India’s Finance Minister Arun Jaitley and China’s Finance Minister Lou Jiwei will hold the 8th round of Indian-China Financial Dialogue talks next month. Mr. Jaitley is scheduled to visit China with the Economic Affairs Secretary Shaktikanta Das, from July 19-24 for the G20 meeting of Finance Ministers. The financial dialogue will, therefore, be held at that time.
The seventh dialogue of this sort was held in New Delhi in 2014. Learn more details about these meetings.
China Finance Online Co. Limited has just announced that they have updated their mobile application. It will now include the functionalities based on the Securities Master, the web-based securities trading platform the Company launched on August 18 of 2014.
As Zhiwei Zhao, Chairman and CEO of China Finance Online, said,
“We are happy to announce this key upgrade of our mobile financial application which will now incorporate our powerful trading platform, Securities Master. Built upon our philosophy of making investments easier, the latest version of our app will allow Android and iOS users to open new accounts, manage their portfolios, track the markets, and trade with ease, anytime, anyplace and on any device, which is available on the Company’s website and the App Store. The features and functions that are currently or soon will be available to investors include:
In important news for China and Russia, the two just signed a deal whereby China will by Russian natural gas worth about $400 billion. President Vladimir Putin was in China for two deals negotiating the deal and participating in an Asian security conference.
This deal allows Russia to diversity its market for gas, which until now has gone mostly to Europe. As Keun-Wook Paik, a senior research fellow at the Oxford Institute for Energy Studies said the agreement “opened the door for Russia to enter into Asia’s gas market.”
Paik continued, “Russia, and Putin, can demonstrate it’s not completely isolated because of the Ukraine crisis. Russia has demonstrated that they have a very reliable strategic partnership with China.”
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May was a very good month for automobile makers and distributors in China. Vehicle sales rose 16% in China year-on-year in May. The data from the industry showed that 1.61 million units were sold during the month of May, showing a strengthening and strong recovery for the world’s largest automobile market. While the sale of passenger vehicles had gone up 12.5% in April, they went up 22.6% in May to 1.28 billion, according to the figures from the China Association of Automobile Manufacturers.
In 2011, the auto sales in China had a dramatic downturn when the government pulled back some of its incentives and some cities slapped harder restrictions on car numbers to get rid of pollution and congestion. While auto sales had increased more than 32% in 2010, they increased by only 2.5% in 2011.
Now, a company like General Motors has a 21.3% surge in May, showing a record number of auto sales. State media has also reported that policymakers are thinking about reviving policies to subsidize the buying of smaller vehicles in rural areas. This will help to increase consumption and help with the economy.
As reported by Adam Roseman of ARC China, China will soon overtake the United States as the location with the largest Porsche AG market. As Helmut Broeker, CEO of Porsche (China) Motors Ltd. said, “China has been our second-biggest market, with more than half of sales coming from our SUV model, the Cayenne. We expect it to beat the US to be our No 1 market in 2014, with significant sales growth from the coming, smaller SUV model, the Cajun.”
The SUV has surged in popularity in China in the past four years with the fastest sales growth of any class of car. IN 2010, 1.33 million SUVs were sold, according to the China Association of Automobile Manufacturers. This represents a sales growth that is almost four times that of sedans.
The Sinotrust International Information & Consulting (Beijing) Co Ltd. has reported that SUVs show the largest potential for growth in the years ahead.
Porsche established itself in the Chinese market 10 years ago, and they expect to have “100 dealers by the end of 2014” according to Broeker. As Broeker said,
“The strong growth brings a big challenge: We need to provide enough, and high-quality, service to the customers. So the major task for us in the next year will be training our dealers.”
A Porsche Driving Experience Center will soon be opening in China, as well, as only the third country to have such a center after Germany and the UK.
Asia, and especially China, has become an increasingly valuable cog in organizations like the International Monetary Fund and numerous global markets. Financial institutions and traders recognize that China’s financial and political health are integral for global economy.
The yuan, China’s currency, has increased against the dollar reaching a record high. Many financial experts believe this could have serious impact on both Chinese and global economy.
Is one financial insider said, in an interview with AdvisorOne earlier this year,
“There is a $30 billion a month in foreign currency sent to China through trade… That $30 billion could add to the liquidity of the Chinese economy by appreciating it further and making imports more expensive. That action will cause importers to buy more by paying in foreign currency, and that causes Chinese foreign product exports to drop due to their greater cost.”