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Briefings - 996. page

Hurun Report: Chinese Billionaires Number More than 5,000

In a recent interview, Rupert Hoogewerf, the founder of China’s Hurun Report, a famous list of wealthy Chinese, estimated the number of Chinese billionaires to be over 5,000.
The calculation is based on official statistics that count 1,393 individuals as having personal assets of 1 billion yuan ($0.15 billion US). Hoogewerf believes that the those who are excluded from the official count generally number about twice those who are included, or around 3,000 people. Adding the two numbers together, the richest group may well be above 5,000.
Hoogewerf said that their wealth mainly comes from real estate, manufacturing, IT, medicine, and retail business. The average age of wealthy Chinese is only 51 years old.
Source: China News Service, September 30, 2010
http://www.chinanews.com.cn/cj/2010/09-30/2566310.shtml
Briefings | | |   Economy/Resources

China to Loan $56 Million to Africa for Telecom Projects

The Export-Import Bank of China has signed a $56.4 million loan agreement with the African Export-Import Bank. The loan will be used to finance Zhong Xing Telecommunication Equipment Co., Ltd. (ZTE) so that it can export telecommunication equipment to Africa for projects in Zimbabwe and Burundi, said Xinhua, citing the African bank’s president, Jean-Louis Ekra.

According to officials from the Export-Import Bank of China, the African Export-Import Bank held its 85th Board meeting in Beijing, the first board meeting outside the African member countries. It was meant to promote across the board development of the China-Africa partnership.

ZTE was established in 1985 by a group of state-owned enterprises associated with China’s Ministry of Aerospace. It is publicly traded in Shenzhen and Hong Kong.

Source: Xinhua, September 28, 2010.
http://news.xinhuanet.com/2010-09/28/c_13534034.htm

Briefings | | |   Geo-Strategic Trend

China-Russia Joint Statement on Deepening Coordination

On September 27, 2010, China’s President Hu Jintao and Russia’s President Dmitry Medvedev signed a joint statement to "deepen their strategic coordination partnership.” Both sides agreed that mutual support on core interests of state sovereignty and territory claims is an important component of China-Russian strategic cooperation.

Russia reaffirmed its support for China’s positions on Taiwan, Tibet and East Turkistan, while China affirmed its support for Russia’s effort to stabilize the Caucasus and Commonwealth of Independent States. They also agreed to jointly work on anti-terrorism issues more frequently and hold regular working sessions. The joint statement was affirmed in a statement of the importance and efficiency of the Chinese-Russia energy negotiation mechanism. Both sides agreed “to hold the same position on maintaining the Shanghai Cooperation Organization region, as well as peace and stability in Central Asia.”

Source: Xinhua, September 28, 2010
http://news.xinhuanet.com/2010-09/28/c_13534081.htm

Briefings | | |   Geo-Strategic Trend

Politburo Met on Social Conflicts

The Communist Party held its twenty-third Politburo group study on September 29, 2010, to discuss how to resolve social conflicts. At the group study, Hu Jintao urged having a deep commitment to resolving social conflict, thereby creating a favorable environment for economic development.

“We must further our understanding of the importance and urgency of properly handling situations of conflict among the people, and must, to the maximum extent, focus on stimulating social creativity, and on increasing harmonious and reducing disharmonious elements, to more proactively handle these conflicts, so as to promote scientific development and social harmony,”

Source: Xinhua, September 29, 2010
http://news.xinhuanet.com/politics/2010-09/29/c_13535934.htm

Briefings | | |   Government/Politics

Russian President Visited China; Signed Many Cooperation Agreements

Russian President Dmitry Medvedev visited China from September 26 to 28, including Dalian, Beijing, and Shanghai. On September 27, Hu Jintao met Medvedev in Beijing. After the meeting, they attended a ceremony celebrating the signing of more than 10 cooperation agreements, including a joint statement on comprehensively promoting the Russian-Chinese relationship of partnership and strategic cooperation, a joint statement on the occasion of the 65th anniversary since the end of the Second World War, and a memorandum of understanding and treaties on cooperation regarding resources. Medvedev stated, “The size of my delegation was unprecedented. It shows the high level of cooperation between the two countries…”

Source: China News Service, September 27, 2010
http://www.chinanews.com.cn/gn/2010/09-27/2558988.shtml

Briefings | | |   Geo-Strategic Trend

CCP Developing United Front Theory in Eight Areas

The CCP will create special project teams to develop the united front theory in 8 areas as follows: the fundamentals of united front work; multi-party cooperation; work with ethnic groups; religion; representatives of non-public businesses; the united front work for Hong Kong, Macao, and Taiwan; non-CCP intellectuals; and the Tibet issue. Each project team will be headed by a senior member from the CCP’s Central United Front Work Department.

Source: China News Service, September 28, 2010
http://www.chinanews.com.cn/gn/2010/09-28/2559286.shtml

Briefings | | |   Government/Politics

Central Government Enterprises Enter the Tungsten and Rare Earth Market

Central Government-owned enterprises are taking over the local state-owned rare metal and rare earth companies and building large conglomerates to compete for global pricing power over these resources, Xinhua reported.

On September 26, 2010, the Aluminum Corporation of China (Chinalco) signed an agreement to assume a major stake in the Jiangxi Rare Earth and Rare Metals Tungsten Group (JXTC) for 10 billion Yuan ($1.5 Billion). Chinalco will spend that money over 3 years to make JXTC an enterprise with 50 billion Yuan in revenue each year. In May this year, China Minmentals Corporation signed a contract to invest 4.5-5.5 billion Yuan on tungsten and rare earth production in Chenzhou City, Hunan Province.  Its subsidiary, China Minmetals Rare Earth Co., Ltd., announced in February 2009 that it would invest 2 billion Yuan to build the world’s largest rare earth enterprise group, which would cover mining, processing, and application.

China has the world’s largest Tungsten reserve, production, and sales volume, but it does not control the global Tungsten price due to price competition among Chinese production companies and low value-added products.

Source: Xinhua, September 27, 2010
http://news.xinhuanet.com/2010-09/27/c_12612433.htm

Briefings | | |   Economy/Resources

Bank of China: Starting Registration Process for a Taiwan Branch

On September 23, the Taiwan banking supervisory authorities approved the establishment of the Bank of China’s Taiwan Regional Office. The spokesman for the Bank of China confirmed the news and suggested that the bank will immediately start the registration process to set up its first branch. The Bank of China currently has a brokerage relationship with 19 Taiwanese banks.

The China Banking Regulatory Commission already issued approval for four Taiwanese banks to open branches in mainland China. Along with the Bank of China, Taiwanese authorities also approved the Bank of Communications, headquartered in Shanghai. Regional offices can only perform non-commercial functions.

Source: Xinhua, September 23, 2010
http://news.xinhuanet.com/2010-09/23/c_12599085.htm
http://news.xinhuanet.com/tw/2010-09/23/c_12599010.htm

Briefings | | |   Geo-Strategic Trend