Category Archives: News

Business, News, World News

China’s central bank pumps in billions to ease liquidity strain

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BEIJING, Aug. 25 (Xinhua) — The central bank on Tuesday pumped the most funds into the financial system in open market operations since January 2014 amid efforts to ease a liquidity strain.

The People’s Bank of China (PBOC) conducted 150 billion yuan (23.4 billion U.S. dollars) of seven-day reverse repurchase agreements (repo), a process in which central banks purchase securities from banks with an agreement to resell them in the future.

The reverse repo was priced to yield 2.5 percent, unchanged from the yield on a net injection last week of 150 billion yuan using reverse repos, according to a PBOC’s statement.

Liquidity in the money market has tightened due to dropping new yuan funds outstanding for foreign exchange and a depreciating Chinese yuan.

The PBOC also channelled another 110 billion yuan via its medium-term lending facility, which allows banks to borrow from the central bank by using securities as collateral.

Despite the cash injection, in Tuesday’s interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor), which measures the cost at which Chinese banks lend to one other, climbed by 1.3 basis points to 1.879 percent, a four-month high. Enditem

 

Business, News

Premier calls for stronger leasing to bolster economy

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BEIJING, Aug. 26 (Xinhua) — The State Council, China’s Cabinet, on Wednesday asked the country’s leasing industry to facilitate financing and bolster real economy.

Stronger leasing services can provide capital to support investment on equipment and industrial upgrades, said a statement released after a State Council executive meeting presided over by Premier Li Keqiang.

The meeting demanded less red tape, including no threshold for the minimum capital of financial leasing companies to establish subsidiaries and easier procedures for leasing equipment like ships, farming machinery, medical devices and aircraft.

More support will target high-end equipment imports and clean energy, especially services for small enterprises and agricultural development, the statement said.

Better use of “Internet Plus” will help trading of leases, second-hand equipment and leaseback business.

Internet Plus encourages the development of e-commerce, industrial networks, and Internet finance.

The meeting encouraged local governments to provide incentives and risk compensation to guide financial leasing businesses to better serve the real economy. Enditem

 

China considers amending laws to boost private schools

BEIJING, Aug. 26 (Xinhua) — Legislators on Wednesday deliberated amendments to laws on education to promote the development of private schools.

The amendments were submitted to the country’s top legislature during its bi-monthly session that started on Monday.

According to the amendments, private schools can choose their own method of operation and register as non-profit or profit-making enterprises.

Non-profit private schools will charge fees according to regulations made by local governments, while for-profit private schools can decide the fee criteria on their own.

Private schools operating in violation of the regulations and rules should be shut down. Violators should return fees and may be fined one to five times of their illegal gains, said the amendments. Enditem

 

China, Chinese circle, Environment, Green-tech, News

China calls for submission of applicable technologies for contest

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Stockholm, Aug.26 (Greenpost)–China is calling for submission of applicable technologies for technologies contest in environmental protection.

The news was released by the delegation from Ministry of Environment Protection of China  during the ongoing  World Water Week in Stockholm during Aug. 23-28, 2015.

The details is as the following:

Dear Distinguished Partner/Counterpart/Expert/Resource Person,

 

FIRST 3IPET TOP 100 ENVIRONMENTAL PROTECTION

TECHNOLOGIES CONTEST

CALL FOR SUBMISSION OF APPLICABLE TECHNOLOGIES

 

As part of efforts to protect the environment and address the challenges of air, water and soil pollution through appropriate prevention and control strategies, the Foreign Economic Cooperation Office (FECO), with the support of the Ministry of Environmental Protection (MEP) of China, established the Integrated, Intelligent, and International Platform for Environmental Technology (3iPET). 3iPET aims at taking advantages of the technologies and cooperation network of governments, companies, and private organizations in China and other countries to provide both online and offline services to showcase and promote Chinese and foreign environmental technologies to solve the environmental problems locally and globally.

FECO is organizing the first ever 3iPET contest to select the top 100 environmental protection technologies in each of the areas of air, water and soil (including solid waste) pollution prevention and control. The contest will be organized between August and October 2015, and the best 100 adjudged technologies in each of the three categories will be published in the “Top 100 technologies for 3iPET” for Air, Water and Soil (including solid waste) pollution prevention and control. The selected technologies will be promoted through the 3iPET platform.

