Ministry of Commerce: China and the US are in discussions on a $30 billion reciprocal tax reduction framework arrangement

The Zhitong Finance App learned that on September 10, the Ministry of Commerce held a regular press conference. Spokesman Huang Ling said that the economic and trade teams of China and the US are earnestly implementing the consensus reached at the Beijing meeting between the two heads of state and are currently discussing the 30 billion US dollar equal tax reduction framework arrangement to be implemented as soon as possible.

The original text is as follows:

[Huang Ling]: Dear Reporters,

Good afternoon everyone. Welcome to the Ministry of Commerce's regular press conference.

Today, I would like to first inform you about the situation relating to the launch of the “Honest Business Promotion Month” campaign.

In order to implement the decisions and arrangements of the Party Central Committee and the State Council, promote a culture of integrity, and strengthen the construction of a social credit system, the Ministry of Commerce, together with 13 departments including the Central Propaganda Department and the National Development and Reform Commission, recently issued a notice to jointly launch the “Honest Business Promotion Month” campaign in September. “Publicity Month” has been running continuously for 22 years. The theme of this year's event is “Honest and Trustworthy, Benefit Enterprises and the People”. Each region and department will organize and carry out 16 themed publicity campaigns to create a trustworthy and committed market environment.

We will be holding a launch ceremony in Beijing in the near future. We welcome press reports from all news media.

This is the information I want to share with you. Next, I would like to answer questions raised by journalists and friends.

Please ask questions below.

[CGTN Reporter]: According to media reports, French officials recently stated that France's “anti-ultra-fast fashion” law is not discriminatory or targeted; the main purpose is to protect the environment and consumers, and they are willing to understand China's concerns. What comments does the Ministry of Commerce have on this?

[Huang Ling]: The Chinese side believes that the “anti-ultra-fast fashion” law and its implementing rules are in the name of “environmental protection” and “sustainability”. In fact, by setting clearly targeted standards and parameters, it will seriously distort fair competition by discriminating against and suppressing Chinese cross-border e-commerce enterprises. The actual practices of the French side have gone beyond the scope of environmental protection and are clearly marked by trade protectionism. The Chinese side has repeatedly expressed serious concerns to the French side in this regard.

What I want to emphasize once again is that China has always opposed the misuse of economic and trade restrictions, and urges France to face up to China's position, immediately stop using the “anti-ultra-fast fashion” law to infringe on the legitimate rights and interests of Chinese enterprises, and properly handle economic and trade differences through dialogue on an equal footing. The Chinese side will pay close attention to subsequent developments and resolutely take necessary measures to protect the legitimate rights and interests of Chinese enterprises. Thank you.

[China News Service Reporter]: We noticed that recently China's Ministry of Commerce met with several French companies in China. Can you tell me about the situation?

[Huang Ling]: According to public reports, some French companies have received relevant subsidies from the European Union and member states, which may be transmitted to entities in China to a certain extent. In order to assess the impact, the Ministry of Commerce asked them to explain the relevant situation in accordance with the law. Thank you.

[Phoenix TV Reporter]: What is the current progress of the 30 billion US dollar reciprocal tax reduction framework arrangement that China and the US reached last time?

[Huang Ling]: The economic and trade teams of China and the US have earnestly implemented the consensus reached at the Beijing meeting between the heads of state of the two countries, and are currently discussing the 30 billion US dollar equal tax reduction framework arrangement to be implemented as soon as possible. Thank you.

This article was selected from the “Ministry of Commerce” official website, Zhitong Finance Editor: Li Fu.