China

THE European Union has no intention to decouple from China but needs to protect itself when its openness is abused, the bloc&rsquo s executive vice-president Valdis Dombrovskis said, as both sides look to cool rising tensions over geopolitics and trade.
Relations have become tense due to Beijing&rsquo s ties with Moscow after Russian forces swept into Ukraine, and the EU&rsquo s push to rely less on the world&rsquo s second-largest economy.
The bloc posted record bilateral trade with China last year, but it is &ldquo very unbalanced&rdquo , Dombrovskis said on Saturday (Sep 23) in a speech at the annual Bund Summit conference in Shanghai, citing a trade deficit of almost 400 billion euros (S$582.8 billion). Dombrovskis, who is also the bloc&rsquo s trade commissioner, is on a four-day visit to China seeking more balanced economic ties with the EU.
He arrived just over a week after the European Commission said it would investigate whether to impose punitive tariffs to protect European producers from cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies.
The trip is designed to renew dialogue with China after the Covid-19 pandemic with both sides looking to cool tensions over issues ranging from foreign investment, trade and geopolitics as well as Western criticism of Beijing&rsquo s closer ties with Moscow following Russia&rsquo s 2022 invasion of Ukraine. &ldquo Creating an open market among its members was one of the EU&rsquo s founding principles. We are also committed to free and fair global trade. And &lsquo fair&rsquo is the key word here,&rdquo he said.
Citing the bloc&rsquo s trade deficit as an example, he added: &ldquo The EU also needs to protect itself in situations when its openness is abused.&rdquo
&ldquo This means minimising our strategic dependencies for a select number of strategic products,&rdquo but the EU&rsquo s economic strategy was focused on de-risking, not decoupling, he said.
&ldquo The EU has no intention of decoupling from China.&rdquo

Litmus test

The EU blames its 400 billion euro trade deficit partly on Chinese restrictions on European companies.
A &ldquo thousand&rdquo barriers to market access have propelled the trade deficit to its &ldquo highest in the history of mankind&rdquo , EU Ambassador to China Jorge Toledo lamented at a forum in Beijing on Thursday.
The economic and trade dialogue on Monday between Dombrovskis and Chinese Vice-Premier He Lifeng, the 10th such discussion since 2008, will be a &ldquo litmus test&rdquo for the two sides, Chinese nationalist tabloid  Global Times  said on Thursday.
Dombrovskis told Reuters on the sidelines of the summit that &ldquo substantial technical work&rdquo preceded the EU probe into Chinese-made EVs and that they would look to engage both Chinese authorities and industry in the investigation.
&ldquo We are open for competition including for competition in the electric vehicles sector but competition has to be fair,&rdquo he said. China has blasted the probe as protectionist and the Chinese Chamber of Commerce to the EU said the sector&rsquo s advantage was not due to subsidies.
Asked if the EU was looking at other sectors, he added: &ldquo There are several areas where we are looking at possible trade irritants and barriers, and actually this is one of the topics I&rsquo m going to raise also with my Chinese counterparts... On one hand, we must discuss how we advance our relationship, but also we need to be able to discuss if there are some issues or trade barriers to be addressed.&rdquo
He declined to provide further details.
In his speech, Dombrovskis also said he believed that China faced a &ldquo challenging process of macroeconomic adjustment&rdquo , but stressed that Beijing must broaden access for foreign businesses and maintain a stable business environment for fair trade relations.
He also urged China to take a stance against Russia&rsquo s &ldquo tactic of weaponising food&rdquo and use its influence in reviving the Black Sea Grain Initiative which expired in July after Moscow quit. REUTERS

Kalpana Rashiwala

Singapore Property

NTUC Enterprise unit Mercatus is understood to have quietly put on the market a portfolio of 18 commercial properties in Housing and Development Board (HDB) estates.
The properties have a total indicative price of around S$265 million,  The Business Times  understands.
The 18 properties add up to about 170,000 sq ft of space in HDB shops, shophouses and low-rise commercial blocks. The portfolio has full occupancy. About 80 per cent of the space is leased to NTUC FairPrice, which is set to keep its long-term tenancies in the properties. The properties are in locations such as Bukit Merah Central, Kallang Bahru, Bishan, Hougang, Serangoon North, Holland Drive, Tampines, Bedok, Buona Vista, Clementi, Choa Chu Kang, Jurong East and Jurong West.
The balance tenures for the properties vary, but average around 57 years.
Market watchers estimate the entry net yield at slightly above 4.5 per cent.
https://www.channelnewsasia.com/singapore/ntuc-income-corporatisation-company-co-op-existing-policies-coverage-benefits-2418561


why such move after so many years?


 

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