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A PLACE FOR LOVE, FAMILY AND FRIENDS... 16 … in one of the best areas for skiing Exclusive interview with Simpson Han, General Manager of The Westin Changbaishan Resort & Sheraton Changbaishan Resort RMB Role: Prof. Eswar Prasad 22 Central Tianjin Real Estate Market 2016 Review 29 How to Protect Interior Design of Shops 32 Top 10 Marketing Trends that will define 2017 34 Humans may get an infinite memory by 2030 46

InterMediaChina www.businesstianjin.com Business Tianjin December 2016 Dear Readers,

The best Ski Resort of China inside the most beautiful areas of the country is this month Cover Story. The General Manager of The Westin Changbaishan Resort and Sheraton Changbaishan Resort show us around its impressive well maintain hotels with a great outdoor BEST GIFT TO YOURSELF anD YOUR FRIENDS sports facilities around the sacred mountain Chang Bai, located in the border of North Korea and Jilin Province, and a bit less than 2 hours flight from Tianjin.

Our feature story for this month discusses on how pollution management is a collective responsibility and whether President Trump’s ascension to presidency will have any real impact on investment opportunities for Chinese in the US.

Living in a world where consumer is king makes it imperative for us TO to discuss in detail the top marketing trends that will dominate 2017 www.businesstianjin.com and to enable you to make informed choices; we have provided in- depth coverage of the real estate market in Tianjin and an overall MANAGING DIRECTOR economic outlook. Other interesting updates under this category J. Hernan dwell on Yum Brands segregation for Chinese market, chamber news [email protected] SUBSCRIBE from American, European and German Chambers of Commerce local chapters and a book review based on positioning of Chinese currency MANAGING EDITOR Mike Ross on the globe. [email protected] BUSINESS TIANJIN MAGAZINE With the holiday season approaching, it is time be good and do good EDITORS and our section on Corporate Social Responsibility of corporate Elvira Cheng, Malaka Yattigala houses is in sync with this sentiment. Also providing an insight are [email protected] sections that discuss how to solve business problems and showing sensitivity while pushing your employees to accept change. CONTRIBUTORS Tracy Hall, Ben Hoskins, Chelsea Cai Everybody knows what the all-important Qiu Ku is, but few talk about Robert Parkinson, Marwan Faddoul this. In Last Word we deal with this item now that winter is upon by taken photo of your business Philippe Healey, Justin Toy, Richard Cook card (or your friend) and send to us Priscilla Nolet, Michael Dow, us. Being culture conscious as Chinese are, anyone who wishes to do by Wechat scanning this QR Code. Andrew Smith, Edmond Yang business in the country would do well to be aware of the etiquettes and norms that he/she is expected to follow and it is our intention to If you don’t have business card, just DESIGNER provide help through our coverage of this aspect. ADD US in your Wechat to above QR Hu Yingzhe code or send email to : We round up this issue of Business Tianjin with biz brief and wish you [email protected] MARKETING, Events & Promotions all the luck. Don’t forget to visit our website www.businesstianjin. Zhang Danni, Jenny Wang com and follow us in our official Wechat account (ID: business_ [email protected] tianjin) for more information. PHOTOGRAPHERS Subscription Price for Business Tianjin Wang Yifang, Meng Yu 3 issues = 80rmb DISTRIBUTION 6 issues = 144rmb (10% discount) Lei Hongzhi 12 issues = 256rmb (20% discount) [email protected] Yours Sincerely, ADVERTISING AGENCY InterMediaChina Mary Smith SPECIAL JOIN SUBSCRIPTION [email protected] Managing Editor | Business Tianjin Magazine [email protected] Business Tianjin Magazine PUBLISHING DATE + Tianjin Plus Magazine December 2016

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Tianjin News Tangla Hotel Tianjin awarded as Tianjin Sheng Xi Museum of Fine Business Tianjin /December 2016 Luxury City Hotel Arts grand opening Wang Dongfeng elected Tianjin Mayor ◄ A place for Love, Family 05 BIZ BRIEFS and Friends... 09 NUMBERS ...in one of the best areas for skiing Exclusive interview with Simpson 10 ECONOMY Han, General Manager of Economic Outlook The Westin Changbaishan Resort & 12 FEATURE STORY Sheraton Changbaishan Resort Pollution Emissions, Everybody’s Business Sometimes there are opportunities to talk 16 COVER STORY Tianjin Sheng Xi Museum of Fine Arts with experts in different areas and this is A place for Love, Family and Friends... was officially opened on November 10th, the case with Simpson Han. He boasts of Wang Dongfeng was elected Mayor of Tangla Hotel Tianjin was bestowed 2016. The collections of the Museum many years of experience in the hospitality Tianjin Municipality on Sunday. The 22 Dialogue with the “Luxury City Hotel Award include master-piece of contemporary and tourism development in different parts of election was held at a session of Tianjin China and would like to share his perspective RMB Role: Prof. Eswar Prasad 2016” by World Luxury Hotel Awards art painting, sculpture and installation People's Congress, the city's legislative and knowledge with us. for demonstrating outstanding luxury art as well as international contemporary body. Wang, 58, is a native of Xi'an, 26 INVESTMENT facilities and services recently in Qatar. jewelry artists’ master-piece. The Shaanxi Province. He was appointed as See Page 16 President Trump brings mixed bag Tangla Hotel Tianjin is the flagship of museum is located at Gulou culture area acting Mayor of Tianjin in mid September for Chinese investing opportunities Tangla brand, China’s first high-end where Tianjin’s local culture originates. after former mayor and acting Party international hotel brand created by HNA With the advent of curatorial era, Sheng 28 INVESTMENT NEWS chief Huang Xingguo was investigated Hospitality Group. By virtue of its unique Xi Museum of Fine Art combines over allegations of "serious disciplinary 29 REAL ESTATE new luxury hotel service, adhering to physical art museums, networks and violations." Central Tianjin the international Six Star service quality curators to form a museum complex and carrying out the traditional oriental with “Academic”, “display” and” ◄ RMB Role Real Estate Market 2016 Review Tianjin issues its first work permit hospitality, Tangla Hotel Tianjin has communication” functionalities. The An exclusive dialogue with Eswar 32 IPR for foreigners finally gained recognition from World purpose of doing so is to create China’s Prasad How to Protect Interior Design of Shops Author of Gaining Currency: Luxury Hotel Awards and won the own cultural DNA and to pursue greater The Rise of the Renminbi 34 MARKETING “Luxury City Hotel Award 2016”. cultural achievements. Tolani Senior Professor of Trade Top 10 Marketing Trends that Policy at Cornell University Airbus advances Tianjin A330 Tianjin Airlines Announces New will define 2017 plant Route and Extends China-Britain The rise in the international role of the yuan 37 L EGAL ASSISTANCE Service has been much discussed, though perhaps The New Era on Administration of with more heat than light as the shackles have gradually come off and the RMB has Foreign-Invested Enterprises developed a more international role. Eswar 40 HR The Tianjin Administration of Foreign Prasad was formerly the head of the IMF’s Experts Affairs issued the first Work China division and has now written what looks 5 ways to convince your employees to accept change Permit for Foreigners to Dr. Jaiswal to be the set text on the internationalization Kuldeep from India on November 4th of the yuan, Gaining Currency: The Rise of 42 TAX&FINANCE after launching of the new work permit the Renminbi. Business Tianjin spoke to him China releases CRS compliance system in China. Tianjin is one of the ten about where the RMB is going and how it will pilot provinces of the new work permit get there. requirements for financial institutions European aircraft manufacturer Airbus Tianjin Airlines on Tuesday announced system for foreigners and has started Group SE said its new completion and launching of a new flight route from See Page 22 46 TECH to accept applications from foreigners delivery centre in Tianjin will deliver the London to Xi'an, capital of Shaanxi Humans may get an infinite memory working in Tianjin from November 1st. ◄ Humans may get an infinite first A330 to its customer in September province in May 2017. The new flight by 2030 The new policy reduces the application memory by 2030 2018. The new centre in Tianjin had service will be operated on an Airbus material for foreigners by about half and finished basic construction work. A330-200 aircraft with 18 business class 48 MANAGEMENT high-end experts are able to enjoy “green Memory is one of the ‘darkest’ sides of the Inaugurated in March, it is the company's and 242 economy class seats. The total How to develop a proper problem channel” applications which have no human’s body, which hasn’t been studied first overseas completion and delivery site flight time to Xi'an is around 10 hours solving approach for your business process? limitations on age or work experience. enough yet. We use our memory on a daily for A330. The centre has so far recruited and the aircraft will then continue onto The new application requires 10 fewer basis, memorizing daily news we hear or 52 PAST EVENTS more than 110 employees, or nearly 40 Tianjin. The airline, which launched its things we place in our room. So, our memory working days than before. percent of the total planned recruitment. first British route from London Gatwick stores some information regularly, clearing 53 CHAMBER REPORTS The Tianjin operations will be responsible airport in June this year, will also increase some old data, which is less frequently 56 LISTINGS for equipping cabins, furnishings, exterior its twice-weekly service to three flights used by us. This fact is the evidence for our 61 TRANSPORTATION painting and flight-testing. memory to have some limited size. But can per week next summer. we measure it? 62 Art & Leisure 64 BOOK REVIEW See Page 46 65 LAST WORD 66 BIZ FUN

Dec 2016 I Business Tianjin 7 Biz Briefs Biz Briefs

FINANCE HNA to buy 25% stake of HILTON Boeing to set up 737 completion Alibaba’s Singles Day sales hit 10 New Law Cuts Red Tape for Film GENERAL for $6.5billion center in Zhoushan, East China billion Yuan in 7 Minutes Makers and Targets Box Office st China launches $11 billion fund China sets up 1 information Cheats for Central, Eastern Europe economy demonstration area

China has approved its first national Chinese shoppers shrugged off any China's first-ever law for film information economy demonstration China's HNA Group plans to buy 25 Boeing will set up a completion and concerns over a slowing economy and industry streamlines and codifies the area in the eastern coastal province percent of Hilton Worldwide Holdings delivery centre for its 737 planes in bought 10 billion Yuan ($1.47 billion) movie-making process to promote local China has set up a 10 billion euro of Zhejiang. A ceremony was held on Inc from its biggest shareholder Zhoushan City in East China's Zhejiang worth of goods within the first seven productions, while simultaneously investment fund to finance projects Tuesday in Wuzhen, home of the annual Blackstone Group LP for $6.5 billion. Province, sources with the company minutes after Alibaba's Singles Day addressing more practical matters like in Central and Eastern Europe. The World Internet Conference, to mark the HNA, China's fourth-biggest airline, said on Friday. The Zhejiang Provincial online shopping festival kicked off box office inflation, experts said. Under China-Central Eastern Europe fund will start of work on the demonstration area. will pay $26.25 a share in cash for the Government, the Boeing Company, and on Friday. Alibaba said that the sales the country's new film law, number of be run by Sino-CEE Financial Holdings The demonstration area will explore new stake, a 15 percent premium to Hilton's Commercial Aircraft Corporation of once again set new records. Last year, reviews for each film will be reduced Ltd, a company established by the bank mechanisms and models for innovative closing price of $22.91 on Friday. Under China signed a framework agreement on Hangzhou-based Alibaba took more than from the previous two to just one. That earlier this year. This company was growth of information economy and the deal, Blackstone's stake in Hilton Friday. The completion center will be 12 minutes to hit sales volume of 10 means movies will still need approval formally launched by Premier Li Keqiang make Zhejiang a leader in "Internet will reduce to 20.75 percent and HNA Boeing's first overseas facility as part of billion Yuan. Shoppers spent more than before a theatrical release but will no during his visit to Riga on Saturday. The Plus", big data, smart cities, cross-border will replace the former to become the its 737 production system. It will consist 35.3 billion Yuan within the first hour. longer need the previously required fund is aiming to raise 50 billion Euros e-commerce, sharing economy as well as biggest shareholder of Hilton. The move of two parts: the 737 completion centre, a approval before production can begin. in project finance for sectors such as cultivation of new entrepreneurs.” infrastructure, high-tech manufacturing comes as Hilton's planned spin-offs of joint venture of Boeing and COMAC, and Law & Policy The new law, which took 13 years to Park Hotels & Resorts and Hilton Grand the 737 delivery centre owned by Boeing. formulate and will take effect in March, and consumer goods, the bank said. While China’s Cybersecurity Draft Law China to Launch Homegrown Vacations are underway. According to the The joint venture will install aircraft also decentralizes the approval process targeting Central and Eastern Europe, it Targets Foreign Hackers Tests for English-Language Skills could extend to the rest of Europe and terms, HNA will own about 25 percent interiors, including flight entertainment for films, allowing local reviewers to by 2020 other regions if relevant to China-Central of all three companies when the spin-offs equipment and seats and also provide make decisions. and Eastern Europe co-operation, it said. are completed by the end of this year. paint and repair and maintenance services for the 737. TELECOMS China Sets Up New Office to Cai Qi appointed Acting Mayor Consumers’ body takes up Reform Personal Income Tax China will be a middle-income of Beijing iPhone complaints society by 2030

China plans to roll out by 2020 a new set Chinese authorities could freeze assets of standard tests to streamline the way and take other actions against foreign English-language skills of its population hackers that might be threatening the are tested - from primary school students country’s infrastructure under a revised to professional interpreters. Ministry of draft of new cybersecurity law. Xinhua Education said it is borrowing elements says that the draft would allow police and A consumer protection group in China China will become a middle-class society from two major English-proficiency other agencies to freeze assets and apply is asking Apple to investigate problems China's Ministry of Finance has by 2030, based on income measures, tests - the Test of English as a Foreign Cai Qi, Deputy Director of General “other necessary punishment” against with iPhone 6 and iPhone 6s units established an office to focus on handling new research suggests. The world's Language (TOEFL) and International Office of Communist Party’s National foreign hackers, while also requiring automatically shutting off. Recently, individual income tax which is the number-two economy is currently at an English Language Testing System Security Commission, was appointed expanded security measures for industries iPhone customers in the country have country's latest move toward reforming early-to-middle stage of development in (IELTS). Universities worldwide use acting Mayor of Beijing, replacing Wang including public communications, energy been complaining about the problem its income tax system. The office, which terms of per capita consumption, roughly these tests to admit international students. Anshun. Cai, born in December 1955 in and finance. Monday’s report provided to China Consumers Association, the was established on Tuesday - just a day at the level of Malaysia in the 2000s, the Over 100 Chinese and foreign linguists Fujian province, has a doctoral degree no details. The legislation is expected to group said in a statement on Tuesday. after China appointed Xiao Jie as the Economist Intelligence Unit (EIU) said have been developing the new series of in economics. He worked in Zhejiang be passed in the coming weeks. If passed The shutdowns occur when the phone’s new finance minister - will shoulder the in a new report on Wednesday. But as English-language tests for over two years province from 1999 to 2013 and was in its current form, the cybersecurity battery charge drops to between 60 and process of introducing much-awaited the low-income proportion of population and its format will be made public before promoted to vice governor of Zhejiang in law could introduce new rules about 50 percent. A “considerable number” of reforms aimed at reducing the income shrinks, around three-quarters of Chinese the end of 2017. The testing system will November 2013. He was in this position how Chinese citizens’ data are stored consumers have complained to China gap. The new system will take into will likely be defined as "middle income" be enforced at the beginning of 2020. for only four months before he assumed and expand data access and censorship Consumers Association and many are account these other income channels by in 15 years' time, the report said. the post of deputy head of general office powers for law enforcement. facing the same problem, the group said. serving the party’s security body in 2014. charging personal tax via a new platform High-income and upper middle-income that will record the total income of an consumers will remain clustered in urban individual. areas.

8 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 9 Biz Briefs Numbers

CHINA IN THE WORLD Central bank to remove 1 Jiao China mourns first female J-10 coin series pilot’s death during training 10,000 people apply for a single civil service post 17.8 5 8.6 Last month’s biggest shopping Leading Chinese rechargeable Tencent concluded a deal day of the year, Single’s Day, battery manufacturer, BYD, worth $8.6billion to secure and saw consumers spend $17.8 has revealed it will be invest 5 buy Finland’s Supercell Oy, the billion on Alibaba’s Chinese and billion Yuan into three projects company which makes some of international marketplaces. based in Xi’an’s Hi-tech Industrial the world’s most popular games Development Zone. Projects will such as ‘Clash of Clans’. With this deal with high-end smart terminal the company is one step further manufacturing, new energy bus in its bid to dominate the global production and a straddle-type gaming industry. About 2.1 million people applied for One series of 1 Jiao coin was to be China is mourning the death of Yu Xu, monorail production project. this year's national civil service exam till removed from circulation starting on the country's first female J-10 jet pilot the last day of application, surpassing Tuesday, making the coin more valuable who was killed during an aerobatic last year's figure of almost 2 million. for collectors. People's Bank of China, training session on Saturday. Ms Yu was Applicants showed special enthusiasm the central bank, has called on banks hit by the wing of another aircraft after for certain job vacancies and tepid nationwide to hand over that the entire ejecting from her plane. The domestically interest in others among more than series of 1 jiao coins, adding that no made jet crashed into a field in Tangshan, 27,000 government posts available. new such coins are to be distributed, the Hebei province. "We have lost a comrade As of 5:30 pm on Monday, a vacancy 2.6 newspaper reported. The coin, minted and the air force feels great pain and at Central Committee of the China Reports show that China attracted mainly from 1991 to 1999, is among sadness for Yu Xu's sacrifice," air force Democratic League's reception office $2.6 billion in investment into the the fourth series of Renminbi coins. It spokesman Shen Jinke said. According attracted a record breaking crowd of Artificial Intelligence (AI) industry features a chrysanthemum on one side to reports, Ms Yu was forced to eject 9,837 qualified applicants, becoming the last year. and the National Emblem of People's from her plane after it collided with 30 most competitive job this year. The State Republic of China, the full title of the another. Many netizens expressed sadness China Business News reported that Administration of Taxation's nationwide state in Chinese and pinyin on the other at the sudden death of Ms Yu, who five new railway projects have branches are most desirable employer for side. was affectionately known as "golden been given the green light, a applicants. peacock". 8,830 project worth $30billion including Recent purchase of Carmike Beijing-Tangshan intercity railway, Cinemas by China’s AMC a key part of Beijing-Tianjin-Hebei Entertainment (whose parent intercity rail transit network. company is Wanda Group) gives China a considerable stake Freelance in Hollywood. The result of the deal and merger means AMC Entertainment will have control Writers & Editors over 8,830 cinema screens in the needed at Tianjin's 53.3 US. Premier Business Magazine! China’s overseas direct investment surged 53.3 per cent in the first ten months of 2016 despite weak global growth, signalling positive 261 signs for Chinese companies It is estimated that China’s car seeking to internationalise their sharing economy will be worth businesses. $261 billion by 2018. This news comes as Volkswagen is making stronger moves to take a share in this market.

