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News from China
Negative list for investment has plenty of positives
16th November 2018

 China has finished revising its list of areas that are not available for domestic and foreign investment after regional trials, the National Development and Reform Commission said on Thursday.

 
The new version will take effect after approval by the Communist Party of China Central Committee and the State Council, NDRC spokeswoman Meng Wei said.
 
China has decided to take the “negative list” approach, which will open all sectors except a proscribed few to investors before the end of this year to streamline government administration and give more freedom to the market.
 
The NDRC and the Ministry of Commerce will work to facilitate the application of the scheme for market entities and improve its transparency, Meng said.
 
They will also further amend the list to adapt it to China’s reform progress, economic restructuring and legal changes, Meng added.
 
The nation will also step up efforts to facilitate bond issuance for private companies.
 
To ease private firms’ financing difficulties, the country will make it easier for them to raise funds via bond issuance, Meng added.
 
This is especially for enterprises with good credit and stable performance, and those who support industrial upgrading and regional development.
 
Meng said the country will also encourage eligible firms to issue bonds to support startups.
 
The nation has vowed to provide necessary financial support for private companies that default on corporate bonds because of tight cash flows but were still industry leaders, large employers or in emerging industries.
 
Meanwhile, she denied there had been any proposal to reduce the car purchase tax by half.
 
“We have not studied or made the proposal of reducing the auto purchase tax to 5 percent,” said Meng.
 
While softening car sales brought auto firms under pressure, it can also force companies to increase competitiveness, eliminate backward production capacity and drive industrial upgrading, she said.
 
“There is still broad room for development in our auto industry,” Meng added.
 
Source: Shanghai Daily, November 16, 2018
China, Canada to continue FTA talks
15th November 2018

 China and Canada on Wednesday pledged to press ahead with negotiations on free trade agreement.

 
The pledge came as Chinese Premier Li Keqiang held the third annual dialogue with his Canadian counterpart Justin Trudeau on the sidelines of a series of leaders’ meetings on East Asian cooperation in Singapore this week.
 
“We have noticed that Canada has made clarification on a new trade agreement reached among the United States, Mexico and Canada (USMCA), saying that the agreement will not affect Canada’s decision of FTA agreement with other countries,” Li told Trudeau.
 
“China stands ready to continue to promote the FTA negotiations with Canada on the basis of mutual respect and in a flexible and pragmatic way,” Li said.
 
Li was referring to a provision in the USMCA reached recently stipulating that if a member country wants to enter a free trade deal with a “non-market” economy, it must notify the others three months before starting negotiations, while the others can quit within six months to form their own bilateral trade pact.
 
Trudeau later made it clear that his country will continue to take various measures to strengthen trade relations with China.
 
During the annual dialogue, Trudeau told Li that Canada is willing to work with China to push forward FTA talks, adding that his country will not be influenced by other countries’ position. He said the two nations will send a positive message to the world that they will further enhance economic and trade relations and advocate free trade.
 
Canada is ready to intensify cooperation with China in different areas so as to bring more benefits to the people of both nations, he said.
 
Calling China and Canada important partner of each other, Li said this year has witnessed smooth development of bilateral ties and progresses of cooperation in various areas.
 
“The regular meeting between the two heads of government shows that China-Canada ties have forged ahead in a steady way,” Li said.
 
Source: Shanghai Daily, November 15, 2018
Greenland aims to continue CIIE success
14th November 2018

 Greenland Holdings has unveiled an exhibition and trading platform to connect traders and exhibitors that are interested in the import goods displayed at the First China International Import Expo.

 
The Greenland Global Commodity Trading Hub, located in the Hongqiao World Center, which is to the south of the National Convention and Exhibition Center, is comprised of a 110,000-square-meter exhibition hall, hosting 112 companies and organizations from 41 countries. 
 
Greenland signed an agreement during the CIIE with 12 countries to purchase US$1.5 billion worth of import products, and it seeks to continue to work with suppliers, retailers and supply chains across the country to increase the effect of the CIIE. 
 
The products currently on display at the Greenland trading hub include a wide range of categories such as food, electronics, cosmetics, and automobiles, with trade organizations including the Hispanic-China Chamber of Commerce, the Belgian Beer Institute, and the Canada Beef International Institute.
 
Another 20 overseas trade organizations are expected to join the trading hub in the next three months.
 
Greenland has 50 physical retail outlets nationwide and hopes to double that number within three years. 
 
Trade visitors can make a reservation through the trading hub’s official website by providing their contact information and purchasing intent. 
 
“We hope to connect with upstream and downstream players and create new import channels by building a permanent trading platform," said Zhang Yuliang, Chairman and President of Greenland Group. 
 
Greenland will also host trade events in key cities including Tianjin, Xi’an, Wuhan, and Zhengzhou to connect sellers and buyers in the near future.  
 
Greenland hopes to keep magnifying the CIIE's effects and contribute to serving the national strategy of introducing more imported products that benefit consumers’ livelihoods, Zhang said.
Source: Shanghai Daily, November 14, 2018
Wall Street dives into the red while oil prices continue to slide
13th November 2018

 Wall Street crumbled Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

 
European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget.
 
Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones.
 
"The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector.
 
"With a weaker global growth, tech companies are starting to get repriced lower."
 
But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 percent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade.
 
The Dow and S&P 500 both lost two percent or more while the tech-heavy Nasdaq dropped 2.8 percent. Shares in Apple closed down more than five percent.
 
Treasury bond markets closed for a public holiday.
 
By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections.
 
"The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote.
 
Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower.
 
Earlier in the eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget.
 
The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017.
 
The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc.
 
Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December.
 
Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019.
 
Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports.
 
Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below US$70 a barrel for the first time since April.
 
Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes.
 
British American Tobacco shedding 10.62 percent to 29.96 pounds (US$35.52) and Imperial Tobacco losing almost 2.2 percent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones.
 
American tobacco producers likewise headed south on the news.
Source: Shanghai Daily, November 13, 2018

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