Walmart, the world’s largest retailer by sales, has invested in China’s largest e-commerce consumer electronics seller, 360buy.com, in a move that underlines the growing interest of global retailers in China’s rapidly growing online market.
The retailer was one of six investors in a round of funding that raised $500m for 360buy, whose rivals include Taobao, the dominant online marketplace owned by Alibaba.
EDITOR’S CHOICE
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Walmart sues CVS over top executive - Dec-03
Walmart slims down stores for China - Dec-01
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Walmart vows to fight on - Apr-27
Walmart to seek lawsuit review - Apr-27
Walmart has about 300 stores in China. Its Sam’s Club discount warehouse business launched its own e-commerce business there in November, using a new global platform that it has built over the past two years.
The retailer has taken similar minority stakes with fledgling e-commerce businesses in the US that it has also worked with, including 1-800-Contacts, a contact lens retailer, and Green Dot, the web-based payments and financial company.
Tuesday, December 28, 2010
Walmart invests in China’s 360buy.com
Thursday, December 11, 2008
China Becomes WTO Member
China officially entered the World Trade Organization on December 11, 2001, becoming its 143rd member.
WTO Director-General Michael Kenneth Moore sent messages to the WTO members on November 20 to declare that the Chinese government accepted a protocol on its entry to the WTO on November 11. The protocol went into effect today, as China became a member of the WTO at the same time.
China's entry to the WTO is a major event for the country, and the world as a whole. Governments, business circles and social organizations all over the world have sent congratulatory messages to China's Ministry of Foreign Trade and Economic Cooperation, saying that China's entry will benefit its national economy, as well as encourage global economic growth and the improvement of the multilateral trade system.
China will fully participate in all the activities of the WTO, and will send a delegation and an ambassador to the WTO headquarters in Geneva, Switzerland.
A MOFTEC official said that China will enjoy all the rights the WTO gives to other members, and will observe the WTO regulations and its obligations to the organization.
He said that China, as a WTO member, will participate in a new round of multilateral trade negotiations, in which the country will play a constructive role.
Originally Posted: China Business Daily
Author: Angulo Fu
Monday, November 24, 2008
China and Pakistan Sign Free-Trade Deal
November 24, 2006, Chinese president, Hu Jintao has signed a free-trade deal with his Pakistani counterpart, General Pervez Musharraf, during ongoing talks in Islamabad. They signed a five-year pact to boost bilateral trade on Friday.
After a three-day trip to India, Hu Jintao travelled to Pakistan for a four-day visit and received a royal reception at his arrival. His visit to Pakistan is the first by a Chinese leader in a decade.
According to diplomats, the agreement could triple the value of bilateral trade within next five years, to $15bn.
Pakistani commerce minister, Humayoun Akhtar said that new trade pact would energize the efforts to cut tariffs. He added that the trade would be completely tariff-free between the two countries within next five years.
Both countries have agreed a number of new defence and energy deals. The Pakistan Air Force and Chinese Aviation Industries have agreed for long term collaboration in the fields of aircraft manufacturing including Airborne Warning And Control Systems (AWACS).
Originally Posted: China Business Daily
Author: Angulo Fu
Termination of Anti-dumping Measures on Imported Acrylate
On November 23, 2005, the Ministry of Commerce said that its imposition of anti-dumping duties on acrylate imports from Japan and the US has come to an end, as it had announced it would on June 1. This is the second time for China to end anti-dumping measures against imported products on the basis of World Trade Organization rules.
Provisional anti-dumping measures were implemented on November 23, 2000 against Japanese and US acrylate imports, meaning those with profit margins between 24 and 71 percent had to pay duties.
The concerns of three Chinese producers of acrylate, an industrial chemical raw material used to make plastic models and optical parts, jewelry, adhesives, paint and textile fibers, had prompted anti-dumping investigations.
In June 2001, the former Ministry of Foreign Trade and Economic Cooperation formalized the measures, giving them a five-year term in line with WTO rules.
Smaller companies, downstream in the industrial chain, supported the end of the measures for fear of higher prices and less choice in acrylate supplies.
