China Direct

Aberdeen Standard Investments announces Shanghai expansion

CBI member, Standard Life Aberdeen has announced that it has registered a Shanghai-based Wholly Foreign Owned Enterprise (WFOE) for its asset management subsidiary, Aberdeen Standard Investments.

The WFOE license was reportedly first registered with the Asset Management Association of China in November 2017, but was only approved as recently as July of this year. The opening of Aberdeen Standard Investments in Shanghai marks the second key license approval to be granted to the Standard Life Aberdeen group this year.

Regular readers of China Direct may remember that in May, Standard Life Aberdeen was granted regulatory approval to operate a pensions business in China, also.

Standard Life Aberdeen has $643.3bn under management, and will use its onshore WFOE, under the name of Aberdeen Standard Investments, to offer investment advisory services to Chinese product providers.

Ian MacDonald, deputy head of Asia Pacific at Aberdeen Standard Investments said: “We are encouraged by China’s continued efforts in opening up the financial services industry.

Building on our deep insights and investment strength across asset classes, a robust risk management platform and strong governance framework, [Aberdeen Standard Investment] are dedicated to delivering diverse propositions to onshore investors and contributing to the development of the asset management industry in China.”

CBI welcomes John Allan as New President

CBI WELCOMES JOHN ALLAN AS NEW PRESIDENT CBI members have endorsed the appointment of John Allan CBE as the President of the UK’s largest business organisation at its Annual General Meeting in London. Mr Allan, Chairman of Tesco and Chairman of Barratt Developments, succeeds Paul Drechsler CBE, Chairman of the Bibby Line Group and Chairman of the Board of Teach First, to become the 27th CBI President since 1965.   John Allan CBE, CBI President, said: “It is a great honour to be elected CBI President at this critical time for the UK’s economy and businesses. “As a country we face great challenges and I will try to ensure that the CBI’s rational, evidence-based solutions are presented clearly and forcefully to all concerned, and in particular to the Government. “Whether it is finding the best possible outcome to Brexit or focussing energy upon the long-term issues, like the Industrial Strategy, skills and infrastructure, we will campaign honestly and clearly for a future which is good for the British economy and good for the British people. “Paul has been an outstanding President helping to steer the business agenda through challenging waters. I look forward to carrying his work forward and to working closely with Carolyn and all the rest of the very talented CBI team.”   Carolyn Fairbairn, CBI Director-General, said: “It’s a great pleasure to welcome John to the CBI as our new President. His passion, and the breadth of his experience and knowledge – formed over decades at some of the largest employers in the country – will be of tremendous value to us at such an important juncture for British industry.”   Since 2015, Mr. Allan has been Chairman of Tesco, the largest private sector employer in the UK. He has also been Chairman of Barratt Developments since 2014. Previously, amongst other senior roles, he was non-executive director at Worldpay where he was formerly Chairman. He was Chairman of Dixons Retail and Chief Financial Officer and a Board Member of Deutsche Post DHL. He was also previously Chairman of Care UK Health & Social Care and a non-executive director of the Home Office Supervisory Board, and was Chairman of London First from 2014 to 2018, a business group representing leaders of firms in the capital. He has been a non-executive director at: Royal Mail, PHS Group, National Grid, Wolseley, Hamleys, 3i and Connell. In 2006, he was made a Commander of the Order of the British Empire (CBE) for services to freight transport.     19 June 2018   Notes to Editors:   The CBI President plays a leading role in the organisation’s advocacy work, meeting with ministers and senior civil servants, promoting British business internationally and chairing the CBI Board. The role of President is an unpaid post, and the President can stand for a total of three terms as set out in the CBI’s Royal Charter.   Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.   Media Contact: CBI Press Office is available 24 hours a day on 0207 395 8239, or email: [email protected]. Follow the CBI (@CBItweets) on Twitter.

 

Aviva & Tencent develop digital insurance JV in Hong Kong

 

CBI Member Aviva plc (“Aviva”), Hillhouse Capital Group (“Hillhouse”) and Tencent Holdings Limited (“Tencent”) have completed the transaction to develop a digital insurance joint venture in Hong Kong. The joint venture has been approved by the Hong Kong Insurance Authority and is expected to start operating under its new corporate structure during the first half of 2018

Aviva, Hillhouse and Tencent announced in 2017 their agreement to develop an insurance joint venture in Hong Kong, by which Hillhouse and Tencent have acquired a combined 60% shareholding in Aviva Life Insurance Company Limited (“Aviva Hong Kong”).

