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MNI China Press Digest Nov 18: China U.S., Steel, Peru

MNI picks key stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • China should study the history of Japan-U.S. trade relations when considering a new trade-war with Washington, former State Administration of Foreign Exchange senior official Wang Tao has said. Japan accounted for 22.2% of US imports in 1986, 0.8 percentage points more than Beijing’s highest level in 2017, before dropping to 4.7% in 2023, Wang noted. Authorities need to respond to external shocks by accelerating incremental policies and deepening opening up. In recent years, China’s market share of global exports has increased despite declining in the U.S., showing containment of indirect exports through third party countries was difficult in practice, Wang said.
  • China’s manufacturing sector share of steel demand in China will rise from last year’s 52%, driven by growth in new energy products and high-end equipment manufacturing, according to Jiang Wei, vice president and secretary-general of the China Iron and Steel Association. Speaking at the Lange Steel Network annual meeting, Jiang said current equipment renewal and consumer goods trade-in schemes will increase consumption by about 8 million tonnes this year, but a declining property sector will reduce demand overall, Jiang added.
  • A new Chinese built port in Peru will reduce shipping times between Asia and South America to 25 days from 35 days and cut 20% off logistics costs, Yicai news outlet reported. The construction of deep water facilities at the Chancay Port allows goods to by-pass Mexico and Panama, greatly improving efficiency, the news outlet noted. Niu Haibin, director at the Institute of Foreign Policy of the Shanghai Institute for International Studies highlighted Peru was a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the new port would enhance economic integration in South America.
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MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • China should study the history of Japan-U.S. trade relations when considering a new trade-war with Washington, former State Administration of Foreign Exchange senior official Wang Tao has said. Japan accounted for 22.2% of US imports in 1986, 0.8 percentage points more than Beijing’s highest level in 2017, before dropping to 4.7% in 2023, Wang noted. Authorities need to respond to external shocks by accelerating incremental policies and deepening opening up. In recent years, China’s market share of global exports has increased despite declining in the U.S., showing containment of indirect exports through third party countries was difficult in practice, Wang said.
  • China’s manufacturing sector share of steel demand in China will rise from last year’s 52%, driven by growth in new energy products and high-end equipment manufacturing, according to Jiang Wei, vice president and secretary-general of the China Iron and Steel Association. Speaking at the Lange Steel Network annual meeting, Jiang said current equipment renewal and consumer goods trade-in schemes will increase consumption by about 8 million tonnes this year, but a declining property sector will reduce demand overall, Jiang added.
  • A new Chinese built port in Peru will reduce shipping times between Asia and South America to 25 days from 35 days and cut 20% off logistics costs, Yicai news outlet reported. The construction of deep water facilities at the Chancay Port allows goods to by-pass Mexico and Panama, greatly improving efficiency, the news outlet noted. Niu Haibin, director at the Institute of Foreign Policy of the Shanghai Institute for International Studies highlighted Peru was a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the new port would enhance economic integration in South America.