DOCSLIB.ORG

China Merchants Port Group Co., Ltd. Interim Report 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

CHINA MERCHANTS PORT GROUP CO., LTD. INTERIM REPORT 2021 Date of Disclosure: 31 August 2021 China Merchants Port Group Co., Ltd. Interim Report 2021 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior managers of China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Wang Xiufeng, the Company’s legal representative, Tu Xiaoping, the Company’s Chief Financial Officer, and Sun Ligan, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Any forward-looking statements such as future plans or development strategies mentioned herein shall not be considered as the Company’s promises to investors. And investors are reminded to exercise caution when making investment decisions. Possible risks faced by the Company and countermeasures have been explained in “Part III Management Discussion and Analysis” herein, which investors are kindly reminded to pay attention to. Securities Times, Shanghai Securities News, Ta Kung Pao (HK) and www.cninfo.com.cn have been designated by the Company for information disclosure. And all information about the Company shall be subject to what’s disclosed on the aforesaid media. The Company is not subject to any industry-specific disclosure requirements. The Company has no interim dividend plan, either in the form of cash or stock. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. 1 China Merchants Port Group Co., Ltd. Interim Report 2021 Table of Contents Part I Important Notes, Table of Contents and Definitions .................................... 1 Part II Corporate Information and Key Financial Information ............................ 6 Part III Management Discussion and Analysis ...................................................... 10 Part IV Corporate Governance ............................................................................... 37 Part V Environmental and Social Responsibility ................................................... 40 Part VI Significant Events ........................................................................................ 47 Part VII Share Changes and Shareholder Information ........................................ 60 Part VIII Preference Shares ..................................................................................... 66 Part IX Bonds ............................................................................................................ 67 Part X Financial Statements ..................................................................................... 71 2 China Merchants Port Group Co., Ltd. Interim Report 2021 Documents Available for Reference I. Financial Statements carrying the signatures and stamps of the Company Principal, the Chief Financial Officer and the person in charge of accounting firm; II. Original copies of all documents and the announcements thereof disclosed in the reporting period on “Securities Times”, “Shanghai Securities News” and “Ta Kung Pao”. 3 China Merchants Port Group Co., Ltd. Interim Report 2021 Definitions Term Definition China Merchants Port Group Co., Ltd., formerly known as “Shenzhen Chiwan The “Company”, “CMPort” or “we” Wharf Holdings Limited” CMG China Merchants Group Co., Limited CMPort Holdings China Merchants Port Holdings Company Limited (00144.HK) CSRC China Securities Regulation Commission Jifa Logistics Dalian Port Jifa Logistics Co., Ltd. DPCD Dalian Port Container Development Co., Ltd. Yingkou Port Group Yingkou Port Group Co., Ltd. DPN Dalian Port Logistics Network Co., Ltd. YPIT Yingkou Port Information Technology Co., Ltd. China Merchants International Technology Co., Ltd., formerly known as China CMIT/ CMHIT Merchants Holdings (International) Information Technology Co., Ltd. Dongguan Machong Dongguan Chiwan Port Service Co., Ltd. Shantou Port Shantou CMPort Group Co., Ltd. Zhanjiang Port Zhanjiang Port (Group) Co., Ltd. Shunde New Port Guangdong Yide Port Limited Zhangzhou Port Zhangzhou China Merchants Port Co., Ltd. CMICT Ningbo Daxie China Merchants International Container Terminal Co., Ltd. CICT Colombo International Container Terminals Ltd. HIPG Hambantota International Port Group LCT Lome Container Terminals Ltd. TCP TCP Participações S.A CM ePort The wharf e-commerce platform, i.e. the unified customer service platform TEU Twenty Foot Equivalent Unit Haixing Harbor Shenzhen Haixing Harbor Development