China regrets restrictions

Beijing, June 20:

The Chinese government today regretted the decision of the US to impose new restrictions on high-technology exports to China.

The new rule, which imposes new licensing requirements on more exports to China and creates the ‘validated end-user’ programme, will “increase the costs of high-technology and strategic trade between the two countries”, the ministry of commerce said.

“It is inappropriate and against the cooperative spirit for the US to issue the new regulations without fully consulting China.”

“The unreasonable barriers to and preconditions for normal bilateral trade are not in line with the interests of the enterprises in both countries,” it said. “They will undermine China’s efforts to expand imports from the US and run against the well-balanced development of bilateral trade.” The statement warned that the US would be responsible for the negative outcome, adding China retained the right to make further comment and take responsive measures.

Tax breaks slashed:

BEIJING: China will remove or slash tax rebat-es for more than 2,800 export items next mon-th, the finance ministry said, in its latest move to try and reduce its fast-growing trade surplus. The tax changes will affect 37 per cent of all Chinese exports, ranging from cement to toys, the ministry announced in a statement on their website. — AFP