NEW MEMBER
We welcome Asia Pacific Properties Limited as our new corporate member.
APP is Asia's premiere real estate and relocation company with 25 years in the region. Mr. Joshua Miller is their Associate Director.
UPCOMING EVENTS
43rd InterCham Young Professionals Cocktail - 10 August 2010
The 43rd InterCham Young Professional Cocktail will be held on Tuesday, 10 August 2010 from 6 pm to 9 pm at DUETTO, 2/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.
Ticket price: HK$180 each (including 2 free drinks and a chance to win the lucky draw)
Deadline for booking is Tuesday, 3rd August 2010, on first-come, first-serve basis.
Only limited tickets are available. To avoid disappointment, please book your ticket now!
For more information about the cocktail, please read this flyer.
OTHER ACTIVITIES OR INFORMATION
Hong Kong Heritage Calendar 2011
The Photographic Heritage Foundation invites orders for its Hong Kong Heritage Calendar 2011.
The Hong Kong Heritage Calendar 2011 retains the hallmarks of earlier editions: evocative Hong Kong images; elegant design; customizing to maximize clients’ promotional benefits; overseas holidays; fine print quality; and premier production with linen stands.
Calendars have full customizing options. To ensure its leading reputation and promotional benefits, calendars are marketed only to the Foundation’s clients. All orders have complete exclusivity, with no further sales in any client’s business area. There are no retail sales.
Orders close in mid July; delivery in early September. See calendar order information here.
For enquiries, please contact Mr. Edward Stokes, Director of the Photographic Heritage Foundation
Competition Bill Gazetted
Notified by the Commerce, Industry and Tourism Branch of Commerce and Economic Development Bureau, the Competition Bill was published in the Gazette on Friday, 2 July 2010.
The Bill will be introduced into the Legislative Council on 14 July 2010. For more information, please refer to the background brief at the following links:
English version
Chinese version
BUSINESS OPPORTUNITIES
Plastic and metal scraps
Santa Metal & Engineering Ltd. is looking for Norwegian suppliers of plastic and metal scraps.
Interested parties please contact Ms. Sharon Ng on Tel: +852 9380 2628 /Fax: +852 2125 5289 /Email: ngsharon123@yahoo.com.hk.
Red Fish and Red King crab/Cluster
Best Harvest Co Ltd. is a Hong Kong based trading company and wants to import Red Fish and Red King crab/Cluster from Norway in a comparatively large volume.
UPCOMING TRADE FAIRS & EXHIBITIONS
HONG KONG
OCTOBER 13 TO 16
Hong Kong Electronic Fair (Autumn Edition)
Organisers: Hong Kong Trade Development Council
Venue:Hong Kong Convention and Exhibition Centre, Wanchai
Tel: +852 2240 4075 Fax: +852 2824 0249
OCTOBER 27 TO 30
Hong Kong International Lighting Fair (Autumn Edition)
Organisers: Hong Kong Trade Development Council
Venue:Hong Kong Convention and Exhibition Centre, Wanchai
Tel: +852 2240 4811 Fax: +852 2824 0026
