China Finance – Aisa Net Wed, 22 Sep 2021 16:02:01 +0000 en-US hourly 1 China Finance – Aisa Net 32 32 Stocks rose the most since July before the Fed’s decision: markets are enveloping Wed, 22 Sep 2021 14:49:22 +0000

(Bloomberg) – US stocks rose the most since July, as concerns over China Evergrande Group’s debt problems eased ahead of the Federal Reserve’s policy move on Wednesday. T-bills and the dollar have changed little.

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The S&P 500 climbed to 1.3%, led higher by the energy and financials sectors. The benchmark index had fallen for four consecutive trading sessions. FedEx Corp. collapsed after slashing its earnings outlook on Tuesday night.

“It’s clear that things have gotten a little tidier instead of descending into chaos over the past few sessions,” wrote Mark McCormick, global head of currency strategy at TD Securities.

Basic resources and energy were among the top gainers in the Stoxx Europe 600 index as commodity prices stabilized after Beijing moved to contain fears of a spiraling debt crisis at Evergrande which could devastate demand in the real estate sector.

China avoided a massive sell-off as trade resumed after a holiday, after the country’s central bank increased its injection of short-term liquidity into the financial system.

Read more: The Fed’s tapering debate has become much trickier

The Fed’s potential timeline to gradually reduce stimulus measures and any change in expectations for interest rate hikes will be critical for investors, who have become accustomed to central bank stimulus measures supporting asset prices. The Fed meeting comes after a period of market volatility fueled by the woes of Evergrande. Wider restrictions on China’s real estate sector are also fueling concerns about a slowing economic recovery after the pandemic.

“The market largely expects the Fed to cut back on its bond purchases in November or December, so in theory this concept alone shouldn’t encourage too much volatility,” said Chris Weston, head of the research at Pepperstone Financial Pty. “However, markets can react in unexpected ways to the facts, especially during this period of slower growth and concerns about the Chinese real estate sector.

Meanwhile, Governing Council member Madis Muller has said the European Central Bank may increase its regular asset purchases once emergency pandemic-era stimulus measures end.

The pound weakened after Business Secretary Kwasi Kwarteng warned people should prepare for long-term high energy prices amid a shortage of natural gas that has driven up costs of gasoline. ‘electricity. Several UK utilities have stopped accepting new customers as smaller energy providers struggle to meet previous commitments to sell supplies at lower prices.

In Japan, the central bank left its main monetary policy parameters unchanged. The markets in South Korea and Hong Kong were closed for a holiday.

Here are the key events to watch this week:

  • Federal Reserve rate decision on Wednesday

  • Bank of England rate decision, Thursday

  • Fed Chairman Jerome Powell, Fed Governor Michelle Bowman and Vice President Richard Clarida discuss pandemic recovery on Friday

For more market analysis, read our MLIV blog.

Some of the main movements in the markets:


  • The S&P 500 rose 1.2% at 11:53 a.m. New York time

  • The Nasdaq 100 rose 1%

  • The Dow Jones Industrial Average rose 1.3%

  • The Stoxx Europe 600 is up 1%

  • The MSCI World index increased by 0.9%


  • Bloomberg Dollar Spot Index fell 0.1%

  • The euro rose 0.1% to $ 1.1738

  • The British pound was little changed at $ 1.3664

  • The Japanese yen fell 0.3% to 109.61 per dollar


  • The yield on 10-year treasury bills fell one basis point to 1.31%

  • The German 10-year yield was little changed at -0.32%

  • The UK 10-year yield was little changed at 0.80%


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Experts call for a boost to green finance Wed, 22 Sep 2021 01:17:25 +0000


Risk mitigation, innovative products are among the main recommendations

China should improve the risk mitigation mechanism of green finance and develop innovative financial products whose underlying assets are energy equity such as emission credits and energy consumption quotas, to achieve a peak carbon emissions by 2030 and achieve carbon neutrality by 2060, officials and experts said.

“The majority of ecological projects are medium and long term projects. If the guarantee and collateral mechanisms are imperfect, banks will withdraw from support for these projects because of the higher risks associated with long-term loans and investments. Better risk-sharing mechanism will attract more investors and market players to participate in the valuation of green products, ”said Wang Xin, general manager of the Research Bureau of the People’s Bank of China, the central bank.

