Container ships sit on the dockside in the Cosco Pacific terminal at Piraeus Port in Athens, Greece. Since the Chinese shipping behemoth agreed to take over container operations at two piers in Piraeus in 2008, traffic has surged at Greece's biggest harbor, making Piraeus one of the fastest-growing ports in the world. For Cosco, the Chinese state-owned company listed in Hong Kong, Piraeus is the point at which China nudges into Europe as part of its plan to create a modern commercial empire pumping Chinese goods throughout the continent. But as China pumps money into creating President Xi Jinping's vision of the Belt and Road Initiative, a modern-day Silk Road to Europe, it has bumped into a modern fiscal odyssey in Greece, the eurozone's most troubled nation, where foreign investment has slumped and stalled amid political turmoil and concerns of financial collapse. The sale of the port has been delayed twice in just the past few months after being formally launched in March 2014, years after being included in the Greek state asset sales plan mandated by the European Union and International Monetary Fund in return for what became 240 billion euros ($260 billion) in rescue funds.
For Greece, the stakes are higher now than they were six years ago, when the country's fiscal mess sparked a crisis that led to bailouts for countries including Ireland and Portugal, and called the existence of the common currency into question. Alexis Tsipras came to power in January as the firebrand young prime minister who opposed state asset sales and vowed to tear up the two bailout agreements that forced higher taxes and cuts in wages and pensions. Fosun, China's largest private conglomerate, is one of the investors in a group destined to develop the Hellinikon site, the Greek capital's former airport and Olympic Games venue, a project that could create 70,000 jobs and add 2 percent to Greece's economic output. Piraeus' relatively short distance from the main Mediterranean maritime route allows it to act as both a trans-shipment hub and gateway, according to a 2012 report by McKinsey & Co, which said the country could transform itself into a regional cargo and logistics center as part of a 10-year plan.
Such a transformation of Piraeus and Thessaloniki, the second-largest harbor, which is also for sale, could add 9,000 new jobs over 10 years and about 1.3 billion euros in annual gross value added, McKinsey said. On the road to the headquarters of Cosco's Greek unit, Piraeus Container Terminal SA, graffiti urges Cosco to leave and for Piraeus Port to remain in workers' hands. Cosco has seen five separate Greek premiers, not including caretakers, since it won the license to operate Pier II in 2008 for 30 years at a cost of 490 million euros. For Tassos Vamvakidis, a Greek who has been the commercial manager for the Cosco unit since it first got its Piraeus concession, actions speak louder than words. For China, says Lane of Container Transport International Consultancy, the Silk Road is less a single carriageway, with a start and an endpoint, than a web of solid infrastructure that facilitates multiple supply chains to and from China, part of an overall supply chain jigsaw puzzle.
With a market value of 363 million euros, Piraeus Port earned more from its concession fee from Cosco than its own freight business, according to last year's figures, raking in 36 million euros compared with 23 million euros in revenue from the Pier I operation it runs itself.
A stake in the port operator would also give Cosco exposure to some of the Greek company's profits from its lucrative passenger and car ferry business to the Greek islands. From his office in Piraeus, with a view of one of the gantry cranes, Vamvakidis is unruffled by the delays and drama.
Shannon, an Irish town with a population of about 10,000, seems like a magnet for Chinese leaders, with visits in the past two decades from two presidents and three premiers. In 2012, Xi Jinping, then vice-president of China, attended a medieval banquet at Bunratty Castle accompanied by Michael Noonan, then Irish finance minister. At the dawn of the reform and opening-up policy adopted by China in late 1978, reformist leader Deng Xiaoping considered how to create special economic zones in order to attract overseas investment.
The visit was to be something of a revelation, with the delegation introduced to the world's first duty-free shop and a special zone based on low tax and free trade. The Chinese government subsequently opened four special economic zones in 1980 based on the Shannon model. Shannon's close ties with China and the town's penchant for practical solutions to problems were further illustrated when Xi, then vice-president, led a delegation of about 150 Chinese business executives there in 2012. During Xi's three-day visit, he attended a traditional banquet at Bunratty Castle, run by Shannon Heritage, the largest visitor attraction company in Ireland. The banquet portrayed the lifestyle of medieval Ireland, particularly that of the nobility. Two years ago, the medieval banquet celebrated its 50th anniversary, making it the longest continuously run evening entertainment in Europe, says John Ruddle, CEO of Shannon Heritage. He says the castle has received a considerable amount of businesses from Chinese companies' offices in Dublin ever since.
