Posts tagged ‘Free trade zone’

22/07/2015

Airbus China plant plans to deliver first A330 plane in 2018 | Reuters

Airbus’ (AIR.PA) China plant is expected to deliver its first A330 wide-body passenger jet in 2018, one of the European planemaker’s Chinese partners said on Wednesday.

A worker uses a drill to screw bolts into the wing of an A320 plane that is under construction at the Airbus factory located in the northern Chinese city of Tianjin September 14, 2010.  REUTERS/David Gray

Airbus earlier this month signed an agreement to establish an A330 ‘cabin completion center’ in the northeastern Chinese city of Tianjin, where the firm already has a final assembly plant for smaller A320 jets.

The agreement was signed with the Aviation Industry Corp of China [SASADY.UL] and the Tianjin Port Free Trade Zone. Airbus hopes the increased presence in China would lead to more demand for the profitable but ageing wide-body A330 jets.

In a statement posted on its website, the Tianjin Port Free Trade Zone, said it expects construction of the plant to be completed by the fourth quarter of 2017, with the first plane to be delivered to customers in early 2018.

The plant will help further China’s goal of building its own jets to cater to what is expected to become the world’s biggest air transport market. Currently it depends mostly on imported jets from Airbus and Boeing (BA.N).

Facilities for cabin decoration, painting, and flight testing of the A330 series would also be established in the next 10 years, the Tianjin Port Free Trade Zone said.

The agreement to build the A330 plant, which will be capable of fitting out 2 planes a month, came after China placed an order for 45 A330 aircraft worth at least $11 billion, together with provisional purchases of another 30 planes.

via Airbus China plant plans to deliver first A330 plane in 2018 | Reuters.

25/06/2015

Indians Buy Gold as Chinese Shift to Stocks – India Real Time – WSJ

The rapid run-up in Chinese shares this year is dimming the allure of another popular investment: gold. Luckily for fans of the metal, demand is looking healthy in India, the other big retail market in Asia.

The divergence between gold’s two biggest consumers is unusual. Normally, gold buyers in both countries snap up the metal when it is cheap, hoping prices will surge as they did in 2011, when gold nearly hit $2,000 an ounce. Individuals in both countries tend to sell when gold gets expensive.

This year, as gold prices have meandered around the $1,200 an ounce mark, shares have been more of a draw for Chinese investors. The Shanghai market is up 41%, while mainland Chinese investors have helped push Hong Kong shares up nearly 16%.

“Everybody wants to get on to the stock-market bandwagon,” said Victor Thianpiriya, a precious-metals analyst with Australia & New Zealand Banking Group Ltd. “It is having a big impact on jewelry demand.”

China’s gold imports may tumble by as much as 20% this year, Mr. Thianpiriya forecasts.

via Indians Buy Gold as Chinese Shift to Stocks – India Real Time – WSJ.

11/11/2014

Airbus aims to double China component sourcing value to $1 billion by 2020 | Reuters

European jet maker Airbus Group NV (AIR.PA) aims to double the annual value of aircraft components it sources from China to $1 billion by 2020, the firm’s China Chief Operating Officer, Rafael Gonzalez-Ripoll-Garzon, said on Tuesday.

A flight test engineer holds an Airbus Group flag after the first flight of the Airbus A320neo (New Engine Option) in Colomiers near Toulouse, southwestern France, September 25, 2014.  REUTERS/Regis Duvignau

The Airbus executive’s comment, made on the sidelines of China’s premier airshow in Zhuhai, came as the European firm’s chief rival Boeing (BA.N) said it’s also seeking to ramp up China component sourcing.

Kent Fisher, Boeing Commercial Airplane’s vice-president and general manager of supplier management, said that over the next few years his company is looking to double the $2 billion worth of aircraft parts it has sourced from China in total over the last 30 years. Fisher was speaking at a separate press briefing at the air show and didn’t provide further details.

Boeing also said it had signed a deal with Aviation Industry Corporation of China to produce composite tail parts for the Boeing 777 program, beginning in 2017.

Airbus and Boeing have been competing fiercely in China, which will need over 6,020 new planes worth $870 million the next 20 years, according to Boeing’s latest forecast.

Both have been increasing their sourcing in China, using locally made composite materials and parts like emergency doors in aircraft like the Airbus A330 and Boeing B787 jets.

via Airbus aims to double China component sourcing value to $1 billion by 2020 | Reuters.

23/01/2014

China approves 12 more free trade zones |Economy |chinadaily.com.cn

China\’s central government has given the nod to 12 free trade zones (FTZs) following the one in Shanghai, amid a spurt of nationwide enthusiasm for such schemes.

Tianjin Municipality and Guangdong Province have been green-lit to set up FTZs, a source with knowledge of the approval told Xinhua-run Economic Information Daily on Wednesday, refusing to leak the remaining 10.

After consent from the cabinet, a group of central government departments will conduct a joint survey of the proposed zones, and hammer out specific establishment plans in a process that may last more than a year, said the source.

So far, Tianjin and Guangdong have completed the survey part, which the other 10 have just started, according to the source.

Provincial regions including Zhejiang, Shandong, Liaoning, Henan, Fujian, Sichuan, Guangxi and Yunnan, and cities including Suzhou, Wuxi and Hefei have all said that filing FTZ applications is high up their 2014 priority list.