Wang said China should continue adopting laws and regulations to ensure the valuation of green products, establish special mechanisms for ecological compensation, transfer payment and government procurement, and establish and improve mechanisms for payment for eco-environmental services. In addition, it is also important to further clarify the right to use, exploit and earn green products.

He urged financial institutions to redouble their efforts to innovate in financial products in this area.

“As long as there is a positive market environment and the prices for carbon and green products are good, financial institutions will give full play to their initiative and launch various types of financial products, including loans, stocks, contracts, etc. term and insurance, to adapt to the market, development needs, ”he said recently at the Tsinghua PBCSF Economic Forum on carbon neutrality in Beijing.

Xiao Gang, former chairman of the China Securities Regulatory Commission, said financial institutions should strengthen environmental risk assessment, carry out pressure testing, improve their ability to identify, monitor, analyze and early warning of risks, and use a range of analytical methods to make decisions about the project. selection.

It is also important for listed companies and financial institutions to gradually move from voluntary disclosure of environmental information to mandatory disclosure. At the same time, the country is expected to create a public environmental and climate data platform and further strengthen the rating and certification of green finance projects, Xiao said at the forum.

He underscored the need to further unify regulatory standards and step up regulatory coordination on green finance innovation.

China is not alone in meeting the challenge of regulatory unification. Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, suggested that the global financial industry should come up with uniform and widely accepted green standards in various jurisdictions.

“Businesses can function better when the rules of the game are clearly defined. So what we are seeing today is the emergence of policy makers proposing new regulatory frameworks. The challenge, however, is that there is now a proliferation of executives. We have so many green standards in the world… The biggest challenge today is to harmonize these standards, to make them easier, more coherent, to have references that the private sector can understand and to which it can respond ” , Maasdorp said.

The private sector will play an essential role in financing carbon neutral projects and optimizing the allocation of factors of production in society. The development of green finance will spur private capital to enter the fields of green growth and environmental protection, said Zhang Xiaohui, dean of the PBC School of Finance at Tsinghua University.

China has said it will use innovative financial institutional arrangements to encourage private capital investment in green industries while effectively limiting investments that contribute to pollution.

“In the process, for China to meet its dual carbon reduction targets, it is particularly important that policymakers make rational decisions, take prudential measures, and conduct production capacity risk monitoring and oversight. early warning to ensure long-term and constant green development, ”said Zhang. .

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Technological crackdown in China reaches TikTok Tue, 21 Sep 2021 11:15:22 +0000

ByteDance announced that Douyin, the version of TikTok for China, will be . These minors will now be limited to only 40 minutes of use per day and will not be able to access the app at all between 10 p.m. and 6 a.m.

ByteDance is also urging parents to add more comprehensive user data to prevent children from lying about their age to bypass the ban. At the same time, the company unveiled a new TikTok-esque app called Xiao Qu Xing (“Little Fun Star”), which features short educational videos.

This is another rather dramatic step in China’s broader crackdown on digital media and video games. Officials recently described the game as “spiritual opium” and .

Chinese leaders are said to be concerned that children become addicted to video games, which is having a detrimental effect on their development. The science behind video game addiction is controversial and contested, with research into the disease ongoing.

Regardless, the changes to Douyin are unlikely to be so extensive in isolation, as less than half a percent of users are believed to be under the age of 14. this anti-gambling rhetoric is spreading to other countries.

– Dan Cooper

No more drilling or loading unsightly plaques on your table, desk or nightstand.

Image of the new charger under IKEA’s desk.

When I added an Ikea branded wireless charging plate to my Ikea nightstand, I had to purchase a custom Ikea hole saw to drill the top. Ikea furniture turned out to be weak enough that I managed to burn off the wood and paint with just the friction of the saw. The charging plate was, luckily, large enough to cover the scorch marks, so I never had a lesson in being bad at DIY. I had learned my lesson, however, that drilling an IQ charger was not my forte.

Ikea seems to feel the same and has now launched the new one charger powerful enough to charge a phone from under your desk. You can glue or screw the large $ 40 unit to the underside of a suitable wood or plastic table top. Then all you have to do is drop your phone in the right spot and watch around 5W of juice pouring into your phone. Or, at least you will when it arrives in October.

