No winner

VICE Premier Liu He told an economic conference in Hamburg on Tuesday that protectionist and unilateral approaches on trade would only deepen economic uncertainty, saying no country could emerge as a winner in a trade war.

“We believe that protectionist and unilateral approaches do not offer solutions to problems on trade. On the contrary, they will only bring about more economic uncertainty in the world,” Liu said. “The history of economic development has proven time and again that raising tariffs will only lead to economic recession and no one ever emerged as a winner from a trade war.”

Tax exemption

THE government said Tuesday that advanced second-generation nuclear reactors will lose their import tax exemption from Jan. 1 as China seeks to support domestic suppliers and promote technological development.

China is expected to triple its nuclear power capacity to reach 120-150 GW in total by 2030 as part of the government’s push to boost clean energy consumption. Pre-allocated 2019 import quotas for tax exemption on nuclear reactors with capacities of more than 1 gigawatt (GW) to Chinese manufacturing companies will also be canceled, the Finance Ministry said in a statement Tuesday.

Jiangsu halves output

STEEL mills, coke plants and coal-fired utilities in China’s second-biggest steelmaking hub Jiangsu will have to slash their production capacity as the provincial authorities have escalated smog alerts for the next three days.

Heavy industry in Jiangsu will have to cut more of their production capacity by at least 50 percent from 30 percent, and stop transportation of raw materials during the orange-level alerts.