News and Reviews Asian Economic Zone

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

China Set Target Growth Plan 2015 in Around 7%

Wednesday, January 28th, 2015

 

China plans to cut its growth target to around 7% in 2015, targets the lowest in 11 years, according to sources, as the government tries to cope with slowing growth, job creation and the pursuit of reforms aimed at making the economy more driven by market forces. Growth targets, which will be announced by Premier Li Keqiang at the annual parliament session in March, approved by major party leaders and officials present at the Central Economic Conference in December, according to several sources. Target growth, which according to market ekspektai, still has not been released.

 

"The target of this year's economic growth will be around 7%, but 7% is not going to be the lower limit," said one of the sources of influential economists. "The government needs to balance economic growth, employment, and structural reforms this year," he said. The use of the word "around" to the projected growth of repeating last year's projection to show that they are not pegged to the target. Although the target is supported in December, it is still possible for the home before parliament met

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Retail sales in Japan Back Down in December 2014

Thursday, January 29th, 2015

 

Japanese retail sales unexpectedly fell in December, this further emphasizes that the magnitude of the challenges still faced by Prime Minister Shinzo Abe in its efforts to spur recovery in the country with the third largest economy in the world.

 

Sales fell by 0.3% from November, this is the third consecutive monthly decline, the Ministry of Commerce said on Thursday in Tokyo. The results were compared with the median estimate for a 0.3% rise in a Bloomberg survey. Sales rose by 1.7% in 2014.

 

Recovery in consumer spending has been injured in the past year due to the increase in sales tax needed to help spur the economy. Talks between business and labor leaders in the spring will determine the continuation of the wage increase is still too small to offset the high cost of living for consumers.

 

Koya Miyamae, an economist at SMBC Nikko Securities Inc., said that the recovery in domestic consumption after sales tax increase has been much slower than expected. Steady rise in the real wage is still not as expected, people have not been able to increase their spending levels.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japan Industrial Production Up in Down Estimates in December

Friday, January 30, 2015

 

Japan's industrial production rose by 1% in December from the previous month, in the government data showed on Friday, it was indicated that the economy might be recovering at a slower pace of decline triggered by the sales tax increase in April.

 

The increase is smaller than the forecast for a 1.3% rise expected by economists surveyed by The Wall Street Journal and the Nikkei, after adjusting for seasonal factors.

 

Figures in December came after a decline of 0.5% in November.

 

Based on a survey of companies that entered into the data, the companies expect output to rise to 6.3% in January and then fell 1.8% in February.

 

Minister of Economy, Trade and Industry improve the assessment of indicators, they say that the output will recover gradually

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japanese Domestic Automotive Sales Slump in January

Monday, February 2nd, 2015

 

Japan's domestic sales of new cars, trucks and buses fell by 18.9% from a year ago in January, it marks the sixth consecutive monthly decline, the Japan Automobile Dealers Association said on Monday.

 

Total sales amounted to 237.170 vehicles in January, the association said.

 

Automotive sales, as measured by the vehicle registration to the government, monitored by economists because it is consumer spending data are released first of each month.

 

This figure does not include sales of small cars and trucks.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

China's surplus Walking Down in the Quarter Final 2014

Tuesday, February 3rd, 2015

 

China reportedly scored a current account surplus or current-account surplus of $ 61.1 billion for the period from the fourth quarter of 2014. However, at the same time, the parameters of capital inflows through the purchase of assets or capital-account, a deficit of $ 91.2 billion. Thus the results of the official release Administrative Office of Overseas Chinese few moments ago.

 

Total surplus of the fourth quarter of 2014 is under revision to the previous quarter current account surplus reached $ 72.2 billion. While the capital-account deficit was even higher than the third quarter, the figure is $ 9.0 billion.

 

For the full year, China scored a current account surplus $ 213.8 billion and capital-account deficit of $ 96.0 billion. The data represent the flow of trade in goods, services and financial investment.

