CHINA CULPRIT OF GLOBAL STEEL WOES
Throughout the year, China has faced anti-dumping probes from many trade partners, the EU in particular. Along with these trade remedy measures is the allegation that China is an irresponsible exporter of cheap steel, causing instability in the global steel sector.
However, it is unfair to accuse China of being the cause of the global steel sector's woes, and finger pointing will not solve the problem.
A sluggish world economy and shrinking demand is the root cause of the steel sector's troubles, and the world should work together through the difficult times, said Wang Hejun, head of the trade remedy and investigation bureau of the Ministry of Commerce.
As the world's largest steel consumer and producer, China is pressing ahead with cutting excess capacity in steel, aiming to reduce 100 million to 150 million tonnes of crude steel capacity by 2020.
CHINA LESS WELCOMING TO FOREIGN INVESTMENT
The United States sensed an increasing reluctance among China's economic planners to pursue further reforms, said Chris Wilson, deputy chief of the U.S. mission to the WTO, in July, citing concerns of "more and more" U.S. companies about "a less welcoming business and regulatory environment for foreign enterprises" in China.
Gone are the days when foreign firms can make easy money in China with abundant cheap labor, land and other resources. It is understandable that these firms are not finding it as easy to do business in China as before.
However, the Chinese market has not lost its gloss, and its charm is not waning, but radiating across different sectors.
In the first 11 months, 24,355 new foreign-funded firms were established in China, and U.S. and EU investment in China grew by 55.4 percent and 43.9 percent year-on-year respectively. Meanwhile, foreign investment in the high-tech service sectors almost doubled.
China strives to make it easier for foreign investment, having expanded a negative-list approach in approving foreign firms setting up branches in China and streamlining the registration process for investment this year.
