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Limits to be relaxed soon for insurers

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NEWS - China Law

Friday, 28 May 2010 16:52

BEIJING - The China Insurance Regulatory Commission (CIRC) will loosen the limits on investments by insurance companies in stocks and bonds, but may be cautious on permitting property investments, a CIRC official said on Wednesday.

"We are in discussions to allow major insurers to invest 20 percent of their assets into stocks and equity funds, and increase their investments in unsecured bonds to 20 percent from 15 percent," Sun Jianyong, head of the capital management department of CIRC told China Daily.

Currently, insurers are allowed to invest 20 percent of their assets into stocks, equity funds and debt funds.

"Since debt funds usually account for a small proportion of the 20 percent investment basket, the loosening is just a signal. It is hardly expected to boost the stock market and insurers' investment returns," said Wang Xiaogang, a senior analyst with Shanghai-based Orient Securities.

According to CIRC data, the premium income of insurers rose 13.8 percent to 1.1 trillion yuan last year, with total assets touching 4.1 trillion yuan.

Industry insiders said the loosening may bring around 10 billion yuan of capital into China's stock market.

The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, gained 3.16, or 0.1 percent, to close at 2625.79 on Wednesday.

"We are more keen to see the detailed rules governing investments in property and private equities," said a manager at a leading insurance asset management company.

But according to Sun, the launch of the detailed rules, especially the one on property investment, may still take some time.

Though the CIRC opened property as a new investment channel after the revised insurance law came into effect from Oct 1 last year, the detailed rules are yet to come out and hence effectively bars insurers from making such investments.

Wu Dingfu, chairman of the CIRC, said early this year that insurers would not be allowed to invest in residential buildings or be involved during the property development stage.

At the same time, the CIRC said insurers would not be allowed to make direct investments in the nation's commercial property sector.


Chinese firms show up in large-scale at Dubai's automotive trade fair

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NEWS - China Trade

Wednesday, 08 June 2011 11:08

The smell of auto tires engulfed the Dubai World Trade Center on Tuesday, when the 9th Automechanika Middle East trade show opened its doors, with more than 100 Chinese firms participating in the three-day exhibition.

Amy Liao, sales manager at Anda Automobile Parts based in the southern Chinese city of Guangzhou, was for the first time exhibiting in Dubai.

"We produce all kinds of engines for trucks but also for ships, " Liao said, "We have no office in Dubai as yet, although we won many clients during the last years."

Dubai is well-known as a trade hub of the Middle East, linking the Far East with Africa and Europe. The Jebel Ali Free Port in the west of Dubai is the largest container port in the Middle East.

The largest market for tires in the region is Saudi Arabia, which imports 13 million tires per year, worth 800 million U.S. dollars.

"Innovation is key in these competitive markets," said James Wang, marketing and sales director at Techking Tires Ltd., adding that his company's green sustainable approach is quite unique in the branch.

"We sell tire for trucks and off-roaders. We reduced the aroma in the tire, making the smell less aggressive for workers and end- users," he said.

Techking, based in the eastern Chinese city of Qingdao, is exporting to 110 countries worldwide.

"During the first half day we had a lot of trade visitors at our stand. It starts really well," Wang said.

There is no doubt that big names, such as Michelin or Goodyear, face increasingly competition from emerging markets, including China.

Some 1,100 exhibitors from 52 countries or regions attended the Automechanika fair, organized by Messe Frankfurt, Germany's largest trade fair organizer.



Business Tianjin OUT! June 2019 Edition

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NEWS - Tianjin Finance

Written by Helen Monday, 03 June 2019 12:49

BT 201906 340X458BT 201906 QR PDFChina’s economy looked to have had its growth slow sharply in April, before new US trade war tariffs took effect, with both industrial production and retail sales growth showing significant declines. The big picture is that China’s economy is losing the momentum it gained in the first quarter. China’s stimulus measures may be starting to wear off, and the central government had engaged in multiple rounds of rate cuts for banks, encouraging the flow of lending into the economy.

GEA is one of the largest technology suppliers for food processing and a wide range of other industries. Employing over 18000 employees worldwide, the global group specializes in machinery plants, as well as process technology and components.

We were given the opportunity to interview Mr Alexander Krausse, Vice President of Supply Chain & Production APAC of GEA, a company that provides sustainable solutions for sophisticated production processes in diverse end user markets and offers a comprehensive service portfolio.

Whether you are a marketer or just a regular web surfer, video is already part of your life and most likely you will just be having more of it in the future. When we read or hear about video marketing, but the truth is that video is everywhere. For many people around the world, it is not possible to let a day go by without watching a single video and you might start to wonder why is that.