Patrick Edmond, Shannon group strategy director and managing director of the International Aviation Services Centre at Shannon Airport Authority, says the visits to Shannon from Chinese leaders are based on historical elements. Chinese leaders' visits can be viewed as recognition of where some of the ideas used by China came from, according to Edmond. But despite frequent high-level official visits from China, there are no direct flights from Ireland to China. Edmond admits that the passenger numbers from China are relatively low but says they are looking for creative solutions.
Shannon was the first airport in the world, outside of the Americas, to offer US preclearance facilities to passengers traveling to the United States. Shannon Airport has been thinking of applying similar solutions for cargo to speed up the process, Edmond says, adding that with trade flows increasing between China and Europe, it could be a possibility. As an old Irish proverb goes, if you are not big and strong, you will have to be clever, he says. Four Chinese aircraft leasing companies have located their European headquarters in Ireland, including Industrial and Commercial Bank of China International Leasing, China Development Bank Leasing, Bank of Communications Financial Leasing, and China Construction Bank Leasing International. The ICBC subsidiary, backed by state lenders, plays an increasingly important role in the growing aviation business and also has become one of the most prominent Chinese aircraft leasing companies. The company was incorporated in Ireland in 2010 and is a wholly owned subsidiary of ICBC Ltd, the largest bank in the world by market capitalization. The 10 biggest international aviation companies have operations in Ireland, which is regarded as the best place to engage in the aircraft leasing business, he says.
The business is very international, and hence corporate tax is important to where the company sets up.
Ireland allows companies to deduct 12.5 percent income tax annually for the first eight years, he says, adding that some Asian countries are attempting to emulate Ireland to attract leasing companies. ICBC Leasing's clients are primarily from the Chinese mainland and the Asia-Pacific region.
The relationship Dublin's Trinity College has with China dates back to the 19th century, when it opened a branch in the southern city of Fuzhou.
Founded in 1592, Trinity is Ireland's oldest college and was one of the first in Europe to welcome Chinese, with students from Beijing and Nanjing arriving in the late 1970s and early 1980s.
She adds that the number of Chinese students at Trinity is rising, bolstered by a diverse and rewarding student experience. Last year, Trinity announced the launch of a master's program in Chinese studies and the opening of the Trinity Centre for Asian Studies. Jan O'Sullivan, the Irish minister for education and skills, says the move is an "important development in promoting partnerships with China". The college offers a bachelor's in business studies in international hotel management, a five-year program during which students study at Shannon and are offered two work placements, nationally and internationally. Li Xinchuang, director of the China Metallurgical Industry Planning and Research Institute. Report from the Institute of International Finance at Bank of China Ltd says listed lenders from China may see zero or negligible profit growth next year, with some likely to incur marginal losses.
The marathon United Nations climate change talks in Paris entered a crunch time as the clock ticked, and ministers in attendance were urged to make the most of the remaining time to achieve a fair and ambitious deal.
France presented a new draft text on Dec 9, yet significant differences in opinion remained as the conference, scheduled to end on Dec 11, entered its final stage. Xie Zhenhua, China's special climate representative and head of the Chinese delegation in Paris, says opinion diverged on three fundamental issues: differentiation, financing and ambition. The latest draft is "open and balanced", which is "a starting point" for further discussion, Xie says, but more "landing zones" need to be found. China will discuss the draft with other G77 members, fellow members of the BASIC bloc of newly industrialized countries - Brazil, South Africa, India - and with developed countries to come up with constructive proposals for a successful outcome, says Xie, who had suggested China was in a position to play a bridging role between developing and developed nations. US Secretary of State John Kerry said on Dec 9 that the United States had joined the "high-ambition coalition", which was unveiled on the previous day and is made up of about 100 countries, as well as the European Union. The group demands the final deal recognize the proposed 1.5 C goal and include a clear pathway for a low-carbon future, a five-year update on national targets for cutting emissions and a climate finance package.
A goal to limit a rise in temperature is meaningless until there is a clear plan for how the world can achieve it, says Professor Teng Fei at Tsinghua University.
South Africa's negotiators said the latest draft text was a significant departure from and dilution of the principles that have guided such talks in the past. Brazilian Environment Minister Izabella Teixeira said at a news conference on Dec 8 that the BASIC countries were discussing this issue and would present a joint position. The global economy needs to cut carbon intensity by 6.3 percent a year from now until 2100 to prevent global warming in excess of 2 C, according to PricewaterhouseCoopers' 2015 low-carbon economy index. China is the best-performing, non-EU country in the G20 in terms of decarbonization, recording a rate of 6 percent last year, according to the index.
