FOREX

Conversion of the Chinese currency unit CNY (Yuan or RMB) against the USD:

CNY 1.00 is worth: USD 0.14637
USD 1.00 is worth: CNY 6.83160

 

ECONOMIC OVERVIEW

FROM JULY 1: = STRICTER CONTROL ON FOREIGNERS IN CHINA =

SHENYANG, JUNE 05, 2008; = The Chinese Public Security Bureau (PSB) issued new guidelines today to hotels and apartment management companies concerning the registration of foreigners in China, set to take effect on July 1. The PSB, a part of China’s domestic police force charged with policing public security and immigration residence registration and immigration affairs for foreigners, has insisted that the existing regulations for the registration of foreigners in China must be strictly adhered. Violators and those who fail to report, be they individuals or building management, will be subject to heavy fines the bureau said. Guests staying in Hotels and Serviced Apartments Guests must be registered upon arrival with the PSB by the hotel or serviced apartment management company. Usually this procedure is automatic with input from the hotel being directly fed into the local PSB computer at the check-in procedure, with no additional action being required from the guest. However, daily checks are now in operation with the PSB physically visiting hotels to request copies of the hotels in-house guest list to make sure they match the PSB’s own records. If they do not, the hotel / serviced apartment will be fined CNY 5,000 per missing entry. Hotel guests under these circumstances would not be fined. However it does mean that foreigners wishing to stay at a hotel in China must provide full passport and visa credentials in order to check in. Expatriate Living In Private Apartments Foreign tenants / residents are required to register with the local PSB. If this is not done, the foreigner can be fined CNY 5,000. It is important to note that this rule applies to any foreign person living in any apartment or private dwelling - even if it is for just for one night. If staying overnight or visiting friends in China, registration must be carried out upon arrival with the local PSB office responsible for the area within 24 hours of arrival.

OLYMPIC ANXIETY: - CHINA SUSPENDS MULTIPLE-ENTRY VISAS -

BEIJING, APRIL 09, 2008; = China has stopped issuing multiple-entry visas and slowed the processing time for single- and double-entry visas for foreigners in Hong Kong. Applicants are now only being issued single-entry visas, with double-entry visas only being issued if airline tickets or detailed itinerary can be provided explaining why two entries are required during the same trip. The duration of stay for both single- and double-entry visas is 30 days. It is also now being recommended to apply in advance of planned travel to the mainland, as processing times are slowing as well. Currently, a visa can take up to four days to process according to travel agencies in Hong Kong. The suspension, which appears to be both related to the Olympics Games as well as the ongoing political unrest and tension in the nation’s western regions, took effect on March 28 and will last until October 17. Chinese authorities are also said to be stepping up enforcement of other rules and regulations applying to foreigners on the mainland. A recent letter circulating on the mainland warns foreigners with residence permits in China to make sure they register with their local police station within 24 hours of arriving in China, and every time they return to the mainland from abroad.

MANITOWOC – TAI AN CRANE JOINT VENTURE

SHENYANG, March 17, 2008 ; = = Manitowoc Co. Inc. of Wisconsin formed a JV with the shareholders of Tai An Dong Yue Heavy Machinery Co. Ltd. to produce mobile and truck-mounted hydraulic cranes. No further details of the deal were released. China is the world's number one market for mobile hydraulic cranes, accounting for over 70% of all mobile hydraulic units produced worldwide in 2006.

ADAB RECEIVED NBC ACCREDITATION

MONTREAL, November 01,2007; == The Canadian National Bank Financial, a wholly-owned subsidiary of the National Bank of Canada (NBC-BNC), formally certified the Asian Development Assistance Board (ADAB) as its Agency in the People’s Republic of China for the Immigrant Investor Programs (Programmes Immigrants Investisseurs du Canada) of both the Federal Government of Canada and the Gouvernement du Quebec.

