As leaders from member countries gather in Beijing for the APEC summit, China is reportedly taking advantage of the opportunity to promote its plans for a Free Trade Area of the Asia Pacific (FTAAP) as an alternative to the Trans-Pacific Partnership (TPP) being negotiated by the United States which excludes China. However, Beijing's attempts to include calls for an FTAAP feasibility study (with a target date of 2025) in the communiqué to be distributed to leaders at the end of the session was thwarted by the US, with a US trade representative spokesman announcing that the two countries will be working on a proposal for APEC to further FTAAP in a 'long-term vision' building on other trade deals. Analysts note that Washington wants to avoid distracting attention from the TPP which has already been battling to overcome obstacles related to intellectual property, agriculture, services and investments, as well as objections by various advocacy groups related to the expansive scope and lack of transparency of the agreement. Currently twelve countries are involved in TPP negotiations, being Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Established in 1989, APEC (Asia-Pacific Economic Cooperation) includes 21 economies from the Pacific Rim region which promote free trade and economic cooperation between members. APEC members are Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Chinese Taipei, Hong Kong, People’s Republic of China, Mexico, Papua New Guinea, Chile, Peru, Russia and Vietnam.
The APEC program kicks off with the Concluding Senior Officials' Meeting (CSOM) and Fourth APEC Business Advisory Council Meeting, followed by the Apec Ministerial Meeting (AMM) and the APEC CEO Summit, concluding with the APEC Economic Leaders' Meeting (AELM).
When asked whether the United States was attempting to stop the formation of the proposed FTAAP, assistant minister with China's Ministry of Commerce, Wang Shouwen, was reported as saying that there are no blocks or conflicts, noting that the APEC gathering is a forum and not a platform for negotiation. However, China will be seeking to establish which APEC countries would support a free-trade zone with China, just not at the upcoming APEC summit.
Wall Street Journal (blog)China's Finance Minister Not Looking Forward to Endless G-20 MeetingsWall Street Journal (blog)With so many meetings, how can you get anything done? That was the essential gripe from Chinese Finance Minister Lou Jiwei as he looked ahead to 2016, when China will chair the Group of 20 major economies. Mr. Lou said he recently looked at the ...China aims to expand debt-for-bond program to ease pressuresThe AustralianMoF: NPC to decide debt swap plan expansionCCTVall 13 news articles »
Copper finance incentives hurt China demandFinancial TimesIt would also help reduce the amount of hot money inflows into China. Copper is one of the most popular metals for such deals, due to the ease of selling in the market. Typical financing involves an importer obtaining a US dollar letter of credit from ...and more »
Wall Street JournalAustralia Will Join China-Led Investment Bank, Prime Minister SaysWall Street JournalCANBERRA, Australia?Australia will join a new China-led infrastructure bank, but still holds some concerns about governance of the bank, the country's conservative government said Sunday. Prime Minister Tony Abbott and Australian Treasurer Joe Hockey ...Australia to join China-led bank despite US oppositionFinancial TimesChina-Led Development Bank Gains Global Support; UK, Switzerland Approved ...International Business TimesRPT-UPDATE 4-More countries say to join China-backed AIIB investment bankReutersall 566 news articles »
China Finance Online (JRJC) Stock Falls After Earnings ReportTheStreet.comChina Finance Online Chairman and CEO Zhiwei Zhao said, "With the policy of promoting the healthy development of Internet finance and improving financial supervision and coordination mechanism, we continue to remain confident in the long-term prospect ...China Finance Online's (JRJC) CEO Zhiwei Zhao on Q4 2014 Results - Earnings ...Seeking Alpha (registration)China Finance Online Reports Fourth Quarter and Fiscal Year 2014 Unaudited ...PR Newswire (press release)China Finance Online's Q4 Sinks Stock; Down 14% After HoursBenzingaRTT News -Nasdaqall 11 news articles »
ReutersIMF, ADB add to supporters for China-led development bankReutersSome 27 countries have already signed up to participate in the AIIB, China's Finance Minister Lou Jiwei told China National Radio on Saturday. It will provide project loans to developing countries and is slated to begin operations at the end of 2015.Asian regional bank would 'complement' existing institutions, says China's ...CTV NewsSwitzerland, Luxembourg apply for China-led infrastructure bankRTChina's finance minister says new bank to complement, not compete with ...Fox BusinessXinhua -Telegraph.co.ukall 1,325 news articles »
