China reportedly orders state-run companies to halt purchase of American farm goods
- 4 years ago
"중국, 미국 콩•돼지고기 구매 중단"…무역합의 위기
In an apparent move retaliating against the Trump administration's latest announcement to eliminate special treatment for Hong Kong following China's passing of a new national security law,... Beijing has ordered state-owned firms to halt large-scale purchases of U.S. farm goods.
Kim Hyo-sun reports.
The Chinese government has reportedly instructed its state-run agriculture companies to halt purchases of some American farm goods including soybeans and pork,... putting at risk the phase-one trade deal between the world's two superpowers.
Citing sources,... Bloomberg reported Monday that state-owned traders Cofco and Sinograin were ordered to suspend purchases from the U.S.
Large volume state purchases of U.S. corn and cotton have also been put on hold.
Beijing's move follows the continued escalation of tensions with Washington over China's passing of a new controversial national security law that encroaches upon the freedoms enjoyed by people in Hong Kong.
As agricultural goods were considered the lifeline of the phase-one trade deal between the U.S. and China,... pundits say Beijing has left the hard won deal on shaky ground.
It had agreed to buy U.S. farm goods worth about 36-point-5 billion U.S. dollars for 2020 as part of the deal signed in January.
Against such a backdrop,... the Chinese government revealed plans on Monday for the further opening up of its southern island province of Hainan.
According to China's state-run Xinhua News Agency,... the government's master plan for the Hainan free trade port entails facilitating free trade, investment and cross-border capital flows on the island by 2025.
Beijing also plans to offer favorable tax policies to companies in Hainan,... while aiming to build the entire island into a duty-free zone to attract more tourists.
To many experts,... the plan even seems aimed at substituting Hong Kong with Hainan over the long-term.
Chinese President Xi Jinping first disclosed his plan of establishing the Hainan free trade port during the Boao Forum in 2018.
Kim Hyo-sun, Arirang News.
In an apparent move retaliating against the Trump administration's latest announcement to eliminate special treatment for Hong Kong following China's passing of a new national security law,... Beijing has ordered state-owned firms to halt large-scale purchases of U.S. farm goods.
Kim Hyo-sun reports.
The Chinese government has reportedly instructed its state-run agriculture companies to halt purchases of some American farm goods including soybeans and pork,... putting at risk the phase-one trade deal between the world's two superpowers.
Citing sources,... Bloomberg reported Monday that state-owned traders Cofco and Sinograin were ordered to suspend purchases from the U.S.
Large volume state purchases of U.S. corn and cotton have also been put on hold.
Beijing's move follows the continued escalation of tensions with Washington over China's passing of a new controversial national security law that encroaches upon the freedoms enjoyed by people in Hong Kong.
As agricultural goods were considered the lifeline of the phase-one trade deal between the U.S. and China,... pundits say Beijing has left the hard won deal on shaky ground.
It had agreed to buy U.S. farm goods worth about 36-point-5 billion U.S. dollars for 2020 as part of the deal signed in January.
Against such a backdrop,... the Chinese government revealed plans on Monday for the further opening up of its southern island province of Hainan.
According to China's state-run Xinhua News Agency,... the government's master plan for the Hainan free trade port entails facilitating free trade, investment and cross-border capital flows on the island by 2025.
Beijing also plans to offer favorable tax policies to companies in Hainan,... while aiming to build the entire island into a duty-free zone to attract more tourists.
To many experts,... the plan even seems aimed at substituting Hong Kong with Hainan over the long-term.
Chinese President Xi Jinping first disclosed his plan of establishing the Hainan free trade port during the Boao Forum in 2018.
Kim Hyo-sun, Arirang News.