China Economy Forum

[Jlaw]

"I had high hopes that foreign banks would involve themselves more heavily in the Chinese financial system, particularly after the WTO accession, and that hasn't really happened to a very large extent.

Which is a good thing. Thank goodness. Once foreign banks takeover, your economy and sovereignty will be under foreigners control

Just keep that in mind. Let me control a country's money, I not care who writes the laws.

 

[Mangus Ortus Novem]

Which is a good thing. Thank goodness. Once foreign banks takeover, your economy and sovereignty will be under foreigners control

Just keep that in mind. Let me control a country's money, I not care who writes the laws.

The Chinese banks are one of the biggest in the world. They sit on more than 20 tillions in savings... so there is no shortage of money in China. The bigger question is what to do with it in prudent manner.

The opening up of financial sector is meant for local private players to enter the market and create a competitive environment.

 

[TaiShang]

Which is a good thing. Thank goodness. Once foreign banks takeover, your economy and sovereignty will be under foreigners control

Just keep that in mind. Let me control a country's money, I not care who writes the laws.

China's financial sector is very regulated, even much more than already tight Taiwan system.

In fact, after the 1997 crisis, most East Asian states took steps to recover financial sovereignty.

The hopes of the US expert will never be realized, for sure, I guess what he is talking about is investment. But, China is already one of the top FDI receivers in the world.

 

[bobsm]

Chinese GDP Driven by ’at Your Service’ Not Manufacturing: Chart

Bloomberg News
July 11, 2016 — 9:40 AM CST

As China reports gross domestic product this week, the structure of the world’s second-largest economy has evolved, with services, categorized as tertiary industries, now contributing a majority of GDP. In the January-March quarter, which includes the annual new year festival when most factories close and hundreds of millions of people travel, services accounted for a record high 57 percent of economic output, compared with 38 percent from manufacturing-led secondary industries and the rest from agriculture.

— With assistance by Lee Miller


http://www.bloomberg.com/news/artic...en-by-at-your-service-not-manufacturing-chart

 

[Jlaw]

China's financial sector is very regulated, even much more than already tight Taiwan system.

In fact, after the 1997 crisis, most East Asian states took steps to recover financial sovereignty.

The hopes of the US expert will never be realized, for sure, I guess what he is talking about is investment. But, China is already one of the top FDI receivers in the world.

Regulated is one thing. But from things that happened in the past, regulations can change due to pressure and influence. If foreigners were allowed to run Chinese banks, China will lose its sovereignty. One thing is for sure, the 1998 Asian financial crisis was a perfect storm for foreigners to undermine SK 's sovereignty as their financial institutions rules were regulated by IMF.

 

[CorporateAffairs]

Indeed, fully agree with the headline.

 

[TaiShang]

Entrepreneurs jump into robotics industry
China Daily, July 12, 2016

Robots on display at an industry expo in Suzhou, Jiangsu province, on July 10, 2016.[Photo/Xinhua]


A gray robot with a strange shape attracts the attention of insiders from the robotics industry. It is able to write calligraphy with a brush and is one of the star exhibits at the three-day China National Robotics Development Forum 2016 in Chongqing, a major platform for Chinese robot makers to showcase their competitiveness.

Liang Jinlong, sales manager of the Beijing Up-tech Harmony Co, which designs and makes the machine, said the company mainly builds robots to be used for educational purposes in schools and universities. It also provides other services, such as customized robots.

Liang is confident about the future of the company and the potential of the robotics industry in China due to the increasing interest from the public and the encouraging policy of the government.

The company was set up in 2013 in response to the robot fever. However, he is a little bit embarrassed when being asked about the revenue of the business, emphasizing the startup is paying more attention to winning more markets, rather than gaining profits.

Paul Ni, a principal at consulting firm Roland Berger, said that despite a late start, the robotics industry in China has enjoyed a large and rapid boost thanks to favorable policies. In the past years the public has also shown greater interest in robots and artificial intelligence than ever before, especially after some remarkable wins by the AlphaGo game-playing program against a South Korean go master, Ni said.

Sun Youxian, the former director-general of the Chinese Association of Automation, agreed with Paul, saying the industry is still facing challenges. Robotics has become a key part of the trend toward informatization and industrialization, and the technology has become the weather vane of the innovation and development of an intelligent society.