OCTOBER 27 TO 30
Hong Kong International Building and Decoration Materials & Hardware Fair
Organisers: Hong Kong Trade Development Council
Venue:AsiaWorld-Expo, International Airport, Hong Kong
Tel: +852 2584 4333 Fax: +852 3543-8717
NORWAY
OCTOBER 13 TO 14
easyFairs BUTIKKLEVERANDØR 2010
Organiser: easyFairs
Venue: Norway Trade Fairs Centre, Lillestrøm
Tel: +47 22 99 61 24
OCTOBER 14 TO 16
NORDENTAL
Organiser: Norwegian Promotion Group
Venue: Norway Trade Fairs Centre, Lillestrøm
Tel: +47 23 23 41 00
OCTOBER 20 TO 22
Miljø & Teknikk / Kommunalteknikk 2010
Organiser: Norsk Kommunalteknisk Forening (NKF) and KS
Venue: Norway Trade Fairs Centre, Lillestrøm
Tel: +47 911 58 893 Fax: 22 28 85 10
OCTOBER 29 TO 31
Oslo Motor Show
Organiser: Norges Varemesse and Albinsson & Sjoberg Publishing Group
Venue: Norway Trade Fairs Centre, Lillestrøm
Tel: +47 66 93 91 15
CHINA
OCTOBER 9 TO 11
China (Shanghai) International Glass Industry New Tech. Expo
Organiser: Beijing Hiven Exhibition Co. Limited
Venue: Shanghai International Exhibition Center - Intex Shanghai, Shanghai
Tel: +86-10-68638450 Fax: +86-10-88680811
OCTOBER 10 TO 12
China International Furniture Fair - Home Furniture
Organiser: Beijing Zhenwei Exhibition Co. Limited
Venue: Shanghai Everbright Convention & Exhibition Center, Shanghai
Tel: +86-10-58236559/58236588/58236557
Fax: +86-10-58236567
OCTOBER 10 TO 12
China International Exhibition for Aluminium Industry
Organiser: Beijing Zhenwei Exhibition Co. Limited
Venue: Shanghai Everbright Convention & Exhibition Center, Shanghai
Tel: +86-10-58236559/58236588/58236557
Fax: +86-10-58236567
OCTOBER 12 TO 15
China International Medical Equipment Fair
Organiser: Reed Exhibitions China Head Office
Venue: Shenyang International Exhibition Centre, Liaoning
Tel: +86-10-85189070
Fax: +86-10-8518 9060
OCTOBER 15 TO 17
China (Shenzhen) International Logistics & Transportation (CILF)
Organiser: Shenzhen Logistics and Supply Chain Management Association
Venue: Shenzhen Convention & Exhibition Center, Shenzhen
Tel: +86-755-83581250
OCTOBER 18 TO 20
China International Petroleum and Petrochemical Equipment & Technology Exhibition
Organiser: Beijing CEW International Fair Co., Limited
Venue: Huanghe International Exhibition & Conference Center, Dongying
Tel: +86-10-51654111
Fax: +86-10-51654111/51654802/51654805
OCTOBER 19 TO 21
International Exhibition on Energy Conservation Environmental Power Technology & Renewable Energy
Organiser: Adsale Exhibition Services Limited
Venue: Beijing China International Exhibition Center, Beijing
Tel: +852-2811 8897/2516 5024
Fax: +852-2516 5119
OCTOBER 20 TO 22
China International Architectural Expo
Organiser: China National Building Materials Exhibition & Trade Center
Venue: China National Convention Center, Beijing
Tel: +86-10-88083839/88083258/88082309/88083324
Fax: +86-10-88082333/88082305
OCTOBER 21 TO 24
China Shenzhen International Toys & Gifts Fair
Organiser: Reed Huabo Exhibitions (Shenzhen) Co. Ltd.