Dec 2016 I Business Tianjin 11 Economy Economy

(essentially the private investment in urban areas was ECONOMIC OUTLOOK amount of money stronger than expected for the month By Anthony Lawry each person makes in a year) is of October which is a promising sign only around $6500 US dollars. In but also the aforementioned slump other words, Chinese people may in retail sales is a step in the wrong not simply have enough purchasing direction. In spite of this, another power to prop up the economy. promising indicator of growth is hile economic data negative for October, there was still worried about the continuation of Also, households tend to save about a drop in the price of petrol from released by the Chinese growth in a few sectors including China’s slowdown in light of the 30 percent of annual income, a $1.28 a liter to $1.24 a liter which government ranged from output of electricity, steel, glass, and steadiness and stabilization that has staggering figure compared to the could help contribute to the wallets Wbeing promising to being mixed in cement. In spite of mostly negative been seen over the past few months, United States where households save of all Chinese households. Petrol, September, October’s numbers were data, it may be pointing towards suggesting that consumption habits only 5 to 6 percent of annualized according to economists, is the single much weaker, indicating almost no stabilization from September to and the retail sector have slowed income. largest expense item for most Chinese evidence that the overall economic October despite a number of negative down considerably enough to regard Another factor that should be taken households. Forecasters suggest this drop in the price of petrol and the picture is picking up any steam from figures. Regardless, there are a the trend as being problematic. He into consideration is the fact that, Is There A Light at the End of the upcoming Christmas spending season the month before. Particular data number of economists that worry also notes that majority of growth the according to Fortune Magazine, Tunnel? of note was October’s industrial that these figures are overblown and Chinese economy has enjoyed over construction and government will help contribute to retail sales and production which grew at 6.1 percent, do not shed great light on the overall the past few months has largely been spending has significantly helped the larger economic shift that we have a figure the same of the month macroeconomic picture. due to a pickup in private investment, the weakening economy in order Nonetheless, the Chinese economy been witnesses to over the past couple prior but below the expected rate of mostly in form of mergers and to reach 6.5 to 7 percent growth will continue the long and arduous of years. process of transitioning. This is in growth. Retail sales were also down The majority of growth acquisitions. According to Scotiabank, targets. Speculation is building as to from the month prior from 10.7 GDP figures are projected to decrease whether a reduction in these sectors part why the property market is percent in September to 10 percent the Chinese economy year-on-year basis by 2018. This can be boosted by consumption and cooling down, why investment growth in October. Furthermore fixed has enjoyed over the demonstrates that even though the innovation (the famous economic is abating and a lift in financing Visit us online: asset investment, typically used as economy has, so far, avoided a hard rebalancing often talked about) in and loan is being given by central btianjin.cn/161201 a proxy for measuring construction past few months has landing, the slowdown will continue a country whose GDP per capita and provincial banks. Fixed asset and infrastructure spending, was largely been due to unless a myriad of economic figures surprisingly less weak than expected a pickup in private increase or at the very least do not since it dropped from 8.3 percent in decrease, but remain the same. September to 8.2 percent in October, investment. but was still a disappointing figure. As for interest rates, Economists at Continued Worries of Slowdown Goldman Sachs do not foresee any In spite of the mostly negative picture monetary policy changes significantly that the data suggests, there are still or incrementally over the upcoming a few positive signs to hold on to if One such economist is Capital months as another sign of market you are looking for a silver lining. Economics’ China watcher Julian stabilization in spite of other weaker While the overall trend appears to be Evans-Pritchard who was particularly economic figures. While officials are still concentrating on using an increased surge in credit to continue to drive growth, central banks have promised to maintain a “prudent” monetary policy. This is in part to prevent what they refer to as any “asset bubbles” like what some critics have pointed to as a housing bubble or an overall credit bubble driven by decades of bond-market driven GDP growth. It should then be noted that the slowdown in property market is a counterintuitive positive sign despite the fact that it also points to a slowdown in economic momentum in the coming months.

12 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 13 Feature Story Feature Story

to use your heating have it at the lowest temperature needed to warm up and for the shortest duration. It Pollution Emissions, is the same with air-conditioning, meaning if it’s not needed don’t use it.

Turn appliances off when you are Everybody’s Business not using them since leaving them on standby still uses energy. (You wouldn’t leave your car lights on as you would fear them draining the battery) Consider your appliances to be doing the same.

As you can see, these small changes in your life will lessen the landfill, reduce your own carbon footprint as well as save you money and help keep you and your loved ones happy and What is recycling and why to someone who may need them? healthy. Think about the goods that should we do it? Or how about donating them to you are buying. Do you need them? a charitable organisation that can Do they have a function? Recycle Recycling means re-using goods distribute them for you? that we now consider useless and your waste, start re-using, selling and making our waste products viable donating to the less fortunate and reduce your energy consumption. By Lorena Carey again. Yes, recycling is a huge step Walk this way towards reducing your own personal Save fuel. Yes, this is another big step. Try walking, cycling, carpooling and emissions. Ask yourself - can It be Walk, run or cycle instead of using make sure to turn off appliances when ollution is the dispersal of Do we need all this new stuff? recycled? Can I use it again? If the cars for short journeys, thus getting not in use. harmful substances released The truth is pollution There are so many people that buy answer is yes, well do it, take it to the the heart pumping and making you into air, water or land. emissions effect a product such as a dress and never recycling plant or re use it again. Food feel healthier whilst breathing this There are no disadvantages to PollutionP has a huge impact on global wear it, or wear it only once. We were packaging is often good for re-using, cleaner air that we are beginning to reducing your own personal pollution warming, natural habitats, fragile everyone. compelled to purchase this Item, and freezing excess food or as storage for create. If you need to use the car for emissions. There is only health, ecosystems, water we drink and even yet it has no use or function. It was a other products. work or school, consider carpooling. wealth and happiness, leaving you the air that we breathe, thus causing The truth is pollution emissions spontaneous purchase that led to yet Carpooling is better for the to look after the intricacies of your disastrous consequences for the earth effect everyone. It is not just the another item going into the landfill environment as four people in one day to day life just as you were doing and all its inhabitants. government’s responsibility to reduce Get crafty, you can make many things eventually. I’m not saying do not buy pollution emissions. Globally this with your recycled goods. I often melt car creates far fewer emissions than before. that new dress for family party you’re concerns everyone - just by taking my old soap bars together and make four people taking four cars. It is also going to, what I’m saying is make sure The world around us is changing small steps towards reducing your new bars and it is relatively easy to do. a bonus that it will reduce congestion it truly has function. And that goes Visit us online: rapidly. People are often overly own output, you could improve our There are a number of online ideas on on the roads and save money. If this for everything you consume. btianjin.cn/161202 concerned with their own lives and living environment dramatically. what to do with your old products. is not an option buy a lower emission the intricacy of day to day tasks, car. not particularly worried about their Advertising is everywhere, making own carbon footprint. Finance, Humans as a race, use up a huge Sell Sell Sell our decisions for us, telling us what to It should go without saying relationships and family are all amount of resources unlike any think and what to need. We need to Sell your old stuff if you’re not crafty, that you must turn your exceptionally important to everyone, other mammal on this planet. The train ourselves to distinguish between someone may be able to use it. The heating off when it’s not but reducing your carbon footprint definition of consume means to purge wants and needs and begin making age old saying that one man’s trash needed and if it’s starting saves you money and helps to and devour, whether it is food, our own decisions. This little tip will is another man’s treasure holds true to feel cold, put another improve the lives of you and fuel or goods. As humans, we firstly grow our finances and mark here. Make some money whilst layer in the first instance. your loved ones. are huge consumers. reducing your carbon emissions. By this I mean we buy the beginning to reduce the carbon Central heating creates and use up everything footprint. warmth where bacteria - the newest Donate spread more easily and this is one of the reasons technology, the Graph depicting the growth of There are many families that are in office workers catch airborne newest clothes, consumerism of urban households in need of economic help right now, germs more often than those bags, shoes, food, Shanghai few years ago Is as follows - so why not give away your landfill fuel the list goes on who work outdoors. If you do need bound clothes, shoes and electronics Global Co2 Emissions (oica, 2016) and on.

14 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 15 Cover Story

A PLACE FOR LOVE, FAMILY AND FRIENDS ... … in one of the best areas for skiing

Exclusive interview with Simpson Han, General Manager of The Westin Changbaishan Resort & Sheraton Changbaishan Resort

By Darren Grosvenor

长白山是一片既古老又年轻的土地。2012年万达的进入，把这里的发展一举带入了快车道，国内一 流滑雪场的建设，又为这里注入了前所未有的全新活力。威斯汀与喜来登位于万达小镇的顶部位置， 坐拥地势高处，俯瞰小镇全貌，一面紧靠山体，一面远望长白，深受滑雪爱好者、家庭旅客和高尔 夫球手的喜爱。两家酒店共有客房559间，在舒适的客房内远眺，目之所及皆是银装素裹的原始森 林，从起伏的山坡蔓延数里直至蓝色苍穹。部分客房配有阳台，可随时享受清新的山间空气。更值得 一提的是，酒店内设有滑雪屋和专属滑雪通道，客人可在店内办理滑雪手续，零距离滑入滑出雪场。

本期我们就有幸采访到了长白山万达喜来登和威斯汀度假酒店总经理， 韩国兴 (Simpson) 先生，韩 先生是长白山万达喜来登和威斯汀度假酒店总经理，也是中国国际酒店管理集团中首批担任高级管理 职务的职业经理人之一。从齐鲁礼仪之邦到滨海度假胜地，从山川秀美的潇湘大地到雪域无垠的壮阔 东北，他曾经在山东、海南、湖南、北京等地走过了二十多年的酒店服务和管理之路，现在将他丰富 的度假酒店管理经验带到了大美长白，在喜来登和威斯汀酒店贡献智慧、分享领导艺术，致力于将其 打造为长白山地区首屈一指的高端度假酒店，让这片古老的土地与森林散发出更加美丽的现代之风。

ometimes there are opportunities to talk with experts in different areas and this is the case with Simpson Han. He boasts of many years of experience in the hospitality and tourism development in different parts of China and Swould like to share his perspective and knowledge with us. Simpson started his career in the Shandong area and then moved to Hainan. The beach area of Hainan morphed from a small tourist zone to a resort experience. He was one of the first high-level managers of an International Resort within China. After several years, he has come to the Starwood Group’s resort complex here in ChangBaiShan.

16 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 17 Cover Story Cover Story

You have been managing high What are the key points that make profile hotels in different cities. We are delivering a The Westin ChangBaiShan Resort Each season gives a After all the experience you family environment to and Sheraton ChangBaiShan unique feeling. have had, what brought you to our team members. Resort stand at the top of the most ChangBaiShan? exclusive Ski Resorts of the world? within this area. The focus of tourism should aim towards this objective. is more space within the resort which I have worked in several cities and This resort was one of the first ski And, ChangBaiShan is very unique as allows you to enrich the experience provinces within China and I selected resorts within the Starwood Group. being one of first complexes that has for the guest. this location because it is a resort. I think ChangBaiShan is based on a family ski paradise which upgrades I have the ability to understand the the geography of the area - the lake, the experience more than just visiting special requirements of guests within In addition, it is in the North of volcano, low wind speed and the the snow, but making it more like ski a resort atmosphere which is new to China and after my long experience perfect zone for the best skiing and leisure. China. Guests spend a great deal of in Southern China (the warmer area), quiet environment. This is one of the time within the complex and the staff I feel the benefit of working in this best areas for skiing. The combined How are The Westin ChangBaiShan can connect with them. It is not the unique place will refuel my career concept of skiing and resort facilities Resort and Sheraton ChangBaiShan The Westin ChangBaiShan Resort same as a business or city hotel. There life with challenges and cooler clean is designed very well and has always Resort building their products and surroundings. ranked near the top. creating a competitive advantage to possible as well. From the local the halfway point of the mountain make a unique choice in China? airport, our complex is only 15 to 20 which is the top most part of tourism minutes which is very near. complex. Wanda developed and manages this complex area. The equipment is Firstly, we need to know our market. newer and in good condition. The In summer the keyword is cooling We have designed the resort to be a So many people think this area is so quality of materials used is of the and the forest coverage is more than one-stop experience. The things you much like the European ski areas in highest quality. As you know, skiing 95% so it is very shaded. In winter, the need (skiing, dining, tourism) are all Switzerland. We have these two well- is a new thing in China. The new keyword is skiing. People come here in one place and easy to access. The known and popular brands joined generation within China is taking to year after year to enjoy the sport and guest can share facilities between the together to give a great experience. this new sport. the environment with their family. two brands as well. They could have Our SPG elite members can also enjoy We have worked over the recent breakfast in the Sheraton today and and even higher level. Eventually, the then in the Westin the next day. We local airport will be designated as an What do you think about the years to build the transportation cooperation so the flights and other have our own in-house Ski House to International airport which should present and future of the Tourism assist with the needed ski equipment. increase the access by those from Development in China and what ways to reach the area from Shanghai, Tianjin, Beijing, etc. are convenient. There is a new practice area that is other nearby countries. This is place is ChangBaiShan offering that just 10 meters away from the resort. to know a different China within differentiates it from other places? We are making a new way to connect Changchun to this area as easy as You can ski in and ski out. We are at China.

It is growing rapidly. Most of the The ChangBaiShan Natural Area tourists are going abroad, but before is considered as one of the most they can do that, they travelling beautiful places of China. How does within the domestic market. The it attract more visitors to the hotels average number of times to travel you are managing? was approximately 0.2 times per year per person back in 1984. About 30 years later, in 2015, it has increased The hotel does not exist on its own. to 3 times per year per person. In It is part of the whole scenery. We addition, the amount of spending are focusing on all of China as our within the tourism industry is now customers. Even Tianjin has a direct increasing at more than 10% yearly. flight which makes it easier to reach than those resorts near Beijing. Other areas of China might have grass-lands China is also ranked number one for but that is a different experience. This inbound and outbound tourism and it complex is a unique combination contributes 11% to the national GDP. with nature. It also has a rich history The Chinese government has put of the Man nationality of the Qing new and favorable polices in effect to dynasty. grow this industry. In the near future, the winter Olympics should be held

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advanced level (Diamond) of skiing have several career growth programs We have many events. There are city promote this area to get the exposure Sheraton ChangBaiShan Resort ability. in the Starwood Group. We are wide and nationwide ski clubs that with the people. This is not only a ski delivering a family environment to prepare events here. We have several resort. It is a holiday paradise! our team members. car companies that hold their events The guest can get everything they here. We will have tree lighting here need within the resort paradise. We Thank you for attending the very soon. There will also be a x-mas have Skiing assistants that can coach Your resorts are specially loved interview. Would you like to add party and a new year’s party as well them on the skiing ability. We have by expatriates? What makes The anything else to share with our for the guests and children. a special area within the Westin to Westin ChangBaiShan Resort and readers? help kids lose their fear of skiing. Sheraton ChangBaiShan Resort the We understand the need for kids to preferable choice for foreigners and Tianjin is one of China’s most The whole experience is like a taking have special attention given to them high profile local guests? important, biggest and exciting a breath of fresh air. to make their visit happier. We have cities. If you had the chance to meet put special robes, slippers and areas each person in Tianjin, what would We are an international brand. The to satisfy their desires. We also have you like to say to the potential After talking with Simpson Han, nature complex is at an international a safe environment. It is a place for customers residing in Tianjin? I got the impression that he is the level. Our food and beverage is love, family and friends. person that knows, better than prepared as per this level as well. I anyone, the tourism industry in encourage my staff to be like a friend I think ChangBaiShan is unique and China from the hospitality point of You have rich experience in resorts to the guest. After your check-in, you special for Tianjiners and for the view. I also recommend everyone to and tourist destinations. What have can come to the staff like your single foreigners living and working within ChangBaiShan International Ski visit his comfortable resorts located been the important milestones in point of contact to assist with needs Tianjin. We welcome you here any Resort is maybe the best Ski Resort in an amazing area. A holiday your career? and desires. If there is a language time. You can see a different China in in China. What is your prediction paradise, as he likes to define this difficulty, the staff will do their best to this area. of the Ski Tourism Development in part of China, just beside the sacred assist. China? Actually, my background is from mountain Changbai “Permanent Human Resources side and from this We are ready to serve you. White Mountain” which half is Skiing is quite new within China. I was able to understand people and These well managed Resorts have a part of North Korea, but … this is the level of expectation. spectacular atmosphere and great another interesting story! The development will be very quick. What do you think needs to develop service. Are there any upcoming Besides the natural growth, the ski in ChangBaiShan to enhance the events that you would like to share leisure industry will also grow very Before that, years ago, there were future in the area and its lively with us? Visit us online: fast. By 2025, the coverage of this only local hotels within China and hospitality industry? industry should be approximately when the International hotels started btianjin.cn/161203 300 million people. We have seen coming I was able to make the Change is constant. We need to the number of people visiting transition to that style of hotel. ChangBaiShan growing by 15% each year. TFurther exposure of the area will increase this number. The Tourism industry, specifically Hotel and Resorts, is growing and Our Resorts are a rapidly developing in China. How do you maintain your staff and Holiday Paradise! build up your team in such a fast- changing environment? The Westin ChangBaiShan Resort and Sheraton ChangBaiShan It’s a good question. In the overall Resort are the most well managed industry, there has been so much hotels included in ChangBaiShan growth so there is not enough staff International Ski Resorts Area. to fill the positions. The area here is What other extraordinary facilities remote and quiet so my concept is could your guests find? to know the heart of employees. The people must love here. This is not a small place. We have the mountains, small towns, hotels The scenery, climate, pure air and and natural places to visit over the the base for their career through an seasons. We have 43 ski tracks on international hotel and resort chain the mountain. We have a world-class is a great benefit to them. I hope that skiing experience from novice to they will have a career path here. We

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he rise in the international role of the yuan has been much discussed, though perhaps with more heat than light as the shackles have gradually come off and the RMB has developed a more international role. Eswar Prasad was formerly the Thead of the IMF’s China division and has now written what looks to be the set text on the RMB ROLE internationalization of the yuan, Gaining Currency: The Rise of the Renminbi. Business Tianjin spoke to him about where the RMB is going and how it will get there.

