The Guangdong-Hong Kong-Macao Bay Area is already one of the most significant epicenters of economic output in the world, with enormous manufacturing capacity, rapidly growing financial centers and a huge talent pool. Leveraging the different strengths of the cluster of 11 cities in the bay area is key to achieving the region’s overall prosperity, panelists told a China Daily Asia Leadership Roundtable on “Guangdong-Hong Kong-Macao Bay Area: Prospects for Hong Kong”, which was held as part of the 11th Asian Financial Forum in Hong Kong on Tuesday. The bay area covers more than 56,000 square kilometers — larger than both the Greater Tokyo Area and the San Francisco Bay Area. It has a population of 67 million people spread across nine cities and two special administrative regions. With 1 percent of China’s land area, it recorded a GDP of US$1.3 trillion last year — 13 percent of the country’s total. “The bay area is a national level strategy but different from other strategies, such as the Belt and Road Initiative,” said Zhang Yuge, director at the Center for Hong Kong and Macao Studies of Shenzhen-based think tank China Development Institute. “It still has room for growth in terms of GDP per capita, tertiary industry ratio, the number of top global enterprises, as well as the cultivation of innovation in comparison with other developed bay areas worldwide.” “The biggest, most important and most urgent problem to solve is the free flow of key elements in the bay area,” he said. Solving these issues will be key to Hong Kong reaping the most benefits from the area’s growth. And, the key elements at play — the ones that need to move most freely — are talent and capital. Attracting more capital to the area is an important challenge that must be addressed quickly, said Zhang. “SMEs (small and medium-sized enterprises) in China have a lot of challenges when it comes to borrowing money from external sources,” said Susie Cheung, founder member and co-convenor of the Asia-Pacific Structured Finance Association. “Securitization is not the only means, but it’s an effective means to bring in capital.” “For the enterprises in the bay area, the infrastructure projects need to attract revenue from institutional investors. We need to build up a pipeline of well-prepared bankable projects,” she said. In this push to attract more capital and talent, Hong Kong could play a critical role in being the undisputed financial leader in the region. “Hong Kong is a world-class financial center. Among the 11 cities involved in this initiative, Hong Kong stands out in terms of its capabilities in the financing arena, in equity financing and debt financing,” said Jing Ulrich, managing director and vice-chairman of Asia Pacific at JPMorgan Chase. “Hong Kong can really become a leading financier for southern Chinese companies.” Ulrich noted that more than half of the companies listed on the Hong Kong stock market at present are of mainland background. The mainland’s exposure to debt financing has also been increasing, accounting for over 30 percent of the total assets of Hong Kong-based banks. A super-connected city On top of being a leader in finance, Hong Kong is super-connected, has advanced and reliable technology with good ICT (information and communications technology) infrastructure, and also is home to many world-class accounting and legal professionals. “Hong Kong can become an important knowledge hub, not just a financing center in the bay area,” said Ulrich. Besides Hong Kong, Shenzhen’s rapid development has impressed the world. The city’s GDP has surpassed that of Hong Kong and Guangzhou. “There’s some healthy competition as well among the bay area cities,” Ulrich added. “Hong Kong needs to work harder to avoid being marginalized. Ginger Cheng, managing director and head of large and mid-cap corporates, institutional banking group, at DBS Bank (China) Ltd, told the forum: “This is an area where we’ve already seen rapid development in the past 20 years leveraging