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News from China
China vows to put ‘billions’ in new EU fund
15th June 2015

 CHINA will pledge a multi-billion dollar investment in Europe’s new infrastructure fund at a summit on June 29 in Brussels, according to a draft communique seen by Reuters.

While the exact amount is still to be decided, the pledge follows major European Union governments’ decision to join the Chinese-led Asian Infrastructure Investment Bank.

It is expected to come with a request for return investment in China’s westward infrastructure drive — the “One Belt, One Road” initiative — constructing major energy and communications links across Central, West and South Asia to as far as Greece.

“China announced that it would make (X amount) available for co-financing strategic investment of common interest across the EU,” the draft final statement says, adding that agreements will be finalized at another meeting in September.

An EU diplomat said the Chinese contribution was likely to be “in the billions.”

EU and Chinese officials have said Chinese banks are looking mainly at telecoms and technology projects.

Premier Li Keqiang, who will attend the summit in Brussels, will agree with EU leaders that the 315-billion-euro (US$354.9 billion) fund will “create opportunities for China to invest in the EU, in particular in infrastructure and innovation sectors.”

If sealed, the deal will be a success for European Commission President Jean-Claude Juncker, who faced skepticism last year when he proposed the European Fund for Strategic Investment, because EU governments are putting in little seed money.

France, Germany, Italy and Poland have each announced they will provide 8 billion euros, while Spain and Luxembourg have pledged smaller contributions.

The bloc is relying mainly on private investors and development banks to fund projects selected from an initial list of almost 2,000 submitted by the 28 member states, from airports to flood defenses, that are together worth 1.3 trillion euros.

A big Chinese investment might raise questions about governance of the fund, which is so far strictly a European institution. An EU diplomat said it was not known if China would seek representation commensurate with its stake.

The decision to invite China into an EU fund could cause some friction with Washington, which is wary of Beijing’s rising influence and upset that Europe rebuffed its calls to stay out of the AIIB.

China is already offering Latin America US$250 billion in investment over the next decade, while Chinese companies have poured money into Africa to guarantee commodity supplies in exchange for building new roads, hospitals and rail lines.

EU-China quid pro quo

Alessandro Carano, an advisor to the European Commission on the fund, defended the decision to welcome Chinese investors.

“The purpose is to mobilize the liquidity in the market. We don’t differentiate among the owners of the funds,” Carano said. “China is a big investor already. We don’t want any prejudice.”

In return for its investment, China wants a quid pro quo with Europe, whereby European companies and governments would take a greater interest in President Xi Jinping’s “One Belt, One Road” initiative.

China aims to create a modern Silk Road Economic Belt with railways, highways, oil and gas pipelines, power grids, Internet networks, maritime and other infrastructure links.

“We are looking for ways to build up synergies between the “One Belt, One Road” initiative and the Juncker plan to invest in good products,” China’s Ambassador to the EU Yang Yanyi said, describing the exercise like a “dating agency” to line up the right European projects with Chinese money.

“There is a strong political commitment, there is common ground for cooperation. China is in a position to invest.”

Senior EU officials have already met with Chinese banks and technology companies.

At one seminar, executives and officials were present from the Bank of China, HSBC, China Construction Bank Europe, the Industrial and Commercial Bank of China and Chinese telecoms companies Huawei and ZTE.

In addition, the commission is exploring whether the EU could become collectively a member of the AIIB, since the bank is open to “economic entities” rather than just states — a term crafted to enable Taiwan to participate, but which could create a loophole for Brussels.

That would require some capital contribution from the small EU external relations budget. It remains to be seen whether EU states prickly about national sovereignty, such as Britain, agree to the EU joining the AIIB.

Meanwhile, an EU diplomat said the European Investment Bank has been advising China behind the scenes on governance norms and best practice in setting up the AIIB.

Source: Shanghai Daily, June 15, 2015
Deal on Chinese IPOs in London
11th June 2015

 THE London Stock Exchange has struck a deal with Haitong Securities to promote Chinese flotations on London markets, the two companies said yesterday.

Under the memorandum of understanding, they will embark on a range of moves, including helping Chinese investors access the LSE’s capital markets, and developing yuan exchange-traded funds tracking Chinese securities.

The companies will also look at opportunities for cooperating on new index and derivatives products.

There are currently 57 Chinese companies listed in London, of which only eight are on the main market.

“As China’s capital markets gradually open up, an increasing number of Chinese enterprises are seeking overseas development,” said Wang Kaiguo, chairman of Haitong Securities.

Earlier this week, top bourse officials said China offered better growth prospects for stock and derivatives exchanges as making money in mature Western markets becomes tougher due to overcapacity.

Haitong is China’s second-largest brokerage by assets, behind CITIC Securities, and is among the country’s top underwriters for initial public offerings.

Haitong last month raised US$4.2 billion from a group of seven investors to increase its margin finance and other lending business.

Source: Shanghai Daily, June 11, 2015
Partnership to tap China’s robot market
10th June 2015

 ROBOT maker giant Kawasaki Heavy Industries Co plans to tie up with a Chinese conveyor manufacturer to tap the world’s biggest industrial robot market, the Japanese company told Shanghai Daily yesterday.

Kawasaki Heavy intends to establish a joint venture with the Chongqing-based company, whose name it refused to disclose, as early as this month, spokesman Yoshiyuki Inugasa said.

Kawasaki Heavy will hold more than 50 percent of the stake in the venture.

The collaboration between Kawasaki Heavy and the Chinese conveyor maker is expected to boost the sales of both companies by providing efficient welding and painting lines for automakers, the Japanese company said.

The joint venture also plans to make simple industrial robots in the future.

Kawasaki Heavy also said it will start operating its own factory in Jiangsu Province this month as it aims to more than quadruple its total sales of industrial robots in China to 45 billion yen (US$362 million) by 2020.

Source: Shanghai Daily, June 10. 2015

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