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News from China
Greek media praise Chinese shipping giant's acquisition of majority stake in Greek port
11th April 2016

Some Greek media praised the signing of the sale of a majority stake of Piraeus Port Authority (PPA) to China COSCO Shipping during the weekend, saying it has furthered the mutually beneficial cooperation between the two countries.

 
An article entitled "Piraeus Port -- a gateway for the Sino-European Route" on the financial newspaper Naftemporiki (Shipping Trade News) said that Greece is at the center of Chinese investments after the signing of the deal between Greece's privatization fund HRADF and China COSCO Shipping on Friday.
 
Another article entitled "COSCO era for the port: Investments, growth, jobs" was published on the financial news website www.capital.gr.
 
"A new era of growth is foreshadowed, which aims to make Piraeus port the largest container hub in Europe," it said.
 
"The most immediate and important added value of the privatization of the port is the positive investment message sent to the international community," the article said.
 
Another report entitled "A new page has opened in the Sino-Greek relations with the sale of PPA" was published on the financial newspaper Imerisia (Daily).
 
"An important milestone for the privatization program was achieved. An agreement between Greece's privatization fund HRADF and China COSCO Shipping Corporation for the sale of the majority stake in PPA was signed, sealing the first major privatization since SYRIZA came to power," the article said.
 
Under the deal the Chinese investors will pay 280.5 million euros(319.71 million U.S. dollars) to HRADF for the initial acquisition of a 51 percent stake, while it will pay another 88 million within five years for the remaining 16 percent, provided it has implemented the agreed investments in the port.
 
Since 2009, China COSCO Shipping's subsidiary Piraeus Container Terminal (PCT) has been operating Piers II and III at Piraeus port under a 35-year concession agreement. In 2015, the container throughput of Piraeus Port increased to 3.36 million TEU (twenty-foot equivalent unit) from 880,000 TEU in 2010, while the global ranking of Piraeus Port also increased significantly from 93rd to 39th in terms of container capacity.
Source: Xinhua
German companies see opportunities in China's transformation
8th April 2016

Despite a slowdown of China's economy, German companies see great business potential in China's structural transformation, a leading business representative said on Thursday.

 
China's gross domestic product (GDP) increased by 6.9 percent in 2015, the slowest annual expansion in 25 years. The country set an average of annual growth target of at least 6.5 percent for the coming five years.
 
"In addition to global economic downturn, the slowdown of China's economy was mainly due to an ongoing transformation process of the country," said Alexandra Voss, executive director of the German Chamber of Commerce in North China, quoted by a post on the website of the Association of German Chambers of Commerce and Industry (DIHK).
 
China launched a "supply-side" reform last year, aiming at reducing non-effective and low-end supply, improving products and service quality and boosting productivity by innovation.
 
"China will increasingly rely on a growth that is not only driven by fixed investment and exports, but by the service industry, the domestic consumption and innovation," Voss said, adding that such reforms, especially further market liberation, a promotion of innovation and improvement of health and green technologies, meant potential for German companies.
 
"German companies can contribute their expertise and experience as important cooperation partners," she said. 
Source: Xinhua
China to further deepen reform of healthcare system
7th April 2016

China will further deepen reform in healthcare this year with key factors for the reform discussed at a meeting of the central government on Wednesday.

 
The State Council, the country's cabinet, convened a regular executive meeting Wednesday and determined that healthcare reform should benefit more people.
 
Key sectors for healthcare reform this year were decided at the meeting, which was presided over by Premier Li Keqiang.
 
Plans discussed included expanding the number of cities piloting urban public hospital reform from 100 to 200, implementing a tiered medical care pilot project in 70 percent of the country's prefectural-level areas, and improving the compensation system in a bid to abolish the drug price addition policy of public hospitals in new pilot cities.
 
Other focuses included implementing a centralized procurement of drugs used by public hospitals, improving the performance-based remuneration system in grassroots health institutions, and building a national network for basic health insurance settlement so that people can reimburse their medical expenses in different places.
 
Critical disease insurance will cover all people within the year, according to the healthcare reform plan, which noted that subsidies per capita for basic health insurance and basic public health services will be raised.
 
The number of resident physicians receiving standardized training will be increased by 70,000, including 5,000 pediatricians, according to the meeting. 
Source: Xinhua
Worries over Chinese economy rushed, exaggerated
5th April 2016

 The little bit of calm that has returned recently shows that the concerns outsiders had about the Chinese economy had been somewhat rushed and exaggerated, a senior economist said.

 
The signs of recovery in the financial markets including prices of commodities such as iron ore and oil suggest that the Chinese economy was not so bad as to have to experience a hard landing, Sun Bae Kim, professor at the Business School of National University of Singapore and former chief Asia economist at Goldman Sachs Asia, said in a recent interview with Xinhua.
 
"I am very positive (about the Chinese economy) for the medium term," but the road ahead is challenging, he said.
 
The economist said it is understandable that China set its growth target this year at between 6.5 percent and 7 percent as it indicates a recognition that it is better to tackle certain problems sooner than later.
 
"It is important in the broader context that you are willing to accommodate a slower growth over the next several years in order to set the stage for the restructuring to allow a higher growth in medium term," he said.
 
China's economy grew 6.9 percent last year, its slowest in over two decades but still one of the fastest growth rates in the world.
 
Kim said China needs to tackle challenges including a buildup of debt in the aftermath of the global financial crisis and excessive capacity in certain industries, and the poor profitability of some firms.
 
The important question is not the specific growth targets China sets for a particular year, but whether China can basically maintain a certain growth level while tackling some structural issues, Kim said.
 
"If China undertakes some of the reforms, I think China could easily grow 6 percent to 7 percent in the medium term," he said.
 
"While you are doing this structural reform, it's most likely growth will be slower, though it is not necessarily so," he added.
 
Chinese policymakers have said they have ample policy room to ensure that economic growth remains stable within an appropriate range. Meanwhile, China has been encouraging the growth of new technologies and businesses to pursue more innovation-driven economic growth.
 
Kim said these are important as it means the economic growth will be underpinned by productivity increase and more sustainable.
 
He said it is necessary for China to further reform the financial system and state-owned enterprises so that the allocation of resources will favor more productive sectors and companies. Deregulation could potentially lead to productivity increase in many sectors, too. China also needs to shift to growth driven by consumption and services.
 
The economist said that it is a delicate balancing act for China to push for reforms while maintaining financial and economic stability and that it is necessary to enhance communication with the market.
 
"I am quite in an agreement with China's big picture plan," he said, referring to China's financial sector reforms.
 
Kim said that the policy direction of pursuing a more flexible and international yuan, the Chinese currency, is very sensible and desirable, but that it is necessary to take into account some short-term constraints.
 
The economist also highlighted China's status as the world's largest trader and its connection with virtually all major economies.
 
"What happens in China at home is everybody's business," he said.
 
Kim said that China's efforts to enhance regional connectivity, like the Belt and Road Initiative, with a focus on infrastructure construction, could boost regional growth.
 
"It offers new commercial opportunities," he said.
Source: Xinhua

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