Posted inAT Finance, Australia, Beijing, China, Hong Kong, India, Northeast Asia, Oceania, South Asia, South Korea, Vietnam

The Daily Brief for Thursday, 30 March 2017

Hanoi Seoul ties: Vietnamese Prime Minister Nguyen Xuan Phuc has asked South Korean Foreign Minister Yun Byung-se, who is visiting Hanoi to mark 25-years of bilateral ties, that Seoul help with “law enforcement” in the contested South China Sea. Helen Clark writes that
Vietnam recently condemned Pyongyang’s nuclear tests and Yun’s high-profile visit came against the backdrop of South Korea’s sliding relations with China, all indications that Hanoi and Seoul are considering closer strategic engagement.

China Australia rift: Days after a high-profile visit by Chinese Premier Li Keqiang, the Australian government had to postpone an extradition treaty with Beijing intended to showcase the countries closer ties. John Power reports that China holds an international 100 most-wanted list as part of Xi Jinping’s “Sky Net” anti-corruption drive – 10 of whom are thought to have fled to Australia – but Canberra politicians delayed the treaty because a number of Australians have been detained controversially in China.

India tax laws: A new taxation bill introduced by Finance Minister Arun Jaitley sprang a surprise that may have serious implications for the privacy of citizens and funding for India’s political parties reports Asia Times. Jaitley tacked on 30 pages of amendments, some of which will expand the power of income-tax officials who, under the new laws, will be able to enter homes and offices in order to conduct search or seizure operations without having to explain their actions.

Hong Kong autonomy: Washington will reassess Hong Kong’s special status if the city’s autonomy continues to deteriorate, reports Asia Times. US Senator Marco Rubio, chair of the US Congressional-Executive Commission on China, said Chief Executive-Elect Carrie Lam Cheng Yuet-ngor needs to take meaningful steps toward political reforms if Hong Kong is to keep this special status.

Posted inChina, Chongqing, Middle East, Shanghai, Tianjin

China Digest for Thursday, 30 March 2017

Manufacturers to improve global competitiveness overseas

The country’s manufacturers are being encouraged to list on overseas stock markets to raise funds or conduct mergers and acquisitions through capital markets to improve international competitiveness, Shanghai Securities Journal said. The People’s Bank of China, Ministry of Industry and Information Technology as well as the watchdogs for banking, securities and insurance jointly released the guideline.

US$27.6 million invested for major tech breakthroughs

The Chinese Academy of Sciences allocated 190 million yuan (US$27.6 million) to launch 11 big projects in agricultural technology, biotechnology, hi-tech and the resources and environmental sectors, Xinhua reported. The projects aim to upgrade industries with major technological breakthroughs. The projects include the industrialization of 5G chips, and the research and development of deep-learning processors.

Sinopec biggest loser among Shanghai-listed peers

Sinopec Oilfield Service has the title of biggest loser among its Shanghai listed A-share peers after reporting a net loss of 16.115 billion yuan in its 2016 annual report, Caixin reported on Wednesday. The oil and gas engineering and technology affiliate of China Petroleum & Chemical Corporation released its annual report on Tuesday night. Sinopec recorded revenue of 42.924 billion yuan last year, a 28.9% decreasing from 2015, with its earnings per share declining to minus 1.14 yuan.

CRRC profits slips by 4% to US$1.64 billion in 2016

Rolling stock maker CRRC Corporation Ltd posted a 4.42% decline in profit to 11.3 billion yuan in 2016 compared to 2015, Caixin reported on Wednesday, citing the company’s annual report. This is the company’s first profit decline since it formed on June 1 following a merger of China CNR Corporation and China CSR Corporation, the report added. Railway equipment revenue dropped by 17.9% to 106.9 billion yuan, the only business area suffering a contraction.

Reshuffle in eight provincial party leadership posts

Sichuan, Yunnan, Guizhou, Liaoning, Gansu, Chongqing and Shaanxi provinces as well as Tianjin city will see party leadership changes on Tuesday and Wednesday, Caixin reported. He Rong, originally a grand justice of second rank, will head the provincial discipline inspection team in Shaanxi, in her first post outside the judicial system, it added. She is the third woman to head the provincial discipline department in the country.