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  1. #1
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    [en] icbc

    China and Latin America's cooperation stepped into a new phase after the China-CELAC (the Community of Latin American and Caribbean States) forum's ministerial meeting was held in Beijing in January.

    Feature: China's largest bank boosts Sino-LatAm cooperation
    18-03-2015

    BUENOS AIRES, Mar. 16 (Xinhua) -- Two years after opening up in Buenos Aires, the headquarters of the Industrial and Commercial Bank of China (ICBC) Argentina has become an iconic building in the city.

    Its symbols are also obvious in big department stores, on ATMs on main streets and in over 100 branches around the South American country.

    In November 2012, ICBC, China's largest commercial bank by assets, purchased an 80-percent stake in Standard Bank Argentina, in the first merger of a Chinese bank and a Latin American financial institution.

    "Acquisition is an efficient way to convert financial superiority and management expertise into market advantages. But the ability to attract and retain clients is the precondition. We have to learn, to explore during the process," Tian Fenglin, the vice president of ICBC Argentina told Xinhua.

    Two years after the acquisition, the bank has adapted to local culture and business environment, and is leading the business in Argentina in several fields such as auto loans, asset custody and forward forex transaction.

    ICBC's growth in Argentina is a microcosm of the expanded cooperation between China and Latin America from trade to investment and finance, as trade between the two sides increased over 20 times during the past 15 years.

    ICBC also entered other major Latin American economies, such as China's free trade partner Peru in 2012, Latin America's biggest economy Brazil in 2013, and the second largest economy Mexico in 2014, bringing Chinese finance to the local markets.

    Argentina, Brazil, Peru and Mexico are important steps for ICBC's globalization, said Jiang Jianqing, president of ICBC, noting that the fast growing economic cooperation between China and Latin American countries brings huge demand of financial service.

    For example, in Argentina, ICBC has agreed to provide 10 billion U.S. dollars of loans to Chinese firms' projects in the country, ranging from energy and electricity to transportation and telecommunication.

    Over 90 percent of the Chinese companies are clients of ICBC Argentina.

    "We entered the market through acquisition, and then we coordinate the domestic and overseas financial resources to support the cooperation between the two nations, especially the strategic joint projects," Tian said.

    In addition to the rapid growing business, ICBC Argentina shoulders its social responsibility by sponsoring soccer matches, holding concerts, donating to educational institutions and participating in charity events.

    Its success has also promoted the image of Chinese companies in the continent.

    Since 2005, China has provided more than 119 billion dollars in loan commitments to Latin American countries and firms, according to the latest report released by a Washington-based think tank.

    Among the enormous sum, 45.7 billion dollars went to Argentina, Brazil, Peru and Mexico, the report said.

    China and Latin America's cooperation stepped into a new phase after the China-CELAC (the Community of Latin American and Caribbean States) forum's ministerial meeting was held in Beijing in January.

    It defined the key areas and specific measures for the overall cooperation between the two sides from 2015 to 2019.

    According to the plans, China will invest at least 250 billion dollars and the two sides will strive to achieve a trade volume of 500 billion dollars within a decade, which requires the banking system to work more efficiently to facilitate bilateral cooperation
    http://newchina.xinhua.org/archive/2...39933558.shtml

  2. #2
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    U.S. urges allies to think twice before joining China-led bank

    Asian Infrastructure Investment Bank (AIIB)

    By Matthias Sobolewski and Jason Lange

    BERLIN/WASHINGTON Tue Mar 17, 2015 9:05pm EDT

    (Reuters) - The United States has urged countries to think twice before signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank, after Germany, France and Italy followed Britain in saying they would join.

    The concerted move by U.S. allies to participate in Beijing's flagship economic outreach project is a diplomatic blow to the United States and its efforts to counter the fast-growing economic and diplomatic influence of China.

    Europe's participation reflects the eagerness to partner with China's economy, the world's second largest, and comes amid prickly trade negotiations between Brussels and Washington.