China’s open-door policy. This is the most market-driven area in all of China.” “It’s evidenced by how the privately-owned enterprises in the region developed in the past year and have become global players,” she said. Cheng thinks that a market-oriented culture is an asset for the bay area, and Hong Kong could tap into that. “Hong Kong is already a leader in providing products and services to large companies via an equity capital market and offshore bond offering,” she added. This year alone, the total bond issuance of mainland corporates reached a historical high of US$168 billion — almost doubled that of US$88 billion in 2016. “Hong Kong probably needs to think of more innovative financing products and solutions for SMEs in China, as well as startups,” said Cheng. Hong Kong Exchanges and Clearing — the city’s stock market operator — has already made some progress by moving toward allowing biotech and healthcare companies without profit track records to be listed in the local stock market. “Hong Kong took up half of the imports of the bay area in the past three years, and the bay area took up about 60 to 70 percent of the total imports of China. This is a huge asset,” said HNA Innovation Finance Group’s Chief Innovation Officer, Ding Lei. “The ratios for export are relatively lower but increasing.” “With such a huge imports and exports size, there’s still a lot of space for development based on commodities, warehousing and logistics that are related to the real economy,” said Ding. A challenge, however, will be fostering innovation, particularly in Hong Kong. “I see a lot of new talents and capital flowing into Shenzhen or Zhuhai very quickly. It’s easy to find human resources in these cities, but the policy is a bit tighter in Hong Kong for the financial industry,” said Ding. “Although the Hong Kong government is trying to push innovation in the city, there’s not much support.” Strengths and weaknesses Hong Kong does have a lot of strength that places it in a good position to attract talents and innovation. But, it also has weaknesses. “Hong Kong’s No 1 weakness is its high cost,” said Ulrich. “Doing business in Hong Kong is very expensive. To attract the necessary talents into Hong Kong, the government can do more by offering attractive prices for entrepreneurs and startups.” Ulrich further pointed out that improving education in Hong Kong is another way to enlarge the local talent pool. “There needs to be a more effective coordination mechanism for the 11 cities,” she said. “We have three different currencies, three different customs, different immigration policies and different divisions of government. The central government can help coordinate the efforts in the bay area to make the movement of professionals much more expedient.” “The integration of employment can be achieved by improving the commuter system of the metropolitan area and the custom clearance policy,” said Zhang. Ding also said mainland conglomerate HNA will expand its operations in the bay area as it offers great opportunities for bulk commodities trading, warehousing and logistics. The financial arm of HNA, which has diversified interests in aviation, tourism and real estate, was launched in Hong Kong in March this year, principally engaged in commodity trade, financial investment and consumer finance which, Ding believes, has huge potential and can play a key part in promoting internationalization of the yuan. In less than one year since its launch, HNA Innovation Finance Group has sealed two deals. In March, it entered into an agreement to acquire a 51-per cent equity interest in Swiss commodities trader Glencore’s oil products storage and logistics business for US$775 million. It also agreed to acquire Singaporean logistics firm CWT in a US$1-billion takeover late last year. The group is still looking for other merger-and-acquisition opportunities in areas linked to its core business, Ding said. Such acquisition plans are in line with the nation’s strategy, he said, and the group wants to use its strengths to participate in the Belt and Road Initiative, the bay area development and renminbi internationalization.
