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News from China
China FDI growth steady despite slowing economy
16th February 2016

Foreign direct investment (FDI) into the Chinese mainland continued to grow steadily in January despite slowing overall growth in the world's second largest economy.

FDI, which excludes investment in the financial sector, rose 3.2 percent year on year to 14.07 billion U.S. dollars last month, the Ministry of Commerce (MOC) said on Monday.
 
Investment in the country's burgeoning service sector accounted for 67.6 percent of total inflow during the period.
 
FDI in the high-tech service industry more than doubled to 7.2 billion yuan (1.1 billion U.S. dollars).
 
Investment from the United States, the European Union and Japan rose the most, up 463.6 percent, 30.9 percent and 22.8 percent, respectively.
 
China's economy grew by 6.9 percent year on year in 2015, its lowest annual expansion in a quarter of a century.
 
Source: Xinhua
China opens bond market to individual investors
15th February 2016

China's central bank on Sunday allowed individual investors to purchase all types of bonds over bank counters.

Individuals with annual income of more than 500,000 yuan (around 76,500 U.S. dollars), 3 million yuan of financial assets and over two years of securities investment experience can now buy any bonds they like over the counter, according to a regulation released by the People's Bank of China (PBOC).
 
Previously, only certificate treasury bonds were available to individuals.
 
The new policy aims to boost the bond market and direct financing, the PBOC said.
 
China's bond market boomed in 2015 thanks to government moves to diversify corporate financing channels. Around 22.3 trillion yuan of new bonds were issued last year, almost double the sum in 2014.
 
Source: Xinhua
Chinese spend 1.2 trln yuan overseas in 2015
14th February 2016

Chinese consumers spent 1.2 trillion yuan (184 billion U.S. dollars) overseas last year, with over 60 percent going to luxury goods, according to an estimate by Fortune Character, a luxury market consultancy.

Chinese spent 116.8 billion U.S. dollars on luxury products last year, accounting for 46 percent of the world's luxury sales, said the firm.
 
Nearly 80 percent of the luxury purchases happened abroad as price difference in products such as alcohol and watches can be more than 80 percent, the Fortune Character said.
 

 

Source: Xinhua
News Analysis: China's innovation, entrepreneurship help build new growth engine
13th February 2016

China's innovation and entrepreneurship strategy will boost creativity and forge new engines in the current economic transition period, an innovation expert said.

Luo Hui, president of the National Academy of Innovation Strategy, told Xinhua that the policy has prompted a steady economy, rising employment and a push toward industrial restructuring.
 
"By innovation and entrepreneurship, China can wean itself off excessive reliance on natural resources and steer to a path blazed by human intelligence," she said. "In this way, medium-high growth will be maintained and the economy lifted to a higher level."
 
Grappling with an unavoidable slowdown after decades of rapid advance, China is counting on mass innovation and entrepreneurship to keep its enviable growth and handle an economic overhaul at the same time.
 
Weighed down by the property market, falling exports and weak investment, GDP expanded 6.9 percent year on year in 2015, the slowest pace in a quarter of a century. However, figures on China's sweeping entrepreneurial wave told another story.
 
China saw a record startup boom in 2015 as a total of 4.44 million companies were established, up 21.6 percent from a year ago. More than 80 percent of the new firms were in tertiary industries.
 
The boom came after government efforts to encourage people to open their own businesses, including easier market entry, less red tape and tax breaks. College students, overseas returnees and even migrant workers are emerging as major forces in entrepreneurship.
Emerging industries, the most attractive sectors for startups, accounted for 8 percent of China's GDP.
 
"The wave is likely to continue in the coming years as there is still ample room for improvement," said Zhou Shiping, an official with the State Administration for Industry and Commerce. He explained that there are 16 companies for every 1,000 people in China, much lower than 44 in Germany, 43 in Japan and 26 in the United States.
 
China has been increasing policy support for new businesses, especially in their starting period.
 
The government will establish innovation platforms and encourage enterprises and universities to build more makerspaces, said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang on Feb. 3.
 
There were more than 2,500 incubators for high-tech businesses and over 4,000 innovation bases by the end of 2015, data showed.
 
By promoting innovation and entrepreneurship, China can not only create jobs and prop up growth but also bring vitality to society and build a fair business environment where diligent people can realize their dreams, Luo said.
 
Source: Xinhua

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