Developed countries have promised to mobilize $100 billion a year in green climate financing by 2020, which should be a "starting point" for the post-2020 period, ministers from the four BASIC countries said in a joint statement issued on Dec 8. Javadekar said at a joint news conference on Dec 8 that the Organization for Economic Cooperation and Development's claim last month that rich countries had provided $62 billion to help developing countries combat climate change last year did not reflect the real numbers. Countries' commitments to cut greenhouse gas emissions, submitted to the UN as so-called intended nationally determined contributions, were included in the nonbinding French draft text, which would be a victory for the United States, according to some observers. However, hundreds of delegates from NGOs staged an indoor sit-down protest at the Le Bourget conference site to call for enhanced pledges at the Paris conference on Dec 9.
South African minister Molewa says the BASIC bloc has played a "constructive and flexible" role at the conference.
At the joint news conference on Dec 8, the BASIC ministers called for resolutions to the remaining areas of divergence to achieve a clear, concise and coherent legal text acceptable to all parties. Wu Changhua, director in Greater China for the nonprofit Climate Group, says pre-2020 climate action is essential to pave the way for post-2020 action.
Tasneem Essop, who is heading the World Wildlife Fund's delegation to the Paris talks, accused ministers of failing to take the hard decisions. International leaders in the green finance field have endorsed China's emphasis on developing the sector in its 13th Five-Year Plan (2016-20), and say that China's leadership in the creation of standards will nudge global volume. Seen as the blueprint for China's development for the next half-decade, the new five-year plan will be published next year. Within this context, the transparency, certification and corporate governance practices needed by projects in China to attract green finance funding would set a good standard for the country's overall financial reform, as increasingly more infrastructure projects use such standards, Mabey says. Klas Eklund, a senior economist at Swedish bank SEB, says China's emphasis on green finance in its 13th Five-Year Plan demonstrates that the country has chosen the right instrument to combat climate change and encourage sustainable growth.
There are many potential policies China could consider including in its plan for the next five years, Eklund says. A green development bank is a public bank that encourages private funding in green projects by taking on the initial project risks itself, and also conducts research into projects' risk return profiles to aid private evaluation. Sean Kidney, CEO and cofounder of the Climate Bond Initiative, says China has a lot of experience in green finance to share with other countries, especially emerging economies in similar stages of development.
China-led multinational institutions such as the Asian Infrastructure Development Bank and New Development Bank (formerly BRICS Bank) can play a key role in spreading China's experience in green finance to other emerging countries, he says. A European company is intent on seizing the opportunities created by China's new five-year plan which aims to sustain economic growth and double GDP and incomes by 2020 from the 2010 level. The 13th Five-Year Plan (2016-20) will also put greater emphasis on innovation and greater international collaboration. Chinese Premier Li Keqiang (standing, left) and French Prime Minister Manuel Valls witness the signing of an agreement between Christophe Baviere (front right), chairman of Idinvest Partners, and Wang Tianyi, chairman of CIIC, in Toulouse during Li's visit to France in July. Idinvest Partners, the Paris-based private equity firm that was founded in 1997, funds innovative small and medium-sized enterprises at all stages of development. He adds that France came third overall in a Reuters survey on the most innovative nations, behind the United States and Japan, and that many French enterprises have made Forbes' list of the world's 100 most innovative companies. Yet while French SMEs may be among the most innovative in Europe, Baviere says China is without doubt a new land for innovation, as evidenced by a series of laws and programs to support innovative companies, such as offering tax relief to shareholders in high-tech SMEs. The Chance program focuses on key sectors including finance, health, digital technology and the environment, which Baviere says correspond with the priorities and challenges facing China's market and government over the next decade. Chance has been designed to give Chinese investors access to high-quality investment vehicles and provide French SMEs access to the equity capital they need to grow internationally.
A unique aspect of the program is that it is dedicated to indirect and minority-stake Chinese investment. An October report by Boston Consulting Group says global mergers and acquisitions by Chinese companies are growing at a rate of 35 percent a year ($26 billion last year), with Europe the main target. Baviere says this is because the best targets, technology and know-how are not for sale on the open market, and speculates that there is underlying mistrust of Chinese intentions.
The Chinese also undervalue the need for synergy, intercultural management and good labor relationships when implementing mergers, he adds. China's Belt and Road Initiative will provide great connectivity for trade, ideas and capital between Asia and Europe, but setting up a solid regulatory framework for investment deals is the key to ensure success, says John Peace, chairman of Standard Chartered Bank. Opportunities for Western firms to participate in the initiative will be much more wide-ranging than the infrastructure sector itself, including areas like architecture and financial services, he says. John Peace, chairman of Standard Chartered Bank, says the Belt and Road Initiative will increase trade globally and boost the global economy.