    European Union and Asian governments are frustrated that the U.S. Congress has held up a reform of voting rights in the International Monetary Fund that would give China and other emerging powers more say in global economic governance.

    Washington insists it has not actively discouraged countries from joining the new bank, but it has questioned whether the Asian Infrastructure Investment Bank (AIIB) will have sufficient standards of governance and environmental and social safeguards.

    "I hope before the final commitments are made anyone who lends their name to this organization will make sure that the governance is appropriate," Treasury Secretary Jack Lew told U.S. lawmakers.

    German Finance Minister Wolfgang Schaeuble announced at a joint news conference with visiting Chinese Vice Premier Ma Kai that Germany, Europe's biggest economy and a major trade partner of Beijing, would be a founding member of the AIIB.

    In a joint statement, the foreign and finance ministers of Germany, France and Italy said they would work to ensure the new institution "follows the best standards and practices in terms of governance, safeguards, debt and procurement policies."

    In a short statement, China's Ministry of Finance said it welcomed the decision and hoped to receive written confirmation soon.

    "If all goes smoothly, France, Italy and Germany could formally become founding members of the AIIB two weeks after," it said.

    Luxembourg’s Finance Ministry also confirmed the country, a big financial center, has applied to be a founding member of the $50 billion AIIB.

    The AIIB was launched in Beijing last year to spur investment in Asia in transport, energy, telecommunications and other infrastructure. It was seen as a rival to the Western-dominated World Bank and the Asian Development Bank. China has said it will use the best practices of those institutions.

    NOT AN ACCIDENT

    The World Bank is traditionally run by a U.S. nominee and Washington also has the most influence at the IMF. The United States and Japan are the dominant members of the Asian Development Bank (ADB).

    The planned reforms at the IMF would double the fund's resources and hand more voting power to countries such as the BRICS - Brazil, Russia, India, China and South Africa. The adjustment of shares and voting rights was brokered by Britain at a Group of 20 summit in 2010, and European countries ratified it long ago.

    Lew told lawmakers that the U.S. delay in ratifying the agreement was undermining its credibility and influence as countries question the United States' commitment to international institutions.

    "It's not an accident that emerging economies are looking at other places because they are frustrated that, frankly, the United States has stalled a very mild and reasonable set of reforms in the IMF," Lew said.

    Some Republicans have complained the changes would cost too much at a time Washington is running big budget deficits. The reforms have also ran afoul of a growing isolationist trend among the party's influential Tea Party wing.

    China said earlier this year a total of 26 countries had been included as AIIB founder members, mostly from Asia and the Middle East. It plans to finalize the articles of agreement by the end of the year.

    China's state-owned Xinhua news agency said South Korea and Switzerland were also considering joining.

    Chinese Foreign Ministry spokesman Hong Lei would not comment on which countries had applied, and repeated that the bank would be "open, inclusive, transparent and responsible."

    Washington says it sees a role for the AIIB given Asia's immense infrastructure needs and regards it as a potential partner for established institutions like the ADB.

    But its strategy of questioning the AIIB's standards has drawn criticism from some observers, who say the administration should have been more accepting of the new bank or offered alternatives within existing institutions.

    "If you try to fight the rising power's peaceful ascent you sow big problems in the future," said Fred Bergsten, a former top international affairs official at the U.S. Treasury and currently a fellow at the Peterson Institute in Washington.

    (Additional reporting by David Brunnstrom, Anna Yukhananov, and Douwe Miedema in Washington; Yann Le Guernigou and Marine Pennetier in Paris; Erik Kirschbaum in Berlin; James Mackenzie in Rome; and Adam Jourdan in Beijing; Writing by Paul Taylor and Stuart Grudgings; Editing by Gareth Jones, Leslie Adler and Raju Gopalakrishnan)
    http://www.reuters.com/article/2015/...0MD0B320150318
    Última edição por 5ms; 18-03-2015 às 01:05.