In recognition of the expertise and active involvement of your organization in the promotion of environmentally sound technologies (ESTs) and the global network of your programmes and activities we hereby solicit for your support and assistance in disseminating the information about the contest within and outside China to environmental technology suppliers and promoters. Please find attached information materials and guidelines on the contest. The electronic copies of the information materials and guidelines can be downloaded from the official FECO website at www.mepfeco.gov.cn

It will be appreciated if you can kindly assist in publicizing the contest by disseminating the attached information and materials. Please revert in case you need additional information or further clarifications.

We thank you for your support and cooperation.

(signed)

Chen Liang

Director General

Foreign Economic Cooperation Office

Ministry of Environmental Protection of China

 

To whom it may concern:

Call for Participation in 3iPET Cooperation Hubs

In order to advance environmental protection in China, the development and adoption of advanced and practical environmental technologies are an important means to improve environmental quality. At the same time, China’s “Belt and Road Initiative” promotes the continuing trend for Chinese environmental technologies and industries to “go out” to promote clean development globally. To support China’s efforts in the “three battles” of preventing and controlling water, air and soil pollution, and its implementation of the “Belt and Road Initiative”, the Foreign Economic Cooperation Office of Ministry of Environment Cooperation (MEP/FECO) developed the International, Intelligent and Integrated Platform for Environmental Technologies (3iPET), relying on its advantages in international cooperation in environmental protection. 3iPET was officially launched in June 8th, 2015.

 

3iPET relies on the Internet and powerful database, and combines online and offline service. Its functions include integration and exhibition, evaluation and screening, matchmaking and promotion of environmental technologies, technology services, which serves as an exchange and communication platform. Its goals include promoting domestic and foreign exchange and cooperation with respect to environmental technologies, facilitating import and export of environmental technologies, and providing technical support for China’s efforts in pollution control. The organizational structure of 3iPET includes a steering committee, strategic partners, technology service alliances, a domestic and international cooperation hub platform, and expert consultancy teams. For further information, please visit http://3ipet.mepfeco.org.cn.

 

We now sincerely call for your joining 3iPET as an international cooperation hub. The international cooperation hubs will conduct information exchange with 3iPET. Through 3iPET, international hubs can obtain information about domestic and international environmental protection policies, global environmental technologies, domestic and international projects, and industrial cooperation opportunities, and will be responsible for providing information about international environmental protection policies, advanced abroad environmental technologies providers, international technological mergers & acquisitions and related projects abroad on a regular basis. Additionally, 3iPET will cooperate with hubs to support technology matchmaking, technology promotion, industrial incubation, project demonstration, financial and business combination opportunities, and policy dissemination.

 

If you are interested, please complete the information form of 3iPET International Cooperation Hub in the attached Annex, and send it via email to FECO by August 31st, 2015. My colleagues Ms. Tang Lu and Ms. Li Haoting will be at your disposal if you have any question, and you can reach them through:

Tel: 010-82268877, 010-82268880

Fax: 010-82200586

E-mail: tang.lu@mepfeco.org.cn, li.haoting@mepfeco.org.cn

Annex: Information Form for 3iPET International Cooperation Hub

 

We warmly welcome your participation and contribution. It is our sincere hope that we could achieve win-win cooperation through 3iPET cooperation hubs.

 

Chen Liang

Director General

Foreign Economic Cooperation Center

Ministry of Environment Cooperation of China

 

Attachment: Information Form for 3iPET International Cooperation Hub

 

 

Attachment

Information Form for 3iPET International Cooperation Hub

Name:
Address:
Contact person: Telephone:
Fax: E-mai:
Introduction:

 

 

 

 

 

 

 

 

 

 

 

Business, Environment, Green-tech, News

Zurich invests USD 10million to drive innovation in flood resilience

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Stockholm, August 25(Greenpost)– Zurich Insurance Group (Zurich) has joined efforts with the Global Resilience Partnership to launch the Global Resilience Challenge Water Window.

  The Water Window is a grant-based competition focused on building resilience to different water challenges, including floods. 

Zurich is the first private sector member of the Resilience Partnership and provides a USD 10 million investment to fund solutions to build flood resilience. The Global Resilience Partnership and Zurich call on other corporations to join them so that all can better realize a resilience dividend.

 Zurich will invest USD 10 million as part of its long-term commitment to the Global Resilience Partnership (the Resilience Partnership), convened by The Rockefeller Foundation, the United States Agency for International Development (USAID) and the Swedish International Development Cooperation Agency (Sida). The Resilience Partnership is driving a shared global resilience agenda, where humanitarian and development planning is better aligned, deploying precious resources to support innovations, which will build stronger communities that are able to overcome chronic stresses and better handle inevitable shocks.