Gong Beifan, secretary general of China Adhesives Industry Association, had said in September that the anti-dumping measures had caused 50 billion yuan (US$6.2 billion) losses for the adhesive industry.
Originally Posted: China Business Daily
Author: Angulo Fu
Monday, November 17, 2008
China - U.S. Bilateral WTO Agreement
China and U.S. signed a Bilateral WTO Agreement on November 15, 1999. The agreement covers all agricultural products, all industrial goods, and all service areas. Among other things, the agreement outlines the terms under which foreign firms would be allowed to enter China's asset management market.
In the bilateral agreement, China made significant commitments in specific sectors of its economy as well as commitments across all sectors. For asset management, China made commitments to provide significantly greater access to its asset management market than currently available. Specifically, under the agreement, U.S. firms may own up to 33% of joint venture asset management firms upon accession of China into the WTO. Three years after accession, U.S. firms may own 49% of asset management firms. Moreover, China has committed that, as domestic managers are permitted to provide broader array of services, it will allow foreign managers to provide the same services as domestic managers.
For China to become a full member of the WTO, China must enter into separate bilateral agreements with other key trading partners, including the European Union. All the member nations of the WTO must agree to China's accession, and China must complete its domestic procedures for accession. As part of the WTO agreement, the U.S. Congress will be asked next year to grant China permanent Most Favored Nation (MFN) or Normal Trade Relations (NTR) treatment.
Originally Posted: China Business Daily
Author: Angulo Fu
Monday, November 10, 2008
Indian, Thailand and Malaysia to Reduce Rubber Output
Indonesia said, has agreed to join with Thailand and Malaysia to cut rubber output. As a result of the buyers default, including China, the delay in export will up to 2 months.
According to Bloomberg News, the world's second largest rubber producer Indonesia will replante 55,000 hectares of trees to reduce the rubber output in the next year.
Daud Husni Bastari, the President of the Rubber Association of Indonesia said that the replanting measures will reduce the rubber production of 55,000 tons in Indonesia. This is approximately 2% of Indonesia last year's output.
The three countries plan to replant an area of 169,000 hectares. There are 55,000 hectares in Indonesia, 64,000 hectares in Thailand and 50,000 hectares in Malaysia.
The three countries annual harvest about 7 million tons of rubber. There are approximately 6 years from the tree planting to harvest for the first time. In the next 20 years, the tree could output rubber. The aims of replanting is to cut down trees on Aging. Before the new trees' mature, which would help to prevent the world's rubber supply. Other measures include the reduction of output for each rubber trees, or delay cutting rubber.
According to the report from Thailand, Malaysia, Cambodia, Vietnam, Singapore and Indonesia, the non-compliance of purchase have achieved in the number of 60,000 to 80,000 tons, most of them are from China. Some buyers have asked for a postponement of shipping, which are one or two months. There are many rubber exporters canceled shipment, in particular those of the originally plan to China's rubber cargo, because the buyers did not open a L/C.
Rubber prices have fell 50 percent from a high peak of 28 years in last 5 months. The market worried about the global financial crisis will make the global economy into recession, thereby reduce demand of goods.
Originally Posted: China Business Daily
Author: Angulo Fu
Thailand to Cut Rubber Production 50% in Six Months
Thailand, the world's largest rubber producer, said Monday for the protection of rubber prices, Thailand will start the reduction of 700,000 tons of rubber production in the next 6 months.
Saenkaew, the Minister in charge of rubber Affairs from the Ministry of Agriculture & Cooperatives said Thailand plans to cut 50 percent of rubber production during this period and encourage farmers to reduce the tapping.
It is understood that the reduction decision is based on the output of 1.4 million tons from October 2007 to March 2008. The reduction of output is equivalent to 23 percent of forecast for 2008 which is 3.1 million tons. Thailand's rubber production in 2007 are 3.0 million tons.
Saenkaew said that as a part of reduction plan, Thailand will also reduce the the trading day of domestic rubber trading center. The trade Day is expected to reduce to 2-3 days a week, in response to the drop in supply.
