Skech­ers stays bullish on fu­ture prospects

China Daily European Weekly - - Business - Tax cuts cheer Nor­way seafood ex­porters Chi­nese com­pany aims to build ar­ti­fi­cial-hair hub Low speed ma­glevs set to de­but in 2019

Global leisure brand Skech­ers has seen fast sales growth in China since it en­tered the mar­ket 10 years ago. The com­pany’s sales in the Chi­nese mar­ket grew by 73 per­cent an­nu­ally on av­er­age dur­ing the past decade, with sales vol­ume surg­ing from 74 mil­lion yuan ($11.2 mil­lion; 9.6 mil­lion eu­ros; £8.4 mil­lion) in 2008 to 10.43 bil­lion yuan in 2017, ac­cord­ing to Wil­lie Tan, Skech­ers’ CEO for the Chi­nese main­land, Hong Kong, South Korea and South­east Asia mar­kets. Tan at­trib­uted the brand’s rapid growth in the Chi­nese mar­ket to an ef­fec­tive part­ner­ship model, lo­cal­ized op­er­a­tions and brand­ing as well as an ef­fi­cient sup­ply chain. Nor­way’s seafood ex­porters might pay more than 70 mil­lion kroner ($8.6 mil­lion; 7.3 mil­lion eu­ros; £6.5 mil­lion) less ev­ery year af­ter China in­tro­duced huge new tar­iff cuts on July 1, the Nor­we­gian govern­ment said in a news re­lease. “Last year, we ex­ported seafood for well over 3 bil­lion kroner to China. If we take last year’s ex­ports as a start­ing point, this means a tar­iff re­duc­tion of more than 70 mil­lion kroner an­nu­ally,” Min­is­ter of Fish­eries Per Sand­berg was quoted as say­ing. “China is open­ing up for more in­ter­na­tional trade. These are pos­i­tive moves from a large and im­por­tant mar­ket,” he said. Liberian Pres­i­dent Ge­orge Weah has wel­comed a vis­it­ing Chi­nese busi­ness del­e­ga­tion whose aim is to set up an ar­ti­fi­cial-hair fac­tory in the West African coun­try. The del­e­ga­tion, from cen­tral China’s He­nan Ruimei Prod­ucts Co Ltd, which pro­duces ar­ti­fi­cial hair, said it in­tends to use Liberia as a hub for ar­ti­fi­cial-hair pro­duc­tion in Africa. The es­tab­lish­ment of its fac­tory in Liberia will cre­ate jobs for 3,000 to 5,000 lo­cal peo­ple within three years, ac­cord­ing to the Chi­nese com­pany. About 500 ini­tial em­ploy­ees will be needed when pro­duc­tion be­gins, the com­pany said. CRRC Changchun Rail­way Ve­hi­cles is ex­pected to de­liver the first of its new gen­er­a­tion mag­netic-lev­i­ta­tion trains to its cus­tomer in June 2019. The new low-to-mid­dle-speed ma­glev train can run at up to 120 kilo­me­ters per hour, ac­cord­ing to the CRRC Changchun Rail­way Ve­hi­cles. The new gen­er­a­tion train also has bet­ter shock and sound proof­ing ca­pa­bil­i­ties. The com­pany has re­cently won a bid for a 38-km ma­glev line in the city of Qingyuan in Guang­dong province. With a lower cost and shorter con­struc­tion pe­riod, the low-to-mid­dle-speed ma­glev sys­tem is ap­pro­pri­ate for ur­ban com­mut­ing, as well as travel to nearby cities and tourist spots.

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