A little robot from Guangdong Libin Medical Science and Technology Co may cause experts to be concerned in other ways. The company produces a medical recovery robot－but it's essentially just an app in a pad, built into a robot-shaped shell. Patients even have to input their own temperature and blood pressure manually.

Gao Zhiwei, deputy general manager of Libin, said: "The current robot could be regarded as the first generation. It doesn't have many robotic functions because the company is making lots of efforts to build up the smart ecosystem, which is the most important and most difficult function for such medical robots."

Gao said the company has 50 employees, 20 of whom are research personnel, and they have started to design the second-generation robot with an HD camera and some basic robotic functions, such as walking and voice control.

He is confident about the future of his product, saying as long as Chinese policy toward the robotics industry doesn't change too much, the recovery robot will represent the trend of the modern medical service.

Ni said lots of startups want to enter the industry and profit from the hot market, but he doesn't think all of them are ready, either technologically or in terms of manufacturing. "It's good that Chinese robot companies have high confidence in themselves. But, these enterprises should realize there is still a huge gap between them and the United States and European robotics industries.

Many of them still don't have the ability to compete in the market, either at home and abroad," Ni said. "Therefore, improving and updating technology means a lot to them."

***

A potential bright spot for China's new economy.

 

[Jlaw]

http://fortune.com/2016/07/14/dalian-wanda-hollywood-paramount/

The conglomerate run by China’s richest man Wang Jianlin, Dalian Wanda Group, is after a 49% stake in Hollywood studio Paramount, Reuters reported.

If completed, the deal would be Wanda’s second major dive into Hollywood, after its January buyout of Hollywood producer Legendary Pictures for $3.5 billion marked Asia’s biggest deal in Tinseltown since Sony SNE 1.86% acquired Columbia Pictures in the late 1980s.

The deal is anything but certain, however. Paramount’s owner Viacom VIAB -0.18% is in the midst of an ongoing struggle over the future of the company. The row is being fought between controlling shareholder Sumner Redstone, who opposes the Paramount sale, and CEO Philippe Dauman, who supports it.

Should a deal come to fruition, it would make a quick Hollywood prince out of Wanda’s Wang Jianlin, who is in the midst of transforming Wanda from a real estate developer in China to an international conglomerate focused on consumer services, particularly tourism, entertainment, and sports. Last year it spent $5 billion on overseas acquisitions including race promoter World Triathalon Corp., Infront Sports & Media (which holds broadcasting rights for the next two World Cups), and a piece of Spanish soccer club Atlético Madrid.




This spring, Wanda opened a theme park in southern China that Wang said would make Disney wish it hadn’t opened its Shanghai Disneyland. “They shouldn’t have entered China,” Wang warned Disney DIS -0.11% in May.

Wanda is also building a movie studio in the former Germany-controlled costal town of Qingdao that it hopes will rival Hollywood’s offerings. “While Wanda Studios Qingdao was designed to take advantage of the new geographic mobility of movie production, the operation offered something that its global competitors could not: special access to the fastest growing film market in the world,” wrote Henry McGee and Willy Shih in a Harvard Business School case study of the studio, which is set to be completed next spring.

Wang says Wanda’s investments in film and entertainment are simply means of following the trends in China. “Why did Wanda go into the cultural industry and sports industry?” Wang said in a speech last year. “The cultural industry in the U.S. accounts for 24% of GDP. U.S. top exports are not weapons and passenger planes, but cultural products, which include movies, music, comics and book copyrights etc. Currently, the cultural industry in China accounts for just 3% of GDP.”

The Paramount deal would be among Wanda’s most ambitious. Viacom wants the deal to value Paramount between $8 billion and $10 billion, the Wall Street Journal reported. That’s would amount to a higher sum than Wanda paid for Legendary or the U.S. theater chain AMC, which it bought for $2.6 billion back in 2012.

 

[TaiShang]

China's industrial output growth speeds up
Xinhua, July 15, 2016

Growth of China's industrial output picked up in June mainly thanks to strong performance in the high-tech and equipment manufacturing sectors, official data showed Friday.

Industrial output grew 6.2 percent year on year in June, up from 6.0 percent growth in April and May, the National Bureau of Statistics (NBS) announced.

