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News from China
Steadfast belief in innovation, reform
2nd November 2015

SHANGHAI will show its commitment to reforms and innovation by launching detailed implementation measures for an ambitious plan covering 40 targets of the city’s free trade zone, Shanghai Party Secretary Han Zheng said over the weekend.
“The breadth and depth of Shanghai’s reform are unprecedented,” said Han during his brief one-on-one meetings with 10 CEOs and chairmen of the world’s biggest companies on Saturday. They were in the city for the IBLAC, or the International Business Leaders’ Advisory Council for the Mayor of Shanghai.
“Through reforms, we are trying to build up an environment where innovation is encouraged in the whole society,” Han said, echoing the IBLAC meeting’s theme this year.
“Shanghai is building itself into a globally influential center of innovation in science and technology, so we need to learn from global wisdom and worldwide best practices, especially leverage the power of global talent with international perspectives.”
Han said he hopes new and old friends from global businesses “can share with us their theories and experiences in innovation and offer us advice.”
On Saturday, Han met the heads of Vale SA, Evonik Industries, AIG, Allianz, EY, Novartis, Roche, BNP Paribas, Investor AB, and WPP.
During the meetings, Han frequently referred to the new 40 goals of financial reforms in the free trade zone as proof of the city’s commitment on reforms and openness.
The plan reiterates that capital account will be convertible and cross-border use of the yuan will expand in Shanghai’s free trade zone.
Its 40 goals also included promoting the cross-border use of the yuan in trade, direct investment and financial investment, as well as wider opening of the financial services sectors.
The plan, released on Friday, was jointly unveiled by the Shanghai government and six central ministries and agencies.
IBLAC was initiated in 1989 by then-mayor Zhu Rongji, who later became China’s premier.
 

Source: Shanghai Daily
Insurers’ deals lift outbound funds in realty
30th October 2015

CHINA’S outbound real estate investment surged 50 percent year on year in the first three quarters of 2015 to US$15.6 billion as insurers increasingly diversified their investment portfolios, according to a report by Jones Lang LaSalle yesterday.
“We are seeing a structural shift with Chinese insurance companies globalizing their investment portfolios, including real estate,” said David Green Morgan, global research director at JLL.
“Continued loosening of outbound investment regulations since 2012 is driving China’s insurance groups to actively seek real estate assets in gateway cities around the world.”
It’s a trend that JLL expects will continue as the five biggest Chinese insurers have channeled only around 1 percent of their invested capital in real estate, below the regulatory ceiling of 15 percent.
Chinese insurance groups could allocate up to US$240 billion to invest in real estate outside China over the long term, according to JLL’s forecasts.
JLL said outbound investment in real estate will rise to US$20 billion this year from US$16.5 billion in 2014.
Chinese real estate investments this year include Hainan Airline’s purchase of the building housing Reuters headquarters in London, and China Life Insurance and Ping An Insurance’s joint US$500 million Boston development project, known as Pier 4. Anbang Insurance also sealed three investment deals in Waldorf Astoria New York, a Manhattan office building, and an office tower in Toronto’s financial district.
 

Source: Shanghai Daily
Record 257 M&A deals secured
29th October 2015

CHINESE mainland enterprises sealed a record 257 merger and acquisition deals in the first three quarters of 2015, surpassing the total for the whole of last year, a report showed yesterday.
The number of M&A deals surged 46 percent from the same period of last year while the deal value rose just 5 percent year on year to US$45.1 billion, PricewaterhouseCoopers said in the report.
PwC attributed the increase to the Chinese government actively facilitating outbound investment and a favorable market environment.
“From a financing perspective, easy monetary policies, low interest rates and reserve ratios, and a significant surge in China’s stock markets in the first half of 2015 have helped to drive deals,” said Andrew Li, PwC China advisory services leader.
Listed companies led the mainland’s outbound M&A deals, with the number of deals sealed by them taking up 62 percent of the total in the first three quarters, data showed.
Privately owned enterprises continued to be a key driver as they sealed 167 deals, more than three times that of state-owned enterprises for the period.
“Privately owned enterprises’ outbound activities covered a wide range of sectors with investors searching overseas manufacturers with advanced technology, consumer companies with brand and customer assets and media and entertainment companies with focus on lifestyle improvement,” Li noted.
SOEs sealed US$23 billion in M&As due to mega deals, compared with US$14.5 billion for private companies, the report said.
PwC predicted outbound M&A activities will continue in the fourth quarter and next year.
 

Source: Shanghai Daily
Cable bolt woe forces car recall
28th October 2015

Volkswagen China is to recall 5,906 Bentley Flying Spur and Continental luxury sedans imported into the Chinese mainland over a potential problem with the battery cable, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement yesterday.
The affected cars are from the 2012-2014 model years. They were produced between February 5, 2012, and May 15, 2014.
Their 12-volt battery cable has a bolted connection that may become loose. If it loosens, the battery won’t be able to ignite the engine to start, leaving the cable to overheat and posing a fire risk.
The recall is to replace the battery cable bolts.
Owners of the affected vehicles will be contacted by Bentley dealerships from November 10.
 

Source: Shanghai Daily

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