China voiced regret over the EU’s decision to lodge an intellectual property rights complaint at the WTO, just as Beijing is embroiled in a similar dispute with Washington.
The EU brought the challenge to the WTO on Friday, accusing Beijing of unfairly requiring foreign firms to hand over their technology to Chinese companies to do business in China.
“China expresses regret over the EU launching the complaint and will properly handle it according to the WTO dispute settlement procedures,” the Chinese Ministry of Commerce said in a statement published late on Sunday. “The Chinese government has always attached great importance to the protection of intellectual property rights, and has adopted many powerful measures to protect the legitimate rights and interests of domestic and foreign intellectual property rights holders.”
Foreign companies need to form joint ventures with local companies to do business in the massive Chinese market, which often involves sharing their technology and know-how.
US allegations that China steals company secrets are at the heart of the ongoing trade dispute between the world’s two biggest economies.
Washington on March 23 launched its own WTO challenge over alleged Chinese intellectual property breaches.
The two countries have held a series of negotiations aimed at averting a trade war.
US Secretary of Commerce Wilbur Ross and Chinese Vice Premier Liu He (劉鶴) held talks over the weekend, which ended with Beijing saying that any deals would be void if Washington follows through on threats to impose massive tariffs on Chinese goods.
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
A two-hour drive south of Amsterdam in Veldhoven, workers decked out head-to-toe in protective gear toil in vast assembly halls. Before entering the inner sanctuary of the facilities, they meticulously layer on masks, gloves and special socks. A single speck of dust or a hair can have devastating effects on production. The result of all this painstaking process is an environment that is 10,000 times more purified than outside. As COVID-19 grips the world, it might just be the safest place to work right now. The teams belong to ASML Holding NV, which holds a de facto monopoly on the industry of
DBS Bank Ltd yesterday hacked its GDP growth forecast for Taiwan this year to 0.9 percent, down from its estimate of 2.3 percent two months earlier, in light of the COVID-19 pandemic and increasing financial market volatility. The bank’s latest forecast was even lower than London-based IHS Markit Ltd’s estimate of 1 percent, while other research institutes’ projections range from 1.6 percent to 2.6 percent. Taiwan’s economic momentum is being negatively affected by the pandemic, DBS said. The rapid spread of the disease from Asia to Europe and the US has dampened the bank’s previous expectation of a “V-shaped” global rebound in the
DOWNSIDE RISKS: Firms have a ‘very low’ chance of boosting investment returns in the next two years, making it hard for them to improve their capitalization, an analyst said Taiwanese life insurers wanting to improve their capital structure face strong headwinds this year, given prolonged low interest rates and economic impacts derived from trade protectionism and the COVID-19 pandemic, Taiwan Ratings Corp (中華信評) said on Friday. The local life insurance sector also still has high asset risks and such risks are susceptible to market volatility, the local arm of Standard & Poor’s Global Ratings said. Since last year, major financial holding companies — including CTBC Financial Holding Co (中信金控), Cathay Financial Holding Co (國泰金控) and Shin Kong Financial Holding Co (新光金控) — have announced plans to raise fresh capital to