Monthly Archives: March 2012

Yiwu ASEAN-China agency to raise FTA awareness

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CHINA – The ASEAN-China Center aims to help China and members of the Southeast Asian bloc extract more benefit from the regional free trade agreement, the center’s Secretary-General Ma Mingqiang told China Daily in an exclusive interview.

The inter-governmental organization will provide lectures by economic experts about the ASEAN-China Free Trade Area, which by 2015 will include China and all 10 ASEAN member countries, beginning in May in China, Ma said.

“We will tell businesspeople directly what the ACFTA is and how they can use it reduce their costs and strengthen their companies,” said Ma.

However, many people in China and ASEAN member countries are not aware of the ACFTA.

For instance, the city of Yiwu in Zhejiang province is renowned as a shopping paradise for small commodities, which have a big market in Southeast Asian countries.

But many Yiwu businesspeople are not familiar with the ACFTA and sometimes end up paying higher tariffs when exporting to ASEAN countries.

Similarly, companies in Indonesia, famous for its raw rubber, often sell the natural resource to countries that have higher tariffs.

The population is not aware of the advantages of the ACFTA, said Ma, adding that the center “will go directly to enterprises at the basic level”.

The initial framework agreement of the ACFTA was signed on Nov 4, 2002 in Phnom Penh, Cambodia, which is the chair country of ASEAN this year and will host the 20th ASEAN Summit on Tuesday and Wednesday.

The ACFTA, which currently includes China and the six original members of ASEAN – Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, came into effect on Jan 1, 2010, making it the largest free-trade area in terms of population and the third-largest by nominal GDP at a combined value of US$6 trillion (S$7.5 trillion) in 2008.

The remaining four countries will follow suit in 2015.

According to the ACFTA, tariffs have been eliminated for about 7,880 product categories, or 90 per cent of the imported goods.

The city of Kaifeng promotes Yiwu Culture Fair and Tourism Fair – Yiwu News

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7th China Yiwu Cultural Products Trade Fair, the Fourth China International Tourism Commodities Fair promotion will be held March 29 in Kaifeng, Henan.

　　Promote the meeting, the Kaifeng Municipal Committee, propaganda minister Qinbao Jiang and Kaifeng City People’s Congress Standing Committee, deputy director of Kira to attend the seminar, said the hope that the Kaifeng entrepreneurs and business operators seize the opportunity to take full advantage held in Yiwu, the two national platform for the exhibition, the cultural industry bigger and stronger Kaifeng.

　　City People’s Congress Standing Committee, deputy director Yan Hong, Yiwu economic and social development, and these two show. She said, Kaifeng, the ancient capital of seven dynasties, distant history, cultural resources, heavy industry developed culture; Yiwu market advantage, expect the Kaifeng cultural products aboard the Fair Travel Fair “two platforms to the world, to promote win-win cooperation, to achieve common development.

　　The promotion by the news media attention in Henan and Kaifeng City, Province, news units, eight municipal news media in Kaifeng in Kaifeng will all be present. Promote the meeting, many entrepreneurs and business operators from Kaifeng cultural industries are encouraged to register participants.

Yiwu small loan company encouraged – Yiwu News

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March 28, the State Council announced the establishment of Wenzhou City finance comprehensive reform pilot area, a total of 12 key elements, of which there is a small loan company: to encourage and support private capital to participate in the reform of the local financial institutions in accordance with the law initiated the establishment of new shares of village banks, finance companies, rural fund cooperatives and other financial organizations; meet the requirements of small loan companies can be transformed into a village bank.

　　Small loan companies are expected to be restructured for the rural banks, this is not only the voices of a number of small loan companies in Wenzhou, the country, including Yiwu, including small loan companies look forward to. Today, Wenzhou First pilot microcredit companies restructuring for rural banks, Wenzhou is definitely a big breakthrough, but also the future development direction of the city’s small loan companies opened up the imagination.

　　Small loans is expected to quench their thirst “

　　Converted into a village bank, which is the number of small loan companies set up its mind, not bare can lend deposits, this trouble can be solved to some extent, small loan company funds hungry. 12 an important part of the Wenzhou City finance comprehensive reform pilot area “highlighted” eligible small loan companies can be restructured into a village bank.

　　Last year, the bank monetary policy tightening, a shortage of funds of enterprises, small-loans business is quite good, but is also facing the embarrassment of funding constraints. Remember that the funds of a small loan companies in the city all the loan-out, customer loans need to make an appointment. At that time there are more than 50 million yuan loan funds waiting in line.

