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News from China
CPIC to improve business quality through digitization
3rd April 2017

 CHINA Pacific Insurance Group said it will continue to enhance digital channels and develop more protection types of insurance products as part of measures to improve business quality for the next three years under leadership of a new board, company officials said today.

 
The group has prioritized development of digital platforms as a major strategy for the next three years to “focus on core insurance businesses and pursue sustainable value growth, group chairman Gao Guofu said on a briefing.
 
The measures aim to improve customer experience, lower the company's business operational costs, improve efficiency and promote collaboration between the group's various units.
 
Efforts will be made in streamlining online-offline services and digitalizing business management processes to improve supply of products and services, according to Gao.
 
The strategy will enrich CPIC's current digital operations that already widely used in sales and claiming compensation in life and non-life insurance sectors.
 
The comments were made as CPIC reported its gross written premiums rising 15.1 percent year-on-year in 2016 to 234.02 billion yuan (US$ 33.96 billion), with group assets exceeding the 1 trillion yuan mark for the first time.
 
However, the insurer’s net profit declined 32 percent year-on-year to 12.06 billion yuan (US$1.75 billion) due to lower investment returns and changes in reserve discount rate.
 
Xu Jinghui, director of CPIC Life, said the current boom of life insurance market will continue in China and the company will focus on developing protection type of products and long term saving products to meet consumer needs and ensure business sustainability.
 
China's life insurance premiums rose 30 percent last year, contributing to half of the global increase, according to an Allianz report.
Source: Shanghai Daily, April 3, 2017
Aussie firm Blooms with Chinese funds
31st March 2017

 AUSTRALIAN vitamin supplement company Blooms has closed a deal with Goubuli Group, that will see the Chinese company invest A$60 million (US$45 million), in order to enhance their synergy within the booming sector.

 
The Tianjin-based company plans to import their products and provide distribution throughout China for the Australian vitamin maker, co-branding with their successful “Tianjin Tong Ren Tang” range.
 
Jason Li, chief executive of Yatsen Associates who helped broker the deal, told the Australian Financial Review, that for Goubuli the choice to invest was simple, as they had “fully integrated operations” that could be utilized for both companies’ ongoing success.
 
“The deal was valued at about 11 times their 2016 EBITDA (earnings before interest, tax, depreciation, amortization), which shows the continued strength of the sector,” Li said.
 
“There was very considerable interest from Chinese financial and strategic investors who all wanted authentic, established Australian health care brands.”
 
Chinese companies are looking at ways to use modern technology to allow for their “foul tasting” medicines to be turned into easily consumable tablets, according to Li, adding that the vitamin sector is one for great opportunities between Chinese and Australian businesses.
 
The recent relaxing of the rules concerning pharmaceuticals in the China-Australia Free Trade Agreement has led to positive outcomes and increased bilateral trade.
Source: Shanghai Daily, March 31, 2017
Fair to spur high-tech trading
30th March 2017

 SHANGHAI will host the fifth China (Shanghai) International Technology Fair next month “to boost trading of advanced technologies and help commercialize research results,” the city government said yesterday.

 
The fair will display technologies in clean, information and biological technologies from over 20 countries, said Dong Chao, deputy director of the Shanghai International Technology Exchange Center at Shanghai Commission of Commerce.
 
The government has organized 12 private and some state-owned investment companies to help exhibitors raise funds, Dong said.
 
The country of honor at the fair is the Netherlands, which will display its agriculture, sustainable development, laser and digital technologies.
 
The fair will take place from April 20 to 22.
Source: Shanghai Daily, March 30, 2017
Steel capacity slash for long haul
29th March 2017

 THE task of cutting excessive steel capacity remains arduous as a short-lived price rally could result in steel mills upping production in pursuit of profits and exacerbate the supply glut, according to attendees of a government meeting.

 
Steel overcapacity has not been reversed fundamentally and the recent price rally could result in vulnerabilities, according to a statement released after a meeting held by the National Development and Reform Commission and other relevant departments.
 
China’s steel mills have reported good profits recently as speculators have splurged on higher prices after government pledged to increase spending on infrastructure construction. Market watchers, however, have warned that the price surge was unlikely to be sustainable.
 
China aims to slash steel production capacity by around 50 million tons and coal by at least 150 million tons this year, a key part of the country’s supply-side reform.
 
A ban on inferior steel products and the closure of “zombie enterprises,” firms with surplus capacity, are priorities in the excess capacity reduction drive, according to the statement.
Source: Shanghai Daily, March 29, 2017

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