China hits USA sorghum with anti-dumping measure

DFPGrainSorghum

In a move welcomed by Germany's powerful auto industry, China's state planner said on Tuesday that it would remove foreign ownership caps for companies making fully electric and plug-in hybrid vehicles in 2018, for makers of commercial vehicles in 2020, and the wider auto market by 2022.

China is the largest buyer of USA sorghum - grown mostly in the rural American South, a region that voted heavily for Trump in the 2016 election.

This will be followed by the removal of ownership obstacles in 2022 for makers of commercial vehicles and passenger cars.

The moves signals the end of a long-standing rule in the world's largest auto market where foreign carmakers can now only own a 50 percent share of any local venture, a policy put in place to help support domestic carmakers compete against more advance global rivals.

"China has consistently asked Chinese companies to comply with the laws and policies of host countries and manage their businesses in line with laws and regulations", said the spokesperson.

China is the world's biggest electric vehicle market, with last year's sales rising 53 percent over 2016 to 770,000 vehicles. It added the liberalization would encourage greater exchanges of capital, technology, management and personnel of Chinese and foreign firms.

Carmakers had been waiting for details since President Xi Jinping announced in a speech last week that ownership restrictions would be eased and auto import duties reduced.

Is your name on the new hurricane list?
The retired names will be replaced by Harold, Idalia, Margot and Nigel and will make their debut during the 2023 hurricane season. Hurricane Harvey made landfall as a Category 4 storm in late August and dropped more than 60 inches of rain over Texas.

Xi's announcement was among a series of measures seen as potential concessions to Trump in the face of a potential trade war, including a pledge to lower vehicle tariffs this year.

Since then, Trump has threatened to raise duties on up to United States dollars 150 billion of Chinese goods in a dispute over technology policy.

China's economy grew a forecast-beating 6.8 per cent in the first quarter, official data showed Tuesday, overcoming Beijing's battle on financial risk and pollution and trade tensions with the US. The NDRC announcement could allay those complaints by giving specific dates for completion of the reforms.

China will also scrap all foreign ownership limits in the ship and aircraft manufacturing industries in 2018.

All sectors are open to foreign investors except for those outlined in the negative list.

Data from the MOC showed USA sorghum exports to China surged from 3.17 lakhs tonnes in 2013 to 4.76 million tonnes in 2017, while export prices have slumped 31 per cent during the period, which led to a fall in domestic prices that hurt local industries, the Ministry said.

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