China's Securities Regula- Tors Intend to Issue Approvals with the Same Frequency Seen in Recent Years
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NOV. 2012 No. 528 Sponsored by CCPIT Since 1956 CHINA’S F REIGN TRADE SPECIAL REPORT China’s Economy Stabilizing in the First Three Quarters SURVEY China to Top the World’s Smartphone Market Dr. NG Kai Lun, Chairman of the Board of Smart Group International 国内邮发代号:80-799 国际邮发代号:SM1581 国内刊号:CN11-1020/F 国际刊号:ISSN0009-4498 http://www.ccpit.org 福田欧曼TL 世界标准 Foton Auman TL World standard Quality: Adopts European stan- dards as the design standards, so as to ensure the full-value chain and get fully aligned with the world standards in the aspects of R & D, supply chain, manufacturing, quality control, and service; as well as high vehicle, long service life, and high secondary-sale residual value. Safety: The car body can meet the European EEC safety regulations and standards, and has passed TÜV Rheinland safety certification, ensur- ing the safety of people, vehicles and cargoes. Fuel economy: Car body has gone through wind tunnel tests and aerodynamic design, with lower wind drag; the power system had been op- timized by the European technology with more efficiency; 3-5% more fuel- efficient than comparable vehicles, and lower operating costs. Intelligence: CAN-bus through- out the vehicle assembly, equipped with the smart power, with the world’s most advanced intelligent control and management systems, wireless net- work services and remote control sys- tems, intelligent navigation adopted, driving operability is more convenient and easier. Comfort: large driving space, hardwood floor throughout the ve- hicle, comfortable configuration in the car, adopting the Ramsis software de- sign, in line with ergonomic principles; equipped with four-point full-floating air bag body suspension system, the European tuning, smooth manipula- tion; newly-developed high-level auto body molding, manufactured in the global digital factory, good sealing, low noise; riding comfort with less fatigue. POLICIES China allocates more funds for boosting imports operation in China, shortening the period from the previous five years. China’s Ministry of Finance The policy changes took effect on Oct. (MOF) announced on Oct. 10 16 and came after other steps taken by China it has appropriated 2.5 billion to further open its financial markets and ease yuan ($394 million) for interest restrictions on foreign investors. discounts offered to importers this year to boost imports of cer- Shanghai policies woo tain products, Xinhua reported. multinational headquarters The fund was up 25 percent compared with a year earlier, ac- Shanghai has issued a package of new pol- cording to a statement posted on icies, including subsidies and duty exemptions, the MOF’s website. to encourage more multinational corporate The ministry raised the fund headquarters and R&D centers to set up shop for interest discounts in an effort to balance trade by encouraging imports of high- in the financial hub of China, said a Xinhua tech equipment, significant raw materials, as well as key components and parts, the report. statement said. New regional multinational headquarters Since China began to extend interest discounts to importers in 2008, the coun- in Shanghai will be able to receive a launch try has allocated a total of 9.5 billion yuan of interest discounts on the imports of subsidy of 8 million yuan ($1.27 million) in encouraged products with a total worth of $111.35 billion, the ministry added. three years, while foreign R&D centers will enjoy duty-free imports of facilities and equip- China ups foreign stakes limit in securities firms ment for their own use, according to the new policies. China’s securities watchdog on Oct. 16 allowed overseas investors to hold high- The new policies are intended to encour- er stakes in the country’s securities firms, its latest effort to relax controls on foreign age foreign-funded companies to divert their investment in the financial industry, Xinhua reported. management and innovation resources to Overseas investors can now hold stakes as high as 49 percent in joint-venture China in order to transform the local economy securities firms, compared with an investment cap of a third of those companies’ amid global recession, said Wang Xinpei, equities previously imposed, according to a statement issued by the China Securi- deputy director of the city’s commerce com- ties Regulatory Commission. mission. At least one domestic investor should own a stake of no lower than 49 percent The regional headquarters of investment in such joint venture securities firms, but the restriction does not apply to listed se- companies that have a turnover surpassing 1 curities firms, the CSRC said. billion yuan will get a one-off reward of 5 mil- In