Venue: Shenzhen Convention & Exhibition Center, Shenzhen
Tel: +86-755-33331166
Fax: +86-755-33331168
OCTOBER 25 TO 28
China Keqiao International Textile Expo
Organiser: Shanghai Gehua Exhibition Service Co. Limited
Venue: China Textile City International Convention & Exhibition Center, Shaoxing
Tel: +86-21-51527671
Fax: +86-21-51527309
TAIWAN
OCTOBER 6 TO 8
Taiwan Exhibition & Convention Industry Show
Organiser: Taiwan External Trade Development Council (TAITRA)
Venue: TWTC Exhibition Hall 1, Area A, Taipei
Tel: +886-2-27255200 Fax: +886-2-2725-1959
OCTOBER 11 TO 14
Taipei International Electronics Show
Organiser: Taiwan External Trade Development Council (TAITRA) and Taiwan Electrical and Electronic Manufacturers' Association (TEEMA)
Venue: TWTC Nangang Exhibition Hall, Taipei
Tel: +886-2-27255200 Fax: +886-2-2725-1959
OCTOBER 19 TO 20
2010 Fastener Taiwan (Taiwan International Fastener Show)
Organiser: Taiwan External Trade Development Council (TAITRA) and Taiwan Industrial Fastener Institute (TIFI)
Venue: The Modern Multi-Functional Gymnasium, Kaohsiung
Tel: +886-2-2725-5200 Fax: +886-2-2723-4374
OCTOBER 25 TO 28
Taiwan International Green Industry Show
Organiser: Taiwan External Trade Development Council (TAITRA)
Venue: Taipei World Trade Center Exhibition Hall, Taipei
Tel: +886-2-2725-5200 Fax: +886-2-2723-4374
OCTOBER 26 TO 28
PV Taiwan 2010 (Taiwan International Photovoltaic Forum & Exhibition)
Organiser: Taiwan External Trade Development Council (TAITRA) and Semiconductor Equipment & Materials International (SEMI)
Venue: Exhibition: Hall 1, Taipei World Trade Center (TWTC), Taipei
Tel: 886-2-2725-5200 (ext. 2661) Fax: +886-2-2723-4374
HONG KONG UPDATE
Views sought on new insurance authority
Secretary for Financial Services & the Treasury Prof KC Chan today released a consultation paper on the proposed establishment of an independent insurance authority. The insurance sector and the public are invited to give their views during the three-month study period.
Prof Chan said the Government proposes to follow international regulatory practices to establish an insurance regulatory authority, which is both financially and operationally independent of the Government. It will take over the work of the current Office of the Commissioner of Insurance, which is a government department.
"We propose the independent authority should be given the required regulatory powers to issue licences, conduct routine supervision, inspection, and imposing disciplining sanctions against breaches. Such regulatory powers apply not only to insurers, but also to insurance intermediaries, including insurance agents and insurance brokers," he said.
Intermediary licensing
The Government proposes the independent authority should supervise the conduct of insurance intermediaries direct through introducing a licensing regime. In future all insurance intermediaries must first be licensed by the independent authority before they can sell insurance products.
Regarding insurance products sold through banks, the Government proposes the Monetary Authority be given powers similar to those of the independent insurance authority for regulating the conduct of bank employees selling insurance products. This will allow the Monetary Authority to impose additional conduct requirements, on top of what the independent insurance authority may stipulate, on bank employees if necessary.
Prof Chan said there should be robust communication and collaboration arrangements between the independent insurance authority and other regulators to ensure consistency in regulation and minimise duplication of effort.
The Government proposes providing a lump sum of $500 million to the independent authority on its inception. More than $300 million will cover part of its operating costs in the initial five years and the rest will be for contingency reserve.
"According to current estimates the licence fee paid by the insurance industry and the levy to be charged on insurance premiums for all insurance policies will be increased progressively to the target level in the sixth year to achieve a balanced budget," he said.
Governing board
The Government proposes establishing a governing board which should comprise predominantly non-executive directors. In addition the Government proposes forming a statutory appeals tribunal and an independent process review panel.
Other proposals include tabling the independent authority's annual report at the Legislative Council, and empowering the Director of Audit to conduct value-for-money studies.
The bureau will table a bill on the establishment of an independent insurance authority at LegCo next year.
Click here to see the proposal. Written comments should reach the bureau by October 11.
(News.gov.hk) 12.7.10
Cross-boundary ferry tenders invited
The Marine Department is inviting tenders to operate cross-boundary ferry services from Tuen Mun Ferry Terminal for seven years. The existing tenancy will end in December.
The Government will provide immigration, customs, police, marine control and port health services to support the operation.
The tenderer is responsible for:
* a monthly rent to the Government giving rise to an annual rental income of not less than $27.9 million;
* replacement and reinstatement of non-recurrent items;
* utilities costs for operating the terminal; and,
* the terminal's maintenance and general management.