The strategy, he says, "will increase trade globally and give the global economy a boost at this time.
The initiative, proposed by President Xi Jinping when he visited central and southeast Asia in October 2013, consists of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
China has already deployed funds totaling around $100 billion, consisting of $40 billion for the Central Asia-focused Silk Road Fund, $50 billion for a new Asian Infrastructure Investment Bank, and $10 billion for the BRICS-led New Development Bank.
The initiative spans 65 countries, with a total population of 4.4 billion, which is over 60 percent of the world's population, and together they account for only 29 percent of the global economy. Peace says Asia's need for infrastructure will be great over the next decade, as countries seek to move up the value chain while absorbing fast-growing populations. According to Standard Chartered's estimates, official financing for the initiative could reach $1 trillion in the next decade, which may also increase demand for crude steel by 200 million metric tons in 10 years, or 20 percent of China's annual production capacity. The initiative may accelerate China's shift from being the world's biggest goods exporter to a major capital exporter. Although the United Kingdom is not officially on a map released last year by the state-run Xinhua News Agency of areas within the initiative, Peace says that there are still many ways the UK could participate. Peace says London could be a crucial location for infrastructure financing, given that the city is already a leading Western center for offshore renminbi activities. Managing the regulatory framework associated with these infrastructure deals is essential in ensuring investor confidence.
The public-private model, where government agencies and private investors jointly fund projects, is commonly used in the UK. Peace says another important connection to be created is a digital one, as illustrated by increasing e-commerce between the continents.
He says the club will help the airport promote myriad opportunities, experiences and attractions in Glasgow, as well as the warm Glaswegian welcome.
During President Xi Jinping's visit to the United Kingdom in October, Hainan Airlines, China's largest privately owned carrier, announced it plans launch a direct flight between Manchester and Beijing. Glasgow and Edinburgh airports are both in talks with Hainan Airlines on the possibility of establishing routes to Beijing via Manchester. Last year, the airport handled more than 7.7 million passengers, its fourth consecutive year of growth and its busiest since 2008.
Weir Group recently entered into a joint venture with Shengli Oilfield Highland Petroleum Equipment that will see the Scottish company supply pumps to China's shale gas industry, while power generator manufacturer Aggreko, which is headquartered in Glasgow, has opened a 5,300-square-meter facility in the southern Chinese city of Foshan. Meanwhile, Renfrewshire-based oil, gas and petrochemical company Doosan Babcock employs 2,000 workers at its plant in Beijing that produces industrial boilers, and Lenovo, the PC maker, has a site about 5 kilometers from Glasgow Airport. Stephen Schwarzman, CEO and co-founder of the Blackstone Group, one of the leading investment firms of the world, has got it easy, because he found that the Chinese, much like Americans, are quite open.
The Stephen Schwarzman scholarship program is expected to help future leaders have a deeper understanding of China. To help future leaders have a deeper understanding about the world's second-largest economy, Schwarzman is setting up an eponymous one-year scholarship program at Tsinghua University in Beijing. He has personally contributed $100 million to the program and is leading a campaign to raise an additional $300 million from private sources as endowments for the master's degree program. The program has received more than 3,000 applications for its first class of 100 next year, which will include approximately 45 Americans, 20 Chinese and 35 students from across the world.
In an interview with China Daily, Schwarzman spoke about the outlook for the Chinese economy, his company's business and his school project in China. Blackstone is the largest money manager in the alternative investment area operating in China. Everybody worries about an economic slowdown - from the top levels of the Chinese government to the business community to the IMF to the World Bank to the head of almost every country in the world worries about China's economic health - because it is the second-biggest country (economy) in the world, and it is the fastest growing of the emerging markets with the exception of India, which is probably growing a little bit faster. We also believe that as the scale of companies continues to get larger in China and as Chinese companies become more global, that there will be a continued need for operational expertise. In China you have to make sure you are in the right sector, because it used to be everything in China was growing, and now it is no longer the case. Since 1500, the last 16 times when a rising power has challenged an established power, the result has been war between the two. The probability of successfully avoiding such conflicts has been very low in history, but I want to see that change by having future leaders around the world going to China, meeting the leaders of China, having mentors from Chinese society and the student's areas of study, traveling to different parts of China, as well as studying a curriculum that involves China.
