COSCO Shipping criticizes US actions aimed at China's maritime, logistics, and shipbuilding industries, asserting that these discriminatory measures will skew fair competition.
Nov 11, 2024: China Cosco Shipping Corp and Multiple Chinese Associations Slam Section 301 Investigation
(Join us as we dive into the heated debate between China Cosco Shipping Corporation and the U.S., following the Section 301 investigation and its impact on China’s maritime industries.)
China Cosco Shipping Corporation and a host of Chinese industry associations strongly oppose the Section 301 investigation and the ensuing U.S. trade restrictions targeting China's maritime, shipbuilding, and shipping sectors.
China Cosco Shipping Corporation's Perspective- China Cosco decried the accusations leveled by the U.S. Office of the United States Trade Representative in the Section 301 investigation, labelling the U.S. measures as "discriminatory". The company insisted these actions disrupt fair competition, jeopardize the global shipping industry's harmony, and undermine its sustainable development.- Emphasizing its role as a global provider of shipping and logistics services, China Cosco reaffirmed its adherence to principles of integrity, transparency, and compliance. The company vowed to continue safeguarding clients' interests while offering top-tier, dependable commercial shipping and logistics solutions worldwide.- China Cosco also denounced the U.S. decision targeting China's maritime sectors as politically motivated and discriminatory.
Views of Chinese Industry Associations and the Government- Numerous Chinese industry groups and the commerce ministry have vehemently refuted the U.S. Section 301 measures. Beijing consistently reiterated its opposition through formal communications and unofficial channels, urging the U.S. to cease its blame game and avoid striking any agreement prejudicial to China’s interests. The Chinese government has cautioned it would reject any deal that threatened its sovereign interests and would retaliate with reciprocal measures[1][5].- This stance stems from concerns over U.S. tariffs and fees levied on China-linked ships, imposed after a prolonged probe into alleged unfair subsidies within China's maritime and shipbuilding industry, controlling over 50% of the global shipbuilding market in 2023[5].- The Chinese side condemns these U.S. measures as unjustified trade barriers that impede global trade flows and maritime logistics, serving as part of a broader initiative to rejuvenate U.S. shipbuilding and challenged China's market share by adopting protectionist policies[4][5].
All in all, as of Nov 11, 2024, China Cosco Shipping and relevant Chinese industry associations collectively denounced the Section 301 investigation and related U.S. measures as discriminatory, injurious to global trade, and unfairly targeting China’s maritime industry. They emphasized their readiness to respond robustly against any deals or policies that would undermine China’s interests[1][2][3][5].
[1] WSJ: China Threatens Tariffs on $60 Billion of U.S. Imports, Oct 9, 2024[2] AP News: China denounces new U.S. trade actions as discriminatory, Aug 25, 2024[3] Reuters: China Cosco vows to protect clients' interests amid U.S. probe, Nov 11, 2024[4] Nikkei Asia: China's maritime dominance sparks U.S. move to restrict market access, Oct 1, 2024[5] South China Morning Post: Chinese industry warns of U.S. protectionism in trade spat with Beijing, Oct 15, 2024
- China Cosco Shipping Corporation, in response to the Section 301 investigation, accused the U.S. measures as being discriminatory, stating that they hinder global competition and jeopardize the global shipping industry's sustainable development. [China Cosco Shipping Corporation's Perspective]
- Many Chinese industry associations, along with the government, have criticized the Section 301 measures, labelling them as unjustified trade barriers that adversely affect the global maritime logistics and impede global trade flows, particularly China's maritime industry. [Views of Chinese Industry Associations and the Government]
