China Press Review – June 13, 2018

Press review

Economist predicts steady expansion in China’s GDP
The Chinese economy will maintain steady growth this year as structural reforms have made notable progress, an expert has said. ICBC International economist Cheng Shi predicts China’s GDP will grow 6.9 percent year-on-year in 2018, with continued strength from last year.
www.xinhuanet.com

US pushing China on beef, biotech in trade row talks, official reveals
Briefing highlights some of the Trump administration’s priorities as it attempts to reduce the US’ massive trade deficit with China
www.scmp.com

US Secretary of State Mike Pompeo to visit China after North Korea summit, Beijing confirms
China’s Foreign Ministry has confirmed that US Secretary of State Mike Pompeo will visit Beijing on Thursday following the landmark summit between the leaders of the United States and North Korea.
www.scmp.com

The Belt and Road Initiative: Responding to Beijing’s Ambitious Endeavor
China’s Belt and Road Initiative aims to promote infrastructure development over a broad area encompassing Eurasia and parts of Africa and the Pacific. It is a major element of President Xi Jinping’s drive to increase China’s international influence. How should Japan and the rest of the international community respond to this ambitious undertaking?
www.nippon.com

China’s building roads in South Asia, but can it build bridges?
Since 2013 Beijing has worked diligently to develop the Belt and Road Initiative as a win-win project capable of transcending adversarial diplomatic relationships. Its success will depend heavily on decreasing regional hositilities.
www.trtworld.com

US attitude toward BRI critical to relations

The historic turning point in Sino-US relations may see some turmoil. The US view of the Belt and Road initiative (BRI) has a direct impact on its overall policy toward China. Currently, there are two opposing factions in political and scientific circles in the US.
www.globaltimes.cn/content/1106845.shtml

Belt and Road Initiative to significantly boost global trade: report
Trade between the countries involved in the Belt and Road Initiative (BRI) accounts for more than a quarter of world trade, so better connections and the lower trade costs that come with them could have a significant global impact, according to an analysis of the Amsterdam-based global bank ING.
www.xinhuanet.com

New insights into Chinese Maritime Silk Road
It is a concept which could boost global seaborne trade by assisting economic progress in many countries. China’s 21st Century Maritime Silk Road has attracted great interest internationally, intensified by other possible impacts of the plan. During the past twelve months there has been progress, as well as setbacks, and the main features have become clearer.
steelguru.com

US launches another trade case against China
US President Donald Trump’s Commerce Department on Tuesday announced another trade action involving Chinese imports, with producers of steel propane tanks accused of dumping and unfair subsidies.
www.businesstimes.com

EU must resist Chinese attempts to divide it: Maas
The European Union needs to come up with a strategy for dealing with China’s growing economic and political role, German Foreign Minister Heiko Maas said on Wednesday, including dealing with targeted attempts at dividing the EU.
www.reuters.com

China pledges $10bn to Silk Road, Arctic projects in Russia
China Development Bank (CDB) has agreed to lend up to 65 billion yuan (US$10bn) to Russia’s Vnesheconombank (VEB) for financing projects under Beijing’s Belt and Road initiative and the Moscow-led Eurasian Economic Union (EAEU).
gbtimes.com

China’s Master Plan: How the West Can Fight Back

The U.S. and its friends will find it hard enough to address the difficulties China poses if they cooperate effectively and bring all the elements of their influence to bear. They will find it far, far harder if they don’t.
www.bloombergquint.com

UK banks should ‘help fund’ China’s push for new ‘Silk Road’ between East and West

UK banks should play a bigger role in financing China’s push to create a “modern Silk road” trade corridor between East and West, the City of London Corporation has said
www.telegraph.co.uk/business/2018/06/12/uk-banks-should-help-fund-chinas-push-new-silk-road-east-west/

China Is Taking Over What the U.S. Is Leaving Behind
China is investing in its future, as well as the futures of dozens of developing countries. This undertaking will have far-reaching effects – not the least of which is increasing China’s influence in the world.
dailywealth.com

China’s Tourism Boom Cause of Shrinking Account Surplus

The rapid growth of outbound tourist spending is putting the surplus in the total balance of money flowing in and out of China at risk

China’s Tourism Boom Cause of Shrinking Account Surplus

Didi-backed Grab Receives $1B Investment From Toyota
Japanese automaker Toyota Motor Corporation has announced a US$1 billion investment in Grab Holdings Inc., a Singapore-based ride hailing company backed by China’s largest ride hailing firm Didi Chuxing.

