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Chinese Tour Operators to Assess Opportunities in Crimea During Visit

RIA Novosti - 1 hora 1 minuto atrás
Local authorities will carry out an informational tour of Crimea for Chinese tour operators between March 28 and April 1, according to the statement of the Crimean Ministry of Tourism and Resorts.






Categorias: Russia

Ford names new compact sedan as Ford Figo Aspire

The Times of India - 1 hora 41 minutos atrás
The much anticipated new Ford compact sedan has been officially christened as the Ford Figo Aspire, while the hatchback is said to be called Ford Figo, as before.






Categorias: India

Airtel, RCom gain capability for 4G service across country

The Times of India - 1 hora 50 minutos atrás
Bharti Airtel and Reliance Communications (RCom) have gained capability to provide 4G services across the country as they bagged requisite spectrum in the concluded spectrum auction.






Categorias: India

Oil price drop a stimulus for Chinese economy

China Daily - 2 horas 13 minutos atrás

The global crude oil price drop could be a stimulus to create further growth in the Chinese economy, said Robin Matthews, managing director of Europe and Asia at Deloitte Upstream Oil and Gas Advisory.

"Energy is now cheaper, so it's a benefit for China. On top of the government steps to stimulate the economy, this is now a macro effect," Matthews said.

Matthews was giving a talk at the UK office of China Petroleum & Chemical Corporation in London. The talk was attended by representatives from various Chinese companies in London.

Matthews shared his team's views about trends relating to global crude oil prices, forecasting it to stay at around $50 per barrel for the next few years.

The price of global crude oil fell from above $110 per barrel in early July of last year to below $50 by the beginning of 2015.

Matthews said the drop in price is largely due to the US stepping in as a new swing producer of crude oil, which is enabled by its shale production technology.

As a result, Matthews' team forecasts oil prices to stay around $50 per barrel, because increases in prices will be rather easily met by more supply by US companies.

He said the current oil price drop benefits many oil-intensive industries in China, especially in airlines, pharmaceutical and manufacturing industries.

Meanwhile, Chinese oil companies are required to operate much more efficiently because of the pressure to make profit in the changed environment.

"It will force them to be more efficient in what they do, they can't count on $100 per barrel prices to make projects profitable easily. They have to make sure the way they spend the money will generate good return," Matthews said.

"You can look at your supply chain, getting the costs out of the system, and really understanding what you are good at and focus on your strength," he said, adding that Chinese oil companies' overseas expansion is a good way for them to learn from the best industry practices to improve their efficiency at home.

He said cost reduction adjustments are carried out by big oil companies globally, and an example is BP, whose CEO Bob Dudley said earlier this year that the company needs to "rebase" to make sure projects are profitable at the new oil price, achieved partly by cutting capital spending.

And for Chinese companies, such increase in efficiency will generate long term benefits because when global oil prices increase again they will be able to make more profits by maintaining efficiency, he said. Meanwhile, the continual growth of China's real economy is having an upward impact on the price of oil, due to the high demand for oil, and its impact on other economies through trade and investment.

"The weakness of Europe's growth is a bit of a disappoint, but people count on China. Things exported out of Europe into the Chinese market also stimulate the European economy. I think the world will be very much watching china to continue to do good things," he said.

Categorias: , China

Securities investment funds allowed for Shanghai-HK stock connect

China Daily - 2 horas 13 minutos atrás

BEIJING -- China's top securities regulator said Friday that securities investment funds will be allowed to invest in Hong Kong's stock market through the Shanghai-HK stock connect program.

Fund managers will be able to raise new funds for investment in the Hong Kong stock market as qualified domestic institutional investors.

Previously, mainland investors who wanted to buy Hong Kong-listed shares were limited to institutional investors, and individuals who hold more than 500,000 yuan ($81,437) in their securities and cash accounts.

"Allowing fund companies to participate in the Shanghai-HK stock connect program will be conducive to product and business innovations, as well as the steady progressing of the program," according to a statement by the China Securities Regulatory Commission, which was posted on its official Sina Weibo account.

The Shanghai-HK stock connect program, launched on Nov 17 last year, enables investors to trade eligible shares listed on the other's market. It has marked an important step in opening up the Chinese capital market and will enhance capital market connectivity between the Chinese mainland and Hong Kong.

Categorias: , China

Chinese hi-tech firms, equipment makers gain traction overseas

China Daily - 2 horas 13 minutos atrás

BEIJING -- Chinese technology firms and equipment makers are gaining more and more traction overseas, propelled by the country's drive to realize a shift from low-end manufacturing onto construction into innovation hub for high-end technology.

As the government highlighted in a recent executive meeting of the State Council (the Cabinet), China needs to accelerate implementation of the "Made in China 2025" strategy by raising product and service standards in a bid to promote the economy to a medium-to-high level.

A mature equipment manufacturing industry could inject new momentum to China's economy under the "new normal."