The successful tenderer must provide services within three months, run at least 14 round trips between the terminal and Macau every week and provide services to other cities in the Pearl River Delta.
The tenancy agreement will be signed by year's-end so operations can start early next year.
Tender documents are available at the counter in Room 2121, Marine Department Headquarters, Harbour Building. Tenders must be submitted by August 20. Call 2547 4026 or fax to 2559 4976 for questions.
(News.gov.hk) 9.7.10
$147m offered to design industries
The Design Support Programme under the DesignSmart Initiative has received 485 applications, among which 333 have been approved, involving a total of $147 million in funding.
The support programme comprises four funding schemes - the Design Research, the Design-Business Collaboration, the Professional Continuing Education and the General Support Schemes.
Secretary for Commerce & Economic Development Rita Lau told legislators today the number of applications received from 2007-08 to 2009-10 was three times that recorded in the first three years of operation from 2004, due to enhanced promotion of the scheme.
Measures have been introduced to boost the scheme's utilisation of the funding, such as allowing both design companies and small and medium-sized enterprises to apply for funds under the Design-Business Collaboration Scheme, abolishing the periodic theme solicitation approach of the Design Research Scheme and lifting restrictions on the theme of incoming applications.
(News.gov.hk) 7.7.10
Development fund applications open
Non-profit-distributing professional, trade or industrial organisations as well as research institutes are invited to apply for funding from the Professional Services Development Assistance Scheme. The application deadline is September 30.
Launched in 2002 with an allocation of $100 million, the scheme finances projects to increase Hong Kong's professional services' competitiveness in the Mainland and other markets.
Grants are given on a dollar-for-dollar matching basis. The maximum grant amount for a project is $2 million.
A briefing session on the scheme will be held on August 24 and helpdesk services will also be available. Click here or call 2918 7593 for details or registration.
(News.gov.hk) 2.7.10
Kai Tak sea-bed improvement works planned
The Government plans to carry out treatment of sea-bed sediments at the Kai Tak Approach Channel and Kwun Tong Typhoon Shelter.
It will also carry out improvement works to the associated waterways' embankments and the Kai Tak Nullah outfall, and demolish a disused buoy for mooring boats near the To Kwa Wan Typhoon Shelter.
The work, which will affect about 90 hectares of foreshore and seabed, is scheduled to begin in late 2011 for completion by 2013.
A notice published in the Government Gazette today describes the extent of the area affected. The plan can be inspected here.
People who have an interest, right or easement in or over the foreshore and sea-bed involved may submit a written objection to the Director of Lands, 20th floor, North Point Government Offices, 333 Java Road, North Point, by September 2.
(News.gov.hk) 2.7.10
Fanling Highway works tenders invited
The Highways Department invites tenders for the construction of noise barriers on the section of Fanling Highway between MTR Fanling Station and Wo Hing Road.
The works are expected to commence in November and will take about 27 months to complete.
The works mainly comprise the erection of sections of cantilevered noise barriers approximately 1.35km in length and sections of vertical noise barriers approximately 200 metres in length along Fanling Highway and its slip roads between Fanling Station and Wo Hing Road.
Tender forms and other particulars can be obtained from Meinhardt Infrastructure & Environment Limited, 4/F Wah Ming Centre, 421 Queen's Road West, Hong Kong.
Tender submissions should be placed in the Government Secretariat tender box located at the lift lobby on the lower ground floor of the Central Government Offices (East Wing), 20 Lower Albert Road, Hong Kong by noon on August 13.
(News.gov.hk) 2.7.10
NORWAY UPDATE
Statoil signs Sleipner modification agreement
Statoil has entered into a framework agreement for studies and major modifications of installations in the Sleipner area with Aker Solutions. The contract value is around NOK 900 million.
The agreement covers modifications of the Sleipner A and Sleipner T platforms as part of the Gudrun field development.
