Sunday, saying that the two men had discussed �mutually agreeable� ways to cut America�s trade deficit with China. According to the people briefed on the discussions between the leaders of the world�s two largest economies, Mr Liu and Mr Mnuchin have also exchanged letters during the past week about further opening China�s financial services sector and reducing Chinese tariffs on imported cars.They said Chinese officials had initially been working to allow foreign majority control of securities companies by June 30, but that Mr Liu was aiming for formal State Council approval as early as May.

 

https://www.ft.com/content/1d56221c-30bb-11e8-b5bf-23cb17fd1498

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