  3. #3
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  4. #4
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    Joining AIIB corresponds to interests of S. Korea, European countries

    "The IMF and the World Bank are run by the United States in cooperation with Europe, and the ADB is run by the United States in partnership with Japan, so Europe has no chance to expand presence in Asia. Europe can expand economic cooperation in Asia through the AIIB. This corresponds to national interests of Europe"


    By Yoo Seungki

    SEOUL, March 18 (Xinhua) -- Joining China-proposed Asian Infrastructure Investment Bank (AIIB) will correspond to national interests of South Korea as well as European countries, a South Korean expert said Wednesday.

    South Korea will benefit from the joining of the 50-billion-U.S. dollar bank as it will help Seoul take the initiative in the potential development of infrastructure in the Democratic People's Republic of Korea (DPRK).

    "The AIIB will possibly provide a significant support for developing North Korea (DPRK)'s infrastructure during the potential opening and reform process of North Korea," Lee Moon-gi, professor of Chinese commerce and trade at Sejong University, said in an interview with Xinhua.

    According to Lee, the AIIB is highly likely to help fund the DPRK's infrastructure development projects. During the process, South Korea would want to join such projects and feel the strong need to receive financial support from the AIIB.

    South Korean President Park Geun-hye has stressed the need for developing roads, railways, bridges and so on in the DPRK, wishing for South Korean companies to participate in the infrastructure projects. Her wish was reflected in the Dresden Declaration, a three-point proposal made by Park during her visit to Germany in March 2014.

    "The AIIB will contribute to North Korea (DPRK)'s opening and reform. Active participation (in the AIIB) will benefit South Korea as well," said Lee.

    "Imagine the reunification of the two Koreas. Standards of infrastructure, for example the width of railways, should be the same to prepare for the reunification. It will be the best way for South Korean companies to participate in North Korea (DPRK)'s infrastructure development projects to prevent such mismatch," Lee noted.

    Joining the AIIB will benefit European countries as well, Lee said. Germany, France and Italy on Tuesday confirmed intentions to join the international body after Britain's application last week to become a founding member of the institution, which is expected to be formally established by the end of this year.

    "The IMF and the World Bank are run by the United States in cooperation with Europe, and the ADB is run by the United States in partnership with Japan, so Europe has no chance to expand presence in Asia. Europe can expand economic cooperation in Asia through the AIIB. This corresponds to national interests of Europe, " said Lee.

    Lee urged the United States to change its attitude toward the AIIB, saying that the U.S. opposition is "hypocritical and double- faced."

    "China continued to call for an expansion in equities in the ADB and the World Bank because it had a tiny say in the institutions. But, the U.S. never accepted such calls. The U.S. called for China to take responsibility together for burdensome matters in the world order, while seeking to hold in check China that is trying to take the initiative in the international society. It's a double-faced behavior," said Lee.

    Twenty-one countries, including China, India and Singapore, signed a Memorandum of Understanding in Beijing in October last year to build the AIIB. A combined 27 countries had applied to jointly build the bank as founding members.

    Lee said the AIIB will not change the U.S.-led global finance governance in the near future, but he noted that it will give a clear signal to the global finance order that the existing order will change. The professor forecast that if the bank is successfully entrenched, it will serve as a supplementary body to the World Bank and the ADB.

    "It would be better for China to make efforts to maintain a cooperative, supplementary attitude toward the World Bank and the IMF. By showing efforts to cooperate with neighboring countries, China can alleviate worries toward the AIIB. I think China will move in such direction," said Lee.
    http://news.xinhuanet.com/english/20..._134078239.htm

  5. #5
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    Japan split on joining AIIB bank, caught between US, China

    * Finance minister offers conditional support for China-led bank

    * Other officials sceptical of loan governance

    * Participation 'won't happen' under Abe, official says (Recasts with fresh comments throughout)

    By Tetsushi Kajimoto

    TOKYO, March 20 (Reuters) - Japan is split over joining a China-led development bank, concerned about missing out on the rapidly coalescing global movement for the institution while also worried about alienating ally United States and helping bolster rival China, officials said.