At present, the international benchmark --- Thai RSS3 rubber price Monday reported that 1.85 U.S. dollars per kilogram, while in July this year, the price had hit 56-years record high of 3.25 U.S. dollars per kilogram. In the face of the global financial crisis, Thailand, Malaysia, Indonesia are under attack, and the consumers should keep cautious sentiment.
Originally Posted: China Business Daily
Author: Angulo Fu
China Officially Joins WTO
November 10, 2001, Trade ministers from across the world have officially approved China's entry into the World Trade Organization (WTO) after 15 years of negotiations.
The move was approved unanimously at the WTO's ministerial meeting in the Gulf state of Qatar on Saturday and brings a market of 1.3 billion people into the global trading system.
China's entry was expected to boost economic reforms started in the world's most populous nation more than 20 years ago and open the huge market to the rest of the world.
To applause, trade ministers from almost all the WTO's 142 members unanimously voted in favour of China's application.
After its entry into the WTO China would, as promised, open step by step the fields of finance, insurance, telecom, foreign trade, business, transportation, architecture, tourism and intermediary service, allowing foreign investors to set up joint ventures or solely-funded enterprises in these fields according to Chinese law, and the opening scope would be expanded.
Originally Posted: China Business Daily
Author: Angulo Fu
Saturday, November 8, 2008
China, US Signed MOU on Textile Trade
After seven rounds of talks, On November 8, 2005, the United States and China signed a Memorandum of Understanding (MOU) that stablished quotas on U.S. imports of selected textile and apparel products from China.
The MOU went into effect on January 1, 2006, and extends through December 2008, at which time the righ of the United States to invoke safeguards under the textile provision of China's WTO Membership Accession Agreement expires. The MOU supersedes the safeguard actions undertaken by the United States in 2005 in response to rising imports rom China.
"The solution of the textile dispute is in line with the common interests of companies in both China and United States, which will benefit and boost the stable development of the bilateral trade relationship," Bo Xilai, the Ministry of Commerce said in an online statement.
Originally Posted: China Business Daily
Author: Angulo Fu
Monday, November 3, 2008
Boao Forum for Asia 2003 Anual Conference
The Boao Forum for Asia (BFA) Annual Conference 2003, originally planned for May, but postponed due to SARS, was held on November 2-3, in Boao, Hainan Province.
China's successful control of the SARS epidemic in record time made it possible for the BFA to hold the conference at its headquarters in Boao this year. Construction of new exhibition & conference facilities, and a brand new 500-room hotel as well as development of additional infrastructure have fully equipped Boao to hold such large international conferences.
The theme of the conference was "Asia Searching for Win-Win: Development through Cooperation, with the aim of generating new ideas for regional cooperation in Asia. The plenary sessions on both days provided an opportunity for Asian government leaders to interact with global business leaders and academics. All deliberated on such development prospects in the Asian economy as trade cooperation and financial security issues. At concurrent sessions in-depth discussions on such topics as IT industry in Asia, Balancing Role and Responsibility of the Media, Asian Economic Restructuring took place.
About 1,000 participants attended the conference. Prominent among them were government leaders from China and other Asian countries, economists from multinational corporations and universities around the world, and successful business leaders operating in Asia.
Established in February 2001, the Boao Forum for Asia is a non-governmental and non-profit-making international organization, has evolved into a high-level platform for Asian leaders form the government, business and academia to express views on Asia and the world. The first annual conference in April, 2002 was attended by then Chinese Premier Zhu Rongji, Japanese Prime Minister Junichiro Koizumi, ROK Prime Minister Lee Han-Dong, Thai Prime Minister Thaksin Shinawatra and other Asian leaders.
Originally Posted: China Business Daily
Author: Angulo Fu
Friday, October 31, 2008
Japan Food Contain Toluene and Ethyl Acetate
General Administration of Quality Supervision, Inspection and Quarantine of the PRC (AQSIQ) revealed that the toluene and ethyl acetate are detected in Japan soy sauce and mustard.
