With trade amounting to $66 billion in 2012, China is currently one of India's largest trading partners, and trade talks this week between China's Premier Li Keqiang and India's Prime Minister Manmohan Singh included strategies to push that figure up to $100 billion per annum by 2015. Agreements were reached for bilateral cooperation on large-scale projects, as well as for establishing an economic corridor between China, India (both members of BRICS), Myanmar and Bangladesh.
Following the ceremonial reception held for Premier Li in New Delhi, he stated in an interview that development of prosperity in the world required "cooperation and simultaneous development of China and India" going on to say that discussions have achieved multiple and significant outcomes. It has been reported that on the second day of Li's visit to India the two countries signed eight agreements of cooperation and development. On the agenda for discussion was trading in yuan, rather than the US$ which is currently used. In line with promoting China’s currency for international trade, China already has currency-swap agreements with Australia, Brazil, Turkey, South Korea and Hong Kong, as well as the Bank of England.
A delegation of representatives from China’s telecommunications and banking sectors, as well as influential business leaders accompanied the Chinese Premier on his first trip to India. The delegation included representatives from ZTE, Huawei, Aviation Industry Corporation of China, China Development Bank Corp, the Industrial and Commercial Bank of China and China Harbor Engineering Company Group.
India is the first overseas destination to be visited by Premier Li Keqiang since he took office. He will also be visiting Pakistan, Switzerland and Germany. In the wake of the recent issues between the two countries over the disputed Ladakh region in eastern Kashmir, where India alleged that Chinese troops had entered Indian territory, resulting in a standoff between Indian and Chinese troops that lasted three weeks, Li noted that his visit will "show the whole world that the mutual political trust between China and India is rising, practical cooperation is expanding and there are more common interests than differences."
China Finance: Accounting deal may not be solution investors wantTradingFloor.com (blog)Professor Paul Gillis, from Peking University's Guanghua School of Management and China accounting expert extraordinaire, wrote a post recently about a possible end to the accounting dispute between the US and China. It seems that James Doty, the ...
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Financial Industry 'Should Be Opened up More'Caixin Media(Beijing) ? The country's financial industry has been relatively well-aligned with international practices compared with other service sectors, but it still needs further opening up, experts said at the China Finance 40 Forum on May 19. The annual ...
China Finance: A billion-dollar company with a swingin' valueTradingFloor.com (blog)There's a forgotten Chinese internet company out there that seems to be considered all but dead by investors. It had a big initial public offering (IPO), but since then it's lost almost 80 percent of its value. I'm talking about Renren (NASDAQ: RENN ...and more »
China Finance: What SAF's retirement could teach Chinese firmsTradingFloor.com (blog)Football and Chinese companies, they may sound worlds apart, but at least this week some of the major talking points in the former are certainly applicable to the latter. One of the big news stories hitting China this week was the retirement of Sir ...
Economic TimesChinese, Korean finance chiefs skip out on ASEAN Plus ThreeThe Japan TimesGREATER, NOIDA INDIA ? China and South Korea skipped a meeting of finance chiefs from the Association of Southeast Asian Nations plus Japan, China and South Korea on Friday in India, their officials said. The ASEAN Plus Three meeting was to be the ...Finance ministers' meeting between Japan, South Korea canceledAsahi Shimbunall 58 news articles »
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- Capital Gains Tax Impacts China's Housing Market - Editor, Wednesday 13 March 2013
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- China Becomes World's Biggest Trading Nation - Editor, Wednesday 13 February 2013
Statistics reveal that the new auto market in China is by far the biggest in the world, with luxury vehicle sales climbing daily. Analysts predict that within seven years, China's demand for so-called "premium" cars will outstrip the demand in the United States. Currently premium cars make up 14 percent of new car sales in the United States, with up to 9 percent of China's sales being premium cars. It has also been noted that luxury car owners favor German models BMW, Mercedes and Audi. Now General Motors is planning to tap into the premium car market in China by building a new Cadillac factory in the country.
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During a recent state visit to Beijing by Iceland's Prime Minister Johanna Sigurdardottir, the two countries signed a free-trade deal which aims to eliminate most trade tariffs in the next few years. This is the first such agreement that China has signed with a European country and some analysts are of the opinion that it is part of China's strategy to reach out for allies as many of its historic trading partners are wary of China's increasing economic influence.
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Following months of negotiations between Australia and China, a strategic partnership agreement was concluded between Australian Prime Minister Julia Gillard and Chinese Premier Li Keqiang on the last day of Ms Gillard's five-day visit to China. Analysts note that the agreement, which commits to annual meetings between the Prime Ministers of China and Australia, is a major achievement for Ms Gillard, bearing in mind that China has this type of arrangement with only two other countries, being Germany and Russia, with the latter being a fellow member of BRICS – the association of emerging national economies consisting of Brazil, Russia, India, China, and since 2010, South Africa.
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