2018-01-1716 Jan 2018, Hong Kong: Co-organized by Asian Financial Forum and China Daily, a co-branded session on “Guangdong-HK-Macao Greater Bay Area: Prospects for Hong Kong” held from 09:45-10:45 on Jan 16, 2018. This marks the 7th consecutive year that China Daily has been positioned as Media Partner for this most influential industry event. China Daily is delighted to have five distinguished speakers: Ms. Ginger CHENG, Managing Director, Head, Large and Mid-cap Corporates, Institutional Banking Group, DBS Bank (China) Limited; Ms. Susie CHEUNG, Founder Member and Co-Convenor, Asia-Pacific Structured Finance Association; Mr. DING Lei, Chief Innovation Officer, HNA Innovation Finance Group; Ms. Jing ULRICH, Managing Director and Vice Chairman of Asia Pacific, JP Morgan Chase & Co.; and Mr. ZHANG Yuge, Director, Center for Hong Kong and Macao Studies, China Development Institute. Ms. Ginger CHENG said that Hong Kong needs to think about how we can catch the flow of capital, the flow of talents and the flow goods. Then use the Great Bay Area initiative as a stepping-stone to further develop Hong Kong. In terms of financing services, now the policy is not very encouraging for innovations. That is what Hong Kong needs to catch up a little bit. Ms. Susie CHEUNG said that small and medium-sized enterprises on Chinese mainland have faced quite a lot of challenges when comes to borrowing money, meanwhile, large infrastructure projects are also encountered with difficulties of fund raising. Many of them are tapping into the capital market through securitization, Hong Kong, as an international financial hub with its professionals, should provide help and support for these SMEs and infrastructure projects to raise fund, particularly for those in the Guangdong-Hong Kong- Macao Greater Bay Area and those that related to the “Belt and Road” initiative. Mr. DING Lei said that if we look at the import and export for the past three years, Hong Kong takes half of the import in Bay Area, and the bay area import accounts for 60 to 70 percent of total imports in China. Given the sheer size of exports and imports, there are much room we can tapped into based on commodity trading, warehousing and logistics, which are most related to the real economy. Ms. Jing ULRICH said that as mainland is challenging Unite States in many areas now in terms of technology innovation, cloud computing and AI. Greater bay area can plays to its strengthen by becoming a key technology hub in this new initiative called digital belt and road. Mr. ZHANG Yuge said that the Guangdong-Hong Kong- Macao Greater Bay Area is central government’s policy arrangement to allow Hong Kong and Macao better exploring the market in Guangdong province. Chinese mainland markets are still partially limited from Hong Kong services industry, and the Bay Area is the special policy arrangement that lift these limitations. With the Hong Kong-Zhuhai-Macao Bridge due to start carrying traffic in early 2018, the Pearl River Delta region will move towards a balanced and integrated development, elevating the Greater Bay Area economy to a new level, and with the development of the Greater Bay Area increasingly becoming the focus of attention. The report of the 19th National Congress of the Communist Party of China (CPC) emphasized the need to support the integration of Hong Kong and Macao into the country’s overall development, and has given greater confidence to the development of Hong Kong and Macao. As the Greater Bay Area evolves and powers the country’s economy through a new platform for financial cooperation, Hong Kong is working to position as a “Finance-Plus-Innovation” hub. The Greater Bay Area has given enormous opportunities for Hong Kong, which is poised to benefit from the bright future arising from the bay area’s development. The seminar explored how Hong Kong’s financial sector can leverage on the opportunities that the Greater Bay Area offers to achieve greater regional integration and faster growth. Industry gurus shared their thoughts and first-hand experience on the hot topic with more than 200 delegates. About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2018-01-162018年1月16日,香港:中國日報今日在香港舉行題為「粵港澳大灣區:香港的發展機遇」的亞洲領袖圓桌論壇專題研討會,探討香港金融業如何把握「粵港澳大灣區」帶來的發展機遇,實現區域一體化及加快經濟增長。