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News from China
Bill Gates, Jack Ma among confirmed guests for Hongqiao forum
26th October 2018

 Bill Gates, chairman of TerraPower, Jack Ma, chairman of Alibaba Group, William Ding, chairman and CEO of Netease, plus a bunch of other heavyweights in political, industrial and academic circles, have confirmed their attendance at the Hongqiao International Economic and Trade Forum, which will serve as an important part of the upcoming China International Import Expo.

 
To be held on the afternoon of November 5 – the first day of the expo – the forum will consist of three parallel sessions that respectively focus on the topics of “trade and opening,” “trade and innovation,” and “trade and investment."
 
At the parallel sessions, leaders from international organizations, entrepreneurs and academics from home and abroad will deliver speeches and discuss issues on the topics of the parallel sessions and the most concerning problems in the international economy.
 
At the “trade and opening” parallel session, Jean-Paul Agon, chairman and CEO of L'Oréal, John Denton, Secretary General of International Chamber of Commerce, Long Guoqiang, associate director of the Development Research Center of the State Council, and other significant important persons will deliver speeches.
 
At the “trade and innovation” session, Bill Gates, Jack Ma, José Ángel Gurría, Secretary General of Organization for Economic Co-operation and Development, Justin Yifu Lin, director of Institute of New Structural Economics of Peking University, and other renowned people will attend.
 
At the “trade and investment” session, Jim Hackett, president and CEO of Ford Motor Company, Lei Jun, founder, chairman and CEO of Xiaomi Corporation, Dr. Mukhisa Kituyi, Secretary General of the United Nations Conference on Trade and Development, will be present.
Source: Shanghai Daily, October 26, 2018
China welcomes private capital in major national projects: NDRC
25th October 2018

 China's top economic planner said Wednesday that it supported private investment in projects related to major national strategies and fixing economic weak links.

 
"The National Development and Reform Commission will promote public-private partnerships to encourage the participation of private capital in projects that have rational scientific policymaking and clear mechanisms on investment returns," NDRC spokesperson Meng Wei said at a press conference. "More efforts will be taken to improve social credit systems in a bid to create a sound environment for private investment."
 
China's private investment growth continued to recover in the first three quarters of this year, with an 8.7-percent rise from a year ago and outpacing the overall investment expansion by 3.3 percentage points.
 
The NDRC has promoted more than 1,200 projects to private investors, covering a wide range of areas including transportation, energy and environmental protection, with total investment surpassing 2.5 trillion yuan (US$360 billion).
 
The NDRC would step up moves to solve difficulties of private enterprises, ease market barriers and restrictions, and increase financing support, according to Meng.
 
China has also allowed bigger private stakes in state firms. Meng said the NDRC had approved plans of eight subsidiaries of centrally administered state-owned enterprises to bring in private investment as part of the country's third batch of mixed-ownership reform, involving 31 state-owned enterprises.
 
Source: Shanghai Daily, October 25, 2018
Some things matter more than price
24th October 2018

 More than half of Chinese shoppers buying luxury brands, such as leather goods or apparel from LVMH or Zegna, do not consider price as their main factor, a new survey by consulting firm OC&C Strategy found.

 
Shopping for luxury brands online is increasing across all generations, but its growth is faster among the young, according to the September survey of 5,000 Chinese luxury shoppers.
 
Purely online luxury shoppers represent only 1 percent of those surveyed, but 36 percent buy luxury brands both online and offline. As many as 60 percent of respondents born after 1995 say they are shopping online, compared to 37 percent for those born between 1980 and 1995 and 26 percent for those born between 1960 and 1980.
 
The survey shows that rather than price, convenience and choice of are the key factors driving online luxury purchases.
 
Those buying in brick and mortar stores are looking for authenticity and service.
 
The luxury market is seen growing over the next three to five years, helped by government efforts and policies to boost domestic consumption and crack down on the “gray market,” the selling of goods through unofficial markets or channels, said OC&C Associate Partner Veronica Wang.
Source: Shanghai Daily, October 24, 2018
Shares surge back as authorities move to shore up faith in markets
23rd October 2018

 Chinese stocks surged Monday after policy-makers moved to boost confidence in the stock market and pledged to enact measures to ensure its healthy development.

 
Extending Friday’s rebound, the benchmark Shanghai Composite Index surged 4.09 percent to close at 2,654.88, the largest daily increase in 31 months. The Shenzhen Component Index bounced 4.89 percent to end the trading day at 7,748.82 points.
 
Combined turnover of stocks on the two bourses stood at 422 billion yuan (US$61 billion), up from 287 billion yuan on the previous trading day.
 
Industrial sectors gained, with all listed securities brokers jumping by the daily limit of 10 percent. Leisure services, electronics and communications shares were also strong with many individual stocks hitting the daily limit.
 
This came after concerted efforts by heavyweight economic officials to ease domestic investor concerns about the national economy and the “abnormal fluctuations” on the financial markets.
 
Vice Premier Liu He told reporters Friday that many factors had caused obvious stock fluctuations and declines in China recently, including interest rate hikes by the central banks of major economies and Sino-US trade frictions.
 
“The psychological effect is bigger than the actual impact,” Liu said, mentioning the impact of Sino-US trade frictions on the stock market.
 
He said the corrections and sell-offs were “creating good investment opportunities” for the long-term and healthy development of the stock market.
 
The country’s stock market has tumbled this year, with the key Shanghai index down more than 20 percent from its January peak of 3,523 points.
 
“Current stock market valuation has been at a relatively low level in history, which is in contrast to the country’s stable and positive economic fundamental,” said Yi Gang, governor of the People’s Bank of China.
 
Bucking a downturn on the stock market, the country’s economy remained on solid footing, expanding 6.7 percent in the first nine months of the year and on track to achieve the government’s target of around 6.5 percent for 2018.
 
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said the financial market swings had been “abnormal” and “seriously out of line with the fundamentals of China’s economic development and inconsistent with the overall stability in China’s financial system.”
 
Guo said more policies will be unveiled to bring the financial markets back on the track of “normal and healthy development.”
 
The CBIRC is seeking feedback on a draft plan to allow funds from products publicly sold by commercial banks’ wealth management subsidiaries to be directly invested in stocks.
 
Currently, only funds raised from privately sold bank wealth management products can be directly invested in the stock market.
 
Guo also urged financial institutions to properly handle risks from equity pledge financing, in an effort to soothe concerns that falling stock prices might trigger a downward spiral of forced liquidation.
 
Listed firms, capital-starved small- and medium-sized enterprises, in particular, use their equities as collateral for loans. The pledged equities will get liquidated and further drag the market down when their prices fall below critical levels unless borrowers add collateral to cover the declining value or repay the loans.
 
When a company’s share prices fall to near the alarming line, financial institutions should not rush to activate forced liquidation, but properly handle it according to the company’s development prospects and fundamentals, a CBIRC official said.
 
To bolster the stock market, the country is also mulling rules to make it easier for listed firms to buy back their shares, which could help firms stabilize their share prices.
 
Liu Shiyu, chairman of the securities regulatory commission, said draft amendments to relevant laws had been given to the top legislature for review.
Source: Shanghai Daily, October 23, 2018

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