China Economy Forum

[Hypersonicmissiles]

The Korean economy’s dependence on China is accelerating in almost all fields ranging from trade to domestic consumption, finance, and real estate.

According to the Bank of Korea, exports to China accounted for 21.9 percent of Korea’s total exports of US$617.1 billion for last year. During the same period, 16.3 percent of the total imports of US$536.6 billion was from China.

At present, China is the largest trade partner for Korea. The ratio of China skyrocketed from 7.7 percent to 58.8 percent when it comes to the goods balance surplus. This means that both the export and import sides of Korea could be shaken without China.

The domestic market relies heavily on China, too. Store owners in Myeongdong would have to shut down their businesses without Chinese tourists. Shinhan Card big data shows that tourists from China spent 82.7 percent more last year when compared to a year earlier. The 4.3 million Chinese visitors spent 3.8 trillion won (US$3.69 billion) by credit card in 2013, which is equivalent to 48.1 percent of the total credit card payments by foreigners.

Chinese funds are exerting great influence in the financial sector as well. Chinese investors purchased Korean marketable securities worth a total of 1.412 trillion won (US$1.372 billion) between December 2013 and May this year to record the highest net purchase by country.

The yuan deposit balance has recently exceeded US$10 billion, and the ratio of it to the foreign currency deposits of domestic residents broke the 20 percent mark for the first time last month. The yuan deposit increased 50-fold during the past year. Under the circumstances, an increasing number of industry insiders are predicting that the Korean economy will revolve around the yuan, instead of the U.S. dollar, in the future, once direct won-yuan transaction is accelerated by capitalizing on the recent state visit of President Xi Jinping.

The area of the land in Jeju Island owned by Chinese increased 2.2-fold to 3.15 million square meters as of the end of last year. Americans own 3.74 million square meters of land on the island now. Chinese private equity fund Meitung is going to invest 5 trillion won (US$4.8 billion) in the real estate market of Korea. The Greenland Holding Group, which is planning to set up a building worth 1 trillion won (US$971 million) in Jeju, is targeting real estate properties of the Korea Electric Power Corporation, too.

“We now need to open the gate only after examining the characteristics of Chinese capital, instead of blindly welcoming them,” said Hyundai Research Institute analyst Han Jae-jin.

 

[BoQ77]

so naive, the world depends on each other

 

[Pakistanisage]

It is easy for Countries with large Populations like China and India to overwhelm certain Industries because of the size of their Domestic Markets. With such large domestic markets they can use the economies of scale to compete with other countries and push them out of the markets.

 

[cirr]

Don't worry。

The number of Koreans visiting China each year still outnumbers the number of Chinese visting Korea。

 

[vtnsx]

I cannot wait until 2020s. We can show the world what we are capable of!

Of course you're capable of a lot things. Hurry up and show it. What's taking you useless people so long to get things done? If you have to make more babies then do it and act quickly so the world can see what you're capable of.

 

[Beidou2020]

China-Singapore RMB cash transfer begins

Cross-border cash transfer of the yuan between China and Singapore began on Wednesday in Guangzhou.

The transfer by the Guangdong provincial office of the Industrial and Commercial Bank of China (ICBC) will reduce exchange costs and risk for banks in Singapore and Southeast Asia, said Niu Gang, general manager of ICBC operations. .

Singapore was the first country to sign a yuan clearance agreement with China and has massive volume of cross-border yuan businesses, said Wang Jingwu, head of the Guangzhou branch of the People's Bank of China (PBOC).

In the first five months this year, yuan settlement between China and Singapore reached 421 billion yuan ($68.4 billion ), of which 17 percent was traded between Guangdong and Singapore, said Wang.

The PBOC, China's central bank, will actively support yuan cross-border transfer on a regular basis and maintain an orderly flow of currency between China and Singapore, said Li Huifeng, deputy head of the PBOC currency, gold and silver bureau.

ICBC, the world's biggest bank in terms of assets, had yuan clearance business worth more than two trillion yuan in Singapore last year.

Single-day settlements rose to 80 billion yuan in its Singapore branch in 2013.

 

[xunzi]

Of course you're capable of a lot things. Hurry up and show it. What's taking you useless people so long to get things done? If you have to make more babies then do it and act quickly so the world can see what you're capable of.

Useless people => Vietnamese. You are no different than the African except tthe African have a real reason to be poor. You don't.

 

[vtnsx]

Useless people => Vietnamese. You are no different than the African except tthe African have a real reason to be poor. You don't.

Aww jealous aren't ya?

 

[Beidou2020]

Medical device provider starts production in Chengdu

Government officials in Chengdu, Sichuan, and representatives from Medtronic pour glasses of drinking water into a hemodialysis system to mark the establishment of Medtronic's first global production line for its hemodialysis system in the Sichuan provincial capital on Monday.