Please read more here.

CBI makes the case for British Business in China

 

CBI MAKES THE CASE FOR BRITISH BUSINESS IN CHINA

The CBI’s Director-General is visiting China this week on a trade visit with the Prime Minister, the Rt. Hon. Theresa May.

Carolyn Fairbairn, CBI Director-General, said:

“The Sino-British relationship is a tremendous success story. From services to schools, and iPhones to tea, our countries have a special and integral place in each other’s lives.

“British businesses are keen to play their part in further deepening and engraining the economic ties between China and the United Kingdom. With the consumer market alone worth over £3.3 trillion, this relationship creates thousands of jobs in the UK and China, raising living standards and boosting productivity.

“As the UK forges a new global trading future, it is well ahead of the curve in making the most of its relationship with the world’s fastest growing economy. By making inroads into China’s lesser economically known regions, the UK stands to profit from China’s move from manufacturing and infrastructure into technology and services, writing a new chapter in the golden era of relations.”

30 January 2018

Notes to Editors:

Read the CBI’s latest report on British trade and investment with China, Sterling Assets China.

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office is available 24 hours a day on 0207 395 8239, or email: [email protected]. Follow the CBI (@CBItweets), Carolyn Fairbairn (CBICarolyn) and CBI China (CBIBEIJING) on Twitter.

China Sterling Assets Report - Chinese Version

Dear CBI Members and Partners,

Kindly find the Chinese version of the CBI's first China Sterling Assets Report attached below for your reference.

Many thanks.

Download CBI China Sterling Assets Report_Chinese

Download CBI China Sterling Assets Report

CBI Sterling Assets Report on China Roadshow

 

  

The inaugural Sterling Assets Report has been on a pan-China Roadshow since its launch on Thursday 02 November in Beijing.

The objective of the Roadshow was to circulate the Report's key findings to the diverse and dynamic UK business network in China and encourage policymakers and local officials to use the Report to promote greater UK-China business investment. 

Additionally the Report was received by business stakeholders the CBBC, British Chambers, Department of International Trade (DIT) and a visiting delegation of the All Party Parliamentary China Group in Guangzhou.

China Direct would like to sincerely thank HM Consuls Cecile Elbeleidi in Chongqing, HM Consul Karen Maddocks in Guangzhou, HM Consul John Edwards in Shanghai and HM Consul Nick Whittingham in Wuhan for their support.

 

    

Please note that China Direct will have the Chinese language version of the Report available for review and download by mid-November.

Kindly find the original Report and Executive Summary attached below for your reference.

Download CBI China Sterling Assets Report

Download Sterling Assets China Executive Summary

Thank you. 

  

UK Ahead Of The Curve In China Investment Strategy - CBI

 

EMBARGOED: 00:01 Hours, Thursday 02 November, 2017UK AHEAD OF THE CURVE IN CHINA INVESTMENT STRATEGY – CBI

UK is China’s second largest European trading partner  

The UK is shifting its investment into inner regions of China and into new sectors, ahead of the curve of other nations, according to the CBI’s first ever Sterling Assets China report.

Download CBI China Sterling Assets Report

In 2016, the UK was China’s second largest trading partner in the European Union (behind only Germany) and the eighth worldwide, doing £55 billion worth of trade in goods with China. Indeed, after the USA and Germany it is the only country in the list of China’s top nine trading partners not in the Asia Pacific region.

The UK also ranks eighth in terms of foreign direct investment (FDI) into China over the last decade, at £4 billion. However, unlike other nations, Great Britain is shifting its focus from coastal to inland provinces, which have historically received a smaller share of FDI, so as to mirror the Chinese government’s Belt and Road development plans. Over half (57%) of British investment in 2015 (over £880 million) went to inland regions, led by Heilongjiang (£313 million) in the north east and Henan (£276 million) in the centre.

Of the £18.1 billion worth of UK exports to China in 2015, Shanghai tops the list (£4.2 billion), followed by Beijing (£2.4 billion) and Guangdong (£1.3 billion). 21% of British exports to China were in transport technology (automotive, rail, air and maritime), 12% in machinery & electrical, 8% in chemical products and 5% in metals. The UK’s top service export was travel (£1.5 billion), with 270,000 Chinese visiting the UK and 91,000 Chinese students enrolling in British universities – far more than from any other country.

