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News from China
Xi leaves for informal meeting with Indian PM, visit to Nepal
11th October 2019

 Chinese President Xi Jinping left Beijing Friday morning for the second informal meeting with Indian Prime Minister Narendra Modi in India and a state visit to Nepal.

 
Xi was invited by Modi and Nepali President Bidhya Devi Bandari respectively.
 
Xi's entourage includes Ding Xuexiang, member of the Political Bureau of the Communist Party of China Central Committee, member of the Secretariat of the CPC Central Committee, 
and director of the General Office of the CPC Central Committee; Yang Jiechi, member of the Political Bureau of the CPC Central Committee and director of the Office of the Foreign 
Affairs Commission of the CPC Central Committee; State Councilor and Foreign Minister Wang Yi; and He Lifeng, vice chairman of the National Committee of the Chinese People's Political 
Consultative Conference and head of the National Development and Reform Commission.
Source: Shanghai Daily, October 11, 2019
S.Korea to hold trade talks with Japan over export curbs
10th October 2019

 South Korea's trade ministry said Thursday that its director general-level official will hold trade talks with his Japanese counterpart this week in Switzerland over Japan's export curbs on South Korea, which caused trade spat and led Seoul to file a complaint against Tokyo with the World Trade Organization.

 
The meeting between the director general-level trade officials from the two countries will be held in Geneva Friday (Switzerland time), according to the Ministry of Trade, Industry and Energy.
 
It would be the first procedure of the WTO dispute settlement since South Korea filed the complaint with the WTO against Japan on Sept. 11.
 
Japan tightened regulations in early July over its export to South Korea of three materials, vital to produce memory chips and display panels, the mainstay of the South Korean export.
 
In August, Japan dropped South Korea off its whitelist of trusted trading partners that are given preferential export procedure. In response, Seoul took Tokyo off its whitelist of trusted export partners.
 
Seoul claimed that Japan's export restrictions came in response to the South Korean top court's rulings that ordered Japanese companies to compensate the South Korean victims who were forced into hard labor without pay during the 1910-45 Japanese colonization of the Korean Peninsula.
Source: Shanghai Daily, October 10, 2019
China leads emerging economies in latest global competitiveness ranking: WEF report
9th October 2019

 China is by far the best performer among the five BRICS economies in terms of competitiveness, said the World Economic Forum (WEF) Wednesday in the latest annual report assessing the productivity and long-term growth of 141 economies.

 
China ranks 28th among the world economies, 15 places ahead of the Russia, 32 places ahead of South Africa and some 40 places ahead of both India and Brazil, showed the 2019 Global Competitiveness Report by the WEF.
 
China's position in the ranking was unchanged from last year, but its overall score increased by 1.3 points, the report showed.
 
The report measured an economy's performance through 103 indicators in 12 "pillars," showing that China has obvious strengths in various areas such as the sheer size of its market, macroeconomic stability, the Information Communication and Technology (ICT) adoption, and increasing innovation capability.
 
In the ICT Adoption, China outperformed 25 of the 36 member countries of the Organization for Economic Co-operation and Development (OECD). As to the healthy life expectancy, China scores better than the United States and slightly under the OECD average.
 
With a score of 84.8, Singapore took the crown of the world's most competitive economy this year from the United States.
 
The IMF lowered the US competitiveness to the second place partly due to the country's trade uncertainty, as its trade openness is more than four points lower than that in 2018, according to the report.
 
China's Hong Kong Special Administrative Region, the Netherlands and Switzerland are among the top five, followed by Japan, Germany, Sweden, the United Kingdom and Denmark, the report showed. 
Source: Shanghai Daily, October 9, 2019
Six years on, Shanghai FTZ bears fruit amid bolder reform
8th October 2019

 From the first batch of made-in-China Tesla to the first foreign-owned comprehensive hospital, the Shanghai free trade zone (FTZ) is advancing toward a higher level of openness since its establishment six years ago.

