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Economy, Investment and Trade
China, Vietnam to pledge to robust cooperation in capital market
(6 December 2017) Chinese and Vietnamese securities companies agreed to support the China-Vietnam capital market ecosystem to better support small and medium enterprises. During the forum, subsidiary of China’s Shenzhen Stock Exchange (SZSE) Shenzen Securities Information Company signed a cross-border financial service cooperation agreement on establishing a China-Vietnam cross-border capital service mechanism with the Bank of China located in Ho Chi Minh City. The agreement provides an economic, efficient and transparent information platform to connect Chinese capital and Vietnamese innovative projects.
Singapore top destination for Chinese investment
(8 December 2017) Singapore has passed the United States to emerge as the top destination for overseas investments from China, according to a report published by the The Economic Intelligence Unit (EIU). Singapore said efforts by Chinese firms to develop a global cutting edge in areas such as electric vehicles, financial technology and renewable energy are increasingly shaping overseas direct investment efforts. The EIU report noted that Malaysia and Singapore stand out as attractive Belt and Road Initiative destinations, providing an investment environment that offers opportunities as well as low levels of risk. Singapore was judged the second-most attractive destination for Chinese foreign investment in 2015 report.
China Telecom to enter Philippines telecom market
(10 December 2017) The Chinese government has selected China Telecom to invest in the Philippines in a bid to break the current duopoly in the local telecommunications industry. To keep up with the Philippines’ rules on foreign ownership limitation, the second largest telecommunications company in China is looking for a strategic partner in the Philippines. The offer was made to China due to its proven capability to provide telecom services to millions of users. The last time the Philippines signed a multimillion-dollar communications deal with a Chinese company was in 2007 during the administration of President Gloria Macapagal-Arroyo.
Shandong, Singapore to focus collaboration on three areas
(10 December 2017) Singapore and Shandong have agreed to work towards increasing trade and investments in the three areas of food products, modern services and energy. Shandong’s GDP of US$1.35 trillion last year makes it the third-richest province in China after Guangdong and Jiangsu. Mr Chee, the newly appointed co-chairman of the Singapore Shandong Business Council (SSBC) said that it is a milestone for SSBC to consolidate what they have achieved so far and also to look ahead to enhance the collaboration. Since the establishment of SSBC in 1993, Singapore has been Shandong’s third-largest foreign investor, with over US$13 billion being invested in the province.
Laos adopts work plan to enhance ties with China
(8 December 2017) Vientiane has adopted work plans to enhance Laos-China cooperation during its monthly cabinet meeting following a visit by Chinese President Xi Jinping in November. The meeting discussed ways to effectively use of grants which China has agreed to provide over the next three years. The meeting also reviewed the implementation of cooperation projects financed by Chinese Official Development Assistance (ODA) and other Chinese investments in Laos. It was reported that China was the largest source of foreign investment in Laos with 765 projects worth US$7 billion across various sectors.
China concerned over Philippines-Taiwan investment deal
(8 December 2017) China said it was seriously concerned about the Philippines signing a bilateral investment agreement with Taiwan. Chinese Foreign Ministry spokesman Geng Shuang, said that China hopes that the Philippines sticks to the “One China” principles and reminded them that China has no problem with “normal” trade relations other countries had with Taiwan, but opposed any kind of official exchanges.Taiwan and the Philippines have traditionally had close business and cultural ties, despite Manila severing its formal diplomatic relations with Taipei in 1975.