本次研討會是中國日報第七次與亞洲金融論壇合作,吸引逾200名政、商、學界領軍人物參加。 星展銀行(中國)有限公司企業及機構銀行部董事總經理兼中國區大型及中型企業主管鄭思禎、亞太結構融資公會聯席召集人及創會成員張秀芬、海航創新金融集團創新總裁丁磊、摩根大通董事總經理兼亞太地區副主席李晶、中國(深圳)綜合開發研究院港澳經濟社會研究中心主任張玉閣受邀擔任本次研討會演講嘉賓。 鄭思禎表示,香港需要思考如何通過資本流通、人才流通和貨物流通,在「粵港澳大灣區」戰略中得到進一步發展。她認為,香港應該在金融服務創新領域迎頭趕上。 張秀芬表示,中國的中小企業面臨著融資困難的情況,不少企業已通過證券化途徑從資本市場融資。而香港作為國際金融中心,擁有大量專業人才,理應為這些企業和相關項目提供融資上服務,尤其是針對「粵港澳大灣區」以及「一帶一路」建設的相關項目。 丁磊表示,在過去的三年裡,香港占有「大灣區」一半的進口量,而「大灣區」的出口量在全國的占比為60%至70%。如此大體量的進出口貿易,給香港的大宗商品貿易、物流倉儲等都帶來很多商機。 李晶表示,目前中國內地科技創新、雲計算、人工智能等方面都可與美國比肩,「大灣區」應該充分利用這些優勢打造「科技灣區」,這也與「數字一帶一路」理念相契合。 張玉閣認為,将「粵港澳大灣區」與紐約、舊金山、倫敦的灣區相比較,「粵港澳大灣區」在人口、本地生產總值以及其占全國的比重上都是頗具規模,「粵港澳大灣區」絕對稱得上是世界級灣區。他表示,「粵港澳大灣區」已經上升到國家層面,由中央政府統籌協調,區內各城市共同推動區域發展,這些優勢與要素為「大灣區」的長遠規劃和發展都起到重要的作用。 當前,「粵港澳大灣區」的發展愈發成為各界關注的焦點。中國共產黨十九大報告強調,要支持港澳融入國家發展大局,這為港澳發展指明了方向。隨著港珠澳大橋通車在即,珠三角東西區域將走向平衡、融合發展,「大灣區」經濟將邁向新臺階。 中國日報社擁有報紙、網站、移動用戶端、臉譜、推特、微博、微信、電子報等十餘種媒介平臺,全媒體用戶總數累計約7200萬;期均發行量超過90萬份,其中海外60萬份;網站日均訪問量(PV)超過5200萬,全球移動用戶端用戶達700萬;在海外,通過每月發行500餘萬份海外供版的《中國觀察報》(China Watch),直達美、歐、亞主流讀者群。 「中國日報亞洲領袖圓桌論壇」旨在搭建一個由亞洲國家和地區政、商、學界領袖和社會精英參與的高端對話交流平臺,圍繞亞洲地區經濟、商業、貿易和社會發展等具有戰略影響的重要議題展開討論並分享見解,以增進中國與世界的交流和理解。(完) 媒體垂詢: 洪夢求 小姐 電話:(852) 3465 5427 電郵:melody@chinadailyhk.com
2018-01-16The latest China Daily Asia Leadership Roundtable event — the Belt and Road Networking Reception — united a diverse group of attendees, perhaps reflective of the namesake initiative’s broad ripple effect. “As we all know too well, this is a time of huge uncertainties...Should one opt for openness or isolation, cooperation or confrontation?” said Zhou Li, editorial board member of the China Daily Group and publisher and editor-in-chief of China Daily Asia Pacific. China believes in creating a shared future for mankind and President Xi Jinping’s 2013 Belt and Road Initiative is a huge step in that direction, he said. Consul general at the consulate general of the Islamic Republic of Pakistan, Abdul Qadir Memon, highlighted the connection aspect of the initiative. “The Belt and Road Initiative is more than just about building infrastructure, but also realizing President Xi’s vision of economic cooperation for all participating countries to realize their full potential,” Memon said. “It’s a catalyst for bringing about more people and people interaction.” The event, held in the Oasis room of the Renaissance Hong Kong Harbour View Hotel, saw consul generals in Hong Kong, CEOs and around 200 C-level senior executives from Fortune Global 500 and China 500 companies, think tanks, academics and media practitioners from public and private sectors across Asia come together under the umbrella of the ambitious Chinese initiative. Initiative impact As revealed by China’s Foreign Minister Wang Yi at the opening of the Symposium on International Developments and China’s Diplomacy 2017 earlier this month, China has signed Belt and Road cooperation agreements with 80 countries and organizations, conducted institutionalized cooperation on industrial capacity with more than 30 nations, and built 75 overseas economic and trade cooperation zones in 24 countries under the initiative’s framework. Wang also said Chinese businesses have invested over $50 billion and created nearly 200,000 local jobs in countries along the Belt and Road route. It’s one thing reading about the initiative’s impressive facts and ever growing figures, it’s another hearing about how it has changed the region. Chief Secretary for Administration of the Government of Hong Kong Special Administrative Region, Matthew Cheung Kin-chung, spoke of how another major initiative — the Greater Bay Area initiative — feeds into