The GlobalistChina's Financial ParadoxesThe GlobalistChina's leadership in the creation of the AIIB and also the New Development Bank (formerly the BRICs Development Bank) is a direct challenge to the U.S.-dominated post-war international financial system centered on the IMF and World Bank. It is thus ...George Osborne rejected diplomatic advice to join China-led bankFinancial TimesUK and Switzerland follow Brazil to China-backed Asia investment bankYahoo Finance UKSouth Korea sees gains for its infrastructure firms from joining China-backed bankThe Globe and MailTIMEall 474 news articles »
- Trade Drops for Phase 1 of Canton Fair 2014 - Editor, Wednesday 22 October 2014
- New Film Studio to Boost Business in Qingdao - Editor, Wednesday 8 October 2014
- China's Economic Growth Slows, Shadow Lending Grows - Editor, Wednesday 24 September 2014
- China's e-Commerce Market Booming - Editor, Wednesday 10 September 2014
- Upgrade of ASEAN-China FTA to be Negotiated - Editor, Wednesday 27 August 2014
- Foreign Automakers Gain Market Share in China - Editor, Wednesday 13 August 2014
- China and Cuba Discuss Trade and Investment - Editor, Wednesday 23 July 2014
Held twice a year in the city of Guangzhou, capital of the Guangdong province, the Canton Fair has been running since 1957 and is considered to be the largest trade fair in China. The Canton Fair (full name being China Import and Export Fair) is organized by China Foreign Trade Center and supported by the Ministry of Commerce of China and People’s Government of the Guangdong Province. To accommodate the more than 150,000 different products showcased by more than 55,800 exhibitors, the Canton Fair is split into three sessions. Phase 1 of the current Canton Fair took place on October 15-19 and included Electronics & Household Electrical Appliances; Lighting Equipment; Machinery, Vehicles & Spare Parts; Hardware & Tools; Chemical Products; Energy Resources; and Building Materials. Phase 2 is set to take place on October 23-27 featuring Consumer Goods; Gifts; and Home Decorations. Phase 3 on October 31 to November 4 includes Office Supplies; Recreation Products; Cases & Bags; Food; Textiles & Garments; Shoes; and Medicines, Medical Devices & Health Products.
More In Features
- New Film Studio to Boost Business in Qingdao
- Editor, 8 October 2014
- China to Lift IPO Moratorium
- Editor, 4 December 2013
- China-EU Summit: Green Growth in a Safer World
- Editor, 20 November 2013
- Focus Shifts to Economic Growth as China’s Inflation Rate Eases
- Editor, 9 November 2011
A recent report published by New York-based research company China Beige Book (CBB) revealed that China's economic growth is faltering, despite the government's 'mini-stimulus' strategies launched in May, which included a more relaxed approach to lending and a wave of infrastructure investment projects. The CBB report, which is compiled from surveys of more than 2,100 firms around China, noted that less than 20 percent of the firms surveyed borrowed in the third quarter, whether it be from the bond market, banks or shadow finance firms, which is a drop of 29 percent when compared to the third quarter of 2013. The report also shows that capital expenditures have dipped to the lowest level since the CBB survey began in 2012.
More In Trade
- New Texas-China Air Travel Routes Likely to Boost Trade
- Editor, 11 June 2014
- China Invests in Cleaning Up Pollution
- Editor, 19 February 2014
- China's Job Market Faces 'Mismatch' in Skills
- Editor, 6 November 2013
- Rare Earth Element Exports and Stocks Increase
- Editor, 11 September 2013
As Chinese e-commerce company Alibaba prepares for its IPO through the New York Stock Exchange, the Dalian Wanda group in China announced on Friday that it would be entering into an e-commerce joint venture with Baidu and Tencent Holdings to be registered in Hong Kong. Wanda will own 70 percent of the new venture with Baidu and Tencent each holding 15 percent. The aim is to tap into China's e-commerce market, which is reportedly the largest in the world and currently dominated by Alibaba. The collaboration between the three companies will create the world's biggest online-to-offline (O2O) e-commerce platform, where people use their mobile devises to locate and buy goods and services, often while they are in or nearby the physical store.
More In News
- Upgrade of ASEAN-China FTA to be Negotiated
- Editor, 27 August 2014
- Foreign Automakers Gain Market Share in China
- Editor, 13 August 2014
- China and Cuba Discuss Trade and Investment
- Editor, 23 July 2014
- Swiss-China FTA Set to Increase Trade
- Editor, 9 July 2014