 

China itself is facing pressure from the rapid capital outflows amid the economic slowdown and the weakening of the exchange rate Yuan. Report of two components of the balance of payments today still could be revised in the future by the government as an initial data.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

China Cuts RRR To 'Maintain Economic Stability'

Wednesday, February 4th, 2015

 

China's central bank has cut the deposit amount required to be kept by banks as reserves, in an effort to encourage the growth rate. People's Bank of China (PBOC) cut the reserve requirement ratio (RRR) of banks by 50 basis points to 19.5%. The move, effective from Thursday, is the first cut since May 2012. Trimming the number of bank deposit reserve rate is intended to encourage lending to the real economy and stimulate growth. This step was taken in the middle of menignkatnya anxiety about the growth rate of the country's second largest economy in the world.

 

Data released last month showed that China's economy grew at the slowest pace in 24 years in 2014, was below the government's target for the first time since 1998. Gross domestic product (GDP) expanded by 7.4% from 7.7% in 2013. Target government to GDP was around 7.5%.

[mynameisandhy]

News and Economic Review Zone Asia (South Korea)

 

South Korean Finance Minister Optimistic Meet Growth Target

Thursday, February 5th, 2015

 

Although the central bank has cut its economic growth forecast from 3.9% to 3.4%, South Korea's finance minister is still optimistic the country is able to record an increase in gross domestic product (GDP) up to 3.8% in 2015. Finance Minister Choi Kyung-hwan optimistic Korea Southern able to fight economic challenges in the next few months.

 

"Despite the many obstacles, the target (GDP growth) of 3.8% is not impossible," he said in front of Parliament today. Choi admitted that the economic recovery is slow. South Korea experienced dis-inflation, where the rise in prices of consumer products only reach the range of 1% per year over the last 3 years. However, he believes that the combination of interest rate cuts and fiscal stimulus could have a positive impact this year.

 

South Korea's economy slowed in the final quarter of last year, held back by the decline in investment in construction and government spending figures. Gross domestic product grew only 0.4% in the fourth quarter, lower than the previous period by 0.9%. For an annual basis, the economy growing 2.7% per year, also lower than expected 2.8% rise.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

Chinese FDI in the US Rises

Friday, February 6th, 2015

 

Foreign Direct Investment (FDI) of China in the United States increased to $ 12 billion last year, was on top of $ 10 billion over two years in a row, according to a report Rhodium Group, which tracks the flow of Chinese currency to the US. In 2012, for the first time, China's cash flow exceeds US investment flows to China.

 

Asian investments in America is not new. Japanese company opened its path in the 1980s, one reason to avoid the costs associated with imports and exports. Reason international tax evasion is also one alsan Chinese businesses into America.

 

In addition, as an effort to increase the quality of their products is also the reason the Chinese investment in the US. Gross Domestic Product (GDP) of China for 2014 grew 7.4%, the weakest pace in 24 years. Economic slowdown is what makes China wants to enter the market higher-quality products. Production and sales of products with higher-margin requires expertise and technological innovation are more established, and it is easier to grasp outside of China. "Foreign goods and quality control is becoming increasingly important for China's middle class," according to Rhodium research.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

Although surplus, China Export Decline in January

Monday, February 9th, 2015

 

Unexpectedly, the value of China's exports declined in the period of January 2015. According to data released today, the volume of shipments abroad dropped due to lack of demand from its trading partner countries.

 

The decline in the value of China's exports are offset by the weakening of the import sector. China has benefited from the decline in the price of oil and gas products, but on the other hand the interest of its citizens import consumption is also low so order goods from abroad is reduced. Thus, China's trade surplus back scored regardless of the export sector sluggishness.

 

The value of exports fell 3.3% compared to January 2014. The figure is far below the annual export report from December, the figure soared 9.7% and the target of economists surveyed by the Wall Street Journal (+ 4%). The annual imports slumped period January was 19.9%, far worse than the decline in December that only amounted to 2.4% and below expectations, + 3.3%.

 

Further burden the poor performance of exports in the country heading Asia's largest economy. China's economy last year grew only 7.4% or the percentage of the worst for 24 years. While at the same time manufacturing sentiment fell to its lowest level in 28 months. Difference in value of exports and imports, leaving a trade surplus in the month of January 2015 amounted to $ 60 billion over the surplus in December reached $ 49.6 billion and $ 48.4 billion prediction.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

China Inject $ 7.2 Billion In addition to the Money Market Liquidity

Tuesday, February 10th, 2015

 

China adds liquidity to the financial system for 7 consecutive weeks, as part of Beijing's efforts to reduce seasonal cash pressure and overcome the economic slowdown and capital outflows.