the Belt and Road. He highlighted how related infrastructure, like the Hong Kong-Zhuhai-Macao Bridge, the Guangzhou-Shenzhen-Hong Kong Express Rail Link, and the Hong Kong-Shenzhen Boundary Crossing Point, will open up opportunities by facilitating flow between the SAR and the mainland. “Hong Kong should seize the opportunities provided by the Belt and Road through the Greater Bay Area,” Cheung said. Tengku Dato’ Sirajuzzaman bin Tengku Mohamed Ariffin, consul general at the Consulate General of Malaysia in the Hong Kong SAR, told China Daily the initiative has been instrumental in getting ASEAN (Association of Southeast Asian Nations) infrastructure projects off the ground and running. “The initiative has blown some extra wind in the sails for projects like the high speed rail from Singapore to Kunming, particularly in the areas of funding and expertise” he said. He added that Malaysia could and wants to play a role in connecting 15 Islamic countries along the Belt and Road through Islamic finance and halal food. Even far flung allies chimed in with their say. “New Zealand was the first Western country to sign a Belt and Road agreement,” said David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong. He believes that New Zealand, although far away from the immediate geographic circle, will a play a role in the Belt and Road, particularly with regard to the food supply chain in the countries involved in the project. Nicholas de Loisy, president of Supply Chain Management Outsource, says the Belt and Road has been particularly helpful in opening up big project opportunities for corporations. His Hong Kong-based logistics company counts two big projects related to the initiative under its own belt. Media magic Media magic The role of media outlets like China Daily Asia Weekly, which celebrated its seventh anniversary at the event, was also spoken highly of in terms of promoting the initiative. “The media has been very important in spotlighting our efforts in the race to build infrastructure,” said Sirajuzzaman. “Media coverage highlights important considerations for these projects,” he added. One such example would be the recent China Daily Red Letter Project, which was a live stream on Facebook that brought viewers into road congestion at its worst in seven Asian metropolises. “In an increasingly-digitalized media age, we brought the issue of traffic congestion into the consideration of over 10,000 viewers through that experimental live stream project,” said Zhou. The four-and-a-half-hour long broadcast also attracted input from viewers across the region, who were probably also stuck in traffic as they tuned in. “What China Daily hopes is to provide a platform for such dialogue, especially as the Belt and Road grows,” Zhou added. Speech from Zhou Li, publisher of China Daily Asia Pacific Honorable Chief Secretary for Administration Mr Matthew Cheung, honorable consuls-general, distinguished guests, ladies and gentlemen: Good evening! Thank you all for joining us today. The coming of the New Year brings a time for renewal of old friendships and forging new ones. It’s also a time to embrace the spirit of universal goodwill. As we all know too well, this is a time of huge uncertainties. In politics, economics, at the corporate level, in matters of forging business ties — as indeed in our relationships with each other — we are often faced with the big question mark. Should one opt for openness or isolation, cooperation or confrontation? The choices we make now will determine the lives we and the younger generations are going to lead in the future. China’s stance is clear in this respect. It was evident at the 19th National Congress of the Communist Party of China in October. China believes it is essential to advance peace, development and cooperation between countries, foster a new inclusive form of international relations and build a community with the goal of creating a shared future for mankind. The Belt and Road Initiative, launched by