【CONTENTS】
I. China, Pakistan renew currency swap agreement
II. China, CEEC pledge to deepen cooperation at local level
III. Fortune Global 500 company to boost investment in SW China
IV. China to improve economic, trade cooperation with Vietnam: commerce ministry
V. Feature: U.S. businesses encouraged to invest in China at promotional event
VI. Strong China-Malaysia ties key factor in driving investments: analysts
I. China, Pakistan renew currency swap agreement
BEIJING, Oct. 16 (Xinhua) -- China's central bank on Wednesday said that it has renewed a bilateral currency swap agreement with the State Bank of Pakistan.
The total value of the agreement is 30 billion yuan (about 4.21 billion U.S. dollars), or 1.18 trillion Pakistani rupees, the People's Bank of China said in a statement on its website.
The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.
The currency swap arrangement will strengthen financial cooperation between China and Pakistan, expand the use of the two currencies, and promote and facilitate bilateral trade and investment, the statement said.
(2024-10-17 Source: Xinhua News Agency)
II. China, CEEC pledge to deepen cooperation at local level
JINAN, Oct. 17 (Xinhua) -- China and Central and Eastern European Countries (CEEC) on Wednesday expressed their willingness to deepen cooperation at the local level to promote steady and long-term cooperation between China and CEEC.
Li Hongzhong, vice chairman of the National People's Congress Standing Committee, addressed the opening ceremony of the 6th Local Leaders' Meeting of China and CEEC held in Yantai, east China's Shandong Province.
Li, also a member of the Political Bureau of the Communist Party of China Central Committee, said that since the establishment of the cooperation mechanism between China and CEEC 12 years ago, the two sides have jointly promoted the continuous development of the mechanism, achieved positive results, and set a model of trans-regional cooperation in the context of globalization.
China-CEEC cooperation has not only put relevant practical cooperation on the fast track, but also injected more positive energy into the development of China-Europe relations, Li noted.
He called on the two sides to synergize their development strategies, improve the mechanism of sub-national cooperation, and strengthen exchanges and mutual learning on governance experience, to make local level cooperation more fruitful and promote steady and long-term cooperation between China and CEEC.
More than 300 people from CEEC attended the meeting. They spoke highly of the positive role played by China-CEEC cooperation in promoting bilateral relations, local devⅥelopment and China-Europe cooperation, expressing the hope to expand mutually beneficial cooperation with Chinese localities, consolidate traditional friendship and seek common development.
(2024-10-17 Source: Xinhua News Agency)
III. Fortune Global 500 company to boost investment in SW China
CHENGDU, Oct. 17 (Xinhua) -- Idemitsu Kosan, a Fortune Global 500 company, has announced an investment increase in the southwestern Chinese metropolis of Chengdu, aiming to establish its Chinese headquarters there, local authorities said on Thursday.
Idemitsu Kosan and Xi'an Manareco New Materials Co., Ltd., have reached cooperation agreement and two sides intended to increase investment and expand production of the former's manufacturing base in the Chengdu high-tech zone.
The new development aims to transform the electronic material manufacturing base into a Chinese headquarters that integrates research and development, manufacturing, sales and other functions, and contribute to the development of local new display sector.
Founded in 1911, Idemitsu Kosan is one of the largest petrochemical enterprises in Japan. As one of the earlier Japanese companies to enter the Chinese market, Idemitsu Kosan's investments in the Chinese mainland cover various fields including energy, chemicals, lubricants, high-performance materials and electronic materials.
In May 2018, Idemitsu Kosan invested 240 million yuan (about 33.7 million U.S. dollars) in Chengdu to build its electronic material manufacturing base. This project is Idemitsu Kosan's first OLED emissive material manufacturing plant in China.
(2024-10-18 Source: Xinhua News Agency)
IV. China to improve economic, trade cooperation with Vietnam: commerce ministry
BEIJING, Oct. 17 (Xinhua) -- China will work to enhance economic and trade cooperation with Vietnam, a spokesperson for China's Ministry of Commerce said on Thursday.
Spokesperson He Yadong told a press conference that China is Vietnam's largest trade partner, while Vietnam is China's largest trade partner among the Association of Southeast Asian Nations.
From January to September 2024, trade volume between the two countries reached 190.38 billion U.S. dollars, up 17.6 percent year on year.
Vietnam is an important overseas investment destination for China. In the first eight months, direct investment by Chinese enterprises in Vietnam totaled 1.97 billion dollars, maintaining rapid growth.
Efforts will be made to both explore and pilot the establishment of cross-border economic cooperation zones, expanding cooperation in emerging fields such as information technology, new energy and digital economy, the spokesperson said.
Enterprises from the two countries will be supported to make full use of platforms like the China International Import Expo, the China Import and Export Fair and the China-ASEAN Expo to expand trade of agricultural and aquatic products, as well as manufactured industrial products, He said.
Measures will also be taken to deepen cooperation related to supply chains and regional economic integration, He added.