The government report for 2015 delivered at an annual session of the National People's Congress (NPC) in early March said the country encourages its companies to participate in overseas infrastructure projects and engage in cooperation with their foreign counterparts in building up production capacity in a bid to increase the international market share of China's sectors of railways, electric power generation, telecommunications, engineering machinery, automaking, aircraft production, electronics and other equipment manufacturing.

No sector better symbolizes China's shift from a nation of labor intensive manufacturing onto one that excels in the high-tech field than high speed rail (HSR), which has already become a new "image card" for China.

The country's railway transportation industry is seeing great opportunities to export its technology, as China is engaging itself in discussions with Russia, Mongolia, India and Thailand on railway cooperation.

Huang Bin, an expert at Thailand's think tank KAITAI Research Center, said China's railway industry enjoys some prominent advantages and a late-mover edge as it is capable of offering a full range of ancillary equipment and has experience in operation uder different climate and terrain conditions. What is more important is that its products are always highly efficient and cost-effective.

In December 2014, China and Thailand inked a memorandum of understanding (MoU) on railway cooperation, agreeing to jointly build Thailand's first standard-gauge railway lines with a total length of more than 800 km.

The railway line, linking the Nong Khai Province in northern Thailand and the Map Ta Phut Port in southern Thailand, will be built totally with Chinese technologies, standards and equipment.

In January 2015, Kenya's Mombasa-Nairobi railway line was officially put into operation.

The 480-km railway line, built by China Road and Bridge Corporation, is the first to completely adopt Chinese standards outside the world's second biggest economy, and it is said to be the largest infrastructure project in the country since the independence of Kenya.

Always upholding the win-win principle, China actually has a fairly long history of railway cooperation with other countries. Officials from the Argentine province of Chubut recently revealed that they have been negotiating with some Chinese companies on possible railway cooperation.

The chairman of the Argentine-Chinese chamber of production, industry and commerce, Carlos P. Spadone said recently that no one wants to lose the opportunity to hitch a ride aboard China's economic development.

Over the years, China's railway transportation industry has witnessed earth-shaking transformation, as evidenced by its state-of-the-art technologies and equipment.

In 2014, the export contract value of China's top two bullet train makers, China South Rail Corporation (CSR) and China North Rail (CNR), exceeded three billion U.S. dollars, a 60 percent increase from 2013. They have recently announced that they would merge into a new company in a bid to accelerate overseas expansion.

The railway sector is just a snapshot of China's fast-evolving equipment manufacturing industry, as an increasing number of Chinese equipment makers and high-tech firms are "going global," offering cost-effective and quality products to regions and countries around the world.

In October 2014, Romania and China General Nuclear (CGN) signed a joint letter of intent to build two new reactors in Romania's Cernavoda nuclear plant for which the Chinese company has been designated as an investor.

Chinese nuclear power companies have also managed to gain ground in South Africa, Argentine and Turkey, as the country has formally launched its first indigenous nuclear power reactor design.

In August 2014, China National Nuclear Corporation announced that China's own-brand third-generation reactor "Hualong One" has passed through experts review to become the country's independent nuclear power technology that could be exported.

Categorias: , China

Countries rushing to AIIB as deadline nears

China Daily - 2 horas 13 minutos atrás

BOAO -- The Republic of Korea and Turkey have announced their decision to join the Asian Infrastructure Investment Bank (AIIB), the latest batch of wait-and-see countries to join as the application deadline draws close.

The move brought the number of countries and regions to apply as founding members for the China-proposed international lending institute to 37 as of Friday.

On Friday, China' s Ministry of Finance welcomed the decision and said the ROK will become a founding member by April 11 if other members approve.

The ROK and Turkey are part of an emerging wave of countries joining the AIIB which was started by Britain, who unexpectedly filed its application on March 12.

The bank now has 27 prospective founding members with the rest waiting for two-week approval, the ministry said.

The AIIB originally had 21 founders including China, India and Singapore which signed a Memorandum of Understanding (MoU) on the establishment of the bank last October in Beijing.

No western government was involved at that time.

The ice was broken on January 1, when New Zealand was officially approved as a founding member, the first developed economy to join. However, most developed economies remained uninvolved until Britain joined.

Since then France, Germany, Italy, Luxembourg and Switzerland have decided to join.

"It is good to see so many countries all over the world are joining, Asian countries and European countries," Hans-Paul Burkner, Chairman of the Boston Consulting Group, said on Friday during an exclusive interview with Xinhua, describing the trend as a very positive development.

But the United States and Japan, leaders of the World Bank and the Asian Development Bank (ADB) remained indifferent.

The Unite States has been too slow in accepting the necessity of the AIIB in the Asian world, Leo Melamed, the founder of global financial futures markets, said during the Boao Forum for Asia (BFA) Annual Conference 2015 held in Boao, a coastal town in south China's Hainan province.

"The AIIB is a very important move by Asia. I applaud that move. And it's necessary there is a development bank like such for the Asian world, whose economic volume is at least a third of the whole planet," said Melamed, Chairman Emeritus of the Chicago Mercantile Exchange.

