NEWSLETTER No 21, February 5, 2007
FCCC Newsletter No 21, February 5, 2007 Page 1
ACTIVITIES & MEMBERS' NEWS
China's mushrooming legislation – 9 February 2007 – Brussels
– On February 9,
2007, from 10 a.m. to 12 p.m., at Louizalaan 106, Brussels, DLA Piper, in cooperation with
the Flanders-China Chamber of Commerce, is organizing a conference titled “China's
mushrooming legislation – what's a law worth?”. The presentation on the developments of
Chinese legislation and its possible impact on foreign investment will be given by Jingzhou
Tao, partner at DLA Piper's Beijing office. To register, please e-mail by February 7 to:
Min Wu Xu – 10 February 2007
– On Saturday, February 10, 2007 at 8 p.m. at the Center
for Fine Arts, Terarken, Min Xiao Fen, Wu Wei, and Xu Fengxia, three pioneers of the Chinese
avant-garde, are joining forces in the quest for a modern musical idiom with its roots in the
old Chinese tradition. Their program of solos and trios combines classical Chinese music
with compositions - their own, in some cases - and improvization. The complete Chinese
instrumental line-up consists of pipa (lute), electric pipa, sheng (mouth organ), erhu
(violin), xun (ocarina) and guzheng (zither). The Centre for Fine Arts in Brussels offers 5 free
tickets for 2 persons. Take your chance now and send an email with your name and address
to and mention “Min Wu Xu” in the subject. Five winners will be
drawn by lot.
Chinese New Year Reception - 15 February 2007 – Brussels
– On 15 February 2007 at
18.30 h. at the Résidence Palace, Wetstraat 155, Brussels, the Chairman and Members of
the Board of Directors of the Flanders-China Chamber of Commerce are delighted to invite
you to a Chinese New Year Reception with New Year's addresses by FCCC Chairman Bert de
Graeve, Ambassador of the People's Republic of China in Belgium, Her Excellency Mrs
Zhang Qiyue and Vice-Minister-President of the Flanders Government and Flemish Minister
of Economy, Enterprise, Science, Innovation and Foreign Trade, Mrs Fientje Moerman.
Ambassador and Head of the Mission of the People's Republic of China to the European
Union, His Excellency Mr Guan Chenyuan will be present at the reception. Participation is
free of charge for members of the FCCC, non-members €25. Please reply by February 9,
Economic mission headed by HRH Prince Filip to the People's Republic of China
and Hong Kong (June 16 to 26, 2007) –
In the framework of the cooperation agreement
between the federal government and the regions, a common economic mission to the
People's Republic of China and Hong Kong will be organized from June 16 till 26, 2007,
presided by HRH Prince Filip, Honorary Chairman of the Agency of Foreign Trade.
This mission is organized by the Agency of Foreign Trade in close cooperation with the regional services for export promotion (Awex, Brussel Export and Flanders Investment & Trade – FIT).
FCCC Newsletter No 21, February 5, 2007 Page 2
The Belgian delegation will visit Beijing, Shenyang, Hong Kong and Shanghai in this order, where the economic and trade councillors will prepare individual contacts at the request of the companies. It is possible to participate in the whole mission or in the shorter program starting in Hong Kong. The official delegation will also visit Chengdu for one day. No company contacts will be organized in Chengdu.
The mission is open to all sectors. Considering the specific characteristics of the Chinese market, special emphasis will be put on a number of key sectors, including logistics, food, horticulture and environment, the services sector, capital equipment, the glass sector, construction, IT and the World Expo Shanghai 2010.
If you are interested to participate in this mission or if you wish to receive further information, please return the form below as soon as possible to the contact persons of the services for foreign trade of the region where your company is located:
● Mrs Annik DU PONT of Flanders Investment & Trade Tel : 02 5048709 - Fax : 02 5048895 - Flemish companies can register directly at(just click)● Mrs Isabelle LAVERGE of Brussel Export Tel : 02 8004085 - Fax : 02 8004001 - ● Mr Laurent PAQUET voor AWEX Tel : 02 4218502 - Fax : 02 4218775 -
Deadline for registration is end February.
Naam van de onderneming, federatie, bank:. Adres:. Woonplaats:. Postcode:.
Vertegenwoordiger:. Tel:. Fax:.….