Aker Solutions has been awarded the framework agreement in strong competition with other market players. The agreement includes engineering, purchasing, fabrication and installation of equipment.
The intention of the agreement is to ensure the best possible utilisation of the Sleipner installations for tie-back of new fields in the area.
“The market has shown strong interest in this contract and the competition has been good,” says Geir Bjaanes, Statoil’s procurement manager for the Gudrun project. “Aker Solutions delivered the overall best tender.”
Sleipner will process oil and gas from Gudrun in addition to supplying power to the Gudrun platform.
The gas will be processed on Sleipner A before it is transported to Sleipner T for carbon dioxide removal. The gas will be transported to the gas markets from Sleipner A.
The oil is received at Sleipner A for stabilisation. Water and salts are removed before export to the Kårstø processing plant north of Stavanger.
The Sleipner area has been, and will continue to be, one of the most interesting areas on the Norwegian continental shelf (NCS). The Gudrun development is a major field development project in the Sleipner area, and this framework agreement will be an important tool for efficient execution of ongoing and future development projects.
The Gudrun field is one of Statoil’s largest development projects on the NCS. It contains around 127 million barrels of oil equivalent. The contract for constructing the steel jacket has already been awarded to Aker Solutions, and the contract for transport and installation of the jacket and the topside has been awarded to Saipem.
(The Norway Post) 15.7.10
Sway to test giant wind turbine
The Norwegian renewable energy company Sway AS has been granted a licence for constructing a giant test wind turbine with accompanying infrastructure in Øygarden near Bergen.
The turbine will be located in Naturgassparken at the south of Ljøsøyna, within an area which is regulated for industrial purposes. The wind turbine will have a capacity of 10 MW and a rotor diameter of 145 meters and is said to be the world's largest wind turbine.
(NRK/Vaart Land) 10.7.10
Orkla Group signs China agreement
Norwegian Orkla Group has earlier this summer entered into a Letter of Intent with the Chinese company ChemChina to develop the industrial collaboration between the two parties.
Altogether seven Norwegian companies signed agreements with their Chinese counterparts during the ceremony on June 11, facilitated by Trond Giske, the Norwegian Minister of Trade and Industry.
Norway and China have an extensive and growing contact. Nearly 200 Norwegian companies are established in China, and China is Norway’s most important trading partner in Asia.
Norway’s export to China increased by 40 per cent from 2008 to 2009. Orkla has a considerable presence in China through its subsidiaries Sapa, Elkem and Borregaard, with total sales of more than NOK 1.8bn.
Sapa will inaugurate its new factory in Shanghai in September 2010. Furthermore, Jotun (Orkla owns 42.5 per cent) has significant operations in China.
(Norwaypost.no) 5.7.10
CHINA UPDATE
China's Q2 economic growth likely to slow to 10.6%: economist
China's economic growth is likely to slow to 10.6 percent in the second quarter as the effects of the government's massive stimulus package weaken, analysts are forecasting.
Pei Changhong, head of the Institute of Finance and Trade Economics of the Chinese Academy of Social Sciences, expected China's second-quarter growth to slow to 10.6 percent and the annual growth to reach 10.5 percent.
China, the world's third largest economy, posted economic growth of 11.9 percent in the first quarter, which analysts said was mainly supported by the country's massive economic stimulus package.
The country's GDP growth in the fourth quarter this year and the first quarter of 2011 might slow to around 9 percent, said Zhu Jianfang, chief macro economist with Citic Securities.
Zhu ruled out the possibility of a double dip for China's economy and said growth would show a U-shaped curve.
The latest economic indicator pointing to a slowdown in China's growth was the Purchasing Managers' Index for the manufacturing sector, which slowed for two consecutive months. The index stood at 52.1 percent in June, down 1.8 percentage points from May.
Growth in fixed assets investment, one of the major engines boosting China's growth, would witness an obvious deceleration in the third quarter this year, said Xing Weiwei, an analyst with the Jianyin Investment Securities.