another statement, the CSRC said securities firms, including joint ventures, lion yuan, according to the new policies. can apply for permission to expand their businesses two years after going into The package also extends long-term FIGURES percent year-on-year to 825.8 billion yuan National Bureau of Statistics (NBS) 11.4 % ($131.08 billion) in September, the Minis- said on Oct. 18. Profits at China’s state-owned en- try of Finance said on Oct. 18. terprises (SOEs) fell 11.4 percent year 14.1% on year to 1.55 trillion yuan ($246 bil- 20.5% lion) in the first three quarters of 2012, China’s retail sales the Ministry of Finance said on Oct. 18. China’s fixed asset in- grew 14.1 percent year on vestment rose 20.5 percent year to 14.94 trillion yuan year on year to 25.69 trillion ($2.37 trillion) in the first 11.9% yuan ($4.08 trillion) in the three quarters of this year, China’s fiscal revenues grew 11.9 first nine months of 2012, the the NBS said on Oct. 18. 2 QUOTES residency to senior foreign executives “China focuses on managing inflation” and department managers at corporate Yi Gang, vice governor of the firms that have a registration fund of no People’s Bank of China, made a less than $3 million. speech at the last day of the Inter- Previously, only foreign staff at the national Monetary Fund and the headquarters could enjoy long-term World Bank annual meeting on residency, which lasts for a maximum of Oct. 14 to explain the monetary five years. policy of China, according to Xin- The headquarters can also enjoy hua. preferential financial policies, such as Yi stressed that the most im- convenience in cross-border use of the portant job for the central bank is yuan, with simplified procedures for to control inflation. China is devel- businesses under the yuan current ac- oping dramatically, and local gov- count. ernments have desires of pursuing The headquarters of multinationals higher growth, so the central bank are also encouraged to establish yuan need to remind the governments settlement centers for overseas business the danger of inflation. in Shanghai. He said the moral explanation is not enough, so the central bank has to use some tools, including required reserved ratio, open market operation, and exchange rate policy, to control the growth rate in a manageable range. “China transforms to slower but better quality growth” China is transforming to slower but probably better quality growth, Jim O’Neill, chairman of Goldman Sachs Asset Management, told Xinhua in a recent interview. His comment came as China reported falling imports and lackluster growth in exports for August, the latest set of worrying data to come out of the world’s second-largest economy. “China’s trade data was quite concerning especially the weakness in imports. China is supposed to be transforming away from the old model and consume more. Part of the hope is that China would import more from the rest of the world,” said O’Neill. 3.3% 3.8% 4.1% Hong Kong’s seasonally adjusted The Consumer Price Index (CPI) China’s urban registered unem- unemployment rate rose from 3.2 percent in Hong Kong quickened to 3.8 per- ployment rate stood at 4.1 percent at in June-August to 3.3 percent in cent year-on-year in the end of September, the same level July-September, while the un- September from the as at the end of the second quarter of deremployment rate fell from 1.7 3.7 percent in August, 2012, according to figures revealed percent to 1.6 percent, the city’s the city’s statistics by the Ministry of Human Resourc- Census & Statistics Department department said on es and Social Security (MOHRSS) announced on Oct. 18. Oct. 22. on Oct. 25. 3 POLICIES China to issue national mobile payment standard Officials from the People’s Bank of China said that China will issue a national mobile payment standard as early as the end of the year, said Xinhua. They added that the country is likely to conduct mobile payment trials in Chengdu and Ningbo. Li Xiaofeng, director of the IC card office with the PBOC, said that the China Fi- nancial Standardization Technical Committee had approved the national payment stan- dard on Oct. 16. The commit- tee is now sending documents to relevant authori- ties for further ap- imports last year, will be allotted to traders proval, according outside the dominant four state traders — to a report in the Unipec, Chinaoil, Sinochem and Zhuhai Oriental Morning Zhenrong — but these non-State traders will Post. have to sell back the crude they import to Li said that Sinopec and PetroChina. China would As part of China’s World Trade Organi- adopt the 13.56 zation commitments, the country had been MHz mobile pay- increasing the amount of crude and refined ment standard, fuels that non-State firms could import by 15 developed by China UnionPay, as its major mobile payment standard.