Didi-backed Grab Receives $1B Investment From Toyota

China makes it easier for foreign investors to get money out, but who wants to qualify for it?
Changes to the qualified foreign institutional investor programme will lift both a remittance ceiling and a three-month lock-up period
www.scmp.com

ZTE shares plunge in Hong Kong and Shenzhen after firm agrees to pay US$1.4 billion fine
ZTE tumbles 39 per cent in Hong Kong while its Shenzhen-traded stock tumbled by the 10 per cent daily limit, with Citic Securities predicting another 28 per cent drop in the mainland-listed shares
www.scmp.com

Bad news for ZTE: US Senate plots to crush Trump’s deal as Republican Senator Bob Corker rails against trade action
The US senate took a successful step towards reversing Trump’s ZTE deal on Tuesday, while an attempt to help Congress block his trade actions failed. Meanwhile, ZTE is to start trading stocks again on Wednesday
www.scmp.com

ZTE appoints team to replace board, fire senior executives
ZTE is seeking to resume operations as it approaches the two-month shutdown mark. But a Senate challenge to the settlement is clouding its outlook.
www.scmp.com

Chinese will spend 3 hours with internet every day in 2018
Adults in China will spend 6 hours and 23 minutes on media every day in 2018, up 11 minutes from 2017. Nearly half (47.1%) of media time, or 3 hours, will go to internet activities, an increase of 19 minutes from 2 hours and 41 minutes in 2017.
www.chinainternetwatch.com

Alibaba, SoftBank Invest $222M In Indian E-commerce Platform Paytm Mall
China’s largest retailer Alibaba Group Holding has joined SoftBank to invest 15 billion India rupee (US$222 million) in Indian e-commerce platform Paytm Mall, as part of the 30 billion India rupee funding commitment initially announced in April, according to Indian local media reports.

Alibaba, SoftBank Invest $222M In Indian E-commerce Platform Paytm Mall

Businesses: Embrace AI or Face Extinction
Make Artificial Intelligence Core Competency Within Next Five Years, Says Report The next few years will see massive investment in AI from both the Chinese government and the country’s businesses, boosting the competitive capabilities of the likes of Baidu, Alibaba and Tencent.

Businesses: Embrace AI or Face Extinction

Will China’s Solar Incentive Cuts Impact First Solar And SunPower?
China recently indicated that it would be cutting its incentives for solar projects this year, in an effort to keep a check on its ballooning renewable energy subsidy costs. The move is expected to significantly reduce the country’s solar installations over the second half of 2017.
www.forbes.com

China to ban new steel, coke and aluminium capacity in some areas
China will ban new capacity for steel, coke and primary aluminium production in some key areas, including the Beijing-Tianjin-Hebei and Yangtze River Delta regions, the State Council said on Wednesday, the latest effort to improve air quality.
www.channelnewsasia.com

Beijing one of China’s worst offenders in air pollution in May
China’s capital was once again identified as one of the worst places for air quality in May, ministry data showed on Wednesday, although general air quality in its nearby regions improved.
www.reuters.com

Haide Industry Raising $858M To Expand Non-performing Asset Business
Shenzhen-listed company Hainan Haide Industry Co., Ltd. has announced plans to raise up to RMB5.5 billion (US$858 million) from not more than 10 investors to boost its asset management subsidiary, according to its security filing.

Haide Industry Raising $858M To Expand Non-performing Asset Business

How to Transfer a Work Permit to a New Employer in China
For foreigners working in China, the work permit is a crucial document that must be attained prior to commencing work. The work permit is tied to your employer, which means that when changing jobs, the work permit must also be transferred to the new employer.

How to Transfer a Work Permit to a New Employer in China

Hong Kong workers feel they are not equipped with the right skills for digital economy: Survey
Workers say that they are not receiving adequate training in digital skills required for the digital economy
www.scmp.com

Property agents abandon China’s resort island as sales plunge on cooling measures
Tough measures to cool the property market in China’s resort island of Hainan have put the brakes on a real estate boom and underscore the policy risks developers and investors face as the government tries to rein in prices.
www.reuters.com

Tycoon Gu Chujun’s case review provides latest test of China’s treatment of private sector
As crackdowns on tycoons continue, Gu tries to clear name after 10-year sentence in 2005 on charges he said were trumped up by corrupt officials
www.scmp.com

China’s ‘Kingdom of Women’
In the foothills of the Himalayas lies picture-perfect Lugu Lake, the home of the Mosuo people and the gateway to a mysterious land often dubbed ‘The Kingdom of Women’.
www.bbc.com

3 Books to Read Before Your First China Trip
Amazingly enough, there are a plenty of really good, really short books that qualify, including the following three:

3 Books to Read Before Your First China Trip

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Alain Gillard
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