Guy Dru Drury MBE, CBI Head of China, said:

“The Sino-British relationship is a great success story. As we delve deeper into the Golden Era of ties between China and the United Kingdom, we have so much to offer each other, and British business is keen to play its part.

“From cars to chemicals, and services to schools, British organisations – especially many smaller companies – are tapping into a growing market in China, one that plays to the UK’s best competitive strengths. With the consumer market worth over £3.3 trillion, instantly recognisable British products are a particularly strong match for a growing generation of affluent Chinese. Moreover, this relationship creates thousands of jobs in the UK and China, raising living standards and boosting productivity.

“As the UK forges a new global trading future, it is well ahead of the curve in making the most of its relationship with the world’s fastest growing economy. By making inroads into China’s lesser economically known regions, the UK stands to profit from China’s move from manufacturing and infrastructure into technology and services.”

Dame Barbara Woodward DCMG OBE, Her Majesty’s Ambassador to the People’s Republic of China, said:

“Supporting UK-based companies to invest and operate overseas and become global businesses is part of our strategy to expand mutually beneficial trading relationships around the world. This is especially so in China, the world’s second largest and fastest growing economy.

“This report showcases a wide range of British investment and highlights the strengths and growing confidence of British companies. Investment in China by British companies can generate wealth for the UK, support British jobs, help build UK-based supply chains, and support China’s own economic development.

“As we continue to address the challenges for businesses investing across the globe and help them to make the most of opportunities, positive and proactive engagement of UK and Chinese businesses remains vitally important.”

Between 2015 and 2016, greenfield project investment into China exceeded £2.25 billion. The financial services sector saw the highest value investments (£488 million), followed by logistics (£292 million), consumer products (£268 million) and business services (£209 million).

02 November 2017

Notes to Editors:

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

The CBI 2017 Annual Conference will take place on Monday 6th November at the NEW LOCATION of the InterContinental London – The 02 hotel. Media can now register here (clicking on the “Media” box, entering the code 7286). Please note that journalists will be asked to upload a photo as part of the registration process. The closing date for applications is Thursday 02 November.

Follow the CBI (@CBItweets) on Twitter and on the day of annual conference using the hashtag #CBI2017.

Media Contact:

CBI Press Office is available 24 hours a day on 0207 395 8239, or email: [email protected]. Follow the CBI (@CBItweets) and CBI China (@CBIBEIJING) on Twitter.

UK & Cambodia - Introduction & Trade/Investment Opportunities

Following a visit to SE Asia last week China Direct would like to share trade & investment opportunities in Cambodia to its UK and international CBI membership.

Kindly refer to the following overview presented at a UK-Cambodia business event in Phnom Penh on 11.05.17. 

Download HMA Cambodia Briefing_May 2017

For any follow on questions or business related queries kindly contact Ms. Olivia Widen, Director, Department for International Trade (Cambodia), directly via: [email protected] 

Guy Dru Drury, CBI Chief Representative, China NE SE Asia, would like to sincerely thank HMA Bill Longhurst, Deputy Head of Mission Cashel Gleeson and the team at the British Embassy in Phnom Penh for their hospitality and support.

Willis Towers Watson announces new Asia Pacific Director

 

CBI member, Willis Towers Watson, the leading global advisory, broking and solutions company, today announced the appointment of Kevin Angelini as Head of Strategy in its insurance consulting and software business in Asia Pacific.

Kevin’s appointment to this new role forms part of Willis Towers Watson’s strategy to further grow its insurance consulting business from a traditional focus on risk consulting and M&A due diligence support, to offering wider strategy consulting services. These services will include opportunity assessment, competitive landscape and benchmarking, new geography and product line strategy, as well as M&A target screening, selection and execution.

A seasoned insurance executive, Kevin joins with 14 years of experience in strategy, M&A and new market entry. His appointment took effect on 16th January 2017.

Based in Hong Kong, he reports to Richard Collis, Managing Director for the insurance consulting and software business in Asia Pacific.

Please read more here.

CBI Reaction to UK Budget - March 2016

CBI FULL REACTION TO MARCH 2016 BUDGET

The CBI has responded to the Chancellor of the Exchequer’s Budget.

