Supply chain finance gets tech edge, to boost private

Chinese commercial banks are strengthening supply chain finance with the help of tech

nology to solve difficulties at private enterprises, especially small and micro-sized businesses.

Supply chain finance allows a supplier to sell its invoices to a bank at a discount as soon as they ar

e approved by the buyer. This allows the buyer to pay later and the supplier to secure its money earlier.

China Minsheng Banking Corp, a national joint-stock commercial lender – a business entity in which shares

of the company’s stock can be bought and sold by shareholders – is providing comprehensive financial and nonfin

ancial services to private enterprises in the upstream and downstream supply chains.

Downstream supply chain management refers to coordinating the flow of information and goods with clients. It cont

rasts with upstream SCM, which involves coordinating buying activities with suppliers.

The Beijing-based bank has offered solutions adapted to the features and needs of private companies in six industr

ies, including home appliances and pharmaceuticals, since setting up a supply chain finance department last year.

Legend has it that Clear and Bright is one of three peri

iods during the year in which ghosts come closest to the world of living men. Buddhists believe that wil

low branches will drive away unwelcome ghosts and evil spirits. Therefore, willow branches are also known as “ghost terror wood”.

Folk proverbs also dictate customs. One proverb states that if a young lady does not wear a willow branch during the Clear and Bri

ght period, she will soon turn old. Another says: “If one does not wear a willow, he will become a yellow dog after he dies and is reincarn

ated.”Flying kites is an activity favored by many Chinese during Tomb-Sweeping Day. Kites are not only flown during the day time but also in the evenin

g. Little lanterns are tied to the kite or to the kitestring. And when the kites are flying in the sky, the lanterns look lik

e twinkling stars at night. What makes flying kites during this day special is that people cut the string while the kite is in the

sky to let it fly free. It is said this brings good luck and that diseases can be chased away by doing this.

The Cold Food Festival or Hanshi Festival is a traditional Chinese holiday celebrated

for one day before Tomb-Sweeping Day. On that day, making fire is taboo and only cold food is available.

Adding a site to the List of World Heritage in Danger

also allows the World Heritage Committee to allocate immediate assistance from the World H

eritage Fund, enabling the conservation community to respond to specific preservation needs, she said.

Key to these efforts are flexibility and creativity, because as Rossler pointed out, there is no “one-size-fits-all” sol

ution to protecting heritage. She recommends that countries work in close cooperation with experts.

ncreased digitalization spurs commercial push at venues

The Palace Museum in Beijing, also known as the Forbidden Cit

y, is one of the most historically and culturally significant sites in China.

Once home to emperors, it now hosts throngs of visitors each day and its merchandise is sought by many across the country and overseas.

The venue also is drawing more attention in an innovative way. Among the products it offers, it has developed a rang

e of cosmetics with packaging inspired by the Ming (1368-1644) and Qing (1644-1911) dynasties.

Sales of the museum’s merchandise reached 1.5 billion yuan ($223.6 million) in 2017, according to Shan Jixiang, curato

r and director of the museum, who spoke at the Chinese Entrepreneurs Forum in Yabuli, Heilongjiang province, in February.

Yu said she has two very good friends who are single

We hang out together every weekend, and I enjoy being with my friends more than going on a date with

someone I just met — that’s why I think I will be not actively looking for a relationship in the next few years,” she added.

Coontz said one reason people are waiting longer to get married is because more of them, es

pecially women, are going to college. Even after graduation, most people want to wait until they have paid

off at least a good portion of their college debt and acquired a steady job, she said.

Two earners are increasingly necessary for people to establish a middle-class lifestyle, so mos

t individuals want to make sure that they and their partner have decent earnings prospects.

“Another part of the answer is that our expectations of marriage — especially women’s expec

tations — are much higher than in the past, and their options outside marriage are greater,” said Coo

ntz. “So, they can be more ‘picky’ about their mates, and they can afford to wait until they find one who suits them.”

In 2017, the fertility rate in the US hit a historic low, dat

a published by the Centers for Disease Control and Prevention last year shows.

The number of births in the US dropped by 2 percent between 2016

and 2017, to 60.2 births per 1,000 women ages 15 to 44. It’s the lowest the rate has been in 30 years.

“Fertility rates are falling, and lifelong childlessness is on the rise, bu

t most women continue to have at least one child, even if they do not marry,” Coontz said.

She added that obviously it’s hard to raise a child on one’s ow

n, without a partner or a supportive kinship group, and it’s especially difficult when money and time are scarce.

“But this is an issue that societies have to face head-on instead of wishing it would go awa

y,” she said. “Marriage-promotion efforts have been singularly ineffective all around the world where they have been tried.”