When people know how other systems work, and when they know people there, their ability to interpret what's going on in that country is infinitely better. And if we can establish those types of links with super achievement-oriented younger people who take their places in their own society, then we can go a long way to change the outcomes between China and the outside world. So they're fundamentally self-reliant, isolated despite their huge scale and presence in the world. I think a program like the Schwarzman Scholars is essential for helping that bridge-building process. Actually, I'm a bad interviewee for you because I find all of them interesting due to their different industries and characteristics. Industry officials are confident of China being the front-runner to win the right to build South Africa's new generation of nuclear power stations. The country hopes to land the contract using its CAP1400 nuclear technology, which is designed by SNERDI and based on the AP1000 reactor technology developed by the United States-based Westinghouse Electric Co LLC. South Africa currently operates the continent's only nuclear power plant, near Cape Town, but the country is currently facing chronic electricity shortages.
The Pretoria government invited tenders in July for an estimated $80 billion contract to build four nuclear reactors - the largest contract in the country's history - which attracted widespread interest, including from State Nuclear Power Technology Corp, Russia's state atomic agency Rosatom and French nuclear firms. The Chinese CAP1400 nuclear technology is claimed to have significant cost, reliability and security advantages over rival reactors.
It is also considered a national research project, which expects to incorporate imported advanced nuclear power technology as well as the latest homegrown advances. Wang Binghua, chairman of State Power Investment Corp, has been quoted as saying that South Africa has already shown strong interest in the patented design. A pilot power station project involving the CAP1400 technology is likely to start construction in March in Shidaowan, Shandong province, but officials have emphasized that the really lucrative markets for the technology lie overseas. Zheng said the Shidaowan project is expected to be given final approval for construction from the State Council by the end of this year. The pilot project is expected to complete by the end of 2020, after a 56-month construction period. A visitor studies the model of a CAP1400 nuclear reactor at an energy-tech expo in Beijing. The China Securities Regulatory Commission said it will issue a draft plan of the new IPO system and a set of related regulations to solicit public opinion after it gains the approval from the top legislature to implement the reform before completing the amendment of the Securities Law. Sources close to the Standing Committee of the National People's Congress told China Daily that the legislature will deliberate and approve the IPO reform by the end of this month, clearing the last legal hurdle for the country to adopt the registration-based IPO system. The approval from the top legislature will be valid for two years, meaning that the IPO reform must be completed and implemented within the time frame, Deng Ge, a CSRC spokesman, told a news conference in Beijing. Unlike the current approval-based system where the regulator determines the timing and pricing of the IPOs, the new IPO system will emphasize information disclosure rather than corporate profitability and will let the market play a bigger role. The acceleration of launching the registration-based IPO system underscored the government intention to address the pressing issue of high financing costs and fundraising difficulties for companies amid a slower economy, said Hong Hao, chief strategist at investment bank BOCOM International Holdings Co. While the new share sale reform could mean an expanded supply of IPOs which could depress market valuations, analysts said that the regulator will still administratively manage the IPO pipeline initially to avoid upsetting the market and creating sharp volatilities. CNPC is planning to sell some assets before the end of the year and this could include stakes in pipelines and refineries as the oil major looks to bolster its balance sheets, blotted heavily by the recent oil price drops, the report said. According to Reuters, part of the assets that CNPC plans to sell is high-quality natural gas pipelines in China, including three main pipelines connecting the western hinterland and the eastern regions and one in the southern coastal region, altogether 20,500 kilometers. As the biggest oil and gas supplier in China, CNPC controls about 80 percent of the country's oil and gas pipelines. Delinking gas pipelines was put on top of the national agenda in October 2013 when the State Council Development Research Center published a plan called "383" that aims to separate the gas pipeline networks from the oil and gas suppliers and form a number of independent pipeline operators, subject to the government's supervision. Wang Dongjin, deputy general manager of CNPC, said during the company's half-year financial performance in August that shedding pipelines is in line with the national oil and gas reform. The State-owned Unigroup had recently said it has set a goal to be among the top three chipmakers in the world, in the league of giants like Intel Corp, Qualcomm Inc and Samsung Electronics Co. Unigroup will become the largest shareholder of SPIL and the second-largest in ChipMOS, according to separate announcements.
Zhao Weiguo, chairman of Unigroup, said the investment will boost cross-Straits cooperation in the semiconductor sector. A release from ChipMOS said the investment will help the company expand in the fast-growing semiconductor market on the mainland. SPIL said the majority of funds raised from the cooperation are expected to be used for investments in Taiwan, including hardware development and cultivation of local talent to sustain long-term development. In November, Zhao visited Taiwan and said he was willing to make investments in the island, subject to local regulations. Huang Leping, executive director of China technology and telecom research at Nomura Securities Co, said the investments will help the cash-rich Unigroup to build its global presence. He said that on average, the price-earnings ratio of Chinese mainland chip firms are roughly five times higher than companies based in Taiwan, leaving Taiwan firms much larger room for profit growth.