Co., Ltd. Yingkou Port Yingkou Port Co., Ltd. Liaoning Port/ Dalian Port Liaoning Port Co., Ltd., formerly known as Dalian Port (PDA) Company Limited State-Owned Assets Supervision and Administration Commission of the State SASAC of the State Council Council SIPG Shanghai International Port (Group) Co., Ltd. Tianjin Port Container Terminal Tianjin Port Container Terminal Co., Ltd. QQCTU Qingdao Qianwan United Container Terminal Co., Ltd. CMCS China Merchants Container Services Limited Modern Terminals Modern Terminals Limited Taiwan Kao Ming Container Kao Ming Container Terminal Corp. TL Terminal Link S.A.S. Kumport Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret Anonim Sirketi PDSA Port de Djibouti S.A. TICT Tin-Can Island Container Terminal Ltd. QQTU Qingdao Qianwan United Terminal Co., Ltd. Qingdao Dongjiakou Qingdao Port Dongjiakou Ore Terminal Co., Ltd. Laizhou Port China Shipping Port (Laizhou) Co., Ltd. Xiamen Port Zhangzhou China Merchants Xiamen Port Affairs Co., Ltd. Ningbo Port Ningbo Zhoushan Port Company Limited The cninfo website www.cninfo.com.cn COD Chemical Oxygen Demand 4 China Merchants Port Group Co., Ltd. Interim Report 2021 RTG Rubber Tyre Gantry VOC Volatile Organic Compounds PCR Polymerase Chain Reaction Pk23 Pk23 Community, Djibouti City SZSE Shenzhen Stock Exchange The “Articles of Association” The Articles of Association of China Merchants Port Group Co., Ltd. Expressed in the Chinese currency of Renminbi RMB Expressed in tens of thousands of Renminbi RMB’0,000 Expressed in hundreds of millions of Renminbi RMB’00,000,000 (unless otherwise specified) 5 China Merchants Port Group Co., Ltd. Interim Report 2021 Part II Corporate Information and Key Financial Information I Corporate Information CM Port Group/ Stock name Stock code 001872/201872 CM Port Group B Stock exchange for stock listing Shenzhen Stock Exchange Company name in Chinese 招商局港口集团股份有限公司 Abbr. (if any) 招商港口 Company name in English (if any) China Merchants Port Group Co., Ltd. Abbr. (if any) CMPort Legal representative Wang Xiufeng II Contact Information Board Secretary Securities Representative Name Li Yubin Hu Jingjing 24/F, China Merchants Port Plaza, 1 24/F, China Merchants Port Plaza, 1 Address Gongye 3rd Road, Zhaoshang Street, Gongye 3rd Road, Zhaoshang Street, Nanshan, Shenzhen, PRC Nanshan, Shenzhen, PRC Tel. +86 755 26828888 +86 755 26828888 Fax +86 755 26886666 +86 755 26886666 Email address [email protected] [email protected] III Other Information 1. Contact Information of the Company Indicate by tick mark whether any change occurred to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period. □ Applicable √ Not applicable No change occurred to the said information in the Reporting Period, which can be found in the 2020 Annual Report. 2. Media for Information Disclosure and Place where this Report is Lodged Indicate by tick mark whether any change occurred to the information disclosure media and the place for lodging the Company’s periodic reports in the Reporting Period. □ Applicable √ Not applicable 6 China Merchants Port Group Co., Ltd. Interim Report 2021 The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing the Company’s periodic reports and the place for lodging such reports did not change in the Reporting Period. The said information can be found in the 2020 Annual Report. 3. Other Relevant Information Indicate by tick mark whether any change occurred to the other relevant information in the Reporting Period. □ Applicable √ Not applicable IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. √ Yes □ No Reason: Business combination under common control On 18 December 2020, the Company signed the Equity Subscription and Capital Increase Agreement for CMHIT with the Company's subsidiaries, CMPort Holdings and CMHIT, Jifa Logistics, DPCD, and Yingkou Port Group. According to the Equity Subscription and Capital Increase Agreement, Jifa Logistics and DPCD would increase the capital of CMHIT with 29.40% and 49.63% of their respective shares in DPN, and Yingkou Port Group would increase the capital of CMHIT with 100% of its equity in YPIT. Before and after the merger, CMHIT, DPN and YPIT are all subject to the final control of CMG, the actual controller of the Company, and such control is not temporary. The above capital increase was completed on 9 February 2021. Upon completion
Recommended publications
  • Competitiveness Analysis of China's Main Coastal Ports