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan (3.22 million U.S. dollars).

Month on month, industrial output gained 0.47 percent in June.

After more than a decade of double-digit growth, annual industrial growth slowed to 8.3 percent in 2014 and 6.1 percent in 2015.

The upbeat reading for industrial output was among a series of economic data released by the NBS, pointing to more signs of stabilizing.

China's gross domestic product for the second quarter and the first half of 2016 both grew by 6.7 percent, the same as the first quarter, NBS data showed.

In the first half of the year, industrial output grew 6.0 percent year on year, higher than the 5.8-percent growth in the first quarter.

In addition to the faster growth, the structure of China's industry is also improving, with output in energy-intensive and low-end sectors stagnating or even declining.

However, industrial output for high-tech equipment manufacturing sectors jumped 10.2 percent and 8.1 percent, respectively, much faster than overall growth, NBS data showed.

The two sectors contributed 12.1 percent and 32.6 percent of China's total industrial output in the first half of the year, NBS said. Endi

***

And the collapse continues...

 

[JSCh]

China's Q2 GDP grows 6.7 pct
2016-07-15 10:12 Xinhua Finance in BEIJING

China's gross domestic product expanded 6.7 percent year on year in the second quarter of 2016, stable from the first quarter, the National Bureau of Statistics
said on Friday.

China's property investment grows 6.1 pct in H1

Investment in China's property sector rose 6.1 percent year on year in the first half of 2016, slightly lower than 6.2 percent registered in the first quarter, official data showed Friday.

China's fixed-asset investment up 9 pct in H1

China's fixed-asset investment grew 9 percent in the first half of 2016, compared with a 10.7-percent growth recorded in the first quarter, official data showed Friday.

China retail sales up 10.3 pct in H1

China's retail sales of consumer goods grew 10.3 percent year on year in the first half of this year, staying flat with the 10.3-percent growth for the first quarter, official data showed on Friday.

China's new yuan loans rise to 1.38 trillion yuan in June

China's new yuan-denominated lending in June stood at 1.38 trillion yuan (about 205.97 billion U.S. dollars), up 104.4 billion yuan from a year earlier, official data showed on Friday. The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.8 percent year on year to 149.05 trillion yuan by the end of June, the People's Bank of China said in a statement on its website. The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 24.6 percent year on year to 44.36 trillion yuan.

China's industrial output growth speeds up

Growth of China's industrial output picked up in June mainly thanks to strong performance in the high-tech and equipment manufacturing sectors, official data showed Friday. Industrial output grew 6.2 percent year on year in June, up from 6.0 percent growth in April and May, the National Bureau of Statistics (NBS) announced. Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan (3.22 million U.S. dollars). Month on month, industrial output gained 0.47 percent in June. In the first half of the year, industrial output grew 6.0 percent year on year, higher than the 5.8-percent growth in the first quarter.

---------------#####---------------​

China retail sales up 10.3 pct in H1
Source: Xinhua 2016-07-15 11:05:26

BEIJING, July 15 (Xinhua) -- China's retail sales of consumer goods grew 10.3 percent year on year in the first half of this year, staying flat with the 10.3-percent growth in the first quarter, official data showed on Friday.

Total retail sales of consumer goods stood at 15.6 trillion yuan (2.2 trillion U.S. dollars) in the first half of 2016, according to the National Bureau of Statistics (NBS).

Retail sales in rural areas expanded by 11 percent year on year, outpacing the 10.2 percent rate for sales in urban areas.

In June, retail sales of consumer goods grew 10.6 percent year on year, compared with 10-percent growth for May, NBS data showed.

In the first six months, online sales surged by 28.2 percent year on year to 2.2 trillion yuan.

A confluence of factors, including rising salaries and subdued consumer prices, were behind the strength in the first quarter.

Retail sales have contributed significantly to China's economic growth as the country shifts from an export-driven economy to a consumer society.

In 2015, consumption contributed 66.4 percent to China's GDP, up 15.4 percentage points from 2014.

---------------#####---------------​

China's electricity consumption picks up in H1
Xinhua, July 14, 2016

China's electricity use rose 2.7 percent year on year in the first half of 2016, official data showed Thursday.

Electricity consumption totaled 2.8 trillion kilowatt hours in the first six months, according to data from the National Development and Reform Commission.