CHINA'S NEW FOREIGN INVESTMENT GUIDELINES

BEIJING / SHENYANG, May 29, 2007; = In view of the increasing inflow of foreign investment, China has introduced a number of measures to channel the funds in certain directions. As China is implementing the industrial policy of restricting high energy consumption, high resource consumption and low value-added industries, channeling foreign investment in optimising and upgrading industrial structure is a key task in 2007. Foreign investors should take note of the policy details for their own interest. Under a set of internal guidelines issued by the Ministry of Commerce (MOFCOM), in 2007 appropriate action will be taken to channel foreign investment according to local conditions based on policies contained in the Catalogue for the Guidance of Foreign Investment Industries and Catalogue for the Encouragement of Foreign Investment in New and High-tech Products. Efforts will be made to further encourage foreign investment in: R&D centres, new and high-tech industries, advanced manufacturing industries and green industries; modern agriculture, modern services and service outsourcing; technology renovation and upgrade of traditional industries. Meanwhile, continued efforts will be made to encourage multinational companies to set up regional headquarters, sourcing centre, logistics centre, operation centres and training centres on the mainland. Also, steps will be taken to expedite the transformation and upgrade of processing trade, promote joint venture and cooperation between foreign and mainland private enterprises, fully utilise offshore resources to develop the domestic capital market, and channel and regulate the strategic investment by foreign firms in mainland-listed companies. The MOFCOM internal guidelines also place special emphasis on taking effective measures to restrict foreign investment in high energy consumption, high pollution and low value-added industries, as well as in the real estate sector. Since 2005, no new foreign investment projects or expansion of existing foreign investment projects have been approved in the iron and steel, cement and aluminium electrode industries. As a result, the amount of utilised foreign investment in the iron and steel and cement industries dropped by 66.67% and 55.67% respectively in 2006. According to MOFCOM, foreign investment in the key sectors targeted by macro-control measures has been put under control effectively. The internal guidelines also call for "innovation" in foreign investment promotion. Investment promotion strategies should be formulated based on local circumstances, and innovative methods should be used. The guidelines also attach importance to the establishment of a sound nationwide system for investment promotion, the study of a system of indicators for evaluating the quality of foreign investment, and the elimination of irregular practices in investment promotion such as granting preferential treatment against the law and delegating investment promotion targets to lower levels.

= MORE CHINESE FAKES ON EUROPEAN MARKET =

BEIJING, Nov.13, 2006; = On November 08, the EU trade commissioner called on Beijing to tackle the "army of violators" behind its counterfeit industry. In an interview with the Financial Times, Peter Mandelson said a government crackdown on a similar scale to the counterfeit industry itself would be needed to combat the problem. He said birth control pills and HIV drugs from China were now being discovered in the EU alongside pirate luxury goods, fake foods and drinks, car and aircraft parts, and electrical appliances. China is the source for over half the fake goods seized at European customs, and Washington is considering filing a complaint with the World Trade Organisation against China's intellectual property rights record, although Brussels has avoided the move. Last week Mandelson visited Beijing and the southwest city of Chengdu. He has met with Chinese commerce minister Bo Xi-Lai and Vice Premier Mdm. Wu Yi.

= CHINA WARNS USA OVER PIRACY MATTERS =

BEIJING, Nov. 13, 2006; = Chinese Commerce Minister Bo Xi-Lai warned the US last week that any move to take World Trade Organisation (WTO) action against China over intellectual property violations would have an "extremely negative" impact on trade relations. Responding to growing speculation in Washington that trade action on IPR is likely, Bo said: "We think it's senseless. It won't help solve any problems." American movie, music and other copyright-related industries claim they lost more than USD 2.6 billion in China last year due to piracy. As much as 90% of the China market for these goods is believed to be controlled by pirates. The US - alongside Canada and the EU - is already embroiled in WTO litigation with China over Beijing-imposed tariffs on imports of foreign auto parts

MEDICAL ASSISTANCE FOR EXPATRIATES IN CHINA

For the benefit of expatriates working in China, here below a listing of medical clinics operated by Global Doctor, an Australian medical and healthcare organisation. For further info: www.eglobaldoctor.com BEIJING Global Doctor. Beijing Friendship Hospital (Ground Floor). 95 Yong'an Road, Xuanwu District. Beijing. Tel: +86(10)8315.1914 Fax: +86(10)8315.1916 Email: gdbjing@163bj.com NANJING Global Doctor. Gulou Hospital. 321 Zhongshan Road, Nanjing. Tel: +86(25)330.2916 Fax:+86(25)330.4909 Email: globaldr@jlonline.com CHENGDU Global Doctor. Holiday Inn Crowne Plaza, Level 4, Room 402. 31 Zong Fu Street, Chengdu. Tel: +86(28)678.6746 Fax: +86(28)678.6746 Emergency after hours: +86(139)8225.6966 Email: chengdu@eglobaldoctor.com SHENYANG Global Doctor. De-Ji Hospital. 54 Pang Jiang Rd, Dadong District, Shenyang. Tel: +86(24)2433.0678 Fax: +86(24)2433.1088 Email: gdshenyang@vip.163.com Evacuation and Emergency Assistance Service from China: +86(10)8456.9191 (24 Hours)

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