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Chinese Xi Offering Speech; Fast Money Inflow: Boao Update

(Bloomberg) – Xi Jinping Jintao of China’s speech at the annual Boao Forum on Tuesday, his video speech are the risks and challenges the world faces, and his country is provided in order to overcome them solve I will touch on the plan. Xi Jinping vice-chairman of the China Securities Regulatory Commission, Vice Chairman Monday forum of the China Securities Regulatory Commission, the country is to attract foreign capital, at the time of opening the capital market, in order to protect the financial stability Said to monitor the inflow of hedge funds. This week, we held a forum in the tropical island of Hainan to discuss topics ranging from digital currencies to carbon neutrality to the post-pandemic global economic outlook. Billed as the Asian version of the World Economic Forum, the event will begin on Sunday and continue until Wednesday. Bloomberg News captured the heartbeat of the event throughout the forum. Updated as of 9:15 pm on Monday, Beijing time. Note: Click here for the agenda, click here for the latest list of representatives Tuesday 4 pm local time Larry Fink, Tuesday local time Larry Fink, where the People’s Bank of China Governor Yi Gang speaks on the panel on carbon neutrality PBOC Vice President Li Bo and former PBOC Governor Zhou Xiaochuan give a panel talk on pension reform at 8 pm local time on Tuesday See China’s Green Goals. Q1 Economic Performance Latest Trends: Paying attention to fast inflows, Fang Xinghai said securities watchdogs are “high” to foreign brokers using the StockConnect program to invest in China, backed by hedge funds. He said he was paying attention. If a foreign account creates a big market move, we can stop the deal, “he said. “Therefore, there are tools to prevent these investments from causing market volatility,” he said, with investors such as mutual funds, pension funds and insurance funds being “welcome” in China. It is a major index A-share and continues to expand its inclusion to attract more foreign investment. As of the end of March, foreign capital accounts for 5% of China’s stock market, and China International Capital Corporation’s CEO Huang Zhao Hui is in the same panel, opening the capital market is essential for China, and the country is fair. He said that sex should be enhanced. Financing as part of economic transformation. The former central bank boss of China defended the country’s belt and road projects in full and rejected what it called a “conspiracy theory” of geopolitical motives for foreign infrastructure investment. China’s investment links overcapacity in some industries with demand in developing countries, Zhou Xiaokawa, a former governor of the People’s Bank of China, said in a forum. “Banks make their own decisions, they aren’t told that, and funding is based on market interest rates.” China’s strategy is to invest some countries in excess debt and boost China’s politics. Faced with criticism that it is part. China wants both the United States and China to be able to participate in the TPP To truly liberalize trade and investment in the Asia-Pacific region, China wants to join the CPTPP trade agreement and the United States wants to return to it is. The official Long Yongtu said at the Boao forum. If that happened, Mr Long said the TPP would be a high-level regional trade agreement, adding that it would be difficult, but hoped the two countries would work. Neither country is a comprehensive and progressive member of the Trans-Pacific Partnership China recently said it was considering joining, but until President Donald Trump withdrew, the United States was one of the parties to negotiate the agreement. It was one. China has also recently completed ratification of the Regional Comprehensive Economic Partnership, a separate trade agreement signed in 2020. “We strongly hope that RCEP and TPP will adopt a format for both to converge or integrate in the future, and we will have the largest free trade agreement in the world,” Long said. He said. The United States is the key to this-he said the two trade zones would eventually merge if they expressed a positive view of returning to the CPTPP and gave a positive signal to it. Mr. Long was China’s leading trade negotiator in the process of joining the World Trade Organization. 5G Huawei Technologies Co. Huawei, China Mobile on Power, one of the three replacement chairmen of the company, said on Monday: Business by outlining how 5G can reduce waste and speed things up dramatically. Hu explained that China’s largest tech company has refurbished one of its major factories in a city in the south of Dongguan, eliminating miles of pre-5G communications cables. “To connect all the devices in a 60,000 square meter three-story plant, we need about 560 km of cable. This is basically a savings after the introduction of 5G. This is a huge change.” Read: China Builds World’s Largest 5G Mobile Network: Xinhua Separately, China Mobile Chairman Yang Jie said ultra-fast 5G in mines up to 500 meters deep to help monitor underground operations. Said it helped to introduce. “We are doing surface treatment, controlling coal mining machines, and detecting dangerous gases.” The input / output ratio is still very high, “said Yang in a panel.” Working underground, “with the help of 5G technology. You can reduce the number of people by 20. Foreign insurers encouraged to learn from Chinese peers Chinese insurers have learned a lot from their overseas peers in terms of corporate governance and products. But foreign players, Shang Jingguo, secretary-general of the China Insurance Association, said in an interview with a bystander at the Boao Forum that “we were not very keen on localizing services and sales practices in China.” The market is very localized. It’s not as standardized as the stock market in terms of sales and services, “Shan said, adding that foreign players should” think of ways to connect with the local culture. ” China has relaxed regulations, giving foreign insurers full control. According to Deloitte, China is currently the second largest insurance market in the world after the United States. However, in mainland China, foreign insurers still have a small market share, about 7%, according to local media reports. China’s Solution to Global Problems Wang Wenbin, a spokesman for the Ministry of Foreign Affairs of China, tasted what Nishi would discuss at a regular press conference in Beijing on Monday. The Xi keynote will address the risks and challenges facing the world and the solutions China can offer to drive development and prosperity. “This reflects the world’s desire to respond to change and strengthen global governance,” said Wang. “China wants all political parties to have enough debate and plan for better development and a better future for Asia and the world.” Wang said media reports directly to the forum. Refused to identify a second senior official who indicated he would attend. Encouraging signs of consumer spending China’s low-income households are increasing spending, a precursor to consumption for the economy as a whole, and a more balanced sign of recovery as the chief economist of e-commerce. Shen Jang-an said in an interview at the Boao Forum for Asia, giant JD.com Inc. The driving force for consumption is now beginning to shift to smaller cities, he said. “Recently, I’ve seen a lot of people start working and all the stores are open,” he said. Consumption is “directed to essentials, to less discretionary commodities,” he said. Spending in Tier 3 and Tier 4 cities is increasing. A comprehensive investment agreement, but according to Jens Eskelund, China CEO of shipping company AP Moller – Maersk A / S. Esekelund, “Political differences can then make it difficult to achieve early approval. It turns out that a sexual problem has occurred. ” He is also the Vice President of the EU Chamber of Commerce in China. “I think the EU Chamber of Commerce sees it as a trend of concern that trade is sometimes politicized and political differences spill over into the commercial arena. That’s what we find very disappointing. “He said in a panel at the Boao Forum. “Our hope is that both sides will be able to find some common grounds for ratification, regardless of current differences.” In a position paper released in September 2020, Commerce and Industry Forty-three percent of chamber members reported Read: Europe’s dispute agreement with China warns Joe Biden Not many masks The Boao Forum is China’s first major offline event this year, with more than 2,000 people You have to participate. This is less than usual, but it’s a shock to suddenly return to a crowded conference room or a press room where journalists are pressing their cheeks against their cheeks. There are still some signs of a pandemic, such as the plastic barriers on the dinner table, but one of the visual surprises is the number of people who don’t wear masks. There are basically no cases of viruses in China, but returning China’s efforts to normal is still a process of trial and error. Initially, the Boao Forum required all journalists in attendance to be vaccinated. But it was soon canceled. Probably because they didn’t have enough time to need two shots. Nevertheless, all participants had to be tested for viruses before coming to Boao and another test upon arrival. Therefore, even if the mask gradually comes off and life returns to normal, there is still a long way to go. The return of the Boao Forum After Hyatt China announced the reopening of the high-profile Asian Forum, business opportunities were opened. For the government to make new efforts to seduce foreign investors in the post-pandemic world. Last year, the event was canceled due to a coronavirus pandemic. China’s goal of internationalizing the digital yuan currency, which does not replace the dollar, is not to replace the dollar, but the creation of the digital yuan is aimed at domestic use. I have repeatedly said that the internationalization of the renminbi is a natural process and that replacing the US dollar and other international currencies is not the goal, “said Li Bao, deputy governor of the People’s Bank of China, on Sunday. It was. The internationalization of the renminbi is a top priority, economists say China’s financial sector’s top priority is not to digitize the renminbi, but to promote the global use of currencies and open up financial markets. is. China. “World history teaches us that a country’s financial opening always begins with currency liberalization,” Wu said at a press conference at the Boao Forum. “Currently, the key challenge is not to focus too much on digital currencies,” said Wu, who said China should work to increase the free flow of capital across borders and the flexibility of exchange rates. Stated. He added that the country’s economy is strong enough that liberalization of the yuan’s exchange rate is unlikely to lead to a crisis of sudden depreciation of the yuan. The blood clot forced other suppliers to suspend vaccination. As a bystander at the Boao Forum, CanSino Chairman Yu Xuefeng said he was “more careful in monitoring.” Comments after US officials suspended vaccinations to investigate blood clots suffering by six women, and vaccines from Johnson & Johnson were suspended in Europe. For more articles like this, please visit bloomberg.com. Subscribe now to get the most trusted business news sources. © 2021 Bloomberg LP