Hi everyone. I’m Stephanie LI.
Coming up on today’s program.
The 20th China-ASEAN Expo commenced in Nanning on Saturday to promote regional economic ties;
Hangzhou Asian Games Village officially opens.
Here’s what you need to know about China in the past 24 hours
Chinese Premier Li Qiang hailed the close partnership between China and ASEAN at a key expo event on Sunday, saying the two parties have been adhering to unity and self-reliance, shoring up peace and tranquility in the region despite global volatility, and they have created together miracles of economic development.
Li made the remarks on Sunday during the opening ceremony of the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit in Nanning, the capital city of South China's Guangxi Province.
The "China-ASEAN relationship has now become a fine example of the most successful and vibrant bilateral relations in the Asia-Pacific region, and a vivid example of a community with a shared future for mankind," Li said.
Against the backdrop of a sluggish global economy, China and ASEAN have achieved a rise in trade and investment. The trade volume between China and ASEAN has increased by 16.8 times in the past 20 years. The two parties have been the largest trading partners of one another for three consecutive years, and their two-way investment has exceeded $350 billion.
As the global economic recovery is unstable and the growth of all countries faces pressure, Li called for further efforts to ramp up openness and inclusiveness, and strengthen unity and collaboration.
China is also willing to work with ASEAN countries to continue to promote regional integration, while accelerate the process on the Version 3.0 China-ASEAN FTA negotiations, which is ongoing smoothly.
This year marks the 20th anniversary of the China-ASEAN Expo, which runs from Saturday to Tuesday. A record number of investment deals were inked during a signing ceremony at the expo on Sunday, which saw deals signed for 470 projects with a combined investment of 487.3 billion yuan. Over 65 percent of that investment came from deals in the manufacturing sector.
Moving on to regional highlights
The Hangzhou Asian Games Village officially opened its doors on Saturday, as the competition is set to commence in just a week. With over 20,000 participants, including athletes, team officials, technical staff, and media personnel, the village is abuzz with anticipation. The facility goes beyond providing the basics of accommodation, dining and transportation. It also offers a myriad of services, including cultural and technological exhibitions, medical facilities, and commercial amenities.
Greater Bay Area, Greater future
The Guangdong-Macao In-depth Cooperation Zone in Hengqin, which celebrated the second anniversary of the establishment of its administrative body on Sunday, reported nearly 30 percent annualized growth in revenue from sizable businesses in key sectors in the first half of this year, which stood at about 8 billion yuan. The sectors include research and development, high-end manufacturing, traditional Chinese medicine, tourism, and convention and exhibition. Added value from the modern financial service sector in the zone increased by 2.9 percent year-on-year to 8.78 billion yuan.
Next on industry and company news
China's total expenditure on research and development (R&D) exceeded 3 trillion yuan in 2022, up 10.1 percent year-on-year, accounting for 2.54 percent of the nation's GDP last year, the National Bureau of Statistics said Monday. China's R&D spending jumped 7.7 percent last year at constant prices, higher than the 7-percent R&D annual growth target set for the 14th Five-Year Plan period (2021-2025), said the bureau. Investment in basic research continued to grow last year, topping 200 billion yuan and accounting for 6.57 percent of the total R&D spending.
A sizzling tourism market could be well presumed during the Mid-Autumn Festival and National Day holidays, which extend from September 29 to October 6 this year. As of Friday, domestic bookings for popular hotels in the country during the upcoming holidays jumped by 514 percent year-on-year compared with the same period in the pre-COVID 2019, data from Chinese online travel agency platform Qunar showed. China Railway, the nation's state railway operator, said on Saturday that it sold 22.88 million train tickets on Friday, setting a new record for single-day ticket sales, indicating a strong demand for travel. Friday marks the presale of train tickets for the first day of the holidays. The country is expected to see 190 million railway trips during the travel rush, according to the operator. In terms of air travel, it is estimated that over 21 million people will travel by air either domestically or internationally over the long holidays, the Civil Aviation Administration of China (CAAC) said, citing the presale data.
Geely Automobile Holdings has reportedly denied media reports claiming the Chinese auto giant plans to build an electric vehicles plant in Indonesia. Reports that Geely intends to build an EV plant in Indonesia are inaccurate, the company said, media reported yesterday. Geely has no specific plan to build a plant in Indonesia, although it is evaluating the potential of the Asian country’s new energy vehicle market and exploring opportunities to compete there, the carmaker added.
Switching gears to financial news
Three mainland firms, led by AI software company Beijing Fourth Paradigm, are aiming to raise up to $280 million in Hong Kong initial public offerings launched on Monday. Beijing Fourth Paradigm, an AI startup, is aiming to raise up to $144 million by selling 18.4 million shares in a price range of HK$55.60 to HK$61.16 each, according to its regulatory filings. Separately, cloud hospital platform Neusoft Xikang is aiming to raise $81 million to $101 million by selling 133.8 million shares, regulatory filings showed. ZX Inc, the mobile games operator, is selling 18.97 million shares in a range between HK$11 to HK$14 each to raise between $27 million and $34 million, according to its prospectus.
Wrapping up with a quick look at the stock market
Chinese stocks rose on Monday with the benchmark Shanghai Composite up 0.3 percent, and the Shenzhen Component gained 0.6 percent. Hong Kong’s Hang Seng index fell 1.4 percent, and the TECH index dropped 2.2 percent.
Biz Word of the Day
A Free trade Agreement (FTA) is an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services, and protections for investors and intellectual property rights, among other topics.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
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