Recently, the US Department of Commerce announced the preliminary ruling on the countervailing investigation of photovoltaic products in China, which will impose a countervailing duty of up to 4.73% and a minimum of 2.9% on solar panels exported to the United States. This amount of taxation is much better than the expected levy of 100% punitive tariffs, indicating that the strong defense of the 14 PV companies in the previous group has been effective. However, the US Department of Commerce will also rule on the anti-dumping investigation of China's photovoltaic products, and the final "punitive" tariffs will be uncertain.
What is striking is that in the past two days, the US Department of Commerce has rarely issued three trade sanctions against China. According to the final result of the anti-dumping and anti-subsidy investigation of galvanized steel wire, the Chinese responding enterprise was ruled to impose an anti-dumping duty of 194% to 235% and a countervailing duty of 19.06% to 223.27%; and the anti-subsidy case for the high-pressure gas cylinders exported to the US The preliminary ruling supplemental ruling announced that the tariffs of Chinese enterprises involved in the case increased to 24.21%. The industry is generally worried that the increasingly frequent trade friction between China and the United States will cast a shadow over the slowing Chinese economy.
At present, China's solar cell module shipments have accounted for half of the world's total, and 90% of its products are sold overseas. Because of this, the US PV double-reaction survey has received much attention. According to the US Department of Commerce's countervailing preliminary ruling, Wuxi Suntech Solar Power Company's PV countervailing duty rate is 2.9%, Changzhou Trina Solar Energy's tax rate is 4.73%, and other Chinese companies' PV countervailing duty rate is 3.61%. Due to the lower-than-expected tax rate, Wuxi Suntech's share price on the New York Stock Exchange rose 14.06% to close at 3.57 US dollars; Trina Solar's share price rose 7.85% to close at 8.38 US dollars.
On October 19 last year, seven US PV cell manufacturers led by Solar World filed an application with the US government to launch a double-anti-anti-dumping (anti-dumping and anti-subsidy) investigation on China's crystalline silicon photovoltaic cell products, the US International Trade Commission (ITC). The US Department of Commerce filed a case on October 19 and November 8, respectively. At that time, US companies demanded a 100% tariff on Chinese PV companies, which is tantamount to attempting to shut down the huge photovoltaic power generation market in the United States.
In order to avoid the worst outcome, 14 domestic PV companies such as Yingli, Suntech and Trina Solar jointly responded and submitted strong evidence. Analysts said that these responding companies have a clear-cut private system, which is very different from the previously investigated state-owned enterprises. This is also an important reason why the US Department of Commerce has not made a "hands-on" under the political pressure of the election.
In response, the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products issued a statement yesterday saying that although the US Department of Commerce accepted the defense materials submitted by some Chinese companies in the ruling, the ruling did not face the facts of the production and export sales of China's photovoltaic industry and photovoltaic products. It is unfair to find a subsidy, and I hope that the US government can correct it in the follow-up investigation process. The Chamber of Commerce said that the Chinese government's support and breadth of the photovoltaic industry is much smaller than that of the United States, and even if there is government support, the relevant support measures are in line with WTO regulations and do not constitute prohibitive subsidies or special subsidies. If the US government finally implements trade restrictions on China's PV products, which will adversely affect the development of the global PV energy market, the cost of US PV energy will also increase significantly.
Trina Solar responded yesterday at the first time. "This is only a preliminary ruling. The final result still needs to wait for further investigation and final ruling by the US Department of Commerce later this year. And whether there is industry damage will also depend on the subsequent ruling of the US International Trade Commission." Trina Solar's Chief Business According to Guan Jinsi, the countervailing duty covers solar cell products exported from China to the United States, as well as components assembled from China outside of China, but does not cover components assembled from China outside of China. The Chinese respondent to the photovoltaic enterprise representative, Sidley Law Firm senior lawyer Li Lei told reporters that the preliminary ruling of the US International Trade Commission in December last year has determined that China's photovoltaic products have caused industrial damage to the United States. The final anti-subsidy ruling of the Ministry of Commerce will be announced on May 16, and the anti-dumping investigation will also announce the preliminary and final ruling results in the middle of the year. It is likely to merge and formulate special tariffs on China's PV products. Whether the combined tax rate is officially implemented depends on the final result of the US International Trade Commission's damage to the industry around December 5.
