Daily News-20190912

 |  China Daily

Today's point:

1.Macro:

China's CPI rises 2.8% in Aug

2.Industries:

Chinese steel companies to fight pollution

3.Trade:

Some US goods' exemption from tariffs to ease tension

4.Companies:

 New iPhones, services unveiled at Apple launch

 

 

Quick view

1. China's CPI rises 2.8% in Aug

Consumers buy vegetables at a supermarket. [Photo by Hao Qunying/For China Daily]

China's consumer price index (CPI), a main gauge of inflation, increased 2.8 percent year-on-year in August, the National Bureau of Statistics said Tuesday.

The growth rate remained unchanged from that in July.

Food prices grew 10 percent year-on-year last month, up from 9.1 percent in July, while non-food prices rose 1.1 percent, 0.2 percentage points lower than that of July.

Pork prices increased by 46.7 percent year-on-year in August, contributing 1.08 percentage points to the overall CPI growth.

Fruit prices jumped by 24 percent in August over a year ago, contributing 0.39 percentage point to overall CPI increase.

The CPI in urban and rural areas registered a year-on-year growth of 2.8 percent and 3.1 percent, respectively.

China's producer price index, which measures costs for goods at the factory gate, dropped 0.8 percent year on year in August.

(source: China Daily)

 

2. Chinese steel companies to fight pollution

[Photo/VCG]

China's leading steel producers vowed on Saturday in Beijing to raise energy efficiency and cut emissions through technology in a bid to battle pollution.

The companies include China Baowu Steel Group Corp Ltd, Anshan Iron and Steel Group Corp (Ansteel Group), Shougang Group, and 12 other steel giants.

Hu Wangming, general manger and deputy Party secretary of China Baowu Steel, said the company is "on the fast track developing tech innovations to achieve green production."

"China Baowu Steel is ramping up efforts to further accelerate tech research and development to make energy consumption more efficient in steel productions," Hu said.

Yao Lin, chairman and Party secretary of Ansteel Group, said, "Ansteel has been working on a more efficient recycling and energy-efficient system for green production."

"Our company will step up tech development to cut emissions and play a larger role in the industry's joint efforts to fight pollution."

The remarks were made at a forum celebrating the 70th anniversary of the People's Republic of China. The forum was organized by the China Iron and Steel Association.

(source: China Daily)

 

3. Some US goods' exemption from tariffs to ease tension

[Photo/IC]

China announced the first group of products for exclusion from the initial round of additional tariffs on United States imports scheduled to take effect on Tuesday, the Customs Tariff Commission of the State Council said in a statement on Wednesday.

In the statement, the commission unveiled two tariff exclusion lists of 16 items, including fish meal, raw materials used in cancer drugs and some lubricants.

All items on the two lists will be excluded from additional tariffs for a year up to Sept 16, 2020. That means the items will not be subject to additional tariffs imposed by China on US products as countermeasures to US Section 301 measures.

For the 12 items on the first list, tariffs already levied are eligible for refunds. The affected enterprises can apply for refunds within the next six months, the statement said.

The four items on the second list can be excluded from tariffs but are not eligible for refunds.

The statement said the commission will continue to work on the exclusion of additional tariffs on US products, and the lists of the subsequent groups will be released in due course.

Experts said the measure is important because it will to some extent ease the impact of the China-US trade disputes for enterprises in both countries.

Chen Huaisheng, an expert at the China Chamber of International Commerce's legal services department, said the measure will support the development of relevant companies and boost their confidence.

"We have heard opinions and feedback from the corporate sector, and they expect the exclusion will reduce a potential negative impact from the additional US tariffs," Chen said.

The measure can also help enterprises to control production costs, especially for some importers in the agricultural and chemical industries, and to stabilize market supply of certain products, said Tian Zhihong, an economics professor at China Agricultural University.

China decided to initiate the exclusion process for additional tariffs on US products on May 13. The first-round applications, from enterprises, business associations or chambers of commerce in China, were accepted from June 3 to July 5, the commission said.

The work of accepting applications for exclusion from the second round of additional tariffs on US products is ongoing, with the deadline set for Oct 18, it added. The second round was worth $60 billion, taking effect in September last year, after the US began imposing additional 10 percent tariffs on $200 billion worth of Chinese products the same day.

The tariff exclusion process for the third round of additional tariffs on US imports will be launched at an appropriate time, according to the Customs Tariff Commission.

(source: China Daily)

 

4. New iPhones, services unveiled at Apple launch

CEO Tim Cook presents the new iPhone 11 Pro at an Apple event at company headquarters in Cupertino, California, Sept 10, 2019. [Photo/Agencies]

Apple unveiled new iPhones, Apple Watches and an iPad, as well as details about Apple TV+ and Apple Arcade, at its annual product launch on Tuesday.

The company's latest flagship smartphones - iPhone 11 Pro and iPhone 11 Pro Max - all have new triple-lens cameras on their backs, which include a telephoto camera, a wide camera and an ultra wide camera. The dual-camera equipped iPhone 11, the predecessor of the iPhone XR, comes in six new colors, including purple, green, white, black, red and yellow.

Here are some of the highlights from Apple's special event.

(source: China Daily)

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