Electricity use in the service sector and agricultural sector rose 9.2 percent and 7.7 percent, respectively, in the January-June period, while the industrial sector saw an increase of 0.5 percent.

In June alone, electricity consumption increased 2.6 percent year on year to 492.5 billion kilowatt hours, the commission said.

The data points to positive changes in China's economic structure, as power use in the service sector grew faster than the industrial sector, Zhao Chenxin, spokesperson of the commission, said at a press conference.

---------------#####---------------​

China greenlights 96 fixed-asset investment projects in Jan-June
Updated: Jul 14,2016 2:04 PM Xinhua

China’s top economic planner approved 96 fixed-asset investment projects with total investment reaching 461.6 billion yuan ($71 billion) in the first six months of 2016, an official said on July 14.

In June alone, the National Development and Reform Commission (NDRC) approved 23 projects involving 151.1 billion yuan, which cover transportation, high technology and water conservation, said NDRC spokesperson Zhao Chenxin at a press conference.

China’s fixed-asset investment grew 9.6 percent year on year in the first five months, 0.9 percentage points lower than that recorded in the first four months of 2016, according to data released by the National Bureau of Statistics (NBS).

The investment structure was improved with more money spent on high-tech and service sectors, while less money went into industries with high energy consumption or excessive capacity, according to the NBS.

 

[TaiShang]

SOEs post better profit performance
Source: Xinhua | July 15, 2016, Friday |

Print Edition


CHINESE centrally administered state-owned enterprises reported better financial performances in the first half of 2016 as the market-oriented reform measures began to take effect, said the country’s SOE regulator yesterday.

The total profit of China’s 106 centrally administered SOEs stood at 623.47 billion yuan (US$93.3 billion) in the first six months, down 3 percent year on year, but the fall narrowed by 2.4 percentage points compared with the first six months of last year, according to the State-owned Assets Supervision and Administration Commission.

Thirty-eight SOEs reported an increase of over 10 percent in revenue while 16 saw their income grow more than 30 percent.

SOEs in the coal, electricity, water and air transport sectors saw their output and sales rise steadily.

Six SOEs saw a turnaround in their financial performance from suffering losses in the first quarter of the year to making profits in the second, according to the SASAC.

It attributed the improvement to the market-oriented SOE reforms. China plans to merge the centrally administered SOEs to bring their total number within 100 this year.

 

[JSCh]

IMF inches up China forecast
By Chen Weihua in New York (chinadaily.com.cn) Updated: 2016-07-20 10:32

The International Monetary Fund (IMF) has slightly revised upwards its 2016 forecast for China, while cutting its forecast for global economic growth this year and next year, partly as a result of the unexpected UK vote to leave the European Union.

The IMF cut its global forecast for 2016 and 2017 by 0.1 percentage point each to 3.1 percent and 3.4 percent respectively, compared with the forecast made in April.

It said the Brexit causes "substantial" increase in economic, political and institutional uncertainty. "If not for Brexit, global forecast would have been slightly higher," said the IMF World Economic Outlook Update released on Tuesday.

It forecast the UK economy to grow 1.7 percent this year, 0.2 percentage point less than the forecast made in April. Next year, the nation's growth will slow to 1.3 percent, down 0.9 point from the April estimate and the biggest reduction among advanced economies.

For the euro area, the fund raised its forecast by 0.1 point this year, to 1.6 percent, and lowered it by 0.2 point for 2017 to 1.4 percent.

China's growth forecast for 2016 is up 0.1 percentage point to 6.6 percent, and remains unchanged for 2017 at 6.2 percent.

Brexit fallout is likely to be muted for China, the world's second-largest economy, because of its limited trade and financial links with the UK.

"However, should growth in the European Union be affected significantly, the adverse effect on China could be material," the IMF said.

The IMF said the near-term outlook in China has improved due to recent policy support. Benchmark lending rates were cut five times in 2015, fiscal policy turned expansionary in the second half of the year, infrastructure spending picked up and credit growth accelerated.

The fund also described the indicators of real activity as "somewhat stronger than expected" in China, reflecting policy stimulus.

"While global industrial activity and trade have been lackluster amid China's rebalancing and generally weak investment in commodity exporters, recent months have seen some pick-up due to stronger infrastructure investment in China and higher oil prices," the IMF said.

