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TRADE WARS
ECB stimulus will boost China's exports: official
by Staff Writers
Beijing (AFP) Jan 23, 2015


France PM heading to China to talk business, climate
Paris (AFP) Jan 26, 2015 - French Prime Minister Manuel Valls will travel to China this week with a 50-strong team of business leaders, hoping to boost commercial ties and seek Beijing's support in climate talks.

Valls will meet his counterpart Li Keqiang and President Xi Jinping in Beijing during the three-day trip that starts on Thursday.

The visit comes as France and China celebrate 50 years of diplomatic relations.

Valls will be accompanied by Foreign Minister Laurent Fabius as they seek to reinforce economic and industrial ties, reduce trade barriers and boost the number of students and tourists coming to France, an advisor to the prime minister said.

Among the business leaders on the trip will be the heads of aerospace firms Airbus and Thales, and energy firms EDF and Areva.

Some 15 agreements are due to be signed during the trip, and France is hoping to press the case for increased nuclear power cooperation.

Valls will also seek China's cooperation on climate talks ahead of the UN Climate Change Conference being hosted by Paris at the end of the year, where it is hoped a universal and legally binding agreement can be forged.

"There can't be any success at the climate conference if China is not on board," said a diplomat.

A senior Chinese official welcomed the European Central Bank's quantitative easing measures on Friday, saying they will help boost the eurozone economy and in turn benefit China's exports.

The ECB on Thursday unveiled a programme to buy 60 billion euros ($68 billion) of private and public bonds each month starting in March, a move intended to ward off deflation in the single currency area.

The unprecedented scheme will total over 1.0 trillion euros, compared to the 50 billion euros expected by analysts.

Pan Gongsheng, a vice governor of the central People's Bank of China, said Beijing "understands" the decision, adding that it is "positive" for the Chinese economy.

"The new round of the ECB policy will help boost the eurozone economy, increase its foreign demand and benefit China's exports," he told reporters at a briefing. "This is positive."

The European Union is China's largest trade partner. Two-way shipments increased 9.9 percent year-on-year to $615.1 billion in 2014, giving the Asian giant a surplus of $126.6 billion, according to Chinese data.

But Pan also expressed concerns the ECB move, coupled with the end of QE by the US Federal Reserve, could "push the US dollar to strengthen, likely placing pressures on the yuan to depreciate against the dollar".

The deluge of liquidity the ECB will generate, coupled with the appreciation of the dollar, will also "increase uncertainties" in international capital flows as more funds are likely to return to the US, he added.

"We hope central banks of all countries could strengthen communications and coordination on their implementation of monetary policies and their potential spill-over effect... to jointly maintain financial stability," Pan added.


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China luxury market shrank in 2014: consultancy
Beijing (AFP) Jan 22, 2015
China's luxury market shrank last year, a global consultancy said, attributing the decline - the first it has detected - to a national anti-corruption campaign, slowing economic growth and changing consumer tastes. Sales of luxury goods in mainland China fell one percent to 115 billion yuan ($18.5 billion) in 2014 compared to a year earlier, Bain & Company said in an annual report. The ... read more


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