 The Global Resilience Challenge Water Window (the Water Window) invites submissions that will build resilience to different water challenges and which stand to benefit of millions of people. The Water Window will seek to support innovative solutions – or to scale up those that are already working – that fall within one or more focus areas of the Resilience Partnership overall:   technology; innovative financing, including risk transfer mechanisms; measurement & diagnostics (e.g.  tools that enable better understanding problems and risk caused by water); policy; and learning & innovation (including   community practices that enhance awareness, education, engagement, female empowerment, and action orientation).  Zurich will look specifically for innovations aimed at enhancing flood resilience in line with its global flood resilience program launched in 2013. The funding is provided by the Z Zurich Foundation.

 The Water Window’s goal is to identify and realize strong solutions that will be shared through an open learning platform. Zurich and other corporations joining the Water Window will be part of the challenge’s assessment, selection and development processes. KPMG East Africa Limited, the implementing partner of the first Global Resilience Challenge, will also be the implementing partner of the Water Window, handling all administrative and operational issues.

 Beyond the Water Window, Zurich will play an active role in the Resilience Partnership by contributing its market-leading resilience measurement expertise, engaging on finding optimal financing solutions, or supporting the development and implementation of public policy.

 Chief Executive Officer Martin Senn said: “Water is one of the most critical development challenges we face today. Tens of millions of people struggle to gain access to clean drinking water every day; a shortage of water is limiting economic growth in many countries, while flooding affects more people each year than any other form of natural disaster. At Zurich, we believe we have a responsibility to use our expertise in insurance and risk management to help communities and households build resilience against such globally interconnected risks. With the commitment of USD 10 million we will build on the progress of our flood resilience program. We invite other companies to join us in the water resilience challenge, where there are a host of issues to focus on beyond floods.”

 “Crisis is the new normal, and with so much of the world’s population living on or near water, flooding is often the source of crises,” said Dr. Judith Rodin, president of The Rockefeller Foundation.

“The Global Resilience Partnership is leading the charge to build resilience across the Sahel, the Horn of Africa, and South and Southeast Asia, and Zurich is an excellent addition because of the expertise they can lend to spur innovation in building resilience to flooding. We look forward to welcoming other corporations to the Resilience Partnership, because when communities are resilient, so too are businesses. That’s part of the dividend of investing in resilience.”

 P.S.

To get instant access to Zurich’s news releases, calendar and other corporate publications on your iPad, iPhone or Android phone please go to your App Store and get the free Zurich Investors and Media App.

For broadcast-standard and streaming-quality video and/or high resolution pictures supporting this news release, please visit our Multimedia Pressroom.

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

Corporate responsibility is a key part of Zurich’s strategy and supports its mission to help its customers understand and protect themselves from risk.  Zurich is focusing on its strengths as a business, and on key enablers of success – actions it needs to take to achieve its strategic objectives. Zurich thinks about corporate responsibility in the same way, focusing on seven areas that either make use of its insurance, risk management and investment expertise, or are enablers of Zurich’s success. They are:

• Enhancing community flood resilience (see more on Zurich’s global flood resilience program)

• Investing our Group assets responsibly [Zurich is a signatory of the Principles of Responsible Investment (PRI)]

• Working with Zurich corporate customers to help them understand and manage their corporate responsibility risks

• Community investment locally and through the Z Zurich Foundation

• Environmental performance, and health and safety management in its office buildings

• Diversity and inclusion in its workforce

• Responsible supply chain management

Zurich participates in the Dow Jones Sustainability Indices (DJSI), FTSE4Good and CDP.

Zurich has been a signatory of the UN Global Compact since 2011 and is committed to making the Global Compact and its principles part of Zurich’s strategy, culture and day-to-day operations.

 

Energy, Environment, Green-tech, News, World News

Managing Water Resources for Green Growth and Equity

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STOCKHOLM, Aug. 25 (Greenpost)– The workshop  “Managing Water Resources for Green Growth and Equity” was held on Tuesday at the ongoing World Water Week in Stockholm.

Director-General of the Swedish International Development Cooperation Agency (Sida), Ms. Charlotte Petri Gornitzka, delivered a keynote speech on green growth and equity.

Practitioners and analysts have given the distinctive development trajectories of countries and regions, the pathways through which water can contribute to green growth and equity.

