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News from China
China's family businesses report higher sentiment: PwC
9th November 2018

 Family businesses in China reported a higher and better business sentiment compared to their counterparts around the globe, a latest PwC study shows. 

 
The bi-annual survey covers 2,953 family businesses from 53 countries and regions including 52 from China's mainland and 56 in Hong Kong. 
 
As many as 75 percent of family businesses on China's mainland and 55 percent from Hong Kong have seen sales growth over the past 12 months compared to the global average of 69 percent, according to PwC’s Global Family Business Survey. 
 
The report also shows that 21 percent of mainland family businesses have a succession plan in place, down from 35 percent in the previous survey in 2016, which is also lower than the global average of 49 percent.
 
"It's important for family businesses to involve the next generation in the business not only to ensure succession but also as a means to tackle digital disruption," said Rebecca Wang, PwC China Central Private Client Services Leading Partner. 
 
As many as 48 percent of mainland family business owners intend to sell their goods or services in new markets in the next two years, compared to the global average of 38 percent. 
 
Among China's mainland family business owners, 77 percent stated that the need to innovate is a key challenge. Economic environment and the lack of professionalization of the business are also listed as their concerns. 
 
China’s government has been adding further support to the development of private businesses, with a series of policies to help solve current challenges that private businesses are facing, including easing companies’ tax burdens, removing obstacles to borrowing money and building a fairer environment for competition. 
 
Source: Shanghai Daily, November 9, 2018
China's family businesses report higher sentiment: PwC
9th November 2018

 Family businesses in China reported a higher and better business sentiment compared to their counterparts around the globe, a latest PwC study shows. 

 
The bi-annual survey covers 2,953 family businesses from 53 countries and regions including 52 from China's mainland and 56 in Hong Kong. 
 
As many as 75 percent of family businesses on China's mainland and 55 percent from Hong Kong have seen sales growth over the past 12 months compared to the global average of 69 percent, according to PwC’s Global Family Business Survey. 
 
The report also shows that 21 percent of mainland family businesses have a succession plan in place, down from 35 percent in the previous survey in 2016, which is also lower than the global average of 49 percent.
 
"It's important for family businesses to involve the next generation in the business not only to ensure succession but also as a means to tackle digital disruption," said Rebecca Wang, PwC China Central Private Client Services Leading Partner. 
 
As many as 48 percent of mainland family business owners intend to sell their goods or services in new markets in the next two years, compared to the global average of 38 percent. 
 
Among China's mainland family business owners, 77 percent stated that the need to innovate is a key challenge. Economic environment and the lack of professionalization of the business are also listed as their concerns. 
 
China’s government has been adding further support to the development of private businesses, with a series of policies to help solve current challenges that private businesses are facing, including easing companies’ tax burdens, removing obstacles to borrowing money and building a fairer environment for competition. 
 
Source: Shanghai Daily, November 9, 2018
China's imports surge 26.3%, exports rise 20.1% in October
8th November 2018

 

 
China's imports surged 26.3 percent year on year in October, while exports rose 20.1 percent, with the pace of growth both beating expectations, data showed Thursday.
 
The increases also accelerated from the 17.4-percent growth for imports seen in September and a rise of 17 percent for exports.
 
Trade surplus stood at 233.63 billion yuan (US$33.76 billion) last month, expanding from 213.23 billion yuan in September, according to data released by the General Administration of Customs.
 
For the first 10 months of the year, China's foreign trade totaled 25.05 trillion yuan, up 11.3 percent from the same period last year.
 
Foreign trade with the European Union, the country's biggest trade partner, climbed 8.4 percent year on year to 3.68 trillion yuan for January-October, GAC data showed.
 
In the same period, trade with the United States, China's second-biggest trade partner, rose 7.4 percent to 3.44 trillion yuan, followed by the ASEAN, its third-largest trade partner, at 3.18 trillion yuan or 13.7 percent.
 
In U.S. dollar-denominated terms, China's exports increased 15.6 percent year on year in October, while imports were up 21.4 percent
 
Source: SHanghai Daily, November 8, 2018
Chamber of commerce lets the sun shine on Hainan-Shanghai ties
7th November 2018

 Hainan Chamber of Commerce in Shanghai is a new way to improve communication between businesses based in Shanghai and Hainan Province, in tune with the various economic needs of the two places.

 
The HCCS, launched on Tuesday, will also be a channel for exchange and cooperation between Hainan's many entrepreneurs in the Yangtze River Delta region.
 
The two places are economically complementary in a number of ways, but also have much to learn from each other.
 
In his address to the launch ceremony, Wang Yihai, first president of the HCCS, said that the name Hainan is more often evocative of palm trees, sandy beaches and sunshine. “But it is also often denigrated as a cultural desert, which is a simple lack of understanding,” he said.
 
History reveals close connections between Hainan and Shanghai.
 
Towards the end of Song Dynasty (960-1279), Huang Daopo, a native of Songjiang in today’s Shanghai, travelled to Hainan Island, where she studied the textiles of the Li ethnic minority. When she returned to Songjiang, the looms and knowledge she brought with her were instrumental in her hometown’s ascent as a textile center.
 
In more recent times, in January 1886, Charlie Soong’s steamship crawled up the Huangpu River and tied up at a pier on the Bund. Soong, a native of Wenchang in Hainan, later father of the celebrated Soong sisters, was returning to China after years of wandering in America. A successful businessman in Shanghai, Soong became actively involved in Sun Yat-sen’s revolutionary cause that culminated in the 1911 Revolution that overthrew the Qing Dynasty (1644-1911).
 
These pioneering technical, cultural, and commercial exchanges between Hainan and Shanghai have developed into the solid ties between the two places we see today, when the 40th anniversary of China’s reform and opening-up and the 30th anniversary of the founding of Hainan Province is marked.
 
Last month, a detailed plan to establish Hainan Province as the country's largest free trade zone was released, identifying industries that will have foreign investment restrictions reduced or abolished. The country's 11 FTZs tend to be focused more on manufacturing and intermediary trade, but Hainan will be more of a prototype in service trade by 2020, providing an excellent legal environment, thorough financial services, regulations and a pleasant environment.
 
Wang believes the “plan will have a significant impact on the future of Hainan, and through it, Hainan entrepreneurs based in Shanghai are bound to find a plethora of new opportunities.”
 
At this historical juncture, Wang posed the question of how to make the best of these opportunities and fully exploit the policy dividends, suggesting that the HCCS can play a major role in helping businesses take advantage of all that is on offer.
 
Source: Shanghai Daily, November 6, 2018

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