The AIIB will be an international financial institution providing support to infrastructure projects in Asia, and is expected to be established by the end of this year.

Burkner said there is enormous need for infrastructure investments around the world and particularly in Asia with fast growing population, which is not possible for the World Bank or the ADB alone to satisfy.

"It also means more momentum in infrastructure investment, there will be cooperation and also some healthy competition with the ADB and the World Bank," he said.

Burkner also dismissed concerns on the AIIB' s governance and transparency.

"The more countries that participate, the more China allocates different roles and responsibilities," he said, noting the governance structure and transparency will keep improving in the process.

Experts believe that more countries and regions will choose to participate in the establishment of the bank, and the US may be no exception.

"I think they will join because it will be foolish not to," said Melamed.

US Treasury Secretary Jacob Lew will visit China as an envoy of President Barack Obama on Monday and Tuesday, just ahead of the deadline of March 31.

Categorias: , China

Telsa to localize production in China in 3 years: Elon Musk

China Daily - 2 horas 13 minutos atrás

BEIJING -- Telsa Motors plans to localize production and engineering in China, CEO Elon Musk told Xinhua on Friday, pledging long-term commitment to the market.

"We have a strong long-term commitment to China, and we tend to establish both local production and local engineering in China," Musk said.

Localization could be possible "in three years", he said.

In the meantime the company has to keep shipping models from the United States to China because their factory is not at full capacity.

Once the factory reaches full capacity, it is "just the sensible logical thing" to "localize production in China for the Chinese market, in Europe for the European market," Musk said.

The California-based electric car maker began taking orders in China in mid-2013 for its largest product, the Model S sedan, and started delivering the first cars to Chinese consumers last April.

However, sales in China last year fell short of Tesla's initial expectations, which reportedly triggered an executive reshuffle for its China team.

Musk acknowledged Tesla had a rough start in China last year. But he also emphasized that the company, founded in 2003, is still in its infancy, despite wide-spread perception that "Tesla is huge".

Meanwhile, he said speculators and scalpers misled the company to believe that the demand for the cars was "extremely high" during the launch. But when the cars arrived, the speculators canceled their orders, leading to excessive inventory.

"China is the only place on Earth that we have excess inventory. We are essentially selling cars that speculators ordered but we are not able to take delivery on," the CEO said.

In this "speculation hangover," which Musk used to describe the current period half-jokingly, Tesla will work hard to focus on its core customers, including addressing the charging anxiety, the No.1 concern of the Chinese consumers.

Tesla is dramatically increasing its super-charging network, and providing all customers in China with mobile adaptors that will allow them to charge anywhere, Musk said.

The company is also improving built-in maps and navigation, with a software upgrade coming out this week. It will integrate the traffic-based routing in the next few months, according to the CEO.

Musk said he has seen a steady increase in sales in China over the past three months and is "quite optimistic about where things are heading".

Tesla will continue to build charging infrastructure and establish a lot more stores in addition to the service centers, according to Musk.

"It is clear that we need to think of China in a very long-term way. We need to steadily boost the confidence of the Chinese consumers," he said.

The CEO doesn't think the economic slowdown in China will affect Tesla's commitment to the market. "China is attractive right now, and in long term," he said.

Categorias: , China

Property regulator calls for accommodative land supplies

China Daily - 2 horas 13 minutos atrás

A property construction site in Nanjing, capital of Jiangsu province. [Photo/China Daily]

Industry regulators called for tailored land planning for different regions, advising those with massive housing inventories to reduce or even put new land supplies on hold, in the latest notice released by the regulators on Friday.

On the other hand, the housing land supply should be increased in regions where the demand outstrips the current supply, said China's Ministry of Housing and Urban-Rural Development and the Ministry of Land and Resources in a joint release.

To improve the living conditions of the people, the new policy allows housing developers to adjust the housing structure as well as some undeveloped land for building commercial housing which can be used for developing various industries including emerging industry, pension industry, culture industry and sport industry.

Meanwhile, local governments can purchase the commercial housing to create new public housing projects for people living in poverty.

In addition, the two ministries will jointly strengthen supervision of housing developers' activities. The authorities have the power to punish developers' illegal actions involving restricting or banning them from land bidding, and even revoke their license.

In February, 66 out of 70 Chinese cities surveyed saw a continuous decline in new home prices, while prices in Shenzhen and Ganzhou rose, according to National Bureau of Statistics.

Related story: Housing market recovering By Zhang Jie, chinadaily.com.cn

Photo taken on July 17, 2014 shows a high-end commercial apartment project in Shaoxing, East China's Zhejiang province. [Photo/Agencies]

China's housing market is expected to rebound as the central government signaled desires to stabilize the market, China Business News reported citing industry experts.

The first half of this year is the best period to enter the market, and more people will be buying in the second half of the year, after signs of increasing housing prices emerge, said Zhang Hongwei, chief analyst of Tospur Real Estate Consulting.