President Xi Jinping in 2013, is a huge step forward in that direction. President Xi conceived of an economic model that supports much of the world’s shared desire for accelerated development. This might sound a bit idealistic but I do believe it’s possible to achieve by pooling together our resources and fostering a culture of pursuing shared benefits through collaboration. And there are already instances of the initiative translating into action with real benefits delivered. Naturally, Hong Kong, with all its talent, expertise, locational advantages and supernetwork across the world, is already a vital link in this international community. We expect to hear more on this from our esteemed Chief Secretary for Administration a moment later. China Daily also has a role in this ambitious enterprise to bring the world closer. Our job is to help add clarity to the understanding of what might look like bumps along the road. We look to find common ground and bring these to the attention of our readers. Our publication, China Daily Asia Weekly, now in its seventh year, is already reaching beyond the borders, having become the most widely distributed regional publication in Asia. Meanwhile, all of us at China Daily Asia Pacific are gearing up to take on the challenges of an increasingly digitalized media age. Last week, in cooperation with our Asia News Network partners, we got right out into the traffic in seven of Asia’s most congested cities, during the morning rush hour. The live-streaming, hosted from our Hong Kong studio, and featuring expert analysis, drew tens of thousands of viewers over four hours. Efforts such as these are directed at finding solutions to make our lives a little easier. And one of the ways of doing that is to try and build understanding and trust through dialogue. As China reaches out to the rest of the world, we are happy to provide a platform to foster such dialogues. Today we’re not just offering our hands to you but in fact we’re ready to welcome you with open arms. This is the spirit with which we greet you today. You have honored us greatly by your presence here. Let’s get to know each other. Enjoy yourselves. Happy New Year! Well-developed infrastructure is a critical factor that enables Hong Kong to capture the opportunities arising from the Belt and Road Initiative in the Greater Bay Area development and sustain our economic growth and strength. It will also enhance Hong Kong’s connectivity with the mainland by boosting exchanges between Hong Kong and major mainland cities that will create complementary advantages. Hong Kong is often described as having the best of both worlds under the “one country, two systems” principle. Under “one country”, we receive preferential treatment and investment facilitation. Under “two systems”, we are able to maintain our way of life and the rule of law here. That’s why Hong Kong has all along played an important role in linking the mainland with other parts of the world, as well as serving as the gateway for overseas businesses entering the mainland and Asia. The Belt and Road Initiative will create an environment for the region to realize its true economic and trade potential and usher in a new era of progress and development. By developing the land and maritime linkages, the Belt and Road Initiative will be a catalyst to help bring more people-to-people interaction which, we believe, is essential for global peace and stability. Pakistan and China have a very special relationship, with both counties working together for regional economic development, peace and stability. The China-ASEAN (Association of Southeast Asian Nations) Free Trade Agreement was followed by the Hong Kong-ASEAN Free Trade Agreement, which was signed during the recent ASEAN Summit in Manila. This is testimony to the fruitful bilateral relations between Hong Kong and Malaysia.
