As the last stop on his four-country Latin American tour, Chinese President Xi Jinping met with Cuban President Raúl Castro to discuss, among other things, increasing bilateral trade and investment. President Xi was greeted with military honors at Cuba's Palace of the Revolution, the venue for talks between the two leaders. As the only single-party communist state in the Americas, Cuba started opening up its economy in 2008 with limited success, but observers note that Cuba appears to be following in China's footsteps with regard to economic and trade reforms, which lays a foundation for increased cooperation between the two countries.
China is already Cuba's primary source of credit, as well as being its second-largest trading partner, after Venezuela. Cuba has long been barred from trading with the United States, and is excluded from dealings with the World Bank, so strengthening ties with China is seen as vitally important to the Caribbean island. The new free-trade zone and container port of Mariel in northwest Cuba will serve to facilitate increased trade, and more than fifty entrepreneurs from China are also visiting Havana, the capital of Cuba, to investigate and promote business opportunities.
Deborah Rivas, Cuba's director-general for foreign investment, was reported as saying that the country wants Chinese businessmen to invest in Cuba, as well as to partner with Cuban companies. On the agenda for President Xi's is a trip to Santiago de Cuba, where he is exptected to make an announcement regarding cooperative deals between China and Cuba. It is speculated that these deals may include rebuilding housing which was destroyed in October 2012 by Hurricane Sandy.
President Xi's trip started off in Brazil – one of the five BRICS countries – and included Argentina and Venezuela. Trade between China and Latin American countries has seen rapid growth, reaching more than $260 billion in 2013.
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THE BUSINESS TIMES (subscription)China's Finance Minister vows to pursue fiscal reformsTHE BUSINESS TIMES (subscription)[BEIJING] China will re-vamp its fiscal system as promised by the government by carrying out changes that include levying property taxes nationwide, Finance Minister Lou Jiwei said on Thursday. In remarks published on the Finance Ministry's website ...and more »
Wall Street JournalChina Finance Minister Says 7.5% GDP Target Not a 'Floor'Wall Street JournalBEIJING?Chinese Finance Minister Lou Jiwei said that the government's 7.5% economic growth target isn't a "floor," suggesting that Beijing may be comfortable with slower growth. Early this year, China set its annual target at "around 7.5%." But recent ...China to Keep Intervening on Yuan, Finance Minister SaysBloombergChina says it's up to US to drive global economyYahoo NewsNo new stimulus in the works, Chinese finance minister saysCTV NewsBelfast Telegraph -People's Daily Online -Courier Mailall 1,487 news articles »
Top News : Staples (NASDAQ:SPLS), China Finance Online (NASDAQ:JRJC ...Crazy JoysOn Friday shares of China Finance Online Co., Ltd. (NASDAQ:JRJC) ended up at $4.11. This year Company's Earnings per Share (EPS) growth is 27.80%. Beta of China Finance Online Co., Ltd. (NASDAQ:JRJC) is 1.63 while company weekly performance is ...
Wall Street JournalLuxembourg Covets Offshore Trade in China's YuanWall Street JournalLike their rivals from London, Paris, Frankfurt and other financial centers, Luxembourg fund managers, regulators and politicians have made major overtures to attract China's financial clout to the country. Even Crown Prince Guillaume, the 32- year-old ...and more »
Alibaba's maturity mismatchThe Economist (blog)By this February it had already attracted 81 million investors, which, as the Financial Times pointed out, exceeded China's 77 million active stock-trading accounts. With some 574 billion yuan ($93 billion) under management at the end of June, it is ...
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The Free Trade Agreement signed by Swiss Federal Councilor Johann Schneider-Ammann and Chinese Minister of Commerce Gao Hucheng on July 6, 2013, came into effect on July 8, 2014, making Switzerland the first mainland European country to enter into such an agreement with China. The deal came about as a result of two years of negotiations between Bern and Beijing and is designed to cut through excessive red tape and regulate import and export tariffs, with a view to, among other factors, Switzerland gaining access to the sizable Chinese consumer market and China gaining the benefit of Swiss technological innovations.
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