Chinese Economics Thread

[Jura The idiot]

now I read
China Focus: China achieves remarkable success in IPR protection: official
Xinhua| 2018-06-05 23:38:32

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China has achieved remarkable results in intellectual property right (IPR) protection, according to an official at the State Intellectual Property Office Tuesday.

Shen Changyu, head of the office, made the remarks at a forum in Beijing. The forum evaluated the country's IPR achievements since 2008, when a national IPR strategy was unveiled.

"China will accelerate the modernization of the IPR governance system and ability and further promote the application and transformation of intellectual property to create more social benefits," Shen said,

Yan Junqi, an expert of the IPR evaluation group, said China had made remarkable achievements in implementing the national IPR strategy. And the strategy supported economic and social development.

China made 1.38 million patent applications for inventions in 2017, up 14.2 percent, the highest in seven years.

FORCEFUL MEASURES

China now has three IPR courts and is revising its Patent Law to establish a punitive damage system for intellectual property infringement.

Since 2008, China has revised its trademark and copyright laws, and an increasingly sound intellectual property system is taking shape.

In the past five years, 192,000 cases of patent infringement and counterfeiting were investigated and punished in China, as well as 173,000 cases of trademark infringement and counterfeiting.

The level of social satisfaction with IPR protection in China climbed from a score of 63.69 to 76.69 between 2012 and 2017, according to a State Intellectual Property Office survey.

The country has established 19 intellectual property protection centers nationwide, aiming to provide more convenient and efficient channels at lower cost to safeguard rights and accelerate rights authorization and confirmation.

The processing cycle of patent infringement cases has shortened to one month from over three months, while the authorization cycle for invention patents has shortened from an average 22 months to three months.

The review cycle of the trademark registration has shortened to eight months from nine months.

TRANSFORMATION

China has taken measures to push transformation of intellectual property into real applications.

Nearly 80 percent of universities in China have set up full-time or part-time intellectual property management institutions. More than 60 percent of universities have established IPR-related interest distribution systems.

From 2008 to 2016, the Chinese Academy of Sciences has increased the transfer of intellectual property rights from 257 to 1,154 cases, and the total revenue increased from 642 million yuan (about 100 million U.S. dollars) to 2.56 billion yuan.

The transformation and application of intellectual property has led to the rapid development of related industries. In 2015, the added value of China's patent-intensive industries accounted for 12.4 percent of GDP.

MORE INTERNATIONAL COOPERATION

China has joined many major international intellectual property conventions, and signed agreements with patent review organizations in 23 countries and regions on the Patent Prosecution Highway.

In 2017, the country ranked second in international patent applications, with 51,000 Patent Cooperation Treaty applications.

In 2017, China paid 28.6 billion U.S. dollars of intellectual property royalties to overseas rights owners.

Lu Pengqi, vice chairman of the China Council for the Promotion of International Trade, said that many Chinese companies had encountered IPR infringement overseas such as preemptive trademark registration and malicious lawsuits.

"With Chinese enterprises expanding overseas, the need for overseas intellectual property protection has become more urgent," Lu said.

Shen said China would further deepen international cooperation in IPR and promote open and balanced international IPR rules.

 

[Jura The idiot]

Jul 20, 2017

some time ago
Oct 25, 2016
we had this discussion involving:


is there any news related to

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you might want to tell me about?

I'm asking because now, while waiting in a mall, I had enough time to read this Russian point of view

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which I did, and it sounds ... Orwellian, for example

• quotes what I then located in English:
  "Someone who plays video games for ten hours a day, for example, would be considered an idle person, and someone who frequently buys diapers would be considered as probably a parent, who on balance is more likely to have a sense of responsibility," said Li Yingyun, the technology director of Alibaba's Sesame's credit program in an interview with Caixin, a Chinese magazine.
  
  Read more:
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• and quotes this:
  
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  as saying some rating system for Party members has been already established, which reportedly is named Smart Red Cloud
  智慧红云

please note I have no way to verify, that's why I'm asking

EDIT I hope you know I follow this just to entertain myself, is all; no problem if you ignored

now
China speeds up effort in building a social credit system
Xinhua| 2018-06-06 23:35:30

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China will roll out vigorous efforts to build a more comprehensive and rigorous social credit system to improve its business environment and boost development, the State Council decided at an executive meeting chaired by Premier Li Keqiang on Wednesday.

Key priorities for improving the social credit system were identified at the meeting. These measures include building a social credit-centered regulatory mechanism and enhancing social credit building in key areas concerning people's livelihood.