Earlier this year, the Chinese company pledged to spend 300 billion yuan in the next five years to become the world's third-largest chipmaker. China, the world's biggest market for chipsets, is eagerly looking for a local semiconductor giant to lower import costs. Ye Tianchun, director of the Institute of Microelectronics at the Chinese Academy of Sciences, said overseas mergers and acquisitions will play a key role in helping local companies gain market share. Unigroup's advances come amid the government pledge to build a stronger, made-in-China chip industry. The smelters, representing three-quarters of the country's capacity, will increase "production flexibility", the China Nonferrous Metals Industry Association said in a statement posted on its website. Hongqiao, which is one of the 14 smelters meeting in the southwestern city of Kunming, capital city of Yunnan province, released its own statement on Thursday pledging capacity cuts of 250,000 metric tons beginning immediately.
The smelters' statement on Friday said that earlier measures had to a certain extent eased oversupply and reduced inventories.
The statement did not say whether it had included Hongqiao's cuts, nor where the extra 500,000 tons would come from. Aluminum for delivery in three months on the London Metal Exchange rose 0.5 percent to $1,499 a ton in afternoon trade in Shanghai, reversing an earlier loss. The huge structure, used to dig tunnels for underground railways and mining projects, is almost the same length as a three-wagon train. Built by China Railway Engineering Equipment Group Co, the massive device will be soon be disassembled and shipped to Singapore, for use there on the construction of a new subway tunnel.
Officials at CREG, the construction machinery subsidiary of China Railway Group Ltd, said they expect to keep expanding this lucrative type of specialist engineering work into other key foreign markets next year, after enjoying their best ever year. Turnover reached a record high of 2.3 billion yuan, an annual increase of 24 percent, thanks to favorable conditions in the Chinese market, and its ongoing overseas push. It made its first international incursion in 2012, and Richard Han, marketing manager of its overseas business division, said its eyes are now firmly on Europe, particularly the United Kingdom, while continuing to grow in Southeast Asia.
In September, during a visit to China, UK Chancellor of the Exchequer George Osborne encouraged bidding from Chinese firms on some $18 billion of contracts to build a high-speed rail line from London to the center of the country. To continue with this global expansion, CREG is opening marketing centers in different parts of the world to offer local project management services, as well as handle tender and bid processes on overseas projects. The company is also considering foreign acquisitions next year to secure more orders and reduce its own manufacturing costs, he said.
Last year, State-owned Henan Bonded Logistic Center started operating in the city of Zhengzhou, part of a pilot pro-gram promoted by the Chinese government to create import and export logistics platforms to deal with the outstanding order volumes generated by the country's e-commerce industry.
Its bonded warehouse, equivalent to 77 standard soccer fields, has become a crucial part of the country's booming cross-border e-commerce industry and have stored 3.4 billion yuan ($528 million) worth of imported goods this year, mostly cosmetics and food products.
Zhengzhou was chosen to participate in the pilot program because of its strategic location in Central China, and it is easily accessible by regular train and flight connections.
The advantage of the center lies on having established its own customs center and quarantine, inspection and duty offices to ease trade procedures for the around 1,000 companies using the bonded warehouse.
Additionally, the fiscal benefits of the center are allowing online customers to save money with their purchases of imported goods. The Ministry of Commerce forecasts that cross-border e-commerce will be worth 6.5 trillion yuan in 2016, accounting for 20 percent of the country's total foreign trade. At the logistics platform in Zhengzhou, which dealt with around 40 million parcels and generated a turnover of 33.07 million yuan in the first 11 months of the year, there are no signs of the e-commerce craze slowing down, with more Chinese consumers becoming increasingly interested in purchasing imported products at competitive prices. Chinese netizens are expected to spend 1 trillion yuan in purchases of overseas goods in 2018, compared with expenditure of 140 billion yuan on imported products in 2014, according to the China E-commerce Research Center. After speaking with him, we were introduced to a bunch of teens who actively trade the markets while attending high school and college. Many of these teens said that they look up to idols such as Paul Tudor Jones and Warren Buffett.
Before appearing before City of London Magistrates court on Friday, the British Police in London secured a 12-hour extension to question Adoboli. It seems, to date, the biggest alleged fraud committed by any African in the global diaspora. Then he is so anxious about the future that he does not enjoy the present, and as a result he does not live in the present or the future. This month, Greece will seek binding bids for a 67 percent stake in the Piraeus Port Authority, the state-run company that operates the harbor.
The latest delay came at the request of the potential investors, Cosco included, with the Greeks setting Dec 21 as a new deadline for bids. Unemployment is still hovering at one-fourth of the workforce, the highest in the European Union; the economy has shrunk by about a third since the first bailout, and capital controls have been in place since late June on Greek banks to prevent their collapse, strangling businesses and individuals in need of liquidity.
