China's Xi Warns 'No Winners' in Trade War with US

A man rides a bicycle past a giant screen showing news footages of Chinese President Xi Jinping attending a Chinese Communist Party politburo meeting, in Beijing, China December 9, 2024. REUTERS/Tingshu Wang
A man rides a bicycle past a giant screen showing news footages of Chinese President Xi Jinping attending a Chinese Communist Party politburo meeting, in Beijing, China December 9, 2024. REUTERS/Tingshu Wang
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China's Xi Warns 'No Winners' in Trade War with US

A man rides a bicycle past a giant screen showing news footages of Chinese President Xi Jinping attending a Chinese Communist Party politburo meeting, in Beijing, China December 9, 2024. REUTERS/Tingshu Wang
A man rides a bicycle past a giant screen showing news footages of Chinese President Xi Jinping attending a Chinese Communist Party politburo meeting, in Beijing, China December 9, 2024. REUTERS/Tingshu Wang

Chinese President Xi Jinping warned Tuesday that there would be "no winners" in a trade war with the United States and vowed the country would hit its growth goals for the year.

Former US president Donald Trump -- who returns to the White House next month -- unleashed a grueling trade war with China during his first term in office, lambasting alleged intellectual property theft and other "unfair" practices.

He has pledged to impose even higher tariffs on China after taking office on January 20, as Beijing is grappling with a shaky post-pandemic economic recovery.

"Tariff wars, trade wars, and technology wars go against historical trends and economic rules, and there will be no winners," Xi said of China-US relations while meeting several heads of multilateral financial institutions in Beijing, according to state broadcaster CCTV.

"China is willing to maintain dialogue with the US government, expand cooperation, manage differences and promote the development of China-US relations in a stable, healthy and sustainable direction," AFP quoted Xi as saying.

Beijing is targeting annual growth this year of around five percent, despite sluggish domestic consumption, high unemployment and a prolonged crisis in the vast property sector.

Xi also said during Tuesday's meeting that China had "full confidence" in achieving its 2024 growth goal, state media reported.

His remarks came as official data showed the country's exports rose last month at a slower rate than expected while imports shrunk further, underscoring the challenges China is still facing.

The latest reading reinforced the need for more support a day after top officials pledged to bolster stuttering growth.

Overseas shipments this year have represented a rare bright spot in the Chinese economy, with domestic spending mired in a slump and persistent woes in the property sector spooking investors.

Exports jumped 6.7 percent on-year to $312.3 billion last month, China's General Administration of Customs said.

But the figure was much slower than the 8.7 percent anticipated by economists in a Bloomberg survey and well down from the 12.7 percent leap in October, which was the strongest in more than two years.

The data showed exports grew 5.4 percent on-year in January-November.

"China's exports were perhaps the biggest upside surprise for the economy in 2024," wrote Lynn Song, chief economist for Greater China at ING.

This is "one of the main reasons China is set to achieve its 'around five percent' growth target" for this year, he added.

Analysts have suggested the recent surge in shipments is because foreign buyers fearing another trade standoff were racing to beat any possible tariffs on Chinese goods by Trump.

"We could see some frontloading of exports in the coming few months but momentum is likely to soften after this is done, unless the outcome of tariff negotiations is surprisingly positive," wrote Song.

The 3.9 percent drop in imports last month extended a slide in the previous month -- and was much worse than the 0.9 percent rise forecast -- as domestic demand continues to be dampened by lacklustre consumer spending.

The readings come as investors closely watch signals from Chinese leaders, who are convening this week in Beijing for a series of key meetings on economic planning for the coming year.

The Politburo, China's top decision-making body, on Monday urged "vigorous" support for consumption and a loosening of monetary policy in 2025.

But observers are still waiting for the announcement of specific policies, particularly any measures to significantly bolster consumption.

Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said in a note that another key meeting on economic policy -- expected to take place in the coming days -- could "shed more light, particularly on the fiscal policy front.”



Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
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Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency
Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.