Housing prices will start to pick up in the fourth quarter this year, CBN reported, citing from Ren Zhiqiang, the retired head of China's leading property giant Huayuan Group. According to Ren, 600 million square meters of inventory are expected to to be removed from stock. As housing investment and land supply are reduced, the housing supply and demand will be re-balanced, he said.

Policies in the housing market are loosing and more easing policies are expected to be unveiled. Policies such as raising the ceiling for home loans under the provident fund, and lowering the downpayment levels are to be expected, said Yan Yuejin an analyst with E-house China R&D Institute. Yan said these stimulations will boost market transactions and urge housing companies to raise prices.

Due to the new round of expected easing on housing policies, and the removal of housing inventories, the best time to buy a house is showing up in the first-tier cities, Zhang Dawei, chief analyst with property information provider Centaline told CBN.

According to Zhang, this "window" period for the housing market means the price will increase in next few months. However, as housing demand is lowering in third and forth-tier cities, not all cities will be part of this "window" period, Zhang added.

Only 20 cities' housing price will go up because of the strong demand, Zhang emphasized. After decades of high speed development, China's real estate market is starting to stabilize.

As population is gathering in first and second-tier cites, the mismatch between supply and demand will become even more marked, which could lead to a growth in housing prices in these regions. However, CBN reports that demand for housing in third and forth-tier cities will remain unchanged.

 

Categorias: , China

Drought hits China's Shandong province

China Daily - 2 horas 13 minutos atrás

A local resident shows a dried mussel by the Masong Reservoir in Changle county, East China's Shandong province, March 26, 2015. It's the first time that the reservoir has been drained of water since 1959. A total of 157 rivers have been cut off from water and 274 reservoirs dried up due to drought so far. About 2.54 million mu (about 169,300 hectares) of crops were affected. [Guo Xulei/Xinhua]

Photo taken on March 26, 2015 shows chapped bed of the Moushan Reservoir in Anqiu city, East China's Shandong province, March 26, 2015. The reservoir of a capacity of 278 cubic meters of water has only 220,000 cubic meters left. A total of 157 rivers have been cut off from water and 274 reservoirs dried up due to drought so far. About 2.54 million mu (about 169,300 hectares) of crops were affected. [Guo Xulei/Xinhua]

A dried mussel is seen by the Masong Reservoir in Changle county, East China's Shandong province, March 26, 2015. It's the first time that the reservoir has been drained of water since 1959. A total of 157 rivers have been cut off from water and 274 reservoirs dried up due to drought so far. About 2.54 million mu (about 169,300 hectares) of crops were affected. [Guo Xulei/Xinhua]

 

A local resident plants potatoes on the bed of the Moushan Reservoir in Anqiu city, East China's Shandong province, March 26, 2015. The reservoir of a capacity of 278 cubic meters of water has only 220,000 cubic meters left. A total of 157 rivers have been cut off from water and 274 reservoirs dried up due to drought so far. About 2.54 million mu (about 169,300 hectares) of crops were affected. [Guo Xulei/Xinhua]

Fishing tools are seen on the chapped bed of the Masong Reservoir in Changle county, East China's Shandong province, March 26, 2015. It's the first time that the reservoir has been drained of water since 1959. A total of 157 rivers have been cut off from water and 274 reservoirs dried up due to drought so far. About 2.54 million mu (about 169,300 hectares) of crops were affected. [Guo Xulei/Xinhua]

Categorias: , China

ZAKER helps traditional media reach more readers

China Daily - 2 horas 13 minutos atrás

The homepage of China Daily Website on ZAKER is displayed in this iPhone screen shot. [Photo/chinadaily.com.cn]

For e-readers or news-oholics, carrying a mobile device that receives the latest curated information is easier and more efficient than reading an old school newspaper.

Personalized news reader platforms have seen rocketing in growth due to the development and popularization of digital tablets and 4G networks in China.

As one of the major players in the space of curated information, ZAKER was established in December 2010 and has since developed its service on the various mobile platforms, such as IOS, Android and Windows Phone.

Li Senhe, CEO of ZAKER [Photo provided to chinadaily.com.cn]

Here we present an exclusive interview with Samuel Lee (Li Senhe), CEO of ZAKER, one of the major players in this booming market.

1. Compared with other products, what are the specific characteristics of ZAKER?

ZAKER is a Flipboard-like interactive sharing and customization reading platform that fill users' fragmented reading demand.

It can grasp the characteristics and needs of the audience through analysis, advanced algorithms and reading user preferences and attributes, and then make the greatest efforts to meet the individual needs of users.

2. How's the cooperation between ZAKER and traditional media?

ZAKER is a platform that provides profit for traditional media outlets. So far, we've reached more than 800 strategic media partnerships and thousands of news resources.

3. How do you estimate the user-generated content that is presented on ZAKER?

Apart from introducing content from professional media, we've launched a channel named "news topic", aiming at providing a platform for users who are eager to leave after-reading comments and encourage users to produce their own news in this online community.

4. More and more users are eager to share information through using news apps, and the demand for a socialized application based on a news app has witnessed a rapid increase.