    Finance Minister Taro Aso signalled for the first time on Friday that Tokyo could be part of the Asian Infrastructure Investment Bank (AIIB) if it can guarantee a credible mechanism for providing loans.

    But other top officials took a more sceptical stance, reflecting a split in the government of Prime Minister Shinzo Abe over whether the AIIB would help or hinder Japan's interests.

    "We have a cautious position about participation," said top government spokesman Yoshihide Suga.

    Around 30 countries, including Britain and Germany, have decided to participate in Beijing's flagship economic outreach project, but Washington, Japan's main ally, has urged countries to think twice before joining, citing worries about governance and environmental safeguards.

    "Views are split within the Japanese government on whether to join the AIIB," said a person with close knowledge of Japan's financial policy-making.

    The result of the standoff within the government, said a senior official in the ruling coalition, is that Japan's participation "is not going to happen under the Abe administration."

    Japan is hesitant to join out of concern over China-led lending practices, over its relations with Washington and over the AIIB's potential rivalry with the Asian Development Bank (ADB), the Manila-based multilateral institution dominated by Japan and the United States, officials said.

    By custom, the ADB is headed by a former senior official from the Bank of Japan or the country's finance ministry.

    But the source familiar with Japan's policy-making said Tokyo should get involved to help ensure best practices and to avoid being left out. "Now it has become awkward as Europe joins but the U.S. and Japan stay out."

    Finance Minister Aso told a news conference that the AIIB needs to have its board of directors screen and approve individual cases in deciding provision of loans.

    "We have been asking to ensure debt sustainability, taking into account its impact on environment and society," he said after a cabinet meeting.

    "We could (consider joining) if these issues are guaranteed. We'll give it careful consideration from diplomatic and economics viewpoints."

    If the bank can address debt sustainability, environmental and societal concerns, "there could be a chance that we would go inside and discuss," he said. "But so far we have not heard any responses."

    Suga, the chief cabinet secretary, interpreted Aso's comments to mean that "unless such issues are resolved, participation would be impossible." (Additional reporting by Yuko Yoshikawa and Kaori Kaneko; Editing by William Mallard and Raju Gopalakrishnan)
    http://www.reuters.com/article/2015/...0WM2RO20150320

  6. #6
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    China approves ICBC purchase of 75 pct stake in Turkey's Tekstilbank

    (Reuters) - Chinese authorities have given Industrial and Commercial Bank of China to buy a 75.5 percent stake in Turkey's Tekstilbank from GSD Holdings, the Turkish lender said on Friday.

    Tekstilbank said in a statement to the Istanbul stock exchange that China Banking Regulatory Commission had approved the sale, while approval from Turkey's banking watchdog was still pending. (Reporting by Ece Toksabay; editing by David Dolan)
    http://www.reuters.com/article/2015/...0WM1WS20150320

    Contexto:

    HONG KONG, Tue Apr 29, 2014

    (Reuters) - Industrial and Commercial Bank of China Ltd has agreed to buy a 75.5 percent stake in Turkey's Tekstil Bankasi for $316 million, as the world's biggest lender seeks to benefit from the rising trade between the two countries.

    ICBC would make a tender offer to buy the remaining share in Tekstil Bank in due course, ICBC said in a statement on Tuesday.

    China is Turkey's third largest trading partner and the bilateral trade between the two countries totalled $28 billion, ICBC said in a statement, adding the deal will help ICBC to "better serve clients in both countries and satisfy their needs for global banking services".

    The acquisition will also enable ICBC to explore new business opportunities with high growth potential, the statement said without giving more details.

    ICBC is buying the stake from GSD Holding, which is a Turkey-based holding company operating in the commercial banking, consumer financial services, portfolio management, and international trade sector.

