China‘s fiscal revenue growth further accelerated in October as the economy stabilizes, the Ministry of Finance (MOF) said on Wednesday. Fiscal revenue rose 16.2 percent year on year in October to 1.21 trillion yuan ($197 billion), according to an MOF statement. Revenue growth picked up from 13.4 percent in September and 9.2 percent in August. In the first ten months,… Read more →
China and the European Union are expected to start negotiations on a landmark bilateral investment treaty during the upcoming China-EU summit, the top EU envoy in China said. The agreement will help China upgrade its economy and better integrate with the world economy,analysts said. Markus Ederer, head of the EU delegation to China, told China Daily in an interview ahead of the summiton Nov 21 that the EU will make a number of proposals for new initiatives, including launching negotiations on a bilateral investment agreement. “That will enhance the potential for mutual investment. It will also give (China), looked at from the Chinese side, more certainty and predictability to the legal environment, because it will cover all member states,” Ederer said. “Investment conditions in member states differ and sometimes the laws differ, but it will set a few basic rules that will apply to all member states, so that will also improve the investment climate for Chinese companies.” A new agreement will streamline existing bilateral investment protection agreements between China andEU member states into a single, coherent text to improve the protection of bilateral investments andincrease investment flows. With goods and services worth more than $1.34 billion traded between both sides every day, trade flowsbetween China and the EU are impressive. However, the flow of bilateral investment remains relativelylow. Statistics from the EU show that China’s direct investment to the EU comprises only 2.2 percent of thewhole, while bilateral foreign direct investment represents less than 3 percent of both sides’ total outflowsin 2012. “We will establish across the board a simpler and more predictable legal and political environment formutual investments. The uniformity and certainty on investment conditions will grow on both sides,”Ederer said. “In terms of regulating the investment practices, it will be more comprehensive than the bilateralagreements from the member states, because it will also be broader in substance matter. It will be aboutinvestment protection, but it will also be about market access and national treatment.” Analysts said the treaty has strategic meaning for both. “The treaty will offer a good opportunity for China to attain international standards on trading andinvestment,” said Zhao Junjie, a researcher on European studies with the Chinese Academy of SocialSciences. European countries are good at setting rules to regulate trading and investment practices, and thereforeplay a more dominating role in global economic practices, he said. European investment to China, with advanced technologies and expertise, will help China transform to amore sustainable economy and upgrade its economy in the world industry chain, Zhao said. Chen Mingming, former Chinese ambassador to Sweden said, “To further implement the reform andopening-up policy, China needs a better investment environment overseas.” China is taking measures to boost foreign trade, including reaching new free trade agreements and tappingthe potential of existing free trade agreements with foreign countries. In April, Iceland became the first European country to reach a free trade agreement with China, followed by Switzerland in July. Zhang Haiyan, a professor at the Antwerp Management School, said the EU may put non-commercial items… Read more →
Pension for clean governance 廉政年金 (Lian zheng nian jin) The reform policies proposed by the State Council’s Development Research Center before the Third Plenary Session of the 18th Communist Party of China Central Committee cover a wide-range of reform areas, of which a proposed clean governance allowance plan has sparked wide discussions. In a bid to prevent corruption among government officials, the… Read more →
The Third Plenary Session of the 18th Communist Party of China Central Committee 十八届三中全会(Shi ba jie san zhong quan hui) The Third Plenary Session of the 18th CPC Central Committee will be held from Nov 9th to 12th in Beijing. People have pinned their expectations and hopes for further reforms on the gathering, which is widely regarded as taking place… Read more →
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