The Dragon Boat Festival gives us some life’s lessons. When you are under pressure, you must learn how to focus your attention and stick to your goals. You need to paddle up and persevere! Enjoy Dragon Boat Festival on 7th of June of this year.

Michael Hart, who has spent more than 20 years in China in the commercial real estate industry and over a decade of that time in Tianjin, provides to us again an excellent article of how to interpret city rankings.

Our column Last Words is dedicated to people that decide to leave their country to start a new professional career in China. Dorothy shares with us her experience and feeling of this important moment of her life.

Visit our website www.businesstianjin.com and follow us on our official Wechat account (ID: business_tianjin) for a complete list of articles and information.

Mary Smith

Managing Editor | Business Tianjin Magazine

This e-mail address is being protected from spambots. You need JavaScript enabled to view it

GEA集团是全球领先的食品加工及众多工业领域技术供应商之一。作为国际技术集团,GEA集团专注于机械制造,生产运营,工艺技术及其设备组件。GEA集团致力于为不同最终用户市场的复杂生产过程提供可持续的解决方案,并提供全面的服务组合。本期"封面故事"栏目对GEA集团亚太区供应链与生产副总裁Alexander Krausse先生进行了专访, 深入了解他在这个行业里有哪些独到的经历与经验。



Michael Hart在中国商业房地产行业工作了20多年,在天津工作了十多年,再次为我们提供了一篇如何解读城市排名的优秀文章。





10 ECONOMY: Growth slows sharply

BT 201906 economy 0112 FEATURE STORY: Knowledge Sharing Apps

A child tries out an audio book at a Ximalaya booth during a book fair in Shenzhen14 COVER STORY: Engineering for a Better World

BT 201906 cover 0119 NUMBERS

20 FOCUS: The future of Medicine in China

BT 201906 focus 0122 TRAVEL: The views from Table Mountain. Cape Town in South Africa

BT 201906 travel24 IN DEPTH: World Electric Vehicles Leadership being played in China

BT 201906 in depth 0126 INSPIRATION: You can do anything if you put your mind to it Anything is possible

BT 201906 inspiration 0128 INVESTMENT: Huazhu Group Limited (former China Lodging Group)

BT 201906 investment 0130 E-BIZ: Optimize Mobile Marketing for Ecommerce Shops

BT 201906 e biz 0132 REAL ESTATE: How to Interpret City Rankings?

BT 201906 real 0135 BUSINESS NEWS

40 TAX & FINANCE: Regulations on Individual Income Tax (IIT) to improve the talent mobility

BT 201906 tax 0144 Legal Assistance: About the PRC Foreign Investment Law. Things Foreign Investors Should Know

BT 201906 LEGAL 0148 TECH: 3D Bioprinting

BT 201906 TECH 0150 MARKETING: Why Video Marketing is so Powerful

BT 201906 MARKETING 0152 HR: Biometric Time Tracking and Security in HR

BT 201906 hr 0154 CHAMBER REPORTS


62 ART & LEISURE: What is the Origin of the Dragon Boat Festival?

BT 201906 art 0164 BOOK REVIEW: The Alibaba Way

BT 201906 book 0165 LAST WORDS: An interesting exit from a well-trampled roadBT 201906 last 01


China defines commercial secrets, tells firms to protect them

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NEWS - China Law

Tuesday, 27 April 2010 15:16

SHANGHAI—China's government on Monday offered broad examples of what constitutes a commercial secret, following criticism during a recent trial of Rio Tinto PLC executives that its framework lacked transparency.

The trial highlighted the issue as a major vagary of doing business in China. Even after the four men were found guilty, almost nothing was known of what commercial secrets they allegedly stole, offering little guidance for companies moving forward.

However, the fresh parameters offered in a Monday statement by the state-owned Assets Supervision and Administration Commission were wide-ranging and vague, and may have done little to clarify matters.

The government mainly emphasized how companies hold responsibility. Chinese companies "should attach great importance to the protection of trade secrets," said the commission, which oversees the government's holdings in more than 120 of the country's biggest business groups.

In its 34-clause notice, the commission said secrets range from financial information to strategic plans, from technology to mergers, procurement to restructuring—virtually anything that hasn't been publicly disclosed and could hold economic value to the company.

China's government traditionally has characterized secrets in broad terms, as both commercial information that it fears undermines the interests of its corporations and as state secrets that may put the nation's sovereignty at risk. Information in foreign hands is regarded as particularly sensitive. Chinese courts have been known to convict citizens on secrets charges for mailing newspaper clippings overseas.