    ICBC's purchase of Tekstil Bank comes three months after it agreed to buy a 60 percent stake in Standard Bank's global markets unit for $765 million. ICBC is also considering a bid for Pioneer Investments, one of Europe's biggest money managers. (Reporting by Denny Thomas; Editing by Alison Williams)
    http://www.reuters.com/article/2014/...0NL2NT20140429

  7. #7
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    America is wrong to obstruct China’s Asian-infrastructure bank




    AMERICA says it welcomes China’s ascent to great-power status, so long as the Chinese respect international norms and play a proper part in the multilateral system. China suspects that, in practice, America tries to hem it in whenever it does anything on the world stage. In the case of the Asian Infrastructure Investment Bank (AIIB), America seems to be confirming China’s darkest fears: it has adopted a policy of containment that is wrong in principle and has failed in practice.

    Flush with the world’s largest foreign-exchange reserves, China plans a new bank to help match Asia’s vast savings with its even vaster need for new bridges, roads and other necessities of development. America dislikes the idea because it thinks the bank will not abide by high standards of creditworthiness and transparency; it also fears the institution will be a vehicle for Chinese influence. Though the Americans say they have not lobbied against the bank, they have put pressure on allies not to join it. When Britain became the first country outside Asia to apply for membership, an American official harrumphed about its trend towards “constant accommodation” of China. That admonition did not stop Germany, France and Italy declaring this week that they too wanted to be founding members. Others may follow.

    America is not wrong to be suspicious of China’s motives. The AIIB is designed to project Chinese power in the region. Institutions already exist to match capital with projects, most obviously the Asian Development Bank (ADB). Rather than setting up a new lender, China could have put more money into an old one. Nor is America wrong to warn against a supine approach to China: Britain’s limp response to the protests that rocked Hong Kong last year did it no credit. America’s doubts over the bank’s lending policies cannot just be wished away, either. As Sri Lanka’s largest infrastructure project shows, Chinese-financed development plans can be opaque, careless of environmental concerns and shot through with dodgy political dealings (see article).

    A missed opportunity

    But there are three reasons why America should be more receptive toward the AIIB and its allies’ potential membership. The first is that Asia’s need for infrastructure is vast and pressing. The continent’s relentless urbanisation requires at least $8 trillion of infrastructure spending in this decade, according to the ADB. The AIIB will not finance this splurge on its own: it looks likely to end up with a capital base of between $50 billion and $100 billion. But it will help.

    Second, the best way to deal with concerns about Chinese lending standards is to join the bank and improve it from inside, not to throw brickbats from outside. Chinese leaders know perfectly well that the new institution will come under a lot of scrutiny. They have an incentive to be open and transparent, at least at first. Having more nations outside its orbit on board should help keep things more honest.

    Third, although it might have been better to expand and reform existing institutions (the ADB, World Bank and so on), America itself has made that impossible. Even a modest proposal to increase the resources of the IMF (giving slightly more votes to China and other big emerging markets) has been stymied for years in Congress. America has frustrated efforts to boost China’s clout in the World Bank. Nor is China included in its planned Trans-Pacific Partnership free-trade deal.

    Rather than try to thwart the AIIB, America ought to embrace it. China should invite it to join, and America should accept. That would be the best way to accommodate Asia’s massive infrastructure plans—to say nothing of a rising China.
    http://www.economist.com/news/leader...not-far-enough

  8. #8
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    IMF happy to cooperate with China on AIIB - Lagarde

    By Dominique Patton

    BEIJING Sun Mar 22, 2015

    (Reuters) - The International Monetary Fund will be "delighted" to cooperate with the China-led Asian Infrastructure Investment Bank (AIIB), said IMF managing director Christine Lagarde on Sunday.

    Lagarde added that there is "massive" room for co-operation with AIIB on infrastructure financing.

    The World Bank will also cooperate with the AIIB, Lagarde told a conference in Beijing.

    Her comments come after a number of countries said they would participate in the new bank slated to start operations by the end of the year, even as others raised concerns over potential competition with other lenders.

