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Voices
Zhou Xiaochuan: PBOC to Abolish Needless Foreign Exchange
Controls
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The
central bank is to create a more relaxed policy environment
for the foreign exchange market.
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Zhou Xiaochuan, governor of the People’s Bank of China (PBOC)
recently stated that the PBOC is to create a more relaxed, innovative
environment in which to offer a greater range of foreign exchange
products. The move is aimed at promoting globalism within domestic
enterprises. The PBOC will also expedite further reforms to the
foreign exchange control system by abolishing superfluous regulations.
This will make it easier for domestic enterprises to expand to
overseas. It will also encourage domestic commercial banks to
set up overseas branches and obtain shares in foreign commercial
banks through merger and aquisition. The PBOC intends to promote
cooperation between foreign and domestic enterprises by utilizing
regional financial platforms.
Shang Fulin: Chinese Stock Market Is Not Overheated
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The
CSRC's main concern is how to remedy defects in the Chinese
stock market's basic structure.
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When commenting on the question of the unexpectedly bullish Chinese
stock market, Shang Fulin, head of the China Securities Regulatory
Commission (CSRC), stated that the rise does not indicate an overheated
stock market. He said that what is actually at issue are shortcomings
in the basic market structure, which require a specialized supervisory
system in order to be resolved. The development of the Chinese
capital market is still in transition and needs positive solutions;
the Chinese stock market-GDP ratio exceeds 100 percent. Since
the initial public offering (IPO) reissue of 2006, accumulated
funds in the domestic market stand at RMB 506.6 billion (US $67.4
billion) -- RMB 107.9 billion (US $14.4 billion) more than the
accumulative total over the past five years.
Focus
Multinationals on Pollutant Blacklist
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International companies are being urged to take due responsibility
for environmental protection.
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More than 100 multinationals, such as Pepsi, Whirlpool and Bosch,
are on the Institute of Public and Environmental Affairs blacklist
for infringing Chinese anti-pollutant regulations. Most of them
are Japanese, US and European companies that are engaged in foodstuff,
chemicals, electronics and machine manufacture. One third of them
are located in Shanghai, the rest in other cities. A large portion
of the 7,000 pollutant companies listed is domestic. Ma Jun, director
of the institute, stresses that foreign enterprises should not
flout environmental rulings on the basis of the low environmental
awareness of certain local Chinese companies; they should, on
the contrary, take on due responsibility for environmental protection,
particularly in view of the current dire circumstances.
Eagle International Fashion Mart Attracts Investment
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A lavish wedding parade.
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The Eagle International Fashion Mart (EIFM), built by the Eagle
Property Development Limited Liability Company at an investment
of RMB 3.8 billion (US $505.5 million), is going all out to attract
tenants. It is scheduled to open for business before the 2008
Olympic Games. The fashion mart is tipped as flagship trading
center for contemporary up-market garments, as well as a hyper-base
for the latest consumer products. The EIFM has made strategic
cooperation agreements with a number of European, American, Hong
Kong and Taiwan economic and trade organizations.
China Sets up National Anti-Corruption Bureau
China has established its National Anti-Corruption Bureau --
a state-level agency that specifically combats corruption -- and
also plans to set up regional anti-corruption offices. The bureau
is established specifically to fulfill its commitment to the United
Nations Convention Against Corruption. Its main activities include
disseminating the concept of anti-corruption and enhancing construction
and innovation of an anti-corruption system. Experts interpret
this move as the government’s switch of emphasis from punishment
of corrupt behavior to its prevention.
First TCM Confucius Institute to Open in UK
London South Bank University recently signed an agreement with
the Office of Chinese Language Council International to set up
the world’s first Confucius Institute of Traditional Chinese
Medicine. It is expected to enrol students in September 2008,
and will be open to UK and overseas applicants. Courses in acupuncture,
massage and health care, as well as Chinese culture, will be taught
in both Chinese and English. The Confucius Institute is a non-profit
institution, and one of the key Chinese Bridge Project programs.
More than 180 Confucius institutes have to date been established
in 50 or so countries.
Average RMB 120,000 Wedding Price Tag
The Survey on the Development of the China Wedding Service Market
2006-2007 issued by Ministry of Commerce recently pointed out
that the 3,728,400 couples that tied the knot last year spent
an average RMB 126,600 (US $16,842) on their nuptials, including
the cost of wedding photos, jewelry, outfits, the banquet, bridal
chamber décor and furniture, the honeymoon, and wedding
service company fees. In 2006, the wedding and related industry
was worth RMB 1,539.2 billion (US $205 billion). Taking into account
the RMB 1,200 billion (US $160 billion) it generates in the primary
and secondary industries, the wedding industry contributes 13.36
percent to GDP.
China Second Largest Aviation Country
The annual passenger turnover of domestic civil aviation has
hit 0.16 billion person/times, second in the world next only to
the United States, according to Civil Aviation Administration
of China (CAAS) statistics. The current volume of flights to the
Capital International Airport is 1,200 per day -- 84 per hour
at peak period. As of July 2007, China owned 1,067 freight transport
planes; it is expected to acquire a further 158 new aircraft this
year. As the Beijing Olympic Games draws near, the CAAS is striving
to extend the country’s main airports and further upgrade
air traffic safety and capacity control and management.
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