Coontz said it’s important that government provides a safety net for all children.

Mandatory payments by air carriers to the Civil Avia

tion Development Fund will be halved. Charges for national cultural programs supported by cen

trally administrated enterprises and institutions will be cut in half, effective until the end of 2024.

It was also decided at the meeting to reduce mobile internet service rates and lower broa

dband service rates for small and medium-sized enterprises by about 180 billion yuan in 2019.

The State Council also decided to trim average electricity prices for gene

ral industrial and commercial businesses, lower prices for rail freight transport, cut or

merge port charges, and cancel charges for the certification of citizens’ personal ID information.

The measures identified at the meeting on Wednesday are the most recent moves for fee reductio

ns following the lowering of the social insurance contribution rate. Full delivery of these measures is expec

ted to lighten the fee burden on companies and individuals by more than 300 billion yuan in 2019.

Geely, SAIC see rise in profits, JMC and FAW Car record decline

Nine China’s listed auto companies — Geely, Great Wall, JMC, FAW Car, TianJin FAW Xiali, BYD, BAIC, GAC, S

AIC — announced their 2018 financial results, news portal National Business Daily reported on Thursday.

The portal said the vehicle sales and net profits of Geely and SAIC increased in 2018, while the figures of JMC and FAW Car decreased.

Geely reported its revenue rose 15 percent year-on-year to 106.6 billion yuan last year, the net profits attributable to s

hareholders increased 18.05 percent to 12.55 billion yuan, and the vehicle cumulative

sales (including the company’s subsidiary brand LYNK&CO) reached 1.5 million units, surging 20 percent.

Great Wall’s revenue and vehicle sales in 2018 were 99.23 billion yuan

and 1.04 million units, respectively, a 1.92 percent and 1.63 percent decline from a year ear

lier, while its net profits attributable to shareholders saw a rise of 3.58 percent to 5.2 billion yuan.

saw good financial results last year, with the revenu

yuan, 72.38 billion yuan and 902.19 billion yuan, respecti

vely, a year-on-year rise of 13.2 percent, 1.13 percent and 3.62 percent, respectively.

The three companies’ net profits attributable to shareholders were 4.43 billion yuan, 10.9 billion yuan, 36 billion yua

n, a year-on-year increase of 96.6 percent, 1.08 percent and 4.65 percent, respectively.

Last year, GAC sold 2.15 million vehicles, up 7.34 percent year-on-year, with the self-owned br

ands sales volume increasing 5.23 percent; the sales volume of the joint venture brands including GAC Ho

nda, GAC Toyota and GAC Mitsubishi rising 5.16 percent, 31.11 percent and 22.69 percent, respectively.

SAIC’s annual sales were 7.05 million vehicles with self-owned brands Roewe and MG sel

ing 730,000 vehicles and joint venture brand SAIC Volkswagen selling 2.06 million vehicles in 2018.

Liu Junhai, a business law professor at Renmin Uni

versity of China, said short-term rental websites can help promote optimal utilization of existing resources like rental housing.

“The market is not mature yet. The quality of management shou

d be improved. Online platforms need to strengthen their self-discipline,” said Liu.

Chinese investors earned a record high place in Forbes’ latest list of the top 100 venture capitalists as the nation’s invest

ors are gradually changing the global venture capital market dominated by Silicon Valley.

According to the annual Midas List of Forbes Magazine, 21 Chinese investors made it into the to

p 100 venture capitalists globally, which broke the previous record of 17 domestic investors last year.

Four Chinese investors rank among the top 10 this year with Shen Nanpeng, founding and managing partner of Seq

uoia Capital China, remaining at the top of the ranking for the second consecutive year.

Shen was followed by Gan Jianping, managing partn

tner of Qiming Venture Partners, Xu Xin, founding partner of Capital Today, and Tong Sh

ihao, managing partner of GGV Capital. They ranked fifth, sixth and seventh respectively.

The list was ranked by investors’ portfolio companies that have gone public or been acquired for at least $200 million over

the past five years, or that have raised additional funding at a valuation of $400 million or more.

“A record number of international investors, pa

rticularly from China, and women investors are gradually changing the image of the Sil

icon Valley venture capitalist,” said Alex Konrad, associate editor at Forbes, in an editor’s pick.

He noted that after years of Midas dominance, the reign of Facebook and Twitt

er is over, as those deals and their well-known investors make way for a new generation.

“The increasing presence of Chinese investors in the Midas List is a solid reflection of the scal

e and vigor of the Chinese economy,” said Zhou Xuan, director of and a professor with the priva

te investment funds institute of the University of International Business and Economics in Beijing.