The Bush administration said Thursday talks with China next week will be conducted in the hope of reaching an agreement to protect US textile and apparel makers from low-priced Chinese competition, the Asia Wall Street Journal reported. As part of a bilateral agreement allowing China's entry to the WTO in 2001, the U.S. may, through […]
Category: Economics & Trade
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Yahoo buys 40% of Alibaba
Yahoo Inc said Thursday it agreed to pay US$1bn in cash and hand over its China operations to Alibaba.com Corp., in return for a 40% stake in the Chinese e-commerce company, according to media reports. Yahoo said Alibaba founder Jack Ma will remain as chief executive and chairman of the Chinese company's board. Under the […]
Jiangxi Copper, the largest mainland producer of the metal, said it will spend RMB10bn over the next five years to expand smelting capacity by two-thirds and upgrade existing plants to meet demand, the Standard of Hong Kong reported. The world's seventh-largest copper producer had earlier said it aimed at raising production capacity from 400,000 to […]
China's central bank said Wednesday the main components of the currency basket it started using under its new exchange-rate regime to manage the yuan are the US dollar, euro, yen and South Korean won. The bank did not reveal the weights of currencies against which the yuan is linked. The currencies and their relative weight […]
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US, China to hold textile talks
US and mainland officials will hold textile trade talks next week in San Francisco, but the Bush administration has not decided whether to formally seek a comprehensive textile trade deal with Beijing, the Standard of Hong Kong reported, citing the US Trade Representative's office. The talks are the latest in a series of ''consultations'' required […]