Will the social attribute become one of the main aspects that affect the development of news applications?

The share function provided by ZAKER is welcomed by users.

Users can easily view, comment or forward content that is shared by friends, and their friends can make appropriate responses to these actions.

5. Does ZAKER provide special coverage for news events that attract wide attention?

ZAKER has always been a pioneer in working on news feed delivery.

During this year's "two sessions", a 24 hour daily rotational shiftwork was scheduled for the special coverage work. We also launched a special report on the "two sessions" for mobile devices.

ZAKER also produced news products that utilized technologies including HTML5 and JavaScript and also jointly worked with Xinhua News Agency to provide live reporting on the "two sessions".

6. Will the fast-growing number of self-employed media and official accounts on WeChat influence news apps' development?

ZAKER has been working closely with a certain number of well-known official accounts since the official account channel on WeChat was launched in 2013.

We provide secondary transmission for the accounts on ZAKER in attracting users, views and promoting brand awareness. This is a win-win cooperation model.

Categorias: , China

China, CEE launch promotion year for tourism in Hungary

China Daily - 2 horas 13 minutos atrás

BUDAPEST -- China and Central and Eastern European (CEE) countries Thursday officially launched a year-long event to promote tourism cooperation between the two sides.

Both Chinese Premier Li Keqiang and Hungarian Prime Minister Viktor Orban sent messages of congratulation to the launching ceremony.

Tourism serves as a bridge for the spread of civilization, cultural exchanges, and the promotion of friendship, Li Jinzao, head of the China National Tourism Administration, said at the ceremony.

There are no large-scale tourism exchanges between China and CEE countries, but the growth potential is enormous, he said.

He encouraged the CEE countries to develop more tourism products and provide more suitable services for Chinese tourists, saying China is willing to increase mutual tourism investment.

Levente Magyar, state secretary of the Hungarian Ministry of Foreign Affairs and Trade, said the number of Chinese tourists to Hungary doubled over the past five years and rose to 90,000 in 2014, adding that China has become Hungary's largest tourist source country in Asia.

He said that thanks to China's decision to open direct flights between Beijing and Budapest on May 1, the number of Chinese tourists would be increased greatly.

Chinese Ambassador to Hungary Xiao Qian, officials of the United Nations World Tourism Organization and tourism service providers attended the ceremony.

Earlier in the day, the China National Tourism Administration and their counterparts of CEE countries also held a conference on China's tourism information and workshops for travel companies.

Categorias: , China

China, Mongolia meet on cross-border trade zone

China Daily - 2 horas 13 minutos atrás

HOHHOT -- China and Mongolia have agreed to dedicate nine square km on either side of their border to a joint economic zone, in their first meeting on the issue.

The two sides met in Erenhot of north China's Inner Mongolia Autonomous Region on Thursday to discuss a zone comprising land in Erenhot and Zamyn-Uud across the border.

They will meet again in April, said Cao Hongying, deputy head of the foreign investment department of the Ministry of Commerce, on Friday.

The agreement over land allocation follows an August meeting between Chinese President Xi Jinping and Mongolian counterpart Tsakhiagiin Elbegdorj in which Xi stressed the importance of the zone and called for a separate free trade treaty to be signed as early as possible.

China and Mongolia share a border stretching 4,710 km. Erenhot, which sits on the route of the China-Mongolia-Russia railway, is the border's most significant customs checkpoint, accounting for 70 percent of trade between the two countries.

In June, China's cabinet approved the city to pilot preferential policies in finance, taxation, investment and industry to deepen cooperation between China and Mongolia.

Luo Qing, mayor of Erenhot, said on Friday that the zone will consolidate the city's role in trade and tourism, and contribute to Inner Mongolia's opening up.

Categorias: , China

Cambodia supports China's Belt and Road initiatives

China Daily - 2 horas 13 minutos atrás

PHNOM PENH -- Cambodia supports China's initiatives of the Silk Road and Economic Belt, the 21st Century Maritime Silk Road and the Asian Infrastructure Investment Bank (AIIB) which will contribute to greater regional connectivity, Prince Norodom Sirivudh, chairman of the Cambodian Institute for Cooperation and Peace, has said.

In a interview with Xinhua ahead of the Boao Forum for Asia which opened Thursday in China's Hainan province, Sirivudh said, " The ideas show that China is quite open to the world, and that China is ready to play a role in contributing to peace and stability in the region."

The three initiatives proposed by China are expected to top the agenda of the forum which will wind up on Sunday.

Sirivudh, who will share his views in the forum's session on " ASEAN Community: A Major Milestone for Asian Integration" on Saturday, said Cambodia is very supportive of the establishment of the AIIB and the Silk Road Fund.

"We hope that other friendly countries will follow the suit of France, Germany, Italy and other European countries to join the AIIB," Sirivudh said.

The prince said Cambodia will benefit from AIIB and the Silk Road Fund because they will promote regional connectivity.

Some analysts have termed the Boao Forum for Asia as Asia's version of the World Economic Forum which is held annually in Davos, Switzerland.