He has tempered his tone since being forced in July to accept a new, 86 billion euro bailout to keep the country in the eurozone. Winning could unleash more Chinese investment, Pitsiorlas says, citing interest in a plan to build a major freight and logistics center on the Thriasio plain, an expanse that's been described as the industrial backyard of Athens.
Annual investment by Chinese companies in EU member states soared from virtually zero in the mid-2000s to 14 billion euros last year, according to a June report by Rhodium Group and the Mercator Institute for China Studies.
The existing infrastructure and deals with international operators such as Cosco provided a good starting point and critical mass for future expansion, McKinsey said.
A banner exhorting locals to join a strike against the government's latest round of austerity measures - foreclosures and pension reforms - on Nov 12 is still strung along the side of traffic lights. China's links with Greece are displayed side by side on the walls of the corridors, beginning with two large photos of an Olympic stadium in Athens from 2004 when the country hosted the Games next to Beijing's iconic Bird's Nest stadium from China's Olympic Games, four years later. In the lobby of the building, former prime minister Antonis Samaras, one of the champions of Cosco's investments in Greece, is photographed in a hard hat at the pier. The deal has become a regular campaign issue as Greek politicians seek votes from union workers, such as those in the Piraeus docks, unhappy about austerity measures.
Piraeus is the biggest passenger port in Europe, with some 17 million Greeks and visitors on foot and by car passing through the harbor to the Greek islands. It is widely seen as an example of what international investment and smart local development can achieve, with businesses in the zone receiving tax incentives. These became a major driving force for China's economy, allowing private investment to flow into the country and for a huge transfer of skills and technology to take place. When the attractions were being built originally, the problem was that people may come in for an hour or two or a morning, but there was nothing to keep them overnight. The service allows US-bound passengers to undertake all immigration and customs at Shannon prior to departure.
The staff is evenly divided between Chinese and non-Chinese, with the heads of human resources, finance and risk, and technician and legal departments all Irish. Corporate tax in Ireland, at 12.5 percent, is attractive for businesses, compared with Singapore at 17 percent, the United Kingdom at 20 percent, China at 25 percent and Germany at 30 percent. However, for companies established in Ireland, in the same scenario, they have to pay only the preferential Irish corporate tax according to Irish tax law, which can help them offer a competitive price and make a profit," Xu says.
The company has about 126 airplanes based in Ireland, which is less than half of its total aircraft globally. Our college replicates the Swiss model of education, which includes business studies, practical training and the heavy influence of internships," says Phillip Smyth, the college's director.
Students are offered placements across 16 countries, including the United Arab Emirates, United States, Thailand, Seychelles, the Maldives and China, spending three months at luxury five-star resorts such as those operated by Four Seasons, Hilton and Ritz Carlton. The company is planning to rope in more high-end manufacturers to boost the overall image of its online marketplace. The previous text was 48 pages, while the French draft was 29, including a proposed agreement and decision.
Differentiation refers to the question of how obligations between developed countries and developing countries will be separated in the new global deal. Countries hold different views on whether the increase in the global average temperature should be kept below 1.5 C or below 2 C above pre-industrial levels. The country says it fully understands the 1.5 C goal, but argues that developed countries would need to massively reduce emissions and scale up financing for developing countries.
Globally, about $40 billion in green bonds have been issued, but experts say China needs at least 2 trillion yuan ($312 billion; 287 billion euros) to achieve its environmental targets under the plan, meaning China could become even more of a leader in green finance. They are popular with institutional funds that advertise green credentials to attract clients. The new normal and ecological society must mean economizing both with credit and natural resources.
For example, the activities of the People's Bank of China will be coherent with the policy objectives of the 13th Five-Year Plan. It manages nearly 6 billion euros ($6.5 billion) in assets in France and elsewhere in Europe, according to Christophe Baviere, the company's president. Baviere predicts more equity capital will flow between the two, "and while France is currently underrepresented in Chinese investments, balancing phenomena are expected in the coming years".
The program signed its first investment agreement with China International Industry & Commerce Co Ltd in Toulouse in July, witnessed by Premier Li Keqiang and Prime Minister Manuel Valls. Baviere believes the program will create jobs in China and France, as well as create value in China by developing solutions for major problems. Their total trade with China exceeded $1 trillion last year, one fourth of China's total trade value. According to official forecasts, China's outward direct investment will total $1.25 trillion in the next 10 years. He says he thinks the map should be redrawn to include the UK, which could help significantly increase the country's trade and investment links with Asia. The city's banks have expertise to structure deals along Belt and Road routes, and many international investors. Governments and regulators would need to carefully examine the amount of capital that projects demand from participating banks and their shareholders as a deposit so that they are not discouraged.
