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China to Keep Watch on TPP

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China to Keep Watch on TPP Table for strangers Hainan helps visitors Memory protection Special police target tourism An app connects amateur chefs industry irregularities in Sanya with willing dining companions Database to be created on > CHINA, PAGE 4 > LIFE, PAGE 9 the Nanjing Massacre > p3 MONDAY, October 12, 2015 chinadailyusa.com $1 COMMERCE China to keep watch on TPP Such trade deals can disrupt non-signatories: offi cial By ZHONG NAN highly unlikely that the TPP would in Beijing lead to the creation of a trade bloc [email protected] that excludes China. “The economic development China will conduct comprehensive mode in China has already changed and systematic assessments of the from low-end product trade to ‘going fallout from the Trans-Pacifi c Part- global’ strategies like setting up or nership, a broad agreement between moving manufacturing facilities and 12 Pacifi c Rim countries, including to more direct investment in over- Japan and the United States, since it seas markets,” said Fan. believes that such deals have disrup- Besides the US, other signatories tive eff ects on non-signatory nations, to the TPP are Australia, Brunei, a top government offi cial said. Canada, Chile, Japan, Malaysia, Mex- Commerce Minister Gao Hucheng ico, New Zealand, Peru, Singapore said China is of the view that changes and Vietnam. in the global trade pattern should be China has to date signed bilateral decided by adjustments in the indus- and multilateral free trade agree- trial structure and through product ments with seven TPP members. competitiveness in global markets. China hopes to complete negotia- “China hopes that the TPP and tions on the Regional Comprehen- Musical selfi e other free trade arrangements in sive Economic Partnership by the the region will boost each other and end of this year, which would link Cuban pianist and Grammy winner Chucho Valdes (right), Chinese pianist Lang Lang (left) and American conductor and violinist Marin Alsop pose for a selfi e after a contribute to trade, investment and the Association of Southeast Asian concert at the Cathedral Square in Havana, Cuba, on Oct 9. The concert was dedicated to the 500th anniversary of the Cuban capital. Lang and Valdes played pieces economic growth in the Asia-Pacifi c Nations with China, Australia, India, by Cuban master Ernesto Lecuona (1895-1963) and other composers from Russia, the UK and the US. The US company Steinway & Sons donated a grand piano region,” the minister said in a state- Japan, New Zealand and South valued at over $148,000, which was given to the Cuban Institute of Music after the concert. “It will be a historic concert as two piano greats performing on the same ment posted on the ministry’s web- Korea, accounting for one-third of stage is not an everyday event,” said Enrique Perez Mesathe, director of Cuba’s National Symphony Orchestra, before the concert. ALEXANDRE MENEGHINI / REUTERS site on Oct 8. the global gross domestic product. “We will go ahead with our reform According to Gao, China believes and opening-up policy. At the same that the World Trade Organization time, we will also support global eco- members will not abandon the TOURISM nomic integration and the creation existing multilateral trading sys- of a multilateral trading system,” tem, since it brings benefi ts to the Gao said. global economy. The minister said The minister’s comments come it was imperative to have an early Chinese overseas spending to soar against the backdrop of claims that conclusion for the Doha round of the United States and other TPP WTO negotiations. members are using the TPP to tar- Ma Jun, chief economist with By LIA ZHU consider their strategy for reaching get China, despite statements to the People’s Bank of China, and Xiao in San Francisco Total overseas retail spend ( $ billions ) Chinese travelers, she said. contrary. In addition, the remarks Mingzhi, an economist based in [email protected] by Chinese tourists, 2015F-2020F The luxury goods market has ben- also clear the air on whether the TPP Shanghai, said in a report published $422 efi tted greatly by the growing affl u- $391 would aff ect China’s foreign trade on Oct 9 that China would lose 2.2 Retailers are advised to revise their $355 ence in China. An estimated 77 per- and two-way investment and if it percent of its GDP if all other 15 international marketing plans for $314 cent of $66 billion of Chinese luxury would be used to contain China’s potential members joined the Trans- Chinese tourists, who are projected $272 purchases are made outside China, economic infl uence in the Asia-Pacif- Pacific Partnership but China did to spend $229 billion overseas this $229 and the clampdown on corruption ic region. not. year and $422 billion by 2020, pro- is