HINA NSIGHT C Fostering business and culturalI harmony between China and the U.S. VOL. 14 NO. 4 April 2015 RDFZ performed at Minghua Chinese School’s Spring Festival event By Cheng RuZhao Community, p. 4 Culture, p.5 (Photos by Jijun He and China Tribune) The famous Chinese Renmin of RDFZ and Miss Ya Na, art director of Minghua Choir performed four songs. Chinese Inventions, p. 12 University Affiliate High School troupe RDFZ. RDFZ troupe performed a string quartet (RDFZ), led by Mr. Tan DaSheng, deputy They had a wonderful visit in and two solo dances. In the evening, they director of the Foreign Cultural Relations Minnesota from February 13 - 17. The joined Minghua Choir to celebrate the Bureau, Chinese Ministry of Culture, troupe consisted of 71 performers/artists. Spring Festival with a traditional Chinese gave two spectacular local performances On Feb. 14, they had a joint Chinese New Year meal of dumplings and a for Spring Festival events in February. New Year celebration with more than variety of other delicious foods prepared Also accompanying the troupe were Miss 500 students and teachers from Minghua by Minghua Choir. Zhang Yi, director of Foreign Affairs of Chinese School, Saint Paul, and gave The Feb. 15 performance was the RDFZ; Miss Liu Xiaohui, vice principal a wonderful hour-long performance. continues on page 8 Arts & Culture, p. 15 State Exports Valued at $5.5 Billion in the Fourth Quarter • Minnesota exports (including agricultural, mining and Figure 1. Fourth Quarter Export Growth in 35 States manufactured products) were valued at $5.5 billion, and were about the same as one year ago (up 0.1 percent between the fourth quarters of 2013 and 2014). U.S. Events, p. 16 growth was 1 percent. • Minnesota exported more than 930 different detailed In This Issue products (4-digit HS codes) to 192 different countries in the fourth quarter of 2014. Arts & Culture 6, 15 • For 2014, Minnesota exports grew 2.9 percent to Business 2, 10-11 $21.4 billion, while U.S. exports grew 2.8 percent. Community 4 • Referring to only manufactured goods, Minnesota Culture 5 exports – valued at $5 billion in the fourth quarter of Education 4,14 2014 – matched U.S. growth in manufactured exports (of 0.8 percent) during this period. Events 1, 8-9, 16 History 7 Exports Increase to North America, Africa, the Middle East; But Drop to Canada, China Chinese Inventions 12 News 3, 13 • Mexico fueled export growth to North America (up 3 percent to $2.0 billion). Sales to Mexico surged $186 million, the most among all countries. Leading growth segments were miscellaneous grains, vehicles and electrical machinery. continues on page 13 PAGE 2 / April 2015 business chinainsight.info China to issue guidelines for CHINAINSIGHT Publisher: Web finance companies soon Gregory J. Hugh Edited by Ma Xiaochun, China Daily, March 5 [email protected] Manager of Operations/ Circulation: Richard He [email protected] Staff Writers: Greg Hugh [email protected] CPPCC member Pan Gongsheng, also deputy governor of the central bank, answers reporters’ queries on Wednesday Elaine Dunn after a panel discussion of the ongoing annual session of [email protected] the top advisory body, which is being held in Beijing. [WEI XIAOHAO/FOR CHINA DAILY] Contributors: China will soon come out with guidelines University of Finance and Economics, said Internet financial forum in November Madeline Christensen for the healthy development of the Internet in his proposals to China’s top advisory that the central bank would adopt an open [email protected] finance sector, a top banking official said body this year. and tolerant stance while designing the on Wednesday. The ongoing financial reform must move regulatory framework. The PBOC will Raymond Lum Pan Gongsheng, deputy governor of the toward strengthening market regulations leave certain space for the development of [email protected] central bank and a member of the National to unlock the full potential, said He, who Internet finance while drawing the bottom Committee of the Chinese People’s Political is also a member of the CPPCC National line clearly, he said. Chang Wang Consultative Conference, said that the Committee. Zhang Daosheng, a spokesman for [email protected] People’s Bank of China, the nation’s central “The government should make a Zhejiang Ant Small & Micro Financial bank, will play a lead role in formulating the scientific risk assessment system for Internet Services Group Co, an affiliate of Alibaba, Patrick Welsh guidelines and also establish a regulatory finance based on quantitative indicators, told China Daily on Wednesday that any [email protected] framework for the Internet finance sector. rather than calling off financial products serious player in the Internet finance sector The upcoming regulations have sparked and services simply because they may cause would love to see detailed regulations for Production Editor: interest among members of the CPPCC relatively high financial risks,” he said. the sector. Teresa Khamlusa National Committee this year as Internet For innovative financial products “Regulations and policies are used to [email protected] financial products and services have grown with large volume, he suggested that the guide the development and direction of the rapidly in China. government should consider the relevant entire sector. We would be happy to know Graphics Design Intern: China has already become the world’s financial institution’s ability to control the dos and don’ts,” Zhang said. Dejian Tao largest peer-to-peer lending market. By the and handle the risk, instead of tightening Peng Lei, chief executive officer of Ant [email protected] end of September 2014, about 1,400 peer-to- regulations due to possible negative effects Financial, said in February that her company peer lending platforms had raised funding associated with such products. is “embracing supervision”. Peng, whose Webmaster: of 110 billion yuan ($18 billion). The total The central committee of the China Ant Financial runs Alipay, China’s largest Will Ahern assets of Yu’ebao, an online monetary fund Zhi Gong Party, one of the country’s eight online payment tool, said the size of the [email protected] operated by the Chinese e-commerce giant non-Communist parties, made a proposal company requires it to keep improving Alibaba Group Holding Ltd, amounted to to the CPPCC National Committee, urging its risk control ability and communication Honorary: 578.9 billion yuan at the end of last year. the authorities to put the various types of skills with supervisors to secure more room Jennifer Nordin, Editor Emertus With the fast development of Internet Internet financial products and services in innovation. [email protected] finance, the existing regulation system, under the financial regulatory framework She said Ant Financial will open its which relies mainly on administrative of the central bank, the nation’s banking, system to the central bank and other regulation, can no longer cater to the securities and insurance regulators as well authorities so that they will know its data growing demands of the financial sector, as local financial bureaus. in real time.♦ CHINAINSIGHT He Qiang, a professor with the Central Pan from the PBOC said during an About C HINA INSIGHT is a monthly English language newspaper fostering business and cultural harmony between China and Correction: the U.S. In last month’s “Doing Business in China, pt. 3” the following text was inadvertently dropped when the article transitioned from C HINA INSIGHT is a Member of The p. 1 to p. 7: Minnesota Chapter of the Asian American that China is a Confucian society under Communist rule, or China is a Communist regime with Confucian values. 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All Rights Reserved. chinainsight.info news April 2015 / PAGE 3 Top 10 Chinese China billionaires in 2015 Briefs China Daily, March 9 Chinese women dominate Following China’s rapid economic 6. Ma Huateng fourteen of the 50 “most powerful development, more and more Chinese Ranking in the full businesswomen in Asia” are from entrepreneurs appeared on the 2015 Forbes list: 56 Hong Kong and mainland China, World Billionaires List - 11 made the top Net worth: US$16.1 according to Forbes, now partly 100 this year. Among them, five were billion owned by a Hong Kong investor.