China will unveil various measures to improve transport efficiency and lower logistics costs, according to a spokesperson for the transport ministry.
Vowing to see a notable increase in transport efficiency in the next
three years, the country will accelerate the construction of a comprehensive tra
nsport network, spokesperson Wu Chungeng told a news conference on March 28.
Efforts will also be made to expand the electronic toll collection system and promote multimodal transport, Wu said.
Meanwhile, the logistics costs are expected to be reduced by 120.9 billion yuan (about $17.97 bil
lion) in 2019, and a logistics service system in line with the country’s high-quality growth will be established over the next three years.
To fulfill such targets, the ministry will optimize transport struct
ure, upgrade rail, road and waterway transport systems and expand the network of logistics hubs, Wu said.
Chinese business leaders are more confident and prepared in addressing the challenges brought by new technologies than
those in many other countries, said Cindy Hook, CEO of Deloitte Asia-Pacific, a global consultancy firm, on Thursday.
While many business leaders in the rest of the world take a protective approach to using technologies, Ch
ina’s leaders would like to “disrupt their sectors” and facilitate real changes, Hook said on the sidelines of the Boao Forum for Asia.
“Chinese enterprises are looking at the technologies available－whet
her it’s artificial intelligence, big data or the like－to actually come up with whole-new busi
ness models and whole-new approaches to doing things, not just improving the old processes.”
With the readiness for technologies, China is likely to lead on many aspects of the unfol
ding Fourth Industrial Revolution, such as e-commerce, smart cities and the internet of things, Hook said.
The country’s impact on the revolution will be enlarged by its opening-up determina
tion, she added, citing the fresh opening-up measures announced by Premier Li Keqiang at the forum on Thursday.
hinese and Asian art collectors have become more knowledgeable, sophisticated and are branching out for m
ore Western works, said Francis Belin, president of Christie’s Asia, who is excited about the trend.
“Chinese clients have evolved from being very dedicated to Chinese arts to gaining increasing interest
in other categories and expanding the spectrum of the type of objects that they wish to collect,” Belin told
Xinhua in an interview in New York City during Christie’s Asian Art Week held on March 19-26.
Diversity of collecting is one of three “fundamental trends” the auction house has obse
rved among the Chinese and Asian buyers, Belin said, noting the increased appetite to collect across categories.
About 10 or 20 years ago, Asian collectors focused primarily on the art that relates to their own c
ulture, he said, “we’ve seen this evolved in the past years to be much more holistic in the collecting of our Asian buyers.”
it is already a banking center in the European context, plus a clearinghouse. Also, Frankfurt has the Euro
pean central bank, which is now the regulator for all banks in Europe. So, the banks want to be closer to the major regulator,” Donoghue said.
As for asset management, insurance, and funds companies, Donoghue said, they are relocat
ing to Dublin because the city has a very broad and diversified set of capabilities in running funds and managing assets.
Andrew Pilgrim, associate partner at consultancy Ernst & Young, which is known as EY, sai
d it is probably not in the EU’s best interests to have financial services concentrated in one location.
“From policy and political perspectives, there is an argument to say that actually having a balanced financial sector across many EU jurisdi
ctions means that you have less risk concentrated in one jurisdiction,” Pilgrim said. “And it also means that you get a more balanced regu
latory and supervisory environment across all the EU member states, as opposed to all of that being focused on one.”
cated around 1 trillion pounds ($1.32 trillion) worth of assets, up from 800 billion pounds last quarter, from London to elsewhere in the EU since the 2016 Brexit
referendum, and more than 2,300 new workers have been hired locally by financial services companies in mainland Europe.
Pundits are still optimistic that Brexit will not significantly change London’s role as a global financial hub, arguing that co
mpanies are relocating in response to the wishes of their clients, not because of Brexit.
Donoghue said: “Major global financial firms, they are not abando
ning London as a consequence of Brexit. They are merely carving out the European Union side
of the business that is currently domiciled in London and relocating that element only to EU domicile because tha
t’s what the customers require and that’s what they need to do to preserve the market access to the EU.”
Catherine McGuinness, City of London corporation policy
chair, is confident that, in the long-run, London will retain its role as a leading international financial cen
ter because it has a dynamic cluster of financial and professional services that are used by the wider world, and not only Europe.
ter for foreign exchange, for example. We clear more dollars than New York, and are the largest center for RMB trading outside greate
r China. London is strong and international,” she said. “The long-term fundamentals of London and the UK still remain strong.”
Alex De Ruyter, director of the Centre for Brexit Studies at Birmingham City University, echoed the
view of McGuinness, saying: “Whilst I think Brexit has clearly had a significant impact, it must be remembered that Lon
don is a global financial center and the majority of assets held by the financial services sector are outside of th
e EU, with the US, China, and other emerging economies particularly important markets.
“The 800 billion pounds figure only comprises about 10 percent of the estim
ated total assets of the UK banking sector,” he said. “So, the total volume of business affected has been relatively small.”