Multinational medical device provider Medtronic Inc set up its first hemodialysis system production line in Chengdu on Monday.

The development and manufacturing facility, which is to supply most key parts and final assembly for Medtronic hemodialysis system around the world, is located in the capital city of Sichuan province's high-tech zone.

The US-based company has completed prototype of the system, while delivery of the first product is expected to be in 2016, according to Omar Ishrak, Medtronic chairman and chief executive officer.

Medtronic will also set up a fully owned entity in Chengdu responsible for the products' distribution, supply chain management and market development on a global scale.

As a central city in West China, Chengdu radiates its influence on a population of more than 300 million. The city and its neighboring areas have a huge demand for advanced medical products. The cooperation between Chengdu and Medtronic is of great value in easing the pain of more sufferers, said Chengdu Vice-mayor Ge Zhengli.

The establishment of the development and global manufacturing base of Medtronic's new hemodialysis system and supporting company's localization strategy has marked another key milestone since the inauguration of the Medtronic Shanghai Innovation Center two years ago, Ishrak said.

Hemodialysis procedure which helps remove waste and extra fluid from the human body iscase of partial or complete kidney failure has been proven clinically to be an effective meansto extend life and ease pain for late-stage renal disease patients. But conventional hemodialysis procedure consumes excessive ultra-purified water.

In China, there are 1.5 to 2 million late-stage renal disease patients. Only 300,000 receive hemodialysis on a regular basis. Only major hospitals have enough resources to run hemodialysis facilities.

The Medtronic hemodialysis system with significantly lower water consumption, increased portability, advanced sensors that enable remote care and a user-friendly interface, has the potential to be deployed in smaller hospitals with a smaller budget, community health centers or even in the average household, Ishrak said.

 

[BoQ77]

Useless people => Vietnamese. You are no different than the African except tthe African have a real reason to be poor. You don't.

Why Chinese poor ?

 

[yusheng]

world's second tallest building reaching its peak at 2,037ft (so don't dropanything!)

With a cheer, a wave and a peace sign,these construction workers are putting the finishing touches to what has beenhailed a symbol of 'China's boundless future'.

欢呼，招手，摆胜利手势，这些工人总算是完成了号称象征着“中国无限未来”的建筑的收尾工作。


Secured with safety ropes and harnesses,they sit astride the final truss on the top of what will be the world'ssecond-tallest skyscraper.


在安全绳和安全带的保护下，他们跨坐在这座即将成为世界第二高楼的顶部构架上。


Topped out exactly a year ago, the ShanghaiCentral Tower is already China's tallest tower. But its position was cementedtoday as the last part of its roof was secured, bringing it to its full heightof 2,073ft.


而就在一年前的竣工仪式上，这座上海中心塔就已经是中国第一高楼了。如今，随着其顶部最后部分建设的完成，达到了2073英尺的最高点。

Under construction for nearly six years, at a reported cost of $4.2billion, theShanghai Central Tower completes a triad of skyscrapers that now loom over thehorizon of the world's most populous city.

Over its 121-storeys the building willinclude offices, shops, public spaces and a 320-room Four Season Hotel thatwill be the highest in the world.


总共121层，这座建筑将包括办公室，商店，公共空间，以及320个房间的四季酒店（因此也将成为世界上最高的酒店）。

Its completion will further the Chinese government's ambition to make a globalfinancial centre in Shanghai, which is already the world's busiest containerport and the gateway to China's heavy industries.


这座大厦的建成将有助于实现中国政府要把上海建设成全球金融中心的目标，而上海已经成为世界上最繁忙的集装箱港口，而且也是通往中国重工业基地的大门。


At its topping out ceremony last year,principal architect Jun Xia said the Central Tower and its sisters, the Jin MaoTower and the Shanghai World Financial Centre, 'will serve as a stunningrepresentation of our past, our present and China’s boundless future.'


在去年的竣工仪式上，首席建筑师骏侠说中心塔及其两个姐妹楼金贸大厦和上海金融中心“将成为我们过去，现在和中国无限未来的杰出代表。”

 

[cirr]

Western regions to enhance links with train system - Business - Chinadaily.com.cn


China to build more LNG tankers in high-tech push| Reuters

 

[Beidou2020]

RMB makes Australian debut

A yuan clearing system, jointly developed between the Bank of China and the AustralianSecurities Exchange, has made the yuan, the first foreign currency in Australia's local clearingsystem.

The launch is a crucial step forward for the currency, creating easier bilateral trade andinvestment cooperation between the countries and promoting the development of an offshoreyuan market in Australia, said the bank.

The bank's Sydney branch is the first Chinese financial institution in Australia and the onlyone with a full banking license in the country.