Xing expected fixed assets investment to climb about 20 percent year on year during the July-September period, compared with an increase of 25.6 percent in the first quarter.
China unveiled a 4-trillion-yuan (589.97 billion U.S. dollars) economic stimulus package in late 2008 to counter the adverse impacts of global financial crisis. The spending was planned to the end of 2010.
The National Bureau of Statistics is scheduled to release a range of economic data on Thursday, including second-quarter gross domestic product growth, the consumer price index and fixed assets investment.
(MOFCOM) 14.7.10
Macao, Guangdong to establish Chinese medicine industrial park
Macao Special Administrative Region (SAR) will cooperate with Guangdong province in building a Chinese medicine industrial park on the Hengqin Island, a spokesperson of the SAR government said on Thursday.
In order to push forward the industrial park, the SAR government will set up a preparation office which will work with its counterpart in the Guangdong provincial government to launch the project, said Tam Chon Weng, the spokesperson of the SAR government, at a press conference here.
The new industrial park will be located on the Hengqin island, which is a part of Guangdong's Zhuhai city and is adjacent to the SAR.
The Guangdong provincial government has agreed to allocate half a square kilometer of land on the island for the industrial park and the funds will be provided by Macao, according to Tam.
He also said that the two sides will draft the details of the project, which will later be submitted to the central government for review and approval.
(MOFCOM) 9.7.10
MOF Determined to Release the Third Issue of Book-entry Treasury Bonds of RMB40b in 2010
The Ministry of Finance (MOF) announced on July 6 to release the book-entry treasury bonds in 2010 (the third issue), with the total issuing amount of RMB40b, of which one-year book-entry treasury bonds amounted to RMB20b with a fixed annual interest rate of 2.60%; and three-year book-entry treasury bonds RMB20b with a fixed annual interest rate of 3.73%.
Based on the announcement of MOF, the issuing period of treasury bonds is from July 12 to 26. And underwriters shall sell treasury bonds within the fixed quota, the interests of which shall be calculated as of the day when treasury bonds are purchased. When these treasury bonds become due, the principal will be repaid with interest, non-compound interest is paid and no other interest is paid for overdue treasury bonds.
(MOFCOM) 9.7.10
Henan to Offer More Preference for Foreign Investment
It was known by the reporter from Henan Provincial Government that the province will provide preference for foreign investment in such aspects as land, taxation and capital so as to better exert the active role of foreign investment in boosting scientific innovation, industrial upgrading and regional coordinated development.
The provincial government determined to further expand the open areas, optimize the land allocation and delegate part of environmental protection examination and approval authorities of foreign-funded projects to lower level, execute the agency system of foreign-invested projects without compensation across the province, encourage foreign investment in the modern service industry including high-end manufacturing, hi-tech industry, new energy and energy-saving and environmental protection industry, modern agriculture, commerce, tourism, medical treatment, finance, insurance and education and continuously encourage foreign businessmen to develop the labor-intensive industries qualified for environmental protection in the province.
(MOFCOM) 7.7.10
TAIWAN UPDATE
Taiwan banks can get yuan cash settlements from Bank of China
The Central Bank of the Republic of China (CBC) announced Tuesday that it will allow authorized Taiwanese commercial banks to sign agreements with the Hong Kong arm of Bank of China to provide yuan cash settlement services for Taiwanese financial institutions.
Taiwanese banks currently buy yuan in Hong Kong from HSBC and Bank of America. However, the supply of the notes -- most of which are old -- from those two banks has not been very stable, and the cost of procuring them is relatively high, the central bank said.
After the new agreement is signed, the notes will be provided by the Bank of China (Hong Kong) , and New Taiwan dollar notes will be offered by the state-owned Bank of Taiwan and state-controlled Mega Bank, Taiwan's top two foreign exchange banks.
"There will be three advantages -- new yuan notes, cheap exchange costs and a stable supply, " CBC Deputy Governor Chou A-ting said at a press conference.