According to the Guangdong Entry-Exit Inspection and Quarantine Bureau, toluene and ethyl acetate are detected form in Japanese soy sauce and mustard sauce imported from Japan. There are three Japanese manufacturers involved in this scadal. the highest value of toluene is 0.0053mg/kg, the ethyl acetate is 0.537mg/kg.
AQSIQ said China's importers of these products have started takeing similar products off the shelf and bulk testing to ensure the safety of Chinese consumers.
Toluene, also known as methylbenzene or phenylmethane, is a clear, water-insoluble liquid with the typical smell of paint thinners, redolent of the sweet smell of the related compound benzene. It is an aromatic hydrocarbon that is widely used as an industrial feedstock and as a solvent. Like other solvents, toluene is also used as an inhalant drug for its intoxicating properties. Toluene will irritate skin and mucous membrane. There is narcotic effect on the central nervous system.
Ethyl acetate is colorless liquid has a characteristic, pungent smell (similar to pear drops) like certain glues or nail polish removers, in which it is used. Ethyl acetate is the ester from ethanol and acetic acid; it is manufactured on a large scale for use as a solvent. Also used as the raw materials of dye, medicine, flavor, and as flavor agent is used in food and animal feed.
Originally Posted: China Business Daily
Author: Angulo Fu
Haikou Free Trade Zone was Established
Haikou Free Trade Zone was established on Oct. 21, 1992 upon the approval of the State Council with an area of 1.93 km2. It was opened for formal operation on Apr. 13, 1993 upon the approval of the General Administration of Customs after examination. Jiang Zeming, former Secretary-general of CPC Central Committee, President of PRC and Chairman of Central Military Commission of PRC, and other heads of the state attended the opening and operation ceremony. From then on, the zone has shouldered the exploration into free trade zone development with Chinese characteristics and started its unusual journey.
The zone is located in the south of the central area of Haikou City with charming tropical scenery, only 3 km from Hainan's busiest Xiuying Port, 18 km from Haikou Meilan international Airport, and 10 km from the approach of Yuehai Railway. It enjoys very convenient traffic where the Nanhai Avenue links up with the Eastern and Western Expressways and middle national highway.
In the past 16 years, adhering to the principle that "development is of overriding importance", the zone made its interior construction scientifically, intellectively and ecologically with new and high technology as its leading industry to foster warehousing and logistics, and undertook function development according to the strategy of promoting peripheral economic growth with structural innovation, technical innovation and preferential policies, all of which had made satisfactory achievement. So far a Hi-Tech industry complex has been set up in the Area with biological pharmacy, automobile manufacturing, IT electronic information electronic machinery and processing as its mainstay. The Area has become a Hi-Tech industrial development base and demonstration plot of Hainan Province and efficiently fostered the peripheral economic growth.
Originally Posted: China Business Daily
Author: Angulo Fu
Tuesday, October 28, 2008
Alibaba Price to Minimum after the Listing
30 million U.S. dollars of "Winter Assistance Plan" doesn't bring good performance to Alibaba in the share price. Yesterday, with the crash of Hong Kong stock market, Alibaba also has created the Hong Kong dollar 3.71 per share, a 52-week low of records.
There is less than one year after Alibaba listing, but the current market value has been close to the amount of original financing.
Originally Posted: China Business Daily
Author: Angulo Fu
Wednesday, October 22, 2008
China to Increase Export Tax Rebate from Nov.
Approved by the State Council of China, the Ministry of Finance and the State Administration of Taxation announced on the 21st, increase export tax rebate rate on labor-intensive, high-tech and high value-added goods industry from November 1, 2008.
The export tax rebate rate adjustment is related to a total of 3486 products, about 25.8 percent of the total goods should be tariffed. There are two aspects: First, an appropriate increase of the export tax rebate on labor-intensive industry, such as ratein textiles, clothing, toys and other goods; the second is high-tech and high value-added goods industry, for example, anti-AIDS drugs.
After the adjustment, China's export tax rebate rate will be six levels: 5%, 9%, 11%, 13%, 14% and 17%.