You studied my analysis, it became increasingly for a PhD at the University Making the RMB a clear that the opposite was true. of Chicago – did its own heritage truly global currency Paradoxically, the dollar’s role as the shape your own economic thinking? dominant global reserve currency has How would you classify your own serves the Chinese become stronger since the financial intellectual background? leadership well in crisis. So then the book was my way The most significant thing I learnt terms of domestic of understanding how this came to from my professors and fellow be, and the analysis ended up looking students at the University of Chicago reforms. at the structure of global finance, the is the importance of careful analysis inherent structural weaknesses of the world and becoming one of the most of data and rigorous economic international monetary system, and interesting economies to follow. I was thinking. That training—to approach the reasons why the financial crisis brought in mainly to increase the every piece of data, every argument, resulted in the dollar tightening its IMF’s research work on China - it was every issue—with a critical and grip on global finance. already clear that China did not need balanced perspective is enormously the IMF’s money but would benefit valuable in one’s professional life, from research-based policy advice. In your new book Gaining Currency, whether as a business analyst, China’s economy has made great you make a convincing argument academic economist, or indeed any progress and increased enormously in that the RMB is some way off ever profession. While many professors at size since then, but many of the issues being a rival to the dollar, though Chicago have strong views, of course, An exclusive that we advised the government on one can see how the importance they teach their students to think and at the time are still relevant today! of the yuan is rising. What does dialogue with reach conclusions for themselves. These include the need to fix the the Chinese government see as the Eswar Prasad financial system, reform state-owned benefits of an international role for In my own work, I have learnt that enterprises, allow for more labor the yuan? Is it right to so think? that each school of thought has mobility, control local government Making the RMB a major global important and useful ideas that borrowing, make the exchange rate currency would enhance China’s role Author of need to be taken seriously. And I more flexible, and improve the public in the world economy. There would also recognize that, while economic tax and expenditure systems. also be some tangible benefits, such Gaining Currency: models and analysis are essential as lower currency risks for Chinese in designing economics policies, importers and exporters, if the RMB The Rise of the Renminbi In your 2014 book The Dollar policymaking in the real world is a lot starts playing a more significant role Trap, you argue that that was no and Tolani Senior messier. It is important for economists in cross-border trade and financial foreseeable rival to the dollar in to get outside their comfort zone transactions. However, there are also Professor of Trade Policy international finance. Was the and engage with policymakers and some costs—it would be harder to aim of the book to seek the facts at Cornell University also the public to shift debates and keep the value of the currency stable. of the situation or to remove policymaking in the right direction. misapprehensions? By Mike Cormack To be frank, when I started writing A more important point in my view What led you to the position of the the book I had expected to write that is that the objective of making the head of the IMF’s China division the financial crisis had weakened the RMB a truly global currency serves in 2002-2004? What were the main dollar’s role in global finance and that the Chinese leadership well in terms issues you handled whilst there? other currencies, such as the euro and of domestic reforms. It provides I was fortunate to be asked to head perhaps even the renminbi, would a framework for pushing forward the IMF’s China division at a time soon be serious rivals. As I looked capital account opening, financial when China was opening up to the through the numbers and conducted sector reforms, and exchange rate

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flexibility and blunting domestic Chinese government, particularly of these financial sector reforms, opposition to those reforms. In the In the absence of for the PBOC, in pushing forward such as the liberalization of bank book, I describe this as a “Trojan broader political, domestic reforms. Closer engagement deposit and lending interest rates, horse” strategy. Whatever happens legal, and institutional with China also benefits the IMF, these reforms need to be supported with the RMB’s prominence on the which in recent years has lost some by real-side and institutional reforms. world stage, such reforms are good reforms, the RMB of its relevance to emerging market These include restructuring of for the Chinese economy. poses no serious economies. Some of these economies state-owned enterprises, as well as have come to see the IMF as being a broader set of reforms that are challenge to the run largely by and for the interests of essential for the smooth functioning China’s acceptance into the IMF’s advanced economies, so this move of markets—such as improvements Special Drawing Rights was dollar. counters that perception to some in corporate governance standards, evidently something it worked hard extent. auditing and accounting standards for, and which authorities such When China decided it wanted to get for corporations, and corporate and as Christine Lagarde also largely the RMB into the IMF’s elite basket of currencies, it felt that this would be The PBOC has tried to aggressively From a longer-term perspective, government transparency. desire. Was this another case of You several times demonstrate the push for financial sector and capital however, capital account opening can wanting to bind China into the a great way of getting more prestige strategic intelligence of the Chinese for its currency in one fell swoop. account liberalization and reforms. have many benefits for the Chinese international system? If so, how in their development of the role But it has to work within tight economy. Some of the capital flows Let’s look ahead say to 2030. What would you evaluate that policy? The IMF and China came together of the yuan. Yet when the PBOC would success look like to the and decided on a checklist of things political and institutional constraints. we have been seeing recently reflect The RMB’s inclusion in the IMF’s SDR moved the RMB to a more market PBOC? What international role that China needed to accomplish Despite those limitations, the PBOC portfolio diversification by investors, basket could prove to be a good thing determined rate in August 2015, it does the Chinese government want over the next year. That checklist could have done better in the August including households, corporations, both for China and the IMF itself. caused a near panic in the market. for the yuan? Do you think it will turned out to be very useful to the 2015 episode. Since then, it seems to and institutional investors. Such What happened there? What lessons have learnt some of the right lessons. diversification is beneficial to succeed? would the PBC have learned? investors and also creates competition While the trajectory of the RMB’s China’s intervention to devalue the for the domestic banking system, rise is remarkable, the hype about For instance, the PBOC in principle RMB while ostensibly loosening its which could spur reform efforts. A the currency’s inevitable rise to now manages the RMB’s value relative control of the currency was intended more flexible exchange rate could also dominance and associated fears to a basket of currencies rather to make progress on an important act as a shock absorber that could about the U.S. dollar’s decline are than the U.S. dollar. This makes reform while deflecting domestic cause capital outflows to settle down. overblown. If China plays its cards good economic sense. The PBOC is opposition. However, because of poor right, with financial sector and other also doing a better job in terms of communication about actual policy market-oriented reforms, the RMB communicating its policy objectives The approach of tightly managing the intentions and the fact that it came might conceivably one day become a to markets, with Governor Zhou currency’s value and allowing it to at a time of great concern about the significant reserve currency, rivaling Xiaochuan giving press interviews move only gradually in one direction state of the Chinese economy, the the Japanese yen and British pound and speeches to lay these out. can sometimes have the undesirable move backfired as it was seen mainly sterling and perhaps even the euro. However, markets still perceive a lack effect of perpetuating capital as a panic-driven measure to prop up It could even partially erode the of clarity in the PBOC’s intentions flows in a particular direction and growth. dollar’s prominence in global finance, and markets have been kept guessing exacerbating tensions in domestic particularly as a payment currency. about the PBOC’s true goals and policies. But, in the absence of broader The after-effects of this misstep policies, which creates a risk of political, legal, and institutional have persisted until now, with any further volatility in currency markets. In chapter eight, you discuss the reforms, the RMB poses no serious downward move in the currency’s weaknesses of the Chinese system, challenge to the dollar’s supremacy as value interpreted as at least partially We are seeing record outflows of from shadow banking to capital the dominant global reserve currency. signaling the government’s desire to capital, with an outflow of US$46 flight. Does the government have use currency depreciation as a tool to billion in October alone. Is this sufficient tools to tackle them? promote exports and growth. My view Gaining Currency is out now. Eswar simply down to poor growth in Might institutional conflicts (such is that the PBOC has more honorable Prasad can also be followed on China and seeking investments as the needs of local government intentions—to let the currency float Twitter at @EswarSPrasad elsewhere, or what other reasons are and SOEs) hinder a genuine push to more freely—but is now caught in a there? resolve them? Visit the book at trap somewhat of its own making. China has taken a risk in opening China’s government needs to fix GainingCurrency.com up the capital account and easing the banking system, bring the You are justly critical of the PBOC’s restrictions on both capital inflows shadow banking system under communication ability. Do you and outflows before fixing its financial control, and develop a broader set of think it can adapt to a more open system. This can sometimes result formal financial markets, especially Visit us online: and accountable mindset? Does it in capital outflows that put excessive corporate bond markets. While there btianjin.cn/161204 have the institutional strength to do downward pressures on the currency. has been limited progress on some so?

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practice meaningless, Trump has also threatened to slap a 40 percent tariff on all Chinese goods, a move which would undoubtedly be disastrous for US/Chinese trade and could spark a trade war between the two countries in which China would in turn reciprocally place tariffs on US goods entering China. The results would be incredibly destructive to the relative President Trump Brings Mixed Bag economic cooperation between US and Chinese financial and for Chinese Investing Opportunities macroeconomic officials and would likely devolve into lower growth for both countries, thus creating a ripple effect around the world potentially snowballing into a global depression.

All in all, these results are incredibly uncertain and none may end up fully devolving as such negative outcomes close ties with Chinese officials. This for any reasonable conclusions to that many within the chattering class will likely result in the continuation be met on how damaging a Trump By Anthony Lawry have described. As Trump asserts, a of joint-cooperation between US and presidency will be to the current strategy of uncertainty is a great way Chinese financial institutions on, for relationship, which is still under resident-elect Donald Trump’s Partnership (TPP) is basically dead. back on these comments saying the to gain an upper hand in politics. example, if and when the US will raise strain from economic, militaristic, unforeseen win is likely to President Obama had a slim chance realignment with China is still on. Unfortunately for investors looking interest rates. Although Diamond and political issues. Regardless, the reflect unforeseen economic of getting it passed in the lame duck Although the full financial outcome to make smart moves to capitalize on is one of the favorites, it could also most immediate cause for concern are policiesP as there is little consensus on session but now that is a moot point of this regional realignment will not Chinese growth, such uncertainty is be Goldman Sachs’ Steven Mnuchin the issues surrounding Trump’s claim what a Trump presidency translates as Trump would undoubtedly reverse fully metastasize for years and maybe not ideal. It is impossible to foresee with little experience in Asia, but that China is a currency manipulator into. This is especially true in relation that within the first few days. This even decades, it will likely be very ‘black swan’ events like the past another Wall Street insider. The rest and the threat of slapping tariffs on to China as he spent the majority of translates into countries within East positive for China’s OBOR initiative election. There are causes for concern, of Trump’s economic team is chalked Chinese goods. Any signals pointing his campaign viciously targeting the and Southeast Asia to more readily and overall Chinese growth in the but perhaps the most even handed full of Wall Street insiders which is towards this development should be Middle Kingdom for transgressions align their economic interests with long-term. However, the long-term approach would be to just wait and a good signal for the continuation an immediate red flag to any investor and what he viewed as unfair trade. China in what will undoubtedly consequences of a Trump presidency see what happens. of a close economic relationship regardless of time horizon in which At first, global markets were rocked become a regional trading bloc could be extremely negative. between the two countries. That maturity of initial investments are from the uncertainty surrounding centered around China’s One Belt being said, it can’t be ignored that one expected. As for short and medium-term the shocking election result, but of Trump’s economic advisor’s during Secondly, President Trump may likely investing, it looks like the initial rebounded again. Yet whether or not the campaign was Peter Navaro, be aggressively antagonistic towards shock on markets from a Trump Overall, political instability in Trump’s policies will be conducive for As for short and director of “Death by China”, an anti- trade with China. This is the result presidency has worn off. It appears as conjunction with dramatic policy more growth is to be determined and trade film advocating downgrading medium-term of nearly a year and a half of Trump though he is tapping Jamie Diamond, shifts in the US have not been a should be looked at with suspicion of economic ties between the two singling out China for being what head of JP Morgan, the largest bank major issue between the US and regardless of what he suggests. But investing, it looks like countries. Nonetheless, Navaro’s role he called a currency manipulator. in the US, to be his treasury secretary. China since the rapprochement how will President Trump’s policies the initial shock on in Trump’s administration, like most He may propose legislation officially This is a positive sign for Chinese between Chairman Mao Ze Dong affect investments in China? Are the of Trump’s de facto policy platform, is markets from a declaring China as such and could banks as the US firm has been and President Nixon. Even then, signs as bad as they seem? Should we yet to be seen. even take China through a World operating in the country for decades, despite the checks and balances of believe the attacks he threw at China Trump presidency Trade Organization arbitration resulting in Diamond the US political system, presidents during the campaign? has worn off. process for this alleged manipulation. having multiple There is much cause for concern over have a large degree of leeway when it He has pledged to take steps towards the events that have transpired over comes to trade and a hostile Trump Regardless of the unknown nature of these actions on the first day of his the past year and half with the US in the White House should not be One Road (OBOR) initiative financed exactly what macroeconomic policies presidency which would at least election, the lies that have been underestimated. by Asian Infrastructure Bank as Trump will pursue for the United include issuing a mandate declaring uttered on China by both sides well as other Chinese policy banks. States and the impact of those policies China a currency manipulator. and the degree to which anti- Even Filippino President Rodrigo on foreign trade, a few points should While labeling China as such is Chinese sentiment has risen in Visit us online: Duterte after signaling a willingness be expected. First, the Trans-Pacific relatively outdated, inaccurate and in the United States. It is too early btianjin.cn/161205 to now work with Trump has walked

26 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 27 Investment News Real Estate Stocks and Shares

Chinese Business Executives Are Not Worried About a Trump Presidency While the major story coming out for this sentiment include the notion of the United States is the damage that Trump’s anti-Chinese rhetoric was president-elect Donald Trump is wreak just political talk during a campaign, on the country, a subplot is the way in the trade relationship between the which Trump will damage the business United States and China is stronger Central Tianjin relationship between the US and China than protectionist sentiment, and that potentially causing a trade war by Trump will be politically limited based slapping tariffs on Chinese goods. But on Republican pro-business lobbyists multiple Chinese business executives and Chinese-American business Real Estate Market 2016 Review have voiced their lack of concern about interests that rely on free trade for the this issues.While there are multiple success of their businesses. By Chelsea Cai, Head of Research at JLL Tianjin reasons behind this, major justifications Source: CNBC President Xi Calls Trump to Talk Trade and Chinese Business ianjin’s amazing skyline along the river always fascinates visitors and it is especially impressive given that it has Meanwhile, Chinese President Xi deeper discussions on more nuanced grown from the ground up within only a decade. Besides just seeing all of the new high-quality office towers and Jinping took proactive steps to ease the topics. In the aftermath of discussions, fancy shopping centres, people are curious to know what has pushed the city’s rapid development and who is worries of domestic business owners the Global Times reported that if trade Tactually occupying all of that new commercial space. Before answering these questions, one thing is for sure – growth of and international business leaders by between the United States and China real estate market has made Tianjin a more liveable city and a better place to work and visit. inviting president-elect Donald Trump were to be set back by impediments to discuss with him business-related such as escalation of tariffs potentially issues like trade and suggesting that reaching as much as 45 percent, the Higher quality tall buildings light up central Tianjin cooperation between the United States companies to be hit worst by these and China on topics like trade and actions would be US firms Boeing and Central Tianjin’s overall office market systems and high-speed lifts. petrochemicals expanding in Grade economic growth is the only “correct Apple, both of which are highly reliant stock has reached 2.6 million sqm in Additionally, more natural lighting A office market and also from a wide choice” between the world’s two largest upon manufacturing products within 2016, double the figure of three years and air quality management systems range of domestic firms upgrading economies. They also agreed to meet China. earlier (1.3 million sqm in 2013) and appeal to companies that are keen from Grade B office space. within the short-term future to hold Source: Investor’s Business Daily triple that of ten years ago (847,000 on creating a workplace focused on sqm in 2006). Among these new employees’ health and productivity. Behind the demand, we also find Yum Brands Spins Off Chinese Business buildings there are several that have positive fundamentals for Tianjin been built to very high standards, The good news is that demand is office market. Although less developed In other news, Yum Brands, the owner be operationalized and mechanisms in similar to what you would find in coming from a diverse group of than Beijing and Shanghai, Tianjin’s of KFC and Pizza Hut, has decided which it will occur have still yet to be Beijing or Shanghai. This year’s Grade tenant types and from a diverse range service sector has started to catch up to split off its Chinese stores turning disclosed. However, Yum has affirmed A office market has welcomed several of industries. In a recent article “Who and its contribution to total GDP is Yum Brands restaurants in China to that it will not leave the newly founded new, tall buildings in the CBD area; will fill the void left by P2P tenants,” now higher than the manufacturing become a collectively separate business company with any significant levels Vantone and the Modern Group are we focused on how demand in 2015 sector. We expect a number of venture from that of the rest of Yum of debt that have been accumulated good examples of developers of such from Peer to Peer (P2P) lending companies from service sector to Brands. This is largely in part the result over the years in which it has operated buildings. companies had rapidly expanded and become active and build a long-term of difficulties the company has faced within China. The newly formed then collapsed. In 2016, demand has presence in the city. in operating within the world’s largest publicly traded company will be sold End users are attracted by interesting come from tenants in a wide range market, mostly being more robust local on Hong Kong’s Hang Seng stock facades, impressive lobbies, security of industries from technology to competitors causing decreased profit exchange. margins. Details on how the split will Source: CBC News

28 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 29 Real Estate Real Estate

Selected list of key office projects in 2016: Travelers spend short holidays in Tianjin Project Name Developer Name Completion GFA Submarket Tianjin’s hotel industry has benefited for several days, brought international have witnessed rapid development Year from short holidays and overnight organisations and attendees to the city. of this Tier 1.5 city’s real estate Vantone Centre Beijing Vantone Real Estate Nanjing Road- trips in 2016. About 2.5 million market. We also expect stronger (万通中心) 2016 54,000 (北京万通地产股份有限公司) Xiaobailou travelers visited Tianjin during May’s By the end of 2016, Four Seasons fundamental factors, such as the MIFC Modern Group Nanjing Road- Labour Day holiday, according to hotel is expected to open along above average national level of (现代城天津国际金融中心) (天津现代集团有限公司) 2016 121,000 Xiaobailou recent data from the Tianjin Tourism Nanjing Road in central Tianjin. The GDP growth rate to support the Bureau. Some leading upscale hotels increasing number of 5-star hotels economy, to attract more talents to Yanlord Riverside Plaza Yanlord Land Group Nanjing Road- have reported nearly fully occupancy indicates a higher level of service, the city and to enhance commercial (仁恒置地国际广场) (新加坡仁恒集团) 2016* 44,000 Xiaobailou rates during several holiday periods. better training for employees and fun leasing demand in the long term. Thanks to convenient transportation experience for customers. Next year, Tianjin’s supply boom will cause Selected list of key office projects in 2016: network and intense pace in big cities, we look forward to seeing the National some high vacancy rates in the five-star hotels seem to enable local Games of China and other events that short term but will result in stronger Completion people to lead a stylish lifestyle. There help the authorities to brand the city commercial real estate market Project Name Developer Name GFA Submarket Year has been a trend for residents of both as an international and domestic with new and exciting options for Metropolitan Plaza Hutchison Whampoa Beijing and Tianjin. Stay a weekend travel destination. workers, shoppers and travelers. ( 世纪都会 ) ( 和记黄埔有限公司 ) 2016 70,000 Nanjing Road with family or friends and enjoy the beautiful riverside and a 100-year-old Looking ahead SM City Phase I SM Prime Holdings 70,000 historical site in Tianjin. (SM天津滨海第一城) (SM 天津滨海广场 ) 2016* (Total GFA: 540,000) Airport A downside risk of all of the new Another demand driver for the city construction is new supply will Joy City Heping GIC&HKR is the hosting of international events. outpace demand for commercial ( 天津和平大悦城 ) (新加坡政府投资公司， 2016* 55,000 Nanjing Road space, resulting in short-term 香港兴业银行) In the past 11 months, the Summer Davos Conference in June and the concern for oversupply. However, ▲ Source: JLL Research, 3Q16 Women's Tennis Association (WTA) as a real estate consultancy with a Visit us online: *Forecast data Tianjin Open in October, which lasted presence in Tianjin for ten years, we btianjin.cn/161206 Retail projects expand customer’s shopping options The retail market is being transformed As a city with retail sales growth rate from traditional department of 10% for the past year, retailers are stores to one based on experiential keen to add a presence in Tianjin. Large-sized shopping space combined with an indoor Apple opened its second and third entertainment function. As customers stores in Tianjin and brands such as centres have the become more sophisticated, buying Walmart’s Sam’s Club have entered the advantage of being clothing and dining-out are no longer market for the first time. able to provide the reasons to visit malls. Since there Local customers now have a greater is a lack of public services, such as selection of retail options than before everything a shopper those seen in Beijing’s Sanlitun or and shopping malls are of higher needs in one location. art museums, Tianjin has few fun standard. Another retail market trend places for family and young people. is that few community malls have been Large-sized shopping centres have opened to meet the needs of nearby the advantage of being able to provide residents. From our latest retail article everything a shopper needs in one in November: “Most Tianjin residents location. One example is SM City, will find a mall near their home that which is a large-sized suburban resort has the basics and that will become that will open its first phase this year. their regular location for standard The 540,000-sqm shopping centre, retail purchases. We also expect most close to Tianjin Binhai International consumers to choose one or two malls Airport, has indoor theme park and to become their primary destinations offers more experiential stores for for shopping when it comes to finding family and kids. the newest brands or visit a new store.”