Dr. Akissa Bahri (African Development Bank), Mr. Dhesigen Naidoo (Water Research Commission, RSA), Ms. Sofia Ahlroth (World Bank Group), Mr. Dammika Sirinesa (National Development Bank PLC) and Dr. Casey Brown (University of Massachusetts) have been the panelists.

culture, Indepth, News, Opinion

Sweden strives for gender equality in film industry

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Stockholm， Aug. 22(Greenpost)– Sweden is striving for gender equality in film industry as voices are getting louder in the global film industry regarding gender inequality.

(Video:    http://mediaroom.sweden.se/)

A growing body of research and statistics points to what many have been arguing for decades: women are not represented equally behind or in front of the camera.

The Swedish film industry has certainly been no different. Back to 2012, with only 32 percent of Swedish state-funded features produced by women, and women directors and screenwriters underrepresented, Anna Serner, CEO of the Swedish Film Institute (SFI), decided that something needed to be done.

Serner explains, “When I started three and a half years ago, we had an assignment to aim for a 40/60 average of long feature films, in the key positions of director, screenwriter and producer. Of course this always means 40 percent women, but I would say that you should always aim for 50/50 over time”.

Serner has become a bit of a rock-star figure internationally in championing gender equality in the film industry. Her proactive, no-nonsense approach with its proven results has gained worldwide attention from the film industry and media alike.

“What I did was to be very clear in the goal and made an action plan for reaching the goal by the end of 2015. And it took us (only) two and a half years, to reach the goal”.

With four out of five Swedish feature film receiving funding from SFI, their “Towards Gender Equality in Film Production ” action plan naturally had a major effect on what films have been made. Being  expected with any shake-up to the existing system, arguments and criticism ensued from both the creative and the business sides of the industry. Even neighboring Scandinavian countries with a similar film funding system questioned the need for such an aggressive program.

Serner’s views have remained steady. “One very common argument is that you shouldn’t do this because it limits the creativity, the freedom of speech and the quality of the artistic level of films. I would say exactly the opposite, actually, that you need gender equality and you need to get the underrepresented voices… to get quality”.

Who gets to make films is one important aspect of equality in the film industry, how women are represented in front of the camera is another.

Sweden also attracted an unexpected amount of worldwide attention for an initiative by a small art house movie theatre in Stockholm.

Ellen Tejle, Director of Bio Rio, explains,

“Back in 2013, we read that only 30% of women in film had speaking roles, and it got us thinking, ‘We need to do something ourselves! But we don’t produce films, we are just showing them’”.

What the theatre did was to develop the world’s first film classification, “A-rate”, to show if a film passes The Bechdel Test. The Bechdel Test was inspired by American animator Alison Bechdel’s idea from 30 years ago, a basic measure to see if women are fairly represented in a film.

For a film to pass The Bechdel Test, the movie must • have at least two female characters • they must both have names • they must talk to each other about something other than a man. As simple as it was, the “A-rate” campaign sent a shock wave through the industry and media from over eighty countries picked up the story.

The Bechdel Test was used in a number of analyses that followed including the oft-quoted analysis in 2014 by New York based FiveThirtyEight, showing that, of Hollywood films produced since 1990, those which passed the Bechdel test actually had a better return on investment.

Tejle cautions, “We realize that the Bechdel Test is only one tool to evaluate film, and it is not a guarantee of quality or equality, but it gets people talking about women’s representation. I know that, since A-Rate, people have been changing their scripts and changing the casting, and that’s amazing!”.

If Serner has anything to say about it, Sweden will continue to push the gender quality question forward .

“Women tell stories with a new perspective, and that’s what feels new, original, and unique. “ She adds with a smile, “There are a lot of countries that talk about things, but we are the only country that actually does things! You can criticize and you can have opposition, but that is a way of making progress”.

Energy, Environment, Green-tech, News, World News

Sweden’s view of the new climate agreement

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Stockholm, Aug. 21(Greenpost)–From 30 November to 11 December, the world’s leaders will gather in Paris for the twenty-first session of the Conference of the Parties to the United Nations Framework Convention on Climate Change. The session is particularly important since the countries are to agree on a new global climate agreement that will apply from 2020.

The Government wants to see a global, fair and legally binding climate agreement that will help keep global warming as far below two degrees Celsius as possible. The agreement must allow countries to take ever more ambitious emission reduction measures over time.

