CNBC reports that U.S. Commerce Secretary Wilbur Ross “has used the powers of his department for the first time in 20 years to self-initiate antidumping duty and countervailing duty cases” against China, covering “more than $600 million worth of imports of common alloy aluminum sheet from China.”
- Ross says “there is available evidence that indicates Chinese producers are selling aluminum sheet in the U.S. at prices that are less than fair value and that the Chinese government is providing unfair subsidies to producers of aluminum sheet.”
- The last time a self-initiated anti-dumping duty investigation occurred in the U.S. was in 1985, when the Commerce Department looked at semiconductors from Japan.
- If the Commerce Department finds dumping or unfair subsidization has happened, U.S. Customs and Border Protection will start collecting cash deposits from all U.S. companies importing aluminum sheet from China.
- The investigation into countervailing duties will wrap up in April 2018, while the anti-dumping investigation will conclude in July 2018.
Mainland money in the Hong Kong markets
China halts approvals for some Hong Kong stock funds / Bloomberg
Baidu and Xiaomi are working together on internet of things and artificial intelligence / TechCrunch
China’s drug monopolies in regulators’ crosshairs / Sixth Tone
Chinese tech companies abroad
Ctrip launches new global brand Trip.com, removes all references to the site being China-owned / Shanghaiist
Gray rhinos (?)
China’s HNA says it will pull out of deals on Beijing’s investment blacklist / SCMP
Updated: Cracks appear in DiDi and ofo partnership sparking doubts over Ofo’s $700 million funding round / TechNode