The adjustments include: Increse the export tax rebate rate of some of the textiles, clothing, toys to 14%; art and daily-use ceramics to 11%; Some plastic products to 9%; part of the furniture to 11% or 13%; AIDS drug, recombinant human insulin freeze-dried powder, yellow collagen, toughened glass, tantalum wire for capacitors, ship cable, sewing machines, fans, hard alloy knives for CNC machine to 9% , 11%, 13%.
Originally Posted: China Business Daily
Author: Angulo Fu
Tuesday, October 21, 2008
The Ninth APEC Economic Leaders Meeting
The Ninth Asia-Pacific Economic Cooperation (APEC) Economic Leaders Meeting started Sunday morning at the Shanghai Science and Technology Museum on October 21, 2001. The annual gathering of Pacific Rim leaders is a forum of the highest level in the Asia-Pacific region.
Asia-Pacific Economic Cooperation (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies. Begun as an informal dialogue group, APEC has since become the primary regional vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic dynamism and sense of community. The purpose of the APEC meeting is to promote free trade and Asia Pacific cooperation in the fields of economy, trade, investment and technology.
The People's Republic of China, Hong Kong (Hong Kong, China, since 1997) and Chinese Taipei joined APEC at the third APEC ministerial meeting held in South Korea in November 1991.
Originally Posted: China Business Daily
Author: Angulo Fu
Sunday, October 19, 2008
West Lake Expo Hangzhou Online
To further accelerate the development of the West Lake Expo Hangzhou China, the official website is put into operation on October 19.
The Hangzhou West Lake Expo started in 1929. Since it was resumed in 2000, it has been successfully staged for eight consecutive times. The Expo gives prominence to the aim for "a platform for developing the convention and exhibition industry, a carrier of cultural and ideological progress, and a festival for the ordinary people and the tourists from home and abroad", sticks to the goal of "people first, thrift, virtue and safety", thus playing the role as a platform, leader and incubator for developing the convention and exhibition industry.
Originally Posted: China Business Daily
Author: Angulo Fu
Saturday, September 27, 2008
Countries and Regions' Response to China Poisoning Milk Incident
A total of more than 10 countries from Asian and African have banned imports of dairy products from China. And several countries for fear of poison milk products go in the domestic market, have recalled these products before Wednesday. At the same time, the European Union made a ban on baby milk from China.
The following are the response to the China poisoning milk incident from countries and regions.
Bangladesh
Banned the import of the three China brands Sanlu, Sancare and Yashili. All imports of milk powder have to receive the national quality inspection.
Bhutan
Prohibited imports of dairy products and domestic products from China, made a comprehensive investigation in domestic market.
Brunei
Ministry of Health banned all Chinese dairy products, although Brunei does not directly import dairy products from China.
Burundi
Saturday Promulgated an order prohibiting the import or sale of Chinese dairy products.
Colombia
Banned on import of China milk powder.
EU
The EU banned on imports of the infant food whose components contain Chinese milk.
France
Passed a ban on all food containing Chinese milk as a preventive measure.
Gabon
Promulgated the ban at the same time as Burundi.
Ghana
On Tuesday, Food and Drug Council suspended all imports of Chinese milk and milk products.
India
Banned on imports of Chinese milk and milk products for three months at least.
Indonesia
On Tuesday, Banned on the import of Chinese-made dairy products.
Cote d'Ivoire
Banned on imports of Chinese-made dairy products.
Malaysia
On Tuesday, banned on the import and sale of all dairy products, chocolate, candy and other food products containing milk from China.
Maldives
Banned on the import of China dairy products to protect 30 million people.
Nepal
Banned on the import of milk and foods containing milk as a preventive measure.
Papua New Guinea
Banned on the import of Chinese dairy products.
Philippines
On Tuesday banned on the import or sale of Chinese milk products, investigated possible contamination product.
Singapore
Singapore found two cases of Chinese products containing melamine. On Sept. 19, prohibited the import or sale of Chinese dairy products.
South Korea
Found that Chinese imports of biscuits containing melamine. It banned on all imports of all Chinese food containing milk powder ingredients.
Suriname
Banned on the import of China milk and milk products, and strengthen the testing of imported food from South-East Asia.