<> heeft belangstelling om aan de economische zending naar China en Hongkong deel te nemen en wenst meer informatie te ontvangen i.v.m. de deelnemingsvoorwaarden.
Chinese Law Chair launched at VUB
– The Brussels Institute of Contemporary China
Studies (BICCS) at the Vrije Universiteit Brussel (VUB) has launched a Chinese Law Chair.
Knowledge of Chinese law is becoming ever more important as Chinese companies
sometimes request that Chinese law is used in litigation. The Chinese Law Chair is launched
in cooperation with Mr Martin Aps, a lawyer in Antwerp who is specialized in assisting
Belgian companies on the Chinese market. BICCS wants to promote scientific research and
education in Chinese law.
FCCC Newsletter No 21, February 5, 2007 Page 3
BUSINESS NEWS ROUND-UP
New rules on investment trusts published
– The China Banking Regulatory
Commission released revised rules on investment trust companies. The minimum
investment in a trust investment plan is CNY1 million by any individual, legal person or
organization. A trust company needs to have a registered capital of at least CNY300 million.
NPLs down at shareholding banks
– The China Banking Regulatory Commission (CBRC)
announced that non-performing loans (NPLs) at China's 12 shareholding banks fell to 3%
last year from 4.8% in 2005 to CNY99 billion. Bad loans at the more than 110 city
commercial banks fell to an average 6% at the end of last year.
Foreign banks preferred
– An online survey by China Daily showed 57% of the 1,329
respondents plan to move their deposits from domestic to foreign banks when locally
incorporated foreign banks start renminbi retail business in the coming months. Most
customers who want to transfer their deposits expect foreign banks to provide better
service and to be safer. Many also complained about long waiting times at Chinese banks.
Loan and deposit growth
at commercial banks in China is expected to slow down
this year as more deposits are diverted to buy stocks.
Less than 4% of China's 1.3 billion people have insurance coverage
When a 25% uniform corporate tax
rate is introduced, probably on January 1, 2008,
the profits of domestic banks are expected to increase 8% to 12% as a result.
Agricultural Bank of China
(ABC) aims to complete its financial restructuring,
including a USD25 billion to USD30 billion capital injection by the end of the year,
before launching an IPO and attracting foreign investors.
's profit rose 13% to CNY1.46 billion last year.
State Investment Company to be set up
– China Securities Journal reported that the
Chinese government will set up the State Foreign Exchange Investment Company to better
utilize the country's foreign exchange reserves. The company would issue renminbi bonds
to purchase foreign exchange reserves from the State Administration of Foreign Exchange
(SAFE). This would help reduce the excessive money supply.
and Lotte Confectionery will set up an USD80 million joint venture to make
chocolate in China. Lotte estimates China's chocolate market to be worth USD600
million and doubling annually.
Guangzhou Pharmaceuticals Corp and Alliance Boots
have set up a 50-50 joint
venture to operate 29 retail pharmacies.
U.S. launches case against China at WTO
– The U.S. filed a case against China with the
World Trade Organization (WTO) complaining about unfair government subsidies and tax
policies to bolster Chinese firms in competition against foreign firms. If a two-month
FCCC Newsletter No 21, February 5, 2007 Page 4
consultation period does not lead to a resolution, a panel of experts will be formed to handle the dispute. Many export tax rebates have been cancelled or reduced, but some remain.
U.S. Assistant Secretary of Commerce Chris Padilla has said the U.S. is willing to
facilitate exports to China of the 47 items on the export control
list if China makes
it easier for U.S. inspectors to check their use.
Exports of Chinese textiles
are expected to rise 15% to 20% this year, according to
China's Ministry of Commerce. But the slow appreciation of the yuan could erode
already low profit margins.
Farm land not to be privatized
– China has no intention of privatizing land, because the
constitution does not allow it and it is therefore not up to the government to decide, Chen
Xiwen, Director of the government's Rural Work Office has said at a press conference.
China's rural land is collectively owned and allocated to farmers in plots on 30-year leases.
Farmers are not allowed to use the land as collateral for loans or to sell it. In some
provinces trial sales of land use rights have been made. Leasing land from farmers for
construction purposes is illegal. Seizures of land without compensation and resettlement
are a key source of instability in rural areas.