Lauding the Boao Forum for Asia, Sirivudh said leaders of governments, politicians, economists, businessmen, academics have all agreed that the forum is a very effective venue where important issues could be raised and discussed.

"This year's Boao Forum becomes one of the most important events among other forums in the world," Sirivudh said.

The Boao Forum for Asia Annual Conference 2015 is themed with " Asia's New Future: Toward a Community of Common Destiny".

"It's a great honor to hear that Chinese President Xi Jinping will deliver a keynote address on March 28," Sirivudh said.

In a separate interview with Xinhua, Kem Gunawadh, director- general of the state-run National Television of Cambodia (TVK), also hailed China for organizing the forum, saying it is a very important venue since it will bring together leaders in governments, businesses and academia in Asia and other continents to share visions on topics related to economy, regional connectivity development, politics and security, telecommunications, information, and culture.

Gunawadh said during the forum, China is expected to win support for its initiatives which are essential to strengthen Asian economies and regional integration.

Gunawadh said he would attend a media leaders' roundtable at the Boao Forum on Friday.

"Media has played a very important role to promote the Silk Road Economic Belt and the Maritime Silk Road to the peoples in the region."

He said it is media's role to apprise the people in the region of the economic benefits that the ambitious projects would bring to them.

"Aside from the economic benefits, the twin projects would also promote closer relations among countries and their respective peoples," Gunawadh added.

Categorias: , China

China stocks close higher on Mar 27

China Daily - 2 horas 13 minutos atrás

BEIJING -- Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 0.24 percent to finish at 3,691.10 points.

The Shenzhen Component Index went up 1.27 percent to close at 12,874.42 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.40 percent to end at 2,323.82 points.

Categorias: , China

Companies to dominate tech revolution, says official

China Daily - 2 horas 13 minutos atrás

China will highlight the dominant role of companies in technology innovation and establish a market-oriented innovation system, according to a State Council briefing on Friday.

The country will increase companies' say in state innovation decision making, develop an industrial model with businesses taking the lead, carry out inclusive financial and taxation policies for innovation and favor innovative products for procurement.

The decision is part of China's "Opinions on accelerating implementation of innovation-driven development strategy through strengthening institutional reforms" released the same day.

Lack of innovation was identified as a weakness of Chinese companies, and only 14 percent above a certain size undertake research and development (R&D) activities. The ratio of R&D input is only about 0.8 percent, according to the briefing.

Data from the European Patent Office revealed that among the 274 000 patent filings received last year, China submitted nine percent while the US contributed 26 percent.

Categorias: , China

Fosun reports profit rise of 24 percent

China Daily - 2 horas 13 minutos atrás

China's largest domestic private investment company, Fosun International, has announced that its profits last year rose 24.2 percent to 6.85 billion yuan ($1.1 billion). The value of its net assets rose 24.7 percent to 4.94 billion yuan, the company said in its annual report.

"With a twin-driver strategy of insurance and investment, Fosun has accomplished major achievements on both financing and assets, as well as optimizing the overall asset structure," said Guo Guangchang, Fosun Group's chairman.

Insurance has become Fosun's most important activity, affecting its operations and its profits, Guo said. Profits from insurance grew significantly, the report said.

On December 31 the value of Fosun's managed assets exceeded 113.1 billion yuan, accounting for 34.8 percent of the group's total assets.

Operating revenue from insurance rose 2,742.3 percent to 7.86 billion yuan for the year, accounting for 12.7 percent of group revenue.

Profit from insurance rose119.4 percent to1.15 billion yuan, accounting for 16.8 percent of group profit.

Fosun's adjusted ratio of net debt over shareholder equity fell to 73.3 percent in 2014 from 86 percent in 2013, and the company said this is expected to fall in a stable way in future.

The company said that last year it concentrated on planning the organization of its "healthcare and happy and fashionable lifestyle" activities, in addition to setting up Studio 8 as a controlling shareholder, privatizing Club Med and investing in Thomas Cook.

Revenue in the healthcare and happy and fashionable lifestyle areas rose 20.3 percent to 11.94 billion yuan, accounting for 19.3 percent of group revenue.

Categorias: , China

Geely to invest $372m on new London Taxi facility

China Daily - 2 horas 13 minutos atrás

British Prime Minister David Cameron and The Mayor of London Boris Johnson visit the London Taxi Company in Coventry, United Kingdom on Mar 26.[Provided to China Daily]

Zhejiang Geely Holding Group Co Ltd will invest 250 million pounds ($372 million) to build a new facility for the London Taxi Company in Coventry, United Kingdom, the Chinese company said on Thursday.

The 85,000-square-meter site, which is close to the company's existing factory, will house all of the company's research, development and assembly operations.

Up to 1,000 new jobs will be created through the investment in the site, which will eventually have the capacity to assemble up to 36,000 vehicles a year.

"This investment will secure the future of London Taxi Co. Today's announcement symbolizes the close business links between China and the UK, which is an attractive market for Chinese investment," said Li Shufu, founder and chairman of Geely.

