Trade

Canton Fair to promote yuan use

Settlement transactions during the China Import and Export Fair, the country's largest trade event, will be conducted in yuan, the Chinese currency, for the first time.

"The move is part of an effort by the organizers to help accelerate the yuan's internationalization," said Liu Jianjun, spokesman for the fair and deputy director of the China Foreign Trade Center.

The 114th session of the twice-a-year fair, widely known as the Canton Fair, opened on Oct 15 in Guangzhou, the capital of Guangdong province.

"Transactions conducted with yuan-denominated settlements will also help promote the yuan business of Chinese exporters during the fair. It will help avoid losses caused by a stronger yuan," Liu said.

Auto

Cadillac, Wuling spark GM sales in China

General Motors Co, the largest foreign automaker in China, reported sales growth accelerated in the country last month, fueled by demand for its Wuling and Cadillac vehicles. Total sales in September climbed 14 percent to 277,647 vehicles, after expanding 11 percent the pervious month, the Detroit-based company said in a statement on Oct 10. Deliveries of Wuling vehicles, which account for about half of GM's China sales, gained 18 percent to 129,648 in September.

Logistics

Express delivery to see major upswings

The market value of China's express delivery industry will reach 400 billion yuan ($65.3 billion) by 2020, according to Ma Junsheng, head of the State Post Bureau. The revenue will represent an eight-fold increase on 2010, Ma said, adding that express deliveries is the fastest growing segment in postal services. In the next decade, overall revenue for postal services will account for 0.6 percent of the country's gross domestic product, four times that of 2010. The bureau will strive to further improve efficiency and quality of services, said Ma, adding that the State-backed China Post is likely to rank among the top 100 in the Fortune 500 list soon.

Commerce

Ikea sales gain helped by China growth

Ikea Group has said full-year sales rose 3.1 percent as the flat-pack furniture retailer from Sweden gained share in most markets and benefited from growth in Russia and China. Revenue increased to 27.9 billion euros ($37.9 billion), the company said. Same-store sales gained 1.8 percent at the retailer, which owns the majority of the world's Ikea outlets. Ikea said some of the strongest growth was in Russia and China and that North America showed significant progress. Southern Europe continued to be affected by that region's weak economy. The group, which will release its full-year report in January, said it gained share in "almost all markets".

Finance

Re-insurance firm broadens global strategy

China Re, Asia's largest re-insurance company, will boost its international strategy through cross-border capital cooperation and merger and acquisitions, the company's chairman Li Peiyu said. According to Li, China Re will continue to focus on the Asia market while gradually exploring the European and US market as well as emerging markets. The company set up its New York office in June, aiming to explore the North American market. "We will improve the proportion of international business, aiming to be a middle-sized international re-insurer within five years," Li said at the recent conference of the Federation of Afro-Asian Insurers and Re-insurers.

China Daily Agencies

(China Daily European Weekly 10/18/2013 page18)