 

People's Bank of China added 45 billion yuan ($ 7.2 billion) into money markets of China on Tuesday, potentially making the move as liquidity injections longest period since July last year. The extra liquidity, together with a decrease in bank required reserve ratio last week, is expected to help the government to stimulate growth. The move also can suppress the money market interest rates and provide lower borrowing costs for banks and companies.

 

PBOC liquidity operations every Tuesday and Thursday, with an average inject 39.3 billion Yuan per week

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

Businessman complaining Anti-American sentiment in China

Wednesday, February 11th, 2015

 

In the business sector, consumer nationalism factor is often the determining factor of success expansion of foreign companies in the country. Not infrequently the people of a country are reluctant to use foreign products simply because the manufacturers from countries 'enemy'.

 

It is perceived well by US companies doing business in China. Businesspersons from the land of Uncle Sam complained profit decline of the world's largest market share in recent times. In addition affected by the decline in consumer spending power, they are not very salable products due to the anti-American sentiment.

 

According to the US Chamber of Commerce survey, most businesses assess US companies have always used as 'victims' negative campaign conducted by the Chinese government. Various allegations about the monopoly business and the number of investigations by competition watchdog has narrowed the American company's business. No wonder consumers are often 'consumed' by the negative campaign the government so reluctant to spend money to buy goods made in western countries.

 

A total of 47% of the companies surveyed felt it was not welcomed by the Chinese government as compared to one year ago. Only about 10% were still regard China as a country that is "friendly" to do business.

 

As is known, the supervisory authority of the Chinese businesses increasingly diligent investigation of the American companies. Most are brands and automotive technology products, with accusations of monopolistic practices. The latest sanctions issued by the Chinese government imposed on the company computer and cell phone chip maker Qualcomm, with record fines reaching $ 975 million for alleged breach of competition law. The world's top corporations sort of Apple and Microsoft are also being investigated by the Chinese.

 

Even so, as much as 60% of the American Chamber of Commerce of China still rate as one of the 3 most potential business destination. The majority of the company aims to increase its turnover in 2015 and only 31% of companies are not planning to expand into China.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

The Chinese government admits existence Deflation Threat

Thursday, February 12th, 2015

 

The Chinese government claimed that the national economy is facing the threat of deflation. The low flow of domestic demand makes prices at the consumer level does not go up.

 

According to Lu Lei, Director of the Research Bureau of People's Bank of China (PBOC), the biggest risk faced by China is a threat of deflation and inflation expectations. "China's economy likely only to grow around 7.1% in 2015, with an increase in inflation of 1.8%," he said in an article published in China Finance 40 Forum.

 

In 2014 then, the growth of China's economy grew 7.4% at the same time be the slowest growth rate in almost throughout the last century. As for 2015, the government expects the economy to grow 7%. The domestic economy is the driving factor for the shortage of long-term progress. "The manufacturing sector is struggling to restore its competitiveness and manage excess production," added Lu.

 

As is known, the rate of consumer-price index (CPI), which became the main parameters of China's inflation rose only 0.8% in January compared to the same period of 2014. In the past year, the CPI rose 2.0% compared to the same month in 2013.

 

Other consideration inflation, policy makers are also advised to monitor the position of foreign exchange reserves in the banking system before making a decision. Banks recorded sell foreign exchange savings valued at 118.4 billion yuan ($ 19 billion) in December due to the influence of the high capital outflow of financial oasar. Foreign investors are starting to worry that the Chinese economy and the performance of the Yuan exchange rate so choose to put their funds in other countries.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

The Chinese Government Will Ensure The rate of GDP Approximately 7%

Friday, February 13th, 2015

 

The Chinese government will cut interest rates, increase liquidity and tolerating currency weakness to ensure the economy has grown by about 7% this year, as they try to ward off deflation and maintain the level of employment is strong enough to carry out the reform, according to sources. The growth rate of around 7%, which is expected to be released as a target of the government in 2015 when parliament meets next month, dianggat as the minimum level required to stop the rise in the unemployment rate, an important political target as making people accustomed to the "new normal level" of growth slower but more robust.