"The London Taxi expansion will show how we can harness our resources, industrial knowhow and technology to produce an environmentally friendly next-generation London Black Cab," Li said.

This is a ten-fold increase on capacity at the company's existing site, which has been home to the London Taxi Company for almost 70 years.

"Geely's 250 million pounds investment and the creation of up to 1,000 jobs is great news for Coventry and a vote of confidence in our long-term economic plan to back business, create jobs and secure the recovery," British Prime Minister David Cameron said.

"The London Black Cab is iconic around the world and I am pleased that the next generation will have a state-of-the-art production facility in the UK," Cameron said.

"Britain is one of the most open and attractive economies. Chinese investment is welcomed and it is good for China and for Britain interms of creating jobs and livelihoods. Over the time these taxis will be seen being exported all over the world," Cameron added.

Geely's commitment to the London Taxi Company marks the largest ever greenfield investment in the UK by a Chinese company and is being backed with funding from the UK government's regional growth fund and other UK and local government support.

British Prime Minister David Cameron and The Mayor of London Boris Johnson visit the London Taxi Company in Coventry, United Kingdom on Mar 26.[Provided to China Daily]

The investment comes as the London Taxi Company continues the development of the next generation London Black Cab, which will be an ultra-low emissions vehicle to comply with new regulations being introduced by the Mayor of London that will reduce the level of emissions allowed from new taxis from January 2018.

The Mayor of London, Boris Johnson, said: "The production of zero emission capable vehicles, incorporating the latest state of the art technology, is essential as we strive to create the greenest taxi fleet in the world for London."

"I warmly welcome Geely's commitment to building this impressive new factory in Coventry, highlighting the UK's position as a world leader in the development and manufacturing of ultra low emission technologies. The vehicles this facility produces will help transform London's taxi fleet, boost jobs and growth in London and the West Midlands, and secure the long-term future of the taxi industry, whilst ensuring everyone who lives, work in or visits our city has the cleanest possible air to breathe," Johnson said.

The new vehicle will be developed using significantly increased UK and EU content, bringing economic benefits through the supply chain. It will be launched in the UK at the end of 2017 and across international markets in 2018.

The investment underlines Geely's commitment to London Taxi Company and the UK following its rescue of the business out of administration in 2013, since which time the company has invested significantly to restart production and fund the development of the successor to the existing TX4 taxi.

Production of the iconic London Black Cab began at the London Taxi Company's existing Coventry site in 1948 since when more than 130,000 vehicles have rolled off the assembly lines.

Kevin Sui contributed to this story

zhangchunyan@chinadaily.com.cn

Zhejiang Geely Holding Group Co Ltd will build a new facility for the London Taxi Company in Coventry, United Kingdom as the group prepares for the introduction of the next generation London Black Cab, which will be an ultra-low emissions vehicle.[Provided to China Daily]

British Prime Minister David Cameron and The Mayor of London Boris Johnson visit the London Taxi Company in Coventry, United Kingdom on Mar 26.[Provided to China Daily]

Zhejiang Geely Holding Group Co Ltd will build a new facility for the London Taxi Company in Coventry, United Kingdom as the group prepares for the introduction of the next generation London Black Cab, which will be an ultra-low emissions vehicle.[Photo by Zhang Chunyan/China Daily]

Zhejiang Geely Holding Group Co Ltd will build a new facility for the London Taxi Company in Coventry, United Kingdom as the group prepares for the introduction of the next generation London Black Cab, which will be an ultra-low emissions vehicle.[Photo by Zhang Chunyan/China Daily]

British Prime Minister David Cameron and The Mayor of London Boris Johnson visit the London Taxi Company in Coventry, United Kingdom on Mar 26.[Photo by Kevin Sui/China Daily]

Categorias: , China

Financial futures founder: US too slow in accepting AIIB

China Daily - 2 horas 13 minutos atrás

The signing ceremony of memorandum of understanding on establishing the Asian Infrastructure Investment Bank (AIIB) is held in Beijing, Oct 24 2014. [Photo/Xinhua]

BOAO -- The Unite States was too slow in accepting the necessity of the Asian Infrastructure Investment Bank (AIIB) in the Asian world, an important part of the global economy, Leo Melamed, the founder of global financial futures markets, said at a forum on Thursday.

"The AIIB is a very important move by Asia. I applaud that move. And it's necessary there is a development bank like such for the Asian world, whose economic volume is at least a third of the whole planet," said Melamed, at a sub-forum during the Boao Forum for Asia (BFA) Annual Conference 2015 held in Boao, a coastal town in south China's Hainan province.

Melamed, Chairman Emeritus of the Chicago Mercantile Exchange, said the International Monetary Fund has done quite well in the development of Europe. Asia is now at the critical point in the world that it deserves development just like in other regions.

"Many nations saw that and immediately joined the AIIB." said Melamed, who is more than 80 years old. "I think the US was too slow in accepting that necessity and I think they will join because it will be foolish not to."

