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News from China
Chinese economy draws attention at G20 meetings
8th September 2015

The G-20's finance ministers and central bankers discussed a variety of issues concerning the global economy during their two-day meeting that closed this weekend in Ankara, Turkey.

The group promised Saturday to take action to boost the global economy to the right track. The recent stock market volatility in China also drew the group's attention.
Attendees at this year's G20 meeting had many issues to talk about, including the global economic situation, investment and infrastructure.
The group said after its meeting that economic expansion in some countries was going strong, but global growth was still missing expectations.
 
The group also suggested that all countries should adjust their financial policies cautiously to support growth, create more jobs and main a sustainable debt-to-GDP ratio.
China's economy and recent stock market volatility also drew attention.
"The Chinese economy was the most mentioned issue in recent days and was included in our agenda. Many countries gave their evaluations of the Chinese economy," said Cevdet Yilmaz, Turkey Deputy Prime Minister.
"The volatility of the stock market reminds us that we still have lots of structural problems, as well as some problems in the real economy. Besides, the connection between the real economy and financial markets also has problems. We need to amend them," said Tian Huifang, researcher, Institute of World Economics & Politics, CASS.
 
A recent IMF report said that China's economy will grow slowly from 2016. But the report also noted that economic fluctuations are normal for China.
The G-20 ministers also said that the group will complete the remainder of the core factors for the global financial system plan and wants to see the IMF make progress on SDR reviews and quota reforms this year.
 
Source: CCTV
Loan program helps rural women start business
7th September 2015
 In the Tibet Autonomous Region, rural women who want to start a business face even heavier financial burdens. But thanks to a micro-loan plan, the women are able to receive subsidized loans, as long as they train and employ other villagers in the business.
39-year-old Pasang Dolma started a weaving shop at home 13 years ago. She didn’t turn it into a proper factory until 2012, when she recruited five workers from her village.
“Most people who live in the village are women. They can’t travel far to work elsewhere. And weaving is what we are good at. That's why I started this workshop,” she said.
Dolma needed money for factory space and machinery, but the highest amount of credit loan she could apply for as a rural resident was just 50,000 yuan, or US$8,000. That was far from enough to start a business.
Dolma talked to the local women’s federation. The semi-official organization then worked with the local treasury and agricultural bank to grant Dolma a two-year, 200,000-yuan mortgage loan. Under the program, Dolma was backed by a guaranty company in case she couldn’t pay her debt.
The local treasury would cover the 1.08-percent interest, while Dolma only needed to pay the principle.
Tibet’s Agricultural Bank said that since 2010, nearly 400 women across the Tibet Autonomous Region set up businesses thanks to the special loan. Xigaze’s Bainang county has the most lenders.
"Many textile and manufacturing related businesses in our county are established by women. But they didn’t have proper training, and their production and sales were quite simple, so they didn’t generate much revenue. We have set up this special microloan program to help them meet their financial challenges,” said Tseten, credit clerk, China Agricultural Bank Tibet, Bainang Branch.
The start-up loans for women here in Tibet often carry welfare purposes. In order to receive government subsidized loans, women entrepreneurs have to create job opportunities for other families in the same neighborhood.
32-year-old Lhakpa Cangchok inherited her family’s five-generation craft of incense-making. As a beneficiary of the microloan, she feels responsible for training and employing other villagers who live in poverty. She covers her eight workers’ three meals and pays each of them 80 yuan a day.
Cangchok’s incense is popular in neighboring areas, so she provides the option for her employees to work in exchange for the incense. They can then sell the product and keep the income.
"Now my production is expanding, and I’m also training other villagers to make incense. People from two nearby villages all come to buy in wholesale. I’m really happy with what I’ve accomplished,” said Lhakpa Cangchock, incense producer.
Cangchok is planning to build additional workspace and a storage house just outside the current site.
And for early bird Dolma, the local agricultural bank just granted her a new round of loans, totaling 2 million yuan. Dolma plans to buy more machines in Guangdong province and expand her work force to 100.
Source: CCTV
Shares fall despite stabilization pledges
4th September 2015

 SHANGHAI stocks fell for the third day in a row yesterday despite pledges by China’s top brokerages to pump money into a government-backed market stabilization fund operated by the China Securities Finance Corp.

The benchmark Shanghai Composite Index shed 0.2 percent to settle at 3160.17 points.

It has slumped 39 percent since a mid-June high despite government measures to try to halt the rout.

A report in yesterday’s Securities Times said 50 brokerages, including CITIC Securities, Haitong Securities and Guotai Junan Securities Co, will provide 100 billion yuan (US$15.7 billion) to the stabilization fund, which will be invested in blue-chip shares.

However, the news didn’t prevent more than 300 stocks hitting the daily-limit decline of 10 percent on the Shanghai and Shenzhen exchanges.

Banks did well in the afternoon with the Industrial and Commercial Bank of China, the world’s biggest lender by assets, rising by the daily limit of 10 percent and the Agricultural Bank of China up 6.7 percent.

“The market hasn’t bottomed out yet as pessimism prevails,” said Wang Fen, an analyst with Shanghai Securities. “Without the support of state funds, it will continue to fall.”

China’s stock markets will be closed today and tomorrow as the country commemorates the 70th anniversary of the end of World War II and victory in the Chinese People’s War of Resistance Against Japanese Aggression.

Source: Shanghai Daily, September 4, 2015
Indonesia rail line decision delayed
3rd September 2015

 INDONESIA has delayed naming the winner of a hotly contested race between China and Japan to build the first high-speed railway in Southeast Asia’s biggest economy, a senior government official said yesterday.

 
The two Asian giants have repeatedly sent high-level envoys to lobby the Indonesian government in what has been an unprecedented battle to build the 150-kilometer link between the capital, Jakarta, and the textiles hub of Bandung.
 
President Joko Widodo had been expected to announce a winner as early as this week. But Cabinet Secretary Pramono Anung said Widodo now planned to make a decision based on a review of the two proposals by an independent consultancy and a team of Cabinet ministers.
 
“The president has extended the time for the review until September 7, so that the process is fairer,” Anung told reporters, adding that the announcement of the winner could come any time after that.
 
Coordinating Minister for Economic Affairs Darmin Nasution said he and other senior officials assessing the bids would be making a recommendation to Widodo today.
 
“We want to meet the president together, and explain how we reached our decision, while giving our recommendation letter,” he told reporters.
 
Nasution said he did not know when Widodo would announce the winner.
 
Two government sources have said that Indonesia is leaning toward awarding the multi-billion dollar contract to China because its proposal is seen as “less financially burdensome.”
 
Indonesia’s state enterprises minister said that if China were to win the contract, state-owned companies PT Wijaya Karya, PT Jasa Marga, PT Kereta Api, and PT Perkebunan Nusantara VIII would be involved in the consortium with China.
 
“There is truly no burden on the government,” the minister, Rini Soemarno, told reporters yesterday.
 
Japan competes with Singapore as Indonesia’s top investor, while China is its biggest trading partner.
Source: Shanghai Daily, September 3, 2015

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