 

While officials openly reject stimulus policies which they would cast doubt on their reform efforts, making the economy, which has grown at a low level of a quarter-century, regain lost momentum which can lead to loss of jobs and the level of debt defaults on local government and the company. The government aims to put the economy in a stronger position in the future to encourage the flow of capital from SOEs to the private sector more efficient, reform the fiscal system and the liberalization of interest rates, but these changes can inhibit the rate of growth in the short term.

"Restructuring the economy and changes in the development model would be very difficult if there is no stable economic growth," said one of the influential economist who has advised the government. "We must ensure the lower limit of growth. We must have a policy to support the economy if the performance is deteriorating." This support includes further interest rate cuts to offset the cost of credit, and re-cut RRR to increase the liquidity of the financial system.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japanese economy out of recession

Monday, February 16th, 2015

 

Japan's economy grew in the fourth quarter of 2014, managed to come out of the recession as a result of the sales tax increase in April. Cabinet Office said the Japanese economy (year-on-year) grew 2.2% in the fourth quarter, after shrinking the previous two quarters, -1.9% in the third quarter and -7.1% in the second quarter. However, the growth was lower than economists' estimates of 3.7%. On a quarterly basis, the Japanese economy grew 0.6%, lower than economists' estimates of 0.9%. Japan experienced a recession before, forcing the government of Prime Minister Shinzo Abe second delay tax increases.

 

Bank of Japan in October surprised the market by increasing the monetary stimulus to 80 trillion yen per year, from 60 trillion - 70 trillion yen. The addition of the monetary stimulus to spur growth and achieve the inflation target of 2%. BOJ will conduct monetary policy meeting on Tuesday that lasted for two days.

[mynameisandhy]

News and Economic Review Zone Asia (South Korea)

 

The Bank of Korea Hold Interest Rates 2%

Tuesday, February 17th, 2015

 

As expected, the Bank of Korea interest rate of 2% at the monetary policy meeting today. South Korea's central bank that maintains a policy in four months in a row after cutting interest rates twice in the past year. But analysts say the BOK still facing pressure to loosen monetary policy due to weak domestic demand and low export-led economic growth. The central bank lowered its forecast in January 2015 South Korea's economic growth to 3.4% from 3.9%.

 

18 economists surveyed by The Wall Street Journal has previously been estimated that the BOK will keep interest rates this month, but 9 of them expect the central bank will cut interest rates between March and June to spur growth.

 

South Korean economy facing low inflation, a weak business investment, as well as China's economic slowdown and Europe. China is South Korea's largest export market, which covers a quarter of total exports. Data released by the BOK today showed producer price index fell 3.6% in January from a year earlier, became the steepest annual decline since July 2009

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

BoJ Keep Stimulus Plan 80 Trillion Yen

Wednesday, February 18th, 2015

 

The Bank of Japan (BoJ) maintained stimulusnys the annual target rate of ¥ 80 trillion ($ 670 billion) by a vote of 8 to 1, where Kiuchi BOJ board members suggested the addition of stimulus before 31 October, while 8 others prefer not change monetary policy.

 

In addition, the BoJ also said inflation expectations are still rising in the long term. BoJ also revised assessment for exports and factory output is higher. But in the short-term consumer inflation tends to slow down to around 0.5% in the short term reflects the fall in oil prices.

 

Private consumption still showed some recovery but the recovery in the region was weak, the overall activity of the Japanese economy is still in a moderate recovery trend.

 

Tokyo's Nikkei index stabilized above the 18100 level after BoJ monetary statement, while pairing USDJPY are flat at 119.07 level.

[mynameisandhy]

News and Economic Review Zone Asia (South Korea)

 

South Korea Require Immediate Loosen Monetary Policy

Wednesday, February 18th, 2015

 

The Bank of Korea kept interest rates at the monetary policy meeting on Tuesday, BOK Governor Lee Ju-Yeol then said cutting interest rates no longer effective impact on the economy. But South Korea almost experiencing deflation, making the International Monetary Fund and HSBC suggest BOK to cut interest rates in the coming months.