Investments of SOEs to be controlled
– The State-owned Assets Supervision and
Administration Commission (SASAC) has required major state-owned enterprises (SOEs) to
file monthly reports on all fixed-asset investments, in order to curb wasteful spending. The
445 key state-owned enterprises recorded profits of CNY889 billion, an 18.6% increase from
a year earlier, on revenue of CNY10.38 trillion, up 19.3%.
Guangdong once again sets low growth target
– Guangdong Governor Huang Huahua
has for the third time in four years set an economic growth target of 9%, although all
previous targets were surpassed. The governor also wants a 3% reduction in energy
consumption and at least a 2% reduction in total polluting substances. Urban disposable
income is expected to rise by 8% and rural income by 5.5%. He also promised subsidies to
poor areas in the province and compensation for land seizures.
National Development and Reform Commission Secretary General Han Yongwen said
the government would strengthen macroeconomic controls this year to ensure
slower economic growth
than last year's 10.7%. Industries such as steel, cement
and coal will be subject to continued controls.
People's Bank of China Governor Zhou Xiaochuan said the central bank is closely
monitoring rising property and stock prices
, believed to be fueled by excessive
liquidity in the country's banking system. Chinese Academy of Social Sciences
economist Yi Xianrong recommended raising interest rates.
The scale of Shanghai's pension fund scandal
became clear when the head of the
city's procuratorate announced that more than 20 people, including 11 government
officials, have been implicated and at least seven have been handed over to the
The number of private enterprises
rose 15% to 4.95 million in 2006. Private
companies account for 57% of all enterprises and employ 64 million people.
FCCC Newsletter No 21, February 5, 2007 Page 5
Guangdong cracks down on wages fraud
– About 30 employers, including at least two
from Hong Kong, were arrested in Guangdong last year and charged with failing to pay
wages owed to their workers. Guangdong is the first province to use criminal charges to
crack down on wage defaulters. Guangdong's labor authorities last year had recovered
about CNY1 billion in wages owed to about 1 million workers in 21,900 back-pay cases.
Lawyers' network to help migrants
– The United Nations Development Program (UNDP),
the All China Lawyers' Association and the China International Center of Economic and
Technical Exchange (CICETE) are establishing legal aid service centers in 15 provinces
focused on the problems of China's 120 million migrants. The Belgian Embassy is providing
financial support. Veteran Lawyer Tong Lihua will lead the network. “With the financing of
this network, Belgium is willing to contribute to the efforts of the Chinese government in
the field of promotion of human rights, good governance and rule of law”, commented
Bernard Pierre, Ambassador of Belgium.
U.S. law firm McDermott Will & Emery
has formed a strategic partnership with
Shanghai's Yuan Da. Both firms will share clients and assist each other in their own
areas of expertise. Foreign firms are not allowed to practice Chinese law but may
Accountant firm Deloitte
expects a 30% rise in its business when the unification of
corporate income tax is implemented. More companies are becoming interested in
MERGERS & ACQUISITIONS
Rules on asset disposals tightened
– China released new regulations for the sale of
state assets, which all have to be approved by regulatory officials. Foreign buyers are
required to bid publicly through equity exchanges.
Exxon plant gets green light
– The National Development and Reform Commission has
approved the construction of a USD485 million petrochemical plant, part of a USD3.5 billion
joint venture complex of Exxon (25%), Saudi Arabian Oil (25%) and Sinopec (50%) in Fujian
province. The plant will have a capacity of 700,000 metric tons of p-xylene and aromatics.
The oil and petrochemicals industry recorded a 17.9% rise in profit
last year. Profit
increased CNY65.8 billion to CNY434.5 billion.
China National Petroleum Corp
, the parent of listed PetroChina, recorded a pre-
tax profit growth of 4.9% to CNY185.6 billion in 2006 as turnover jumped 16.2% to
is predicting flat output this year of 162 million to 170 million barrels of oil
equivalent (BOE). Its parent posted a 24% rise in profit last year to CNY48.1 billion.
