Archive for ‘economic globalization’

09/10/2019

China Focus: Xi’s trip to India, Nepal to inject new impetus into ties

BEIJING, Oct. 9 (Xinhua) — Chinese President Xi Jinping’s upcoming trip to India and Nepal is expected to inject new impetus into China’s relations with the two countries, an official said here Wednesday.

The Chinese Foreign Ministry announced earlier in the day that at the invitation of Indian Prime Minister Narendra Modi and Nepali President Bidhya Devi Bandari, President Xi will attend the second informal meeting with Modi and pay a state visit to Nepal from Oct. 11 to 13.

This will be Xi’s first overseas trip after the grand celebration of the 70th anniversary of the founding of the People’s Republic of China, Vice Foreign Minister Luo Zhaohui told a press briefing.

Xi’s trip will inject new impetus into China-India and China-Nepal relations, even China’s relations with South Asia, Luo said, adding that Xi’s trip will also open up new space for strengthening regional connectivity and economic and trade cooperation, set up new platforms for enhancing mutual trust and friendship among regional people, and make new contributions to world peace and prosperity.

China and India, both as developing countries and emerging economies, are the only two major countries in the world with a population of more than 1 billion, Luo said, stressing that China-India cooperation will not only benefit the development of the two countries, but also help promote world multipolarization and economic globalization, and safeguard the common interests of developing countries.

Since the first informal meeting between Xi and Modi in Wuhan last year, China-India relations have entered a new stage of steady growth, with cooperation and exchanges being carried out in various fields and differences being properly managed, Luo said.

In Chennai, Xi will have an in-depth communication with Modi on issues that have overall, long-term and strategic significance on bilateral relations, set the tune and guide the direction for future development of the ties, and speak to the world in unanimous voice, so as to inject positive energy into the world full of uncertainties.

Regarding Xi’s visit to Nepal, Luo said that Xi will be the first Chinese president to visit the South Asian country after an interval of 23 years.

Nepal, as a friendly neighbor, also serves as an important partner of China in terms of carrying out the Belt and Road cooperation, Luo said.

Since the establishment of diplomatic ties, the two countries have treated each other on an equal footing with mutual respect and support, said Luo, adding that China and Nepal have become a model of mutually beneficial cooperation between countries that are different in social system and size.

“This historic visit will definitely exert historic influence,” Luo said.

He said that Xi will attend the welcome ceremony and banquet hosted by President Bandari, meet with Bandari, hold talks with Prime Minister K.P. Sharma Oli and jointly witness the signing of cooperation documents with him.

Xi will also meet with co-chairman of the Nepal Communist Party Pushpa Kamal Dahal, also known as Prachanda, and leaders of the country’s Federal Parliament and other political party leaders, Luo added.

Leaders of the two countries will make new plans for the development of bilateral relations, ushering in a new era of fast development for China-Nepal relations, Luo said.

This will also consolidate political mutual trust and foundation of public opinions for friendship between the two countries, push forward high quality construction of the Belt and Road, speed up building an interconnectivity network across the Himalayas, and inject new impetus into pragmatic cooperation in various areas between the two countries, Luo said.

Source: Xinhua

12/09/2019

China welcomes more Japanese investments: Premier Li

BEIJING, Sept. 11 (Xinhua) — Premier Li Keqiang on Wednesday expressed his expectation for the Japanese economic community to seize the opportunities of China’s opening up, increase investment in China and expand bilateral cooperation areas to promote more achievements in trade and the economy.

Li made the remarks in a meeting with a delegation from Japan’s business community, led by president of the Japan-China Association on Economy and Trade Shoji Muneoka, chair of the Japan Chamber of Commerce and Industry Akio Mimura, and Nobuyuki Koga, chairman of the Board of Councilors of the Japan Business Federation.

China-Japan relations have returned to the right track since last year thanks to the joint efforts of the two sides, and the trade and economic cooperation between the two countries has been steadily advanced and the prospects for bilateral cooperation are broad, said Li.

When China-Japan relations encountered difficulties, the Japanese economic community made important efforts and contributions to maintain their healthy and steady development as well as accelerate pragmatic cooperation between the two countries, the Chinese premier said.

According to Li, China and Japan are two of the world’s major economies, and should give full play to their complementary advantages and work together to deepen cooperation, which will not only benefit the two countries, but also conducive to regional and global economy, as well as the prosperity and stability of the world.

Noting that economic globalization is irreversible, and economic and trade exchanges should not be blocked by national borders, Li pointed out that promoting the healthy development of globalization is the way of progress.

“China has always firmly upheld the multilateral trading system with the World Trade Organization at its core and promotes the liberalization and facilitation of trade and investment,” Li said, stressing China will unswervingly promote all-round opening up, and strive to optimize the business environment.

China welcomes the Japanese economic community to seize the opportunity brought forth by China’s opening up and increase investments in China, expand cooperation areas, and promote more cooperation achievements in trade and economic areas between the two countries, he said.

While expressing congratulations on the 70th anniversary of the founding of the People’s Republic of China, the Japanese economic delegation said that Japan and China have witnessed progress in bilateral ties since last year, and close high-level exchanges have facilitated the two countries’ economic and trade cooperation.

The Japanese economic community firmly supports free trade and hopes China and the United States will resolutely resolve their trade disputes through negotiation, they said.

Speaking highly of China’s efforts in promoting trade and investment liberalization, expanding market access and improving the business environment, they said that the Japanese economic community is willing to boost cooperation with the Chinese side in science and technology innovation, climate change, health care and third-party markets.

