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News from China
Finnish fur producers feel the pinch as demand from China stays low
21st February 2019

 Declining demand for furs in China is being felt in the Finnish "fur producing belt" in central western Finland, media reported on Wednesday.

 
"I hope the banks will show understanding. Also the next book keeping cycle is certain to end in red numbers," fur entrepreneur Jari Plusisaari from Kalvia told the business daily Kauppalehti.
 
"The prices of furs are now so low that we can make no profit," he said, adding that his family is not going to lay off workers, but will wait for better times. "Otherwise when the market gets livelier, we would be just the family here."
 
Kauppalehti reported that the predominantly Swedish speaking town of Nykarleby is currently particularly badly hit. Mats Brandt, director of Nykarleby, told national broadcaster Yle recently that the 7,500-people town suffered from the situation.
 
Some 14 percent of municipal tax revenue comes from fur producers. In 2017, local fur farms sold furs worth almost 40 million euros (US$45.38 million).
 
Kauppalehti quoted the International Fur Federation describing the market in China as difficult. The federation said in January that the demand in the key area in northeastern China declined last year by 50 percent.
 
The current downturn has continued for five years. In 2013 Finland exported furs worth 810 million euros, but in 2017 the figure was 430 million, Kauppalehti reported.
 
There are about 1,000 fur farms in Finland. In the 1950s there were over 4,000 fur producers in Finland. At the turn of the century there were still 1,700. 
 
Source: Shanghai Daily, February 21, 2019
Plan to lift social sector public services
20th February 2019

 China yesterday unveiled an action plan to improve the quality of public services in the social sector to help establish a strong domestic market.

 
By improving weak links and lifting quality, public services will have a rational supply structure and active social participation by 2020, according to the plan jointly issued by the National Development and Reform Commission and 17 other departments. By then, the country will see an improved role by public services in ensuring people’s well-being, promoting employment and expanding consumption.
 
The average education for the working-age population should reach 10.8 years, and the average life expectancy should be raised to 77.3 years by 2020.
 
The country hopes to have established a basic public service network by 2022, capable of offering more adequate public services in an efficient and convenient manner.
Source: Shanghai Daily, February 20, 2019
Foreign investment surges in Shanghai in Jaunary
19th February 2019

 Shanghai saw the establishment of 563 new foreign-funded projects in January, up 69.1 percent from the same period last year, boosted by a substantial increase of such investment in manufacturing, commercial and technological services, regional headquarters and research and development centers.

 
Total contractual foreign investment surged 197.6 percent to US$10.97 billion, while the actual use rose 33.5 percent to US$1.422 billion, as a cluster of big projects involving foreign investment were launched.
 
There were 552 new foreign-funded projects in the service sector, with an actual use of US$1.284 billion in foreign investment, up 24.8 percent over the same period last year. In the breakdown, commercial service projects absorbed US$645 million, up 66.5 percent, while technological service projects attracted US$146 million, up 263.8 percent. The rest went to other sectors including real estate and trade.
 
Actual foreign investment in the manufacturing sector surged 315.7 percent to US$126 million. At the same time, Shanghai witnessed the establishment of four new regional headquarters by multinational corporations, two new foreign investment companies and two more foreign-funded research and development centers. By the end of January, altogether 674 regional headquarters of multinational corporations had been set up in Shanghai.
Source: Shanghai Daily, February 19, 2019
Foreign investment surges in Shanghai in Jaunary
19th February 2019

 Shanghai saw the establishment of 563 new foreign-funded projects in January, up 69.1 percent from the same period last year, boosted by a substantial increase of such investment in manufacturing, commercial and technological services, regional headquarters and research and development centers.

 
Total contractual foreign investment surged 197.6 percent to US$10.97 billion, while the actual use rose 33.5 percent to US$1.422 billion, as a cluster of big projects involving foreign investment were launched.
 
There were 552 new foreign-funded projects in the service sector, with an actual use of US$1.284 billion in foreign investment, up 24.8 percent over the same period last year. In the breakdown, commercial service projects absorbed US$645 million, up 66.5 percent, while technological service projects attracted US$146 million, up 263.8 percent. The rest went to other sectors including real estate and trade.
 
Actual foreign investment in the manufacturing sector surged 315.7 percent to US$126 million. At the same time, Shanghai witnessed the establishment of four new regional headquarters by multinational corporations, two new foreign investment companies and two more foreign-funded research and development centers. By the end of January, altogether 674 regional headquarters of multinational corporations had been set up in Shanghai.
Source: Shanghai Daily, February 19, 2019

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