Market Talk – Monday, Feb. 22

ASIA:

Senior Chinese diplomat Wang Yi said on Monday the United States and China could work together on issues like climate change and the coronavirus pandemic if they repaired their damaged bilateral relationship. Wang said China is willing to reopen constructive dialogue with Washington after relations between the two countries sank to their lowest in decades under former president Donald Trump. Wang urged Washington to respect China’s core interests, stop “smearing” the ruling Communist Party, stop interfering in Beijing’s internal affairs, and stop “conniving” with separatist forces for Taiwan’s independence.

China will push forward rural land reforms in a cautious manner as it tries to balance bolstering food security, particularly during the coronavirus pandemic, with economic growth. China’s plan to rejuvenate its backward countryside is part of broader efforts to spur growth. It aims to reduce the urban-rural divide and propel the economy toward greater self-reliance, said Bloomberg Economics, adding that policies to modernize agricultural production and boost rural infrastructure may be an important new driver of the economy in coming years.

India is set to clear 45 investment proposals from China, which are likely to include those from Great Wall Motor and SAIC Motor Corp., Reuters reported, as military tensions between the two countries ease at the disputed border. About 150 investment proposals from China worth more than $2 billion were stuck in the pipeline. Companies from Japan and the US routing investment through Hong Kong were also caught in the cross-fire as an inter-ministerial panel led by the interior ministry increased scrutiny of such proposals. Great Wall, which plans to invest $1 billion in India over the next few years, said earlier that establishing operations in the country is a key part of its global strategy. It had planned to start selling cars in India from this year, and was also mulling bringing in electric vehicles.

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