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News from China
Rosy year for courier industry
21st December 2016

 CHINA’S courier sector grew strongly this year amid efforts to boost consumption and services, the State Post Bureau said yesterday.

 
So far, a total of 30 billion deliveries has been made this year, up 53 percent year on year, continuing its leading position in the world, the bureau said.
 
Courier business revenue was over 354.4 billion yuan (US$51 billion) in the first 11 months of 2016, up 44.3 percent year on year, the bureau said.
 
Bureau data showed 20.65 billion parcels were delivered in 2015, up 48 percent from 2014.
 
Courier services had covered 70 percent of towns and villages by the end of 2015. China will extend this network and lift technology, services and global connections by 2020, the bureau said.
 
The target annual revenue of the courier sector will be 800 billion yuan by 2020.
Source: Shanghai Daily, December 21, 2016
Telco to tap new tech to transform
20th December 2016

 CHINA Mobile will transform its business and boost revenue in 2017 by tying up with partners to tap the 5G network, Internet of Things and smart home development, the telco said yesterday.

 
The country’s No. 1 telecommunications carrier also seeks to boost cooperation with top Chinese dot-com firms including Alibaba and Baidu in these areas.
China had over 1 billion mobile broadband users at the end of November, opening up opportunities in e-commerce, social networking and mobile games, industry insiders said.
 
China Mobile and partners like Huawei Technologies and ZTE Corp are testing 5G base stations and various devices nationwide. The new 5G technology, which will debut between 2018 and 2020, offers consumers a bandwidth of above 1 gigabytes per second, 20-50 times faster than current 4G networks, said Huang Yuhong, vice director of the China Mobile
Source: Shanghai Daily, December 20, 2016
Vanke aborts acquisition deal
19th December 2016

 CHINA Vanke Co, the Chinese mainland’s biggest property company by sales, said yesterday it was terminating a key agreement to acquire a property development arm of Shenzhen Metro Group after it failed to get the approval of some of its major shareholders.

 
Vanke is the subject of complex corporate power struggle with Chinese financial conglomerate Baoneng seeking to oust the management, having built up a 25 percent stake in Vanke.
 
Fearing a hostile takeover attempt by Baoneng, Vanke said in June it had agreed to buy the property unit of white knight Shenzhen Metro Group for US$6.9 billion in shares, which would have made the state-owned subway operator its biggest shareholder.
 
Both Baoneng and China Resources Group, its two major shareholders, had said they would oppose the deal.
 
Vanke said yesterday it had been engaged in talks with shareholders on the purchase of SZMC Qianhai International Development Co Ltd, which owns property developments above the metro facilities in Shenzhen, and proposed amendments to the deal.
 
“However, as of the date of this announcement, the relevant parties have yet been able to reach a consensus on the details of the acquisition,” it said, without naming any of its shareholders opposed to the deal.
 
Vanke does not expect the termination of the acquisition to have any “material adverse impacts” on its short-term financial position, the company said in its statement filed with the Hong Kong exchange late yesterday.
Source: Shanghai Daily, December 19, 2016
PBOC’s yuan funds for forex fall again
15th December 2016

 THE Chinese central bank’s yuan funds outstanding for foreign exchange fell again in November, burdened by lingering capital outflow pressures amid a weakening yuan against the US dollar.

 
The funds shed 382.7 billion yuan (US$55.44 billion) month on month to 22.26 trillion yuan, data from the People’s Bank of China showed yesterday.
 
It is the largest monthly drop this year and marks the 13th consecutive month of decline.
 
As the yuan is not freely convertible under the capital account, the central bank has to purchase foreign currency generated by China’s trade surplus and foreign investment in the country, adding funds to the money market.
 
Such funds are a vital sign of cross-border foreign fund flows and domestic yuan liquidity.
 
Concerns about capital outflows had been rising as the economy slowed, possibility of a US rate hike loomed and the yuan had fallen since China revamped its forex mechanism last year
 
China’s forex reserves, another sign of capital outflow, fell for the fifth straight month in November to US$3.05 trillion, down US$69.1 billion from October.
 
The State Administration of Foreign Exchange has dismissed the huge capital outflows.
Source: Shanghai Daily, December 15, 2016

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