CBI Director-General, Carolyn Fairbairn, said:

“After a year of surprises, this was a stable Budget for business facing global stormy waters.  The Chancellor has listened to our concerns about the mounting burden on firms and chosen to back business to grow the economy out of the deficit.

“Businesses will welcome the Chancellor’s permanent reforms to business rates – taking more small firms out of the regime and changing the uprating mechanism from RPI to CPI, which the CBI has long been calling for.

“The reduction in the headline Corporation Tax rate sends out a strong signal that the UK is open for global business investment, and reforms to Interest Deductibility are rightly in line with international consensus.

“Changes to the tax treatment of losses will make it harder for larger scale-up firms and companies that have been through tough times to play their part in the recovery. 

“Progress on some key infrastructure projects, from HS3 to 5G, are positive.  Investors and companies will be encouraged by the greater clarity and simplification of the Government’s energy policy.”

On infrastructure

“It’s good to see Government preparing the way for the next generation of major UK infrastructure upgrades. Preparation is essential for these projects so that once we take the decision to build we are able to avoid any delays.

“With the digital revolution in full swing, mobile connectivity is one of its key drivers. The decision to follow the advice of CBI members by prioritising 5G on the agenda of the National Infrastructure Commission is a welcome step in fulfilling the UK’s digital ambitions.”

On regional growth

“Devolution is continuing apace in both rural and urban areas, with positive new announcements from East Anglia to the West of England.  As a key player in the Northern Powerhouse, much of Yorkshire remains notably absent from these deals.

“It will be important for both central and local Government to focus on creating economic growth.  Success will rely on a new era of co-operation between Ministers, local leaders and firms of all sizes and sectors.”  

On business rates

“In addition to small firms being taken out of the regime and changes to the uprating mechanism, all companies will welcome more frequent revaluations, which the CBI has long been calling for.”

On support for growing businesses

“The Budget included a number of useful measures to encourage entrepreneurship and growth, particularly cuts to capital gains tax and the extension of Entrepreneurs’ Relief.  New allowances for micro-entrepreneurs will encourage participation in the sharing economy and encourage the growth of new and innovative platforms.”

On energy policy

“The CBI called for the regulatory landscape for business energy efficiency to be simplified.  So this is a positive step, focusing efforts on investment and not compliance.

“Extending the current level of the Carbon Price Support in the short term is sensible, as is the commitment to clarify long-term plans for this tax later this year.

“Support for the oil and gas industry is positive – helping key UK employers facing very challenging operating conditions.”

On sugar tax

“Businesses recognise that more needs to be done to tackle childhood obesity.  This new ‘sugar tax’ will require proper consultation on how it will work and companies will want assurances that this approach doesn’t represent the thin edge of the wedge. 

“Building on the steps they are already taking to reduce sugar in their products, the industry will continue to engage with the Government on effective strategies to address this issue.”

On productivity

“Companies will be surprised to see no further measures to support innovation and R&D in this Budget.  Manufacturers in particular will be looking for further details in the Government’s upcoming National Innovation Plan.”

On pensions

“Providing high quality saving for retirement requires support from companies.  The Chancellor was right to heed CBI advice and step back from damaging changes to the pensions tax system, and to extend the support available to firms who choose to offer financial advice to their staff.”

On education

“Improving education is the most effective way to raise living standards and businesses will welcome the move to ensure Maths is taught up to the age of 18.

“Freeing up schools to innovate is a move in the right direction, but changes to structures alone will not deliver better outcomes for pupils and schools.

“Extra investment for apprenticeships will only help the small minority for firms who will be able to spend their whole levy. Businesses remain concerned that only a year away from the introduction of the levy, there is little clarity about how the system will work.”

16 March 2016

Notes to Editors

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Visit the Great Business Debate website - a CBI led campaign to help build public confidence in business.

Media Contact:

CBI Press Office is available 24 hours a day on 0207 395 8239, or email: [email protected]. Follow the CBI (@CBItweets) on Twitter.

Bianca D'Orsi Corporate communications adviser CBI ______________________________________________________

D: +44 (0)20 7395 8247 | M: +44 (0)7469 155 328 CBI | Cannon Place | 78 Cannon Street | London | EC4N 6HN www.cbi.org.uk