“The countervailing duty rate is lower, but it is irrelevant to the anti-dumping investigation. It is difficult to predict how high the final merger tariff will be.†Li Lei is cautious. Some people in the energy industry estimate that the anti-dumping tax plus anti-dumping tax superimposed tax rate may reach 20% to 30%, which will be a huge pressure on China's photovoltaic industry, and even lead to the basic loss of the US market. Therefore, in the next joint defense, PV companies still need to wait and see.
market situation
China's largest trade friction country
From the WTO's final ruling on China's nine raw materials exports, to the establishment of a trade law enforcement center in the United States, and to the recent US, Europe and Japan appeals to the WTO on China's rare earth quota issue, the Sino-US trade friction case that has occurred this year has risen sharply. Along with its rising economic status, China has become the second largest trading partner of the United States and has become its largest trade friction country.
Since 2006, the United States has launched more than 30 anti-dumping and anti-subsidy merger investigations against China for seven consecutive years, of which 24 cases have imposed double high tariffs on Chinese companies. However, the amount of these double-reverse investigations involved in less than 10 billion US dollars, accounting for only a few percent of China's annual export value of 1.60 billion US dollars, so overall, it is not enough to cause a fundamental blow.
According to the statistics of the Ministry of Commerce, China’s exports account for less than 10% of the world’s total trade, but anti-dumping cases account for one-third of the world’s total, and countervailing cases account for half of the world’s. In this regard, many scholars suggest that the Chinese government, especially the local government, should try to consider the connection with the world trade rules in the process of supporting enterprise development, and focus on optimizing the business environment, rather than simply adopting direct financial support. the way.
Expert opinion
Irrational behavior in the election year
Why is Sino-US trade friction particularly fierce this year? Song Guoyou, an American research center at Fudan University, analyzed this aspect as an inevitable phenomenon in China's economic strength and frequent economic and trade exchanges with the United States. On the other hand, it also has a special political factor in the US election year.
"Photovoltaic countervailing rulings symbolically add less than 5% of tariffs. Obviously, the US Department of Commerce does not fully support the demands of US grievance companies. But under the pressure of presidential elections and congressional re-election, it puts pressure on China. The attitude will definitely win a lot of votes," he said.
On February 28 this year, Obama signed an executive order to establish an "inter-departmental trade law enforcement agency" to investigate and enforce lawsuits against so-called unfair trade practices in China and other countries. On March 6, the US Senate and House of Representatives authorized the US Department of Commerce to continue to impose countervailing duties on so-called "non-market economy countries" such as China and Vietnam. The bill went into effect on November 20, 2006, which legalized the 24 countervailing rulings made by the US Department of Commerce for Chinese products.
"For these irrational behaviors, China must respond positively." Song Guoyou also believes that there is no need to imagine the consequences of trade friction too bad, and trade frictions will prompt Chinese companies and government departments to better understand and adapt to WTO rules.
What is striking is that in the past two days, the US Department of Commerce has rarely issued three trade sanctions against China. According to the final result of the anti-dumping and anti-subsidy investigation of galvanized steel wire, the Chinese responding enterprise was ruled to impose an anti-dumping duty of 194% to 235% and a countervailing duty of 19.06% to 223.27%; and the anti-subsidy case for the high-pressure gas cylinders exported to the US The preliminary ruling supplemental ruling announced that the tariffs of Chinese enterprises involved in the case increased to 24.21%. The industry is generally worried that the increasingly frequent trade friction between China and the United States will cast a shadow over the slowing Chinese economy.
At present, China's solar cell module shipments have accounted for half of the world's total, and 90% of its products are sold overseas. Because of this, the US PV double-reaction survey has received much attention. According to the US Department of Commerce's countervailing preliminary ruling, Wuxi Suntech Solar Power Company's PV countervailing duty rate is 2.9%, Changzhou Trina Solar Energy's tax rate is 4.73%, and other Chinese companies' PV countervailing duty rate is 3.61%. Due to the lower-than-expected tax rate, Wuxi Suntech's share price on the New York Stock Exchange rose 14.06% to close at 3.57 US dollars; Trina Solar's share price rose 7.85% to close at 8.38 US dollars.
On October 19 last year, seven US PV cell manufacturers led by Solar World filed an application with the US government to launch a double-anti-anti-dumping (anti-dumping and anti-subsidy) investigation on China's crystalline silicon photovoltaic cell products, the US International Trade Commission (ITC). The US Department of Commerce filed a case on October 19 and November 8, respectively. At that time, US companies demanded a 100% tariff on Chinese PV companies, which is tantamount to attempting to shut down the huge photovoltaic power generation market in the United States.
In order to avoid the worst outcome, 14 domestic PV companies such as Yingli, Suntech and Trina Solar jointly responded and submitted strong evidence. Analysts said that these responding companies have a clear-cut private system, which is very different from the previously investigated state-owned enterprises. This is also an important reason why the US Department of Commerce has not made a "hands-on" under the political pressure of the election.