Han Yongwen, Secretary General of the National Development and Reform
Commission (NDRC) has announced that China's first oil reserve base
has been put
FCCC Newsletter No 21, February 5, 2007 Page 6
Utility tax to be levied in Shenzhen
– The Shenzhen Municipal Bureau of Land
Resources and Housing Management will start collecting a utility tax from developers on
projects that were completed after November 1, 1994. The tax would amount to 2% of a
development's construction cost. The announcement led to a fall in the share prices of
property developers with projects in Shenzhen. The tax has not been implemented fully
after it was first announced 13 years ago.
One house policy for foreigners in Beijing
– According to new rules, foreigners and
residents of Hong Kong, Macao and Taiwan can buy only one residential property for their
personal use after living in Beijing for one year and provided they have a valid residence
Disputes over seizures of land
by authorities accounted for half of the rural unrest
in China last year. Overall, social unrest has dropped by 16.5% last year.
has taken a 25% stake in Shanghai ZK Real Estate Development
Road King Infrastructure
will increase its stake in Beijing-based Sunco Property to
94.74%. Sunco founder Sun Hongbin will retain the remainder.
A signature campaign in 20 cities calls for more affordable housing prices
SCIENCE & TECHNOLOGY
Science goals set for 2020
– China will conclude 16 key scientific projects by 2020 and
build 10 national laboratories. Expenditures for research and development increased 22%
to CNY300 billion last year, accounting for 1.4% of GDP, which is the highest level ever
recorded. The projects include the development of large aircraft, computer chips, electronic
components, software, machinery and new medicines, including HIV/AIDS treatments and
stem cells. More emphasis will be put on agriculture, renewable energy, mineral resources,
marine environment and health. Chinese scientists are quickly catching up on world levels
of research in molecular biology and nanotechnology. Minister of Science and Technology
Xu Guanhua said Shanghai, Beijing and Tianjin were leading the country in scientific
Warnings of bubble leads to drop
– A remark by National People's Congress Vice
Chairman Cheng Siwei that stock markets were developing into a bubble and investors
were acting relatively irrationally, led to investors selling shares fearing that the
government would take further tightening measures. Stock indexes recorded their biggest
single day losses in more than six months on January 31. The Shanghai Composite Index for
example fell 4.92% to 2,786.34 points, the biggest drop since June last year. HSBC regional
equity strategist Steven Sun estimated that CNY200 billion was wiped off the market's
capitalization, the South China Morning Post reports. Top stocks including Sinopec,
Industrial and Commercial Bank and China Life, all shared in the losses. The market value
of listed stocks fell by 7% in the past week.
FCCC Newsletter No 21, February 5, 2007 Page 7
China Property and Honglong plan to launch initial public
offerings (IPOs) around the Lunar New Year in Hong Kong.
Ping An Insurance
(Group) has won approval to issue up to 1.15 billion local-
currency A shares in Shanghai in what could become China's second largest
domestic IPO, raising over CNY40 billion.
New bullet trains make their debut
– Six high-speed trains, modeled on Japan's bullet
train, made their maiden runs on February 1 on the 139 km Guangzhou-Shenzhen route.
Reaching a top speed of 250km/h, the China Railways High-speed (CRH) Model 2s could cut
travel time between Guangzhou and Shenzhen from 70 minutes to 55 minutes, following
the next speed increase on the railways planned for April 18. Ongoing construction on the
route caused major delays in the past few days.
(SAS) has chosen Beijing as its hub for further expansion in
China and will launch four direct Beijing-Stockholm flights a week starting on March
26 in addition to its six Beijing-Copenhagen flights. Shanghai-Copenhagen flights will
be discontinued on April 9.
In a poll of 60,000 passengers conducted by the China Association of Civil Aviation,
Air China and Hainan Airlines were chosen as the best
carriers in 2006. Chengdu,
Shenzhen, Shanghai Pudong, Xiamen and Dalian were the “most satisfying airports”.
Passengers were the least satisfied with the way airlines handled flight delays.
Hu starts 8-nation tour of Africa
– Chinese President Hu Jintao is visiting 8 African
countries: Cameroon, Liberia, Zambia, Namibia, South Africa, Mozambique, the Seychelles
and Sudan. China is offering USD3 billion in preferential loans to African countries in the
next three years and will double aid and interest-free loans over the same time period. Last
year, trade between China and Africa reached USD55.5 billion, up 40% on 2005 and
accumulated direct Chinese investment reached USD6.6 billion. China will also write off
debts owed by 33 African countries. In Cameroon, Hu approved grants and loans worth
more than USD54 million, scrapped the country's bilateral debt to China and oversaw the
signing of health and educational agreements. In Sudan, Hu offered CNY40 million in aid for
the peaceful resolution of the Darfur question. An investment of USD800 million to develop
copper mines was announced in Zambia, as well as the cancellation of debt of nearly USD8
million that was due last year. President Hu also opened China's first joint economic and
trade co-operation zone in Africa. The inauguration ceremony was held in Lusaka, but the
zone is located in the Copper Belt Province.