likely to push this number up as Fan Jishe, a researcher at the Chi- viding a huge potential market for domestic luxury demand stagnates, nese Academy of Social Sciences who Zheng Yangpeng contributed to this global brands and retailers, accord- according to the report. specializes in US affairs, said it is story. ing to a recent report. “Active brand management is This year, around 136 million crucial to capture the global Chi- international passenger journeys — 2015F2015F 2016F2016F 2017F2017 F 2018F2018 F 2019F2019 F 2020F2020F nese shopper’s attention and pro- ECONOMY the most in the word — are expected jected spend,” Sage Brennan, CLA co- to originate in China, up 16 percent Includes business and leisure travel; excludes day trips. founder, said in a press release. “This year on year, and the number is esti- Source: UNWTO/Statista/FBIC Global Retail & Technology means that the retailers and brands mated to reach approximately 234 with the highest consumer aware- million in 2020 despite concerns ness will be the long-term winners IMF favorable about over China’s economic growth, says year ending May 21. However, the impact brought by of the hearts and wallets of the all- the report published by Fung Busi- The typical Chinese traveler cur- the growing middle-income travel- powerful Chinese traveling shopper.” ness Intelligence Centre (FBIC), a rently spends an average of $1,678 ers cannot be ignored, as more of A number of retailers and shop- Hong Kong-based retail and technol- on retail purchases per overseas trip, them gain confi dence about travel- ping centers in the US have begun yuan SDR inclusion ogy think tank, and China Luxury while the US sees the highest retail ing independently, according to the marketing to this growing audience Advisors (CLA), a US consulting fi rm. spend from Chinese travelers. retail tech analyst. by creating Chinese-language web- By MAO PENGFEI in Mexico City and The SDR, an international “The Chinese consumer has In the US, the average retail spend Tour groups will make up a dimin- sites, launching Chinese New Year PAUL WELITZKIN in New York reserve asset created by the IMF emerged as the most powerful per Chinese traveler is estimated at ishing proportion of the total, which campaigns, offering discounts to in 1969 to supplement the exist- and motivated in the world, espe- $2,555 this year, followed by Europe’s means those retailers that have tra- Chinese tourists and hiring Manda- International Monetary Fund ing official reserves of member cially in the luxury sector,” Deborah $2,548, much higher than in closer ditionally relied on funneling tour rin-speaking sales staff . (IMF) offi cials expressed support countries, is a basket of key inter- Weinswig, head of the Global Retail destinations such as Hong Kong. groups to their stores will have to “These retailers and shopping cen- for the Chinese currency’s inter- national currencies, including the and Technology team of FBIC, writes “The greater the distance, the work harder to attract tourist shop- ters are at the forefront of appeal to nationalization and confidence euro, Japanese yen, British pound in the report. more he or she spends,” explained pers, she said. the next great consumer market,” in China’s economy, pointing out sterling, and US dollar. It is based on a survey conducted Weinswig. “Spending in some high- The impact of this coming growth Weinswig said. “No company wish- structural transformation and The move, he added, would by FBIC and CLA on more than 1,000 profi le, long-haul destinations, such will be felt most keenly by higher- ing to remain a vital international labor productivity growth as keys greatly increase the status of RMB Chinese Internet consumers regard- as the US, will grow at an even faster end retailers, and it is imperative force can aff ord to ignore the Chi- to its economic growth, during the in the international arena, allow- ing their travel and spending for the pace.” for high-end companies to carefully nese visitor.” World Bank Group and IMF annual ing the voices of emerging markets meeting in Lima. to draw more attention and would The IMF will complete an assess- advance the reform of the IMF as a ment of the Chinese yuan’s status as more inclusive organization. In the news AUTO SAFETY a new currency for Special Drawing Also in Lima, Yi Gang, deputy Rights (SDRs) before the end of governor of the People’s Bank of 2015, said the organization’s Man- China, said that China will continue CHINA aging Director Christine Lagarde to push ahead financial reforms Killer blast Drivers warned to stay off phones on Oct 9. with the hope that its currency can “The review will determine be included in the SDR basket later Seventeen people, including By WANG XIAODONG phones while driving has become implementation from September this year.
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