    Competitiveness Analysis of China's Main Coastal Ports

    2019 International Conference on Economic Development and Management Science (EDMS 2019) Competitiveness analysis of China's main coastal ports Yu Zhua, * School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210000, China; [email protected] *Corresponding author Keywords: China coastal ports above a certain size, competitive power analysis, factor analysis, cluster analysis Abstract: As a big trading power, China's main mode of transportation of international trade goods is sea transportation. Ports play an important role in China's economic development. Therefore, improving the competitiveness of coastal ports is an urgent problem facing the society at present. This paper selects 12 relevant indexes to establish a relatively comprehensive evaluation index system, and uses factor analysis and cluster analysis to evaluate and rank the competitiveness of China's 30 major coastal ports. 1. Introduction Port is the gathering point and hub of water and land transportation, the distribution center of import and export of industrial and agricultural products and foreign trade products, and the important node of logistics. With the continuous innovation of transportation mode and the rapid development of science and technology, ports play an increasingly important role in driving the economy, with increasingly rich functions and more important status and role. Meanwhile, the competition among ports is also increasingly fierce. In recent years, with the rapid development of China's economy and the promotion of "the Belt and Road Initiative", China's coastal ports have also been greatly developed. China has more than 18,000 kilometers of coastline, with superior natural conditions. With the introduction of the policy of reformation and opening, the human conditions are also excellent.
  • Annual Report 2019 Annual Report 2019 3

    Annual Report 2019 Annual Report 2019 3

    CONTENTS Five Years Financial Summary 2 Report of the Directors 74 Financial Highlights 3 Independent Auditor’s Report 81 Corporate Profile 4 Consolidated Income Statement 86 Location Maps of Projects 6 Consolidated Statement of Comprehensive Income 87 Chairman’s Statement 14 Consolidated Balance Sheet 88 Management Discussion and Analysis 22 Consolidated Statement of Cash Flows 90 Investor Relations Report 56 Consolidated Statement of Changes in Equity 91 Directors’ Profiles 59 Notes to the Consolidated Financial Statements 93 Corporate Governance Report 62 Corporate and Investor Relations Information 182 Yuexiu Transport Infrastructure Limited Yuexiu Transport Infrastructure Limited 2 Annual Report 2019 Annual Report 2019 3 FIVE YEARS FINANCIAL SUMMARY INCOME STATEMENT Year ended 31 December (RMB’000) 2019 2018 2017 2016 2015 Income from operations 3,023,221 2,847,073 2,702,844 2,519,003 2,226,023 Earnings before interests, tax, depreciation and amortisation (“EBITDA”)1 2,956,565 2,855,785 2,722,179 2,356,181 2,037,563 Profit before income tax 1,900,445 1,891,655 1,638,417 1,520,564 869,932 Profit for the year 1,595,043 1,411,681 1,267,222 1,166,477 653,022 Profit attributable to: Shareholders of the Company 1,137,590 1,054,135 947,942 918,817 532,086 Non-controlling interests 457,453 357,546 319,280 247,660 120,936 Basic earnings per share for profit attributable to the shareholders of the Company RMB0.6799 RMB0.6300 RMB0.5666 RMB0.5491 RMB0.3180 Dividend per share RMB0.3500 RMB0.3375 RMB0.2970 RMB0.2885 RMB0.2296 BALANCE SHEET As at
  • National Reports on Wetlands in South China Sea