 

"The possibility of another rate cut next month would increase if economic data signals a decline in economic growth. The central bank of South Korea highlighting weak domestic demand and a decline in sentiment, we think it poses a risk to GDP growth target of 3.4%" said HSBC economist, Ronald Mann. He also forecast the BOK will cut interest rates by 25 basis points in March, and is estimated to be the second trimming the third quarter of this year.

 

South Korean economy grew at the lowest rate in the last two years in the fourth quarter, while inflation grew 1.3% in 2014, was below the average G7 country for the first time in eight years.

 

In the last week, the IMF said the South Korean government has monetary and fiscal space to stimulate the economy. IMF mission head Korea, prompting the South Korean government to use the space available.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japan's exports soar in January

Thursday, February 19th, 2015

 

Japanese exports accelerates faster than forecast in January, gives optimism economic recovery in the world's third largest.

 

Ministry of Finance Japan Japan's reported exports jumped 17% in January from a year earlier, exceeding economists polled by Reuters estimate of 11.9%. While imports reportedly fell 9%, larger-than-expected 4.8% decline. The increase in exports and imports decline makes the trade deficit decreased to 1.2 trillion yen, from the previous 2.8 trillion yen.

 

The export surge gives an overview of a weaker yen to increase demand for Japanese products from overseas who helped the Japanese economy out of recession amid low konsemun spending and business investment in the country of Japan.

 

Cabinet Office on Monday reported the Japanese economy (year-on-year) grew 2.2% in the fourth quarter, after shrinking the previous two quarters, -1.9% in the third quarter and -7.1% in the quarter to -two.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Three members BOJ Pessimistic Inflation Target Achievable

Monday, February 23, 2015

 

Monetary policy meeting minutes the Bank of Japan in January showed three board members pessimistic inflation target will be achieved, particularly as a result of core inflation continued to slow and the decline in oil prices. One of the three member states despite a weaker yen, but the rate of inflation outside of food and energy is only slightly above 0%. While others call slump in oil prices since last year has slowed the momentum of inflation.

 

BOJ policy meeting that maintain the monetary base tirliun worth 80 yen per year. Japan's central bank is the last time add monetary base in October last.

 

In the quarterly report, the BOJ lowered its forecast for core inflation fikal year 2015 to 1.0% from the previous projection of 1.7%.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

China Manufacturing Activity Expanding in February

Wednesday, February 25th, 2015

 

After experiencing a contraction in two consecutive months, China's manufacturing activity again recorded expansion in this month. Preliminary data from HSBC showed China's manufacturing activity index of 50.1, from January amounted to 49.7. The release at the same time break the estimated decline to 49.6 by economists. A reading above 50 indicates expansion, while below 50 indicates contraction.

 

Subindex for output and orders showed a faster rate of increase than in January, while exports turned down, and employment subindex showed a deeper contraction.

 

Although noting the expansion, but the chief China economist at HSBC, Qu Hongbin, said domestic demand is still low, and demand from abroad is still uncertain. Easing of monetary policy is said to be required to support the growth stage of manufacturing.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japan Retail Sales Down In Early Years

Friday, February 27th, 2015

 

Japan's retail sales fell 2% in January, marking the first decline in seven months. The report released by the Ministry of Economy, Trade and Industry (METI) sets out the bad weather and continuous decline in income residents make consumers curbed spending. Japanese consumers also need to be wise to spend money with the Japanese unemployment rate released on the same day also increased 0.2% compared to the previous month to 3.6% in January.

 

The increase in the consumption tax increase the burden of the Japanese retail industry. Nine months since sales tax is raised consumer, the retail industry is still trouble luring consumers. Before the data was released, economists predict consumers will ignore the effect of a tax increase on April 1 last year from 5% to 8%. Low consumer spending became the main factor of negative growth

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

HSBC China Manufacturing PMI Being in High Level 7 Months

Monday, March 2nd, 2015

 

China's manufacturing sector activity rose to a seven-month high in February, but the level of export orders contracted and deflationary pressures still exist, according to HSBC business survey results on Monday, showed the fragility of the economy that may require policy support. China's central bank cut interest rates on Saturday, a few days before the annual meeting of China's parliament, in the latest attempt to shore up the country's second largest economy in the world is in line with slowing momentum. PMI manufacturing sector by HSBC / Markit rose to 50.7 in February, the highest level since July, from 49.7 in January, following the increase in the overall level of new orders. The figure was higher than the previous release on 50.1, which is slightly below the 50 level that separates between growth and contraction.

