Once again, China sets a new record. This times its for billionaires as there are an astonishing 168 billionaires in China in 2012, up from 146 a year earlier, according to Forbes magazine’s annual China Rich List, which ranks the 400 richest people in China (continue reading…)
China spent an amazing $163bn on R&D last year. Even more amazing, thats an 18% increase on the previous year.
The sheer size of the resources that China now devotes to R&D means that businesses in the west cannot afford to ignore rise of China’s science-based industries. (continue reading…)
What are the hottest sectors in China for attracting private equity investors?
Ravenous energy demands and chronic environmental problems have, not surprisingly, put alternative energy, energy saving and environmental protection firmly on the radar screen as favorite areas for PE investment. (continue reading…)
When the UK lowered the flag on its former colony of Hong Kong in 1997, China was still playing catch-up with other Asian economies. Today, China is second only to the US in economic might and the UK, along with every other country in the world, is keen to build closer ties. (continue reading…)
Where some see problems, others opportunities. The record level of smog that cloaked Beijing earlier this year sparked a turnaround in the mindset of Chinese consumers, that fund managers should not ignore. (continue reading…)
Shanghai’s new Free Trade Zone has attracted a lot of media attention as many see it as laboratory for reforms that could one day be implemented nationwide.
Some 25 companies have so far been given the green light to start operations including 11 financial institutions, most of which are domestic banks. (continue reading…)
Anthony Bolton, manager of the Fidelity China Special Situations investment trust, has thrown in the towel and tacitly admitted his Midas touch does not work in China.
Bolton will be replaced as manager by Dale Nicholls, manager of the Fidelity Funds Pacific Fund. Bolton will retire in 2013.
The lack of adequate IPR protection and the leakage of confidential information are hindering technology transfer to China and souring trade relations with European businesses.
So says the European Union Chamber of Commerce in China in the latest edition of its annual position paper on EU-China trade relations.
The paper lists a litany of issues that obstruct free trade, many of which will be well known to any western business that has been in China for any time.
Sign of the times. HSBC, the London-based banking giant, is to relocate its chief executive’s office to Hong Kong.
Anyone who had been asleep for the past twenty years would wonder what the Hong Kong and Shanghai Banking Corporation, as the bank was originally know, was doing in London in the first place.
In 1992, HSBC had to move to London to take over the Midland Bank, one of the original Big Four of British retail banking.
But the western banking market is no longer as attractive as it then was – particularly after the credit crunch.
HSBC clearly believes its greatest growth possibilities lie in Asia rather than in the west and its highly symbolic move will no doubt endear the bank to Chinese authorities.
Michael Geoghegan, group chief executive of HSBC, who will relocate to HK,said:
We can’t get away from the fact that the East is growing at a faster rate than the UK, the US or Europe. In my time it will take over from the west as the most powerful part of the world economy.”
The news has caused much hang-ringing in the UK media, the more conservative elements of which never have really forgiven the British government for handing Hong Kong back to the Chinese in 1999. The shift suggests that the City of London’s traditional pre-eminence in all things financial could come under threat.
HSBC will continue to be Britain’s biggest bank and there are no plans to move the head office or change tax domicile. Stephen Green, HSBC’s chairman, will continue to be based in the UK
More in this Times story.