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News from China
Nokia sees Japan lead demand rally
27th February 2017

 NOKIA sees demand for higher speed 4G network equipment starting to recover this year, led by Japan, the company’s chief executive Rajeev Suri said yesterday as he announced a series of contracts with telecom operators.

 
Speaking at a news conference ahead of the Mobile World Congress in Barcelona, Suri also predicted a new wave of industry consolidation among telecom operators in the US and Indian markets in the course of 2017.
 
“Noise about carrier M&A will heat up dramatically in the United States and India. The pent-up demand for action is there,” Suri said.
 
Nokia and its rivals, Sweden’s Ericsson and China’s Huawei have struggled lately as telecom operators’ demand for faster 4G mobile broadband equipment has peaked, and upgrades to next-generation 5G equipment are still years away.
 
The Finnish firm repeated that while it expected the global networks market to fall around 2 percent in 2017, it spotted growth opportunities in markets such as North America, India and Japan.
 
“We believe that the (overall) primary market in which we compete will be down again... but to be considerably better than last year,” Suri said, anticipating a slower rate of decline.
 
“Investments in 4G, particularly in advanced 4G technology, will pick up in some key markets, such as Japan.”
 
Earlier this month, Nokia reported its profits for the final quarter of last year fell less than expected, helped by cost cuts and the acquisition of Alcatel-Lucent.
 
Nokia has reached a “landmark,” 3-year deal with Telefonica to build networks in London, Suri said yesterday.
Source: Shanghai Daily, February 27, 2017
Local bond issuance backed in FTZs
22nd February 2017

 CHINA will encourage local governments to issue bonds in free trade zones this year, the Ministry of Finance said yesterday.

 
Governments of regions with mature conditions can “actively” issue bonds in FTZs, according to a circular released by the ministry.
 
Local officials were also told to attract more foreign-funded financial institutions to participate in underwriting.
 
To rein in rising debt risks, China overhauled the management of government bonds in 2014, streamlining fundraising channels for local authorities while putting a cap on annual bond issues.
 
New local government bonds cannot exceed the annual caps, the ministry said.
Source: Shanghai Daily, February 22, 2017
China's consumption to maintain strong growth in 2017
21st February 2017

 CHINA will maintain strong growth in consumption this year with deepening supply-side structural reform, Commerce Minister Gao Hucheng said Tuesday.

 
The trend will persist between 2016 and 2020 and feature more online retail sales and consumption of more quality goods and services, he said at a news conference, citing stellar growth in these sectors.
 
Retail sales, a key indicator of consumption, have been growing at double-digit rates annually for years, he said, adding e-commerce has facilitated the spike in consumption.
 
The volume of online retail sales rose 26.2 percent to hit 5.2 trillion yuan (US$755.3 billion) in 2016 over the previous year, he said.
 
Consumption is shifting gears with Chinese consumers buying more expensive and premium products.
 
Over 28 million automobiles were sold in China last year, up 13.7 percent year on year, while new-energy vehicles posted growth of 53 percent, he said.
 
Consumption of services is growing faster than that of goods thanks to rapid expansion in sectors such as catering, housekeeping and care, he added.
 
Consumption has become the primary driver of China's economy since 2014, contributing 64.6 percent to China's GDP growth in 2016, up 4.9 percentage points than in 2015, Gao said.
 
The ongoing supply-side reform will narrow the discrepancy between the supply of goods and services and shifting market demands, unlocking more potential.
 
Retail sales of consumer goods are expected to jump by 10.2 percent year on year to exceed 37 trillion yuan in 2017, contributing more than 70 percent of the country's economic growth, according to an earlier report issued by the China General Chamber of Commerce.
 
In 2017, China will forge ahead with the supply-side structural reform by improving the supply structure and consumption environment, the minister said.
Source: Shanghai Daily, February 21, 2017
Air Canada launches direct flight between Shanghai and Montreal
20th February 2017

 AIR Canada yesterday began operating the first direct flight between Shanghai and Montreal in a bid to cap the increasing demands of Chinese tourists traveling to North America.

 
The airline's Boeing 787 Dreamliner with Flight AC18 took off around 6pm from Pudong International Airport yesterday. It is scheduled to land at the Montreal Trudeau airport at 6:35pm local time to become the longest route of the Canadian airport with flying length of over 13.5 hours.
 
The Dreamliner to operate the new route will have 20 premier business-class seats that can be turned into flat beds as well as 21 luxury economy seats with ample private space. The aircraft has 210 economy class seats.
 
Passengers can transfer from Montreal to other Canadian and American destinations, the carrier said. The airline so far has about 30 direct flights between China and Canada. Other routes include Shanghai-Vancouver and Shanghai-Toronto.
 
The new flight became the 104th international route of the Pudong airport, the airport authority said yesterday.
 
The number of passengers from the Pudong airport to North American destinations has increased by 14.4 percent to 3.9 million annually from 2010 to 2016, the authority said.
 
The airport currently has 165 flights every week to North America, comparing with 74 in 2010.
Source: Shanghai Daily, February 20, 2017

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