Homepage / Asia / The UK wants free trade with China. Beijing has its own goals
Google and Facebook are watching our every move online. It's time to make them stop Daymond John tells shy airline passenger: You should have talked to me on the plane South Korea says it has no plans to shut down cryptocurrency trading AMD shares surge as Wall Street analysts say the chipmaker is ‘executing on all fronts’ James Altucher, the face of bitcoin, says he’s happy about Facebook’s cryptocurrency ad ban Pending home sales eke out 0.5 percent gain in December as supply shrinks to record low Uber is testing bike sharing in San Francisco The real source of the internet's problems might be the advertising business Game publisher EA's sales forecast tops estimates, sending shares higher GE will likely be dropped from the Dow, Deutsche Bank predicts Samsung surpasses Intel as world's biggest chipmaker for the first time Apple could be the best of the bunch in this tech earnings avalanche The 9-year stock rally still has 'years left,' says one of Wall Street's most bullish strategists Apple: We would never degrade the iPhone experience to get users to buy new phones Bitcoin headed for biggest monthly drop since January 2015 with nearly $60 billion of value wiped off ADP boosts forecast as new tax law spurs demand China 'will open even wider to the UK,' says Prime Minister Li Keqiang Big market swings are something you’re going to have to get used to, says Wells Fargo The dollar keeps weakening. Is that good news for the world? Apple downgraded by BMO, expects iPhone maker to slash revenue forecast this week SoftBank buys majority stake in Japanese messaging giant Line’s mobile division Rising interest rates cause a 2.6% pullback in weekly mortgage applications Trump's State of the Union address 'less hard' than first feared in Asia Trump vows to protect US intellectual property, without naming China Blockchain technology to boost Microsoft earnings, trader says Fujifilm to take over Xerox and combine it into the joint venture Fuji Xerox Samsung is making chips designed to mine cryptocurrencies like bitcoin There’s a risk of market turbulence, but it’s unlikely to hit until 2019, says Santander chairman We'll see up to a 15 percent correction in 2018, Swiss bank CEO says Japan's biggest messaging app Line is planning to launch a cryptocurrency exchange Quicksilver surfwear CEO missing at sea off the coast of France Venezuela says will pre-sell 'petro' cryptocurrency on Feb. 20 Nintendo ups its Switch sales expectations to 15 million units after profits rise 261% European markets seen mixed amid earnings and economic data The UK wants free trade with China. Beijing has its own goals Santander fourth-quarter net profit down 4 percent on US impairments The man who almost became ambassador to South Korea just warned about US plans for North Korea China's Leshi Internet flags $1.8 billion loss for 2017, citing conglomerate cash crunch South Korea says it uncovered about $600 million in cryptocurrency crimes Asia became less democratic in 2017 Al Gore's investment firm backs start-up created by Facebook co-founder Theresa May says she wants a free trade deal with China Chinese manufacturing weaker than expected in January Webpass is leaving Boston in latest sign of Google Fiber’s shrinking ambitions Samsung posts record fourth-quarter profit Asian shares look set for more declines as Wall Street sells off for a second day Don't count insurers out yet after Amazon-Berkshire-JP Morgan move Amazon's health care move could be a big win for consumer health start-ups Red Hat buys CoreOS, a start-up that sold tech developed by Google Here’s what Amazon told employees today about its landmark deal to deliver better health care Top official resigns after false missile alert in Hawaii Crazy odds: These online traders bet on the chaos of Washington and the Trump administration AMD falls despite beating Q4 estimates Facebook ban on bitcoin ads latest in very bad day for cryptocurrencies Indian man dies after being sucked into an MRI machine while carrying an oxygen cylinder Advice for Jeff Bezos, Warren Buffett and Jamie Dimon from a failed effort to control health costs Toys R Us poor holiday sales cast doubts on its future and could force renegotiation of loan terms The Apple sell-off is a buying opportunity into earnings, says trader Google partnership on mobile cloud services drives up MobileIron shares Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs Amazon's moves in health care over the last year are finally starting to make sense Buffett is getting a second chance to partner with Bezos after missing on Amazon as an investment How Pencils of Promise got a $1 million donation from an anonymous bitcoin multi-millionaire Amazon's home devices could be a key to cheaper health care, tech investor Roger McNamee says Two ex-Google engineers built an entirely different kind of self-driving car Cryptocurrencies join the global financial market sell-off as bitcoin drops 7% A travel agent is trying to charge fees for sunbeds Most of the tax cut windfall will boost buybacks and dividends, not workers' pockets, survey predicts The professor who wrote the book on making addictive technology is having second thoughts Trump's immigration policies are 'economic poison' that will cost taxpayers billions Airbnb trolls President Trump ahead of the State of the Union The iPhone X's $1,000 price tag scared everyone away Drop, a rewards app start-up, snags Airbnb's former head of engineering SEC halts one of the largest 'ICOs' ever as it wades deeper into the murky world of cryptocurrency offerings Passing on sanctions, Trump goes even softer on Russia than expected Buy insurers on dip as new initiative from Amazon, Berkshire and JP Morgan is ‘more bark than bite’: Analyst High schools stock up on Narcan to combat teen opioid crisis in US Apple will finally replace the fax machine in health care Apple is reportedly delaying new iOS features until next year because of quality problems Bond expert predicts a ‘wall of buying’ in Treasurys will protect the stock market Home prices surge to new high, up 6.2% in November Noted tech investor says the sector is not the best place to invest right now Sterling predicted to hit pre-Brexit vote level before the end of 2018 Stocks making the biggest moves premarket: AMZN, BRKB, JPM, AAPL, BX, TSLA & more Bitcoin boom to give AMD earnings a boost, says MKM Partners Apple shares fall again on another report of fading iPhone X demand Trump advisor Cohn: President to focus on $1.5 trillion infrastructure plan in State of the Union Why don't foreign investors take fright more often? The dollar is doing something it hasn’t done since 1987 UnitedHealth, CVS plunge on Bezos, Buffett and Dimon plan to improve U.S. health care Amazon, Berkshire and JPMorgan Chase to team in landmark new health care company Can earnings afford to slow down? 'Enemies of the USA': Russia slams America's list of oligarchs with ties to Putin The app that exposed the location of military bases with a heat map is reviewing its features For his next act, former Amex CEO Ken Chenault turns his focus on Silicon Valley Child experts: Just say ‘no’ to Facebook’s kids app Ryanair agrees to recognize British pilots union for first time Arab states are 'determined' to stick with reforms despite deepening 'frustration', IMF says The US 'oligarch list' is strikingly similar to Forbes’ richest Russians ranking Indian ride-hailing firm Ola expands to Australia to take on Uber

