First US beef by sea ar­rives in Shang­hai

China Daily European Weekly - - Business - Gazprom to sup­ply 4.6b cu­bic me­ters of gas Lego to cut 1,400 jobs around the world Out­bound tourism’s growth likely to con­tinue Ali­pay en­ters Nor­way mar­ket In­sur­ance mar­ket will open fur­ther China’s NEV in­dus­try in fast lane for growth

The Shang­hai En­try-Exit In­spec­tion and Quar­an­tine Bu­reau said on Sept 4 that the first ship­ment of US beef by sea had en­tered China on Sept 1, sig­ni­fy­ing the nor­mal­iza­tion of largescale im­ports of the prod­uct. The ship­ment of frozen beef weighed 15.1 met­ric tons and was val­ued at more than $300,000, ac­cord­ing to the bu­reau, which opened a green chan­nel for a faster ap­proval pro­ce­dure. China started im­ports of US beef in June af­ter a 14-year ab­sence. How­ever, im­ports were lim­ited to air­freight in June and July, which pushed up costs while fail­ing to meet mar­ket de­mand. Data from Shang­hai Cus­toms showed the city’s beef im­ports reached 144,000 tons from Jan­uary to July, mainly from Brazil, Aus­tralia, Uruguay and New Zealand. Rus­sia’s Gazprom plans to sup­ply around 4.6 bil­lion cu­bic me­ters of gas to China via the Power of Siberia gas pipe­line in 2020, Vsevolod Cherepanov, a mem­ber of Gazprom’s man­age­ment board, said on Sept 6. He added that vol­umes from Gazprom, which is now build­ing what is set to be Rus­sia’s first gas pipe­line to China, are set to grad­u­ally in­crease to 38 bil­lion cu m by 2025. Top toy maker Lego Group will cut about 1,400 jobs, or around 8 per­cent of its to­tal global work­force, af­ter rev­enue fell by 5 per­cent for the first half of 2017, the com­pany an­nounced on Sept 5. Sales for the first six months of 2017 to­taled 14.9 bil­lion Dan­ish kro­ner ($2.4 bil­lion; 2 bil­lion eu­ros; £1.8 bil­lion), down from 15.7 bil­lion kro­ner for the same pe­riod last year, ac­cord­ing to its half-yearly fi­nan­cial re­port. Op­er­at­ing profit for the first half of 2017 de­clined by 6 per­cent to 4.4 bil­lion kro­ner, down from 4.7 bil­lion kro­ner for the first half of 2016. Per­for­mance across the mar­ket re­gions was mixed. Though Lego saw rev­enue grow by dou­ble dig­its in such grow­ing mar­kets as China, its rev­enue de­clined in es­tab­lished mar­kets such as the United States and parts of Europe. Chi­nese out­bound tourism has wit­nessed “ex­plo­sive growth” in the past 10 years, and the trend is likely to be main­tained in the next decade, Ctrip CEO Sun Jie said on Sept 3. Chi­nese main­land trav­el­ers made more than 120 mil­lion out­bound trips in 2015, 313 per­cent more than in 2005, ac­cord­ing to a re­port re­leased ear­lier by Ctrip, China’s lead­ing on­line travel agency, and the think tank Cen­ter for China and Glob­al­iza­tion. In the first half of 2017, 62 mil­lion over­seas trips were made by Chi­nese tourists, the China Na­tional Tourism Ad­min­is­tra­tion said in a state­ment in Au­gust. “Their trips abroad have cre­ated, di­rectly and in­di­rectly, up to 100 mil­lion jobs world­wide,” ac­cord­ing to Sun. China’s lead­ing mo­bile and on­line pay­ment ser­vice Ali­pay launched its op­er­a­tions in Nor­way on Sept 3 to boost Chi­nese cus­tomers’ shop­ping ex­pe­ri­ence in the Nordic coun­try. “The adop­tion of Ali­pay ser­vices of both pay­ment and mar­ket­ing will not only en­hance the ex­pe­ri­ence of Chi­nese con­sumers but also help Nor­we­gian busi­nesses reach out to their Chi­nese cus­tomers,” says Michael Chen, CEO of APay Nordic AS, a pro­mo­tion and ser­vice part­ner of Ali­pay in the Nordic coun­tries. Ali­pay, which cur­rently has more than 520 mil­lion users and is op­er­ated by Ant Fi­nan­cial, part of Alibaba Group, is a com­bi­na­tion of pay­ment tools, fi­nan­cial ser­vices and mar­ket­ing plat­forms. China is go­ing to fur­ther open its in­sur­ance mar­ket to for­eign in­vestors, and reg­u­la­tors are striv­ing to make it more at­trac­tive to for­eign in­sur­ance in­sti­tu­tions, said Chen Wen­hui, vice-chair­man of the China In­sur­ance Reg­u­la­tory Com­mis­sion. Speak­ing at a meet­ing with ex­ec­u­tives of 10 for­eign in­sur­ers in Bei­jing on Sept 5, Chen said in­sti­tu­tions that have al­ready been op­er­at­ing in the China mar­ket are en­cour­aged to en­ter more sec­tors in­clud­ing ca­su­alty, re­tire­ment and health­care in­sur­ance. The mar­ket en­vi­ron­ment will be fur­ther im­proved to help for­eign in­sur­ers get more closely en­gaged in China’s in­sur­ance mar­ket. For in­sur­ers that have yet to en­ter the China mar­ket, reg­u­la­tors will fur­ther op­ti­mize poli­cies to at­tract ex­cel­lent play­ers to the na­tion. So far, China has 57 for­eign in­sur­ers from 16 coun­tries and re­gions, with 1,800 branches and out­lets. All of the in­sur­ers on the For­tune 500 list op­er­ate in China. The com­bined mar­ket share of for­eign in­sur­ers has grown from less than 1 per­cent in 2001 to 5.19 per­cent at the end of 2016, and the com­bined as­sets of for­eign in­sur­ers grew from 3 bil­lion yuan ($195.8 mil­lion; 164.1 mil­lion eu­ros; £150 mil­lion) to more than 1 tril­lion yuan by the end of July. China’s new en­ergy ve­hi­cle in­dus­try has seen rapid growth in the past few years, with grow­ing sales and an im­proved in­dus­try ecosys­tem, ac­cord­ing to an in­dus­try as­so­ci­a­tion.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.