FILE PHOTO: The Chinese national flag flies outside the Ministry of Foreign Affairs in Beijing on July 26, 2023. (Agence France-Presse)
Beijing, China — China’s commerce ministry on Friday launched an investigation into imported beef at the request of representatives from its struggling domestic industry, it said.
The local price of beef in China has trended downwards in recent years, with analysts blaming oversupply and a lack of demand as the world’s second largest economy has slowed.
Article continues after this advertisementAt the same time imports have surged, with China representing a hugely important market for countries like Brazil, Argentina and Australia.
FEATURED STORIES BUSINESS Philippines posts one of highest economic growth in Asia in 2024 BUSINESS DILG closes 4 trust fund accounts after being flagged by COA BUSINESS Skyway 3 opens new exit ramp on Quezon Ave extensionREAD: China lifts trade bans on Australian beef with ‘immediate effect’
The application for an investigation from domestic associations said that a sharp increase in beef imports in recent years “has had a significant adverse impact on the domestic industry”, the commerce ministry said in a statement.
Article continues after this advertisementBeef imports in 2023 were 65 percent higher than in 2019, it quoted the producers as saying.
Article continues after this advertisementThe investigation takes effect from Friday and should take eight months, but “may be extended appropriately under special circumstances”, the announcement said.
Article continues after this advertisementNormal trade will not be affected during the investigation period.
spin casino no deposit bonusBrazil, the world’s biggest beef exporter, said it “will seek to demonstrate that Brazilian beef exported to China does not cause any type of harm to the Chinese industry, and is, on the contrary, an important factor in complementing local Chinese production.”
Article continues after this advertisementIts foreign ministry noted that, “in principle, no preliminary measures will be adopted, and the 12 percent ‘ad valorem’ tariff that China applies to beef imports will remain in force.”
Brazil’s statement said that China, its main trading partner, this year received more than one million tonnes of Brazilian beef, a 12.7 percent increase over last year.
Subscribe to our daily newsletter
It added that it was committed to defending Brazil’s agribusiness sector and was “always seeking constructive dialogue in search of mutually beneficial solutions” with China.
In a press conference late Tuesday afternoon, Philippine Seven Corp. (PSC) head of finance and investor relations Lawrence de Leon said they have 4,022 stores to date.
The Marcos administration aims to reduce the poverty incidence between 8.8 and nine percent by 2028.falcon play
READ NEXT German industry pessimistic over 2025 employment prospects —... DILG closes 4 trust fund accounts after being flagged by COA EDITORS' PICK Why sending a belated gift is not as bad as you think FACES OF CEBU: Rex Abrenilla, 44, seasoned racer for Toyota Team Cebu Several wounded N. Korean soldiers die after being captured by Ukraine A look back at 2024: Pop culture moments that defined the year Fil-Am arrested for alleged murder of 3 family members the day after Christmas Azerbaijan plane crashed due to ‘physical external interference’ MOST READ Comelec resolves all nuisance bets‘ cases, a 'historic first’ – Garcia Rainy New Year’s Eve expected in some parts of PH ‘Surprise of 2024’: Escoda Shoal in West PH Sea is new flashpoint Philippines posts one of highest economic growth in Asia in 2024 Follow @FMangosingINQ on Twitter --> View comments