　　To solve the financing problems of small loan companies, in fact it is indirectly solve the problem of the small micro-enterprise financing. Wenzhou SME Development Association president Zhou German also said that after the interview with the media The Wenzhou finance comprehensive reform pilot area is an ice-breaking trip, can introduce a large amount of capital used to support the industry, promote local economic development.

　　Good listed companies involved in micro-loans

　　Up to now, the city a total of Langsha, benefit providers, Sanding, Sunbeam and three other small loan companies, and look of these small loan companies, Sunbeam outside the small loan companies, the remaining three are the background of listed companies . In fact, the Shin Kong Group is also actively preparing for listing.

　　Listed companies involved in the microcredit field, took a fancy to the future prospects of small loan companies, and hopes to use this as a springboard to enter the financial industry.

　　CITIC Securities Yiwu stakeholders of the business department, said the future direction of the small loan companies to transform into urban banks, small loan companies can greatly enhance the development space.Although the overall strength of the small loan companies can not with the commercial banks to compete, into a town bank deposit and loan business, has expanded its business development space, can greatly enhance the performance of related companies. Listed companies for investment in these small loan companies, is a big plus.

　　There are worries the excitement of the Yiwu small loan company

　　The small loan company is expected to be transformed into village banks, no doubt is good news. Person in charge of the the Yiwu number of small loan company after hearing this news, the future development is full of confidence, see hope. However, due to restructuring rural banks must comply with the relevant conditions, where there is a very critical threshold: the largest shareholder of financial institutions.

　　Throughout the the Yiwu existing set up a small loan company, its main launch per capita is not a financial institution, private enterprises. Therefore, Yiwu, a number of small loan companies center in doubt, this reform in Wenzhou content just looks beautiful, but the actual operation is quite difficult.

　　From the balance sheet channel a “village bank restructuring of small loan companies, certainly is good news, but from the current real situation, the process would be difficult. Yiwu banks so many rural banks to compete? Alone. Village Bank is almost no advantage at all. “Yiwu benefit providers of small loan companies, the official told reporters.

　　Yiwu opened more than three months Sanding small loan companies is even more low-key, said: “before we opened, the moment is to do their own thing to do to prepare for the next phase of business development.” The who the so-called business development is to increase their investment, and so on, the village banks is the future direction and goals.

yiwu: Indian mission in China stops help, traders on streets –

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BEIJING: Two Indian traders, abducted and tortured after their trading firm’s owner fled without paying his dues to businessmen in south China’s Yiwu city last year, have been forced to live on Shanghai streets since Tuesday after the Indian embassy stopped paying their hotel bills.

The two – Deepak Raheja and Shyamsunder Agarwal – had been staying in a hotel after the embassy rescued them from captivity and bought them back from Yiwu. “We are on the streets. We have no money for the hotel as the embassy has stopped supporting us,” Agarwal said. “Please help us go home to India.”

ASEAN-China agency to raise FTA awareness

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CHINA – The ASEAN-China Center aims to help China and members of the Southeast Asian bloc extract more benefit from the regional free trade agreement, the center’s Secretary-General Ma Mingqiang told China Daily in an exclusive interview.

The inter-governmental organization will provide lectures by economic experts about the ASEAN-China Free Trade Area, which by 2015 will include China and all 10 ASEAN member countries, beginning in May in China, Ma said.

“We will tell businesspeople directly what the ACFTA is and how they can use it reduce their costs and strengthen their companies,” said Ma.

However, many people in China and ASEAN member countries are not aware of the ACFTA.

For instance, the city of Yiwu in Zhejiang province is renowned as a shopping paradise for small commodities, which have a big market in Southeast Asian countries.

But many Yiwu businesspeople are not familiar with the ACFTA and sometimes end up paying higher tariffs when exporting to ASEAN countries.

Similarly, companies in Indonesia, famous for its raw rubber, often sell the natural resource to countries that have higher tariffs.

The population is not aware of the advantages of the ACFTA, said Ma, adding that the center “will go directly to enterprises at the basic level”.

The initial framework agreement of the ACFTA was signed on Nov 4, 2002 in Phnom Penh, Cambodia, which is the chair country of ASEAN this year and will host the 20th ASEAN Summit on Tuesday and Wednesday.

The ACFTA, which currently includes China and the six original members of ASEAN – Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, came into effect on Jan 1, 2010, making it the largest free-trade area in terms of population and the third-largest by nominal GDP at a combined value of US$6 trillion (S$7.5 trillion) in 2008.

The remaining four countries will follow suit in 2015.

According to the ACFTA, tariffs have been eliminated for about 7,880 product categories, or 90 per cent of the imported goods.