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Newsletter TMA TC Disrupt Promo 9/21

That cost being… horrible selfies.

ZTE Axon 30 rear plate image

ZTE Axon 30 rear plate image

is one of those rare smartphones offering an (almost) invisible front camera. The absence of a notch, perforation, or cutout means users can take full advantage of the beautiful 6.92-inch, 2460 x 1080 120Hz AMOLED display. But, for $ 500, there are a few tiny tradeoffs. that you’ll have to put up with, including, uh, dull selfies. We won’t spoil the rest of the Mat Smith review but, suffice to say, his feelings on this handset are pretty complicated.

Your iPad, watch, and Apple TV will also receive updated operating systems.

iOS 15

iOS 15

and its device-specific cousins ​​are now here and are heading towards your tech as we speak. Some of the biggest new features include upgrading FaceTime and messaging, better notifications, and a Google Lensque-style live text feature. Some of the more notable features announced at WWDC are yet to arrive, including SharePlay, but those are expected to be phased out later in the year. At the same time, Apple unveiled the full trailer for Bullfinch, the about a man, his dog and his robot trying to survive after the end of the world. I guess it’s a bit like Cormac McCarthy wrote Turner and Hooch after having watched Short circuit.




When Huawei was put on the U.S. Entity List, the Chinese giant was barred from working with just about any tech company worth mentioning. Huawei was unable to source chips from Intel or Qualcomm or get software help (and access to the Play Store) from Google. Therefore, Huawei spun and , its budget division, to thrive free from sanctions that threaten its own future as a global brand.

Unfortunately, these best-prepared plans can be overruled by a who decide whether Honor should be on the same list of entities. Reports suggest that the Pentagon and Department of Energy teams are in favor of the addition, while the Commerce and State Departments are against. If this impasse cannot be resolved, however, the decision could ultimately end up on Joe Biden’s desk to be worked out.

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Chinese tech crackdown is India’s win, venture capitalist says Tue, 21 Sep 2021 00:32:11 +0000

(Bloomberg) – China’s crackdown on its tech industry means global investors seeking exposure to emerging markets will turn their attention to India, said Sumant Mandal, managing partner of the capital investor – American risk March Capital Partners.

Investors are now placing more emphasis on “government risk” when evaluating Chinese technology companies, Mandal said in a video interview. Indian startups in fields such as the internet and cloud software offer strong growth prospects but without a similar risk profile, said Mandal, co-founder of the Santa Monica, Calif., Based company.

Chinese regulators are restraining unruly internet companies in a campaign that spans everything from games to “money worship”, raising questions about their prospects for growth and profits. While India’s internet industry lags far behind China’s in terms of size, it has recently produced new billion dollar startups and initial public offerings at an increasing rate. “But the risk-return structure around China has changed” and investors from the United States, Europe, Asia and the Middle East are now looking to balance their portfolios by redirecting investments to its neighbor, a- he declared.

March Capital has a long history of supporting Indian startups and plans to increase these investments, he said. The coronavirus has changed consumer behavior in India, a boon for businesses handling e-commerce and digital transactions. The company manages more than $ 1 billion in assets, including a $ 450 million fund that closed earlier this year. Last month, March had two releases in India that accounted for nearly $ 6 billion in combined transaction value: online payment service BillDesk was acquired for $ 4.7 billion, just days after the introduction on CarTrade Tech Ltd. Mandal leads March’s investments in areas such as blockchain, network infrastructure, and software as a service, or SaaS. More than two dozen India-born SaaS startups have moved to the United States to successfully gain global customers and generate hundreds of millions of dollars in revenue, he said.

“Now there is more than one belief system around India,” he said. “The size of startups like Flipkart, Byju’s and BillDesk changes everything.

More stories like this are available at

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US STOCKS-Wall St Expected to Lower at Open Amid Growth Concerns; attention turns to the Fed Mon, 20 Sep 2021 13:02:20 +0000

(For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window.)

* Energy and bank stocks lead to pre-market declines

* All eyes on the Fed policy meeting later this week

* Futures decline: Dow 2.00%, S&P 1.81%, Nasdaq 1.76% (add comment, details, update prices)

By Devik Jain

September 20 (Reuters) – Wall Street was set to collapse at the opening Monday, as concerns over the pace of the economic recovery hit energy and banking stocks at the start of a week in which the Federal Reserve will decide potentially reduce its pandemic-era stimulus.

