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华尔街日报的摘要:
Here is what you need to know about the 90-page first phase of the trade deal.
Buying American: Beijing will ramp up purchases of U.S. goods and services by $200 billion over the next two years, using 2017 as a benchmark. This includes increased purchases of manufactured goods by $77.7 billion over the two-year period. The category of tech services, which includes charges for cloud computing-related services and the use of intellectual property, is projected to grow by $37.9 billion. Energy purchases will increase by $52.4 billion under the deal.
Agriculture Purchases: The much-touted agriculture purchases have smaller goals for increased trade under the deal than energy, manufacturing and services, with an increase of $32 billion over the two-year period. In addition to the purchase targets, however, China has agreed to steps that allow more market access for U.S. dairy products, poultry, beef, fish, rice and even pet food.
Trade Secrets: The deal includes strong language related to preventing and punishing theft of trade secrets. The deal makes it easier for U.S. businesses to persuade authorities to initiate a criminal investigation in China. In addition, the deal says U.S. businesses operating in China should be able to operate “openly and freely” without pressure to transfer their technology to foreign business partners. Sharing tech blueprints “must be based on market terms that are voluntary and reflect mutual agreement,” it said.
Financial Services: The deal removes barriers to help U.S. banking institutions, insurers and other financial-services companies expand in the Chinese market. That includes quickly reviewing license applications from credit-card companies and U.S.-owned credit-rating services. The deal sets a five-month deadline for China to allow branches of U.S. financial institutions to provide securities investment-fund custody services.
Resolving Business Disputes: The deal calls for the creation of a dispute-resolution office, addressing longstanding complaints from the U.S. business community that their disagreements with Chinese partners haven't been fairly resolved. It laid out the framework for officials in U.S. and China to discuss how to implement this mechanism, including information sharing and an appeals process.
Tariff Relief: Prior to the deal, the U.S. agreed to cut the tariff rate to 7.5% from 15% for charges it had imposed on roughly $120 billion in Chinese products. The U.S. also held off on tariffs of 15% on roughly $156 billion in consumer products, including smartphones, that were set to take effect in December. The deal doesn’t amend that prior agreement. President Trump on Wednesday said he would remove the tariffs if the next round of negotiations are successful.
Currency Manipulation: China commits not to devalue its currency or make persistent intervention in its currency market. China also commits to a schedule of regular disclosures of data regarding its foreign-exchange holdings. |
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