Sweden wants to see legally binding emissions limitation commitments for all countries. All countries should contribute according to their responsibilities and respective capabilities. Sweden also wants the agreement to cover support to low-income countries’ implementation of measures for both emission reductions and adaptation. Support should cover financing, technology diffusion and capacity-building. In particular, support is needed to strengthen efforts in the poorest and most vulnerable countries.

Being able to measure, report and verify countries’ emissions is a prerequisite for stronger commitments over time. The agreement must therefore contain fundamental principles for a common regulatory framework for transparency and monitoring of countries’ commitments and implementation.

All countries should present their contributions to the new agreement in good time before the Paris session. The EU’s decision to reduce emissions by at least 40 per cent by 2030 is an important step, but a higher level of ambition is needed from both the EU and other parties that have submitted their bids.

The Government considers that a higher level of ambition prior to 2020 is important, both to close the gap between what countries are doing and necessary emission reductions, and to build confidence in the negotiations.

Much work remains before a new agreement can be put into place

Many difficult issues remain to be solved before and during the session in Paris, including what parts of the new agreement should be legally binding, how adaptation and emission reductions can be given equal political importance in the agreement, how climate financing can increase and which countries should contribute.

Reaching a global climate agreement in Paris is expected to be a major challenge, and even if an agreement is reached it will not provide a complete solution to the problem of climate change. The new agreement is needed to create a platform for more ambitious climate commitments and enhanced global action in the years ahead. However, a number of political and technical issues will remain after Paris, for example the detailed reporting regulations and market mechanisms under the new agreement.

Business, China, culture, News

Net ODI of China’s financial institutions at USD2.309 bln in Q2

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BEIJING, Aug. 19 (Xinhua) — Financial institutions on the Chinese mainland reported net outward direct investment (ODI) of 2.309 billion U.S. dollars (14.129 billion yuan) in the second quarter of the year, according to China’s top foreign-exchange regulator on Wednesday.
Data from the State Administration of Foreign Exchange showed that ODI outflows from Chinese mainland’s financial institutions, including banks, insurers, and securities firms, reached 6.146 billion U.S. dollars (37.615 billion yuan) in the second quarter of the year, while ODI inflows amounted to 3.837 billion U.S. dollars (23.486 billion yuan) in the same time period.
The calculations only cover equity investments that enable an investor to own 10 percent or more of voting stock in a company. Enditem

Business, China, News

Turnover of China’s rare earth exchange surges in first 7 months

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HOHHOT, Aug. 11 (Xinhua) — Turnover of China’s rare earth exchange surged drastically in the first 7 months of this year due to declining prices and rising demand.
The Baotou Rare Earth Products Exchange processed 116,400 tonnes of products in the first 7 months, with a trading volume of 15.755 billion yuan (2.57 billion U.S. dollars), up 277 percent compared to the full year of 2014, according to Gu Ming, the exchange general manager.
“The drastic price decline of rare earth products invigorated the market demand,” Gu said.
During the first six months of this year, the average export price of rare earth products was 32,000 yuan per tonne, down 34.7 percent from the same period of last year, according to local customs.
As of the end of July, about 120 rare earth enterprises and agents had opened accounts in the exchange, said Gu.
The exchange will compile the rare earth price index and promote cross-border e-commerce in the near future, he said.
China began setting quotas and high duties on rare earth exports in 2010, causing friction with the European Union, Japan and the United States. Quotas were removed on Jan. 1 this year, and export duties were canceled in May after a WTO ruling in August 2014 declared the measures inconsistent with WTO rules and China’s accession protocol.
The Baotou Rare Earth Products Exchange was launched in March 2014 in north China’s Inner Mongolia Autonomous Region. It was initiated by China North Rare Earth Group Co. Ltd, the country’s leading rare earth producer, and another 12 firms and institutions with a registered capital of 120 million yuan.
Rare earth metals are vital for manufacturing high-tech products ranging from smartphones and wind turbines to electric car batteries and missiles.  Enditem
Business, China, Chinese circle, News, World News

Securitization in China helps global investors to RMB assets: S&P

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BEIJING, Aug. 19 (Greenpost) — Global investors are focusing more on renminbi assets in China, primarily to diversify asset allocation and seek higher returns amid the prospering economy, according to a report by Standard & Poor’s Ratings Services.
China-currency

