Day: July 25, 2019

(Xinhua)13:45, May 24, 2019

BANGKOK, May 24 (Xinhua) — Chinas significant progress in economy and other areas has a positive impact on the Asia-Pacific region and the world as China and many other countries in the region are parts of the global value chains, said a UN official.

One of Chinas major achievements is its significant reduction of the poverty rate, having helped hundreds of millions of people escape poverty, Armida Alisjahbana, executive secretary of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), said in an interview with Xinhua in Bangkok.

As China puts emphasis on sustainable economic development, Chinese development could be even more beneficial to the regional countries.

The latest fruits of Chinas development such as bike-sharing, e-payment and renewable energy can also benefit other countries through cooperation, she added.

In April, Alisjahbana attended the second Belt and Road Forum for International Cooperation in Beijing, during which she and Chinese State Councilor and Foreign Minister Wang Yi signed a memorandum of understanding (MoU) between Chinas Foreign Ministry and ESCAP.

The MoU deepened the cooperation formed since the two sides signed a letter of intent to boost the Belt and Road construction in 2016, which is the first cooperation document on the Belt and Road Initiative (BRI) signed by the Chinese side and an international organization, she said.

The executive secretary added that she was impressed by Chinese President Xi Jinpings keynote speech at the forum last month, in which sustainable development came up several times.

She said she believes the BRI projects would be sustainable and contribute to the realization of the UNs Sustainable Development Goals.

The UN official, appointed to the position last year after working in the Indonesian government, the World Bank, and the Asian Development Bank, also expressed concern about the U.S.-China trade tensions.

Many countries have trade relationships with China as well as with the United States. If because of the trade tensions, trade activities (and) trade volumes among countries decrease, then it will impact negatively, she said.

In the name of protecting domestic industries, the United States has placed steep tariffs on billions of U.S. dollars worth of products from its major partners, including Canada, China, Japan and the European Union, raising trade tensions around the world and shaking the foundation of the global trading system.

In the latest flare-up with China, Washington increased additional tariffs on 200 billion U.S. dollars worth of Chinese imports from 10 percent to 25 percent earlier this month, and has threatened to raise tariffs on more Chinese imports.

In response, China has announced that it will raise additional tariffs on a range of U.S. imports from June 1, and will fight to the end.

Beijing has also repeatedly called on the United States, which started the row, to get back on the right track as soon as possible and meet China halfway to achieve a mutually beneficial and win-win agreement on the basis of mutual respect.

Alisjahbana said she hopes the worlds largest two economies will end their trade disputes with a win-win solution soon.

I hope this trade (tension) can be resolved, will be resolved soon in a mutually beneficial manner, because directly and indirectly, this trade tension will have impact on the rest of the world and certainly the region, she said.

(Xinhua)14:10, May 24, 2019

WASHINGTON, May 23 (Xinhua) — U.S. private space company SpaceX launched its first batch of 60 Starlink satellites into space on Thursday, in an effort to build a 12,000-strong satellite network capable of providing broadband internet services.

The Falcon 9 rocket, carrying the satellites, was lifted off at 10:30 p.m. Eastern Daylight Time (1430 GMT) from Space Launch Complex 40 at Cape Canaveral Air Force Station, Florida.

SpaceX designed Starlink to connect end users with low-latency and high-bandwidth broadband services by providing continual coverage around the world using a network of thousands of satellites in low Earth orbit, according to the company.

Approximately one hour and two minutes after the liftoff, the Starlink satellites began deployment at an altitude of 440 km, according to the SpaceX live broadcast.

The satellites will then use onboard propulsion to reach an operational altitude of 550 km, SpaceX said.

With a flat-panel design featuring multiple high-throughput antennas and a single solar array, each Starlink satellite weighs approximately 227 kg.

The satellites are equipped with star tracker navigation systems that allow SpaceX to pinpoint the satellites. They are also capable of tracking on-orbit debris and autonomously avoiding collision, according to SpaceX.

