Open Global Trade Remains the Way Ahead
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BUSINESS CHINA DAILY HONG KONG EDITION Wednesday, February 13, 2019 Open global trade remains the way ahead Senior official calls on nations to ‘inject Trade and Economic Cooperation year,” he said. “Investment in manu ed and authoritative public service Many opportunities also came late last month, already warned Chi facturing and other real economy products this year, said Han Yong, from the recent trade and economic new strength into the world economy’ nese companies to make better fields had remained fast and irra deputy directorgeneral of the min talks between China and the US in preparations to avoid investment tional ODI activities had been effec istry’s department of outward both Beijing and Washington, By ZHONG NAN reviews of foreign investment, but risks in North America, since the tively curbed.” investment and economic coopera which showed signs of moving in [email protected] also had an impact on Chinese busi United States and Canada adopted Qian said China’s ODI to econo tion. the right direction, and government nesses operating overseas. stricter investment restrictions last mies related to the Belt and Road He said the move aims to help measures to help small and medi China has called for an open glob “We hope those countries can year. Initiative will witness fastpaced Chinese companies better partici umsized businesses to unclog the al business environment and reiter uphold an open and inclusive atti Despite confronting certain glob growth, while their cooperation will pate in international competi lending channels and remove their ated its commitment to further tude, to create an open, transparent al challenges, China’s outbound be increasingly diversified. Member tion. funding pressures, according to the encourage outbound investment and convenient business environ direct investment climbed 4.2 per countries of the Association of In addition to investing in more executive. from capable domestic companies ment for global investors, including cent yearonyear to $129.83 billion Southeast Asian Nations have great global locations, Honson To, chair As China has growing demand in accordance with international Chinese companies, and inject new in 2018, while nonfinancial ODI investment potential in infrastruc man of KPMG in the AsiaPacific for infrastructure such as more market principles and practices, a strength into the world economy,” rose 0.3 percent yearonyear to ture projects, power generation, region and China, said advanced highspeed rail, roads and regional senior commerce official said on he said at a news conference in Bei $120.5 billion. engineering contracting and manu manufacturing, growing consump transportation, To said it is equally Tuesday. jing. “We found encouraging ODI facturing. tion power, urbanization and digital important to increase the supply of Qian Keming, viceminister of The 2018 Report on Development growth momentum in different The ministry will make continued economy, contributed especially by “new infrastructure”, such as 5G commerce, said the rise of protec of China’s Outward Investment, shapes including industrial invest efforts to innovate the way of out the private sector, will help China networks, cloud computing, the tionism in some countries has not released by the Beijingbased Chi ment, equity replacement, joint ven bound investment, and provide put its economic growth on a firmer internet of things and AI infra only caused tightened security nese Academy of International ture and franchising in the past companies with more timely, target footing this year. structure. Dubai turning strategic TECH hub for Chinese investors By JIANG XUEQING North Africa. It was officially regis [email protected] tered at the DIFC in 2015. Last year, the DIFC continued to Chinese banks and investors have deepen its relationship with the Chi achieved great success through nese financial system, signing a their entities in Dubai, reaching a memorandum of understanding vast market of opportunities in the with the China Banking Association Middle East, Africa and South Asia. to collaborate on sharing best prac The four largest Stateowned com tices and delivering enhanced servi mercial banks in China by assets are ces to their communities. a key driver of the entire banking “Currently, at least three Chinese balance sheet of Dubai International financial institutions are waiting for Financial Centre (DIFC), a financial regulatory approval to come to the hub for the region. DIFC,” Jaffery said. Last year, the size of its collective Over the last few decades, the vol balance sheet for banking was esti ume and value of Chinese invest mated at between $170 billion and ments in the UAE has increased $180 billion. A quarter of that came considerably in line with China’s from China’s “big four” banks, accord growing