 
The Lingang area, the newly-launched section of the Shanghai FTZ, is "Tesla's dream city" in the eyes of Tao Lin, Tesla's Global Vice President.
 
Since the world-leading electric carmaker acquired a plot of land in Lingang last October, it has accomplished plant construction, equipment installation and testing within a year, heading towards the final stage of production and delivery.
 
The main body of the Tesla Shanghai gigafactory has been completed, and key workshops such as the stamping, spray-painting and final assembly workshops are already capable of production, said Yuan Guohua, president of the Lingang Group. The first batch of Body-in-White of test vehicles have rolled off assembly lines, and the China-made Tesla Model 3 will be delivered by the end of the year.
 
Tao said that Tesla, through localized procurement, will facilitate the development of the auto parts supply chain and logistics in Lingang.
 
Ma Jun, head of the Lingang factory of Saint-Gobain Sekurit, said that Saint-Gobain invested 20 million yuan (US$2.8 million) in a high-end automotive glass assembly base in Lingang, and the first piece of automotive glass will be produced on October 10.
 
The high-speed development of Tesla in Shanghai will become the norm for companies in the future. According to the Lingang area administrative committee, for the social investment industry projects, it will only take five days from the acquisition of the land to the acquisition of four main construction approval certificates in the near future.
 
A hit music is flowing out from the keyboard of a 6-million-yuan giant piano in the hall of Steinway Asia Pacific in Shanghai Waigaoqiao bonded area in the FTZ. Shortly after, the piano will meet its overseas buyers.
 
"When we first came to China, we were just a small trading company that could only sell a few pianos a year. Now we have upgraded to the Asia Pacific headquarters. Last year, we sold nearly 500 Steinway pianos," said Wang Xin, financial director of Steinway Asia Pacific.
 
With the institutional innovation of the bonded area, companies here enjoy trade facilitation to build multifunctional headquarters, according to Chen Yanfeng with the Shanghai FTZ administrative committee.
 
After expanding its offshore businesses, Steinway can sell German-made pianos directly to customers in Southeast Asia or Australia with great convenience from Shanghai.
 
Through expanded functions such as procurement and sales, trade settlement, and supply chain management, the Shanghai headquarters continue to enhance their resource allocation capabilities in China and global markets. Currently, there are 263 headquarters in the bonded areas of the Shanghai FTZ, accounting for nearly 15 percent of the city's total.
 
On September 26, Shanghai Artemed Hospital, the first foreign-owned general hospital in the Shanghai FTZ, announced its official opening, showing the comprehensive opening up of the FTZ from the manufacturing industry to the service industry.
 
Divided into two phases with about 500 beds, the first phase of the hospital kicked off with 200 beds, specializing in orthopedics and tumors.
 
Pan Feng, executive director of the hospital, said that the hospital is exploring to adopt the DRG payment system in China, which charges a fixed fee to a specific disease.
 
"We hope that this will promote China's health care system reform while reducing patient burdens and health care spending," said Pan.
 
New commercial forms are also constantly emerging in the FTZ. Last week, the Shanghai International Artwork Bonded Service Center was established.
 
Hu Huanzhong, chairman of Shanghai FTZ International Culture Investment and Development Company, said that the institutional innovation of the FTZ has promoted the development of art trade. In 2018, the cultural trade volume of the Shanghai FTZ exceeded 40 billion yuan, increasing 15 times from the beginning.
 
The economic structure of the FTZ is continually optimizing with emerging industries. By the end of 2018, among the existing registered enterprises in the bonded area, there were 9,678 leasing and business service enterprises, an increase of 18.6 percentage points from six years ago, and 2,963 scientific research and technical service enterprises, an increase of 6.4 percentage points from six years ago.
 
In a complicated external economic environment, the contracted foreign investment in the bonded area in 2018 increased by nearly US$2.5 billion. The total profit of the companies in the first half of this year increased by 12 percent year-on-year.
 
Chen said that the bonded area will grow and progress together with the new Lingang area in the future. 
 
Source: Shanghai Daily, October 8, 2019

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