SpaceX founder Elon Musk said on a tweet that about 400 satellites will be needed to provide minor coverage and 800 for moderate coverage. The constellation is expected to grow to about 12,000 satellites by 2024.

(Xinhua)14:11, May 24, 2019

NEW YORK, May 23 (Xinhua) — The latest round of U.S. tariffs on Chinese goods will impose a total annual cost of 831 U.S. dollars for a typical U.S. household, according to a research posted Thursday on the Federal Reserve (Fed) Bank of New Yorks website.

The study was co-authored by Mary Amiti, assistant vice president in New York Feds research and statistics group, Stephen Redding, professor in economics at Princeton University, and David Weinstein, professor of the Japanese economy at Columbia University.

According to the research, increased tariffs in 2018 imposed an annual cost of 419 dollars for the typical U.S. household, with an added tax burden for consumers and a deadweight or efficiency loss as the two components.

The study also found that a 10 percent tariff reduced import demand by 43 percent.

The researchers estimated that the annualized deadweight loss will increase to 620 dollars per household with higher tariffs imposed.

In sum, according to our estimates, these higher tariffs are likely to create large economic distortions and reduce U.S. tariff revenues, according to the research.

Earlier this month, the United States increased additional tariffs on 200 billion U.S. dollars worth of Chinese imports from 10 percent to 25 percent, and has threatened to raise tariffs on more Chinese imports.

In response to the new round of U.S. protectionist moves, China has announced that it will raise additional tariffs on a range of U.S. imports from June 1, and will fight to the end. Enditem

(Xinhua)14:12, May 24, 2019

NEW YORK, May 23 (Xinhua) — U.S. tariff revenue collected from levies on Chinese goods has been borne almost entirely by U.S. importers, a study by the International Monetary Fund (IMF) has found.

The study, released on Thursday, said previously imposed tariffs have reduced trade between the United States and China, but the bilateral trade deficit remains broadly unchanged.

The study also said some of the additional tariffs have been passed on to U.S. consumers, while others have been absorbed by importing firms through lower profit margins.

Consumers in the U.S. and China are unequivocally the losers from trade tensions, the study said.

Earlier this month, the United States increased additional tariffs on 200 billion U.S. dollars worth of Chinese imports from 10 percent to 25 percent, and has threatened to raise tariffs on more Chinese imports.

In response, China has announced that it will raise additional tariffs on a range of U.S. imports from June 1, and will fight to the end.

A further increase in tariffs will likely be similarly passed through to consumers, the IMF study said.

While the impact on global growth is relatively modest at this time, the latest escalation could significantly dent business and financial market sentiment, disrupt global supply chains, and jeopardize the projected recovery in global growth in 2019.

(Xinhua)14:13, May 24, 2019

CHICAGO, May 23 (Xinhua) — U.S. farmers on Thursday called for a permanent solution, not only temporary assistance, in response to the new trade aid package announced by the Trump administration.

The White House has authorized a second package to provide up to 16 billion U.S. dollars in assistance to farmers who are being impacted by the U.S. trade disputes with its major partners, the U.S. Department of Agriculture said on Thursday.

U.S. soy growers, who have been suffering from the ongoing trade disputes, welcomed the news but insisted that such trade assistance will only help in a short term.

A second round of financial support to offset farm losses is only a partial and temporary solution, and not a permanent solution for soy growers who have lost their number one export market … the American Soybean Association said in a statement on Thursday.

The U.S. National Corn Growers Association (NCGA) voiced their concerns about corn price drops and downbeat export outlook due to Washingtons trade disputes with China.

As trade talks with China lagged on in March and April of 2019, losses widened closer to 40 cents per bushel, the association said in a statement on Thursday too.

The NCGA recommended that the Trump administration provide both short-term assistance, support market access for farmers, and resolve trade disputes and tariffs.

The U.S. National Association of Wheat Growers (NAWG) also joined the call for a long-term solution.

The U.S. exports 50 percent of its wheat, which means we need a long-term solution, the NAWG said, urging Washington to complete negotiations with China and other trade partners.