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Weekly Business Review
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It's time to take a look back at some of the headlines from the world of business in our Weekly Business Review.
In this edition, we will take you through this year's APEC meeting in Manila and tell you about a new online bank to be set up by Baidu and CITIC.
CRI's Wenjie has more.
Reporter:
The Asia-Pacific Economic Cooperation Economic Leaders' Meeting concluded in Manila on Thursday, with the 21-member economies issuing a joint declaration focused on inclusive economic growth.
Currently, economic development in the Asia-Pacific region has been slowing down, with an expected growth rate of 3.2%.
To release the prolonged weakness in global economic activity, Executive Director of the APEC Secretariat, Alan Bollard, said leaders from 21 economies in Asia Pacific will focus on the development of micro, small and medium enterprises.
"One is micro and small and medium enterprises where we are trying to find ways to ensure that they can use supply chains to export and import, that they can make use of new electronic technologies to do that. And that we ensure things like trade agreements, and various developments around the border are all not just done for big businesses, but for small businesses as well."
Bollard added China has been playing an active role in boosting regional economy and trade.
"China has put in place a number of initiatives about new drivers of growth. And we now have a range of technical working groups and APEC is working away on those particular in initiatives. And some of those have been reported back to ministers this year. In addition, China helped us establish economic activity blueprint. "
In 2016, the APEC region is expected to post a stronger GDP growth rate of 3.4 percent.
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China's central bank said Thursday that it will cut the interest rates on standing lending facilities.
After the cut, interest rates of overnight and seven-day SLFs for local financial institutions will be reduced to 2.75 percent and 3.25 percent respectively from Friday.
The central bank added that Thursday's move aims to help make interest rates more market-based and is in line with the current liquidity situation.
The SLF is a liquidity tool, created by the central bank in early 2013 to support its local branches.
The tool could provide a large amount of funding to banks when they face a liquidity squeeze and are unable to get sufficient financing from the interbank market.
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Official data released on Monday showed China's overseas nonfinancial investment during the first 10 months of this year surged 16.3 percent year on year, which is seen as a stabilizer of world economic growth.
Stats show mainland made nearly 590 billion yuan or 95 billion U.S. dollars in outbound direct investments during the period.
Jiang Wenbin, deputy director of the Cooperation Department of the Ministry of Commerce, attributed the surge in ODI growth to China's Belt and Road initiative.
He said the project has provided a new economic impetus by promoting international cooperation and increasing production capacity.
"Over the past 10 months, Chinese companies made outbound direct investment in 49 countries in the Belt and Road region, accomplishing a 36.7 percent year-on-year increase to reach nearly 13.2 billion U.S. dollars."
ODI projects covered a wide range of fields including transportation, residential construction, and electric power engineering and petrochemical industries.
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China's top economic regulator announced on Wednesday that it will slash the price distributors pay to producers for non-residential natural gas.
From Friday, non-residential natural gas prices at city gate stations will be cut by 700 yuan or 110 U.S. dollars per thousand cubic meters.
The National Development and Reform Commission also said it would allow industry players to raise gas prices by 20 percent based on supply and demand from Nov. 20, 2016, exactly a year after Friday's cut.
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Tuesday marks the first anniversary of the launching of the Shanghai-Hong Kong Stock Connect.
The multi-billion-dollar trading link between Shanghai and Hong Kong has seen billions of dollars in daily cross-border transactions over the past year.
President of Hong Kong Exchanges and Clearing Limited, Li Xiaojia, says more "bridges" will be built in the future, and is committed to building Hong Kong into an influential global hub for commodity, currency and company pricing.
"Will commodity trading be possible in the future? If the Chinese RMB can join the SDR, it will be a huge milestone in China's reform process."
As of last Friday, northbound yearly turnover value has amounted to 240 billion U.S. dollars.
While the southbound yearly turnover value has reached 95 billion U.S. dollars.
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A Sino-German joint venture named China Europe International Exchange was launched in Frankfurt on Wednesday, kicking off the trading of Renminbi-denominated exchange traded funds .
The exchange offers ETFs based on Chinese mainland's underlying assets and a broad range of RMB-denominated bonds.
Two new RMB-denominated ETFs became available, namely the SSE 50 ETF and the Money Market ETF, issued by Commerzbank in partnership with Bank of China International and China Construction Bank International.
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On the corporate front,
China's search engine giant Baidu and financial service company CITIC Group announced Wednesday they would open an online bank.
Baixin Bank, a direct sales bank providing online financial services, will be China's first venture between an Internet company and a traditional bank.
The new bank's registered capital will be 2 billion yuan or about 313 million U.S. dollars.
CITIC Bank, a subsidiary of CITIC group, will be the controlling shareholder.
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China's Tsinghua Unigroup on Monday announced plans to invest 300 billion yuan or nearly 50 billion U.S. dollars, in the chip industry over the next five years.
The move aims to help Tsinghua Unigroup to become the world's third-biggest chipmaker.
Gao Shang, commodity analyst with Guantong Futures, believes the move will also be a crucial part of Tsinghua Unigroup's going-global strategy.
The company controlled by Tsinghua University is in talks with a U.S.-based company involved in the chip industry.
The planned investment is almost equal to Intel's chip revenue last year.
The deal will be finalized as early as the end of this month.
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The Export-Import Bank of China on Thursday signed a lending agreement with China Railway Corporation to help the latter explore global markets.
The bank will grant the railway contractor a line of credit of up to 500 billion yuan, or some 80 billion U.S. dollars, for major infrastructure projects.
China Railway is speeding up efforts to increase its overseas presence.
The company and four Indonesian firms have agreed to set up a joint venture to build a high-speed railway linking Jakarta and Bandung, the first overseas high-speed railway project for a Chinese company.
The project is expected to start later this month and take three years to complete.
And that concludes this edition of the weekly business review. I'm Wenjie. Thank you for listening.
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