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News from China
China to free interest rates to suit market demand
5th November 2015

China will push forward measures to make interest rates more market-oriented, enabling the financial sector to better serve the economy, an official statement showed yesterday.
New interest rate formation and adjustment mechanisms must suit market demand, according to the statement released after an executive meeting of the State Council presided over by Premier Li Keqiang.
China should enhance supervision of financial institutions to ensure fair play and risk management, the statement said.
The benchmark deposit and lending rates will continue to be used as reference and guidance tools.
To prevent irrational pricing of interest rates, the government will enhance supervision and continue to set different reserve requirement ratios for different institutions.
Mapping of the 13th Five-Year (2016-2020) Plan will be crucial for industrial upgrading, social progress and people’s life, it said, adding that a leading group will be set up to draft the plan.
China will continue to streamline administration and delegate power to the lower levels. Documents for firms to apply for expressway construction will be cut from 17 to seven, which will include land use and environmental protection.
China will also steady growth and boost the restructuring of the industrial sector and grow domestic demand, the statement said.

Source: Shanghai Daily
WPP targets organic expansion in China
3rd November 2015

 UK-BASED communications services group WPP plans to enhance collaboration between 26 companies and gain market share in China as it grows organically, CEO Martin Sorrell said in an interview with Shanghai Daily yesterday.
“Our biggest opportunity here is to increase market share and be more locally sensitive to clients as local companies are becoming a more important factor in China,” Sorrell said.
“We’ll be relying on our existing businesses and by growing our market share in China but our focus will be shifting to more localized services and business model,” he said.
Sorrell reiterated that the group will focus on new markets, new media, digital and collaboration as part of its Asia acquisition strategy.
He noted that local brands are gaining ground and becoming more competitive. He said the gap between local companies and multinational corporations is narrowing, citing a recent Asia Brand Power report released by the group’s consumer insight unit Kantar Worldpanel.
WPP yesterday unveiled the WPP Campus in Shanghai which will house more than 3,000 employees from 26 WPP Group companies in the city.
The relocations are to begin in early December.

Source: Shanghai Daily
Steadfast belief in innovation, reform
2nd November 2015

SHANGHAI will show its commitment to reforms and innovation by launching detailed implementation measures for an ambitious plan covering 40 targets of the city’s free trade zone, Shanghai Party Secretary Han Zheng said over the weekend.
“The breadth and depth of Shanghai’s reform are unprecedented,” said Han during his brief one-on-one meetings with 10 CEOs and chairmen of the world’s biggest companies on Saturday. They were in the city for the IBLAC, or the International Business Leaders’ Advisory Council for the Mayor of Shanghai.
“Through reforms, we are trying to build up an environment where innovation is encouraged in the whole society,” Han said, echoing the IBLAC meeting’s theme this year.
“Shanghai is building itself into a globally influential center of innovation in science and technology, so we need to learn from global wisdom and worldwide best practices, especially leverage the power of global talent with international perspectives.”
Han said he hopes new and old friends from global businesses “can share with us their theories and experiences in innovation and offer us advice.”
On Saturday, Han met the heads of Vale SA, Evonik Industries, AIG, Allianz, EY, Novartis, Roche, BNP Paribas, Investor AB, and WPP.
During the meetings, Han frequently referred to the new 40 goals of financial reforms in the free trade zone as proof of the city’s commitment on reforms and openness.
The plan reiterates that capital account will be convertible and cross-border use of the yuan will expand in Shanghai’s free trade zone.
Its 40 goals also included promoting the cross-border use of the yuan in trade, direct investment and financial investment, as well as wider opening of the financial services sectors.
The plan, released on Friday, was jointly unveiled by the Shanghai government and six central ministries and agencies.
IBLAC was initiated in 1989 by then-mayor Zhu Rongji, who later became China’s premier.

Source: Shanghai Daily
Insurers’ deals lift outbound funds in realty
30th October 2015

CHINA’S outbound real estate investment surged 50 percent year on year in the first three quarters of 2015 to US$15.6 billion as insurers increasingly diversified their investment portfolios, according to a report by Jones Lang LaSalle yesterday.
“We are seeing a structural shift with Chinese insurance companies globalizing their investment portfolios, including real estate,” said David Green Morgan, global research director at JLL.
“Continued loosening of outbound investment regulations since 2012 is driving China’s insurance groups to actively seek real estate assets in gateway cities around the world.”
It’s a trend that JLL expects will continue as the five biggest Chinese insurers have channeled only around 1 percent of their invested capital in real estate, below the regulatory ceiling of 15 percent.
Chinese insurance groups could allocate up to US$240 billion to invest in real estate outside China over the long term, according to JLL’s forecasts.
JLL said outbound investment in real estate will rise to US$20 billion this year from US$16.5 billion in 2014.
Chinese real estate investments this year include Hainan Airline’s purchase of the building housing Reuters headquarters in London, and China Life Insurance and Ping An Insurance’s joint US$500 million Boston development project, known as Pier 4. Anbang Insurance also sealed three investment deals in Waldorf Astoria New York, a Manhattan office building, and an office tower in Toronto’s financial district.

Source: Shanghai Daily

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