2017-12-21Dec 20, 2017 Hong Kong: China Daily Asia Leadership Roundtable held a Belt and Road Networking Reception from 17:15-20:00 on December 20. Mr. Matthew CHEUNG Kin-chung, GBM, GBS, JP, Chief Secretary for Administration, Government of the Hong Kong Special Administrative Region; TENGKU Dato' Sirajuzzaman, Consul-General, Consulate General of Malaysia in the HKSAR & Macau SAR; Mr. Abdul Qadir MEMON, Consul-General, Consulate-General of the Islamic Republic of Pakistan in the HKSAR & Macau SAR; Consul-Generals from more than 27 countries, as well as more than 200 delegates attended the reception. Mr. Matthew CHEUNG Kin-chung said that, well developed infrastructure is a critical factor that enabling Hong Kong to capture opportunities arising from the “Belt and Rad” initiative in the Bay Area development to sustain our economic growth and strength. Enhancing Hong Kong’s connectivity with the mainland through boosting exchanges between Hong Kong and major mainland cities to forge development of complementary advantages. TENGKU Dato' Sirajuzzaman said that, China-ASEAN (Association of Southeast Asian Nations) Free Trade Agreement was followed by Hong Kong-ASEAN Free Trade Agreement, which was just signed during the recent ASEAN Summit in Manila. This is a testimony to the fruitful bilateral relations between Hong Kong and Malaysia. Mr. Abdul Qadir MEMON said that, “Belt and Road” initiative will create an enabling environment for the region to realize its true economic and trade potential and usher into a new era of progress and development. By developing the land and maritime linkages, the belt and road initiative will be a catalyst to help bring more people to people interaction which we believe is essential for global peace and stability. Pakistan and China have a very special relationship where both countries are working together for regional, economic development, peace and stability. In his report to the recent 19th National Congress of the Communist Party of China, President Xi Jinping referred to the Belt and Road Initiative five times as a magnificent blueprint for boosting the economic development of all the countries and regions involved. The Belt and Road Initiative is not just about trade and investment but also cultural exchanges. A source at the Ministry of Commerce of the People’s Republic of China has said that, over the past four years, economic and trade cooperation among the Belt and Road countries and regions has been further strengthened for mutual benefit in various fields, and the degree of cooperation has been continuously enhanced. “Made in China” products , the use of Chinese skills and technology in the construction sector and Chinese services have been popular among more countries along the Belt and Road route, while more and more products, services, technologies and capital from these countries have flowed into China. According to an official from the Ministry of Culture of the People’s Republic of China, the Chinese mainland has, to date, signed more than 300 cooperation agreements and plans for cultural exchanges with the participating nations, and has established multilateral cultural cooperation mechanisms with East European and Arab countries, plus member states of the Association of Southeast Asian Nations (ASEAN). About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2017-12-20中國日報香港12月20日電:中國日報今天在香港舉辦「駐港總領事暨商界代表交流會」,探討香港如何在「一帶一路」和「粵港澳大灣區」建設中發揮獨特優勢,進一步深化合作等前景。香港特區政府政務司司長張建宗發表主題演講,來自27國駐港領事,以及香港政商學界逾200名嘉賓出席。 巴基斯坦駐港澳總領事阿巴杜•卡迪爾•梅蒙、馬來西亞駐港澳總領事登姑拿督希拉祖紮曼作為駐港總領事的代表致辭。 張建宗司長在主題演講中表示,良好的基建設施讓香港能夠抓住「一帶一路」和「粵港澳大灣區」建設中的機遇,也使得香港可以實現經濟的持續發展。通過刺激香港與內地各城市之間的互聯互通,相信兩地必定可以實現優勢互補。 他認為,在「一國兩制」框架下,香港將長期享有兼並中西的優勢:在「一國」方面,香港特區享有中央政府給予的優惠政策和投資便利;在「兩制」安排下,香港的法制與生活方式得以保留。因此,香港始終扮演著連接中國內地與世界的重要角色,並成為海外企業和資本進入內地市場的關鍵門戶。 巴基斯坦駐港澳總領事阿巴杜•卡迪爾•梅蒙在致辭中說,習近平主席提出的「一帶一路」倡議已經獲得包括巴基斯坦在內的眾多國家積極響應,這一倡議並不僅僅關乎道路、橋梁等基礎設施建設,更是習主席為沿線國家經貿合作創造雙贏局面的美好願景與路線圖。 「通過加強陸路與海路連同,『一帶一路』將成為各國人民互動往來的催化劑,這對世界和平穩定至關重要,」他說。 梅蒙總領事呼籲香港企業家到巴基斯坦投資、經商、生產,並參與到「一帶一路」在當地的建設中。 馬來西亞駐港澳總領事登姑拿督希拉祖紮曼注意到,中國政府正在著力打造「粵港澳大灣區」,港珠澳大橋即將通車,各條高鐵線路也正在鋪開,這些基礎設施建設項目都顯示出中國的雄心壯志。馬來西亞非常樂於與中國在有關領域進行合作。 