They also expressed their expectation of concluding the negotiations for the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement between the 10 ASEAN (the Association of Southeast Asian Nations) members and Australia, China, India, Japan, South Korea and New Zealand, by the end of the year.

Source: Xinhua

07/08/2019

Xinhua Headlines: China expands Shanghai FTZ for further opening-up, globalization

BEIJING, Aug. 6 (Xinhua) — China on Tuesday announced the expanding of its Shanghai free trade zone (FTZ) in its latest major strategic move for further opening-up.

The addition of the Lingang area is a major strategic decision made by the Communist Party of China Central Committee to further opening up, Vice Commerce Minister Wang Shouwen told a press conference Tuesday.

It also demonstrates China’s clear stand to adhere to all-round opening up in the new era and an important measure taken to actively lead the healthy development of economic globalization, Wang said.

The new Lingang section will match the standard of the most competitive free trade zones worldwide and implement opening-up policies and systems with strong global market competitiveness, according to an overall plan for the new Lingang area of the China (Shanghai) Pilot Free Trade Zone issued by the State Council, or the cabinet.

Lingang, with a start-up area of 119.5 square kilometers, will facilitate overseas investment and capital flows and realize the free flow of goods, according to the plan.

Aerial photo taken on June 27, 2019 shows the Lingang area in Shanghai, east China. (Xinhua/Fang Zhe)

“The new area is not just a simple expansion of the existing free trade zone and a copy of existing policies. It is comprehensive, profound and fundamental institutional innovation and reform,” Chen Yin, executive vice mayor of Shanghai, told the press briefing.

The Shanghai FTZ had an area of 28.78 square kilometers when it was established in September 2013 and expanded to 120.72 square kilometers in December 2014.

Over the past years, the Shanghai FTZ has made remarkable progress in its bold exploration in sectors like investment, trade and finance and contributed precious experience to the all-around deepening of reforms and high-level opening-up, said Wang.

SPECIAL ZONE

The area will be built into a special economic function zone with global influence and competitiveness, to better serve the country’s overall opening-up strategy, the plan says.

“The status as a special economic function zone means that it is not adding more facilitation but moving toward real investment and trade liberalization,” said Shen Yuliang, a researcher with the Institute of World Economics under the Shanghai Academy of Social Sciences.

By 2025, the Lingang area will have a relatively mature institutional system of investment and trade liberalization and facilitation. By 2035, it will be built into a special economic function zone with strong global market influence and competitiveness, becoming an important platform for the country to integrate into economic globalization.

The area, administered like a special economic zone, will establish an institutional system with its focus on investment and trade liberalization and set up an open industrial system with global competitiveness, according to the plan.

Aerial photo taken on June 27, 2019 shows new cars wating for shipment at a port in the Lingang area in Shanghai, east China. (Xinhua/Fang Zhe)

It will strive to become a business cluster for international business, cross-border financial services, frontier technology research and development and cross-border services trade, and speed up the industrial upgrading of existing companies.

The Yangshan comprehensive bonded area will be set up there, and the area will also pilot free capital inflows and outflows and free capital conversion.

Income tax shall be levied at a reduced rate of 15 percent within five years from its establishment for qualified enterprises engaged in manufacturing and R&D in key fields including integrated circuits, artificial intelligence, biomedicine and civil aviation, says the plan.

Shanghai will also set up a fund of 100 billion yuan (14.2 billion U.S. dollars) in five years to support the development of the new area, said Chen.

OPENING-UP, INNOVATION LEADER

The plan says the new area will be granted greater administration power for self-development, self-reform and self-innovation, and regularly promote its experience to spearhead a new round of reform and opening-up of the Yangtze River Delta.

Apart from serving the Belt and Road Initiative and the Yangtze River Economic Belt, the new area is also designed to promote the coordinated development, reform and opening-up of the Yangtze River Delta, said Wang.

The Lingang area, home to Tesla’s gigafactory, has become a cluster of high-end industries after more than a decade of development, and it now emphasizes the development of key industries like integrated circuits, AI, biomedicine and civil aviation.

Aerial photo taken on July 25, 2018 shows Phase IV of the Yangshan Deep Water Port of east China’s Shanghai. (Xinhua/Ding Ting)

China’s economy faces complicated external situations and to improve industrial competitiveness and move up the value chain, the boost of scientific and technological innovation capacity is the only way, said Yin Chen, secretary general of the Shanghai Free Trade Zone Comprehensive Research Institute with Fudan University.

With more openness, the new area can boost Shanghai’s high-end resources allocation ability and better represent the country to take part in global cooperation and competition, said Yin.

BOON FOR BUSINESSES

The addition of the new area to the FTZ is a boon for both domestic and foreign businesses.

“The new tax policy support will help speed up the commercialization of autonomous driving,”said Xue Jiancong, vice president of TuSimple, an AI company registered in Lingang that received the country’s first open road testing license for trucks.

“We hope that the new policies will help promote the free flow of auto parts,”said Song Feng, president of Caterpillar Remanufacturing Services (Shanghai) Co., Ltd., citing current restrictions on imports of old machinery parts.

Yu Bo, a tax partner at accounting firm PwC, said China has been rolling out institutional reforms over the past years to allow domestic institutions in alignment with international standards.

China, among the top three investment destinations with the biggest development potential for business executives worldwide in an PwC survey, should continue to improve the business environment for foreign investment and conduct more institutional reforms to promote the higher-level opening-up, said Yu.

Source: Xinhua

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