Oil companies, including Chevron and Exxon Mobil, led to a decline in pre-market trading, while economically sensitive manufacturers 3M Co, Boeing Co and Caterpillar Inc slipped between 2.4% and 3.0%.

Economy-related bank stocks including Morgan Stanley, JPMorgan Chase & Co and Bank of America Corp slipped between 2.2% and 3%, following US Treasury yields.

Major Wall Street indexes have been hit this month by fears that potentially higher corporate tax rates will hurt profits and have ignored signs that inflation may have peaked. The benchmark S&P 500 is on track to post a seven-month streak of straight gains.

All eyes will be on the Fed policy meeting on Wednesday, where the central bank is expected to lay the groundwork for tapering, although the consensus is that an actual announcement will be delayed until the November or December meetings.

“The wall of worry is only rising,” said Sam Stovall, chief investment strategist at CFRA Research in New York City.

The stubbornly increasing number of COVID Delta cases, the threat of a Fed cut, the possibility of slower-than-expected economic growth and the latest worry is that the (default) of the Chinese real estate developer could create some sort of ‘cascading financial effect. “

As of 8:35 a.m. ET, Dow e-minis were down 689 points, or 2%, S&P 500 e-minis were down 80 points, or 1.81%, and Nasdaq 100 e-minis were down. down 270.5 points, or 1.76%.

Morgan Stanley strategists said they expected a 10% correction in the S&P 500 as the Fed begins to ease monetary support, adding that signs of slowing economic growth could deepen it to 20% .

The CBOE volatility index, known as the Wall Street fear gauge, hit its highest level in more than four months.

Tech-related heavy stocks Microsoft Corp, Alphabet Inc, owner of Google, Inc, Apple Inc and Tesla Inc, which tend to perform better in times of economic uncertainty, lost between 1.4% and 3 , 7%.

Cruise liners slipped about 3.6%, while carriers United Airlines, American Airlines and Delta Airlines fell 2.9%, rising COVID-19 cases fueling fears of a recovery delayed travel demand. (Reporting by Devik Jain and Sagarika Jaisinghani in Bangalore; Editing by Arun Koyyur and Maju Samuel)

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China must convince Canada and Australia before trade pact negotiations can begin Mon, 20 Sep 2021 00:30:33 +0000

Chinese Trade Updates

China’s membership in a U.S.-inspired trans-Pacific trade group appeals to conservative nationalists in the country eager to embarrass President Joe Biden, as well as liberals who see it as a way to force difficult domestic economic reforms.

But Beijing will first have to win the support of member countries – notably Australia and Canada – that it has alienated itself in recent years.

Chinese officials and analysts say Beijing’s official bid to join the Comprehensive and Progressive Agreement on Trans-Pacific Partnership, the successor to a pact established but subsequently abandoned by the United States, demonstrates commitment. President Xi Jinping for tough economic and financial reforms in the second-largest economy.

Beijing officially asked to join the CPTPP on Thursday, less than 24 hours after the United States, Australia and the United Kingdom announced a new military partnership, Aukus, aimed at countering China’s military rise. Chinese officials and analysts insisted there was “no connection” between the two announcements.

“We believe that China’s accession to the CPTPP would help promote economic integration in the Asia-Pacific region and facilitate post-Covid economic recovery, trade development and investment,” said Zhao Lijian, spokesperson. word of the Chinese Ministry of Foreign Affairs.

“China is working for economic cooperation and regional integration. What the United States and Australia are pushing is wars and destruction.

Zhu Feng, an expert in international relations at Nanjing University, called the decision a “very important signal” and “to broaden the policy of reform and opening up.”

“CPTPP is a [trade group] with relatively high thresholds, ”he said. “Since China wants to join, then China must be determined to meet its demands.

“The United States has complained about China on trade. Today, China shows its willingness to strengthen its political orientation and its desire to integrate into the international community.

Xi and his advisers want state-owned enterprises to retain their dominance over strategic industries and are in the midst of a long campaign to reduce the power of the private sector groups that dominate China’s internet economy.