Asia

The UK wants free trade with China. Beijing has its own goals

British Prime Minister Theresa May landed on Wednesday in China, where she will be seeking a free trade agreement ahead of the U.K. exiting the European Union trade bloc.

Beijing knows that, and Chinese leaders are thought to be looking for something themselves: an endorsement of President Xi Jinping’s pet project, the Belt and Road Initiative.

May, for her part, said the project has a lot of potential, but cautioned that the initiative had to be carried out in the proper way, Reuters reported.

“What I would like to see is ensuring that we have transparency and international standards being adhered to, and I will be discussing that with my Chinese interlocutors,” May said.

A spokesman for the prime minister’s office declined to comment on whether May would endorse the Belt and Road plan, the Financial Times reported.

The British reticence over the Belt and Road Initiative stems from Western concerns about Chinese firms dominating a widening swath of the globe, said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.

The Belt and Road Initiative aims to connect Asia, Europe, the Middle East and Africa with a vast logistics and transport network, using roads, ports, railway tracks, pipelines, airports, transnational electric grids and even fiber optic lines. The plan, which continues to evolve, at one point included 65 countries, which together accounted for one-third of global GDP and 60 percent of the world’s population, or 4.5 billion people, according to Oxford Economics.

It’s all part of Beijing’s push to increase global clout — building modern infrastructure can attract more investment and trade along the route. The policy could also boost the domestic economy with demand abroad, and might soak up some of the overcapacity in China’s industrial sector.

May’s reservations about the Belt and Road project are notable since China launched its first freight service by train to the U.K. in 2017.

The service runs from the Chinese city of Yiwu, in the country’s eastern Zhejiang province, to Barking in London. The journey takes 18 days.

With that, the U.K. can already claim to be at the far end of the Belt and Road route, Nicholas Holt, the Asia Pacific head of research at real estate agency Knight Frank, told CNBC.

China has been pushing hard ahead of May’s visit to sell the Belt and Road project to the British with the Chinese envoy to the U.K. touting a new “Golden Era” for two countries.

That phrase was used during Xi’s high-profile visit to the U.K. in 2015.

The relationship between the two naitons, however, is seen to have cooled after May’s government ordered a review of a Chinese investment in a nuclear power plant in 2016.

Beijing knows the U.K. needs more business with China to help bolster the country’s position ahead of Brexit.

A delegation of 50 business leaders joined May for her three-day state visit. She touched down in the central Chinese city of Wuhan — a university city where she is expected to announce education deals — before moving onto Beijing and Shanghai.

In 2016, exports to China were just 3.1 percent of U.K. exports, so there is scope for more trade, Biswas said.

The Chinese state media is hyping the benefits of a closer relationship that could follow Brexit.

“Upgrading China-U.K. relations and securing Chinese investments would effectively help to ease the ensuing withdrawal pains the U.K. is expected to suffer,” state-owned China Daily said in an editorial this week touting the “reboot” of Sino-U.K. ties.

“And since Downing Street has its eyes on the ‘huge trade opportunities’ in China’s market of more than 1.3 billion consumers for U.K. businesses, there is no reason for it not to take advantage of China’s pro-globalization efforts, those under the Belt and Road Initiative in particular” the paper added.

British businesses will be rewarded “handsomely” due to the global reach of the Belt and Road, the editorial said.

Hua Chunying, a spokeswoman for China’s foreign ministry, said at a news conference on Tuesday that the Belt and Road is an “open and inclusive platform for cooperation.”

Both China and the U.K. can cooperate on the route for “mutually beneficial and win-win results,” she said, using a frequent refrain from Beijing’s foreign policy rhetoric.

—Reuters contributed to this report.

Source: cnbc china
The UK wants free trade with China. Beijing has its own goals

Comments are closed.