APR News

The northern province of Quang Ninh has surpassed the central city of Da Nang to top the provincial competitiveness index (PCI) rankings, according to a report released on March 22, 2018.
Quang Ninh has been in the top five since 2013. Over the past five years, Quang Ninh has focused on administrative reform through its Public Administration Centre and the Investment Promotion Agency, which have helped shorten waiting periods and reduce transaction costs for investors and businesses.

On 20 March 2018, Chinese Premier Li Keqiang held a press conference. The agenda of the meeting was devoted to business environment enhancement in China. Premier Li stressed that the government would implement new reforms, aimed at engaging more people in business activities.
Li Keqiang specified the measures to improve the situation: “We'll cut the time it takes for opening a business by another half; we will reduce the time required for reviewing a project application by another half; we will put in place, at the national level, an e-platform for accessing government services; we will work to see that our people can get things done in one office, without the need for a second trip; and we will ensure that any requirement for certification that has no basis in law or regulations will be abolished”.

China will waive income tax for three years for foreign investors trading the country's new crude futures contract, the Ministry of Finance said on Tuesday, in a bid to attract overseas capital for the much-anticipated launch.
The start of trading on Monday will mark the culmination of a years-long push by China to create Asia's first oil futures benchmark, aimed at giving the world's biggest oil importer more clout in pricing crude sold to Asia.
It will potentially give the Shanghai International Energy Exchange, which will operate the new contract, a share of the trillions of dollars each year in oil futures trading.
The finance ministry said foreign brokers will be exempted from paying income tax on commissions they earn from dealing in the new Shanghai crude futures.

China’s authorities are preparing for Russian President Vladimir Putin’s visit to China scheduled for this year, said Chinese Foreign Ministry Spokesperson Hua Chunying at regular briefing.

"Putin will visit our country this year according to the plan of the annual regular exchange of visits between the Russian and Chinese leaders. We will further maintain close dialogue with the Russian side on this issue through diplomatic channels," she noted.

Hua Chunying reiterated that the Russian leader, like China’s President Xi Jinping, made a great contribution to development of relations between the two states. "Chinese-Russian comprehensive strategic partnership will continue to develop in accordance with the new prospects and will contribute to our common prosperity," the diplomat concluded.

Cambodia generated more than US$7.6 billion from exporting garment and footwear products last year.

The figure was shared by Minister of Labour and Vocational Training H.E. Its Samheng during the ministry’s annual meeting here in Phnom Penh yesterday.

The amount, he underlined, was contributed by 1,154 garment and footwear factories operating in Cambodia, employing over 770,000 people, as of 2017.

The Ministry of Foreign Affairs and IFC, a member of the World Bank Group, signed a memorandum of understanding (MoU) on 19 March 2018 to implement the trade facilitation reform and enhance the competitiveness of Mongolia’s agricultural exports.
IFC will help the Ministry of Foreign Affairs establish the Mongolia Trade Information Portal, an on-line repository for all trade-related regulations. The project will also help streamline trade and customs regulations, simplify border inspection practices, as well as enhance private sector capacity to meet export requirements in the next five years.
Damdin Tsogtbaatar, Foreign Minister of Mongolia, said, “Trade facilitation is a cornerstone of the government’s trade and economic development agenda. We believe it will greatly assist Mongolia in reaching our goal of increasing Mongolia’s export. The government of Mongolia appreciates the World Bank Group’s support in reducing trade costs, and simplifying trade procedures, which have been a bottleneck for Mongolian businesses.”

President Joko Widodo has agreed to a government regulation allowing the import of industrial salt, Coordinating Minister for Economic Affairs Darmin Nasution stated.
With the issuance of the government regulation, companies are no longer required to obtain a recommendation from the Maritime Affairs and Fisheries Ministry to import industrial salt.
As such, the Industry Ministry will decide the allocation of industrial salt for certain industries as auxiliary material, he revealed.

Vietnamese enterprises have gradually adapted to the new changes to stand firm in the Russian market, contributing to boosting trade between Vietnam and Russia, as well as building a strong Vietnamese communities in the host country.
The statement was made by Chairman of the Vietnamese Businesses’ Association in Russia (VBA), Le Truong Son, during a conference in Moscow to discuss VBA 2017 operations, on 17 March 2018.
Delegates at the event stated that, in the past year, Vietnamese businesses in Russia faced numerous difficulties due to the changes in the Russian economy and politics, requiring them to develop towards specialization and professionalism in order to adapt to the new situation.

The new lineup of China's State Council, nominated by Premier Li Keqiang, was endorsed by lawmakers at the ongoing national legislative session of 13th National People's Congress in Beijing on Monday.
Han Zheng, Sun Chunlan, Hu Chunhua and Liu He were endorsed as Vice-premiers. The latter is known as the major economic advisor of Chairman Xi Jinping on economic issues. Xiao Jie was appointed Secretary-general of the State Council.

China will expand its market access by lowering tariffs on imported vehicles and some consumer goods, the Minister of Commerce of the country Zhong Shan said at a press conference.
China is home to the world’s second largest consumer market, and consumption has, for the fourth consecutive year, become the largest driver of economic growth, Zhong said.
About 400 million of its 1.4 billion population are middle-income earners, the minister noted, adding that continuous social and economic development, rising incomes of the residents and improving livelihoods mean there is huge consumption potential in China.
As a result of China’s economic progress and supporting policy in recent years, China maintained a rapid growth in its vehicle sales, with the number topping the world since 2009. In 2016, over 20 million new vehicles were sold. At the same time, car ownership kept rising.