In response, the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products issued a statement yesterday saying that although the US Department of Commerce accepted the defense materials submitted by some Chinese companies in the ruling, the ruling did not face the facts of the production and export sales of China's photovoltaic industry and photovoltaic products. It is unfair to find a subsidy, and I hope that the US government can correct it in the follow-up investigation process. The Chamber of Commerce said that the Chinese government's support and breadth of the photovoltaic industry is much smaller than that of the United States, and even if there is government support, the relevant support measures are in line with WTO regulations and do not constitute prohibitive subsidies or special subsidies. If the US government finally implements trade restrictions on China's PV products, which will adversely affect the development of the global PV energy market, the cost of US PV energy will also increase significantly.
Trina Solar responded yesterday at the first time. "This is only a preliminary ruling. The final result still needs to wait for further investigation and final ruling by the US Department of Commerce later this year. And whether there is industry damage will also depend on the subsequent ruling of the US International Trade Commission." Trina Solar's Chief Business According to Guan Jinsi, the countervailing duty covers solar cell products exported from China to the United States, as well as components assembled from China outside of China, but does not cover components assembled from China outside of China. The Chinese respondent to the photovoltaic enterprise representative, Sidley Law Firm senior lawyer Li Lei told reporters that the preliminary ruling of the US International Trade Commission in December last year has determined that China's photovoltaic products have caused industrial damage to the United States. The final anti-subsidy ruling of the Ministry of Commerce will be announced on May 16, and the anti-dumping investigation will also announce the preliminary and final ruling results in the middle of the year. It is likely to merge and formulate special tariffs on China's PV products. Whether the combined tax rate is officially implemented depends on the final result of the US International Trade Commission's damage to the industry around December 5.
“The countervailing duty rate is lower, but it is irrelevant to the anti-dumping investigation. It is difficult to predict how high the final merger tariff will be.†Li Lei is cautious. Some people in the energy industry estimate that the anti-dumping tax plus anti-dumping tax superimposed tax rate may reach 20% to 30%, which will be a huge pressure on China's photovoltaic industry, and even lead to the basic loss of the US market. Therefore, in the next joint defense, PV companies still need to wait and see.
market situation
China's largest trade friction country
From the WTO's final ruling on China's nine raw materials exports, to the establishment of a trade law enforcement center in the United States, and to the recent US, Europe and Japan appeals to the WTO on China's rare earth quota issue, the Sino-US trade friction case that has occurred this year has risen sharply. Along with its rising economic status, China has become the second largest trading partner of the United States and has become its largest trade friction country.
Since 2006, the United States has launched more than 30 anti-dumping and anti-subsidy merger investigations against China for seven consecutive years, of which 24 cases have imposed double high tariffs on Chinese companies. However, the amount of these double-reverse investigations involved in less than 10 billion US dollars, accounting for only a few percent of China's annual export value of 1.60 billion US dollars, so overall, it is not enough to cause a fundamental blow.
According to the statistics of the Ministry of Commerce, China’s exports account for less than 10% of the world’s total trade, but anti-dumping cases account for one-third of the world’s total, and countervailing cases account for half of the world’s. In this regard, many scholars suggest that the Chinese government, especially the local government, should try to consider the connection with the world trade rules in the process of supporting enterprise development, and focus on optimizing the business environment, rather than simply adopting direct financial support. the way.
Expert opinion
Irrational behavior in the election year
Why is Sino-US trade friction particularly fierce this year? Song Guoyou, an American research center at Fudan University, analyzed this aspect as an inevitable phenomenon in China's economic strength and frequent economic and trade exchanges with the United States. On the other hand, it also has a special political factor in the US election year.
"Photovoltaic countervailing rulings symbolically add less than 5% of tariffs. Obviously, the US Department of Commerce does not fully support the demands of US grievance companies. But under the pressure of presidential elections and congressional re-election, it puts pressure on China. The attitude will definitely win a lot of votes," he said.
On February 28 this year, Obama signed an executive order to establish an "inter-departmental trade law enforcement agency" to investigate and enforce lawsuits against so-called unfair trade practices in China and other countries. On March 6, the US Senate and House of Representatives authorized the US Department of Commerce to continue to impose countervailing duties on so-called "non-market economy countries" such as China and Vietnam. The bill went into effect on November 20, 2006, which legalized the 24 countervailing rulings made by the US Department of Commerce for Chinese products.
"For these irrational behaviors, China must respond positively." Song Guoyou also believes that there is no need to imagine the consequences of trade friction too bad, and trade frictions will prompt Chinese companies and government departments to better understand and adapt to WTO rules.
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