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 Good news, China to allow investment into U.S. stocks, funds |
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Good news, China to allow investment into U.S. stocks, funds -- ceo/cfo - (2570 Byte) 2008-4-08 周二, 11:54 (1623 reads) |
theoretical
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作者：theoretical 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
happen in the near future. However, the following news is good for China.
HONG KONG - In the free-trade Olympics, China has scored its first major individual gold medal.
Seeking to catch up with the U.S. in forming its own club of bilateral trade partners, China on Monday inked a pact with New Zealand that is its first comprehensive free-trade deal, encompassing trade, services and investment, and the first it has reached with a developed country.
Three years in the making and coming after 15 rounds of negotiations, the landmark agreement was signed in a ceremony in Beijing that was attended by Chinese Premier Wen Jiabao and New Zealand Prime Minister Helen Clark.
Clark, whose public approval rating has been flagging, has faced criticism over the timing of the deal, which comes fresh on the heels of China’s crackdown on protests by Buddhist monks in Tibet.
New Zealand pledged to eliminate all tariffs on Chinese goods by 2016. It already imposes no tariffs on 95.5% of its imports, but the exceptions include such big Chinese exports as clothing, textiles and shoes.
Wellington will eliminate tariffs on 63.6% of Chinese-made goods immediately after the agreement takes effect Oct. 1. China will eliminate tariffs on 24.3% of New Zealand merchandise immediately upon implementation, with the proportion expanding to 97.2% by 2019.
As one of the world's biggest dairy exporters, New Zealand will benefit greatly from the phasing out of tariffs in that area (See: " Hot Milk"), but Beijing will as well--surging demand for milk products from China's growing middle class is raising prices and fueling inflation.
China currently slaps a 10% tariff on New Zealand milk powder, and processed dairy products such as butter, cheese and yogurt face levies topping 15%. On wool, Beijing imposes out-of-quota duties of 38%. Major New Zealand exporters in general face tariff barriers in China of between 10% and 20%.
In addition to benefiting New Zealand's farmers, the deal will provide greater access to the huge Chinese market for New Zealand's services industry and address labor and environmental issues.
China is New Zealand's third-largest trading partner; trade between the two countries totaled $5.9 billion in 2007.
Both sides went beyond their concession terms on areas of trade and services struck within the WTO framework and laid down concrete procedures for free movement of professionals.
The free-trade agreement with China is the most significant one New Zealand has signed in the quarter century since it inked a deal with neighboring Australia.
In economic affairs, New Zealand has long been among the most eager of Western countries to embrace China. New Zealand was the first country to start negotiating with China on its WTO accession, the first to endorse China’s controversial claim to be a market economy so that it could reduce trade complaints within the WTO, and the first OECD nation to start negotiations on a bilateral free-trade pact with China.
作者：theoretical 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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