Full text of Li Keqiang's speech at opening ceremony of Boao Forum
Premier Li Keqiang delivers a keynote speech at the opening of the 2014 annual conference of the Boao Forum for Asia in Hainan province on Thursday. WU ZHIYI/CHINA DAILY
Government won't resort to short-term stimulus
Premier Li Keqiang on Thursday dismissed speculation of major policy easing amid the current economic slowdown, saying the government will not opt for a mas sive short-term stimulus because of "temporary" volatility.
"A growth rate under this year's 7.5 percent target is acceptable so long as sufficient employment is ensured," the premier told guests at the opening ceremony of the 2014 annual conference of the Boao Forum for Asia in Hainan province. >>>More
Li pledges equal treatment to foreign companies
Chinese Premier Li Keqiang on Thursday pledged to give equal treatment to foreign companies in China, and create an operation environment with fair competition.
China is committed to comprehensive reform and further opening-up. China will give all foreign companies registered here equal treatment, no matter it is wholly foreign-owned or a joint venture, said Li in a meeting with well-known entrepreneurs from home and abroad. >>>More
Mainland, HK unveil cross-border trading plan for stocks
A plan to allow cross-border stock trading between the Hong Kong and Shanghai stock markets was presented on Thursday, the mainland's latest move to open up its capital markets.
The trial will begin in six months and enable dealers to invest in designated shares through local securities firms or brokers, the China Securities Regulatory Commission said in a statement with the Securities and Futures Commission of Hong Kong. >>>More
Alibaba's Yu'E Bao slammed at Boao Forum
"Stop the revolution Ma Yun, because you don't have that ability," said Dong Wenbiao, CEO of China Minsheng Bank, the first bank in China owned in a majority by non-state-owned enterprises.
According to Dong, although Yu'E Bao has affected the business of Minsheng Bank, the impact has been limited. "It is an exaggeration to say that [the banks] will die out like dinosaurs," Dong said. "No matter how the Internet develops, face to face communication will always be the mainstream." >>>More
China trying for regional trade pact by 2015
Premier Li Keqiang said on Thursday that Beijing will work to speed up the pace of China-backed trade negotiations for the Regional Comprehensive Economic Partnership, trying to have the pact inked by 2015."
An economic integration is in the common interests of all the nations," Li said. He also suggested a feasibility study be conducted on the proposed Free Trade Area of the Asia Pacific to maximize trade and investment interests in the region. >>>More
Infrastructure bank taking shape
China is preparing for the establishment of the Asian Infrastructure Investment Bank and will try to complete a preliminary intergovernmental memorandum by this fall.
"Unlike the Asian Development Bank and the World Bank, which set targets for alleviating poverty, the Asian Infrastructure Investment Bank will mainly promote infrastructure development," Finance Minister Lou Jiwei said. >>>More
RMB to be global reserve currency by 2030: Economist
China's currency yuan is expected to become one of three global reserve currencies by 2030 on a par with the U.S. dollar and euro.
The yuan, or renminbi (RMB), is on the way to becoming a global reserve and payment currency. As the world's largest trader, about 25 percent of China's exports are now priced in RMB, and it has become the main settlement currency in some regions, according to Justin Yifu Lin, former chief economist and senior vice president of the World Bank. >>>More
No overcapacity in auto industry
Despite reports to the contrary, China's auto industry is not facing overcapacity as sales soar and Chinese companies continue on a steady path of internationalization, said industry insiders on Tuesday.
China's urbanization process will create huge demand in the housing and auto sectors, which will lead to higher growth in the number of vehicles on the road in the coming years, said Xu Heyi, chairman of Beijing Automotive Group Co, during 2014 Boao Forum for Asia. >>>More
Private firms shy away from SOEs
Although the central government is encouraging private companies to enter sectors traditionally dominated by State-owned Enterprises, most entrepreneurs still balk at the doorstep of these sectors, according to an informal survey conducted on Wednesday at the Boao Forum for Asia. >>>More
Economy still in upward phase despite weak figures
Despite recent softening economic figures, China's economy remains resilient and could maintain a growth rate of 7 to 8 percent in the next five years, Zeng Peiyan, vice-chairman of the Boao Forum for Asia, said on Wednesday.
Zeng, also former vice-premier, attributed the weakening investment growth in the first two months to the central government's control on local government debt, a curb on investment in a number of industries experiencing overcapacity, lower inventories and volatility in the real estate market. >>>More
Loans expensive for small Chinese companies: report
A new report has illustrated how China's small companies are struggling to get affordable access to corporate loans.
According to a report on microfinance unveiled at the Boao Forum for Asia, which runs from Tuesday to Friday, 48.9 percent of surveyed small and micro-sized Chinese firms said they found loans more expensive in 2013 than in 2012. >>>More
Hainan expanding duty-free shopping
Hainan province will establish the world's largest duty-free store in Sany a as a way to attract more tourists and benefit the local economy, a provincial official said on Wednesday.
Vice-Governor Tan Li said the local government is seeking approval from the Mini stry of Finance and General Administration of Customs to expand the two existing duty-free stores in the province.>>>More
Health tourism means greener growth
The health industry may be a new growth engine in a rapidly aging society, experts said at an international forum Wednesday.
The Chinese health sector is expected to grow to 800 million yuan (129 million U.S.dollars) in 2020 and will be a powerful driver for domestic consumption and employment thanks to its expansive service and long industrial chain, said Li Bin, head of the National Population and Family Planning Commission at the ongoing Boao Forum for Asia (BFA) 2014 Annual Conference.>>>More