Premier Li Keqiang said that a social credit system comprising solid credit records of all market entities, is of fundamental importance.

Recent years have seen China make visible progress in developing a national social credit system. A unified social credit code has been introduced nationwide. A total of 33.99 million credit codes have been issued to newly registered businesses. And 71 central government departments and provincial governments have been connected to the national credit information sharing platform. The cross-sectoral, inter-agency mechanism of incentives and disincentives for acts of good or bad faith made initial impacts. Big data has been applied in credit investigation and helped businesses meet real needs.

For example, companies with good credit records had received 632,000 loans from financial institutions in the banking sector by the end of 2017.

"Breakthroughs have been made in developing the social credit system. Going forward, the system needs to be improved in key areas in response to specific needs," Li said at the Wednesday meeting. "The priority now is to improve our business environment with stronger measures against cheating in marketplace, such as counterfeiting, and infringements of intellectual property rights."

Steps in the following five aspects were decided at the meeting to enhance the building of a social credit system with application of the system and legislation on prioritized. A credit-centered regulatory system will be set up to improve the business environment. Blacklist mechanism will be introduced. Law violations including infringement, counterfeiting and cheating in marketplace and fraudulent advertising will be resolutely tackled and made public.

Information safety need to be safeguarded, and trade secrets and individual privacy should be well protected. Also, a social credit system in key livelihood areas will be enhanced.

Non-public sector will be guided in building the social credit system, and credit information services provided by third parties will be developed. Government departments will be required to bolster credibility, and problems of new officials disavowing obligations undertaken by predecessors will be tackled under the law.

It was also decided at the meeting that government requirements on certification will be overhauled to make it easier for the general public and enterprises to get things done.

The practice of inspections by randomly selected inspectors against randomly selected entities and prompt release of inspection results will be fully implemented to make market regulation fairer and more efficient. These above measures will all contribute to the building of the social credit system.

"A market economy is based on credit," Premier Li said. "A fine credit system provides market entities with the information they need for business operations. A blacklist should be established. Access to and sharing of information, which can serve to incentivize or discipline, helps reduce transaction costs and improve the business environment."

Premier Li also emphasized the importance of safeguarding information security with tiered authorization. He called for early establishment of a secure and reliable social credit system and introduction of capable third parties in the financial sector.

 

[pipaster]

An overall improvement in national water quality with a 1.2 percent YoY improvement in level 3 water or better (suitable for human contact), see link below.

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[Jura The idiot]

now I read
China's central bank drains 70 bln yuan from market
Xinhua| 2018-06-07 14:08:39

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China's central bank drained 70 billion yuan (about 11 billion U.S. dollars) from the financial system through open market operations Thursday, with the volume of maturing securities exceeding new injections.

The People's Bank of China (PBOC) pumped 40 billion yuan into the market through reverse repos, with 110 billion yuan of contracts maturing, leading to a net withdrawal of 70 billion yuan.

The PBOC said the move was to maintain liquidity "at a reasonable and stable level," noting that a relatively high liquidity level in the banking system and local treasury cash management could offset the impact of maturing securities to some extent.

A reverse repo is a process by which the central bank bids and buys securities from commercial banks, with an agreement to sell them back in the future.

On Thursday, the PBOC conducted 20 billion yuan of seven-day reverse repos at an interest rate of 2.55 percent, and 20 billion yuan of 28-day reverse repos at 2.85 percent. Both rates were unchanged from the previous operations.

China has decided to maintain a prudent and neutral monetary policy in 2018 as it strives to balance growth and risk prevention.

 

[Jura The idiot]

googled

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while reading
Xiaomi files China’s first CDR application
2018-06-08 22:07 GMT+8

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Xiaomi, China’s smartphone maker, submitted the country’s first application on Thursday to issue a CDR (Chinese Depositary Receipt), according to Chinese securities regulator’s website.

The Beijing-based company filed a prospectus for an IPO in Hong Kong last month with as much as 10 billion US dollars expected to be raised.

The IPO is set to be the largest listing globally in four years and one of the first in the city under new rules designed to attract tech listings, according to Reuters.

China Securities Regulatory Commission (CSRC) launched rules on issuing CDRs late Wednesday, allowing domestic flotation of overseas-listed innovators and also encouraging fast-growing companies to list at home.

If Xiaomi becomes the first one to dual-list through CDR, its CDR portion would be likely to account for up 30 percent of its total fundraising size, Reuters reported.

