China's stock market boom expected in 2014Dec 27, 2013
The Chinese Academy of Social Sciences (CASS) has said there is a strong possibility that the country's stock market make dramatic gains next year when the government reopens the market for IPOs. Although there will be challenges, the CASS said in a report that a dramatic rise in the stock market could happen next year, resembling that of 1999 in many ways. Within two months from mid-May in 1999, the benchmark Shanghai Composite Index increased from around 1,100 to more than 1,600. With the relaunch of IPOs next year striking rises should be expected, experts said.
China's middle class set to reach 14 million this yearApr 17, 2014
The number of Chinese people bracketed as middle class is expected to rise to 14.01 million by the end of this year from 11.97 million last year, according to Forbes China and Beijing-based wealth management firm CreditEase. The wealth management survey conducted by the two firms has shown that most middle-class Chinese own their own home, with 15.5% of the respondents saying they have more than three properties. The middle class were defined by personal investment capital, which ranged from Rmb600,000 (USD96,480) to Rmb6m (USD964,000). Those funds include cash, stock, funds, bond, insurance and other financing products and property for investment.
First Bitcoin ATM launched in ChinaApr 17, 2014
China's leading digital currency exchanges, BTC China, has announced the installation of the country's first Bitcoin ATM despite stiff regulations against the digital currency. The ATM, which is located in a cafe at a mall in Shanghai's Zhangjiang technology park area, allows people to buy Bitcoin directly in exchange for yuan. Users cannot withdraw cash. Earlier, the central bank has banned financial institutions from trading in Bitcoin, saying the government would act to prevent money laundering risks from the digital currency. It did not ban trading by individuals.
China’s latest economic package revealedApr 17, 2014The Chinese government has announced its newest financial and tax strategies that include reducing the reserve requirement ratio (RRR) for a number of rural fiscal institutions, in order to make available more backup for countryside economy and boost the employment. Rural commercial lenders and credit cooperative unions will have their RRR cut down to make the standards while at the same time enhancing bank loans and economic development.
Google Glass sells online in ChinaApr 17, 2014
Even though Google Inc’ s newest gadget, Google Glass, is not yet officially available in stores, it has already started selling online in China. On 15 April, Google Glass has been made available for sale to the public in an exclusive invitation-only marketing scheme. However, various online vendors were still able to get their hands on the product. In the United States, Google Glass is likewise available for sale on eBay.
Royal Caribbean plans to move newest cruise ship to ShanghaiApr 17, 2014
Miami-based Royal Caribbean Cruises Ltd plans to move its newest ship, the “Quantum of the Seas”, to Shanghai next year from its present port in New York City, according to President and CEO Adam Goldstein. The Royal Caribbean currently has two ships docked in China. Goldstein has added that the “Quantum of the Seas” will sail from Shanghai to South Korea and Japan.
Weibo sells 16% fewer shares than projected in US IPOApr 17, 2014Weibo Corp of China, a Twitter Inc-style business, was able to come up with USD286m during an initial public offering in New York. It was less than expected due to a lessened offering size. Weibo was valued at the IPO price of around USD3.4bn. The share price was at USD17. The projected range was as high as USD19 but Weibo has sold only 16.8 million shares, far less than the expected 20 million.
Lenovo to launch 2,000 smart TV stores in ChinaApr 17, 2014
Chinese personal computer maker Lenovo Group has announced its plan to build up to 2,000 physical stores in China by the end of this year to sell its smart TVs. Lenovo has said the stores will cover 90% of around 2,000 counties in China by the end of this year. The smart TVs will rely on e-commerce websites to gain market share in tier-one to tier-three cities, where online shopping is very popular. David Ren, head of the smart TV unit at Lenovo China, has said the stores will be built in lower-tiered cities because online shopping in these areas is not as developed as it is in large metropolises.
Candy Crush to be launched in ChinaApr 17, 2014
After causing billions of wasted hours around the world, Candy Crush will soon make its way to China. This after Tencent has said it will launch the popular game on the mainland in partnership with the UK-based King Digital Entertainment, the game's creator. The Chinese version of the game will be available by H2 of this year to customers of Tencent's Mobile QQ and Weixin Game Centres.
