Jul. 18 – Leading a delegation of officials from China’s central government, Vice President Xi Jinping arrived in the Tibetan capital of Lhasa yesterday to attend the opening ceremony of the region’s first expressway.
With a length of 38.7 kilometers, the new four-lane highway will link Gonggar Airport to downtown Lhasa – reducing the travel time from the airport to downtown Lhasa to just 30 minutes. The construction of the expressway started in April 2009 and was finished earlier this month, 11 months ahead of schedule. Continue reading
By Lena Xia
Jul. 14 – While China’s high-speed rail line connecting Shanghai and Beijing has not even been opened two weeks, the much-hyped bullet train has already been shut down three times due to power failures, leaving thousands of passengers stranded for up to several hours.
Yesterday, the G114 train left Shanghai at 9:05 a.m. but made an unscheduled stop at Changzhou in Jiangsu Province an hour later. The train stopped again at Zhenjiang at 11:34 a.m. after it restarted and the passengers were told to board a backup train. The entire trip was two and a half hours behind schedule. Continue reading
Jun. 17 – 2point6billion.com has unconfirmed reports from Mongolia’s South Gobi region, home to much of the nation’s mining industry, that hundreds of Chinese truck drivers have been turned back to the China border.
There has been no official commentary on the issue, however we understand that it is linked to three main aspects concerning cross border transport and China-Mongolia relations. At the heart of the matter is the current status of both nations concerning their recognition of cross border transport protocols as determined by the international organization Transports Internationaux Routiers (TIR). Continue reading
Jun. 9 – Mongolian President Tsakhiagiin Elbegdorj has been in Russia recently meeting with Russian President Dmitry Medvedev and Prime Minister Vladimir Putin. One of the key issues at stake is the development of an additional 6,000 kilometers of rail track, a requirement that has been put out to tender but is increasingly looking at going to Russia.
Russia’s railway monopoly OAO Russian Railways is prepared to invest US$1.5 billion towards this train network to help boost trade between the two countries, according to CEO Vladimir Yakunin. Continue reading
By Jennifer Park
May 20 – Following its investment in online Chinese retailer 360buy.com last year, the world’s largest retailer Wal-Mart Stores Inc. is further expanding the scope of its online sales business in the market through the purchase of a minority stake in China’s emerging e-commerce company Yihaodian.
“By investing in Yihaodian, we’re continuing to establish a presence in this important e-commerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer,” said Eduardo Castro-Wring, vice president of Wal-Mart Stores, Inc. and CEO of Wal-Mart Global e-Commerce and Global Sourcing. Continue reading
Aug. 16 – Singapore has been increasingly successful in winning regional shipping investment, especially from competitors such as Hong Kong and Shanghai, by deploying an aggressive incentive scheme that offers up to ten year tax breaks for foreign investors. In signs that other regional nations are now prepared to directly compete with China, the shipping industry, which provides additional knock on investments such as logistics, freight, warehousing, repackaging and distribution, has increasing been spurning China and turning instead to Singapore.
The Maritime and Port Authority of Singapore has just announced a six month extension to its concessionary ports scheme for ocean going ships, an additional extension to a two year program that gives a 20 percent reduction in port dues for calling at the island state. Other incentives include tax holidays of up to 10 years – and in some cases longer – on income derived from shipping, a tax rate of not less than 10 percent on income from freight and logistics services, and subsidized staff training schemes. In a very different tack from China, Singapore now also offers to reimburse the costs of sponsoring expatriate employees on a Singapore attachment, in addition to the cost of relocation for such staff. Continue reading