But they also want them to compete on their own with Western multinationals, a goal that would be reinforced by the CPTPP’s relatively strict rules on industrial subsidies and state-owned enterprises.

“Is this a serious signal that China wants to resume reforming its economy – or just demagoguery?” I find it hard to believe this is just demagoguery, ”said Stephen Jacobi, a former New Zealand trade negotiator.

“Maybe, just maybe, this is an attempt on their part to try to figure out how they can reform their SOE sector. . . The behavior of their state-owned enterprises will be severely constrained by the CPTPP. “

But several Japanese ministers were quick to point out other areas that could be barriers to China’s entry, such as the CPTPP’s strict rules on intellectual property, data flow and labor. “Is China really in a state where it can join? Taro Aso, finance minister, asked on Friday.

Canberra and Ottawa officials are also wary of China’s request, as they believe Beijing has violated its World Trade Organization commitments by resorting to trade retaliation during diplomatic disputes.

The three main CPTPP members are filing complaints against China with the World Trade Organization: Japan for steel, Canada for canola and Australia for wine.

Chinese officials have been angered by Australia’s call last year for a full investigation into the Covid-19 pandemic, as well as Canada’s detention in 2018 of a Chinese telecommunications executive in the awaiting his possible extradition to the United States for fraud.

In response to the latter, the Chinese government detained two Canadian nationals, including a former diplomat.

Dan Tehan, Australian Minister of Commerce, said China’s “track record of compliance” with other trade agreements would affect its application to the CPTPP. “CPTPP parties want to be sure that a candidate for membership will fully implement its commitments in good faith,” he added.

Rex Patrick, an independent Australian senator, argued that China should “behave properly” before entering the CPTPP, and stop “imposing trade sanctions here, there and everywhere.”

“You cannot make any false claims about some of our products, such as the fact that we are selling wine in Chinese markets below the market price,” Patrick told the Financial Times. “Clearly we weren’t doing this.”

But the fallout from these and other disputes means China may even struggle to reach the CPTPP’s starting line, as members must first agree to start talks with the candidates.

It took four months for member countries to agree to launch membership negotiations with the UK, which formally applied for membership in the CPTPP in February.

“In considering the question of [China] market access alone, many will wonder if things are really going to be okay, ”another Japanese government official said. “These questions will be deeper than those envisaged for the UK.”

Tom Mitchell in Singapore, Emma Zhou in Beijing, Edward White in Seoul, Anthony Klan in Sydney and Kana Inagaki and Robin Harding in Tokyo

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This stock market beats the United States, China, United Kingdom, Europe and Japan. | Personal Finances | Finance Sun, 19 Sep 2021 06:00:00 +0000

Everyone loves Indian summer, especially investors, and many are cramming into the country’s scorching stock market. Indian stocks have risen 53.70% in past 12 months, according to MSCI. Investors are making a fortune.

The Indian stock market is ahead of China, where stocks fell 5% in the year ending Aug.31.

It even overtook the supercharged United States, despite Wall Street growing 31.86% as of Aug.31.

The UK has grown 27.28% in one year, but also trails. The same goes for Europe, despite growth of 29.84%, and Japan, up 20.36%.

Global stock prices have skyrocketed in the wake of the pandemic, but India has beaten them all. Investors may want to check their portfolios to see if they are exposed to the economic strength of the country.

Past performance is no guarantee of future returns and emerging markets remain volatile, but it looks like a great long-term prospect. opportunity.

India’s economy is doing well and recovered from the Covid pandemic much faster than expected, said Jason Hollands, managing director of Tilney Investment Management Services.

It has also benefited from Prime Minister Xi Jinping’s authoritarian crackdown on the Chinese private sector in China.

“It pissed off investors and many Asian and emerging market fund managers looked to India instead,” Hollands said.

The pro-business government of Prime Minister Narendra Modi is determined to modernize the country by simplifying taxes and cutting red tape.

India is skyrocketing the World Bank’s annual “Ease of Doing Business” charts, from 142 when Modi came to power in 2014 to 63 today.

READ MORE: £ 1,000 to invest? These 3 Isa funds can help you retire rich

Hollands said his public finances were in relatively good shape and that he is now embarking on a $ 1.35 trillion (£ 1 trillion) infrastructure program.