"In the future, it could lead to savings of about NT$1,000 on every procurement of 20,000 Chinese yuan," he said.
The CBC also said the arrangement can reduce the number of fake yuan notes in circulation.
The bank also said it will allow authorized business entities such as airlines or duty free shops to sell yuan notes to financial institutions. At present, such transactions are permitted only for individuals.
The issue of when banks in Taiwan will be allowed to start taking yuan deposits and providing remittance and trade settlement services in yuan is more complicated and remains to be negotiated, Chou said.
Since Taiwan started to allow free exchange of Taiwanese and Chinese currency from June 2008, Taiwanese banks have bought 8.1 billion Chinese yuan and sold 10.9 billion Chinese yuan, according to the CBC.
(TaiwanHeadlines) 13.7.10
Economics ministry plans to assist industries to be affected by ECFA
The government is prepared to allocate funds to help 17 Taiwanese industries deemed most likely to be hurt by the Taiwan-China economic cooperation framework agreement (ECFA), trade officials said Tuesday.
According to Ministry of Economic Affairs (MOEA) officials, the ministry is planning to earmark between NT$200 million and NT$300 million under its Small Business Innovation Reach (SBIR) program for those industries.
The sum of this year's SBIR program, originally designed to help small companies pursue technological innovation, will be increased to NT$1.5 billion, up from NT$1.3 billion in 2009, they said.
The ministry's Department of Industrial Technology launched Taiwan's SBIR program in November 1998 to encourage local start-up companies to pursue innovative research into industrial technologies and products.
This year, however, companies in the 17 businesses believed to be most susceptible to Chinese competition after the ECFA are entitled to receive subsidies worth between NT$1.5 million and NT$2 million from the program, providing their proposed projects for industry upgrading are approved by the ministry, officials said.
The 17 industries are mostly traditional, labor-intensive manufacturers of products such as clothes, underwear, towels, shoes, bedding, ceramics, home appliances, and wooden and bamboo goods, as well as the agriculture industry.
Under the terms of the ECFA, 539 types of Taiwanese products will enjoy zero tariff treatment in two years or less after the pact is implemented, while 267 Chinese goods will be subject to the same privilege.
(TaiwanHeadlines) 12.7.10
Economics minister upbeat about this year's GDP growth
Minister of Economic Affairs Shih Yen-hsiang said Thursday that he is upbeat about Taiwan's economic growth rate for this year, forecasting that the figure will definitely surpass 6 percent and might reach 7 percent or even 8 percent.
Shih made the remarks after the International Monetary Fund (IMF) in a report released that day raised its forecast for Taiwan's 2010 GDP growth rate to 7.7 percent from 6.5 percent predicted in April.
The IMF also said in its report that Asia has bottomed out of the 2008-2009 global financial crisis and that the region's average GDP growth for this year will hit 7.5 percent, up from its previous forecast of 7 percent.
Shih said he is very optimistic about Taiwan's 2010 economic performance because the GDP growth rate for the first half of this year is likely to break the 10 percent mark.
"Over the past six months, the manufacturing sector has already posted a 38.9 percent year-on-year growth and private consumption has also continued setting new records. Against this backdrop, we can optimistically expect our GDP growth rate to reach 7 percent or even 8 percent this year," Shih predicted.
He said foreign economic forecast agencies' upgrading of Taiwan's GDP growth predictions mark recognition of the government's efforts to spur economic growth.
Nevertheless, he cautioned that uncertainty still lurks in global economic development, which Taiwan cannot fully control. "Therefore, we should still rely on our own efforts to sustain our economic growth by expanding our domestic demand and export outlets," he added.
The Cabinet-level Directorate General of Budget, Accounting and Statistics forecast in May that the GDP growth rate could reach 6.14 percent. However, after Taiwan signed a landmark economic cooperation framework agreement with China in late June to allow for tariff reductions and easier market access, major economic research institutions in Europe, Japan and the United States all raised their ratings on Taiwan's investment climate and GDP growth forecast.