    National Reports on Wetlands in South China Sea

    United Nations UNEP/GEF South China Sea Global Environment Environment Programme Project Facility “Reversing Environmental Degradation Trends in the South China Sea and Gulf of Thailand” National Reports on Wetlands in South China Sea First published in Thailand in 2008 by the United Nations Environment Programme. Copyright © 2008, United Nations Environment Programme This publication may be reproduced in whole or in part and in any form for educational or non-profit purposes without special permission from the copyright holder provided acknowledgement of the source is made. UNEP would appreciate receiving a copy of any publication that uses this publicationas a source. No use of this publication may be made for resale or for any other commercial purpose without prior permission in writing from the United Nations Environment Programme. UNEP/GEF Project Co-ordinating Unit, United Nations Environment Programme, UN Building, 2nd Floor Block B, Rajdamnern Avenue, Bangkok 10200, Thailand. Tel. +66 2 288 1886 Fax. +66 2 288 1094 http://www.unepscs.org DISCLAIMER: The contents of this report do not necessarily reflect the views and policies of UNEP or the GEF. The designations employed and the presentations do not imply the expression of any opinion whatsoever on the part of UNEP, of the GEF, or of any cooperating organisation concerning the legal status of any country, territory, city or area, of its authorities, or of the delineation of its territories or boundaries. Cover Photo: A vast coastal estuary in Koh Kong Province of Cambodia. Photo by Mr. Koch Savath. For citation purposes this document may be cited as: UNEP, 2008.
  • Best-Performing Cities China 2017 the Nation’S Most Successful Economies

    Best-Performing Cities China 2017 the Nation’S Most Successful Economies

    BEST-PERFORMING CITIES CHINA 2017 THE NATION’S MOST SUCCESSFUL ECONOMIES PERRY WONG, MICHAEL C.Y. LIN, AND JOE LEE TABLE OF CONTENTS ACKNOWLEDGMENTS The authors are grateful to Laura Deal Lacey, executive director of the Milken Institute Asia Center; Belinda Chng, the center’s director for policy and programs; Ann-Marie Eu, the Institute’s associate for communications, and Jeff Mou, the Institute’s associate, for their support in developing an edition of our Best-Performing Cities series focused on China. We thank communication teams for their support in publications, as well as Ross DeVol, the Institute’s chief research officer, and Minoli Ratnatunga, economist at the Institute, for their constructive comments on our research. ABOUT THE MILKEN INSTITUTE A nonprofit, nonpartisan economic think tank, the Milken Institute works to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital, and enhance health. We do this through independent, data-driven research, action-oriented meetings, and meaningful policy initiatives. ABOUT THE ASIA CENTER The Milken Institute Asia Center promotes the growth of inclusive and sustainable financial markets in Asia by addressing the region’s defining forces, developing collaborative solutions, and identifying strategic opportunities for the deployment of public, private, and philanthropic capital. Our research analyzes the demographic trends, trade relationships, and capital flows that will define the region’s future. ABOUT THE CENTER FOR JOBS AND HUMAN CAPITAL The Center for Jobs and Human Capital promotes prosperity and sustainable economic growth around the world by increasing the understanding of the dynamics that drive job creation and promote industry expansion.
  • Non-Military Security and Global Order the Impact of Extremism, Violence and Chaos on National and International Security

    Non-Military Security and Global Order the Impact of Extremism, Violence and Chaos on National and International Security

    Non-Military Security and Global Order The Impact of Extremism, Violence and Chaos on National and International Security Peter Chalk Non-Military Security and Global Order Also by Peter Chalk WEST EUROPEAN TERRORISM AND COUNTER-TERRORISM: The Evolving Dynamic Non-Military Security and Global Order The Impact of Extremism, Violence and Chaos on National and International Security Peter Chalk National Security Research Division RAND Corporation Arlington, Virginia First published in Great Britain 2000 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 0–333–77373–X First published in the United States of America 2000 by ST. MARTIN’S PRESS, LLC, Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 0–312–23167–9 Library of Congress Cataloging-in-Publication Data Chalk, Peter. Non-military security and global order : the impact of extremism, violence, and chaos on national and international security / Peter Chalk. p. cm. Includes bibliographical references and index. ISBN 0–312–23167–9 (cloth) 1. Internal security. 2. Security, International. I. Title. HV6419 .C53 2000 363.3'2—dc21 00–021169 © Peter Chalk 2000 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 0LP.
  • United States Securities and Exchange Commission Washington, D.C

