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News from China
Shanghai economy maintains stability, progress in 2019
15th January 2020

 Shanghai's economic development sustained the momentum of overall stability and steady progress in 2019, when its gross domestic product is estimated to have grown by over 6 percent, according to the city's Report on the Work of the Government released on Wednesday.

"Over the past year, confronted with the complicated situation of rising risks and challenges at home and abroad, we have remained firm in our strategic focus and development confidence," Shanghai Mayor Ying Yong told the Third Session of the 15th Shanghai People’s Congress that opened on Wednesday.
"Rising to the challenges head-on, we put stabilizing growth high on our agenda, achieving high-quality development through steady growth and effectively addressing external uncertainties with certainties of our own development."
Revenue in the general public budget went up by 0.8 percent despite a substantial reduction of over 202.2 billion yuan (US$29.34 billion) in taxes and administrative charges, which affected the local revenue growth rate by 11 percentage points. 
Employment remained stable with 589,000 new jobs created. The registered unemployment rate was 3.6 percent and the surveyed unemployment rate is estimated at around 4.3 percent.
Prices also remained steady, with the Consumer Price Index up by 2.5 percent. 
Ying said that the city's "new economic engines have continued to improve," with total expenditure on research and development accounting for 4 percent of the city's overall GDP. The number of invention patents per 10,000 people increased to 53.5.
New industries, business formats and business models held a fast-growth momentum. The output of the alternative energy industry rose by 15 percent and revenue of the Internet industry surged by over 30 percent.
Meanwhile, the structure of the economy has been further optimized, as the added value of the tertiary sector has accounted for more than 70 percent of the total GDP last year, and the manufacturing portion of strategic emerging industries has contributed to over 30 percent of total industrial output.
Ying also talked about the city's efforts and achievements in implementing the "Three Major Tasks and One Major Platform" initiative as well as further promoting reform and opening-up.
For instance, the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone has been unveiled, and supportive policies and administrative measures, systems and mechanisms have been launched to boost the development of the area.
More than 4,025 companies have been established and 168 key projects have been signed in the special area with a total investment of over 82.19 billion yuan. 
Another highlight was the launch of the STAR Market of the Shanghai Stock Exchange with the experiment of a registration-based IPO system going smoothly. 
To date, 70 enterprises among the 205 whose applications were received have successfully gone public on the STAR Market, and have raised 82.4 billion yuan.
The national strategy of the Yangtze River Delta region integration, meanwhile, has also been implemented across the board. 
The city has formulated and put into practice the Outline Plan on the Integrated Development of the Yangtze River Delta, mapped out implementation plans for turning Hongqiao into an international hub for opening-up, and begun the development of the demonstration zone for the integrated green development of the Yangtze River Delta.
The Three Major Tasks were assigned to Shanghai by Chinese President Xi Jinping at the opening ceremony of the first China International Import Expo (CIIE) in 2018, and the second edition of the expo held last year was a resounding success as well. 
Intended deals made via the second CIIE posted a total worth of US$71.13 billion in annualized terms, a year-on-year growth of 23 percent. Also, spillover effects of the expo has been amplified through successful city promotion of Shanghai and permanent bonded exhibition and spot sales, according to Ying.
Also, reforms on major areas have been advanced. For instance, the comprehensive reform of regional state-owned assets and state-owned enterprises has been launched, the reform of "separating business license from administrative permit" has been scaled up citywide, and new models of smart customs supervision and clearance have been explored.
In terms of attracting foreign investment, Shanghai saw the number of new foreign investment projects increase by 21.5 percent; the amount of contractual and paid-in foreign capital grew 7.1 and 10.1 percent, respectively; and the number of new regional headquarters and R&D centers of multinational corporations increased by 50 and 20, respectively.
As for the optimization of the business environment, which is also among the topics that the Shanghai government has emphasized, the city has introduced 108 new reform measures, including expedited approvals of construction projects and the pilot program of replacing written proof with statement of good-faith, which has led to simpler and faster processes. Time needed for the deregistration of a company was also shortened by more than one-third. 
Such improvements have contributed to the rise of China's ranking in the World Bank's Doing Business Report from 46th to 31st
Source: Shanghai Daily, January 15, 2020
Chinese premier stresses market regulation for fair business environment
14th September 2018

Chinese Premier Li Keqiang has stressed fairness in market regulation to create a level playing field for businesses.

