Liveris pins high hope on China's Belt and Road Initiative, saying Dow sees

U.S. Federal Reserve Chair Janet Yellen speaks during a news conference in Washington D.C. Tyler Lockett Jersey , the United States, on Dec. 13, 2017. The U.S. Federal Reserve on Wednesday raised the benchmark interest rate by 25 basis points, the third such increase in 2017. (XinhuaYin Bogu)
WASHINGTON, Dec. 13 (Xinhua) -- The U.S. Federal Reserve on Wednesday raised the benchmark interest rate by 25 basis points, the third such increase in 2017.


"In view of realized and expected labor market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 1.25 to 1.5 percent," said the Fed in a statement after concluding a two-day monetary policy meeting.


The central bank officials still envisioned three more rate hikes in 2018, unchanged from their forecast in September, according to the latest quarterly projections released on Wednesday.


Fed officials continued to hold upbeat assessment of the overall economy and job market and remained concerned over the soft inflation reading.


"Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate," said the statement.


According to officials' forecast, the U.S. economy will grow 2.5 percent both in 2017 and 2018, higher than their forecasts in September which projected a 2.4 percent growth for 2017 and 2.1 percent increase for 2018.


In view of recent solid job growth, Fed officials expected the unemployment rate will maintain at 4.1 percent by the end of 2017, lower than September's forecast of 4.3 percent.


The jobless rate will further drop to 3.9 percent in 2018.


However, it pointed out the declines of overall and core inflation indexes this year and reiterated that it is monitoring inflation developments closely.


Fed officials slightly revised up their forecast for inflation in 2017 to 1.7 percent from September's projection of 1.6 percent.


Due to the soft inflation reading, presidents of Chicago Fed and Minneapolis Fed voted against the decision, arguing that the central bank should keep interest rate unchanged at this meeting.




by Xinhua writers Xu Jing, Miao Zhuang


CHICAGO, June 15 (Xinhua) -- The United States and China have become important partners in trade and many other areas, "success for one means opportunity for the other," said Dow Chairman and CEO Andrew Liveris.


"Most importantly, the U.S. benefits when the Chinese people thrive - for they provide not only an important market for American products, but also an enormous talent base that will help drive humanity forward," Liveris said in an interview with Xinhua recently.


"It is in everyone's interest to promote a constructive engagement between China and the U.S. that focuses on removing the barriers to fair and reciprocal market access in each other's economies." It is the relationship between China and the United States which Liveris said he has hoped for.


Established in 1897, the Dow Chemical Company did not become an electrochemical pioneer in one day. In the process of growing from a one-product start-up into an innovation powerhouse, Dow has continuously reinvented and transformed itself for the opportunities of each era.


Dow realized a sales volume of 48 billion dollars in 2016, ranking in the 187th place among the world's top 500 companies.


Dow entered China in the 1930s.


Liveris made his first trip to China 40 years ago for one of his first jobs at Dow. Now he travels to China several times a year.


"I was lucky to have a front-row seat thirty years ago when Deng Xiaoping opened China to the world. And in the decades since, I have had the privilege of watching - and even better, participating - as China's rise has transformed not only China, but the rest of the global economy," Liveris told Xinhua.


"I am not exaggerating when I say that China surprises me every time I return. China has tremendous business assets and extremely talented and innovation-minded people that are enabling the vast growth it has seen in recent decades," he said.


Liveris is right in his words: China now presents the second largest overseas market for Dow, with sales volume growing 10 percent in 2016 from 2015.


Talking of China's economic transition, Liveris said China's adjusted 6.5-percent GDP growth rate for the next five years reflects the Chinese government's determination to improve the quality of growth as well as to ensure a sustainable growth.


He sees the Chinese Government's calling for a higher level of technology and innovation, industrial upgrading, and environmental protection in the transition period as more opportunities to the world's industry leaders like Dow.


"We have chosen to be part of this transformation and are committed to support China with innovation," Liveris said.


"We are optimistic about our business growth in China." By saying so, Liveris has in mind an area where Dow and other multinational companies can play an important role in China: sustainability.


Dow has already teamed up with the Chinese government and Chinese companies to develop and distribute sustainable products such as paint that removes formaldehyde from the air; high-performance insulation that reduces the energy it takes to heat and cool a building; and new laundry machine technology that removes 99 percent of common bacteria and dirt and reduces water consumption by nearly a third.


Many of Dow's specialty and performance materials address the needs of China's market and priorities, Liveris said. In 2016, Dow's packaging, polyurethanes, water, automotive systems, building and construction businesses all achieved strong double-digit growth in China.


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