"The AIIB will serve the Asian world in its development and there is no question about it. It will be great when it develops itself to be available to new ideas and new growth for the Asian world where I think new growth of the next 30 years will be happening." Melamed said.

Melamed said it is something should be high in the agenda of the Obama administration. The AIIB is an example of the kind of things he believes the US is too slow in understanding the importance of.

"I don't know what the Obama administration will do in the future, but I always believe that they have to be very flexible when they are thinking as the Asian world develops." Melamed said.

As China surpassed Japan as the world's second largest economy, China has become a very important or even the most important element in the Asian world, Melamed said.

"China understands that it has a big role to play but it cannot be until its currency becomes convertible and it opens up its borders to international participation. That's absolutely the next step." Melamed said.

The AIIB aims to become an international financial institution providing support to infrastructure projects in Asia, and is expected to be established by the end of this year.

Despite Washington's repeated pleas for partners to stay away from the bank, which it claimed is of "dubious standards" on governance, and environmental and social safeguards, an increasing number of its allies are now joining the China-led initiative.

The bank has had nearly 30 prospective founding members. Britain, France, Germany, Italy, Luxembourg and Switzerland have applied to join the AIIB as a founding member.

Timeline:

Oct 2, 2013 - Chinese President Xi Jinping pledged to set up an Asian investment bank to help fund infrastructure projects as he visited the Southeast Asian region.

April 10, 2014 - Chinese Premier Li Keqiang announced at Boao Forum that China was ready to "intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank (AIIB)."

Jin Liqun, former chairman of investment bank China International Capital Corp and vice-president of the Asian Development Bank, appointed as secretary-general of the Multilateral Interim Secretariat for Establishing the AIIB.

Oct 24, 2014 - Representatives from 21 Asian nations signed an agreement to establish the AIIB, including Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.

Nov 24, 2014 - Indonesia signed up as the last ASEAN country to join the AIIB. The establishment of the bank aims at spurring investment in Asian energy, transportation, telecommunications and other infrastructures.

Jan, 2015 - The number of AIIB founding members rose to 26, after New Zealand, Maldives, Saudi Arabia and Tajikistan officially joined.

Feb 7, 2015 - Jordan became the 27th founding member of AIIB.

March, 2015 - Ten countries, the United Kingdom, France, Germany, Italy, Luxembourg, Switzerland, Austria, Australia, Turkey and South Korea announced their intention to join, taking founding membership to 37.

Related story:

Reports on AIIB veto right denied by Zheng Yangpeng, China Daily

China on Wednesday denied reports that it had given up the veto power in the Asian Infrastructure Investment Bank, saying it is premature to discuss the matter.

"Participant countries are still negotiating the articles of the association ... as the number of participants grows, it is natural that every country's share in the organization will decline. It is pointless to discuss the issue before the articles have been formulated," Shi Yaobin, vice-minister of finance, said in a written question-and-answer format published on the ministry's website.

Citing anonymous insiders, The Wall Street Journal on Tuesday reported that Chinese negotiators persuaded key European countries to break with Washington and line up as founding members of the new bank by promising to relinquish China's veto power.

The list of founding members of the bank has been under the spotlight after the United Kingdom, France, Germany, Italy, Luxembourg, Switzerland and Austria applied to join the AIIB in the past two weeks. It is also likely that Australia and South Korea will seek the founding member status before the deadline. AIIB already has 27 prospective founding members.

Shi said in Wednesday's statement that participants have set an application deadline of March 31. It would take about two weeks to make a decision and the final list of founding members will be settled as early as April 15. After that date, countries could still apply to join as ordinary members.

"The AIIB is an open and inclusive multilateral development bank. China welcomes all countries to join and make contributions to infrastructure improvement in Asia," Shi said.

"However, China will respect their decision whether or when to join," he said.

Shi also said China is willing to strengthen communication with them under bilateral or multilateral economic dialogue mechanisms and cooperate with existing multilateral organizations.

 

Categorias: , China

Security forces ready for Boao Forum

China Daily - 2 horas 13 minutos atrás

Chinese patrol ship Haixun 21 heads out for waters around Boao in South China's Hainan province to tighten security for the Boao Forum to be held from March 26 to 29, 2015. [Photo/ecns.cn]

Chinese patrol ship Haixun 21 heads out for waters around Boao in South China's Hainan province to tighten security for the Boao Forum to be held from March 26 to 29, 2015. [Photo/ecns.cn]

Chinese patrol ship Haixun 21 heads out for waters around Boao in South China's Hainan province to tighten security for the Boao Forum to be held from March 26 to 29, 2015. [Photo/ecns.cn]

Chinese patrol ship Haixun 21 heads out for waters around Boao in South China's Hainan province to tighten security for the Boao Forum to be held from March 26 to 29, 2015. [Photo/ecns.cn]

Chinese patrol ship Haixun 21 heads out for waters around Boao in South China's Hainan province to tighten security for the Boao Forum to be held from March 26 to 29, 2015. [Photo/ecns.cn]

Categorias: , China
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