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.
NEWS.com.auEzubao owner Ding Ning is one of 21 people arrested over what could be the biggest financial fraud in Chinese ...NEWS.com.au... citing police as estimating 900,000 investors had fallen victim to the scam. Ezubao claimed to be a peer-to-peer lender, which matched investors with potential borrowers over the internet, and had quickly become China's leading online financing ...Chinese company accused of $7.6B financial fraudUSA TODAYChinese Ponzi Scheme: Online Finance Company Ezubao Cheated Nearly 1M Investors Of $7.6BInternational Business TimesOnline Lender Ezubao Took $7.6 Billion in Ponzi Scheme, China SaysNew York TimesFinancial Times -Telegraph.co.uk -BBC Newsall 393 news articles »
Financial TimesChina foreign exchange reserves hit more than 3-year lowFinancial TimesChina's foreign exchange reserves dropped by nearly $100bn last month to the lowest level since May 2012 as Beijing continued to sell dollars to support its currency and stem capital outflows. Fears about the slowing economy and slumping asset prices ...Holding Back China's Capital Flight 'Dam' Is KeyBloombergThis is China's next market hurdleCNBCDo China's Global Economic Ambitions Really Threaten the US?World Politics ReviewNewsmax -IndustryWeekall 313 news articles »
South China Morning Post (subscription)China's financial giants hammered in discipline reviewSouth China Morning Post (subscription)Among the 21 financial regulators and institutions that came under review, China Development Bank, the country's biggest policy bank, and China Investment Corporation, the mainland's sovereign wealth fund, are among the major fund contributors to the ...and more »
BloombergChina's Biggest Ponzi Scheme Shows Rot in Internet FinancingBloombergAlmost overnight, Ding Ning and Zhang Min struck it rich with the hot new thing in Chinese finance. In 18 short months, they transformed an old-line industrial company into an Internet phenomenon through the seeming magic of peer-to-peer lending. It ...The Ezubao scam: A sign of deeper problems in China's financial systemWorld Socialist Web SiteIt's a Chinese Ponzi scheme that should really scare usTelegraph.co.uk$7.6 Billion P2P Lending Scam Flames Out In ChinaCryptoCoinsNewsYahoo Singapore News -Reutersall 89 news articles »
CBC.caChina's Lunar New Year traditions offer lessons in personal financeCBC.ca"In China, we have a saying," says Li. "You get successful first. Then you get married." The envelopes, which typically contain $5 to $20 each, are meant to set a financial foundation for the recipients in order for them to become successful. "It ...Bitcoin Traders Take Note: Happy Chinese New YearFinance MagnatesChinese visit temples, fairs to ring in Year of the MonkeyYahoo News UKall 1,412 news articles »
Telegraph.co.ukDollar tumbles as Fed rescues China in the nick of timeTelegraph.co.ukThe latest shift in dollar positioning came after the New York Fed chief, Bill Dudley, said this week that market ructions have led to ?considerably tighter? financial conditions since December and that any further rise in the dollar could have ...and more »
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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.
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