    United States Securities and Exchange Commission Washington, D.C

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-14660 中国南方航空股份有限公司 (Exact name of Registrant as specified in its charter) CHINA SOUTHERN AIRLINES COMPANY LIMITED (Translation of Registrant’s name into English) THE PEOPLE’S REPUBLIC OF CHINA (Jurisdiction of incorporation or organization) 68 QI XIN ROAD GUANGZHOU, 510403 PEOPLE’S REPUBLIC OF CHINA (Address of principal executive offices) Mr. Xie Bing Telephone: +86 20 86124462 E-mail: [email protected] Fax: +86 20 86659040 Address: 68 QI XIN ROAD GUANGZHOU, 510403 PEOPLE’S REPUBLIC OF CHINA (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Ordinary H Shares of par value ZNH New York Stock Exchange RMB1.00 per share represented by American Depositary Shares Securities registered or to be registered pursuant to Section 12(g) of the Act: None.
  • World Bank Document

    World Bank Document

    RvrptnrlNa. 121117-( HA China InvestmentStrategies for China's Coal Public Disclosure Authorized CIndElectricity Delivery System Match i1, 1995 f r.um iisl wt ( )I r. itionis I )ivisin n ( 1ii.ni.I1f(I Mtv)fig(li.i I )D paln.1llf II I I .s1 i\si. .ir(il i'.uiji R'gr(l di OIliCl ( I (mioi ri Rt-tsii Ii ( enter SF I'L1. inning (01 11nhI%s1(31n I p Re;ubI(lil (o China Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank Public Disclosure Authorized Currency Equivalents Currency Unit = Yuan (Y) = 100 fen Exchange Rate 1980 1990 1992 1993 1994 US$1 = Y 1.5 US5i = Y 4.7 US$1 = Y 5.5 US$1 = Y 5.8 US$1 = Y 8.7 Fiscal Year January - December Weights and Measures dwt = deadweight ton kV = kilovolt g gram kw = kilowatt km = kilometer MW = megawatt GW gigawatt (101 kw) (1(r kw) std ton = standard ton kwh = kilowatt hour (5,500 kcal per kg) kcal = kilocalorie tkm = ton-kilometer kg = kilogram TWh = terawatt-hour (I 9 kwh) Abbreviations AC - Alternating Current CIECC - China International Engineering Consulting Corporation COSCO - China Ocean Shipping Company CTS - Coal Transport Study DC - direct current El - Economic Institute ERC - Economic Research Center ER[ - Energy Research Institute FYP - five-year plan GDP - gross domesti; product GIS - Geographic Information System GNP - gross national product ICIT - Institute for Comprehensive Transportation MOC - Ministry of Communications MOCL - Ministry of Coal MOEP - Ministry of Electric Power MOR - Ministry of Railways NIC - National Investment Company PCBC - People's Construction Bank of China SDBC - State Development Bank of China SPC - State Planning Commission TSP - total suspended particulates UNDP - United Nations Development Programme Five-Year Plans 5FYP = 1976-80 6FYP = 1981-85 7FYP = 1986-90 8FYP = 1991-95 9FYP = 1996-2000 IOFYP = 2001-2005 i China Investment Strategies for China's Coal and Electricity Delivery System iii China Investment Strategies for China's Coal and Electricity Delivery System TABLE OF CONTENTS Page No.
  • China Table of Contents