Taiwan
On Sunday banned on the all dairy products from mainland and set up a milk testing station in Taipei for consumers.
Tanzania
Stopped all imports of Chinese dairy products, sealed 34 tons of China milk powder.
Togo
Prohibited the import, transport, sale of original Chinese dairy products.
Vietnam
Bbanned on the import of China milk. The Ministry of Health officials have warned that such products may be sold to the central poverty-stricken areas.
UK
As a preventive measures, British supermarket chain Tesco has removed white toffee in the United Kingdom, China and Malaysia.
Canada
Recalled of Chinese-made Nissin Foods containing Yili milk. Yili dairy meterials and products failed to pass quality inspection in Hong Kong. Canada has also expanded the range of product quality testing.
China
All milk powder and liquid milk from 22 manufacturers have been removed from supermarkets and chain stores. Starbucks removeed the ingredient from the Mengniu milk. A spokesman said Tuesday, Germany's biggest retailer Metro removed the related dairy products in some warehouse-style supermarkets.
Hong Kong
All products of Yili, including milk, ice cream, popsicles, and lactic acid products have been recalled in last Thursday. Nestle's milk powder was under the plane as a result of press reports of its milk powder containing melamine. This Enterprises from Switzerland is very self-confident, but Nestle's milk, pure milk have been found melamine in Hong Kong. Nissin food has been recalled and is under the investigation.
Japan
Japan's food manufacturer Marudai has recalled five kinds of snack, as a result of raw materials containing milk imports from China Yili milk.
Originally Posted: China Business Daily
Author: Angulo Fu
Thursday, September 11, 2008
Commemorate Seven Anniversary of 9/11, almost all Flag Made in China
With the September 11 increasingly approaching, many Americans will plug a U.S. flag in the yard or hands to commemorate this special day. Seven years before, September 11 2001, the United States experienced terrorist attacks. The New York World Trade Center collapsed in the attack.
Yankee Doodle Flag is a Flag vendor. The CEO Fred Bretzloff said there are about 60 percent of Americans do not want to buy national flag from overseas, but there are still 40 percent of Americans do not mind the origin of the national flag.
Author: Angulo Fu
Wednesday, September 3, 2008
China Exports of Massage Apparatus Report (2007)
In recent years, the international market has strong demand of Chinese massage apparatus. And raising the level of domestic manufacturing provide technical support for manufacturing equipment. The world production gradually shifted to China, so that China become a world manufacturing centre of massage apparatus. According to customs' statistics, in 2007 China's import and export massage equipments amounted to 990 million U.S. dollars, an increase of 26.40 percent, 34.50 percent price increase. The featured products are massage chair, massage bed and massage hammer.
China's massage apparatus export to 164 countries and regions. The main market are the United States, Japan, Hong Kong, China, Germany and Spain. And new growth points are in the market of Australia, Vietnam, South Africa. South Korea, China Taiwan's exports declined. The previous five major export markets accounting for the amount of 54.37 percent, dropped by 9 percentage, compared with 2006.
Last year, China's total of 1,786 massage equipment exporters, the export volume of over 10 million U.S. dollars were 14 enterprises, accounting for 43.69 percent of a total value of exports; exports more than 1 million U.S. dollars were 137 enterprises, 42.70 percent of the total amount. Relative high concentration of exports, but on a limited scale enterprises.
Originally Posted: China Business Daily
Author: Angulo Fu
Thursday, August 28, 2008
PetroChina Interim Net Profit of 53.62 Billion Yuan, Drop 34.5%
PetroChina Company Limited published 2008 first semi-anual report. In accordance with international accounting standards, PetroChina made net profit 53.62 billion yuan in the first half year, down 34.5 percent. And basic earnings per share of 0.29 yuan, down about 0.17 yuan. Attributable to shareholders of the company's net income was 48.355 billion yuan, 36.3 percent lower, earnings per share 0.26 yuan, down 0.16 yuan. PetroChina will distributed 0.131827 yuan per share which is 45 percent of the net profits as an interim dividend.
Author: Angulo Fu
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