Australia Network, Shanghai Media ink content dealApr 17, 2014
A range of Australian content will soon be made available in China after the signing of an agreement between ABC's Australia Network and Shanghai Media Group on 4 May. Under the deal, ABC International will establish an online portal in China where it can post a range of ABC and other Australian media content and services that will be available to partner Chinese media organisations. The ABC will have official approval to sell media content, enter international co-productions and generate sponsorship through a base in Shanghai. The deal, according to ABC Managing Director Mark Scott, will give Australia Network the most extensive access to Chinese audiences by any Western broadcaster.
Coca-Cola beats revenue estimates in ChinaApr 17, 2014
Coca-Cola's case volumes in China has risen 12% in Q1, beating revenue estimates, partly due to intensified marketing campaign. A greater focus on health among Chinese consumers has also increased sales volumes of the Coca-Cola's Minute Maid Pulpy juice drink brand by 8% in the same period. Coca-Cola, which plans to invest USD8bn in China in the five years to 2017, has accounted for 16% of the soft drinks market in 2012. The sector is worth an estimated Rmb487.4bn (USD78.33bn) this year, according to consultants Euromonitor.
China’s Q1 GDP growth slowest in 18 monthsApr 16, 2014
The Chinese government has announced that the country’s economy expanded by 7.4% in the first three months of 2014 from a year earlier, better than expected but slower from the growth in Q4 of last year. The Q1 economic growth was China's slowest annual growth since Q3 of 2012, when growth was also 7.4%, partly due to less investment momentum and consumption. China's National Bureau of Statistics (NBS) has said the Q1 figure was weaker than the 7.7% expansion in the final three months of last year but exceeded economists' expectations of 7.3%. NBS Spokesman Sheng Laiyun has said the national economy still faces downward pressure.
US Treasury raps China on yuanApr 16, 2014The United States Treasury department has criticised the Chinese government for its decision regarding its official currency, saying the fall of the yuan is unprecedented. The US Treasury has also demanded that China reveal its market-intervention actions on a regular basis. According to the US Treasury in its latest currencies report made public on 15 April, the yuan’s weakening means China has gone back on its word to reduce intervention to allow market forces to have a larger role in the economy.
Tesla, Sinopec to conduct talks on charging facilitiesApr 16, 2014Electric-car manufacturer Tesla Motor Inc of the United States and China’s Sinopec Group are scheduled to conduct negotiations on the fourth week of April regarding possible cooperation on vehicle-charging facilities in China. Sinopec has a service-station network all over China. Although Tesla has refused to confirm the news, the Wall Street Journal has quoted the company’s vice president for marketing and communications, Simon Sproule, regarding the issue.
Haiyan county, Canadian delegation to ink nuclear dealApr 16, 2014A delegation of 15 Canadian nuclear groups is scheduled to sign a memorandum of understanding with their Haiyan-county counterparts on 17 April at the 130-square-kilometre-Haiyan Nuclear City facility. The MOU consists of a proposal to put up a Canadian nuclear industrial park, according to Ron Oberth who is the president ofOrganisation of Canadian Nuclear Industries. Haiyan Nuclear City had a production value of Rmb17bn (USD2.74bn) last year.
Incomes in China kept rising in Q1Apr 16, 2014
The average incomes of both urban and rural residents in China kept increasing in Q1 of this year, according to the National Bureau of Statistics (NBS). Average urban resident per-capita disposable income was at Rmb8,155 (USD1,332.52) in Q1. The NBS has explained that the actual growth was at 7.2% yearonyear if inflation is taken out. The average rural resident per-capita disposable income was at Rmb3,224 (USD500).
Alibaba valued over USD150bn pre-IPOApr 16, 2014The projected stock sale of Alibaba might value the Chinese company over USD150bn, according to Bernstein Research Analyst Carlos Kirjner. This could place Alibaba among the top 10 technology firms worldwide based on stock-market value. Internet giant Yahoo Inc of the United States, which has a huge stake in Alibaba, has reported that Alibaba's revenue and profit rose in Q4 of last year.