 

[Beidou2020]

Nation edges toward ending State monopoly on oil

China is inching closer to ending the State monopoly in the oil sector after it allowed a Xinjiang-based private energy firm to import crude oil, industry sources said on Wednesday.

Guanghui Energy Co Ltd, the largest private firm in Xinjiang, with a wide range of businesses covering energy,vehicles and real estate, has got the green light from the State Council, China's cabinet, to import crude oil, the China Business News reported on Tuesday quoting an unnamed company official.

The energy firm, which is the only non State-owned company in China with upstream oil and gas assets, is also seeking oil exploration rights to fully enhance its oil production chain.

A spokesman of the Xinjiang-based company, however,declined to comment on the issue.

Before 2011, China had been gradually increasing the amount of non-State imports to serve the few refineries that are not controlled by China's two State-owned refining giants.

"China is moving toward a milestone as the permission given to the Xinjiang-based company enables it to import crude oil directly from its overseas fields and also refine it in oil refineries not owned by the two oil majors - China National Petroleum Corp, or PetroChina, and Sinopec Group. What this means is that Guanghui Energy will now have more say in the upstream industry," said Yan Pengfei, asenior analyst at the industry services department of Guan Tong Futures Co Ltd.

The crude oil license of the gas and property conglomerate is mainly for its oil and gas fields in Central Asia, experts said.

In 2009, Guanghui Energy purchased a 49 percent stake in Kazakhstan's Tarbagatay Munai LLP for about 303 million yuan ($48.6 million) to develop an oil and gas field covering about 8,300 sq m in eastern Kazakhstan.

TBM, which owns the rights to resources near Lake Zaysan, has crude oil resources of about1.1 billion tons and is ready to supply feed gas to an LNG plant in north Xinjiang's Jeminay County, Guanghui Energy said.

The move is also part of a broader policy reform that the cabinet put out in late May aimed at encouraging privatec apital in fields such as the infrastructure, telecom and oil and gas sectors.

"It is just the first step in further freeing up the crude oil import market to smaller and private energy players, as China prepares to welcome more privately run enterprises to compete with oil giants and optimize allocation ofresources," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University,

China has fixed the 2014 crude oil import quota for non State-owned companies at 29.1 million metric tons. It also said that companies seeking crude licenses must have registered capital of at least 50 million yuan and access to crude receiving berths and storage facilities of at least 200,000 cubic meters.

Currently, about 30 non-State oil traders are qualified to apply for the crude oil quota, earlier reports said.

 

[mike2000]

world's second tallest building reaching its peak at 2,037ft (so don't dropanything!)

With a cheer, a wave and a peace sign,these construction workers are putting the finishing touches to what has beenhailed a symbol of 'China's boundless future'.

欢呼，招手，摆胜利手势，这些工人总算是完成了号称象征着“中国无限未来”的建筑的收尾工作。


Secured with safety ropes and harnesses,they sit astride the final truss on the top of what will be the world'ssecond-tallest skyscraper.


在安全绳和安全带的保护下，他们跨坐在这座即将成为世界第二高楼的顶部构架上。


Topped out exactly a year ago, the ShanghaiCentral Tower is already China's tallest tower. But its position was cementedtoday as the last part of its roof was secured, bringing it to its full heightof 2,073ft.


而就在一年前的竣工仪式上，这座上海中心塔就已经是中国第一高楼了。如今，随着其顶部最后部分建设的完成，达到了2073英尺的最高点。

Under construction for nearly six years, at a reported cost of $4.2billion, theShanghai Central Tower completes a triad of skyscrapers that now loom over thehorizon of the world's most populous city.

Over its 121-storeys the building willinclude offices, shops, public spaces and a 320-room Four Season Hotel thatwill be the highest in the world.


总共121层，这座建筑将包括办公室，商店，公共空间，以及320个房间的四季酒店（因此也将成为世界上最高的酒店）。

Its completion will further the Chinese government's ambition to make a globalfinancial centre in Shanghai, which is already the world's busiest containerport and the gateway to China's heavy industries.


这座大厦的建成将有助于实现中国政府要把上海建设成全球金融中心的目标，而上海已经成为世界上最繁忙的集装箱港口，而且也是通往中国重工业基地的大门。


At its topping out ceremony last year,principal architect Jun Xia said the Central Tower and its sisters, the Jin MaoTower and the Shanghai World Financial Centre, 'will serve as a stunningrepresentation of our past, our present and China’s boundless future.'


在去年的竣工仪式上，首席建筑师骏侠说中心塔及其两个姐妹楼金贸大厦和上海金融中心“将成为我们过去，现在和中国无限未来的杰出代表。”
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My number 1/favorite city in Asia.
Huh..but the article says Shanghia is the worlds most populous city? i thought that title belongs to my second best city in Asia: Tokyo?