News

China's ODI up 5.1 pct in Jan.-Sept.

Date Oct 17 2018 17:45:31 Source:Xinhua

BEIJING, Oct. 17 (Xinhua) -- China's non-financial outbound direct investment (ODI) rose 5.1 percent in the first three quarters of 2018, official data showed Wednesday.

Domestic investors made 82.02 billion U.S. dollars of non-financial ODI in 4,597 overseas enterprises in 155 countries and regions in the first nine months, the Ministry of Commerce said in a statement.

Chinese M2 expands in September

Date Oct 17 2018 16:32:18 Source:Chinadaily

China's broad money supply, or M2, increased 8.3 percent year-on-year in September, accelerating from 8.2 percent in August, according to a central bank report.

New yuan loans stood at 1.38 trillion yuan and total social financing increased by 2.21 trillion yuan in September, the central bank said.

China's automobile sales drop sharply in September

Date Oct 17 2018 15:07:16 Source:Chinadaily

Visitors take photographs of a Tesla electric car at an automobile exhibition held in Beijing. [Photo by Long Wei/For China Daily]

China's automobile sales witnessed sharpest monthly decline in the past seven years in September, The Paper reported on Tuesday.

China's automobile sales dropped 11.6 percent year-on-year to 2.39 million in September and the cumulative sales from January to September were 16.18 million with just 0.6 percent increase year-on-year, according to data from China Association of Automobile Manufactures.

Statistics show domestic automobile industry experienced 4.0 percent year-on-year negative growth in July, continued to decline 3.8 percent year-on-year in August and posted the double-digit fall in September.

All the top 10 automobile companies saw sales slump in September, except Zhejiang Geely Holding Group, the only company whose sales increased 14.3 percent to 122,114.

Sales of FAW-Volkswagen, SAIC Volkswagen and SAIC-GM, the top three automobile companies with a combined 27.3 percent market share in China, fell 5.4 percent, 8.6 percent and 18.4 percent, respectively, on a yearly basis in September.

The sales of Shanghai General Motors Wuling dropped the most to 98,688 from 130,564 by 24.4 percent year-on-year this September.

Automobile industry has witnessed continuous growth in 26 consecutive years since 1992 and the last sharpest monthly drop occurred in January 2012 with 26.4 percent decline.

Dutch battery company to build 1.6 billion euro plant in China

Date Oct 17 2018 11:10:33 Source:Foreign media

Lithium Werks BV, a startup founded by Dutch entrepreneur Kees Koolen, said on Tuesday it had signed a 1.6 billion euro ($1.85 billion) deal to build a new storage battery plant in China.

Koolen said the agreement included project financing of 15-30 percent by Chinese or regional financing sources, 50 percent from development banks, and the remainder by Lithium Werks and its equity investors.

The factory will be able to produce batteries with 500 GWh storage capacity per year by 2030.

“There’s a big appetite from investors for such projects and such companies, so we have a lot of people interested to make sure we have enough equity,” Koolen said in a telephone interview.

“This is just the first project we’re going to do.”

The agreement is one of several commercial deals announced as Dutch Prime Minister Mark Rutte and Chinese Premier Li Keqiang met on Tuesday in the Hague.

Koolen has invested 41 million euros into Lithium Werks and currently holds a 50 percent stake, though he expects that to be diluted as it grows.

The company’s focus is on lithium iron phosphate batteries which are the size of shipping containers. They are quick to charge and suitable for a variety of uses, including solar or wind farms, or in the shipping industry.

Koolen predicted the battery storage market would eventually be far larger than the market for electric cars.

He said that European governments were also interested in supporting his company, which has received investments from the University of Twente in the Netherlands and Dutch development agency Oost NL.

But other potential projects are moving more slowly due to red tape, Koolen said.

The factory is to be built on a 60 hectare site in the Yangtze River Delta in cooperation with China’s Zhejiang Jiashan Economic and Technological Development Zone Industry Corporation. 

Koolen, a partner at investor EQT Partners and an adviser to Uber International, held key positions at Booking.com in the early days of its transformation into the world’s largest hotel booking site.

China clears forex regulations to facilitate trade, investment

Date Oct 17 2018 08:49:11 Source:Xinhua

BEIJING, Oct. 16 (Xinhua) -- China's foreign exchange regulator has abolished 17 regulations on forex management to promote trade and investment facilitation.

As a part of the government's reform to improve regulations and services, clearing the outdated regulations will help market entities better understand the country's forex policies, the State Administration of Foreign Exchange said Tuesday in a statement.

The abolished regulations used to center on aspects including import forex payment, trade in service and foreign debt, as well as the forex management for financial institutions, companies and individuals.

The authority has also scrapped the requirements on the quota and account validity for front-end expenses of foreign direct investment in two regulations to make direct investment into China easier.

In the future, the administration will continue to clear outdated laws and regulations for trade and investment facilitation, the statement said.

Page2of2342