China and Portugal
signed eight agreements during the visit of Portuguese Prime
Minister Jose Socrates to Beijing. A working group to promote bilateral investment
will be set up. China will establish Confucius Institutes and a sales center for Chinese
commodities in Portugal. Bilateral trade increased 39% to USD1.7 billion last year.
FCCC Newsletter No 21, February 5, 2007 Page 8
FCCC SECTORAL BI-WEEKLY NEWSLETTERS' HEADLINES
AUTOMOTIVE – METALS & MINERALS - ENVIRONMENT
Chery Automobile is considering to expand its cooperation with Fiat
The Shanghai Futures Exchange has submitted a draft contract on zinc futures
Chalco has raised its spot alumina prices
American and European makers of copper products
have complained about a VAT-
rebate that would give Chinese competitors an unfair advantage.
China is shifting investment in the steel
industry to high-end products.
Magang (Group) Holdings will spend CNY1.1 billion on the Luohe iron ore mine
More than 2,000 polluting factories
were closed down in Guangdong last year.
IT & TELECOM
China Mobile is expected to call for bids to build mobile phone networks based on
standard in five cities, although 3G licenses have not been awarded
Sales of mobile phones
in China increased 40% to 120 million last year.
plans to increase the testing and packaging of microchips in
Suzhou in a joint venture with Advanced Semiconductor Engineering.
The State Postal Bureau and the China Post Group Corp
were formally established,
separating the regulator from the operational postal business.
Hudong Heavy Machinery
plans to raise CNY12 billion from a share placement to
expand its business and become China's biggest shipbuilder.
industry has recorded a record 14.52 million dwt output in
Dubai-based DP World
plans to invest in the port of Qingdao.
The Yangtze River Delta is still not worthy of the concept of megalopolis
The Guangzhou Port Group
plans a USD750 million initial public offering.
COMMENT – Everyone expects to win, many will lose
After a few years in the doldrums, China's stock markets in Shanghai and Shenzhen rose to new heights last year. Discouraged investors returned to the market. The reform of non-tradable shares in state-owned enterprises is nearing its end and new IPOs were launched. Stock prices were rising, attracting many new investors. Many who cannot distinguish between a bear and a bull are rushing to invest in stocks brought to market by companies they don't know anything about. Some are mortgaging the family silver or their homes, taking out loans or borrowing against their credit cards to invest in stocks because everybody is absolutely convinced to reap a handsome profit.
Winning money with little effort is a recognized Chinese pastime, be it by playing mah-jong,
FCCC Newsletter No 21, February 5, 2007 Page 9
visiting the Macao casinos or. playing the stock market. “Everybody thinks they can win. But many will end up losing,” commented Cheng Siwei, Vice Chairman of the National People's Congress. That is exactly what happened last week when stock prices suddenly tumbled, shaving of 7% of total market capitalization.
The problem is nobody knows what is going to happen next: a further slump or a new bull run? Many more companies are preparing IPOs, offering new opportunities for investors to quickly buy and quickly sell to catch their profits. Ping An Insurance is preparing to raise USD3.86 billion in what would become the second biggest IPO in China. Ping An means 'peace and quiet'. China's stock exchanges could certainly use some. They have gone from a historic low to a historic high within one year. They could go still higher or fall still deeper. But when the profit seekers get burned, problems can not be far away. A tax on short-term capital gains could return some sense to the market.
The National Museum of China
on the east side of Tiananmen Square has closed
for a 3-year renovation period, but will become the world's biggest museum when it
reopens in 2010 with 192,000 square meters of floor space.
Chinese applications for international patents
increased 57% to a record 3,826 last
China National Nuclear Corp has begun building a seventh nuclear reactor
Qinshan plant that will help increase capacity by 43% by the end of 2011.