Ambition in globalization

The market’s high expectation is backed by Xiaomi’s strong sales.

In the first quarter of 2018, Xiaomi is again the world's fourth largest smartphone brand in terms of shipments, with a year-on-year growth rate of 87.8 percent, according to the latest report from the International Data Corporation (IDC).

It has been working on expanding its market across the world.

After China and India, Xiaomi is trying to get a foothold in Europe, starting with opening a store in Madrid last November.

Xiaomi also plans to enter Britain, Germany and the Netherlands although faced with fierce competition from Apple, Samsung, Chinese brands Huawei and ZTE.

 

[SamuraiBlue]

Looks as if we are going to hear a lot of this going to happen in the next three years.

China Energy Reserve defaults on $350 mln bond payment

HONG KONG, May 28 (Reuters) - China Energy Reserve & Chemicals Group Co (CERCG) said it failed to repay a $350 million bond that matured earlier this month due to a “tightening in credit conditions”, the latest Chinese company to default amid a crackdown on financial risk.

The missed payment also triggered a cross-default on other offshore bonds including the firm’s $400 million 2021 and HK$2 billion ($254.9 million) 2022 notes, the oil and gas producer said in a statement to the Hong Kong stock exchange on Sunday.

It is the latest in a wave of corporate debt defaults amid a broad government-led campaign to crack down on risky financing, and follows a reminder recently from China’s securities regulator that exchanges should monitor default risks.

“Due to the tightening in credit conditions in the PRC over the last two years, the guarantor has had restricted access to financing channels in the PRC, including bank loans and onshore bond issues,” CERCG said in the statement.... to read more

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According to Daiwa Research within the next three years a total of approx. 270 billion US dollars worth of company bonds are expected to mature in which many face the same fate as CERCG.
The break down by industry is 33% from the Financial sector, 15% from the energy sector and 13% from the real estate.

From the same article;

The default highlights growing funding strains on Chinese companies as Beijing increases scrutiny of riskier types of financing and rising debt, which some outside agencies have warned could lead to a banking crisis.

More corporate defaults had already been expected in China this year as the government extends its campaign to reduce financial risks across the broader economy.

Another article this one from Financial Times;

Default reignites questions over China group’s state backing
CERCG’s insolvency reminds funds about airiness of ‘implicit guarantee’

When other acquisitive Chinese groups were insisting they were not an arm of the state, China Energy Reserve and Chemicals Group was making the opposite case: trying to convince bankers and investors it belonged to the government. But the company’s recent default on a payment for a $350m bond, and its withdrawal from a $5.2bn property deal earlier in the year, was a sign that its state backing was not as strong as advertised. The matter is sensitive for investors in Chinese bonds. The presumption of state backing — the so-called implicit guarantee— for debt issued by government owned groups lets the companies borrow at dramatically reduced cost.....to read more

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[Equation]

Looks as if we are going to hear a lot of this going to happen in the next three years.



According to Daiwa Research within the next three years a total of approx. 270 billion US dollars worth of company bonds are expected to mature in which many face the same fate as CERCG.
The break down by industry is 33% from the Financial sector, 15% from the energy sector and 13% from the real estate.

From the same article;


Another article this one from Financial Times;

Blah....blah...blah...the same Financial Times also says that Japan's debt is "overblown" when China's debt is way smaller than Japan's?

Here is the hypocrisy.

The fears about Japan’s debt are overblown

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[SamuraiBlue]

Blah....blah...blah...the same Financial Times also says that Japan's debt is "overblown" when China's debt is way smaller than Japan's?

Here is the hypocrisy.

The fears about Japan’s debt are overblown

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Deflecting?
This is not about a nation it is about SOC.
Japan did not default CERCG, a SOC of PRC did.
That is the fact no Hypocrisy, JUST FACT.

 

[vincent]

Deflecting?
This is not about a nation it is about SOC.
Japan did not default CERCG, a SOC of PRC did.
That is the fact no Hypocrisy, JUST FACT.

Japan Inc didn't default because they cooked the books? It's a fact too

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See, we can play this game all day long.

Blowing an isolated incident completely out of proportion is wasting everyone's time.

 

[SamuraiBlue]

Japan Inc didn't default because they cooked the books? It's a fact too

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See, we can play this game all day long.

Blowing an isolated incident completely out of proportion is wasting everyone's time.

Again another failed attempt to deflect the story at hand.
Completely irrelevant, Toshiba is a public traded company which did not default.
CERCG is a SOC of PRC that did default.