30 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 31 IPR HOW TO PROTECT INTERIOR DESIGN OF SHOPS

Special Furniture Design

Copyright covers instructions, architectural designs and industrial and graphic designs. Unlike patent and trademark protection, copyrighted works do not require registration for protection. China grants protection to people from countries belonging to international copyright conventions of which China is a member. However, copyright owners may wish to register voluntarily with China’s National Copyright Administration (NCA) to establish evidence of ownership, should enforcement action become By China IPR SME Helpdesk necessary.

hen Brent Hoberman, For companies which focus on Design patents cover ornamental designs of functional items, such as founder of online interior Store layouts, colours interior design of shops, there are furniture. Unlike in Europe, no protection is offered to unregistered designs design and furniture store and designs become three types of intellectual property in China and it is a first-to-file jurisdiction. On top of that designs must be WMydeco.com made a trip to China, novel. This means the design cannot have been disclosed to the public before synonymous with a protection laws available to one man was particularly keen to businesses - trade dress, copyright the application is filed, otherwise it could be invalidated later. Therefore if meet him. When they met, the man brand, so imitation and design patents. you plan to apply for a design patent in China, do make sure that your explained that he wanted to launch a of a store interior is design is treated as a trade secret and not made public in any country before web business but had no idea how to Trade dress covers the theme and the application has been submitted. do it until he learned about Mydeco. very damaging to elements of interior design of a com and copied it. He only wished to companies. commercial space. It must be unique Despite imitation being the highest form of flattery, express his appreciation personally to with distinctive characteristics so the number of counterfeit shops is diminishing and Mr. Hoberman. Store layouts, colours and designs as to be able to signify the source there is greater emphasis on the need for creativity and become synonymous with a brand, to consumers. It is contentious authenticity. Chinese consumers are more discerning In 2011 the residents of Kunming, so imitation of a store interior is as to whether a design is source and affluent than ever before and want to display a city in South-Western region very damaging to companies. At designating or just decorative that by buying genuine, not fake, products. This at least should inspire some confidence in European of China were delighted to find times it is increasingly difficult to and this is usually determined by The China IPR SME Helpdesk is a European Union co- an IKEA shop in their town. The separate the real from the fake. the reaction of customers. So if a businesses that might be thinking about entering funded project that provides free, practical, business theme is not distinctive, then it is China and reassure them that if they put in place the advice relating to China IPR to European SMEs. copycat store is an enormous, To learn about any aspect of intellectual property multi-level shop that sells modern There is a saying in China - 山高 necessary to show that the interior right IP strategy then it will more often than not pay off. rights in China, visit our online portal at www.china- IKEA-like furniture and even copies 皇帝远 (shāngāo huángdìyuǎn), design has become distinctive in the iprhelpdesk.eu. For free expert advice on China IPR the distinctive blue and yellow which means the mountains are high minds of consumers who associate for your business, e-mail your questions to: question@ it with the source. China’s Anti- china-iprhelpdesk.eu. You will receive a reply from one branding. The residents realized and the emperor is far away. It is a of the Helpdesk experts within three working days. it was a fake but have little choice saying that perfectly encapsulates unfair Competition Law provides as the closest authentic IKEA is in the reason why counterfeiting still some protection for unregistered Visit us online: Chongqing, 940km away. happens in China, particularly in trade dress, as well as trademarks, btianjin.cn/161207 faraway places such as Kunming. packaging and trade secrets.

32 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 33 Marketing

4 5 6 Top 10 MARKETING MOBILE USERS SUBSCRIPTION RISE IN BECOME BIGGER BASED BUSINESS ADVERTISEMENT THAN DESKTOP MODELS ARE THROUGH USERS IN THE NEW TREND VIDEOS TRENDS ONLINE SHOPPING THAT WILL DEFINE 2017 Why pay the entire amount of During 2012 approx 49.4% Chinese China is a way ahead than many the product when you can try users were inclined towards videos other countries digitally. An average it on a subscription basis? SaaS and currently the number has household has almost 7.4 devices based companies have broken new increased to almost 76.7%. China By Anne Shore that are internet connected. With grounds in subscription based is the second biggest market for the increment in the number of business models and they have internet ads and in 2015, video sia is the fastest growing zones in the world and China has been the most prominent member of it. mobile users, the utility of desktop also proved the effectiveness of it adspend on mobile has reached an for both the seller and the user. incredible RMB 8.9 billion which is Digitalization and Internet Trading has taken the world by storm and we are no stranger to it as well. seems to get down majorly due to Ecommerce experts have observed approximately two and half times Here is a list of 10 most popular trends that will most probably dominate 2017. the ease of mobility. The primary A mistake that many brands tend to that the conversion rate tends more than 2014. It is estimated that commit is distinguishing between to reduce considerably when a by the end of this year, half of the 1 2 3 mobile and desktop users. The fact customer needs to pay the entire video traffic will be mobile specific is both are one and the same. It amount at one go as the buyer and most plausibly will cross the had been observed that consumers stays dubious whether the offerings mark of $10 billion by 2017. Many RISE OF MESSAGING APPS CHINA DRIVES tend to shift from mobile to desktop and the requirements will match. brands had grasped the importance CONTENT WILL BE OF ECOMMERCE when the purchasing needs to be Subscription based models provide of video marketing and are already much needed flexibility that stays engaging customers through video ROBOTS VITAL IMPORTANCE WORLDWIDE done. The entire analysis is done on Smartphones and tend to serve quite light on the consumers promotion. RETAIL SALES as the key decision making factor. pocket and serves as a recurring revenue for the business which is a With the advent of technology, China is the prime user of WeChat. Brands need to create a seamless platform that could be connected commendable win-win situation for there has been a surge in content In comparison to western countries, both. robots. Content robots are highly Wechat or Line, are light years ahead There has been a massive shift in through all the devices and reduce efficient as they are capable of than others such as Messenger eCommerce in Asia that had huge this shift while purchasing. producing ample quantities of work or WhatsApp. There are over 762 imprints on eCommerce brands. in a wee time period. However, million users of WeChat in China The best thing about eCommerce the major constraint with content and many brands are focusing is that there is no particular need of robots is of quality. People are their attention of promoting setting a physical infrastructure to heavily inclined towards quality themselves through these mediums. commence business internationally. rather than quantity. Researchers Consumers have a huge liking Many brands have entered and pioneers are going through for apps that can provide them new markets globally and had ample improvisation to enhance multiple benefits through a single crossed several borders. Cheap the quality of content robots. platform and therefore these IM international shipping rates had However, the fact still remains that apps provide numerous features been an added advantage. Strategy content writers will always have a such as shopping, games, stickers formation according to the local dominion in imagination, creativity and much more. Different brands expectations, websites that are and attention binding content over can create their own accounts and correctly translated and the usage robots. can also generate revenue through of no VAT charges for subsidizing hotel booking, buying tickets and delivery rates have played a primary through many other channels. role for eCommerce brands.

34 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 35 Legal Assistance The New Era on Administration of Foreign-Invested Enterprises 7 8 9

MCOMMERCE ONLINE TO INTEGRATE ALL THE OFFLINE TREND MEDIAS TOGETHER

MCommerce is leaving no stone unturned when it comes to China O2O or Online to Offline is a rising Wouldn’t you like if you could and will soon become the next trend and will very soon hold strong access whatever you like through Manuel Torres big thing. Clearly the Chinese roots in Asia. Many companies are a single media? Ease of access is (Managing Partner of population has a major inclination optimizing this trend for successful something that we all look for. Garrigues China) towards mobiles and will become promotional campaigns. This helps The primary concept behind this the perfect platform to connect with people to understand the utility of concept is to integrate all the customers since it is much more the product in real time. O2O means Medias and increase the traffic for convenient. WeChat has clearly finding out the product online, enhanced customer engagement. boomed and will transform as the determining your preference and TV Shows has been a terrific mode future of MCommerce in China. then familiarizing with it offline of advertising through ages. A show Most brands are concentrating by directly going to the showroom/ called “Voice of China” had been their efforts on providing a picture store. one of the most effective medium perfect experience on mobile for several promotional campaigns. Cindy Pan platform to directly connect with Hence integration of Medias can (Senior Associate) urther to the previous Article on “One In this Article we are going to discuss the the populace. attract abundant consumers and More Step to the Negative List Scheme” new regime from a comparative approach amplify the traffic to a great extent. from Garrigues published in November and analyse the significant impacts on F2016. The Ministry of Commerce of the administration of FIEs from a legal People’s Republic of China (the “MOFCOM”) perspective. 10 has recently released the new foreign- invested enterprises (the “FIEs” or “FIE”) 1. Background administrative measure Interim Measures for Since the opening up of the domestic Filing Administration of Establishment and market in the late 1970s, every Foreign- MICRO-BLOGGING Changes of Foreign-invested Enterprises (in Invested Enterprise is mandatorily and Chinese 《外商投资企业设立及变更备案 without exceptions required to obtain 管理暂行办法》)(the “Interim Measures”) prior governmental approval from the Other than video promotion, Micro-Blogging is one on October 8, 2016, which takes effect on the MOFCOM before establishment and certain of the hottest trends in advertising now days. In 2009, same day. amendments. Weibo was the first of its kind launched in China. It has almost 600 billion users now. Weibo helps marketers In the year 2013, in order to further open to operate easily, interact easily and even comprehend According to the Interim Measures, the up the domestic market and create an their target areas. The only issue with micro-blogging record-filing regime (so called “Real international, legal and market-oriented is that if the firm is not reputed enough, it Filing”) has been adopted, which means business environment, the Standing may not draw adequate support. that the previous approval process on administration of FIEs has become history Committee of the National People’s and been replaced by the record-filing Congress (the “Standing Committee of regime. This is considered as a major change NPC”) decided to abolish the application on the foreign investment administration of the Four Laws Including the Law of Visit us online: system in China, which embodies the spirit the People's Republic of China on Wholly btianjin.cn/161208 of "all major reform should be based on Foreign-owned Enterprises in four Pilot law," and will further open up the domestic Free Trade Zones and promote the record- market to the outside world, improve filing regime by implementing the Special Chinese rule of law, internationalization Administrative Measures (the “Negative and facilitation of business surroundings. List”) related to foreign investment.

36 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 37 Legal Assistance Legal Assistance

In the past three years, the record-filing regulatory The FIEs or its investors shall be responsible for FIEs in the event of changes, (3) changes in equity (shares) or cooperation interest; system has significantly streamlined the foreign the authenticity, accuracy and completeness of the if not involved in the investment in the aforementioned four Pilot Free Trade information provided in the form of the commitment implementation of special (4) merger, separation or dissolution; Zones. On this basis, the Standing Committee of NPC letter. administrative decides to roll out this regime nationwide. measures, will (5) foreign-invested enterprise mortgaging its property 2.2 Scope of record-filing regime also be subject or rights and interests to others; On September 3, 2016, the National People’s Congress Article 2 of the Interim Measures provides that “if to record- Standing Committees of the People’s Republic of China the incorporation and change of a foreign-invested filing regime. (6) advance recovery of investments by foreign partners (the “PRC”) adopted the Decision on Revising Four Laws enterprise does not involve the implementation of of Sino-foreign cooperative joint ventures; and Including the Law of the People's Republic of China special administrative measures prescribed by the Furthermore, on Wholly Foreign-owned Enterprises (in Chinese 《 states, the Measures shall apply. The term “special Article 6 of the (7) entrusted operation administration of Sino-foreign 关于修改〈中华人民共和国外资企业法〉等四部法 administrative measures” has been interpreted in No. 22 Interim Measures cooperative joint ventures. 律的决定》) (the “Decision”), which took effect on of 2016 Announcement of National Development and provides special October 1, 2016. On the same day, MOC released the Reform Commission and MOFCOM (in Chinese 国家 treatment which reduced In regard to the matters as merger, separation and capital Interim Measures for the Record-filing Administration 发展改革委 商务部公告2016年第22号) on October the burden for foreign-invested listed companies and reduction, which shall be announced in accordance for the Incorporation and Change of Foreign-invested 8, 2016, which states that “with the approval of the companies listed on the National Equities Exchange with relevant laws and regulations, the handling of Enterprises (Draft for Comment) (in Chinese 《外商 State Council, the scope of the special administrative and Quotations where the foreign investors may file announcement formalities shall be stated in making 投资企业设立及变更备案管理暂行办法》(征求意见 measures for the entry of foreign investment shall their basic information about the investors or changes record-filing of change. 稿)) (the “Draft for Comment”). be implemented in accordance with the Restricted in shareholdings if their shareholding ratio or relative and Prohibited Catalogues in the Catalogue for the holding status is changed for more than 5%. If the aforesaid change involves the resolution by the Compared between the Draft for Comments and Guidance of Foreign Investment Industries (Revised highest authority of the FIEs, the date of the resolution the Interim Measures which took effect on October in 2015) (in Chinese 《外商投资产业指导目录》 2.3 Procedure of record-filing regime by the highest authority of a FIE shall be the date of 8, 2016, no substantial amendments on the record- （2015年修订）) and the Encouraged Catalogue with occurrence of the amendment of the FIEs; in the event filing regime have been introduced in the Interim requirements of shareholding and senior management. 2.3.1 The incorporation record-filing of conditions further required otherwise concerning the Measures. The Interim Measures contains 37 Articles, Where the incorporation and changes of a FIE in After obtaining the pre-qualification of the company entry into force of the change of FIEs as prescribed by including the General Provisions, the Filing Procedures, relation to mergers and acquisitions shall be according name, all investors may fill in and submit the Record- the relevant laws and regulations, the date to meet the the Supervision and Administration, the Legal to the relevant provisions in force”. Filing Form for Establishment of FIEs and related appropriate requirements shall be the date of occurrence Responsibilities and the Supplementary Provisions, five documents through the online filing system before the of the change. Chapters in total. FIEs receive the business license or within (thirty) 30 The FIEs or its investors shall be days after the issuance of the business license. 2.4 Term of record-filing regime 2. Brief introduction on the record-filing regime responsible for the authenticity, In case the application falls within the scope of 2.3.2 The amendment record-filing record-filing, the Ministry of Commerce, competent accuracy and completeness of 2.1 Applicable type of enterprises In case any of the following amendment occurs in the commercial departments at all levels as well as relevant According to the Articles 2, 32 and 33 of the Interim the information provided in the FIEs, it shall, within thirty (30) days after the occurrence institutions of Free Trade Area and national economic Measures, the record filing procedure shall be applied to form of the commitment letter. of the amendment, complete and submit the Application and technological development zones, shall complete the following type of FIEs: Form for the Amendment Record-Filing of the FIEs and the filing within three (3) working days upon the receipt the relevant documents through the online record-filing of the application and the required documents and (1) Wholly Foreign Owned Enterprises Hence, it is understood that for the acquisition of system: notify the FIEs or its investors. (WFOEs); domestic non-FIEs by foreign investors, the Provisions (2) Sino-foreign equity joint venture on Mergers and Acquisitions of Domestic Enterprises by (1) change of the basic information of FIEs, including 2.5 Record-Filing Receipt companies (EJVs); Foreign Investors (Ministry of Commerce Decree No. 6 name, registered address, type of business, operating After the completion of record-filing, FIEs or their (3) Sino-foreign cooperative joint of 2009) （in Chinese 《关于外国投资者并购境内企 period, investment industry, business type, operation investors may use application materials for the prior venture companies (CJVs); 业的规定》（商务部令2009年第6号））shall be still scope, whether or not within the scope of tax exemption approval of the names of foreign-invested enterprises (4) Foreign-invested companies applied. For listed companies, the Foreign Investors' or reduction for imported equipment stipulated by the (copies) or business licenses of foreign-invested limited by shares; Strategic Investment in Listed Companies (The Ministry state, registered capital, total investment, organizational enterprises (copies) to obtain Record-Filing Receipts (5) Foreign-invested investment of Commerce, the CSRC, the State Administration of structure, and legal representative, as well as the for the Incorporation of Foreign-invested Enterprises or companies; Taxation, the State Administration for Industry and information, contact persons and contact methods of the Record-Filing Receipts for the Amendment of Foreign- (6) Foreign-invested venture Commerce and the State Administration of Foreign ultimate controller of the foreign-invested enterprises; invested Enterprises. capital companies; and Exchange, No. 28 of 2005) (in Chinese 《外国投资者对 (7) Enterprises 上市公司战略投资管理办法》（商务部、证监会、 (2) change of the basic information of investors of foreign- invested by 税务总局、工商总局、外汇局令2005年第28号） invested enterprises, including name, nationality/ investors from shall be applied. region or address (place of registration or registered Hong Kong, address), license type and number, capital subscription Visit us online: Macau and It is important to note that upon completion of the contribution, type of investment, investment period, btianjin.cn/161209 Taiwan. acquisition of domestic non-FIEs by foreign investors, sources of funds, change of the type of investor;

38 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 39 HR HR

Let them speak methods by yourself and make sure up about their your employees get a full sight of that. It will motivate them to accept concerns change more easily. Even if you can’t fix everything, try doing it to the In spite of best of your ability and by showing an obvious them that you’re listening to their rundown of what concerns and taking them seriously. is happening Make them believe that you will be and why, your there for them to provide any kind employees may 5 Ways to Convince of support and guidance and this have concerns. Pay will serve to encourage them. attention to them with an open ear and give them Your Employees all the extra information and "Final word" encouragement that they need to accept the upcoming change. Honesty is the key to communicate to Accept Change though, are a normal element of Your employees are a resource and with employees at any point of time, a business’s life cycle and huge may give insights that you haven't particularly through uncertainty changes can often lead to unhappy thought of earlier. and at times unsettling phases. By Betsy Taylor employees. Although you possibly You can make it easier for your will not be able to impact your employees to accept change and to employee’s initial response, you can Honesty is the key to move from fear to acceptance by hange is constant and that’s a well be in command of how you set them communicate with providing them with your support, convincing them that this change known reality for sure. The rate of up for change. Here are 5 ways to employees at any change is simply going to amplify so convince your employees to accept is for good and creating a best many aspects of ourC lives as technology grows and permeates. possible training plan. One can’t the change for good - point of time. A lot of managers know that things need to be changed but actual leaders control how employees will respond have the audacity to take the initiative. to change but you’ll learn a lot about Give details about how, when Make sure they get sufficient your employees based on the way According to a general observation, if someone is all set to take the plunge and why the change is going and break the news of an expected change to their employees, a lot of diverse training they adapt and handle change. The reactions will come forward as it is normal and that is human nature. Here are to happen accomplishment at the end of the some of those expected reactions: If the upcoming change in your journey will make you find out what Provide as much information as organization includes innovative it takes to be a good leader. • Pleasure: Several people like diversity and they would like to take and accept challenges. possible regarding why the change methods or procedures, make sure is happening at the point at which to provide sufficient training and • Annoyance: Some people strongly believe that things should only be done in you are bringing the change. You support to set your employees up Visit us online: the way that they used to be done. must also inform them at what time for success. Make them feel that btianjin.cn/161210 the change will go into effect and they are fully prepared to take on • Uncertainty: Other employees understand that change needs to take what the whole procedure will be new duties. Make your employees place but they’re nervous about the risk into the unknown. like. Eradicating as many unknowns believe that you will support them as possible will make people worry throughout this change and it will • Dishonesty: These employees applaud about change in front of about fewer facts. relieve some stress. you and then spread bad words behind your back. Highlight positive facts • Unhappiness: For these people, suddenly the company seems Lead by example and make them believe that unknown and they feel as though they no longer fit in there. It is a fact that most changes comprise a positive and a negative everything is under "The change" side, but while introducing to your control employees, highlight the positive Change doesn’t come as easy in any organization and you have to side as much as you can. If you If your employees are concerned make efforts to put aside routine and behaviors that have been formed stay positive and hopeful, your about things that you can control, over a long period and that involve people. Routines and regular employees are expected to adopt a do whatever you can to deal practices are reassuring and that’s why a lot of people are uncomfortable similar attitude. with them. Be a part of that new if a sudden change comes by. It doesn't matter whether the change is change by adapting new things and intended for good or for bad - basically the unfamiliar is frightening. Changes,

