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News from China
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
China's services imports to exceed US$2.5t in next 5 years
6th November 2018

 China's cumulative services imports are expected to exceed US$2.5 trillion in the next five years, a Ministry of Commerce report showed Tuesday.

The country's services imports will account for more than 10 percent of the global services imports, contributing over 20 percent to the growth in the global total in the coming five years, according to the report.
During the period, China will see over US$700 billion of cumulative imports in emerging services, including charges for the use of intellectual property, telecommunications, computer and information services, financial services, and personal cultural and recreational services, the report showed.
"This will provide a broader market, more valuable cooperation opportunities and greater benefits for the world," said Xian Guoyi, head of the MOC's department of trade in services and commercial services, at a press conference held during the first China International Import Expo.
China has seen fast growth in imports of services since its entry to the World Trade Organization. Its services imports surged to US$467.6 billion in 2017 from US$39.3 billion in 2001, with its global share increasing to 9 percent from 2.6 percent, MOC data showed.
"We will continue to expand the opening up of the services sector, improve the service system for services imports, create a sound market environment, deepen multilateral and bilateral trade cooperation, and increase imports of high-quality services," Xian said.
An array of advanced services provided by foreign firms, including financial and health care services, are on display at the six-day CIIE, which opened Monday.
Source: Shanghai Daily, November 6, 2017
World Bank praises Shanghai's business reforms, opening-up
2nd November 2018

 The World Bank has given a strong thumbs-up on Shanghai’s progress in cutting red tape and introducing reforms to improve the business environment over the past year.

The findings in the bank’s latest global assessment are of great significance and further highlight the soft power of Shanghai in the competition among global cities, the Shanghai Development and Reform Commission said Thursday.
“A more international, law-based and convenient business environment is of great importance in boosting market confidence,” said a commission spokesman. “This confidence comes from the predictability for larger enterprises with respect to the freedom of operation, as well as the effectiveness of the deepening the administrative reform of the government in streamlining administration, delegating power, strengthening regulation and improving service.”
China now ranks 46 out of the 190 countries and regions ranked in the World Bank report released late Wednesday, up from 78 last year. As China’s business capital, the bank gives Shanghai a weighting of 55 percent and Beijing 45 percent.
It says Shanghai has made remarkable progress in developing an international, law-based and convenient business environment.
The report says the number of procedures required to start a business in the city has been cut to four from seven and the processing time shortened from 22 days to nine.
The steps for a business to obtain a permanent electricity connection for a newly constructed warehouse has been reduced from five to three, the average time required slashed from 145 days to 34, and the cost for small and micro users cut from 192,000 yuan (US$27,641) to nothing. 
Procedures for construction permits have been reduced from 23 to 19, the processing time from 279 days to 169.5, and the cost from nearly 200,000 yuan to 70,000.
From January to September this year, a total of 307,811 market entities were set up in the city, up 13.9 percent year on year. On average 1,333.5 new enterprises were set up each day, an increase of 12.97 percent year on year.
And the number of new foreign-funded projects, contractual foreign investment and actual foreign capital all grew in the first nine months.
Since entering the new era, the city has thoroughly deepened its reform and opening-up and has scored well in many internationally recognized evaluations.
Shanghai ranked ninth in the Globalization and World Cities Research Network survey, fifth in Long Finance’s Global Financial Centres Index, and fourth in the Global international Shipping Center Index.
“The business environment can always be better,” the commission said.
For the next step, Shanghai will aim to further develop the business environment to be the most convenient for trade and investment, to have the highest administrative efficiency, the best regulated services and management and a perfectly optimized legal system.
Source: Shanghai Daily, November 2, 2018

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