\”China sets no limits on FTZ numbers and no timetables on building them, as long as they meet the requirements of an FTZ,\” added the source.

Huo Jianguo, head of a research institute with China\’s Commerce Ministry, said the emerging FTZs could be testing grounds for further opening-up policies, and serve as the bright spot of the country\’s economic development.

Last September, China established the Shanghai FTZ, the first of its kind, as a national strategic trial to further tap market forces and push market-oriented trade and investment reforms.

via China approves 12 more free trade zones |Economy |chinadaily.com.cn.

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29/12/2013

Xinhua unveils top 10 domestic events of 2013

From: http://news.xinhuanet.com/english/china/2013-12/29/c_133004960.htm

China’s top ten domestic events in 2013

1. Leadership transition

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, was elected president in the government transition, replacing Hu JintaoLi Keqiang was appointed premier.

2. Giant steps in space

Three astronauts went into space aboard the Shenzhou-10 spacecraft on June 11 and returned to Earth on June 26.

During the 15-day mission, Shenzhou-10 docked twice with the orbiting space lab Tiangong-1; once without any intervention by the crew and once manually. The astronauts conducted medical experiments and delivered a lecture to students on Earth about basic physics.

On Dec. 2, China’s lunar probe Chang’e-3, with moon rover Yutu aboard, successfully landed on the moon, the first time that a Chinese spacecraft has soft-landed on an extraterrestrial body.

3. “Mass line” campaign

The Chinese leadership launched a one-year “mass-line” campaign in June to clean up four undesirable work styles — formalism, bureaucracy, hedonism and extravagance — to improve interactions between CPC officials, Party members and the people at large.

(Note: this item also includes the anti-corruption campaign to bring sown both “tigers and flies”)

4. A better atmosphere

The State Council issued the Air Pollution Prevention and Control Action Plan in September to control PM2.5 (airborne particles with a diameter of less than 2.5 microns) and reduce the number of smoggy days. The 10 point plan includes limits to pollutant emissions, optimization of energy use and upgrades to technology.

5. Trial of Bo Xilai

Jinan Intermediate People’s Court sentenced Bo Xilai, once secretary of the CPC Chongqing Municipal Committee and disgraced member of the Political Bureau of the Party Central Committee, to life imprisonment for bribery, embezzlement and abuse of his power on Sept. 22 after a public trial.

When Bo appealed to a higher court his appeal was rejected and the original sentence upheld.

6. Shanghai FTZ opens for business

On Sept. 29 the China (Shanghai) Free Trade Zone was launched, as a sandbox for market reform and a boost to economic vitality.

7. CPC draws reform roadmap

The Third Plenary Session of the 18th CPC Central Committee from Nov. 9 to 12, adopted resolutions on numerous important issues and promised comprehensively deeper reform, including a decisive role for the market in allocating resources, changes to the one-child policy and an end to he system of reeducation through labor.

8. Death at work

A total of 121 people were killed and 76 injured when a fire ripped through a poultry plant in Dehui City in northeast China’s Jilin Province on June 3.

On Nov. 22, an explosion on a section of Sinopec’s underground pipeline in the eastern city of Qingdao in Shandong Province killed 62 people and injured 136.

9. China establishes air defense identification zone

China announced an East China Sea Air Defense Identification Zone on Nov. 23, requiring all aircraft to report their flight plans and establish identification communications when passing through the area.

The zone includes airspace within the area enclosed the outer limit of China’s territorial waters and six other points.

The zone does not target any specific country and has not affected flight plans of any other countries’ aircraft.

10. Urbanization picks up the pace

The highest level meeting on urbanization from Dec. 12 to 13, promised a steady push towards human-centered urbanization, balancing urban-rural development and stimulating domestic demand.

Focusing on the quality of urbanization and urban living standards, the meeting made helping migrant workers to win urbanite status the number one priority.

See also: https://chindia-alert.org/2013/12/31/india-year-in-review-2013-highs-lows/

27/09/2013

Big reform plans for China’s newest trade zone set high expectations

Reuters: “China has formally announced detailed plans for a new free-trade zone (FTZ) in Shanghai, touted as the country’s biggest potential economic reform since Deng Xiaoping used a similar zone in Shenzhen to pry open a closed economy to trade in 1978.

The sunrise rises over the skyline of Lujiazui financial district of Pudong in Shanghai September 27, 2013. REUTERS/Aly Song

In an announcement on Friday from the State Council, or cabinet, China said it will open up its largely sheltered services sector to foreign competition in the zone and use it as a testbed for bold financial reforms, including a convertible yuan and liberalized interest rates. Economists consider both areas key levers for restructuring the world’s second-largest economy and putting it on a more sustainable growth path.

No specific timeline was given for implementing any of the reforms, though these should be carried out within 2-3 years, it said, adding financial liberalization may depend on adequate risk controls. Chinese state media have cautioned that dramatic financial reforms are unlikely this year.

An executive at a foreign multinational in Shanghai said his firm was waiting for more clarity. “Is this Shenzen 2.0 heralding the beginning of a new era in trade, or a flash in the pan to simply boost economic confidence?””

via Big reform plans for China’s newest trade zone set high expectations | Reuters.

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