(TaiwanHeadlines) 8.7.10
Global investment promotion center to be set up in August
A global investment promotion center will be set up in August as part of the government's efforts to attract foreign investment, a Cabinet official said Wednesday.
The center, to be established under the Ministry of Economic Affairs, will provide one-stop services to help businesses resolve problems they might face when investing in Taiwan, the official said after a weekly Cabinet meeting.
According to the official, Premier Wu Den-yih said during the meeting that removing existing investment barriers to boost investment from overseas is a major thrust of the government's policy following the June 29 signing of the economic cooperation framework agreement with China.
To this end, Wu will head a global investment promotion task force that will be comprised of ministers without portfolio and the chiefs of economics-related agencies, the official said.
On a plan by the Council for Economic Planning and Development to launch overseas missions to publicize investment in Taiwan, Wu instructed the relevant agencies to present attractive products to potential investors, including what the government describes as the "i-Taiwan 12 projects," the "six strategic industries, " the "four smart industries" and the "10 major services industries."
The premier also instructed the authorities to review proposals put forward by foreign businesses and Taiwan's Chinese National Federation of Industries to reduce the barriers to investment.
These proposals include simplifying visa processing for Chinese businessmen, reviewing the income tax levied on foreigners, easing the qualification requirements for foreign professionals seeking to work in Taiwan, relaxing the fixed-term employment contract requirement and deregulating the financial and telecommunications sectors.
Other proposals on the table are strengthening intellectual property rights protection and facilitating private-sector participation in public construction projects by strengthening the dispute settlement mechanism and setting a ceiling for compensation liability.
(TaiwanHeadlines) 8.7.10
Gov't to announce digital convergence plan
The government plans to bring digital convergence — the integration of telecom, the Internet and broadcasting into one big medium — to Taiwan by 2014, the local Financial Times reported yesterday.
Digital convergence has become a trend in the industry, allowing users to watch content anytime, anywhere through any device.
The government is expected to announce its digital convergence plan during its weekly Cabinet meeting this Thursday, the paper reported.
Convergence of different media has not been possible due to various restrictions under Taiwan's Broadcasting Act and Telecom Act, which ban broadcast and telecom operators from entering into each other's business.
The Cabinet plans to change these laws in three phases, the paper said. During the first phase, certain parts of the Broadcasting Act and the Telecom Act will be amended. During the second phase, portions of both acts will be combined together. And during the third phase, both acts will be integrated as one law by 2014.
To expedite digital convergence, the government will allow telecom and cable firms to work together to offer services for end-users, as long as such operations are legal, the paper said.
The National Communications Commission (NCC) further plans to relax laws restricting telecom, broadcasting and cable operators from entering each other's field.
Meanwhile, to speed up digitization of broadcasting programs, the government will in 2012 begin to covert all the five analogues channels maintained by Taiwan's broadcasters to digital ones, the paper reported.
The government further plans to subsidize 103,000 low-income families for getting set-top boxes needed for digitization. The NCC also plans to earmark NT$500 million to help broadcasters establish 47 transmission platforms, the paper said.
Separately, Hsu Chueh-min, president of Industrial Technology Research Institute, has invited Wang Xiaochu, chairman of China Telecom, to visit Taiwan, the Financial Times reported.
The invitation is made as China seeks to expedite its digital convergence, an effort that may bring business opportunities worth 688 billion renminbi, the paper said.
Taiwan firms are strong at back-end equipment manufacturing, capabilities that China needs.
(TaiwanHeadlines) 6.7.10
CONTACTING THE CHAMBER
Mr. Sidney Wong, Executive Secretary, at Tel.: (852) 2546 9881 / Fax: (852) 3003 6506 / Email: info@ncchk.org.hk. Address: c/o Royal Norwegian Consulate, Rooms 1510-12, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Hong Kong.
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