Hyundai starts building USD290m R&D centre in ShandongApr 16, 2014
Hyundai is allocating a total investment of USD290m to build a new-energy vehicle R&D in Yantai, Shandong Province. The centre will have an annual turnover of USD100m when it starts operating later this year. The R&D centre, located in the city's economic development zone, will develop the three core components of new-energy vehicles - motors, batteries and electric controls - and carry out overall car design, according to the zone's administrative committee.
Q1 property investment soar 16.8%Apr 16, 2014
The National Bureau of Statistics (NBS) has revealed that real estate investment in China rose 16.8% in the first three months of this year from a year ago. Revenues from property sales, however, has dropped 5.2% year on year. According to the NBS, fixed-asset investment in non-rural areas of China has risen 17.6% in the January-March period compared with the same period a year earlier.
Cancer remains major cause of death in BeijingApr 16, 2014
A report released by the Health and Family Planning Commission has shown that cancer remains the major cause of death among local residents in Beijing. Last year, Beijing has 248 cancer cases out of every 100,000 residents with death rate of 144 in every 100,000. For the seventh straight year, cancer has been considered as the top cause of death in Beijing, followed by heart disease, cerebrovascular disease, respiratory disease, injuries and intoxication. However, the general health of residents of Beijing residents had improved last year as life expectancy rose to 81.5%.
Liepin.com eyes global talent of 20 million professionalsApr 16, 2014
China's top Internet-based recruitment service provider Liepin.com has said its global talent development centre will have more than 20 million subscribed professionals by the end of the year. Liepin.com CEO Dai Kebin has made the pronouncement after receiving C-round financing totalling USD70m from two equity investment firms. According to him, the company's talent development centre currently has 11 million subscribed professional staff and more than 100,000 enterprise clients that payUSD1,600 each annually.
China Film invests in two Hollywood moviesApr 16, 2014
State-owned film distributor China Film Co is reportedly making an eight-figure equity investment in Hollywood's Legendary Entertainment productions, its first investment in western movies. China Film is investing in the Hollywood films "Seventh Son" and "Warcraft" for a still undisclosed amount. The two movies are set for release on 6 February 2015 and 11 March 2016, respectively. China Film will distribute the movies in China and will be credited on the two movies, according to the Chinese unit of Legendary Entertainment.
No immediate IPO resumption – CSRCApr 16, 2014The China Securities Regulatory Commission (CSRC) has denied an immediate restart of the IPO saying the examination panel has yet to convene for new IPO approvals. The CSRC has made the pronouncement after media reports said IPO on China's mainland stock exchanges may restart sooner than expected. The IPO had been paused last week to allow companies to update their disclosures. The commission has said that IPO applicants are still filing for the latest annual fiscal auditing reports, and the restart of the IPO is slightly lagging behind the schedule.
Beijing is eighth most influential city in the worldApr 15, 2014According to the 2014 AT Kearney Global Cities Index (GCI), for the first time since 2008, Beijing joins the top 10 most globally influential cities, surpassing Singapore, Brussels, Seoul and Washington DC. Beijing rose to the eighth spot, from 14th in 2012, in the global ranking dominated by New York, London and Paris. The top three cities have remained in their positions since 2008. The GCI is conducted every two years. The criteria include business activity, information exchange, human capital, cultural experience and political engagement. Guangzhou, Shenzhen and Chongqing were also mentioned in the list, occupying the 66th, 73rd, and 84th spots, respectively.
New bank loans rise in MarchApr 15, 2014
Data from the People's Bank of China has shown that new loans made by Chinese banks rose to Rmb1.05tr (USD168bn) in March from Rmb644.5bn (USD103bn) in February. The loans figure is within the forecasted Rmb1tr made by economists early last month. The report released by China's central bank has also shown that outstanding yuan loans rose 13.9% year on year. Further, the PBOC has said the annual growth in the broad money supply M2 eased to 12.1% from 13.3% in February. Economists had expected a 13% increase.