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News from China
Uber and Alipay expand links to foreign markets
4th May 2016

 RIDE-HAILING service Uber and the payment service of e-commerce giant Alibaba Group are expanding a partnership to allow Chinese travelers to summon and pay for a car in any country where Uber operates.

 
The agreement announced yesterday adds to expanding links between US and Chinese companies in the growing global market for smartphone-based transport services.
 
Uber and Alibaba’s Ant Financial said Chinese travelers will be able to use either company’s app to summon a car in 400 cities in 69 countries and regions where Uber operates. They can pay for it in yuan using Ant Financial’s Alipay app.
 
Uber riders have been able to use Alipay to pay for transport in China’s mainland since 2014. That grew to Hong Kong, Taiwan and Macau this year.
 
The two companies said they would expand cooperation in India through Alipay’s links with Paytm, that country’s largest payments provider.
 
Didi Kuaidi of China and Lyft of the US agreed in September to link their apps to allow travelers to use them in each other’s markets.
Source: Shanghai Daily, May 4, 2016
Shanghai promotes CSR in green development
29th April 2016

 THE CSR (Corporate Social Responsibility) Excellence Awards program started in Shanghai yesterday with the theme “Invest in Green Future” which promotes the idea of “green development.”

 
The program incorporates case collection and selection as well as a summit on green innovation. The case collection and selection promotes the idea of “green development” proposed as a core principle in Shanghai’s 13th Five-Year (2016-2020) Plan. The summit, to be held at the end of July, will award companies with the CSR Excellence Awards and lead discussions on CSR.
 
The program, guided by the Shanghai Information Office, the Shanghai Commission of Commerce and the Shanghai Environmental Protection Bureau, is hosted by Shanghai Observer under Jiefang Daily, Shanghai Daily and Eastday.com. Beijing-based SynTao Co is a co-organizer, while Jiefang Daily Enterprise Innovation and Development Research Center, Shanghai Daily Multinational Companies Club, the Shanghai Association of Foreign Investment and the Shanghai Association of International Economic & Technological Cooperation give their full support.
 
This year marks the start of Shanghai’s 13th Five-Year Plan, which embraces the concept of an innovative, coordinated, green, open and shared development. How to invest in a green future is of great importance to Shanghai, which aims to become a global innovation center in science and technology.
 
Against this backdrop, the CSR Excellence Awards program will offer good corporate examples to further drive Shanghai’s sustainable growth and to build a consensus among the public to help promote better international communication for Shanghai as an innovation-driven metropolis.
 
The CSR Excellence Awards program welcomes multinational companies as candidates and domestic enterprises that are being restructured. Cases from multinational companies, state-owned enterprises or private firms are all eligible for the competition to showcase Shanghai’s ambition and competitiveness in the pursuit of a green future.
 
The three-month-long program will collect cases of CSR.
 
The awards will be presented in three categories: Green Awards, Shared Value Awards and Responsibility Innovation Awards. The Green Awards comprise Annual Green Product/Service, Annual Green Supply Chain and Annual Green Operation. The Shared Value Awards comprise Annual Community Engagement, Annual Employee Care and Annual Cross-sector Collaboration. The Responsibility Innovation Awards cover Annual Responsibility Innovation and Overseas Responsibility Innovation.
 
Companies or their subsidiaries registered in Shanghai, including foreign-invested firms, SOEs and private companies with good CSR practice can apply to compete.
 
The CSR Excellence Awards has started collecting cases until May 27.
 
Between May 30 and June 10, the organizers will give a preliminary review of the cases collected. Between June 13 and June 30, the public and participating enterprises can vote online to decide winners together with the opinions of a professional judging panel.
Source: Shanghai Daily, April, 2016
Hesitation over MSCI inclusion of China's A-shares serves nobody
28th April 2016

Global investors are again betting on Chinese A-shares' future as the latest opportunity has arisen for them to be included in a flagship global benchmarks index.

 
New York-based global equity indexes provider MSCI has begun a consultation on including the shares in its Emerging Markets Index to be published in June. Such a move would be viewed as a landmark recognition of China's capital market and attract more foreign investors.
 
The safest bet is that it is only a matter of time before such recognition comes. At the same time, too much hesitation serves nobody's interests.
 
MSCI decided against including Chinese A-shares in the Emerging Markets Index last year, citing concerns about the quota allocation process, capital mobility restrictions and beneficial ownership.
 
Although access to Chinese onshore equity and bond markets is still controlled by a quota system, the gatekeepers have been steadily opening the doors to the capital markets since that disappointing MSCI decision.
 
China has raised the ceiling for single QFII investment volume and cut the time for principal lock-up. Open funds are allowed to flow freely within a required monthly amount to improve liquidity.
 
The Shanghai-Hong Kong Stock Connect, a program to expand foreign fund access to China without quota restrictions, has seen active transactions since establishment in 2014. Similar initiatives to connect Shenzhen with Hong Kong and Shanghai with London to make the market more accessible are also in the pipeline.
 
Of course, the Chinese capital market, one dominated by retail investors, still has much room for improvement as evidenced by last year's stock market rout and the Chinese yuan's depreciation, which have led to more caution in further opening up.
 
However, this should be viewed with a longer-term perspective as just like China's economic slowdown, the challenges are generally short-term volatilities.
 
The important thing is to realize that inclusion in Emerging Markets Index is not the end, but just a start to pushing more opening up and higher maturity of the global capital market.
 
Global investors need emerging markets like China's A-shares to diversify their investment portfolio and gain from potential steady growth, while China looks forward to more rational international investors, investing philosophies and game rules, which should be the real significance of the MSCI inclusion.
 
The MSCI China A International index, designed for international investors with quotas for investing in the domestic yuan-denominated stock markets, performed better than other Asian markets and the Standard & Poor's 500 index in the past month, indicating growing popularity among international investors over China-related stocks as the country's economic restructuring gains steam.
 
The sooner MSCI includes Chinese A-shares, the sooner the Chinese as well as global capital market will mature, and the more opportunities international investors will enjoy, which will be a virtuous cycle with win-win outcomes in the long run.
 
Discretion is necessary as global clients are cautious about including new stock markets, but this decision can not come soon enough for the world and China to benefit.
 
MSCI's inclusion of Chinese A-shares is as inevitable as China's determination to promote capital market liberalization is unquestionable. It's better to be part of the opening-up process instead of just waiting for the perfect moment. 
 
By Xinhua writer Zhang Zhongkai
 
Source: Xinhua
Chinese shares up, turnover down
27th April 2016

Chinese shares rebounded on Tuesday, with the benchmark Shanghai Composite Index up 0.61 percent to close at 2,964.7 points.

 
The smaller Shenzhen index closed 1.02 percent higher at 10,209.9 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 1.36 percent to close at 2,155.7 points.
 
The shares slowly retreated to losing territory following a higher opening, but they staged a sharp rebound near the end of Tuesday's trading.
 
More than 2,100 shares, or 75 percent of the total, posted increases.New shares enjoyed the largest gains, while ceramics makers suffered the biggest blow.
 
Combined turnover on the two bourses continued to wane to 382 billion yuan (some 59 billion U.S. dollars) from 391 billion yuan on Monday, indicating persistent wait-and-see market sentiment.
 
The Shanghai Composite Index fell below 3,000 points at closing on April 20 and has since stayed under that mark with mild fluctuations. 
Source: Xinhua

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