Efforts should be made to improve the business environment, reduce institutional transaction costs and keep business confidence stable, Li said during an inspection tour Tuesday at the State Administration for Market Regulation (SAMR).
Market regulation should be strengthened and improved to better unleash market vitality, unlock domestic demand potential and enhance development momentum, Li added.
At the SAMR, Li enquired about product qualification rates, especially the quality of children's products. He said product quality is key to China's upgrade of the manufacturing and service sectors, and market regulators should take advantage of the internet in the supervisory process to ensure the quality and safety of products and services.
Li said China should deepen the reform of the business system, further broaden market access and let market entities have more development opportunities.
He stressed the key role of market regulation in the creation of a fair market environment, saying that market regulators should innovate their supervisory methods and take tailored measures to regulate different kinds of products and services.
Source: Xinhua
Xi's Vladivostok trip injects fresh vigor into China-Russia ties, regional cooperation
13th September 2018

 Chinese President Xi Jinping's just-concluded trip to this Russian Far East city was of far-reaching significance as it cemented mutual trust and friendship and promoted win-win regional cooperation, said Chinese State Councilor and Foreign Minister Wang Yi on Wednesday.

During his tightly scheduled 30-hour stay in Vladivostok, the Chinese president attended the fourth Eastern Economic Forum (EEF), held talks with Russian President Vladimir Putin, and met with leaders of other countries in the region, among other activities.
The visit has infused new dynamism into China-Russia ties, opened new prospects for regional cooperation, and brought new vitality to international relations, Wang said.
Source: Xinhua
China is ready for int'l investors: European banker
12th September 2018

 As China's policy incentives further open the country's financial market and encourage more cross-border investment, these steps help boost the international use of the renminbi (RMB) and recognition of the RMB as an investable currency, according to a European banker.

Stock market index provider MSCI has continued the second phase of partial inclusion of Chinese A-shares in the MSCI Emerging Markets Index. The inclusion factor of existing A-shares was doubled to 5 percent on September 3.
"China is ready for international investors. China's A-share MSCI inclusion, the RMB's Inclusion in the SDR Basket, as well as Shanghai-Hong Kong Stock Connect, act as the validation that the Chinese financial market has reached a stage where it is relevant, accessible and tradable," Stefan Hoops, Global Co-Head of Institutional & Treasury Coverage with Deutsche Bank, told Xinhua in an interview.
On August 31, the China Securities Regulatory Commission drafted the Provisions on the Supervision and Administration of Depository Receipts under the Stock Connect Scheme between the Shanghai Stock Exchange and London Stock Exchange. Hoops believes that the coming Shanghai-London Stock Connect Scheme will bring lots of opportunities to both capital markets.
While global capital keeps flowing into A-shares, the bond connect, a new mutual market access scheme that allows investors from the Chinese mainland and overseas to trade in the bond markets in Hong Kong and the mainland respectively, enables global investors to enter the Chinese bond market directly.
"The bond and stock connects and China's A-share MSCI inclusion are two very important components. The bond and stock connects enable the active interest toward its way, and index inclusion not only opens the door to interested investors but also pushes all investors to increase focus on China," he said. "The level of knowledge about the Chinese market has gone up massively over the last 12 months because everybody has to think about it."
When China steps up the opening up of its capital markets and in the process makes its currency more investment-friendly, this will further stimulate RMB demand from international investors and enable more asset managers to embrace the RMB as one of their main allocation currencies, said Lee Beng Hong, China Head of Global Markets with Deutsche Bank.
Given the tremendous growth of China's economy over the last 20 years, Hoops expects that Chinese institutional investors will be increasingly interested in outbound investments and the fast-growing middle class will generate stronger demand of global wealth management diversification.
According to Hoops, Chinese outbound foreign direct investment has dramatically veered towards Europe over North America in the first six months of 2018. In July, China launched the 18th round of investment treaty negotiation with the EU, signaling its willingness towards this direction.
"There has always been some hesitation to allow Chinese corporates to do mergers and acquisitions in Europe. In the future, there will be increasing openness of European side to engage with China," Hoops said.
Source: Xinhua

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