urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia
tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.
Craig Allen, president of the council, said many of its members are suppliers to Huaw
ei, and all of them have been impacted by the Department of Commerce’s move.
Founded in 1973, the council represents around 200 US companie
s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte
l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.
The members will follow US law, but there is a cost associated with that, Allen told China Daily.
types of onshore commodity futures contracts without registering a Chinese entity, and will continuously improve the relate
d rules, Lu Dongsheng, an official with the China Securities Regulatory Commission, told a forum on Tuesday
Lu also announced other measures to develop China’s commodity fut
ures market, such as accelerating the launch of ricThe Shanghai Futures Exchange will open
up its nonferrous metals futures contracts to foreign investors, Jiang Yan, Party secretary of the exchange, said at the s
ame forum. The bourGuo Shuqing, head of the China Banking and Insurance Regulatory Commissiose will also list a n
ew type of futures contract, TSR20 Rubber, which will be available to both domestic and foreign investors, he sai
d.Lu also announced other measures to develop China’s commodity futures market, such as accelerating the launch of
of stock index futures. At present, onshore stock index futures are unavailable to overseas invest
ors, and they can only hedge risks associated with investing in A shares through offshore instruments.
“After the stock index futures market opens up, investor bases will dive
rsify, helping China’s capital market achieve a higher efficiency in asset pricing,” Wang sai
d, adding that capital market reform and opening-up is part of China’s moves to promote quality development.
“One of the key priorities this year is to accelerate the development o
f direct financing and the capital market, to strengthen the capital market’s capacity to pr
omote economic growth,” Guo Shuqing, the People’s Bank of China’s Party secretary and head of the China Ban
king and Insurance Regulatory Commission, said in an interview with China Central Television on Monday.
ch means even if Beijing does not take countermeasures equal in scale to Washington’s, the US economy will not be left unscathed.
Tariff hike will harm both China and US
The list of products subject to US tariff hike covers daily necessities, light industry and machinery, with the main targets
being agricultural and food products, and general manufacturing goods produced by light industries.
In terms of agricultural and food products, China is the third-largest supplier to the US, with processed fruits and
vegetables; fruit and vegetable juice; fast food and snacks; fresh vegetables and tea leaves being the main items.