40 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 41 Tax & Finance Tax & Finance

China releases CRS compliance requirements for financial institutions

of Financial Account Information The Discussion Draft is the (Multilateral Agreement), which domestic legislation for China was developed to implement to implement the Multilateral includes most major economies Agreement, therefore its framework and traditional offshore financial and basic requirements generally • Reportable information: FIs shall requirements on new accounts and determine the tax residency status centers in the world. As the United follows the OECD standard with provide the information of the pre-existing accounts. Meanwhile, of the account holder based on his States insists the bilateral approach further clarifications on a couple account holder (including name, entities and individuals are subject or her address. For pre-existing to implement its Foreign Account of concepts. The basic elements address, tax residency status, tax to different investigation procedures high value individual accounts Tax Compliance Act (FATCA), it include: identification number, etc.), the and standards. Take individuals as (the total account balance exceeds is the only major economy that is information of the account number, an example: 6 million RMB in the above- not covered under the Multilateral • Reporting FIs: depository the balance of the account, as well as mentioned situation), FIs should Agreement for CRS. institutions, custodial institutions, other reportable information based perform electronic record search Kelvin Lee, PwC Tianjin specified insurance companies on the different types of the accounts Improved and paper record search as well as The objective of CRS is to ensure that and their branches are included (for instance, deposit account shall transparency of inquire clients managers to identify In detail tax authorities in each jurisdiction in the scope. However, FIs such as report the total interest amount global financial his or her tax residency status. It could obtain information of the financial companies, finance leasing within a year), etc. should be noted that considering financial accounts of individuals/ companies and automotive finance accounts will demand current foreign exchange rate for Background enterprises that are non-tax residents companies are not covered under CRS was firstly introduced by Due diligence requirements a higher requirement RMB to USD, the threshold of 6 through FIs in its jurisdiction and the scope of reportable institutions. the Organization of Economic million RMB is slightly lower than exchange the information collected for FIs for tax compliance Cooperation and Development According to the Discussion Draft, OECD standard, i.e. 1 million USD. with tax authorities of jurisdictions • Financial accounts: the definition (OECD) in 2014, and was then the reporting FIs shall conduct due on their global where these individuals/enterprises of financial accounts specified in endorsed by the G20. With the joint diligence and identify the reportable businesses. The requirements of due diligence are resident for purpose of tax the Discussion Draft generally supports from OECD and G20, the information of accounts. Although on new entity accounts are basically administration and tax examination. follows those in the OECD standard, influence of CRS was growing very for most of the FIs, the majority the same with that on individuals. including depository accounts, fast. The Contracting Parties to the of their clients are Chinese tax • For new individual accounts, FIs But for the pre-existing entity custodial accounts, insurance, etc. Multilateral Competent Authority The scope of the information resident enterprises or individuals should identify the tax residency accounts, special requirements are FIs are not only required to conduct Agreement on Automatic Exchange of financial accounts to be whose information is not required status of the account holders prescribed as follows: for the pre- due diligence on new accounts but to be reported, due diligence still according to the tax residency self- existing entity accounts whose total collected also on pre-existing accounts. shall be conducted on all of the certification (self-certification) balance does not exceed 1.5 million account holders as a part of the form signed by individuals. Where RMB, due diligence procedure due diligence procedures. FIs are it is determined to be a non-resident can be exempted; for the high obligated to conduct due diligence individual, the FI shall collect and value entity accounts of specific on identifying the tax residency record the reportable information. types, where passive income such status of financial account holders. FIs need to review whether the self- as dividends or interest accounts However, given that they are not certification is reasonable. Where for more than 50% of the total professional institutions for tax certain information is found to be receipts of the current year, FIs shall investigation, their liability is unreasonable, the account holders identity the tax residency status limited. That is to say, FIs shall shall be required to file a self- through the controlling persons or perform review and reasonableness certification or to explain. the authorised signatories the self- check based on the information certification. provided or declared by the account • For pre-existing low value holders. individual accounts (the total The time frame for FIs account balance in the same FI to perform due diligence Specifically, the Discussion Draft and its related institutions does not exceed 6 million RMB at the end procedures and report follows the classification standard relevant information of OECD and provides different of 31 December 2016), FIs should

42 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 43 Tax & Finance Tax & Finance

The Discussion Draft stipulates and then financial supervision • Whether the existing system and new entities accounts should be that if a financial institution fails to institutions share such information relevant working procedures (e.g. performed in a timely manner; as perform due diligence obligations, with the SAT. Therefore, financial Anti-Money Laundry Procedures for pre-existing accounts, relevant its tax payment credit rating will be supervision institutions play a for client’s identification) are ready system could be modified in due affected. This may not look like an monitor role the reporting process. and compatible with the new CRS course in order to complete their important issue, but with different requirement; due diligence procedures; tax payment credit rating, the tax The takeaway authorities will adopt different • As the Discussion Draft covers • Post stage for information approach in tax risk management Overall impact FIs’ branches and units at very local reporting and internal monitoring: level. For example, taxpayers of A level, the workload and difficulty in this stage, FIs need to provide Due to foreign exchange control, or B tax payment credit rating will to provide training to relevant internal guidance on the reporting legal regime and other reasons, be convenient in the input VAT personnel will be consequently of tax-related information and foreign enterprises and individuals deduction procedures. If the tax increased; monitor the whole internal flow at rarely choose to open offshore payment credit rating a financial the same time. accounts in China for tax evasion institution is downgraded because • To better respond to clients’ purpose. Thus the territory that it fails to fulfill its due diligence uncertain reaction on the due the Discussion Draft applies is Enterprises and individuals obligations under CRS, it will diligence procedures, FIs are not the key area for CRS network. owning foreign accounts significantly increase its time cost suggested to make reasonable However, it is important to know The SAT emphases that localisation The detailed time arrangement Penalties for non-compliance in other tax compliance. strategy to further communicate that the issuance of the Discussion of CRS does not mean adding for FIs to perform due diligence Unlike FATCA, there has no with clients and reduce potential Draft shows China’s willingness new taxes to taxpayers in China. procedures is listed as below: unified measure in CRS to negative impact. Competent authorities to participate in international tax The targets are not enterprises punish FIs not performing due In the past, there was no precedent cooperation. Meanwhile, from and individuals which are tax • conduct due diligence procedures diligence procedures, which shall that tax authorities take the lead to taxpayers’ perspective, improved Suggested responding strate- compliance, but those with tax for new accounts since 1 January be regulated by their domestic set forth practical compliance rules transparency of global financial gies for FIs avoidance and evasion activities via 2017; laws and regulations. China’s Tax for FIs. The reason that this time accounts will demand a higher Given the tight timeline, FIs are foreign accounts. Collection and Administration Law the SAT leads the implementation suggested to attach great importance • complete due diligence requirement for tax compliance on of due diligence procedures to the compliance requirements set Although the specified time line for procedures for pre-existing high their global businesses. required in CRS is to combat tax forth in the Discussion Draft and exchange of information has been value individual accounts as of 31 The SAT emphases avoidance and exchange tax-related Challenges faced by FIs make sufficient preparation from determined, it still has a long way to December 2016 by 1 January 2017; that localisation of information with tax authorities According to the Discussion Draft, aspects of compliance requirement, explore how jurisdictions involved CRS does not mean in other jurisdictions. Although system modification, human resour- could take full advantage of the • complete due diligence procedures FIs should start their due diligence there is no detailed requirement of ces allocation, etc... limited information exchanged for pre-existing low value individual adding new taxes to procedures from 1 January 2017, reporting by FIs in the Discussion through CRS. In other words, it accounts and all of pre-existing which is included in the time line taxpayers in China. Draft, it is anticipated that in the In details, FIs could take into may still take some time for CRS to entity accounts by 31 December publicly committed by China. This light of its Article 40, the required consideration of following sugges- play an important role in cracking 2018. could not be delayed. In this regard, information is probably reported tions in stages: down tax avoidance after its (TCAL) does not stipulate relevant it is anticipated that during the by FIs to financial supervision implementation. Currently, Chinese As the Discussion Draft does not penalty rules and according to implementation of due diligences institutions, • Initial stage to assess the impact tax authorities are increasing their set out the due date for reporting Administrative Penalties Law, the procedures, FIs may inevitably face and establish internal guidelines: use of information collected from relevant information collected SAT and financial supervision a lot of challenges, including: after the assessment on the impact various sources. Along with the during due diligence procedures, the institutions have no rights brought by due diligence procedures revision of a series of tax laws, SAT ensures that it will coordinate to create a new type of and identification of the gap to e.g. TCAL, Individual Income Tax with relevant financial regulatory administration penalties make the modification, FIs could Law, etc., it is believed that their institutions to separately formulate for CRS non-compliance. build-up relevant compliance capability to make use of overseas relevant provisions. Given the As such, according to the policy, conduct the training information collected will be condition that China is committed Discussion Draft, Chinese to relevant personnel and further enhanced in the future. By to prepare and exchange first batch tax authorities could only speed up modification of that time tax avoidance and evasion of information by September 2018, provide relevant advices the information system; activities through foreign financial the materials of new accounts to financial supervision accounts will be easily identified. opened in 2017 and pre-existing bodies for reference and • Implementation stage to In this regard, it is suggested that high value individual accounts it is up to these bodies to the new accounts and pre- taxpayers should pay more attention will be probably included in the enforce within the power existing accounts: due to their global tax compliance. first-batch information. In short, provided in the existing diligence procedures FIs shall provide aforementioned relevant laws and regulations. for new individual information before September 2018 accounts and the latest. Visit us online: btianjin.cn/161211

44 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 45 Tech Tech Humans may get an infinite memory by 2030 By Max Rogers

emory is one of the The new era of thinking Ray Kurzweil ‘darkest’ sides of the Kurzweil, the author of the idea about human’s body, which the infinite memory, is sure: it’s time M for the new era of human thinking hasn’t been studied enough yet. We use our memory on a daily basis, memorizing daily news we hear to come. Mankind started thinking or things we place in our room. At the very same the way we do know about 200 time, we hardly remember the place, where we had million years ago. Then our ancestors developed a new area of their brain, put our T-shirt last month or we definitely don’t called ‘the neocortex’. This was a way remember the news, heard on the 12th of July, 2007 we got an ability to think creatively (or any other day, except the most prominent ones). and critically. This was also the only So, our memory stores some information regularly, difference between the first human clearing some old data, which is less frequently used creatures and the other animals, by us. This fact is the evidence for our memory to inhabiting the Earth. It lead us to the have some limited size. But can we measure it? process of thinking.

It’s time for the new technology of implementing the back then too. But today it’s our The capacity of our memory Nanocomputers in our bloodstream era of human thinking ‘memory robots’ in our body will reality. to come. make our abilities limitless. We will be able to remember any information, While we know that the memory has its limit, we still According to Ray Kurzweil, the Director of Engineering It’s also worth mentioning that in his to get any amount of knowledge, to can’t measure its capacity. According to Paul Reber, the of Google, the new era of thinking for humans will TED talk Kurzweil made a precaution Obviously, today the software is expand our experience. professor of psychology at Northwestern University, come soon. It will happen after we start implanting for humans, related to our attitude to good enough for providing the our brain consists of about one billion neurones. nanocomputers in our brains. They will circulate in our technologies. He said: “Technology infinite memory for every human Each neurone has about 1,000 connections. It bloodstream, providing us with more space to Precautions is a double-edged sword. It has its in the world. The capacity of our makes more than one trillion connections store some information, as well as delivering promise and its peril”. in total. If each connection could store us some new creative ideas. Ray is sure that data centres is enormous, it can be The prediction, made by the Google’s some memory, its total capacity would it will happen by the 2030s. still developed. The issue lies in the Engineering Director may sound be too large (equal to about 2,5 hardware. Kurzweil states that the crazy, right? Indeed, we can’t imagine petabytes). We would probably be able ‘right’ technologies, which would the procedure of implementation of Even today the computers are smart to memorize everything. allow tiny robots to connect our mind any robotic stuff in our vines. But one enough to provide us processing power a with the cloud, will be developed in remark here should be made. contextually relevant help when it’s needed. the future.They will become the link But our memory doesn’t work in such They make our tasks much easier with the between human body and the remote way. Some facts may be remembered with help of predictive analytics, natural language computers. Ray Kurzweil has some experience in more details, while other - with less. Some reasoning and artificial intelligence. Thanks to technology predictions. In 1990 he information may be cleared up, while other, which is cloud solutions, computers may also have a really large stated that by 2009 humans will have used by us more frequently, can be kept in the memory capacity to store any amount of information. Linking Discovery of the neocortex allowed portable computers, mobile phones Visit us online: for a longer period of time. These different ways our them to our bodies with a help of nanorobots would be a us inventing speech and writing, and the eyeglasses with a built-in btianjin.cn/161212 brain uses memory and keeps information don’t allow us great solution. drawing and analyzing. But the new screen. Obviously, it sounded crazy to measure its capacity.

46 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 47 Management Management

short discussion I realized that her the problem solving framework. In initial problem was that she couldn’t Catherine’s case, I had to build a tree generate enough traffic to her site which presents different online and and attract sufficient students to her offline channels that her business online platform. might ask for, the market size and her target market. This includes the timing and the reason behind each As a next step I decided to structure channel and its process. the problem in order for it to become more manageable to solve. The Problem Structure matter is often After structuring the problem and done by using the issue tree technique building the framework, I had which is also called logic and which to Prioritize the Issues and then generates a good overview to see the determine what issues are most different dimensions in the problem. important. In this part of problem The issue tree helps firstly, to break solving approach we as consultants the problem into component parts often work as per the 80/20 rule. This so that problem solving work can be means that 20% of the issues often cause 80% of the problems. Catherine e-learning platform to teach high knew her market well and about six school students fashion and design months ago I helped her segment and help them pursue international it and identify her competitors. In education in top universities. She addition, she knew exactly how to came to me about a month ago and approach her clients and how to sell said: “Marwan, we still have 3 months them the message. However, her before the end of the way, yet I didn’t problem was more on a marketing reach 50% of this year sales target.” side - she had so many marketing channels to work on that she couldn’t How to develop a proper spend enough time on the proper Before I proceeded with my questions ones. to better understand the situation and problem solving approach eventually give my recommendation, I asked Catherine to calm down, relax Develop Issue Analysis and Work and have a cup of coffee with no sugar Plan is the fourth step to apply in for your business process? the way she likes it. the problem solving process. After determining what the issues were,

usiness people and decision makers deal with problems on a daily basis. Going back Few minutes later, I took Catherine to to basics, a problem is a situation that presents difficulty or perplexity. Problems come our conference room, sat her down, divided into intellectually manageable in many shapes and sizes and are presented on both business and personal level. These took my notebook and a pen and pieces as we just mentioned. Priorities Bproblems arise from every facet of human and mechanical functions as well as from nature. applied the first step of the problem can be set between the parts and Some problems we cause ourselves, other problems are caused by forces beyond our control. solving approach, which is defining responsibilities can be allocated to The question is: how to deal with all these problems in a rational and logical fashion? the problem. Defining the Problem individuals. means to clarify exactly what the As management consultants we develop a process to solve difficult problems, problems that problem is and what is needed for Secondly, logic helps insure that Marwan Emile Faddoul qualified CEO’s will not be able to solve on their own. In today’s article I will share with you Catherine or any person to get a integrity of problem solving is (Managing Partner essential steps that should be applied to solve any type of problem. I will present ways that proper answer. NFG Consulting LLC) maintained. This is done by solving would help you to adopt an objective approach to problems; help you learn how to anticipate parts that will really solve the problem some of them; and prevent some of them from aggravating into bigger problems. I told Catherine that we need to write and making sure that these parts are something that we call “a problem mutually exclusive and collectively To present this process in a practical way, I will share with you the story of one of our clients definition” that clearly outlines the exhaustive. Thirdly, the issue tree Catherine, who was unable to reach her sales objective and was always short on target. challenges so that she knows that allows us to build a common Catherine is a well-educated, smart business woman and artist who developed an online this is what she is solving. After a understanding within the team of

48 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 49 Management BEST GIFT TO YOURSELF and YOUR FRIENDs! As a fifth step and after developing a work 20% of the issues plan, we started to often cause 80% of TO gather data and SUBSCRIBE analyze critically. the problems. When we as TIANJIN PLUS MAGAZINE! consultants the client? So what does the client do have the list of about it? Answering these questions analysis ready will lead us to useful and practical that we want recommendations. to conduct, we then start As a final step of the problem to do the solving approach we Develop by taken photo of your ground work. Recommendations. Here we business card (or your This is what is take our synthesis and develop a friend) and send to us called Conduct by Wechat scanning recommendation to the client based the Analysis. This this QR Code. on this. This will however never be typically includes the first time that the client will see interviews, customer pieces of the suggested solution. meetings, Excel data analysis, If you don’t have business card, just ADD US in your Wechat Clients are most often involved and to above QR code or send email to : researching industry trends etc. giving input to or working with in order to be able to answer all of [email protected] the consultants throughout each the questions from the issue tree. I developed a list of step of the process. This is done in To proceed with that, I asked my analysis that I would like to further order to ensure alignment and that coworkers to conduct interviews analyze with my team. This is usually the client feels ownership and sees with Catherine’s sales and marketing done to understand the underlying a possible way to implement the managers and even with some of her issues of each of these problems and recommendation. how they could be solved. Further, clients and to collect all the needed and as Catherine’s issue was urgent, data. About three days’ work was I agreed with her to put a limited enough for us to complete this task. Just like I mentioned in the last step, time frame of two weeks to solve the Catherine participated and took part problem. in every step of our problem solving The next step is known as Synthesize process, where she helped us identify Findings. When we as consultants are the problem and present proper done with the analysis we then move After almost two hours of solutions. As an outcome she ended into generating what we call "insights" conversation, I told Catherine that we up focusing only on 3 main online from the analysis. This is the phase will meet soon to ask her marketing channels to promote where we combine all the and her employees any herself yet going deep into each one pieces from each needed questions of them. She is also doing a monthly of the analysis and to update lecture and workshop in specific her on our schools. 40 days passed before progress. the end of the year and She left with Catherine is already at a smile, hopping 93% of her target, still 6% for a quick positive to go. Job well done! result. At that time I asked into a Subscription Price for Tianjin Plus Daoming and Xibei, two o f general 3 issues = 75rmb my coworkers who had attended the picture. Also, here we ask ourselves 6 issues = 135rmb (10% discount) meeting to develop a work plan to three times the “so what” question 12 issues = 240rmb (20% discount) ensure delivery on time. which includes: so what does this Visit us online: mean? So what does this mean for btianjin.cn/161213 SPECIAL JOIN SUBSCRIPTION Tianjin Plus Magazine + Business Tianjin Magazine ADDITIONAL discount of 30% discount. 3 issues = 108 RMB 6 issues = 195 RMB + GIFT: POWER BANK for Mobile Phone 50 Dec 2016 I Business Tianjin 12 issues = 348 RMB + GIFT: MEMORY STICK, 32GB, USB 3.0 Chamber Reports Past Events