economic influence in the ing to Salmaan Jaffery, the center’s Gulf country. chief business development officer. Official Chinese statistics show Chinese banks have been involved that bilateral trade between the UAE in some of the center’s biggest infra and China reached $41 billion in structure projects in the region, 2017. During the same year, Chinese including the Hassyan clean coal visitors to the UAE surged to more project and a 700megawatt concen than 1 million. trated solar power project. Today, China remains Dubai’s big “Much like the Belt and Road Initi gest trading partner with nonoil ative, Chinese banks take a longterm trade growing steadily in recent years, view. They are here for the long run. while the UAE has become a major That makes a huge difference to cor reexport hub for Chinese products in porate and government clients,” said the Middle East and North Africa, Participants arrive for a Huawei product launch in Beijing. REUTERS Jaffery, who added that local resi according to Hamad Buamim, presi dents had seen Western financial dent and CEO of the Dubai Chamber institutions come and go as their of Commerce and Industry. commitment to emerging markets He said that the Belt and Road Ini Huawei in major league of chip buyers fluctuated. tiative, in which the UAE is a strate Chinese banks have also demon gic partner, as well as China’s rising strated tremendous expertise in middleincome group, joint ventures By FAN FEIFEI $13.7 billion. Xiaomi rose eight market in the fourth quarter of last large infrastructure projects and the and new infrastructure projects are [email protected] notches to 10th place, increasing its year, up 23.3 percent yearonyear. ability to fund such projects. They expected to be key drivers of bilateral semiconductor spending by about It topped the list with a market have a very innovative way of trade and investment. Huawei Technologies Co Ltd $2.7 billion in 2018, a whopping Smartphone share of 29 percent, according to approaching emerging market risks “This massive infrastructure became the world’s thirdlargest 62.8 percent rise from a year earlier. manufacturers research firm IDC. because they understand emerging project offers plenty of business buyer of semiconductors last year, Samsung Electronics Co Ltd and Oppo ranked in second place, markets better than many other opportunities which UAE businesses with its expenditure on purchasing Apple Inc remained the top two should explore new with its shipment of smartphones Western institutions, he said. can benefit from,” he said. chips witnessing the largest growth semiconductor chip buyers in 2018, business reaching 20.3 million units in the “The Chinese are not outsiders in Trade, construction, infrastructure, among the top five companies, representing 17.9percent market fourth quarter, accounting for 19.6 the United Arab Emirates but an inte tourism, energy, real estate and retail according to a recent report by share, which is a decrease of 1.6 opportunities from percent of the market share, fol gral part of the country. Anywhere are among the key sectors in Dubai USbased research firm Gartner percent as compared to last year. technology lowed by Vivo, with a market share from 10 to 15 percent of the popula that continue to attract Chinese busi Inc. Eight of the top 10 companies in of 18.8 percent. tion come from China. Among 5,000 nesses and investors. Chinese con The Chinese tech heavyweight 2017 remained in the top 10 in 2018, accumulation, Apple Inc’s smartphone ship Chinese companies in the UAE, 4,000 tractors are wellrepresented in spent over $21 billion on semicon with US memory chip maker product operation ments in the Chinese market plum are in Dubai alone,” he said. Dubai’s construction market, while ductor chips last year, accounting Kingston Technology and Xiaomi meted about 20 percent during this Dubai has been selected as the they continue to secure a large share for 4.4 percent of the total world replacing South Korea’s LG Elec and user period, taking up 11.5 percent of the Middle East headquarters for most of mega projects in the city as it pre wide market. It increased its chip tronics and Japan’s Sony, Gartner maintenance.” market share. Weakening demand, Chinesefunded enterprises due to pares to host World Expo 2020. spending by 45.2 percent, jumping said. lengthening replacement times the rapid development of China’s “The shift in economic power from in front of Dell Inc and Lenovo The research firm also said semi Wang Xi, a senior analyst of IDC and iPhone’s hefty price contribut trade in the Middle East, as well as the West to the East is gaining Group Ltd to the third spot. conductor spending by the top 10 ed to Apple’s decline in China, the boom in investment and project momentum, with China serving as Three other Chinese companies, buyers increased significantly, and chip vendors must allocate a according to IDC.