    China Table of Contents

    China Table of Contents Doing Business in China ___________________________________________ 11 Market Overview ______________________________________________________________ 11 Market Challenges ____________________________________________________________ 11 Market Opportunities __________________________________________________________ 12 Market Entry Strategy __________________________________________________________ 13 Political Environment ______________________________________________ 14 Selling US Products & Services _____________________________________ 15 Using an Agent to Sell US Products and Services __________________________________ 15 Establishing an Office _________________________________________________________ 15 Representative Office _________________________________________________________ 15 Wholly Foreign-Owned Enterprise _______________________________________________ 16 Joint Venture/Licensing ________________________________________________________ 16 Equity Joint Venture (EJV) _____________________________________________________ 16 Cooperative or Contractual Joint Venture (CJV) _____________________________________ 17 Franchising __________________________________________________________________ 17 Direct Marketing ______________________________________________________________ 18 Selling to the Government ______________________________________________________ 18 Distribution & Sales Channels ___________________________________________________ 19 Selling Factors & Techniques ___________________________________________________
  • China and LA County, BYD Has Offices in Europe, Japan, South Korea, India, Taiwan, and Other Regions

    China and LA County, BYD Has Offices in Europe, Japan, South Korea, India, Taiwan, and Other Regions

    GROWING TOGETHER China and Los Angeles County GROWING TOGETHER China and Los Angeles County PREPARED BY: Ferdinando Guerra, International Economist Principal Researcher and Author with special thanks to George Entis, Research Assistant June, 2014 Los Angeles County Economic Development Corporation Kyser Center for Economic Research 444 S. Flower St., 37th Floor Los Angeles, CA 90071 Tel: (213) 622-4300 or (888) 4-LAEDC-1 Fax: (213)-622-7100 E-mail: [email protected] Web: http://www.laedc.org The LAEDC, the region’s premier business leadership organization, is a private, non-profit 501(c)3 organization established in 1981. GROWING TOGETHER China and Los Angeles County As Southern California’s premier economic development organization, the mission of the LAEDC is to attract, retain, and grow businesses and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 198,000 jobs, providing over $12 billion in direct economic impact from salaries and over $850 million in property and sales tax revenues to the County of Los Angeles. LAEDC is a private, non-profit 501(c)3 organization established in 1981. Regional Leadership The members of the LAEDC are civic leaders and ranking executives of the region’s leading public and private organizations. Through financial support and direct participation in the mission, programs, and public policy initiatives of the LAEDC, the members are committed to playing a decisive role in shaping the region’s economic future. Business Services The LAEDC’s Business Development and Assistance Program provides essential services to L.A. County businesses at no cost, including coordinating site searches, securing incentives and permits, and identifying traditional and nontraditional financing including industrial development bonds.
  • World Bank Document

    World Bank Document

    ReportNo. 11771-CHA China SoutheastCoastal Region Public Disclosure Authorized StrategicIssues in Portsand ShippingDevelopment December10, 1993 TransportOperations Division Chinaand Mongolia Department EastAsia and PacificRegional Office FOR OFFICIAL USE ONLY Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Dsame,t.flWodd Bank 4 ~Thisdoci4ntIm'a restricteddistribution and may be used by recipients only -in hie 44mia~o hir official duties. Its contents may not otherwise be 4dislosecwithotWoddBank authorization CURRENCY EQUIVALENTS (As of June 1992) Currency Name = Renminbi(RMB) Currency Unit = Yuan (Y) $1.00 = Y 5.45 Y 1.00 = $0.183 Note: The nationalstatstics used In tis report exclude Taiwan,Hong Kong and Macao FISCAL YEAR January 1 - December 31 WEIGHTS AND MEASURES Metric System ACRONYMS AND ABBREVIATIONS COSCO - China Ocean ShippingCompany dwt - Deadweighttons GNP - Gross National Product iMO - InternationalMaritime Organization kt - Knots MOC - Ministry of Communications MOFTEC - Ministry of Foreign Trade and EconomicCooperation MOR - Ministry of Railways SCR - Southeat CoastalRegion SEZ - SpecialEconomic Zone TEU - Twenty-footequivalent unit FOR OMCIAL USE ONLY CONTENTS Preface ......................................... vi Acknowledgments ........................................ vii Executive Summary ....................................... viii I EconomicGrowth and TransportDevelopment ................. 1 Introduction .................................. 1 Characteristicsof Economic Growth ..................
  • China Merchants Port Group Co., Ltd. Financial Statements and Auditor's Report for the Year Ended 31 December 2020