China's obsession with secrets was highlighted at the recent trial of the executives of Anglo-Australian miner Rio Tinto. The salesmen were detained last July on allegations of taking state secrets, and later formally arrested, tried and convicted on charges they stole commercial secrets.

The rules, announced Monday, are dated March 25, the day after the trial ended. It is unclear whether they had any bearing on the trial, which also included bribery charges. In sentencing the four men to terms of seven to 14 years on March 29, the judge made no reference to any new guidelines.

The sentences suggested the court considered the commercial-secrets violations as lesser offenses than bribery. Australian Stern Hu was sentenced to five years in jail for illegally obtaining commercial secrets and seven years for taking bribes, for a total sentence of 10 years plus fines.

But secrets were a particular concern for foreign businesses. Chinese prosecutors never publicly detailed what information the men—who were later fired by Rio Tinto—possessed. When they were sentenced, the judge said the secrets primarily involved how much Chinese steelmakers were willing to pay for iron ore, information executives at other companies considered routine market intelligence.

Under the newly published rules, details of negotiations involving government-owned companies—such as iron-ore pricing talks—are considered commercial secrets.

The Chinese steel industry previously paid more attention to core technology secrets, while business information was sometimes poorly protected, said Bai Fang, spokesman with Wuhan Iron & Steel Group. "The rules make the steel industry realize that some operating information constitutes commercial secrets, too," he added.

State companies now are required to classify commercial secrets internally, by their importance. In some cases, commercial secrets relating to operations and technology of state companies will be deemed national state secrets, the rules said.

Some secrets at central government-owned companies, the notice said, will have expiration dates. Employment contracts at the companies will now require confidentiality clauses, it stated.

The rules didn't offer details of how violations will be penalized, except to say breaches will be referred to judicial authorities.


Trade surplus 'to decrease more' in 2011

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NEWS - China Trade

Tuesday, 08 March 2011 11:06

Targeted imports will rise while export growth set to slow down.

BEIJING - The trade surplus will decrease further this year and may even go into deficit for a few months, Minister of Commerce Chen Deming said on Monday.

This will be due to increased imports of high-tech products, green technology, resource-related goods (such as iron ore) as well as simplified procedures and tariff cuts on certain items, he said.

But grain imports will not rise sharply, to prevent volatility on global markets, he added.

The surplus has been in decline in recent years. In 2010 it decreased by 6.4 percent, from a year earlier, to $183.1 billion. This followed a 34 percent fall to $196.1 billion in 2009, from a year earlier.

In January, the surplus dropped by 53.5 percent year-on-year to $6.46 billion.

"The surplus will further drop in 2011. While export growth will decelerate, import growth will accelerate," Chen said at a news conference on the sidelines of the annual session of the National People's Congress.

"The main target this year is to cut the trade surplus through stabilizing exports and expanding imports."

Import growth outmatched the increase in exports in recent months as global demand remained fragile and commodity prices surged.

In 2010, exports grew by 31.3 percent, compared with 38.7 percent for imports.

In January, exports rose 37.7 percent, compared with 51 percent growth for imports.

During the November meeting of G20 finance ministers and central bank chiefs in Seoul, the United States proposed a ratio of trade surplus or deficit to a nation's GDP be set at 4 percent, in a bid to solve global trade imbalances. But a number of countries rejected the proposal.

Last year, the surplus-deficit ratio of GDP in the current account was 3.2 percent for China, but "it's hard to say whether the figure will drop to below 3 percent or not, but it will definitely get smaller", Chen said.

Zhou Shijian, a senior trade expert, described China's commitment to boost imports to balance trade as "wise" as it reduces friction with other nations.

The US has asked China to appreciate its currency to reduce the trade deficit, but Chen reiterated that reform of the exchange rate will be "gradual" and "controllable", and it's unreasonable to accuse China of keeping the yuan undervalued, he said.

According to some foreign media reports, the Ministry of Commerce is considering a tariff reduction on high-tech products and resource-related goods and is seeking opinions from other ministries.

"Simpler import-related procedures are a priority, and we are also considering reducing import tariffs on some goods," Chen confirmed.

Jia Kang, head of the institute of fiscal science, a think tank affiliated to the Ministry of Finance, said "we should firstly consider resource-related and high-tech goods when it comes to import tariff reduction. Relevant policies will probably come out soon. But it's not time to consider luxury and high-end goods."

Chen said at the news conference that China will "probably allow some of the made-in-China luxury goods to be directly sold in China", which is currently prohibited.

In three years, China will exempt import tariffs on more than 95 percent of categories of goods from the least-developed nations, he said.

Chen also urged the developed nations, including the US and European Union countries, to loosen restrictions on high-tech exports to China.


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