5th anniversary

@ The St. Regis Tianjin The 11th European Business Gala Dinner successfully held in Ritz Carlton Tianjin on 21st October, he St. Regis Tianjin held its 5th anniversary party 2016, more than 200 members and successfully on October 26th! To celebrate the invited guests came for the party even landmark occasion and appreciate the consistent on a rainy night. Tsupport from all of the valued guests, partners and friends, the hotel had a fantastic event at the Diamond ballroom on With the theme “The Light of Art”, all the hotel's top floor to share memorable moments during the elements and programs reflected the five years together with the guests. What’s more, a the night as a piece of art - nicely specially decorated outdoor rooftop garden lighted up the dressing up guests, romantic cocktail reception, European typical food night and brought unprecedented experience for all. prepared by hotel French chef, live 21.10.2016 Jazz band and European literature, In support of the United Nations International Children's The 11th European Business Gala Dinner Successfully Held philosophy, painting, Architecture Emergency Fund, The St. Regis Tianjin encouraged everyone to participate in the charity auction to share love and music relevant quiz. All the guests enjoyed the celebration and of course the rich lucky draw prizes which perfectly and care with children. Total RMB 45,000 was raised for UNICEF at the evening aimed to create better life for children ended up the party. and make the world a better place to live. The elegant and welcoming atmosphere provided the guests with the great occasion to exchange information, share The St. Regis Tianjin defined a new benchmark in the city for modern luxury and bespoke services. Tianjin has resources and build connections. We are extremely proud of participants from our members and support received from our associates in organizing such a wonderful gala! for centuries been considered the “Jin Men” or “Gateway” to Northern China. The St. Regis Tianjin honors and contemporizes that tradition with a cutting-edge iconic design that is the landmark on the city’s skyline and further complements the concept of “Jin Men”. The St. Regis Tianjin has been thoughtfully designed and has been appointed We would like to take this chance to thank our generous sponsors: Airbus, United Family Hospital, Siemens, International School of Tianjin, Wago and Wellington. to provide travelers with a unique respite from the hectic urban pace. The elegant décor is a seamless integration of contemporary Western aesthetic and ancient Chinese influences punctuated by floor-to-ceiling windows with stunning 25.10.2016 views of the Hai River and downtown Tianjin. Policy Interpretation: Social Insurance Policy Updates “We keep offering our discerning guests access to the distinguished St. Regis legacy with the highest expression of The European Chamber Tianjin Chapter, in cooperation with the HR personalization, refined elegance and uncompromised guest experiences.” said Mr. Martin L. Leclerc, General Manager Club, successfully held the policy interpretation seminar regarding of The St. Regis Tianjin, “The St. Regis Tianjin will continually introduce unparalleled standard of flawless service, classic the recent updates of the regulations for Social Insurance. The half day sophistication and modern luxury into this rapidly growing city.” seminar attracted over 100 HR managers. During this seminar, experts from Tianjin Social Security Fund Management Center introduced the recent updates on social insurance policy, especially for foreign employees. And also answered specific questions HR managers raised.

28.10.2016 Finance and Tax Forum Sharing on B2V Policies in Gradual Improvement

B2V Pilot Program had implemented about 5 months, companies may have encountered lots of problems since May 2016. European Chamber Tianjin Chapter invited taxpayers from real estate sector, the construction sector, the financial services and the consumer services sectors to share their practical cases in relation to B2V policy and tax administration. And experts from PwC Tax & Business Advisory Services are also invited to host the case sharing and provide their latest observations and exchange viewpoints.

41F, The Executive Center, Tianjin World Financial Center, 2 Dagubei Lu, Heping District, Tianjin 300020. Tel: +86 22 5830 7608 Email: [email protected] Website: www.europeanchamber.com.cn

52 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 53 Chamber Reports Reports Chamber

At the yearly Soccer Championship of the German Chamber of Commerce in Tianjin more 24.10.2016 TEDA than 500 visitors and spectators enjoyed a full day of fun with colleagues, family and friends. AmCham China, along with Tianjin In exciting games 10 teams competed for the Economic-Technological Development title of the German Soccer Champion 2016. Volkswagen ATJ won the tournament the third Area (TEDA) - the leading pilot unit year in a row. Various caterers with Western and of the China Manufacturing 2025, Chinese food, beer and fresh juice provided lunch organized an industrial visit for our for visitors and teams. members to TEDA on October 24. 23.10.2016 At the game area visitors had the chance to win Participants from Beijing and Tianjin Special Event amazing prices by scoring at the Soccer Target firstly joined presentation from Professor Shooting (Torwandschiessen). Mark Woeppel, a world-wide expert on 4th German Chamber Soccer Cup Tianjin 2016 manufacturing Theory of Constraints (ToC), Mark explained and shared the best practices on the ToC and explained how and why it works. After the presentation and lunch, people moved to the Honeywell factory at TEDA for an industrial tour. Industrial Visit to TEDA Tianjin: Productivity Upgrade and Theory of Constraints

17.11.2016 Tangla Hotel, Tianjin 27.10.2016

The November breakfast briefing provided an opportunity for Special Seminar – Salary Developments 2017 AmCham Tianjin members to get to know the candidates for our On October 27, Mr. Juanjo Cardona, Marketing Manager 2017 & 2018 Executive Committee. The event was moderated by at Direct HR and the cooperation partner of the German Steven Yau, Chairman of the Referendum Committee. Seven out Chamber of Commerce in China for the Labor Market & of the ten candidates showed up and introduced themselves and Salary Report 2016/17 presented the Annual Wage and answered questions from the Referendum Committee and audience. Salary Survey at the Westin Tianjin. The wage survey is an important tool for all Sino-German HR executors to get an overview about the HR situation and a benchmark Tianjin Monthly Executive Breakfast Briefing for further planning HR budgets for 2017. The seminar focused on aspects like general labor market environment Upcoming Events: and expected developments, regional developments, wage developments of German companies in China and wage AmCham China, Tianjin Annual General Meeting & 2016 Appreciation Reception and productivity developments across Asia. More than 20 Date: December 1st Time: 4:00pm – 9:00pm Venue: Renaissance Tianjin Lakeview Hotel participants took part in-depth discussion about the wage and salary developments for the next year. AmCham China, Tianjin will hold its Annual General Meeting on Dec. 1 to Program: announce our 2017 & 2018 Executive Committee report on 2016 and introduce the plan for 2017. Please come to network and share information with your fellow 4:00 – 5:00 PM Annual General Upcoming Events: members, while becoming involved in the Tianjin professional community. Meeting and announcement of 2017 & 2018 Executive German Chamber Christmas Market After the general meeting, we will join Renaissance Tianjin Lakeview Hotel’s Committee (Member Only) th Christmas Tree Lighting ceremony and enjoy Christmas carols from the Choir of Date: December 4 Time: 12:00 - 15:00 Venue: The Ritz-Carlton Tianjin Tianjin International School. An open buffet dinner with free flow of drinks will 5:00 – 6:00 PM Refreshments and be provided followed the tree lighting ceremony. network (Member Only) Round Table Mittelstand This event is at a special time of the year celebrating our 20th year of dedicated Date: December 6th Time: 16:00 - 19:00 Venue: Haver Technologies service to representing American companies in Tianjin, as well as Tianjin United 6:00 – 7:00 PM Christmas Tree Family Hospital’s 5th Anniversary. Please join fellow AmCham Tianjin members, Lighting and Choir Performance Interchamber Business Match Making – Making Evening United Family Hospital, guests from the US Embassy, AmCham China, Tianjin th Date: December 8 Time: 18:00 – 20:30 Venue: Bavaria Beer Keller government, and other chambers to celebrate AmCham Tianjin’s 20th and 7:00 – 9:00 PM Appreciation Tianjin United Family Hospital’s 5th anniversaries as well as the holiday Dinner season. Biz Socializer – Interchamber Business Networking The dinner is free for both members and non-members but RSVP in advance is needed. No walk-ins will be accepted Date: TBC Time: 19:00 – 22:00 Venue: TBC on the day. Seats are limit to 250 and will be on first-come, first-serve basis. Please RSVP to the AmCham Tianjin office as soon as possible. This invitation is open to members and employees of member companies from now until Nov. 21, Room 1502, Global Center, and to non-members from November 22. No. 309 Nanjing Road, Nankai District, Tianjin 300073 Room 2918, 29F, The Exchange Tower 2 Tel / Fax: +86 22 8787 9249 189 Nanjing Lu Heping District [email protected] Tel: +86 22 2318 5075 Fax: +86 22 2318 5074 54 Dec 2016 I Business Tianjin 55 www.amchamchina.org Dec 2016 I Business Tianjin Lifestyle Recommendations / Tianjin Lifestyle Recommendations / Tianjin DINING DINING SERVICES

Bazndei Yunnan Food Always Thai Restaurant Blufish Restaurant Café Venice Hopeland international A:Joy City IF Street - B3, Nankai A: Tian Xi 22/23-133.Ao Cheng A: 1st Floor, Lotte Plaza, No.9 A: 2F, Holiday Inn Tianjin Riverside kindergarten Haiyi Campus TIANJIN District, Tianjin Plaza, Nankai District, Tianjin Leyuan road, Hexi District Phoenix Shopping Mall A: No. 5 Cuibo Road, Meijiang T: +86 22 87897222 T: +86 18602289919 T: 022-58908018 East Haihe Road, Hebei District The Lobby Lounge Bay, Tianjin Chinese 坝美云南菜 泰香来东南亚主题餐吧 O: Sunday - Tuesday 10:00-21:30 T: +86 22 2627 8888 ext. 2271 A: 1st Floor, The Ritz-Carlton, T: +86 22 6046 2555 南开区南门外大街大悦城if如果街 南开区奥城商业广场天玺22/23- blue frog (Riverside 66) Friday - Saturday 10:00 - 22:00 威尼斯咖啡厅 Tianjin, No. 167, Dagubei Road, 华兰国际幼稚园（海逸园） Heping District, Tianjin IF-B3 133 A: Unit 3009, Riverside 66, No.166 布鱼Blufish法式餐厅 河北区海河东路凤凰商贸广场 梅江湾翠波路5号 Xing’an Road, Heping District 越秀路与乐园道交口银河国际购物 天津海河假日酒店2楼 T: +86 22 5857 8888 ext. 5091 Western ritzcarlton.com/tianjin YU FEI YU Roast Fish T: +86 22 23459028 中心乐天百货首层F&B-1-2 W: SmartKidz International Tianjin 大堂酒廊 A: No. 59, 3F, North Area, Joy Promenade Restaurant 蓝蛙（恒隆广场店） A: 5F, Building C, He Zhong 中国天津市和平区大沽北路167号 City, No.2 Nan Men Wai Street, Featuring gorgeous views of the 和平区兴安路166号恒隆广场3009 Trolley Bar & Grille Building, You Yi Bei Lu, Hexi District 天津丽思卡尔顿酒店一楼 Nankai District Hai River, Promenade provides the 室 A: Aocheng Plaza, Tianjin 22/23- T: +86 186 2230 2923(English) Tian Tai Xuan T: +86 22 86665282 exclusive dining experience with South 119, Nankai District, Tianjin +86 186 22303272(English) A: 1st and 2nd Floor, The Ritz- Inasia Restaurant WE Brewery 11:30 - 21:30 East Asia flavors, Indian gourmet, T: +86 15222091582 +86 186 2235 9571(Chinese) Carlton, Tianjin, No. 167 Dagubei O: blue frog (Joy City) (Olympic Stadium Store) A: 4 Yi He Li, Xi An Road 80 - 100 Chinese and Western traditional cuisine 1F-J02, Joy City, No.2 Nanmen 乔尼西餐厅 +86 186 2230 3926(Chinese) Road, Heping District, Tianjin P: A: A: 4F, A·Hotel, Olympics Gym, Heping District, Tianjin haoshuihaoyu and more. Wai Dajie Street, Nankai District 南开区奥城商业广场天玺22，23号 E: [email protected] T: +86 22 5809 5098 Wechat: Nankai District,Tianjin T: +86 18630888114 1F, The St. Regis Tianjin 楼底商119 天泰轩中餐厅 weibo: 鱼非鱼官方微博 A: T: +86 22 27358751 T: +86 22 2382 1666/2233 W: www.webrewery.com W: Smartkidz-tj.com No. 158, Zhang Zizhong Road +86 22 8386 0969 和平区大沽北路167号天津丽思卡 鱼非鱼（天津大悦城店） 蓝蛙(大悦城店） 美轩亚萃餐厅（水滴店） WE Brewery酒吧 Fax: Heping District 天津童慧国际学校 尔顿酒店一楼和二楼 南开区南门外大街2号大悦城北区3 南门外大街大悦城如果街1F-J02 南开区水滴体育馆A·Hotel四楼 和平区西安道怡和里4号 层59号 T: +86 22 5830 9959 河西区友谊北路合众大厦C座5层 O: 06:00 - 22:00 Din Tai Fung Prego Italian Restaurant Browns Bar & Restaurant He Beer Japanese 河岸国际餐厅 3F, The Westin Tianjin, No.101, A: No. 18, the junction of Zi Jin A: A: No.108-111, 1st Floor A: Weihua Li, Tong An Road, International Schools 和平区张自忠路158号天津瑞吉金 Shan Lu and Binshui Dao, Hexi Café Vista Nanjing Road, Heping District Min Yuan Stadium, Heping District Heping District, walk 20m after you 融街酒店一层(哈密道正对面) District A: 1F, Wanda Vista Tianjin, 486 Bahao T: +86 22 2389 0173 Bistro Thonet T: +86 22 88370588/88370688 turn right from old Alibaba. T: +86 22 2813 8138 Road, Da Zhi Gu, Hedong District Prego意大利餐厅 A: No.55 Chongqing Road, E: [email protected] T: 15522186426 和平区南京路101号天津君隆威斯 W: dintaifung.com.cn T: +86 22 2462 6888 Heping District 勃朗斯英式酒吧餐厅 O: From 4pm till late. 鼎泰丰 美食汇全日餐厅 汀酒店3层 T: +86 22 8713 5555 和平区重庆道83号民园广场西楼一 和喝精酿啤酒吧 河西区宾水道与紫金山路交口18号 河东区大直沽八号路486号天津万达 E: [email protected] 层108-111号 和平区同安道卫华里小区内底商见 International School of Tianjin 文华酒店一层 Riviera Restaurant Qba - Latin Bar & Grill W: qingwangfu.com 云霄餐厅右转20米 A: Weishan Lu, Jinnan District New Dynasty Riviera brings the casually elegant A: 2F, 101 Nanjing Road, Heping 庭悦咖啡 Bars T: +86 22 2859 2001 A: 2F, Renaissance Tianjin Seasonal Tastes refined dining experience to Tianjin District 和平区重庆道55号庆王府院内 The St. Regis Bar Education w: www.istianjin.org featuring modern Mediterranean +86 22 2389 0171 Lakeview Hotel No.16 Binshui A: 1F, 101 Nanjing Road, Heping | REVISED 17.08.11 - TO REPLACE PREVIOUS VERSION | T: The most beautiful bar in town with 国际学校天津分校 Road, Hexi District, Tianjin District -French dishes paired with selections Q吧 - 拉丁酒吧&烧烤 1863 Bistro & Terrace stunning river view. A rare haven 津南区津南微山路 T: +86 22 5822 3388 T: +86 22 2389 0168 from an supurb list of international 和平区南京路101号二层 A: 1F Astor Wing, The Astor Hotel, of refined luxury, The St. Regis 天宾楼 知味全日餐厅 wines. A Luxury Collection Hotel, Tianjin No. Bar is a place for guests to enjoy 河西区宾水道16号万丽天津宾馆2 和平区南京路101号一层 A: 1F, The St. Regis Tianjin. No. Pan Shan Grill & Wine 33, Tai’er Zhuang Lu Heping District the enduring tradition of St. Regis 层 158, Zhang Zizhong Dao, Heping A: 2F, Main Building T: +86 22 2331 1688 ext. 8918 Afternoon Tea and a wide selection District Sheraton Hotel Tianjin 1863别致西餐厅&花园 of refreshing drinks. Seitaro NEW YORK KIDS CLUB T: +86 22 5830 9962 Zi Jin Shan Lu, Hexi District 利顺德翼，和平区台儿庄路33号天 A: 1F, The St. Regis Tianjin. No. 158 A: 2 F, Sheraton Hotel Tianjin A: 2nd Floor, Happy City Center, O: 11:30 - 14:30; 17:00 - 22:00. +86 22 2731 3388 ext.1820 津利顺德大饭店豪华精选酒店一层 Zhang Zizhong Road, Heping District Zi Jin Shan Lu, Hexi District T: Hexi District, Tianjin Wellington College 蔚蓝海餐厅 盘山葡萄酒扒房 T: +86 22 5830 9958 International Tianjin T: +86 22 2731 0909 T: +86 22 8827 5200 和平区张自忠路158号天津瑞吉金 紫金山路天津喜来登大酒店主楼 层 O: 09:30 - 01:30. No. 1, Yide Dao, Hongqiao District 清太郎日本料理 2 Café Majestic +86 22 8827 0200 A: 融街酒店一层 1F Haihe Wing, The Astor Hotel, 瑞吉酒吧 T: +86 22 8758 7199 ext. 8001 河西区紫金山路喜来登大酒店 A: Hotline: 400 666 0522 和平区张自忠路158号天津瑞吉金 M: +86 187 2248 7836 Spectrum All-Day Dining A Luxury Collection Hotel, Tianjin No. W: www.nykidsclub.com 融街酒店一层 [email protected] Bowbow Sushi Japanese A: 7F, Hotel Nikko Tianjin 33, Tai’er Zhuang Lu, Heping District www.nykidsclub.com.cn E: +86 22 2331 1688 ext. 8910 W: wellington-tianjin.cn Qing Wang Fu Restaurant No. 189, Nanjing Lu, Heping District T: Wechat: 凯旋咖啡厅 天津惠灵顿国际学校 No. 55, Chongqing Road A: Xiannong Area, Intersetion of T: +86 22 8319 8888 ext. 3570 纽约国际儿童俱乐部天津文化中心 A: 海河翼，和平区台儿庄路33号天津 红桥区义德道1号 Heping District Hebei Road and Luoyang Road, ZEST 彩餐厅 A: 1 F, The Ritz-Carlton, Tianjin, 利顺德大饭店豪华精选酒店一层 纽约国际儿童俱乐部 T: +86 22 8713 5555 Wu Da Dao, Heping Distrcit, Tianjin 南京路189号天津日航酒店7层 No. 167 Dagubei Road, Heping 河西区乐园道9号彩悦城 Tianjin International School +86 22 5835 2555 T: +86 22 58352860 District, Tianjin Cholito Spanish Cuisine and 阳光乐园二层 A: No.4-1, Sishui Dao, Hexi District E: [email protected] 宝寿司 Maxim’s De Paris T: +86 22 5809 5109 Bar T: +86 22 8371 0900 ext. 311 W: qingwangfu.com 和平区河北路与洛阳道交汇西北角 A: No.2 Changde Dao, Heping FLAIR Bar and Restaurant 香溢 - 全日餐厅 A: Crossing of Hebei Lu and Hopeland international 天津国际学校 庆王府 先农大院内 District 1 F, The Ritz-Carlton, Tianjin, 和平区大沽北路167号天津丽思卡 Luoyang Dao, Heping District A: kindergarten Meijiang 河西区泗水道4号增1 和平区重庆道55号 T: +86 22 2332 9966 No. 167 Dagubei Road, Heping 尔顿酒店一楼 +86 22 5835 2833 Campus SóU 马克西姆法餐厅 T: District, Tianjin 西班牙餐厅 酒吧 A: No. 7 Huandao East Road, Riverside Chinese Restaurant A: 49F, Tangla Hotel Tianjin, No.219 和平区常德道2号 & T: +86 22 5809 5099 和平区五大道河北路与洛阳道交口 West side of Jiefang South Road, 3F, Holiday Inn Tianjin Riverside Nanjing Road, Heping District FLAIR餐厅酒吧 A: Tianjin +86 22 2321 5888 ext.5106 Pizza Bianca 中国天津市和平区大沽北路167号 Phoenix Shopping Mall T: +86 22 5810 7777 思创 Brasserie Flo Tianjin A: No.83 Chongqing Lu, Min Yuan Le Loft 天津丽思卡尔顿酒店一楼 T: East Haihe Road, Hebei District 华兰国际幼稚园（梅江园） 南京路219号天津唐拉雅秀酒店49楼 A: No.37, Guangfu Road Stadium, Heping District A: Cross of Nanjin Lu and Jinzhou T: +86 22 2627 8888 ext. 2211 解放南路西侧环岛东路7号 海河轩中餐厅 Italian Style Town, Hebei District T: +86 22 8312 2728 Dao, Heping district O’Hara’s 河北区海河东路凤凰商贸广场 Thai T: +86 22 2662 6688 比安卡意大利餐厅 T: +86 22 2723 9363, A: Astor Wing, The Astor Hotel, Hopeland international 天津海河假日酒店3楼 福楼 和平区重庆道83号民园体育场内 +86 18702200612 A Luxury Collection Hotel, Tianjin No. 河北区意大利风情区光复道 号 kindergarten Shuishang YY Beer House 37 院 33, Tai’er Zhuang Lu Heping District (Behind International Building) Churchill Wine & Cigar Bar 和平区南京路与锦州道交口 T: +86 22 2331 1688 ext. 8919 Campus A: No. 46, Xiaguang Street, Weijin A: No. 3, Aomen Lu, Heping Element Fresh Restaurant A: 1F, Wanda Vista Tianjin, 486 Bahao 海维林酒吧 District A: 1F Joy City, Nanmen Wai Dajie, Road, Da Zhi Gu, Hedong District Glass House 利顺德翼，和平区台儿庄路33号天 South Road, Tianjin +86 22 2392 3803 T: +86 22 2339 9634 Heping District T: +86 22 2462 6888 A: No. 8, Zhujiang Da Dao 津利顺德大饭店豪华精选酒店一层 T: 华兰国际幼稚园（水上园） 粤园泰餐厅 T: +86 22 8735 3372 丘吉尔红酒雪茄吧 Zhouliang Zhuang, Baodi District 卫津南路霞光道46号 和平区澳门路3号(国际大厦后侧) 天津新元素餐厅 河东区大直沽八号路486号天津万达 T: +86 22 5921 1234 China Bleu 天津市南开区南马路大悦城一楼 文华酒店一层 水晶厨房 A: 50F, Tangla Hotel Tianjin, No. 219 宝坻区周良庄珠江大道8号 Nanjing Lu, Heping District 京津新城凯悦酒店 T: +86 22 2321 5888 中国蓝酒吧 南京路219号天津唐拉雅秀酒店50层