Ongoing improvements in self-governance and information transparency in the securitization market are likely to support the development of China’s capital market, according to “China securitization: linking international investors and renminbi assets”, released Tuesday by the leading rating agency.
“China’s securitization market is small compared with its bond market, but its evolution might indicate answers to some questions regarding China’s capital markets,” said Standard & Poor’s credit analyst Vera Chaplin.
Starting in late 2014, a number of infrastructure enhancements in China’s securitization market had raised issuance efficiency and promoted market self-governance, while narrowing information gaps, Chaplin noted.
For instance, the formal information disclosure requirements in China’s asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) securitization, set out by China’s National Association of Financial Market Institutional Investors in May, enhanced transparency and enabled investors to better understand the performance of transactions.
The result has been an increase in interest from international investors, he said.
Participation of global investors are believed to benefit China’s capital markets. Apart from providing additional capital, a more international scheme will support funding diversity for issuers and promote market infrastructure construction to meet international standards.
“More than 140 billion yuan (21.9 billion U.S. dollars) in securitization transactions was issued under the two major securitization schemes in China in the first six months of 2015,” Chaplin said.
“The transactions reveal a standardized platform for asset collections and how to allocate assets’ economic value, the disclosure of more information so that risks could be analyzed, and the isolation of asset sellers’ credit risk,” Chaplin said.
“As a result, international investors now have an opportunity to reach economic sectors that in the past they could not because of the smaller scale of the issuers or difficulties involved in finding the value of the assets,”  Enditem

 

Why Chinese currency has two names? Yuan and Renminbi. You can read more:   http://www.bbc.com/news/10413076
Business, China, Chinese circle, News

BOC Cross-border RMB Index increases 21 points m-o-m in June

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BEIJING, Aug. 19 (Xinhua) — The Bank of China (BOC) Cross-border Renminbi (RMB) Index (CRI) increased 21 points month on month to 293 in June, according to the BOC on Wednesday.
The degree of activity in RMB cross-border transactions hit a record high in the month, and the degree of activity in RMB direct investment also witnessed year-on-year and month-on-month growth in June.
Meanwhile, the RMB under the current account saw a net inflow in June. Enditem

Business, China, Chinese circle, News, World News

Wang Jianlin named world’s richest Chinese

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   HANGZHOU, Aug. 19 (Greenpost) — Wang Jianlin, chairman of China’s property and entertainment giant Dalian Wanda Group, has overtaken Hong Kong’s Li Ka-shing to become the richest Chinese in the world, according to the new Hurun Rich List, reported Xinhua.

王健林
Wang’s wealth increased more than 50 percent year on year to 260 billion yuan (40.6 billion U.S. dollars) as of early June, Hurun Research Institute said in a press release on Wednesday.
王健林2

Hong Kong tycoon Li Ka-shing, 87, was the second richest with a fortune of 200 billion yuan and Jack Ma, founder and chairman of Internet giant Alibaba, was named third richest with wealth of 165 billion yuan.
The list includes 1,577 tycoons from 18 countries and regions worth a minimum 2 billion yuan. Of those listed, 302 are from Kong Kong, Macao, Taiwan and foreign countries.
Their combined wealth was 12.7 trillion yuan, equalling the annual gross domestic product of Russia.
王健林3

Rupert Hoogewerf, chair and chief Hurun Report researcher, said that Hurun had released this first rich for Chinese worldwide in response to global attention given to Chinese business people.
Hurun has released a China Rich List since 1999.   

Wang Jianlin started with real estate. In 2001, at a real estate yearly meeting, he was there together with Feng Lun, Alex Xu and Liu Yonghao as keynote speaker. 14 years later, he became the first richest Chinese while the others still very rich, but mostly focusing on real estate.

Wang has been transforming his real estate into cinemas and entertainment site. He also collected a lot of world famous art works.

He thinks internet is just a tool while Jack Ma is using internet to make numerous shops. Let’s see what will happen in the next 14 or 15 years.

Wang was born in Oct. 24, 1954. He joined the Chinese army in 1970 and graduated from Liaoning University in 1986.

Wang’s success benefitted from China’s opening up policy and the support of governments at various levels. It was also his own and his team’s wisdom to understand the leader’s will and transform his group a couple of times according to the trend.

Source Xinhua

Editor Xuefei Chen Axelsson

Energy, Environment, Green-tech, Indepth, News

Sweden’s strategy ahead of COP21

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Stockholm, Aug.19(Greenpost)–Sweden has drawn up a strategy that is to guide Sweden’s work ahead of the climate change conference, COP21, in Paris later this year, according to a statement published in the government website.