(2024-10-18 Source: Xinhua News Agency)
V. Feature: U.S. businesses encouraged to invest in China at promotional event
LOS ANGELES, Oct. 17 (Xinhua) -- A trade promotional event was held here Wednesday to present China's investment opportunities to U.S. businesses, ahead of the 7th China International Import Expo (CIIE) to be held next month in Shanghai.
Titled "2024 Embrace CIIE, Share Shanghai's Opportunities," the event focused on further leveraging the CIIE as a platform for promoting investment in Shanghai and China as a whole.
"China is a market that no American company should miss," Vlady Cornateanu, founder of the Los Angeles-based Sino-America Business Development Company, told a crowd of over 70 people from U.S. and Chinese investment promotion agencies, enterprises, and business associations, among others.
"From an American perspective, I hope to share my successful business experiences in China and Shanghai with more American business leaders," said Cornateanu, whose company co-organized Wednesday's event with the Shanghai Foreign Investment Development Board.
"I hope they, like me, will maintain confidence in the Chinese market and join me in attending the CIIE in Shanghai and the Canton Fair in Guangzhou," said the trade veteran who has over 30 years of experience doing business with China.
Cornateanu noted that Chinese President Xi Jinping sent a congratulatory message to the annual Gala Dinner of the National Committee on U.S.-China Relations (NCUSCR) on Tuesday, and quoted Xi's remarks in the message as saying that China is willing to work with the United States as partners and friends.
"In such a complex environment, many American companies are uncertain about cooperating with China. However, President Xi's letter has shown us China's positive attitude towards U.S.-China cooperation. This is undoubtedly an encouraging signal for companies like ours," he added.
In her speech, Allison Clark, vice president of Business and International Trade Development at the Los Angeles County Economic Development Corporation (LAEDC), emphasized the vast potential for cooperation between Shanghai and Los Angeles.
She highlighted that LAEDC and the Shanghai Foreign Investment Development Board signed a memorandum of understanding in May, and the two sides are working together to strengthen cooperation in fields such as life sciences and healthcare, clean energy, sports and entertainment, and trade and logistics.
Clark said that some major sports events to be held in Los Angeles, including the 2028 Olympics, the 2026 FIFA World Cup, and the 2027 Super Bowl, would create numerous business opportunities, expressing her welcome for the active participation of Chinese enterprises.
(2024-10-18 Source: Xinhua News Agency)
VI. Strong China-Malaysia ties key factor in driving investments: analysts
KUALA LUMPUR, Oct. 17 (Xinhua) -- Longstanding and stable relations with China are a key consideration for investors seeking to expand into Southeast Asia, with the strength of China-Malaysia ties making Malaysia a top destination for Chinese enterprises, analysts said on Thursday.
Malaysia has a longstanding relationship with China and Chinese investors seeking to extend their businesses to Malaysia have found a welcoming environment in the country, Yin Hong, head of JLL Logistics & Industrial (China), a global real estate services firm, told Xinhua in a press briefing hosted by JLL.
"Hard factors such as infrastructure, connectivity and resources are easy to understand and quantify, but enterprises making inquiries before investing in Malaysia carefully consider the relationship with China. This soft factor consideration is especially important, namely language, culture and people-to-people and bilateral ties," he said.
Yulia Nikulicheva, head of JLL Research and Consultancy, noted that the Malaysian government is enhancing the country's trade connectivity and infrastructure, focusing on ports, airports, logistics hubs, and road and rail links.
"Chinese companies are considering Malaysia due to several factors that contribute significantly to a manufacturing company's long-term success and sustainability. These include labor, infrastructure, environmental regulations, proximity to suppliers and customers and political stability," she said.
"Overall, Malaysia offers competitive business costs compared to other countries in the Southeast Asian region. It also boasts a skilled workforce proficient in English, as well as a significant Chinese-speaking population. Furthermore, Malaysia's developed road, seaport and airport infrastructure, along with its business-friendly environment, make it an attractive location for potential investors," she added.
Derek Yap Shein Hang, industrial and logistics sector team lead of JLL's Malaysia firm, said the East Coast Rail Link (ECRL), the Chinese-built mega rail project that connects Malaysia's largest transport hub Port Klang located on the country's west coast to Kuantan Port, and the Malaysia-China Kuantan Industrial Park on the east coast is a "major game changer."
"If your (manufacturing hub) is located on the east coast and you want to export via Port Klang on the west coast, you do not have to use trucks or ships to get to Port Klang. You cut the travel time and greatly streamline your logistics and supply chain (with the ECRL)," he said.
For his part, Terrance Choo Ker Seang, the firm's senior manager for the northern sector, said the rapid adaptability and flexibility of Malaysia is an advantage for companies seeking to set up operations in Malaysia.
"Penang is a hotspot for investment and manufacturing. It has gone beyond developing a semiconductor industry and is now drawing investments as a manufacturing hub for electric vehicle batteries and other products," he said.
(2024-10-18 Source: Xinhua News Agency)