56 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 57 Lifestyle Recommendations / Tianjin Lifestyle Recommendations / Tianjin SERVICES SERVICES HEALTH

Astor Apartment Chamber of Commerce Hotels A: No. 32, Tai’er Zhuang Lu Hospitals Hotels Heping District European Chamber T: +86 22 2303 2888 A: 4108, Tianjin World Financial 利顺德公寓 Center, 2 Dagubei Lu, Heping Raffles Medical Tianjin Clinic 和平区台儿庄路 32 号 District A: 1F Apartment Building, Sheraton T: +86 22 5830 7608 Shangri-La Hotel, Tianjin Tianjin Hotel, Zi Jin Shan Road, He Xi Wanda Vista Tianjin The Lakeview, Tianjin-Marriott Sheraton Apartment E: [email protected] Sheraton Tianjin Hotel A: No.328 Haihe East Road, 486 Bahao Road, Da Zhi Gu, District, Tianjin 300074 A: europeanchamber.com.cn A: Zi Jin Shan Lu, Hexi District Hedong District Tianjin, 300019 Executive Apartments A: Zi Jin Shan Lu, Hexi District W: T: +86 22 23520143 Hedong District, Tianjin 300170 中国欧盟商会天津分会 T: +86 22 2731 3388 China A: No. 16, Binshui Dao, Hexi District T: +86 22 2731 3388 河西区紫金山路喜来登饭店公寓楼 T: +86 22 2462 6888 和平区大沽北路 2 号天津环球金融 天津喜来登大酒店 T: + 86 22 8418 8801 T: +86 22 5822 3322 喜来登公寓 一层，300074 Renaissance Tianjin Lakeview F: +86 22 2462 7000 天津香格里拉大酒店 天津万豪行政公寓 河西区紫金山路 中心 4108 室 Hotel 河西区紫金山路 天津万达文华酒店 河东区海河东路 328 号 河西区宾水道 16 号 A: No. 16, Binshui Dao, Hexi District 中国天津市河东区大直沽八号路 IT American Chamber T: +86 22 5822 3388 486 号 A: Room 2918, 29F, The Exchange 万丽天津宾馆 PAN PACIFIC TIANJIN HOTEL A: No. 1 Zhang Zi Zhong Road, Tower 2,189 Nanjing Lu Heping 河西区宾水道 16 号 Yi Boutique Luxury Hotel Tianjin District Hong Qiao District A: No. 52-54, Min Zu Road, Hebei District +86 22 2318 5075 Tianjin United Family Hospital T: +86 22 5863 8888 T: T: +86 22 2445 5511 +86 22 2318 5074 A: No.22, Tianxiao Yuan E: [email protected] F: 天津易精品奢华酒店 amchamchina.org Tanjiang Dao, Hexi District 天津泛太平洋酒店 Fraser Place Tianjin w: 河北区民族路 52-54 号 中国美国商会天津分会 T: +86 22 5856 8500 (Reception) 中国天津红桥区张自忠路 1 号 No. 34 Xing Cheng Towers Ao The Astor Hotel, A: 和平区南京路 189 号津汇广场 2 座 24 Hour Emergency: Ti Street, West Weijin South Road, NNIT (Tianjin) Technology A Luxury Collection Hotel, Tianjin Shan Yi Li Boutique Hotel 2918 室 T: +86 22 5856 8555 Nankai District A: 20 F, Building A, JinWan A: No. 33, Tai’er Zhuang Lu, A: No.55 Chongqing Road, W: ufh.com.cn T: +86 22 5892 0888 Mansion, No.358 Nanjing Road， The Ritz-Carlton, Tianjin Heping District Heping District. German Chamber 天津和睦家医院 E: [email protected] 300100 Tianjin T: +86 22 5852 6888 T: +86 22 87135555 Room 1502, Global Center, No. 河西区潭江道天潇园 22 号 A: No. 167 Dagubei Road, Heping 天津市招商辉盛坊国际公寓 T: +86 22 58856666 A: 天津利顺德大饭店豪华精选酒店 [email protected] 309 Nanjing Road, Nankai District, District, Tianjin E: 南开区卫津南路西侧奥体道星城 34 W: www.nnit.cn 和平区台儿庄路 33 号 山益里精品酒店 T: +86 22 5857 8888 号楼 天津恩恩科技有限公司 T: +86 22 8787 9249 天津丽思卡尔顿酒店 中国天津市和平区重庆道 55 号 南开区南京路 3 58 号，今晚大厦 A E: [email protected] 和平区大沽北路 167 号 Hotel Nikko Tianjin 座20层 中国德国商会天津办事处 A: No. 189, Nanjing Lu, Heping District 南开区南京路 309 号环球置地广场 1502 室 T: +86 22 8319 8888 Real Estate Women’s and Children’s 天津日航酒店 Specialized Health 和平区南京路 189 号 Serviced Office A: No.21,ShuiShangGongYuan East Road,Nankai District T: +86 22 5898 2012 Banyan Tree Tianjin Riverside Somerset International 400 10000 16 The St. Regis Tianjin Building Tianjin A: No. 158, Zhangzizhong Road A: No. 34, Haihe Dong Lu, W: amcare.com.cn A: No, 75, Nanjing Lu 美中宜和医疗集团天津美中宜和妇 Heping District Hebei District, Tianjin Heping District Jones Lang LaSalle 儿医院 T: +86 22 5830 9999 T: +86 22 5883 7848 天津盛捷国际大厦服务公寓 A: Unit 3509, The Exchange Mall The Executive Centre 南开区水上公园东路 21 号 天津瑞吉金融街酒店 W: www.banyantree.com 和平区南京路 75 号 Tower 1, No.189 Nanjing Road, 和平区张自忠路 号 天津海河悦榕庄 Asia-Pacific’s Premium Serviced 158 T: +86 22 2330 6666 Heping District. 河北区海河东路 34 号 The Westin Changbaishan Resort Office Provider Arrail Dental Tianjin ( 津塔旁，哈密道正对面 ) Hotel Indigo Tianjin Haihe T: +86 22 8319 2233 Sheraton Changbaishan Resort A: 41F, Tianjin World Financial Center International Building Clinic A: No.314 Jiefang South Road, W: joneslanglasalle.com.cn A: No.333 & No.369 Baiyun Somerset Olympic Tower Tianjin 2 Dagubei Road, Heping District Rm 302, Tianjin International Hexi District, 300202, Tianjin 仲量联行天津分公司 A: Road, Changbaishan A: No. 126, Chengdu Dao Tianjin Building, No. 75 Nanjing Rd, T: +86 22 8832 8888 天津市和平区南京路 189 号津汇广 International Resort, Fusong Heping District T: +86 22 2318 5111 Heping District F: +86 22 8832 6868 天津盛捷奥林匹克大厦服务公寓 场1座3509室 天津海河英迪格酒店 County, Jilin Province W: executivecentre.com T: +86 22 2331 6219/10/67 和平区成都道 126 号 中国天津市河西区解放南路 314 号 T: +86 439 6986999, 天津德事商务中心 24Hr Emergency Line: The Westin Tianjin +86 439 6986888 T: +86 22 2335 5888 CBRE Tianjin 和平区大沽北路 2 号天津环球金融 150 0221 9613 A: 101 Nanjing Road, Heping District 长白山万达威斯汀度假酒店 A: 42F, Units 12 & 13, Tianjin World 中心津塔写字楼 41 层 arrail-dental.com Tianjin Goldin Metropolitan W: T: +86 22 2389 0088 Holiday Inn Tianjin Riverside 长白山万达喜来登度假酒店 Somerset Youyi Tianjin Financial Centre Office Tower, No. 瑞尔齿科

W: westin.com/tianjin A: Phoenix Shopping Mall Polo Club 中国吉林省抚松县长白山国际度假 A: No. 35, Youyi Lu, Hexi District 2 Dagubei Road, Heping District. 和平区南京路 75 号 天津君隆威斯汀酒店 No.16, Hai Tai Hua Ke Jiu Lu, 天津盛捷友谊服务公寓 Haihe Dong Lu, Hebei District A: 区白云路 333/369 号 T: +86 22 5832 0188 和平区南京路 101 号 T: +86 22 2627 8888 Bin Hai Gao Xin Qu, Tianjin 河西区友谊路 35 号 W: cbre.com.cn 天津海河假日酒店 T: + 86 22 8372 8888 T: +86 22 2810 7888 世邦魏理仕天津分公司和平区大沽 Gyms www.metropolitanpoloclub.com Regus Tianjin Centre 河北区海河东路凤凰商贸广场 W: Serviced Apartments 北路 2 号天津环球金融中心津塔写 天津国际大厦 302 室 天津环亚国际马球会 A: 8 F, Tianjin Centre, No.219 Nanjing 字楼 42 层 12-13 单元 Powerhouse Gym 滨海高新区海泰华科九路16号 Road, Heping District T: +86 22 2317 0333 A: Binjiang Shopping Center, Kaifeng Associations 雷格斯天津中心 Dao, Xiao Bai Lou (1902 Street) Ariva Tianjin Binhai Serviced 和平区南京路 219 号天津中心 8 层 Hexi District Apartment TICC (Tianjin International T: +86 22 2302 2008 HYATT REGENCY A: No. 35 Zi Jin Shan Road, Hexi Community Centre) Association Regus Golden Valley Centre 宝力豪健身俱乐部 TIANJIN EAST District and meeting place for foreign 河西区小白楼滨江购物中心 The Ritz-Carlton Executive A: 11F, Floor, Block One, Golden A:126 Weiguo Road, Hedong Dist. Holiday Inn Tianjin Aqua City T: +86 22 5856 8000 passport holders and their families Valley Centre, Heping District Tianjin, 300161 Residences, Tianjin F: +86 22 5856 8008 in Tianjin. Organises monthly coffee A: No. 6, Jieyuan Dao, Hongqiao No.167 Dagubei Road, Heping T: +86 22 5890 5188 Leo GYM T: + 86 22 2457 1234 Tangla Hotel Tianjin A: www.stayariva.com mornings, luncheons and social/ District District W: www.regus.cn A: 3 Floor, Olympic Center F: +86 22 2434 5666 A: No. 219, Nanjing Lu, Heping District 滨海·艾丽华服务公寓 fundraising events, supporting local 雷格斯金谷大厦中心 T: +86 22 5877 6666 +86 22 5857 8888 Stadium Swimming Diving Hall, tianjin.regency.hyatt.com T: 天津市河西区紫金山路 35 号 charities. W: 天津水游城假日酒店 T: +86 22 2321 5888 和平区金之谷大厦一号楼 11 层 Binshui Xi Dao, Nankai District 天津帝旺凯悦酒店 天津唐拉雅秀酒店 天津丽思卡尔顿行政公寓 E: [email protected] 红桥区芥园道 6 号 天津市和平区大沽北路167号 T: +86 22 6097 6681 天津市河东区卫国道 126 号 和平区南京路 219 号 W: tianjin.weebly.com W: leogym.com.cn 力奥健身 南开区宾水西道奥林匹克游泳跳水 馆

58 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 59 Lifestyle Recommendations / Teda & Tanggu Transportation DINING SERVICES HEALTH

