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Lujiazui Forum attendees laud opening-up of China's financial market

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Lujiazui Forum attendees laud opening-up of China's financial market

2024-06-20 21:43 Last Updated At:06-21 00:07

Attendees at the two-day 2024 Lujiazui Forum, which started in the financial hub of Shanghai on Wednesday, have commended the opening-up of China's financial market, expecting greater business development opportunities to be brought up as a result.

In an interview with China Central Television (CCTV) on the sidelines of the forum, Bonnie Chan, chief executive officer of Hong Kong Exchanges and Clearing Ltd. (HKEX), said that after 10 years of development, the connectivity mechanism between the Chinese mainland and Hong Kong has been continuously improved, covering the types and scope of trading objects, trading calendars and other aspects. The Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes have become an important window for the two-way opening-up of China's capital market.

"In April, the China Securities Regulatory Commission issued a set of five favorable measures for Hong Kong, which will continue to be enriched in succession, to make them more complete in terms of both the themes and content. Therefore, in addition to offering more products, we will also take pains to see how to better address some structural problems," she said.

Andy Komaroff, chief operating officer of Neuberger Berman Group, an investment management firm, said that as the second newly established wholly foreign-owned public fund in China, the group completed the third capital increase in China in the first quarter of this year, and became the first foreign public fund company to purchase its own funds.

He said the company will continue to build its presence in China going forward.

"We have plans throughout the year to continue to add mutual funds. The opening-up of the financial markets has been greatly welcome. It's making all of the industry participants, both the local players and the global players, operate at a higher level, which is ultimately going to be to the benefits of the end clients and investors," said Komaroff.

Seth Bernstein, chief executive officer of AllianceBernstein, a global asset management firm, said investment opportunities in China are drawing more and more attention worldwide.

"I think more and more people are recognizing that China is a terrific investment opportunity. And we see more investors looking at China," he said in a separate interview with CCTV.

The Lujiazui Forum was created in 2008 as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further financial reform and market opening in China. Named after Lujiazui -- the financial district in China's finance capital of Shanghai, the forum also symbolizes the city's vision of becoming a leading international financial center.

Lujiazui Forum attendees laud opening-up of China's financial market

Lujiazui Forum attendees laud opening-up of China's financial market

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Cargo throughput surges as China's ports streamline customs clearance

2024-07-20 07:14 Last Updated At:08:27

China's border ports have been implementing a range of cargo facilitation policies, leading to a surge in cargo throughput, with a nearly 57 percent year-on-year increase in the inspection of transportation vehicles in the first half of 2024.

According to the data recently released by the National Immigration Administration, China's ports inspected about 15.42 million vehicle, vessel, and train trips in the first six months of this year, a 56.9 percent jump from the same period last year.

The border ports have rolled out a series of measures to streamline customs clearance for cargo. At major land ports, fast lanes have been set up for the rapid release of critical supplies. At major seaports, online declaration has been enabled for border inspection boarding. In international shipping, arriving vessels can have much faster departures thanks to the efficient inspections.

The combined sea-rail transport model, utilizing maritime routes and the China-Europe freight train service, has made the port of Lianyungang in east China's Jiangsu Province one of the most convenient and economical gateways to the sea. It handles more than 80 percent of Kazakhstan's transit cargo to China.

At the port, containers carrying with auto parts, home appliances, and other products are offloaded, hoisted onto trucks, and then loaded onto China-Europe freight trains bound for destinations like Kazakhstan and Uzbekistan.

"From unloading to boarding the freight train, the entire process can now be completed in as little as eight minutes. These containers are expected to reach the border ports within six days, greatly reducing transportation time and cost," said a logistics company employee.

The Youyi Pass in the southern Guangxi Zhuang Autonomous Region, also known as Friendship Pass, on the China-Vietnam border is an important cross-national trade channel. To enhance the clearance efficiency of imported fruits, the port has established "durian-only" channels and green channels for agricultural products, as well as an intelligent inspection assistance system. A Chinese cargo truck can now clear customs in just 15 seconds.

As the country's largest land port for fruit imports and exports, the Youyi Pass saw fruit imports worth 23.92 billion yuan (about 3.3 billion U.S. dollars) in 2023, a 262.9-percent surge year on year.

Pattama Narmwong, chairman of the Thai Mangosteen Association, noted that the greatly improved clearance efficiency has considerably cut down on transportation time and costs, supporting the burgeoning development of fruit trade between China and Southeast Asian nations.

Cargo throughput surges as China's ports streamline customs clearance

Cargo throughput surges as China's ports streamline customs clearance

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