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News from China
Pressure on capital outflows dips
22nd July 2016

 PRESSURE on China’s cross-border capital outflows eased during the first half of 2016, new data showed yesterday.

Chinese banks saw a deficit of US$49 billion in foreign exchange sales and purchases in the second quarter, down from US$124.8 billion in the first, according to figures released by the State Administration of Foreign Exchange.

This is attributable to the stable macro-economic environment and subdued yuan depreciation expectations, SAFE spokeswoman Wang Chunying said at a news conference.

The narrowed forex sales/purchase deficit reflected an easing of pressure on cross-border capital withdrawal.

“Market sentiment has become more rational. Both Chinese companies and individuals are less willing to acquire foreign exchange,” Wang noted.

But she said cross-border capital movements will remain “basically stable,” due to China’s relatively fast economic growth, sound financial system, good fiscal balance, continuous current account surpluses and ample forex reserves.

China’s economy grew 6.7 percent year on year in the second quarter, flat from the previous quarter and a better reading than many had feared.

Exports and industrial profits have returned to growth, with manufacturing activity picking up and fixed-asset investment accelerating.

The ratio between China’s current account surplus and GDP was 1.6 percent in the first quarter, sharply down from a historic high of 10 percent and staying at an internationally recognized reasonable level.

China has the world’s largest forex reserves of US$3.21 trillion at the end of June, up US$13.4 billion from the end of May.

“Adequate forex reserves provide China with a solid foundation to withstand external shocks,” Wang said.

She denied that Britain’s withdrawal from the European Union had any major impact on China’s cross-border capital movement.

But Wang said China will boost monitoring and improve its policies to prevent any risks arising from cross-border capital movement.

Source: Shanghai Daily, July 22, 2016
EU mulls whether to abolish list
21st July 2016

 THE European Union is mulling whether to abolish its “non-market economy” list, on which China and 14 other countries are included, and set up a new “country-neutral” method to reform its anti-dumping and anti-subsidy legislation.

The decision was made after the European Commission held the second orientation debate on the treatment of China in anti-dumping investigations as the 15-year-old “surrogate system” is set to expire in December.

“The colleagues have agreed to propose changes to the EU anti-dumping and anti-subsidy legislation with the introduction of a new anti-dumping methodology,” EU Trade Commissioner Cecilia Malmstrom said yesterday.

“We are eliminating the existing list of non-market economy countries,” Malmstrom said. “This is a new method, it will be country-neutral and will be applied equally to all WTO countries.”

This would see the EU creating an additional non-standard methodology. This new methodology would lead to approximately the same level of anti-dumping duties as the EU has today, he said.

Source: Shanghai Daily, July 21, 2016
Tap talent to turn city into global hub
20th July 2016

 SHANGHAI should tap its diverse talented professionals with overseas education background and business management skills to help the city become a global tech innovation center, said a report jointly released by LinkedIn and the local government.

 
Shanghai tops among all Chinese cities in a career development index due to its more than 1 million LinkedIn users and job opportunities.
 
More than 20.4 percent of the talents in Shanghai have overseas education experience, above the national average rate of 12.1 percent. Around 7.7 percent of the talents have MBA degrees, higher than the national average of 5.1 percent, according to the report released by LinkedIn and the Xuhui district government.
 
The majority of high-end talents work in multinational firms and top Chinese firms in Shanghai. This leaves local small and medium-sized firms difficulties in luring talents.
 
Cross-industry talents, like the fintech sector which is an integration between information technology and finance, are urgently needed in China, said speakers from Alibaba, Ctrip and Accenture at a conference.
Source: Shanghai Daily, July 20, 2016
China to lift reform to revitalize market
19th July 2016

 CHINA will overhaul its investment and financing system to stimulate market vitality amid the economic downturn, said a document released yesterday by the central authorities.

The government will cut red tape, improve supervision and encourage enterprises to invest, said a guideline jointly released by the Communist Party of China Central Committee and the State Council.

China will enhance private investment management, reinforce public investment, diversify corporate financing channels and accelerate the transformation of government functions, the guideline said.

It also urged implementation of the measures.

The document marked the latest effort by the central authorities to solve entrenched funding difficulties for small companies and encourage better use of private capital.

Private investment added only 2.8 percent in the first half of 2016, down from 3.9 percent growth in the first five months and 5.7 percent in the first quarter, official data showed.

Startups will see stronger financial support, while companies will be encouraged to raise funds through bond issuance, according to the document. Domestic firms and financial institutions will be granted easier access to foreign capital.

Controls on insurance capital will be relaxed to facilitate projects in infrastructure, livelihood and urbanization.

China will also launch pilots to allow financial institutions to hold corporate equities.

The government has started loosening its grip on investment and financing, with less investment subject to approval and more decision-making power given to enterprises.

Source: Shanghai Daily, July 19, 2016

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