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News from China
Russia’s ‘Look East’ policy pays off
10th July 2015

 CHINESE investors have bought between 50 billion roubles (US$880 million) and 60 billion roubles worth of Russian domestic treasury bonds this year, Russian Finance Minister Anton Siluanov said yesterday.

Moscow has increasingly looked east for investors, including for its domestic debt, after the West imposed economic sanctions on Russia last year over its role in the Ukraine crisis.

“I think that after purchasing such a volume and realizing that this is a good, profitable, reliable investment, our Chinese partners will expand the volume of their investment into the Russian economy,” Siluanov said in an interview with Rossiya 24 television.

Russian President Vladimir Putin, whose country needs investment to pull out of a recession spurred by sanctions and falling oil prices, has been shifting his economic and political focus toward Asian markets and toward China in particular.

The Russian Finance Ministry plans to borrow around 800 billion roubles on the domestic market in 2015.

The bond purchase by China suggests high-yielding Russian assets remain attractive to certain overseas investors, despite sanctions and volatility in the Russian rouble, in which so-called OFZ bonds are denominated.

Earlier, sources said the purchase took place outside the Finance Ministry’s weekly OFZ auctions and at different times.

Source: Shanghai Daily, July 10,2015
Dutch and Chinese firms seek to match
9th July 2015

 MORE than 200 small and medium enterprises from China and the Netherlands gathered in Rotterdam on Tuesday for their first-ever match-making party designed to expand bilateral cooperation in agriculture and the food industry.

The SMEs, including about 150 Dutch and 60-plus Chinese firms from a wide range of sectors such as seed cultivation, greenhouse technology, automation technology, dairy production, aquaculture and biological control, agreed on 196 cooperation intentions during the gathering in this biggest European port city.

A representative of the Dutch company Lely Group, which is famous for its milking robot, said the company has been trying to export machinery to China in the last four years and the match-making event proved to be a good chance for them to further explore potential Chinese partners.

“We are here to meet people. We know that the dairy industry is getting more and more important in China. Of course we want to play a part in this development, as a supplier of automatic systems,” said Marcel van Leeuwen, the group’s international business manager.

Worthwhile mission

The Chinese SMEs were mainly from China’s biggest agricultural provinces like Henan and Jilin as well as the Inner Mongolia Autonomous Region.

A representative of a Chinese milk producer, who only gave his surname as Qu, said he wished to bring Dutch cheese-making technology to his hometown in Jilin. If possible, he would also try to raise Dutch Holstein cows there.

“We’ve found a partner who showed great interest. We are still in the discussion process and will continue our talks in the afternoon. The Netherlands has world-leading cheese-making technologies and is also famous for cattle breeding and its herd management systems. I think it is worth coming here,” Qu said.

The Bank of China, the organizer of the event, also joined the match-making talks. It took the opportunity to promote its cross-border yuan financing products and offered consultation services to both Chinese and Dutch SMEs.

A financial institution should invest to bring enterprises together and create more cooperation opportunities for them, said Wang Jian, head of the bank’s SME services.

“Only eying immediate income or profits is a too narrow vision. Clients’ needs and benefits must be given a priority,” Wang said.

“Chinese SMEs have not yet enough ability to go international. They need a national bank to help them enter the international market and get connected with their partners in foreign countries.”

Source: Shanghai Daily, July 9, 2015
Temasek’s portfolio value up 19%
8th July 2015

 SINGAPORE’S state investor Temasek Holdings said the value of its portfolio jumped by almost a fifth to a record S$266 billion (US$196 billion) in the year to March on the back of a surge in Chinese bank stocks and added it was confident in China’s long-term economic outlook.

The 19 percent gain was Temasek’s largest in five years and reflects its investments in lenders such as China Construction Bank and the Industrial and Commercial Bank of China as well as holdings in leading Singapore firms. The previous year, its portfolio grew just 3.7 percent.

Stocks in China surged last year after the Chinese mainland moved to open up its equity markets with a stock trading link between Hong Kong and Shanghai. But in the last three weeks, they have tumbled some 30 percent, prompting authorities to unleash a slew of support measures.

“We remain confident in the long-term prospect of the Chinese economy and we are very comfortable with the prospect of the Chinese banking system as well,” Wu Yibing, Temasek’s head of China, said at Temasek’s annual review.

Wu said concerns about credit risks in China did not play out as feared last year.

“We actually not only stuck to our position. We increased our position in the Chinese banking system and we believe that has paid off,” he said of investments made last year.

Temasek made new investments of S$30 billion in the year ended in March, the biggest annual amount since the global financial crisis.

Singapore and Chinese firms account for more than half of Temasek’s portfolio, but it is increasing investments in the United States and Europe.

Source: Shanghai Daily, July 8, 2015
Mobile data and broadband fees to be cut
7th July 2015

 CHINA plans to cut mobile data and broadband rates by 30 percent this year and is looking to cancel roaming fees for mobile users, the industry regulator said yesterday.

“We are seriously considering to cancel the roaming fees (nationally),” said Wen Ku, head of the telecommunications division of the Ministry of Industry and Information Technology.

The plan to reduce the fees is part of the country’s national strategy for a faster broadband and lower Internet costs to boost information use and the Internet Plus economy, industry insiders said.

Most 4G mobile packages don’t have roaming fees so that users have the same rate for local and long-distance calls on the Chinese mainland. Only some 2G users are charged roaming fees, according to China Mobile, the country’s biggest mobile carrier.

The ministry also promised to cut rates of mobile data and family broadband by 30 percent this year.

Starting from July, Shanghai Mobile unveiled new packages under which smartphone users pay 50 yuan (US$8) for 2-gigabyte 4G data, which used to cost them 70 yuan.

China’s major mobile carriers, including China Telecom and China Unicom, released faster broadband services and a new round of discounts on Internet charges in May. They were taking heed of the government’s call for more advanced digital systems.

Source: Shanghai Daily, July 7, 2015

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