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TRADE WARS
China Eyes Hollywood Investment As WTO Appeal Looms

China 'actively' preparing appeal of WTO order on films
China said Monday it was "actively" getting ready to appeal a World Trade Organization decision ordering it to ease some of its curbs on foreign films, music and print. "The commerce ministry is actively preparing the documents to appeal," commerce ministry spokesman Yao Jian told reporters. The WTO settlement dispute panel said last week China was breaching international trade rules by blocking foreign-owned companies from acting as importers and wholesalers of films, music and printed material. The United States, which brought the complaint to the global trade watchdog in 2007, claimed overall victory in the dispute. "We deem it improper that (the panel) did not reject the US request for the right to trade and distribution channels of printed material, audio-visual products and films," Yao said. He said the Chinese cultural sector, which includes the film industry, had suffered a "huge" trade deficit, arguing its competitiveness was still weak. "Against this backdrop, I think it is appropriate and just for China to impose some controls that are in line with the country's economic development stage and cultural and historical tradition," he said. In its first response Thursday, China said it regretted the WTO decision but would only decide if it wanted to appeal after careful evaluation of the issues.
by Staff Writers
 Beijing (AFP) Aug 17, 2009
 China's 200-billion-dollar sovereign wealth fund may start investing in overseas media including Hollywood production houses, a report said Monday, citing sources close to the fund.

The China Investment Corporation's plan could give Beijing a direct stake in a variety of foreign media content "from South Korean television dramas and Japanese game shows to Hollywood blockbusters", the Times of London said.

The paper cited its sources as saying it had started talks with two American private equity groups that have strong media interests.

"The talks are understood to have included at least one Hollywood film production company," the paper said.

The report came just days after the China Investment Corporation announced it had lost 6.7 billion dollars in its global investment portfolio last year.

The fund was set up to help China find more lucrative ways to place its massive foreign exchange reserves, which stand at 2.13 trillion dollars and are mainly in low-yield instruments such as US Treasury bonds.

However, the fund has so far not lived up to expectations, partly because of its launch date, shortly before the onset of the global financial crisis.

The fund has also raised suspicions abroad about China's intentions, with some critics fearing it would use its financial muscle to buy valuable assets across the globe.

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TRADE WARS
China exports likely to return to growth: govt
 Beijing (AFP) Aug 17, 2009
 China expects its exports, which have fallen year-on-year for nine straight months, to return to positive growth before the end of 2009, the government said Monday. "It's possible the decline in China's exports will narrow in the second half and even grow in some months given the low base effects in the second half of 2008 due to the financial crisis," said commerce ministry spokesman Yao ... read more






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