China should gradually revalue its currency to cool its booming export sector and also allow European companies fairer access to its market, the EU trade chief said yesterday.
Peter Mandelson, the EU's Trade Commissioner, said in an opinion piece published in the state-controlled China Daily that revaluation of the yuan would benefit the Chinese economy.
"Even on a difficult issue like the currency, China's interest clearly lies in a gradual revaluation that takes some of the excess heat out of the export sector and strengthens consumer purchasing power," he wrote.
Mandelson added that the revaluation should be combined with an opening-up of Chinese markets to reduce the ballooning trade deficit, which was worth about 130 billion euros (US$194 billion) in 2006.
China is widely criticized for allegedly allowing its currency to remain at an artificially low level, giving its exporters an unfair advantage and contributing to massive trade surpluses with the US and Europe.
Mandelson said European companies could not be blamed for the huge trade deficit.
"European companies compete effectively in every global market in which they are given a reasonably fair chance," he said. "However, in China, European trade and investment is still unfairly restricted, and European intellectual property rights, which are fundamental to our competitiveness, are poorly protected."
Mandelson has visited China, amid simmering tensions between the EU and China over a range of economic issues, from unfair practices to sovereign wealth funds.
The EU recently launched investigations to see if China was unfairly selling steel, cables and candles to Europe at below production cost, a practice known as dumping which can lead to retaliatory tariffs.
The European Commission, which runs the EU's international trade policy, is also considering launching WTO action against China for restrictions Beijing puts on foreign financial news organizations.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS