CX Daily: China-Latin America Ties Deepen Amid Boom in Cross-Border Auto Trade, E-Commerce
TOP STORY
China-Latin America /
Twenty-five kilometers north of Monterrey, Mexico, is a cluster of Chinese-owned factories producing everything from auto parts and mechanical equipment to electronics and furniture.
The site, Hofusan Industrial Park, has seen some 30 Chinese firms set up shop in the past four years. But Hofusan is only one part of a much bigger picture, as more and more Chinese companies searching for new markets turn their attention to Latin America.
China has been Latin America’s second-largest trading partner since 2012, and last year total bilateral trade reached a record high of $486 billion. ?
FINANCE & ECONOMY
Social security?/
China plans to update investment regulations for its National Social Security Fund (NSSF), expanding the scope of what it can invest in domestically to include pension products and certain futures for hedging.
The existing rules governing the investment of the NSSF came into effect in 2001 and can no longer fully accommodate the development of the financial market or the fund’s investment management, the Ministry of Finance said in a notice accompanying the release of a draft of the updated regulations Wednesday. ?
Citic?/
Xi Guohua has been appointed the new Communist Party committee chief of Citic Group Corp., the state-owned financial conglomerate said Wednesday.
Xi has taken over the role from Zhu Hexin, who became the new party group chief at the State Administration of Foreign Exchange last month.
Xi’s appointment puts him on track to become chairman of Citic Group, whose total assets exceeded 10 trillion yuan ($1.5 trillion) last year. ?
Property?/
China’s inventory of new homes has climbed significantly, especially in smaller cities where it will take more than two years to sell them as the property slump gets worse despite government efforts to revive demand.
New homes in third- and fourth-tier cities took on average 26.3 months to sell as of the end of October, up from less than 20 months in July, according to data released by China Index Academy, the property think tank. ?
领英推荐
Quick hits?/
BUSINESS & TECH
AI?/
Nearly half of the world's artificial intelligence companies are based in either the United States or China, as the two largest economies race to foster leadership in the revolutionary technology, according to a recent study.
By the end of June, a total of 36,000 AI companies were in operation worldwide. The U.S. hosts 33.6%, or 13,000, of the AI companies, while China is home to 5,734, or 16%, of the businesses, according to an AI industry report jointly released by KPMG International Ltd. and China’s ZGC Industry Institute. The U.K, India, and Canada come next. ?
Shipping?/
Shanghai Jinjiang Shipping Group Co. Ltd., the shipping business unit of Shanghai International Port Group, gained 58.6% in its trading debut in Shanghai after a 2.18 billion yuan ($306 million) initial public offering.
The container shipping service provider finished its first day of trading at 17.84 yuan a share, giving it a market cap of 23.1 billion yuan. ?
Data?/
East China’s Zhejiang province on Tuesday put into force guidelines on how to recognize data as a corporate asset, which could help facilitate the inclusion of the resources into companies’ financial statements, giving investors a better indication of their value.
A company can recognize data resources as assets if they have been obtained from its transactions or other activities, are legally owned or controlled by itself, and bring economic benefits, according to the guidelines put forward by the Zhejiang Provincial Department of Finance. ?
Quick hits?/
Long Read?/
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
11 个月Thanks for the updates on, The Caixin Daily.