The strategy identifies priorities and positions in the Government’s climate policy at national, EU and international level.

The objectives and parts of the strategy

The overarching objective of the strategy is for the UN climate change conference in Paris in 2015 to result in a global, fair and legally binding climate agreement that helps to keep global warming as far below two degrees as possible over time. The strategy rests on three pillars:

  • Sweden is to be a leading country and tighten its national climate policy. Sweden is also pushing for the EU to raise its ambitions in terms of emissions reductions.
  • The new climate agreement needs to be dynamic so that countries’ binding emissions targets can be subsequently raised.
  • A good agreement will only be achieved if willing countries cooperate. Sweden is to prioritise cooperation with the countries that are also pushing for an ambitious agreement and that are most vulnerable to      the effects of climate change.

Climate change hits the already vulnerable the hardest

The effects of climate change affect all countries, but poor and vulnerable countries that do not have the resources to adapt to the changes are particularly hard hit. All countries must make the transition to a sustainable society with low emissions and high resilience to the effects of climate change. If done properly, a transition of this kind also has positive effects on economic development and poverty reduction, energy security and improved health, as well as important environmental targets such as clean air.

It is also important to take account of the challenges that come with such a transition. Sweden is encouraging a broader discussion on how the global investment flows can be aligned so that they support socially, economically and environmentally sustainable development with a considerably smaller prevalence of fossil fuels. Important global components include putting a price on carbon dioxide and not subsidising fossil energy.

Raised climate ambitions needed

A new climate agreement under the UN is crucial for international climate efforts. The agreement should be guided by science and include emissions commitments that, over time, can limit global warming to a level as far below two degrees as possible. This will require a higher level of climate ambition as well as new, enhanced initiatives in every country of the world and among central actors, including Sweden and the EU.

COP 21 can provide the political momentum to push forward a higher level of ambition concerning emission reductions also in the EU. Progress is needed regarding both emissions reductions and climate adaptation. Climate financing is important to strengthen climate action. Other tools and instruments for implementation, such as technology development, technology diffusion and capacity development, are also key to achieving the higher climate ambitions. Climate financing will be a crucial issue for whether the world can agree on a new climate agreement in Paris.

Business, China, Chinese circle, News, Opinion, World News

Pressure remains on Chinese economy

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BEIJING, Aug. 12 (Xinhua) — Newly released economic indicators fell short of market expectations, revealing that the Chinese economy still lacks momentum and downward pressure remains.

China’s value-added industrial output, which measures the final value of industrial production, expanded 6 percent year on year in July, down from 6.8 percent for June, the National Bureau of Statistics (NBS) said Wednesday.

The decline in output growth ended a steady recovery trend recorded in the second quarter of this year.

NBS statistician Jiang Yuan attributed the drop mainly to flagging external demand, a weak property sector and lowered production of some consumer goods, including automobiles and cigarettes.

Year-on-year growth in the first seven months stood at 6.3 percent, the same level as the growth for the first half of the year.

The NBS data only tracks the output of large Chinese companies with annual primary business revenues of more than 20 million yuan (3.16 million U.S. dollars).

Industrial output in China’s western regions increased by 7.9 percent in July, trailed by 7.4 percent in central areas and 6 percent in eastern regions.

Manufacturing output rose 6.6 percent, mining output added 5.6 percent, while that of the electricity, heating, gas and water sectors dropped 0.2 percent, the bureau said.

China’s fixed-asset investment, a major driver of growth, also witnessed slightly slower growth, with no sign of improvement for investment in property and infrastructure.

Retail sales held steady in July, as the growth rate was just 0.1 percentage point lower than a month ago.

Qu Hongbin, chief China economist at HSBC, said the data fell below general market expectations.

The declining output and investment growth showed the rebound in June was just temporary and pressure for growth was again on the rise, Qu said.

“With gloomy prospects for external demand, China will still need to rely on domestic demand to maintain steady growth, indicating that future monetary and fiscal policies should continue to be relaxed,” he said.

China’s exports dropped 0.9 percent from a year earlier in the first seven months, according to new customs data.

A research note from Minsheng Securities also said China’s growth is still facing huge pressure and the country needs to make more efforts to realize its goal of annual economic growth of around 7 percent.

China should take more pragmatic measures to stabilize growth, including further cuts in the reserve requirement ratio (RRR) and more targeted measures to reduce long-term interest rates, Minsheng said.