The China Charity
and Donation Information Center was set up in Beijing on
February 2 to enhance the transparency of charity projects and improve financial
The Beijing No 1 Intermediate People's Court has ruled that Guangzhou Welman
retains the legal right to use the name 'Weige', which is also widely used for Pfizer
impotence drug Viagra.
's factory in Hefei, Anhui province, is to expand to become the largest of
the whole group.
QUOTES OF THE WEEK
“China's stock markets remain just as much of a gambling den today as they were back in 2001 when Wu Jinglian, economic adviser to Premier Zhu Rongji, famously dismissed them as nothing more than “a big casino”. [.] When markets have risen so far, so fast, it does not take much to prompt investors to take profits. That is what is happening now. A growing sense that the market has lost all touch with reality and a few official words of warning were enough to trigger a rush for the exit that pushed the benchmark index down 6.53% [on January 31].”
, writing in the South China Morning Post, February 1, 2007.
“The decision by your government to establish a special economic zone here in Zambia is the most welcome development. Apart from creating the much-needed employment opportunities, it will produce a culture of adding value to our own materials.”
Zambian President Levy Patrick Mwanawasa
in a banquet speech to Chinese President Hu Jintao,
quoted in the South China Morning Post, February 5, 2007.
FCCC Newsletter No 21, February 5, 2007 Page 10
Baker & McKenzie
has issued a Client Alert on China's Employment Contract Law. It can
be downloaded here:.
Your banner at the FCCC website or newsletter
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Organisation and Founding Members FCCC
Mr. Bert De Graeve, C.E.O, NV BEKAERT SA
Mr. Bernard Dursin, Senior Vice-President, NV BARCO SA
Secretary and Treasurer:
Mr. Jan Laga, Vice-President Systems, NV PICANOL SA
Ms. Gwenn Sonck
FCCC Newsletter No 21, February 5, 2007 Page 11
Members of the Board of Directors and Founding Members:
Mr. Bert De Graeve, C.E.O., NV BEKAERT SA
Mr. Filip Dierckx, Member of the Executive Committee & C.E.O. Merchant Banking
Worldwide, NV FORTIS SA
Mr. Alain De Waele, Vice-President Corporate External Relations, NV INBEV SA
Mr. Bernard Dursin, Senior Vice-President, NV BARCO SA
Mr. Ronald Everaert, C.E.O. & President, NV TELINDUS GROUP SA
Mr. Jan Laga, Vice-President Systems, NV PICANOL SA
Mr. Luc Maton, General Manager Asian Subsidiaries, NV AHLERS BRIDGE SA
Mr. Marc Stordiau, Member of the Board of Directors, NV DEME SA
Mr. Pierre Van de Bruaene, Senior Vice-President EMP, NV UMICORE SA
Mr. Jan Vanhevel, Managing Director and Member of the Executive Committee, NV KBC
Mr. Stefaan Vanhooren, President Agfa Graphic Systems, Member of the Executive
Committee, NV AGFA-GEVAERT SA
Membership Rates for 2007:
Flanders-China Chamber of Commerce
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Tel.: +32 (0)9 266 14 32 - Fax: +32 (0)9 266 14 47
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The FCCC Weekly Newsletter is edited by Michel Lens, who is based in Beijing
and can be contacted by e-mailr mobile phone +86-
13901323431. Disclaimer: the views expressed in this newsletter are not
necessarily those of the FCCC or its Board of Directors.
FCCC Newsletter No 21, February 5, 2007 Page 12
Applications of Vibrational Spectroscopy in Criminal Forensic Analysis Edward G. Bartick Handbook of Vibrational Spectroscopy John M. Chalmers and Peter R. Griffiths (Editors) John Wiley & Sons Ltd, Chichester, 2002 Applications of Vibrational Spectroscopy in Criminal Forensic Analysis Edward G. Bartick FBI Academy, Quantico, VA, USA This is publication number 01-06 of
7th Grade Fall Trip 2011 Dear Seventh Grade Parents, T he Grade 7 team philosophy behind the Fall Trip is to give students an opportunity to get to know each other as well as learn about our host country, Hungary, introducing an important aspect of the school’s Mission, Vision, and Values. The beginning of the school year is an ideal time to develop friendships for new and returning s