Maurice Obstfeld, IMF's economic counsellor and director of research department, said the IMF upgraded forecast for China in the view of the support that the Chinese authority has been providing for the economy.

He admitted that China and EU are important mutual trade partners and the anticipated slowdown in Europe and in the baseline will affect China slightly, possibly by 0.1 percentage points in 2016 and 2017.

"So the effect is there. It's offsetting the lift coming from policy the authority has taken to hit their growth target," he told a press briefing on Tuesday.

Obstfeld expressed concern about some imbalances in the Chinese economy, such as impaired assets in the banking system and the slow progress in shifting the economy from state-owned enterprise system to be more privately owned system.

He described it as countering to the trends IMF thinks Chinese economy is going and the trends the Chinese authority wants the economy to go. "So that leads us to leave our 2017 number unchanged," he said.

Chinese Premier Li Keqiang on Monday called for more private and semi-public businesses to invest in the key projects to be launched during China's 13th Five-Year Plan period (2016-20). He said the interests and legitimate rights of investors should be protected.

"The fact that, despite the uncertainties caused by Brexit, the IMF's growth short-term forecast for China remains largely unchanged suggests that the immediate domestic and external threats to China's growth have abated. However, there remain longer-term challenges to sustaining this growth without creating further risks in the financial system," said Eswar Prasad, a senior fellow at the Brookings Institution and a professor at Cornell University.

Prasad, a former IMF official and once its head in China, said the updated IMF forecast helps repudiate the excessively pessimistic views about China's economy that were rampant in financial markets earlier this year, although there is still plenty of ammunition for pessimists to maintain their negative outlook.

The IMF report also said Brexit's fallout is likely to be felt in Japan, where a stronger yen will limit growth. The IMF cut Japan's 2016 growth forecast by 0.2 percentage point, to 0.3 percent. Next year, Japan's economy, the world's third-largest, is expected to expand 0.1 percent, 0.2 percentage point more than predicted in April, due to a postponement of the consumption tax increase.

In the US, weaker-than-expected growth in the first quarter prompted the IMF to reduce its 2016 forecast to a gain of 2.2 percent, 0.2 percentage point less than the April outlook. The IMF left its 2017 forecast for US growth unchanged at 2.5 percent.

 

[JSCh]

China's top sovereign wealth fund's assets surge
Source: Xinhua 2016-07-22 21:08:16

BEIJING, July 22 (Xinhua) -- China Investment Corporation (CIC), the country's top sovereign wealth fund, announced Friday that its total assets had grown to over 810 billion U.S. dollars at the end of 2015, from 200 billion U.S. dollars of registered capital in 2007 when it was founded.

The annualized growth rate of the company's state-owned capital reached 15.3 percent over the eight years, according to the company's 2015 annual report released on Friday.

This is the first time for the wholly state-owned company, also one of the world's largest sovereign wealth funds, to have disclosed the cumulative growth rate of its state-owned capital since its inception.

Headquartered in Beijing, CIC was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholders within acceptable risk tolerance.

The government injected 49 billion dollars in additional funding to the company in 2011.

In 2015, a challenging year for CIC and the global economy, the company prudently coped with challenges by exploring new business opportunities and refining its corporate governance, thereby renewing progress in overseas investment and management, Ding Xuedong, chairman and CEO of CIC, was quoted by the report as saying.

In CIC's overseas investment portfolio, public equity, fixed income, absolute return, long-term assets, and cash products accounted for 47.47percent, 14.44 percent, 12.67 percent, 22.16 percent, 3.26 percent respectively, according to the report.

Due to volatility in global financial markets and foreign exchange losses triggered by an appreciating U.S. dollar, CIC's overseas investments generated a U.S. dollar-denominated net return of negative 2.96 percent in 2015, said CIC, adding that it had enjoyed a net cumulative annualized return of 4.58 percent in overseas investments.

CIC also said it ramped up investments in assets that generate stable returns such as real estate and infrastructure in 2015.

 

[Three_Kingdoms]

WHY PEARL RIVER IS THE WORLD’S BEST-SELLING PIANO

Pearl River has committed to building the world’s best pianos on every level. When you shop for a piano, consider how much every Pearl River has to offer.