    China Merchants Port Group Co., Ltd. Financial Statements and Auditor's Report for the Year Ended 31 December 2020

    CHINA MERCHANTS PORT GROUP CO., LTD. FINANCIAL STATEMENTS AND AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 CHINA MERCHANTS PORT GROUP CO., LTD. FINANCIAL STATEMENTS AND AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 CONTENTS Pages AUDITOR'S REPORT 1 - 6 THE CONSOLIDATED AND COMPANY'S BALANCE SHEETS 7 - 10 THE CONSOLIDATED AND COMPANY'S INCOME STATEMENTS 11 - 12 THE CONSOLIDATED AND COMPANY'S CASH FLOW STATEMENTS 13 - 14 THE CONSOLIDATED AND COMPANY'S STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY 15 - 18 NOTES TO ITEMS OF THE FINANCIAL STATEMENTS 19 - 176 AUDITOR'S REPORT De Shi Bao (Shen) Zi (21) No. P02174 (Page 1 of 6) To all the shareholders of China Merchants Port Group Co., Ltd., I. Audit Opinion We have audited the accompanying financial statements of China Merchants Port Group Co., Ltd. (hereinafter referred to as "the Company"), which comprise the consolidated and company balance sheets as at 31 December 2020, and the consolidated and company's income statements, the consolidated and company's cash flow statements and the consolidated and company's statements of changes in shareholders' equity for the year then ended, and the notes to the financial statements. In our opinion, the accompanying financial statements of the Company present fairly, in all material respects, the consolidated and company's financial position as of 31 December 2020, the consolidated and company's results of operations and cash flows for the year then ended in accordance with the Accounting Standards for Business Enterprises. II. Basis for the Opinion We conducted our audit in accordance with the Auditing Standards for the Chinese Certified Public Accountants.
  • Rice, State Capacity, and Economic Transformation in China

    Rice, State Capacity, and Economic Transformation in China

    Rice, State Capacity, and Economic Transformation in China Yuhua Wang∗ July 17, 2015 Abstract I propose an agricultural theory of economic transformation that rice cultivation is conducive to market reform. Using sub-national data from China, I show that market reform is more successful in rice than in wheat regions after controlling for income, policy, geography, and interest groups, and that the effect of rice is as important as geography. Exploiting a geographic regression discontinuity design based on China’s Qin Mountains-Huai River line, I show that rice has a causal effect on reform outcome. Causal mediation analysis and historical evidence demonstrate that rice cultivation contributes to a market economy through strong state fiscal capacity, rather than through culture or public support, because it necessitates large water- control projects that require a strong state. The agricultural theory pushes back the causal chain to find a structurally deeper cause of reform outcomes in the developing world. Caution should be exercised when generalizing the theory outside Asia. Word Count: 11,068 ∗Yuhua Wang is assistant professor of Government at Harvard University ([email protected]. edu). I would like to thank Thomas Talhelm for sharing the provincial-level rice data, Elizabeth Perry, Margaret Pearson, Avery Goldstein, Marc Meredith, Guy Grossman, Alex Weisiger, Sarah Bush, Matt Levendusky, Julia Gray, Luke Keele, Jean Hong, and participants at seminars or workshops at Harvard, Princeton, and Penn for comments, and Jizhe Yang for providing excellent research assistance. All errors remain my own. 1 One of the most dramatic political events in the last three decades is the collapse of communism and the transition to market economies in the post-communist world.