 

But even after the pace of manufacturing sector activity quickened last month, a survey showed the manufacturing sector is still difficult to face an uncertain export and deflationary pressures. Sub-index of the level of new export orders turu be 48.5 in February, the sharpest contraction in a year, while the output and input prices dropped for the 7th month. Work manufacturing sector contracted for the 16th consecutive month, although the rate of reduction in the level of employment slowed in February.

"China's manufacturing sector scored progress in overall operating conditions in February, with the company's most powerful print output expansion since last summer while the number of new business also rose by a faster rate," said Annabel Fiddes, economist at Markit. "However, the decline in the level of new export orders showed that the level of foreign demand has weakened, while factories continued to cut the number of their employees, even if only slightly.

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Japan Vehicle Sales Not Recovered

Monday, March 2nd, 2015

 

Japan's domestic sales of new vehicles crept up but have not been able to give a positive signal associated economies of the world's third largest economy. Automotive sales, as measured by the vehicle is registered to government data, the attention of economists as the vehicle is the first consumer spending data are released every month.

 

With 660 cc minicar sales dominate the trade volume by 40%. Domestic sales of new automotive in Japan in February, excluding minicars, fell 14.7% to 482 103 vehicles. This is a losing streak in the second month, according to data from two industry associations.

 

The Japan Automobile Dealers reported a 14.2% drop in sales of cars, trucks, and buses be 288 348 vehicles. Japan Light Motor Vehicle and Motorcycle Association adds completeness of the data with a decrease of 15.4% reported annual sales of 193 755 minicar into a vehicle

[mynameisandhy]

News and Economic Review Zone Asia (Japan)

 

Honda: Advanced Easing Risk of Causing Overheat Economy

Tuesday, March 3rd, 2015

 

Japan's central bank should refrain from taking additional measures for the time being in order to ensure that perkonomian not experience "overheated," according to one economic adviser of Prime Minister Shinzo Abe. In an interview with the Wall Street Journal, Etsuro Honda said that the inflation rate will probably go back down to the zero level due to the decline in global oil prices, but will "start up by itself" around 2% until early 2016. Honda, one of the most vocal advocates towards monetary easing, said the decline in oil prices in the long run will strengthen inflationary pressure by stimulating consumer spending. Honda says that the weakening yan, BOJ easing the impact of current and anticipated increases in the rate of basic pay this year will trigger upward pressure on inflation.

 

Honda, which is also a Professor of the University of Shizuoka, said that in a situation like this, if the BOJ back to loosen monetary policy inflation rate will rise even higher, and it seems it is not needed. Honda added that even if the rate of inflation fell deeper, as long as the main cause of the decline in oil prices, and for the difference in supply-demand Japan improved, additional easing should not be taken, otherwise the economy can experience the "overheating" in the second half of this year.

[mynameisandhy]

News and Economic Review Zone Asia (China)

 

The event will be attended Many Chinese Politics Business Circle

Wednesday, March 4th, 2015

 

The number of the richest people in China who participated in the biggest annual political event in China increased, underlining the close relationship between politics and business in China. More than 200 richest people in China to attend two major political meetings this year, according to local media reports this week, increased from 155 last year. Among them are 36 billionaires, including Li Hejun, who was recently crowned one of the richest man in China by Hurun, wealth tracker Shanghai.

 

China's parliament, the National People's Congress (NPC), and badang advisors, Chinese People's Political Consultative Conference (CPPCC), both of which will begin its annual meeting session this week and become the focus of global markets to guide the direction of the country's second largest economy in the world. Another delegation to the meeting included the second richest man ranks 3rd in China, Zong Qinghou, CEO of Hangzhou Wahaha beverage company, Pony Ma of Tencent which ranked fifth, and Lei Jun, the founder Xiaomi who served the 10th richest in China.