FTZ buoys im­ports, ex­ports in Shang­hai

China Daily European Weekly - - Business - Wan­hua to set up chem­i­cal plant in US CBN to be new player in 5G sec­tor China, Uganda seek to boost eco­nomic ties Rules on for­eign banks to be re­vised Pol­icy to al­low more cross-bor­der e-com­merce

The Shang­hai Free Trade Zone ac­counted for 42.9 per­cent of the to­tal im­ports and ex­ports in the mu­nic­i­pal­ity dur­ing the first 10 months of the year, lo­cal au­thor­i­ties said. Ac­cord­ing to Shang­hai Cus­toms, more than 19,000 new en­ter­prises have been reg­is­tered since the FTZ was set up five years ago, bring­ing the to­tal num­ber to 28,000. The to­tal im­port and ex­port vol­ume in the first 10 months of 2018 in the Shang­hai FTZ stood at 1.21 tril­lion yuan ($174 bil­lion; 152 bil­lion eu­ros; £136 bil­lion), up by 5.8 per­cent from a year ago. Wan­hua Chem­i­cal Group will in­vest $1.25 bil­lion to de­velop a methy­lene diphenyl di­iso­cyanate com­plex in the south­ern US state of Louisiana. Wan­hua has se­lected Con­vent in Louisiana’s St. James Parish for its new MDI plant, ac­cord­ing to a com­pany state­ment. The project is set to start con­struc­tion in 2019 and be op­er­a­tional by 2021. China’s multi­bil­lion-dol­lar 5G mar­ket is shift­ing from a trio game to a four­player bat­tle­ground, af­ter the Min­istry of In­dus­try and In­for­ma­tion Tech­nol­ogy al­lowed China Broad­cast­ing Net­work Ltd to en­gage in the con­struc­tion of a net­work for the fifth­gen­er­a­tion mo­bile com­mu­ni­ca­tion tech­nol­ogy. The min­istry con­firmed on Nov 28 that it has green­lighted CBN to build 5G net­works, which will al­low it to grab a spot in a mar­ket long dom­i­nated by the na­tion’s big three mo­bile car­ri­ers — China Mo­bile, China Uni­com and China Tele­com. Sources close to the min­istry said. CBN, the builder and op­er­a­tor of China’s cable TV net­work, is of­fi­cially ap­ply­ing for a 5G li­cense and the com­pany has an in­her­ent ad­van­tage in 5G, given its abun­dant spec­trum re­sources. A group of 30 Chi­nese en­trepreneurs con­cluded on Nov 28 their three-day trip to Uganda to look for busi­ness op­por­tu­ni­ties. Uganda has held sev­eral Chi­nese in­vest­ment fo­rums with the aim of con­vinc­ing the Asian coun­try that it is among the best in­vest­ment des­ti­na­tions in Africa. The Uganda In­vest­ment Au­thor­ity, a state agency charged with in­vest­ment pro­mo­tion, said on Nov 27 that its 201621 strate­gic plan em­pha­sizes col­lab­o­ra­tion with China in the de­vel­op­ment of in­dus­trial parks and the set­ting up of sci­ence, tech­nol­ogy and in­no­va­tion parks. The China Bank­ing and In­sur­ance Reg­u­la­tory Com­mis­sion un­veiled a draft in­stru­ment on Nov 28 on the reg­u­la­tion of for­eign banks to so­licit pub­lic opin­ions. The re­vi­sion on the de­tailed rules for reg­u­lat­ing for­eign banks aims to ex­pand the open­ing-up of the bank­ing in­dus­try, en­hance the com­pet­i­tive­ness of banks, in­crease the risk-pre­ven­tion ca­pa­bil­i­ties of for­eign banks and beef up the pro­tec­tion of fi­nan­cial con­sumers’ rights and in­ter­ests, a CBIRC state­ment said. A to­tal of 18 items have been mod­i­fied, in­clud­ing the cal­cu­la­tion of work­ing cap­i­tal ap­pro­pri­ated by for­eign banks to their branch banks in China and the ap­pli­ca­tion of a re­port­ing sys­tem when busi­ness branches of a for­eign­funded bank con­duct the busi­ness of agency mar­ket­ing, agency distri­bu­tion, proxy cash­ing and gov­ern­ment bonds un­der­writ­ing. The re­vi­sion also touches on some busi­ness re­quire­ments. For in­stance, the branch banks of a for­eign bank that has also set up wholly owned for­eign banks or jointven­ture banks in China can only en­gage in whole­sale busi­ness. China will soon re­lease de­tails of a new pol­icy on al­low­ing more cross­bor­der e-com­merce pur­chases, Eco­nomic In­for­ma­tion Daily has re­ported. More than 60 cat­e­gories of prod­ucts will be added to the list of duty-free goods via cross-bor­der e-com­merce plat­forms, cov­er­ing more high-de­mand con­sumer goods such as elec­tron­ics, small home ap­pli­ances, food and health­care prod­ucts, ac­cord­ing to the news­pa­per. Goods on the list have so far en­joyed zero tar­iffs within a set quota and had their im­port VAT and con­sumer tax col­lected at 70 per­cent of the statu­tory tax­able amount. Be­gin­ning on Jan 1, the an­nual quota on cross-bor­der e-com­merce pur­chases for in­di­vid­ual buy­ers will rise to 26,000 yuan ($3,740; 3,290 eu­ros; £2,930) from 20,000 yuan, ac­cord­ing to a meet­ing of the State Coun­cil held in Novem­ber. The tax-free lim­its on sin­gle trans­ac­tions will in­crease to 5,000 yuan from 2,000. The new pol­icy will be ap­plied

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