Economy, Investment and Trade
China’s second largest bank opens private banking centre in Singapore
18 April 2017 – China Construction Bank (CCB) has announced the opening of an infrastructure financing services centre, a private banking centre and an investment services subsidiary in Singapore in addition to its existing branch in the city state. With the opening of these new centres Chinese companies will be able to leverage further on Singapore as an infrastructure financing hub for China’s various One Belt One Road projects.
Source: Nikkei Asian Review (4 April 2017)
China’s strong growth beneficial to Malaysia according to economists
18 April 2017 – Some economists are predicting that China’s faster-than-expected growth of 6.9 percent in the first quarter will benefit Malaysia as it is the country’s largest trading partner. China’s higher growth was attributed to government spending on infrastructure and a property boom which aided in the rise of industrial output – the largest seen in two years. However, some economists are cautious saying that this is only China’s first quarter results and any predicted boon for Malaysia and the region should be based on consistent growth rates over at least two quarters.
Source: Bloomberg (2 April 2017)
China and Vietnam to strengthen ties
19 April 2017 – Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and Chinese State Councillor Yang Jiechi met in Beijing to discuss deepening ties between the two countries. The two spoke about the difficulties faced in bilateral relations with both sides agreeing to implement a mechanism for defence exchange. The two sides also spoke about improving economic relations such as taking effective measures for balance of trade, expanding investment and establishing trade promotion offices for Vietnam in China.
China wants to work with ASEAN on XiJinping’s anti-corruption drive
12 April 2017 – Vice-Minister of the National Bureau of Corruption Prevention, Mr Liu Jianchao, was in Singapore to discuss setting up a regional mechanism to help fight corruption and in particular capture fugitives fleeing President Xi Jinping’s anti-corruption drive. Singapore has said that they will consider the proposals but that it will require further discussions. Mr Liu, who also visited the Philippines and Malaysia on the same agenda, said that corruption goes beyond borders and that this could be a new area in which China and ASEAN can form a partnership allowing the region to address terrorism and drug trafficking at the same time.
Source: The Straits Times (5 April 2017)