Chinese economic and trade issues

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(Xinhua) 20:58, August 07, 2013

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China's Ministry of Commerce spokesman Shen Danyang on Wednesday responded to a series of questions concerning recent economic and trade issues. The following summarizes his responses to those issues.

Price undertaking deal reached over China-European Union (EU) solar panel dispute:

Shen said the deal, which took effect on Aug. 6, will help Chinese solar panel producers secure a reasonable market share in its exports to Europe. He said that the dispute's proper settlement will also satisfy EU users' demand, and that the deal will be mutually beneficial.

According to a European Commission statement on Saturday the EU endorsed the price undertaking submitted by a bloc of Chinese solar panel exporters, as well as a quota for their total exports to the EU.

Anti-dumping probe into EU wine and polysilicon exports:

Shen said that China's anti-dumping and countervailing probes into the EU's exports of wine and polysilicon are still in process. He said that the ministry will conduct the investigations according to legal procedures. Meanwhile, Shen said that China hopes the two sides can seek a better solution through dialogue and cooperation.

The ministry announced on July 1 that it will conduct a year-long anti-dumping investigation into wine imported from the EU, in response to an application from the China Alcoholic Drinks Association.

On Nov. 1, 2012, it announced that it would launch an anti-dumping investigation into polysilicon imported from the EU.

Shanghai pilot free trade zone plan being amended:

Shen said that the general plan to set up a pilot free trade zone in Shanghai is being improved, and it will soon be formally approved and launched.

China's State Council, the Cabinet, approved a plan on July 3 to set up a pilot free trade zone in Shanghai, which would be the first of its kind on the Chinese mainland. It said that this was a crucial move to adapt to global economic and trade development as well as impose a more proactive opening-up strategy.

Foreign companies' concerns of investing in China:

China's police investigations into pharmaceutical giant GlaxoSmithKline (GSK) and reportedly other multi-national drug producers have sparked concerns whether these are solely targeted at foreign-funded firms and might affect their confidence of investing in China.

Shen said talk of the investigations only targeting foreign companies was groundless.

He said that the Chinese government will stick to its opening-up policy and welcome foreign investment. He said such investigations only indicated that the country aims to create a fair environment for investors from different nations. Such investigations will only strengthen foreign investors' confidence to invest in China, not the contrary.

Some senior GSK executives were held last month by Chinese police on suspicion of committing serious economic crimes.