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News from China
New investment potential rises amid stable growth
10th April 2017

 CHINA’S economic growth will be stable this year, with investment opportunities likely to emerge in digitization, technological innovation and consumption, experts told a forum over the weekend.

 
China will remain a center of manufacturing for the world despite companies relocating their factories in other parts of Asia, Francisco Aristeguieta, Asia-Pacific CEO of Citigroup, said at the CEIBS Private Wealth Investment Forum, co-organized by University of Virginia’s Darden School of Business.
 
He is confident of China playing a leading role in digitization and globalization.
 
Companies, including Citigroup, are scouting for Chinese partners when they implement their digitization strategy, and China’s embracing attitude in the digital era creates numerous opportunities in the market, Aristeguieta said.
 
Zhu Haibin, chief China economist of JPMorgan, said China’s gross domestic product is likely to grow 6.6 percent this year, 0.1 percentage points higher than the government’s official target. Zhu also forecast China’s economic development, financial markets and exchange rate to remain steady.
 
Han Xianwang, chief economist of China Universal Asset Management, said shares of companies engaged in consumption upgrading, technological innovation and structural reform will continue to lure investors.
 
Han’s priorities in the technology sector are Internet firms, makers of new-energy cars, new-material companies and medical companies.
Source: Shanghai Daily, April 10, 2017
China up to 15th in tourism ranking
7th April 2017

 China has risen two positions to 15th in the latest global tourism competitiveness ranking, released by the World Economic Forum yesterday.

 
The forum’s Travel and Tourism Competitiveness Report 2017 ranks 136 countries and regions across 14 dimensions, revealing how well countries could deliver sustainable economic and societal benefits through their travel and tourism sector.
 
While advanced economies, such as Spain, France and Germany, continue to top the rankings, 12 of the top 15 most improved countries are emerging markets, with Asia’s as exponents.
 
“The rise of Asia’s giants shows that the Asian Tourism Century is becoming a reality,” said Tiffany Misrahi, WEF’s community lead of the aviation, travel and tourism industries.
 
As one of Asia’s giants, China received nearly 57 million tourists in 2016, which took up over 20 percent of global arrivals in Asia, the report said.
 
It attributes the improvement of China’s tourism competitiveness ranking mainly to the country’s increased international openness, improved information and communications technology readiness and further investments in its tourist service infrastructure.
 
China’s increased prioritization of its travel and tourism industry has also supported its rise, the report said.
 
Meanwhile, the WEF report suggested more measures to support the country’s continued rise in the ranking, including creating more accommodation capacity beyond the larger cities, a more enabling environment for doing business, and environmental sustainability to ensure the preservation of its unique natural resources.
 
The report also sees China as a largest source market in the region with nearly 128 million departures registered in 2015. But the potential is still huge, as the report finds out that only 5 percent of China’s population hold a passport.
 
It also found that the increasingly protectionist global context, one that is hindering global trade, is not holding back global travel.
 
WEF’s statistics showed the global travel and tourism sector accounted for 10 percent of global GDP and provided one in 10 jobs worldwide.
Source: Shanghai Daily, April 7, 2017
Shanghai’s Grade A offices stay stable in Q1
6th April 2017

 SHANGHAI’S Grade A office market remained stable in the first quarter of this year despite abundant new supply, real estate service provider JLL said in a report released yesterday.

 
Offices in the decentralized market again outperformed those in the existing central business districts, JLL added.
 
Rents in CBD areas were flat while those in the decentralized market edged up 1 percent quarter on quarter, driven by emerging CBDs in the clusters around the railway station and the North Bund.
 
“With net absorption exceeding 162,000 square meters, the decentralized market continued to see impressive leasing deals in the first three months of this year,” said Anny Zhang, head of markets for JLL Shanghai.
 
“Notable deals included PepsiCo’s 7,000 square meters’ lease in Gopher Center and Metlife’s 3,500 square meters’ lease in Landmark Center,” she added.
 
A record 528,000 square meters of Grade A office space spanning four projects, including Shanghai Tower in Lujiazui, were completed in the CBD areas in the January-March period while seven 
projects with a total gross floor area of 442,000 square meters entered the decentralized market during the same period, pushing vacancy rates higher across the city.
Source: Shanghai Daily, April 6, 2017
CPIC to improve business quality through digitization
5th 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 5, 2017

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