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News from China
Foreign-invested firms can send profits abroad
1st March 2017

 PROFITS of foreign-invested companies in China can be repatriated overseas normally even as authorities have beefed up efforts to monitor capital flows, the Chinese central bank reassured the market yesterday.

Genuine and legal international payments and transfers out of China are not restricted as convertibility is already allowed under the current account, the People’s Bank of China said in a statement.
International payment and transfers of dividend, trade of goods and services can be made at commercial banks with proper documents, the statement said.
The central bank also included e-mail addresses in the statement to help foreign-invested companies report problems they encountered when they transfer profits overseas.
The PBOC statement was issued after various posts on social media platforms alleged that foreign-invested companies were not allowed to transfer their profits overseas.
A month ago, the State Administration of Foreign Exchange, the country’s forex regulator, released new rules to enhance inspection on the authenticity and compliance of foreign exchange operations.
SAFE allowed companies to use foreign currencies borrowed from overseas to be used domestically, while banks and companies were urged to strictly follow regulations when handling cross-border money movements.
SAFE said after the release of the new rules that curbs have not been placed on foreign-invested companies transferring profits overseas.
Source: Shanghai Daily, March 1, 2017
Crackdown on illegal forex trade
28th February 2017

 CHINA’S foreign exchange regulator said yesterday that it has recently uncovered a number of illegal forex trade cases, and vowed to step up market regulation this year.

Authorities discovered an underground bank conducting illegal forex transfers worth nearly 50 billion yuan (US$7.3 billion), according to the State Administration of Foreign Exchange.
In other cases, companies were found to be evading forex controls by using fake receipts or fabricating trade deals.
Many individuals were suspected of money laundering and transferring assets illegally, moving large amounts of money in small sums to avoid scrutiny, according to the SAFE.
It pledged to get tough on illegal forex trade to maintain the balance of international payments, while promising to make policies more transparent and advance the opening-up of financial markets.
Source: Shanghai Daily, February 28, 2017
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

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