Our Company Name Is Our Brand

Pearl River is the World’s Best-Selling Piano, sold in over 100 countries. The Pearl River name has become a symbol of quality in the music industry, and a supplier of instruments to many retailers and even other manufacturers, who depend on us for reliable, high quality instruments!


Total Control Over Manufacturing

While many pianos are now made in facilities foreign to their headquarters, Pearl River has for our entire history controlled every step of the manufacturing process, from the selection of woods, to the crafting of actions, soundboards, wet sand-cast plates, and every other integral part of the piano. This control ensures a consistently high quality piano true to the exact scale-design.

We Use High Quality, Seasoned Hardwoods

While others often use less costly woods “select hardwoods” in their “consumer grade” pianos, Pearl River uses only the best woods for each application in every piano we make.

Our Grand Piano rims are made from Walnut, a dense hardwood that allows for our lower tension scale design. Lower tension scale design results in a warmer, richer tone with longer sustain, and is used in the world’s finest pianos. Our bridges and pin-blocks are crafted from Rock Maple, and our Lothar Thomma tapered soundboards are created from close grained, high quality northern Spruce (100%). The use of high quality woods is critical when making high quality musical instruments.


Acclimatized for Worldwide Markets

Pearl River takes pride in using state-of-the-art kilns to dry our woods. However, there is much more to “seasoning” woods than that. Both before and after the kiln drying, woods are expertly cured to specific moisture contents, which reduces the natural tendency for wood to swell and contract with humidity fluctuation. With over 8,000 moving parts, a piano’s woods must be “seasoned” to ensure reliability wherever the piano ends up living!

More info @http://www.pearlriverusa.com/about/

 

[JSCh]

Chinese, African companies ink 17-billion-USD deals
Source: Xinhua | 2016-07-29 01:45:18 | Editor: huaxia

Chinese and African representatives attend a signing ceremony during the Seminar on China-Africa Business Cooperation in Beijing, capital of China, July 28, 2016. (Xinhua/Ding Haitao)

BEIJING, July 28 (Xinhua) -- Companies from China and Africa signed 39 deals worth around 17 billion U.S. dollars on Thursday.

The deals, involving financial institutions and enterprises, were signed on the eve of a meeting on delivering the outcomes of the Johannesburg Summit of the Forum on China-Africa Cooperation (FOCAC).

More than 400 participants from government agencies, financial institutions, business associations and enterprises attended the Seminar on China-Africa Business Cooperation and Signing Ceremony in Beijing on Thursday.

The seminar was hosted by the China Council for the Promotion of International Trade (CCPIT), which is a supporting event for the Coordinators' Meeting of the Implementation of the Follow-up Actions of the Johannesburg Summit of the FOCAC.

During the seminar, participants exchanged views on industrial capacity cooperation, trade and investment facilitation and financial cooperation.

Chinese and African companies spanning the sectors of infrastructure, processing and manufacturing, finance, investment, energy, chemicals, agriculture, pharmaceutical and ICT, reached consensus for future cooperation.

Jiang Weixin, chairman of the CCPIT, said the development strategies of Africa and China were highly compatible, and the two sides have many advantages.

In the future, the CCPIT will work with its African counterparts to enhance communication, strengthen policy coordination, and organize more trade and investment events to boost China-Africa trade ties, said Jiang.

Chinese Vice President Li Yuanchao had a group meeting with the African delegates.

Hailing the success of the Johannesburg summit, Li called on China and the African countries to enhance mutual trust, promote pragmatic cooperation, expand people-to-people exchanges and improve coordination on global affairs.

State Councilor Yang Jiechi held separate meetings with the foreign minister of Chad, Moussa Faki Mahamat; Sudanese Presidential Assistant Al-Jaz; and Gambian Foreign Minister Neneh MacDouall-Gaye, exchanging views on China's ties with their respective countries as well as Africa as a whole.

At the summit of the Forum on China-Africa Cooperation (FOCAC) last December in Johannesburg, South Africa, Chinese President Xi Jinping announced ten major China-Africa cooperation plans for the next three years, backed by 60 billion U.S. dollars, including interest free loans and preferential policies.

Chinese Foreign Minister Wang Yi met with his counterparts from Mali,Madagascar, Comoros and Democratic Republic of Congo.