India is dependent on imported oil but seeks to be energy efficient by 2047, to mark the 100th anniversary of liberation from British rule.

Within six years, it will have overtaken China to become the world’s largest country in terms of population and has a growing middle class.

Hollands said, “By the end of the decade, India is expected to be the third largest consumer market in the world, after the United States and China. It is a great investment opportunity.

More cautious investors might spread their risk by investing in an Asian or emerging market fund, rather than a specialized fund in India.

“Aubrey Global Emerging Market Opportunities has a strong 43% exposure to India. It is up 14% year on year and 118% over five years.”

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For investors who want a pure Indian fund, Hollands advises the Ashoka India Equity Investment Trust, which has risen 73% in the past 12 months, or the Goldman Sachs India Equity Portfolio, which is up 50%.

Darius McDermott, managing director of Chelsea Financial Services, said India is one of his favorite emerging markets. “It has a good demographics with a young and highly educated population and the government is very business friendly.”

It assesses the sustainability of the Indian subcontinent from Stewart Investors and the Indian subcontinent from Alquity, both of which returned around 56% last year.

Alquity fund manager Mike Sell said the economic outlook for India is positive, but cautioned: “This assumes there is no deterioration in Covid and reasonable rainfall during the remainder of the monsoon season. “

As always, only invest money in stocks for at least five years, and preferably much longer to overcome short-term volatility.

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Amazon has banned more than 600 Chinese brands in crackdown on review fraud Sat, 18 Sep 2021 19:18:20 +0000

Have you noticed that some well-known tech accessory manufacturers are disappearing from Amazon? These are not just rare incidents, they are part of a larger campaign. In a reply To The edge, Amazon has confirmed a South China Morning Post report that the internet giant has banned more than 600 Chinese brands (spread over 3,000 seller accounts) for incidents of review fraud. These companies have intentionally and repeatedly violated review policies prohibit reasoned opinionsAmazon said.

The online retailer first revealed the figure in an interview with Vice President Cindy Tai on state-controlled network China Central Television. He had previously remained relatively silent on the larger effort.

The crackdown began in earnest five months earlier, but received greater attention when Amazon banned Aukey and Mpow. Sellers were surprised to offer rewards, including gift cards, to customers who left reviews. Amazon then started RAVPower, Vava, and other relatively well-known brands for similar behavior. It is not known how many non-Chinese brands have been banned.

There are signs that these sellers are dodging bans or have escaped some detection, like the Aukey headphones under the Key Series brand. However, it’s safe to say that the broader anti-fraud strategy has dramatically changed the Amazon marketplace – much to the chagrin of banned businesses that relied heavily on Amazon-based sales.

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China pushes forward master plans to boost Hong Kong and Macau’s economy Sat, 18 Sep 2021 10:13:00 +0000

GUANGZHOU, China, September 18, 2021 / CNW / – The administrative organizations of the Guangdong-Macao Deep Cooperation Zone were inaugurated on September 17. It is an unprecedented move to involve a special administrative region (SAR) in the governance of an area on the Chinese mainland, according to a report by the Nanfang Media Group.

This is in accordance with from China plans to develop a GuangdongMacau cooperation area in Hengqin and further develop a ShenzhenHong Kong cooperation zone in Qianhai which was issued on September 5 and 6, aimed at providing more space to drive Hong Kong and Macau development.

The Guangdong-Macao Deep Cooperation Zone in Hengqin and the Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone (Photo: Nanfang Metropolis Daily)

New system to go further GuangdongMacau integrated development

Hengqin is located in Zhuhai City in Guangdong, just in front of Macau, and covers an area of ​​106 km², three times the size of Macau.

Created in 2009, the district is expected to offer Macau new area of ​​economic development. However, the development of Hengqin has so far been primarily led by Zhuhai, despite his mission to serve Macau.

As part of the plan, the management committee co-led by Macau CEO and Governor of Guangdong will jointly make decisions on planning, policies, projects and personnel arrangements, while the executive committee will manage the economy of the area and the welfare of the population.being.

Starting on Friday, Macau vehicle owners who wish to drive in Hengqin can complete the license application process by Macau. Some companies have obtained the first batch of business licenses and a group of Hong Kong and Macau doctors have obtained certificates to work in the area.

