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News from China
Alibaba to team up with Shanghai in import of more products
25th July 2018

 Alibaba plans to leverage its e-commerce platform to combine with commercial facilities in Shanghai to help introduce more imported brands in the future. 

 
It will also launch "Super Brand Day" online campaigns with 150 brands to help maximize their impact among Tmall shoppers. This year, "Super Brand Day" campaigns have included several online shopping spaces in Shanghai where pop-up stores offered a better shopping experience through games and entertainment.
 
As many as 80 percent of the world's 100 most valuable brands evaluated by Forbes now have flagship stores on Tmall. In 2017 more than 200,000 brands launched 12 million new products through the website. 
 
The Guanghua School of Management at Peking University said in a report last month that Shanghai ranks first among other domestic cities in terms of the level of development and sophistication in the new retail sector. 
 
Shanghai is taking the lead thanks to its advanced level of manufacturing, logistics, trade and relevant services, which requires integrated planning and the development of various industry sectors, as well as comprehensive regional planning and layout. 
 
As most of the world's leading brands pick the city as their first choice to debut new products and open their first stores, Alibaba Group is also combining its online and offline resources to benefit both consumers and brands, which will also help enhance Shanghai's attractiveness as a shopping center. 
 
Shanghai is also home to the first Hema Market store, a new retail format put forward by Alibaba Group last year which is a one-stop service for dining, shopping and on-demand delivery service. 
Source: Shanghai Daily, July 25, 2018
China to improve fiscal, financial policies to boost real economy
24th July 2018

 China will better utilize its fiscal and financial policies to support the expansion of domestic demand, structural adjustment and boost the development of the real economy, according to a government meeting.

 
Measures will be taken to promote effective investment focusing on addressing inadequacies, gathering more momentum and improving people's livelihood, according to the State Council's executive meeting chaired by Premier Li Keqiang on Monday.
 
China will keep its macro policies stable, refrain from resorting to a deluge of strong stimulus policies, and the government will exercise targeted and well-timed regulation in the face of external uncertainties to make sure the economy performs within a reasonable range, the meeting said.
 
The Monday meeting agreed that a more proactive fiscal policy would be pursued. The government will focus on tax and fee cuts, and more companies will be eligible for the preferential policies of the additional deduction of R&D spending in taxable income, a policy expected to cut another 65 billion yuan (US$9.6 billion) of tax this year, on top of an initial goal of reducing taxes and fees by 1.1 trillion yuan this year.
 
Efforts will be stepped up in issuing 1.35 trillion yuan of special bonds for local governments to see more tangible progress on ongoing infrastructure projects.
 
The country's prudent monetary policy will be neither too tight nor too loose, according to the meeting. The government will keep the social financing scale at a reasonable level, and liquidity will remain proper and sufficient.
 
The government will step up efforts to ensure delivery of the state financing guarantee fund, targeting 140 billion yuan of loans for about 150,000 small and micro firms each year.
 
The meeting also decided to deepen investment reform to solicit more private investment in fields including transportation, telecommunications, oil, and gas.
 
Capital demand for ongoing projects must be guaranteed effectively, it said.
 
A series of major projects will be pushed forward and planned to meet the need of development and improve people's livelihood.
Source: Shanghai Daily, July 24, 2018
Garment business dresses up China-Arabian trade
19th July 2018

 Tian Guifen, 56, has no idea where Arabia is, but knows the robes she weaves will be delivered and worn there.

 
Tian, from Fucheng County in Hebei Province, works for Huaxing, one of the largest Muslim robe production and export companies in north China.
 
The company exports its products to over 20 countries in West Asia and North Africa, including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Egypt. In 2017, company sales hit nearly 160 million yuan (US$24 million).
 
"I'm proud that products made in China go global, and we are making products for the whole world," Tian said.
 
New business opportunities created by China's Belt and Road Initiative have brought a pressing need for more workers. Over 2,600 impoverished people like Tian became employed and were lifted out of poverty.
 
Company manager Wang Shengli said they planned to explore the Southeast Asian market, and further invest 10 million yuan on building 80 more factories in the next two years, covering all local poor villages.
 
China is a major producer of Arabic clothing. In some countries, such as Saudi Arabia, more than 90 percent of garments are from China.
 
At the eighth ministerial conference of the China-Arab States Cooperation Forum held earlier this month, China announced a "future-oriented strategic partnership of comprehensive cooperation and common development" with the Arab world by setting up free trade zones and signing trade agreements.
 
In China's southern trade hub of Guangzhou, Guangdong Province, Adel Alhakimi assists his Saudi Arabian client in placing an order of over 6,000 Arabic-style dresses.
 
Having lived in the city for almost 20 years, the 48-year-old Yemeni manages a China-Arab trade consulting company, which searches for goods and partners for businesses in the Arabian countries.
 
The number of employees at his company increased from two in 2004 to around a dozen now.
 
After graduating from university in China in the late 1990s, Alhakimi stayed in the country in hopes of building his career in China-Arabian trade.
 
Last year, China-Arabian trade totaled around US$191.4 billion, five times the amount in 2004.
 
Apart from infrastructure construction and energy cooperation, China's opening-up has also benefited other sectors, including the fashion and garment industry.
 
Alhakimi regularly visits the Guangzhou Liuhua garment wholesale market, which has over 1,000 shops with signs written in multiple languages.
 
"The products sold here are diverse, cheap and customizable. They attract many Middle East business people, especially during the Canton Fair," he said.
 
The Liyuan garment shop, one of Alhakimi's favorites, hangs hundreds of Middle East style dresses on the wall.
 
Xu Peili, the shop owner, says she mainly supplies customers in the Middle East and Africa, and her factory manufactures up to 120,000 items of clothing per month. She is changing the garment material and design to better meet the needs and trends of Arab customers and is trying to add Chinese elements, such as embroidery, to her dresses.
 
Alhakimi backs her idea. "China's economy is developing quickly, and there are many business opportunities. Arab countries' demand for Chinese goods and investments is increasing," he said.
Source: Shanghai Daily, July 19, 2018
Ascentage Pharma raises US$150m in bid to introduce new cancer drugs
18th July 2018

 

 
Suzhou-headquartered Ascentage Pharma said it has raised US$150 million in series C funding for its pipeline of innovative cancer drugs as Chinese drug developers move to turn lab works into new drug launches in the world’s largest pharmaceutical market. 
 
The new financing will be used to fund its R&D and manufacturing facilities as well as new hiring at a time when the Chinese government is urging the introduction of innovative treatments for severe diseases prevalent in China, such as cancer and cardiovascular diseases, by encouraging startups in the pharmaceutical industry. 
 
Ascentage plans to build their team up to 300 members in the coming six months, and reach 400 by the end of next year. 
 
“With this financing, we are well positioned to achieve key data milestones as we continue to advance our growing pipeline of novel small molecule candidates,” said chairman and chief executive officer Yang Dajun. 
 
The latest round takes the total amount of capital raised by Ascentage to date to US$240 million, and was led by existing investors YuanMing Prudence Fund and Oriza Seed Venture Capital, as well as new investor Teng Yue Partners. 
 
ArrowMark Partners, HDY International Investment, CTS Capital and CCB International also participated.
 
Source: Shanghai Daily, July 18, 2018

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