The Ministry of Commerce has granted Geely Holding Group final approval to acquire the Volvo car brand from Ford Motor for $1.8 billion. Geely spokesperson Ning Shuyong said that the approval will allow Geely to formally complete the acquisition, which is planned to close in the third quarter of this year, having been underway since [...]
The International Monetary Fund (IMF) has determined that China’s currency remains “significantly undervalued” despite being unpegged from the US dollar on June 19. A report by the organization praised the decision to end the peg, adding that a falling current account surplus may indicate that the currency is readjusting to more natural market levels. However, [...]
China criticized the European Union on Thursday over an anti-dumping investigation into wireless wide area networking (WWAN) modems. The modems have a radio antenna and provide Internet Protocol data connectivity for computers. Belgium’s Option, the sole maker of WWAN devices in Europe, filed a complaint to the European Commission, which is in charge of trade policy [...]
BP and Chevron will jointly bid on a deep-water exploration block in the South China Sea pending Ministry of Commerce approval, according to a source familiar with the matter. Oklahoma-based Devon Energy is said to have selected the companies as preferred buyers for block 42/05, a 7,000-square kilometer exploration block located south of Hong Kong. [...]
China will extend its home appliance trade-in program through 2011 and may modify the number of products available under the program, according to a statement by the Ministry of Commerce. The program began in June of 2009 as part of Beijing’s economic stimulus package. In its statement, the Ministry of Commerce also said the program [...]
China will impose a second round of tariffs of as much as 31.4% on imports of US chicken products, a move that is likely to antagonize trade tensions between the two countries. The Ministry of Commerce said the new tariffs – which come in addition to duties of up to 105.4% imposed on US poultry [...]
Pork prices may rise in the second half of the year as farmers respond to recent low meat prices and high feed costs by reducing livestock numbers. The average pork price was RMB17 ($2.49) a kilogram in March, down 7% from February, according to the Ministry of Agriculture. In the first two weeks of April [...]
China’s Ministry of Commerce launched an anti-dumping investigation into imports of chemical products and optical fiber from Europe and the US. The decision appears to have been made in retaliation for the US Commerce Department’s decision to investigate Chinese aluminum imports. China also finalized anti-dumping measures on some nylon imports. The measures are resuscitating trade [...]
China’s 2010 foreign trade policy goal is to improve its trade balance while maintaining steady growth. Ministry of Commerce spokesman Yao Jian said China’s trade surplus was expected to shrink by another $100 billion this year; the General Administration of Customs announced a trade deficit of $7.24 billion in March. “The trade deficit registered in [...]
China recorded a trade deficit of $7.24 billion in March, marking the first monthly deficit in six years. The General Administration of Customs said the March deficit was due to a a drop in the export of labor intensive products, a jump in import volumes and rising commodity prices. The customs administration said China exported [...]