It aims to raise awareness of the country's growing tourism market, as well as its economy and culture.
It comes at a time when the Scottish government is keen to secure stronger transport links with the world's fastest-growing economy, to allow for greater trade. So for us to be effective in the rest of the world, it is essential to know what's going on in China. We bring a very differentiated set of capabilities along with our capital to support Chinese companies in their growth. But whether we're putting capital to work there or anywhere else, I always approach investing as a doctor would - do no harm. That similarity is a good thing, but you need bridges built between the people, and you need someone to interpret what's going on in each of the two giant countries.
That is quite different from Shanghai where the people are always on the move - traders, smart business people - which is different from Beijing, where the pace is a little slower and more deliberate, but still huge and interesting.
The Chinese CAP1400 nuclear technology has significant cost and security advantages over other such technologies.
These sections have an annual transportation capacity of 80 billion cubic meters, accounting for 45 percent of China's natural gas consumption. The end consumers can hardly negotiate with them for prices," said Liu Yijun, a professor who specializes in the natural gas sector at the China University of Petroleum. Zhao's comment triggered debate among Taiwan chipmakers as some see Unigroup as a bridge to a gigantic market while others are worried that mainland investments would deprive local players' say over the industry. Investing in companies like Siliconware and ChipMOS are more likely to yield profits, compared with investing in the Chinese mainland rivals," Huang said. Spreadtrum was the key for Unigroup to enter mobile chipmaking market where the United States giant Qualcomm is the leader.
Samsung of South Korea, Intel and Qualcomm of the US currently hold the top three positions in terms of turnover. Chinese mainland spent more than $200 billion for importing chipsets in 2014, higher than the amount for oil imports during the same period, official data showed.
The move follows a gathering on Thursday to discuss measures to counter the lowest aluminum price in six years. Copper, nickel and zinc smelters have recently all met and announced production cuts, as China's metals industry seeks to navigate the slowest economic growth in a generation.
The metal has fallen 23 percent in the past year as a supply glut in China, which accounts for 40 percent of global output, overwhelms demand. The machine, colloquially known as a "mole" in the construction industry, is cylindrical with metal cutters at its front designed to slice through the hardest rock. Centers are planned for Australia and Brazil next year, too, to service the Oceania and American markets.
The government's Belt and Road Initiative, he said, will provide a huge boost to the export of Chinese-built construction machinery, and presents rich business opportunities for firms like CREG. Additionally, the city's airport created a special e-commerce zone for the import of foreign goods. The rapid creation of these massive warehousing and distribution platforms reflects the increasing importance that cross-border e-commerce has for the Chinese economy. A key, respected person who is not buying the lone person story is banking-financing professor Hans Geiger; and he has raised more doubts on the SF Swiss television channel disputing the lone trader account being pushed by UBS executives.
He came in 2 years ago to help improve the operations and credibility of UBS, especially after several problems, mired in the U.S sub-prime mess and tax evasion charges. Cosco is among three bidders for the stake and considered a front-runner, given its investments so far and promise of more. A major new airport planned for Crete, tendered in 2009 on the eve of general election, then canceled and now dusted off again, would give the Chinese an additional foothold in the Mediterranean. In January, he called the Cosco investment the most important in Greece in the past decade, three days before he lost his job to Tsipras, whose election platform had included plans to put a brake on state asset sales, sparking concern among Chinese officials.
Electronics goods from companies like Hewlett Packard and Sony transit through Piraeus and then travel by rail to Central and Eastern Europe. Once the company leases a plane, it is the client that is responsible for maintenance, Xu says. The proposal says China will develop green financing systems and create green development funds. These funds may have more transparency than conventional bonds, since the use of proceeds often is certified by a third party to ensure the use is solely for environmental projects. Neither of the two countries are typically interested in taking territories of other people, and people in those countries usually just speak one language. Additionally, the UK also wants to upgrade its nuclear energy industry, and its gas transmission pipelines," said Han. Even though some people wonder how much it is growing, it is still much faster than the developed world. And even with a slowdown, it's important to remember China is still growing at 2-3 times the rate of the United States.
However, the industry still needs to make more investments to deal with the higher volumes".
For example, our funds own approximately 30 shopping malls that cater to the middle class in China, and we have seen a year-over-year increase in sales there of 16 percent.
There are a variety of areas in China that are not very healthy, but then there's the medical business, which is doing very well.
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