    (Reporting by Kevin Yao, editing by Louise Heavens)
    http://uk.reuters.com/article/2015/0...0MI06520150322

  9. #9
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    At least 35 countries to join China-led Asian infrastructure bank

    Reuters) - At least 35 countries will join the China-led Asian Infrastructure Investment Bank (AIIB) by the deadline of March 31, the bank's interim chief, Jin Liqun, said on Sunday.

    Currently, India, Indonesia and New Zealand have expressed interest in joining the bank, he told a conference in Beijing, following a request by Britain, France, Italy and Luxembourg to become founding members.

    "By deadline, (we believe) 35 countries, or more, will become founding members of the bank," he said.

    (Reporting by Matthew Miller; Writing by Dominique Patton; Editing by Clarence Fernandez)

    http://www.reuters.com/article/2015/...0MI0AI20150322

  10. #10
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    IMF, ADB add to supporters for China-led development bank

    By Matthew Miller and Brenda Goh

    BEIJING Sun Mar 22


    (Reuters) - China received critical support from the International Monetary Forum and Asian Development Bank on Sunday for its goal of establishing a new Chinese-led multilateral lender, adding to a growing wave of endorsements that has worried the United States.

    Leaders of the IMF and ADB, speaking at a conference in Beijing, said they were in talks with or happy to cooperate with the Asian Infrastructure Investment Bank (AIIB), a $50 billion lender to be majority funded by China that is seen by some as a rival to these established international financial institutions.

    The United States, concerned about China's growing diplomatic clout, has urged countries to think twice about signing up and questioned whether the AIIB will have sufficient standards of governance and environmental and social safeguards.

    Some 27 countries have already signed up to participate in the AIIB, China's Finance Minister Lou Jiwei told China National Radio on Saturday. It will provide project loans to developing countries and is slated to begin operations at the end of 2015.

    The United States' key strategic allies in the region, Australia, Japan and South Korea, are also considering joining the proposed Beijing-based bank.

    Early opposition to the AIIB from Western countries partially dissolved after Britain said this month it would join, with France, Germany and Italy swiftly following suit.

    Canberra could formally decide to sign up to the AIIB when the full cabinet meets on Monday, Australian media have said.

    At least eight more countries may join the lender by the March 31 deadline, Jin Liqun, secretary-general of the interim secretariat that is establishing the AIIB, told a panel at the conference on Sunday.

    The fund will have approval from its shareholders at the start to double its capitalization to $100 billion, he said.

    "China will follow the rules of the international community and will not bully other members but work together with them and try to reach consensus in all the decisions we make without brandishing the majority shareholder status," he said.

    BANDWAGON

    In an editorial published on the same day, China's official Xinhua news agency suggested that the United States might be embarrassed that many of its allies had not heeded its warnings.

    "For decision-makers in the United States, they really have to be reminded that if they do not jump on the bandwagon of change in time, they will soon be overrun by the bandwagon itself," it said.

    IMF Managing Director Christine Lagarde said on Sunday that the fund would be "delighted" to cooperate with the AIIB.

    China's Lou and ADB President Takehiko Nakao said at the conference they had held discussions on possible cooperation, with the Chinese finance minister adding that topics discussed included safeguard standards.

    Lou has previously said AIIB would complement rather than compete with other institutions such as the ADB, the Manila-based multilateral lender dominated by Japan and the United States.

    The AIIB's Jin said developing countries in Asia would receive the bulk of loans for infrastructure projects, which could be co-provided with commercial banks and pension funds.

    Non-Asian countries would also only hold 25 percent of the AIIB's shareholding, lower than their stakes at the founding of the ADB, he said.

    (Additional Reporting by Dominique Patton and Kevin Yao; Editing by Paul Tait and Alex Richardson)
    http://www.reuters.com/article/2015/...0MI03I20150322
    Última edição por 5ms; 22-03-2015 às 15:49.

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