Qu added that the disappointing figures will also reinforce the market’s expectations for further depreciation of China’s currency, the yuan, posing risks of overcorrection in the exchange rate, which may lead to retaliation from other countries.

On Tuesday, China’s central bank changed the exchange rate formation system to take into consideration the closing rate of the inter-bank foreign exchange market on the previous day, as well as supply and demand in the market and price movements of major currencies.

The central parity rate of the yuan weakened by about 1.6 percent against the U.S. dollar Wednesday, following a 2-percent depreciation on Tuesday.

HSBC forecast an additional 25-basis-point interest rate cut and a 200-basis-point cut to the RRR in the second half to sustain growth.

The central bank has cut both interest rates and the RRR three times since the beginning of this year. Enditem

Source Xinhua

Business, China, Exchange, Indepth, News, Opinion

China Headlines: All you need to know about China’s new FX policy

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BEIJING, Aug. 12 (Greenpost) — When China’s central bank unexpectedly adjusted its yuan central parity system, it triggered the currency’s biggest decline for decades.

So, what exactly happened?

On Tuesday, the People’s Bank of China (PBOC) changed the way it calculated the yuan central parity rate, to close the gap between the rate and the actual trading rate on the money markets.

From Tuesday, the central parity rate has taken into account the previous day’s inter-bank market closing rate, supply and demand in the market and price movements of other major currencies.

Ma Jun, a central bank economist, described the change to the way the central parity rate is calculated as a “one-off” technical correction that should not be seen as the beginning of a devaluation trend.

Just what is the central parity rate?

Each trading day at 9:15 a.m. Beijing time, the central parity rates of the yuan are announced against 11 major currencies including the euro, sterling, U.S. dollar and yen. The rates are determined by a weighted average of pre-opening prices offered by market makers. When the inter-bank FX market opens 15 minutes later, trading may only take place within 2 percent of the rate.

Why now?

The U.S. dollar is strong and a sharp appreciation in the real yuan rate has hit China’s exports hard. The figures for July slumped by 8 percent. Furthermore, the central parity rate has gradually deviated from the market rate “by a large amount and for a long duration,” according to the PBOC, which has undermined “the authority and the benchmark status” of the central parity system.

How did markets react?

On Wednesday, the yuan declined sharply for the second day in a row, leading to a heavy sell-off in regional currencies and raising concern worldwide that volatility will become a drag on global economic growth.

Asian stocks fell.

The yuan is expected to remain weak and volatile in the near term.

Is this a deliberate move to stimulate exports?

Tuesday’s move is regarded as another step towards allowing market forces to determine the value of the yuan, but is probably not enough to make much difference to either exporters or China’s trade partners.

HSBC say the move does not mean that China has begun to purposely devalue the yuan.

“In an environment of soft global recovery, the benefits of beggar-thy-neighbor competitive devaluation are neither clear nor easy to reap,” was the bank’s analysis of the situation.

How will this affect the Chinese people?

A weaker yuan makes imported products more expensive and foreign travel more costly.

The Chinese are just getting used to their new prosperity. Shopping has become very important to them, especially shopping for imported goods. Foreign travel for its own sake, but more specifically for shopping, is central to the aspirations of China’s new wealthy classes. Those who plan to study abroad, particularly at American schools, will also feel the pinch.

Is all this good or bad for the yuan’s chances of a quick inclusion in SDR?

The International Monetary Fund (IMF) has welcomed the reform, which will certainly raise the prospects for the yuan becoming part of the IMF special drawing rights (SDR) currency basket sooner rather than later.

The change does not directly affect the push for SDR inclusion, but an IMF spokesman said on Wednesday that “a more market-determined exchange rate would facilitate SDR operations in case the yuan was included in the currency basket.”

What’s the risk?

The depreciation might trigger capital flight, dealing a blow to the stability of China’s financial system. Bloomberg economists Fielding Chen and Tom Orlik reckon that a 1-percent depreciation against the dollar will suck 40 billion U.S. dollars out of China. While 40 billion U.S. dollars is certainly not chicken feed, with massive foreign exchange reserves, substantial bank deposits and a controlled capital account, China is well set to deal with such an eventuality.

So, what next?

The PBOC has promised more FX reform along the lines of “market- orientation” and opening up the FX market. More foreign entities are being allowed to participate in China’s financial markets, and the onshore-offshore yuan exchange rate will gradually be unified. Enditem