“The new model will mobilize Macau participate in the development of Hengqin, “said Wang Fuqiang of the China Center for International Economic Exchange,” This will also create an integrated environment more suitable for Macau companies and more favorable to Macau residents.”

In addition, the Hengqin plan indicates that priority will be given to health, modern finance, high technology, exhibitions and commerce, and cultural and sports industries. Eligible industries and businesses in the zone are subject to a reduced corporate income tax rate of 15 percent.

“The cooperation area will retain the distinction of Macau by developing its flagship industries such as traditional Chinese medicine (TCM), tourism and conventions, ”said Guo Wanda, executive vice president of the China Development Institute, “It aims to diversify the Macau economy which, until recently, was too dependent on the gaming industry and vulnerable to external risks. “

Guo Wanda Underline Macau universities and its main state laboratories conduct research in areas such as integrated circuits, new materials and biomedicine.

“Although these are not necessarily competitive industries of Macau, it will be a boost for scientific and technological research and high-end manufacturing through cooperation with other Guangdong– Cities in the Greater Hong Kong-Macau Bay area, ”Guo said.

Qianhai expanded to tackle Hong Kong economic problems

According to the Qianhai plan, the ShenzhenHong Kong the cooperation area will be extended eight times to 120.56 km² against 14.92 km² currently. It is considered a chance for Hong Kong to tackle some economic problems attributed to limited space.

Statistics show a total of 11,500 Hong Kong– invested companies registered in Qianhai, an area located in Shenzhen neighbor Hong Kong, and $ 22.6 billion Hong Kong investment employed in Qianhai to date.

“A large number of Hong Kong Modern service providers have entered the Chinese market through Qianhai, but their needs are far from being met, “said Cong Liang, vice chairman of the National Development and Reform Commission,” Qianhai’s expansion offers not only more space, but involves more industrial categories to bring that of Hong Kong superiority in full play. “

Qin Weizhong, Shenzhen The mayor, added that the city would guarantee a third of its newly transferred industrial land to meet the demand of Hong Kong-financed businesses.

“We can say that the central government cares about the development of Hong Kong and Macau thanks to these plans ”, declared Allan Zeman, Chairman of the LanKwai Fong Group, a Hong Kongcompany based in various sectors.

“These plans will stimulate the economy of Guangdong, Hong Kong and Macau and offer young people more employment opportunities. It’s time to improve the connection between Hong Kong, Macau and other towns in the Grande Baie region, ”he said.



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Taiwan, keen to join Pacific trade deal, questions “sudden” Chinese bid Fri, 17 Sep 2021 09:44:14 +0000

TAIPEI (Reuters) – Taiwan’s Economy Minister on Friday expressed concern over China’s “sudden” decision to ask to join the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP), and said he hoped this would not affect the island’s candidacy.

China asked to join the free trade agreement in a letter to New Zealand Trade Minister Damien O’Connor.

Taiwanese Economy Minister Wang Mei-hua told reporters in Taipei that China’s bid was “sudden”.

Many of China’s recent policies were contrary to the principles of a free economy and lacked transparency, such as import bans “for no reason”, and China may not be able to meet “high standards” CPTPP, she said.

“They also have friction with some CPTPP member states,” she said.

Taiwan has made its own preparations to join the CPTPP and believes it will happen when the conditions are right, Wang added.

“We will pay particular attention to the reaction of member countries to China’s candidacy and hope that this will not affect our membership bid.”

China claims Taiwan as its own territory and will not be happy if Taipei is allowed to join the group that precedes it.

The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was and was seen as an important economic counterweight to China’s growing influence.

But the TPP was thrown into limbo in early 2017 when then-US President Donald Trump stepped down.

The group, renamed CPTPP, links Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Britain also wants to join the trans – Pacific trade agreement and in June began negotiations.

Taiwan is excluded from many international bodies due to China’s insistence that it is part of a “one China” rather than a separate country.

But Taiwan is a member of the World Trade Organization and the Asia-Pacific Economic Cooperation Group (APEC).

Taiwan has been encouraged by recent progress towards trade deals with the United States and the European Union, both of whom are frustrated by China’s lack of progress in opening up its economy and are keen to show their support for Taiwanese democracy and much freer market policies.

(Reporting by Ben Blanchard and Jeanny Kao; Editing by Robert Birsel)

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