¥83 one way Western Hotels TIANJIN-BEIJING AIRPORT Shuttle Bus BULLET (C) TRAIN TEDA & TANGGU Tianjin - Beijing Airport Terminals 2/3 Brasserie Restaurant TJ ~ BJS (¥55 - ¥93) BJS ~ TJ (¥55 - ¥93) Brazilian A: Renaissance Tianjin TEDA 04:00-18:00, runs every hour. Tian Huan Distance Bus Passenger Station Hotel & Convention Centre The junction of Hongqi Lu and Anshan Xi Dao. Tel: +86 2305 0530 Train Tianjin Beijing Train Beijing Tianjin Salsa Churrasco No. 29, 2nd Avenue, TEDA Ascott TEDA MSD Tianjin C2002 06:18 06:53 C2001 06:01 06:36 A: 11F, Holiday Inn Binhai Tianjin T: +86 22 6621 8888 ext. 3711 Renaissance Tianjin TEDA A: No.7 Xincheng West Road, No. 86, 1st Avenue, TEDA Beijing Airport Terminals 2/3 - Tianjin 万丽西餐厅 Convention Centre Hotel Tianjin Economic-Technological C2108 22:52 23:27 C2107 23:05 23:40 +86 22 6628 3388 ext. 2740 T: 开发区第二大街 29 号天津万丽泰 A: No. 29, 2nd Avenue, TEDA DevelopmentArea, Tianjin 07:00, 08:00, 09:00, 10:00 then every 30 minutes until 23:00. 巴西烧烤餐厅 达酒店及会议中心 T: +86 22 6621 8888 T: +86 22 5999 7666 Exit on the 1st floor at Gate 15 / Terminal 2 and Gate 1 / Terminal 3. 开发区第一大街 号天津滨海假 86 天津万丽泰达酒店及会议中心 天津市经济技术开发区新城西路 7 号 Tel: +86 10 6455 8718 TG ~ BJS (¥66 - ¥93) BJS ~ TG (¥75 - ¥239) 日酒店 11 层 开发区第二大街 29 号 Train Tanggu Beijing Train Beijing Tanggu Chinese Office Space C2584 09:04 09:58 C2281 07:23 08:20 Fortune Restaurant TEDA-BEIJING AIRPORT Shuttle Bus ¥90 one way Feast All Day Dining A: 2F, Crowne Plaza Tianjin Binhai TEDA - Beijing Airport Terminals 2/3 C2594 20:26 21:21 C2593 20:26 21:31 No. 55, Zhongxin Da Dao Restaurant Airport Industrial Park A: 1F, Sheraton Tianjin Binhai Hotel 06:45, 08:45, 14:45, 17:15. 1st Avenue, TEDA. Sheraton Tianjin Binhai Hotel TEDA MSD T: +86 22 5867 8888 ext. 2355 No. 50, 2nd Avenue, TEDA Tel: +86 22 6620 5188 A: No. 50, 2nd Avenue, TEDA 6F, TEDA MSD-C1,No.79, Wuqing ~ BJS (¥39 - ¥66) BJS ~ Wuqing (¥39 - ¥66) 富淳中餐厅 T: +86 22 6528 8888 ext. 6210 A: T: +86 22 6528 8888 First Avenue, TEDA, Tianjin, China. 空港物流加工区中心大道55号 盛宴全日制西餐厅 Train Wuqing Beijing Train Beijing Wuqing F: +86 22 6528 8899 400 668 1066 天津滨海圣光皇冠假日酒店2层 开发区第二大街 50 号 T: Beijing Airport Terminals 2/3 - TEDA sheraton.com/tianjinbinhai 泰达 MSD C2202 06:54 07:19 C2203 07:31 07:55 天津滨海喜来登酒店 1 层 W: 10:30, 13:00, 18:30, 20:30. Exit on the 1st floor at Gate 15 /Terminal 天津滨海喜来登酒店 天津经济技术开发区第一大街 79 号 Wan Li Chinese Restaurant 2 and Gate 1 / Terminal 3. Tel: +86 10 6455 8718 C2246 21:27 21:52 C2245 20:56 21:20 开发区第二大街 50 号 泰达 MSD-C1 座 6 层 A: 2F, Renaissance Tianjin TEDA BARS Hotel & Convention Centre No. 29, 2nd Avenue, TEDA Spas T: +86 22 6621 8888 ext. 6750 Touch Spa TIANJIN SUBWAY 万丽轩中餐厅 A: 2F, Renaissance Tianjin TEDA 开发区第二大街 29 号天津万丽泰 Hotel & Convention Centre 达酒店及会议中心 2 层 HILTON TIANJIN ECO-CITY A: No. 82 Dong Man Zhong No. 29, 2nd Avenue, TEDA T: +86 22 6570 9504 Yue Chinese Restaurant Happy Soho Live Music & Lu,Sino-Singapore Eco-City, 开发区第二大街 29 号天津万丽泰 刘园 Dance BAR Tianjin,P.R. China 300467 华北集团 小淀 A: 2F, Sheraton Tianjin 达酒店及会议中心 Liu Yuan Xiao Dian (Opposite of Central Hotel) T: +86 22 5999 8888 North China Group Binhai Hotel 丰产河 No. 50, 2nd Avenue, TEDA A: No. 16, Fortune Plaza, Third F: +86 22 5999 8889 西横堤 Feng Chan He Xi Heng Di E: [email protected] Yue Spa 宜兴埠 天士力 Line 1 T: +86 22 6528 8888 Avenue, TEDA Tasly Station A: 15F, Holiday Inn Binhai Tianjin 果酒厂 Yi Xing Bu ext. 6220/6222 T: +86 22 2532 2078 W: tianjinecocity.hilton.com Line 2 天津生态城世茂希尔顿酒店 No. 86, 1st Avenue, TEDA Guo Jiu Chang 张兴庄 采悦轩中餐厅 欢乐苏荷酒吧 Zhang Xing Zhuang Line 3 Transfer station 天津市中新生态城动漫中路 82 号 T: +86 22 6628 3388 本溪路 开发区第二大街 50 号 开发区第三大街财富星座 16 号 Ben Xi Lu 开发区第一大街 号天津滨海假 勤俭道 铁东路 天津滨海喜来登酒店 2 层 ( 中心酒店对面 ) 86 Line 6 terminal 日酒店 层 Qin Jian Dao Tie Dong Lu 15 Line 9 Holiday Inn Binhai Tianjin 洪湖里 天津北站 Tianjin North Railway Station Japanese A: No. 86, 1st Avenue, TEDA Hospitals Hong Hu Li T: +86 22 6628 3388 中山路 Education Zhong Shan Lu Sake n Sushi Bar 天津滨海假日酒店 天津西站 开发区第一大街 86 号 Tianjin West Railway Station 金狮桥 11F, Holiday Inn Binhai Tianjin Jin Shi Bridge A: 西北角 No. 86, 1st Avenue, TEDA Xi Bei Jiao 天津站 Raffles Medical Tianjin TEDA 芥园西道 Tianjin 远洋国际中心 T: +86 22 6628 3388 ext. 2730 曹庄 West Jie 长虹公园 西南角 东南角 Railway Sino-Ocean 靖江路 屿东城 国山路 滨海机场 寿司吧 Clinic Cao Zhuang Yuan Road Chang Hong Park Xi Nan Jiao Dong Nan Jiao Station International Center Jing Jiang Lu Yu Dong Cheng Guo Shan Road Bin Hai Airport A: 102-C2 MSD, No.79 1st Avenue, 开发区第一大街 86 号天津滨海假 卞兴 咸阳路 广开四马路 鼓楼 建国道 顺驰桥 翠阜新村 登州路 空港经济区 日酒店 11 层 Crowne Plaza Tianjin Binhai TEDA Binhai Area, Tianjin 300457 Bian Xing Xian Yang Lu Guang Kai Drum Tower Jian Guo Dao Shun Chi Bridge Cui Fu Xin Cun Deng Zhou Lu Tianjin Airport Economic Area 宜宾道 Si Ma Lu 二纬路 津湾广场 No.55 Zhongxin Avenue Airport T: +86 22 65377616 Yi Bin Dao 大王庄 A: Jinwan Plaza Er Wei Lu Da Wang Zhuang Tianjin TEDA Maple Leaf Economic Area, Tianjin 鞍山西道 Kasumi 东兴路 一号桥 新立 小东庄 天津经济技术开发区第一大街 79 An Shan Xi Dao 和平路 A: 1F, Crowne Plaza Tianjin Binhai International School T: +86 22 5867 8888 Dong Xing Lu Yi Hao Qiao Xin Li Xiao Dong ZHuang rd 号泰达 MSD-C 区 C2 座 102 室， He Ping Lu No. 55, Zhongxin Da Dao A: No. 71, 3 Avenue, TEDA 天津滨海圣光皇冠假日酒店 天拖 海光寺 营口道 十一经路 300457 Tian Tuo Hai Guang Temple Ying Kou Dao Shiyijing Road 直沽 中山门 二号桥 东丽开发区 军粮城 钢管公司 Airport Industrial Park T: +86 22 6200 1920 天津市空港经济区中心大道 55 号 Zhi Gu Zhong Shan Men Er Hao Qiao Dong Li Jun Liang Gang Guan 天津泰达枫叶国际学校开发区第三 一中心医院 鞍山道 小白楼 Development Area Cheng +86 22 5867 8888 ext. 2322 周邓纪念馆 Company T: Yi Zhong Xin Yi Yuan An Shan Dao Xiao Bai Lou Gyms 胡家园 霞日式料理 大街 71 号 Apartments 红旗南路 The Memorial to Zhou Enlai and Deng Yingchao Hu Jia Yuan South Hong Qi Lu 西康路 空港中心大道55号 下瓦房 Xi Kang Lu 塘沽站 Eco-City International Country 王顶堤 Xia Wa Fang 天津滨海圣光皇冠假日酒店1层 天塔 吴家窑 Tang Gu Wang Ding Di 迎风道 Club TV Tower Wu Jia Yao Station Ying Feng Dao 南楼 财经大学 No. 5681, Zhongxin Road, 华苑 土城 复兴门 泰达 A: Nan Lou Economics and Italian Hua Yuan Tu Cheng Fu Xing Men finance college TEDA South Ying-Cheng Island, Tianjin 南翠屏 TEDA International School Nan Cui Ping 市民广场 T: +86 22 6720 1818 大学城 陈塘庄 华山里 双林 No. 72, 3rd Avenue, TEDA Shi Min Plaza A: TEDA, Tianjin – Marriott 生态城国际乡村俱乐部 University Town Chen Tang Zhuang Hua Shan Li Shuang Lin 高新区 T: +86 22 6622 6158 Executive Apartments 会展中心 天津生态城中新大道 5681 号（营 Tianjin Binhai Hi-tech 泰达国际学校 Hui Zhang Center A: 29 Second Avenue TEDA, 城湖南岛） Industrial Development Area 开发区第三大街 72 号 Tianjin 东海路 学府工业区 W: Tedais.org Dong Hai Lu T: +86 22 6621 8888 Holiday Inn Binhai Hotel Xue Fu Industrial District Bene Italian Kitchen 天津泰达万豪行政公寓 Fitness Centrer 杨伍庄 A: 2F, Sheraton Tianjin Binhai Hotel 天津经济技术开发区第二大街 29 号 Yang Wu Zhuang A: 15F, Holiday Inn Binhai Tianjin No. 50, 2nd Avenue, TEDA No. 86, 1st Avenue, TEDA T: +86 22 6528 8888 ext. 6230/6232 天津南站 T: +86 22 6628 3388 ext. 2960 Tianjin South 班妮意大利餐厅 Railway Station 天津滨海假日酒店健身中心 开发区第二大街 50 号 开发区第一大街 86 号天津滨海假 天津滨海喜来登酒店 2 层 日酒店 15 层

60 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 61 Art & Leisure Art & Leisure

Drinking Manners matter This certainly deserves special Behavioural patterns, gestures and attention because so many foreign facial expressions are not to be When in Rome, people are just not prepared for it. In undervalued. If you come from China, BaiJiu is not only a national a Western country, you should do as the Romans do drink but a “detector device” for know how casual and open dinner insincere colleagues as well as a conversations can become. With more measure tool for “manliness”. So if casual topics come more relaxed body you are a man, brace your energies! posture, hand movements, laughter (Part II) Unfortunately, women also get no etc. In China, regardless of amount compassion while attempting to work of Baijiu taken, one should be able or make business in China - females, to exercise self-control. Firstly, and as business partners, are expected most importantly, body contact is to drink just as much as their male considered to be exceptionally rude, associates. It might sound bizarre but especially man to woman, even if in terms of drinking, Chinese culture it is a light touch on a shoulder or is merciless. Nevertheless, men are continuous handshake. Also, it is definitely less lucky, as drinking a good idea to avoid pointing with contests are sadly still quite common your index finger, biting nails and and, needless to say, the Chinese are expressing any discomfort with your better in this. body. Chinese people, when doing business and participating in social By Nadia N. Just to make the situation worse, events, are quite buttoned-down, so in some areas, using the restroom it would be inappropriate to seem too during 4 -5 hour dinner can be taken relaxed. hen establishing business relations with your Chinese associates, you may need to understand and tolerate as “cheating” - put your hands on Dress-code many cultural differences. With a growing number of enterprises and corporations and consequently wealthy the table, take a shot of Baijiu and Choosing an outfit for dinner with and influential businessman, Chinese associates may be less eager to sign up for something foreign if it talk business! In terms of toasting, Hosts are trying to Wdoesn’t fit their interests 100 percent. The special ways of handing out business cards, introducing yourself and your Chinese investors or colleagues can Chinese people also have some take good care of you say a lot about your intentions and project and holding a casual conversation are important milestones on a way to success in China. However, one aspect specialities that Westerners surely overall personality. In contrast with of business etiquette in this modern-ancient civilization requires some special attention and it pertains to drinking and haven’t heard of: toasting people and introduce you to Western culture, Chinese don't expect individually is a very common way dining. their culture - there you to be too formal. For Chinese, it of expressing respect. If a Chinese is enough to look neat and tidy while associate or investor raises his glass is no place for being At the round table suits and bright-colored dresses for (shot) to drink with you and you It is hard to imagine Chinese people China - there are no shortcuts. Most dish is considered quite ill-mannered “picky” women can be considered inadequate. only, that’s a good sign - you are very talking business without a nice meal of the time, alcohol is mandatory and as a sign of offering not enough It is worth mentioning that women appreciated and valued. and a bottle(s) of BaiJiu (Chinese for both lunch and dinner and you of food - all the wonderful (or wearing skin-tight dresses or, God wine or Chinese vodka of 50-60%). are more than expected to drink a bizarre) dishes are there mostly for While attending dinner with Chinese forbid, scoop necklines can give very Dinners are taken very seriously, lot. In fact it is very important for sampling. Therefore, if you are offered colleagues, it is easy to get the idea wrong impression, which is essential especially in Chinese hosts to see that their guest a black duck egg, insect (southern that all of participants are quite happy when meeting Chinese people for the North and are enjoying, therefore refusing this Chinese dishes), stinky tofu or and satisfied with their lives. This first time. In addition, it is an absolute West of “airline fuel” is pure insult! Though if delicious intestines, make sure your is due to impropriety of sharing pleasure for your Asian colleagues to you are not adept at drinking spirits, face doesn't give you away and try it. personal concerns in any way. mention if you are wearing traditional reasons like health condition or Therefore, if you had a bad day or jade or wooden bracelet or piece of medication can help you avoid this at exhausting night, it shouldn't be jewelry – showing interest in Chinese It is worth mentioning that after the tasting phase. easily read from your face. It also culture is enough to prepossess them. dinner it is not acceptable to fight goes for situations when everyone So the story of your accessory can be for the bill. If you are invited to join starts slurping and belching - do Another part of the programme – Chinese for dinner, KTV or to a bar a great topic for conversation that will not widen your eyes and keep be supported by everyone at the table. food - can be just as challenging for a night-out, everything is being calm. Finally, body posture is as trying to stay sane after several taken care of and you are expected to quite important for Chinese as it rounds of BaiJiu. The reason is simple: pay only if you initiated the activity. demonstrates your self-control and most Chinese business dinners All in all, remember that hosts are ability to organise yourself. Try to include 15-20 dishes and if you don't trying to take good care of you and copy your host’s posture and gestures Visit us online: control yourself in the beginning, introduce you to their culture (that as it is vital to seem respectful yet not btianjin.cn/161214 you risk feeling like a goose prepared they are truly proud of) - there is no arrogant. to become fois gras. Also, finishing a place for being “picky”.

62 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 63 Book Review Last Word

ESWAR PRASAD GAINING CURRENCY Qiu Ku THE RISE OF THE RENMINBI or

he value and influence of a nation’s currency is a key barometer of its self-esteem and international position. But not all currencies are the same. The renminbi is No Qiu Ku tightly controlled, not freely traded, its value not freely floated. While this gives Tthe Chinese government great control, it also wishes for a greater international role for its currency,¥ as befits a great nation. Hemmed in by these conflicting desires, the government has thus taken a series of careful steps to broaden the reach of the RMB. But how far can this process go? Will the renminbi ever become a reserve currency, like That’s a question the US dollar and the euro? Could it supplant the dollar? What reforms must China By Leah Tsao undertake?

These are serious politico-financial questions, reflecting the underpinning of the international order. Fortunately Eswar Prasad’s book on the rise of China’s currency is no dry textbook, nor is it an actuarial summation. “Gaining Currency” has a keen awareness of the conflicts and the tensions of international currency regimes, as befits a ow can you tell winter is coming? Of course you can feel that it's getting colder. book written by the former head of the IMF’s China division. (Prasad notes the leverage But in Chinese, there's a very special expression to announce the arrival of the cold Western nations have in controlling “the choke points in international finance”, when season: I need to put my Qiu Ku on. WARM imposing sanctions on Russia after its annexation of Crimea, and shows how China is H working hard to avoid any such vulnerabilities). What is Qiu Ku? But there are so many countries What’s striking is how careful and strategic China was in allowing the use of its currency. From a near-zero use It is difficult to explain to people from other which are much colder than China. abroad, international settlements in the yuan have boomed, and its role in trade has become increasingly significant. Yet countries. It is long underwear which looks Why don’t they have Qiu Ku? as the yuan’s importance has risen, so too have the risks. Recent moves to a more market-driven valuation have come at similar to leggings. Normally it’s made of It is said that there are only two countries the same time as downwards pressure on the currency, contrary to previous expectations of continual appreciation. This cotton. And the most popular colors are grey, in the world where people wear it: China WARM comes as no surprise to Prasad, who argues that institutional reform is key to China’s currency ambitions. He shows, white and beige. and North Korea. How comes?! Well, for example, how the People’s Bank has failed to inspire confidence, and while its moves to thwart currency speculators Chinese people themselves have not might be commendable, contrary behavior from such a major financial institution can spook the markets. In Chinese, Qiu means autumn while Ku yet figured this out. As a result, various stands for trousers. So literally it’s a kind speculations about its origin make it the “Gaining Currency” is a superb, judicious overview of China’s monetary ambitions, and will be the set text on the subject of pair of trousers which you wear when most common and mysterious clothing for for some years. autumn arrives. It seems there’s no equivalent them. translation of this word in English. However, the brilliant Chinese netizens have come One of the most wildly spread stories is up with a perfect translation based on its about the conspiracy of the Soviet Union. Quotes of the Month pronunciation and function: Chill Cool. WARM Though nobody can go back and make a new beginning... Anyone can start over According to some articles on the Internet, If you’ve ever seen a pair of Qiu Ku, you back in the 1950s, a Russian geneticist told and make a new ending.~ ~ Chico Xavier would know immediately that it has nothing Stalin that once a nation wears Qiu Ku for to do with fashion or style. The only reason 60 years, they could never get rid of it again Life is 10 percent what you make it and 90 percent how you take it. ~ Irving Berlin for its existence is to keep you warm. When because their legs would lose the ability jeans can no longer resist the freezing air, to endure the cold temperature. So the I did then what I knew how to do. Now that I know better, I do better. just wear Qiu Ku under your jeans. Problem Soviet Union introduced Qiu Ku in China ~ Maya Angelou solved! and North Korea in order to reduce their

64 Dec 2016 I Business Tianjin Dec 2016 I Business Tianjin 65 Last Word

Of course, the authenticity of this story is highly doubtful. What is Chinese people more convincing is that Chinese really do care about people really do care about warmth. They can not understand how come warmth. in western countries people never drink hot water in the morning. warmth. You can find young men And they are shocked when they see wear jeans with two big holes on Japanese pupils wearing shorts and their knees and young women wear skirts during winter. In China, the boots and skirts, leaving their thighs older generation is extremely cautious shaking in the cold wind. They would about the cold. They say you need to insist on style for as long as possible, cover your neck because once your but at last Qiu Ku is still the strongest neck is warm, your whole body won’t weapon against the cold. When they feel cold. You should not stand in finally surrender and put their Qiu Ku the wind for so long without a hat, on, they do it as prudently as possible. it would give you headache and you But there is no Qiu Ku for any formal should definitely wear Qiu Ku in the occasion, party, date, etc. Once they winter. If not, you would have pain in put their most dedicate make-up on, your legs and knees when you get old. they would take their Qiu Ku off for sure. Older people have several reasons to wear and to convince others to wear Nowadays, Qiu Ku is no longer a Qiu Ku but if you ask young Chinese simple piece of clothing. It has already Japanese pupils wearing shorts and skirts during winter why they wear Qiu Ku, they would become a cultural phenomenon in probably say: because my mum thinks China. There was even a Qiu Ku gate combat power in high altitude areas. I’m cold. incident in recent years. A famous What’s funnier is that these articles fashion editor claimed in a TV even found evidence to support interview that she has never worn Qiu As mentioned before, Qiu Ku is not their story: why Chinese football Ku and suggested her colleagues not the kind of thing which can add always sucks? It is because Qiu Ku to wear it when they had their suits points to your outfit. There’s a very has weakened the function of their on. Then her speech was exaggerated popular saying to describe how young legs. But why is it that North Koreans by the media and caused a huge people get through winter: only Feng can play football much better? It is discussion about whether people Du, no Wen Du, in which Feng Du because they were poorer and their should sacrifice their health just for means style, while Wen Du means Qiu Ku was lighter. the sake of looking good.

At the same time, “put your Qiu Ku on” is also a way to express their concern for other people. Parent say it to their children, fans say it to their idols. However, what should be kept in mind is that no matter how caring you are, never ask your date whether BIZ he/she is wearing Qiu Ku unless you really want to ruin a romantic night. FUN

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66 Dec 2016 I Business Tianjin