他表示,香港特區政府與東盟今年簽署了自由貿易協定以及相關投資協定,中國與馬來西亞的商貿往來也日益頻繁,這都是中國內地和香港與東盟經貿合作碩果累累的最好證明。 中國日報社編委兼亞太分社社長周立表示,今年10月召開的中國共產黨第十九次全國代表大會,表明了中國應對這個動蕩的時代各種挑戰的鮮明立場,那就是高舉和平、發展、合作、共贏旗幟,推動構建新型國際關系,從而推動構建人類命運共同體。 周立表示,中國日報願意在促進「一帶一路」沿線國家交流中扮演更重要的角色,這也是舉辦本次交流會的初衷。中國日報樂於為有關各方提供溝通的平臺,因為只有對話與互動才能促進理解與包容。 「只要我們加強合作,整合資源,以共同利益為目標,『一帶一路』願景就可以實現,」他說,「事實表明,這一重大倡議已經開始開花結果。」 活動現場,中國日報向各國駐港領事、參會嘉賓等贈送了英文版《習近平談治國理政》(第二卷),反響熱烈。 活動介紹了中國日報進行「全球首次通過手機和社交平臺實況連線直播亞洲七大城市早高峰」的情況。 交流會上還舉行了祝酒儀式,慶祝中國日報亞洲版創刊七周年。 五年來,「一帶一路」建設穩步推進,相關沿線國家積極參與,多個重大合作基建項目已經開始實施。中國日報主辦此次交流會,旨在為各國駐港領事館、香港各商會、行業協會、學者以及社會各界領軍力量,架起交流信息與探討合作的橋梁,共同開創「一帶一路」國際合作美好未來,攜手推進經貿與文化交流,期化美好願景為現實,實現更廣範圍以及更高水平的合作共贏。 中國日報社擁有報紙、網站、移動用戶端、臉譜、推特、微博、微信、電子報等十餘種媒介平臺,全媒體用戶總數累計約7200萬;期均發行量超過90萬份,其中海外60萬份;網站日均訪問量(PV)超過5200萬,全球移動用戶端用戶達700萬;在海外,通過每月發行500餘萬份海外供版的《中國觀察報》(China Watch),直達美國《華爾街日報》和《華盛頓郵報》、英國《每日電訊報》、法國《費加羅報》、泰國《民族報》、俄羅斯《俄羅斯報》、日本《每日新聞》等美、歐、亞主流讀者群。 「中國日報亞洲領袖圓桌論壇」致力於為亞洲國家和地區的政、商、學界領袖和社會精英搭建對話和交流的平臺,圍繞亞洲地區經濟、商業、社會發展等具有戰略影響的重要議題展開討論,以增進中國與世界各國的交流和理解。(完) 媒體垂詢: 洪夢求 小姐 電話:(852) 3465 5427 電郵:melody@chinadailyhk.com
2017-12-20Within 10 years’ time, more than half of the films shown in the rapid developing Chinese market will be based on existing novels or intellectual property, like what is happening in Hollywood now, according to Ma Zhongjun, chairman and president of Ciwen Media, a Beijing-based Chinese broadcaster. At the same time, the film production company will no longer rely too heavily on star power to promote films, and will gradually focus on playwriting, production and issuing in a process to cement the industry’s entire value. “Currently, the value of the industry can only be seen from famous movie stars, but as the market continues to develop, the industry, as a whole, will show its value,” he said. “Although IP is becoming more and more important for the film industry, the movie industry is more than IP.” Besides adaptation, Ma emphasized that original screen writing is absolutely necessary but, to be frank, it will be harder and harder to nurture a new IP for film production companies. The competition among film production companies in future will depend on a company’s ability to repackage the original contents for other sectors, such as turning online novels into films and games. But, on the other hand, the successful adaptation of novels also depends on the original contents and the authors’ popularity among movie fans, so it’s a win-win situation. The market’s reliance on film stars has resulted in skyrocketing salaries for top film stars in China, as the country’s annual box office has exploded from barely US$200 million a decade ago to a projected US$6.8 billion this year. In January, a commentary published in Party-owned newspaper People’s Daily criticized some film stars for commanding sky-high salaries without commensurate talent. China’s film, television and radio sectors issued guidelines in September to cap actors’ wages at 40 percent of a production’s total budget. With the film industry becoming more mature on the Chinese mainland, Ma believes that Chinese culture will exert greater influence on the world stage. “China is the world’s second-largest economy, but the influence of Chinese culture cannot match the status of its economy. In future, with China having a bigger say globally, I think Chinese films and stories will have much greater influence on the global market.” Statistics from the State Administration of Press, Publication, Radio, Film and Television show that China has so far translated more than 1,600 domestic movies and television productions into 36 languages, including English, French, Russian, Spanish, Arabic and Portuguese, and they are being aired in more than 100 countries. Last year, China’s exports of TV series raked in 510 million yuan (US$77.2 million), accounting for 68 percent of the total earnings from exported television contents, according to the SARFT. cherrylin@chinadailyhk.com
2017-12-08The film and television industry should pay more attention to the storylines and the value it conveys to the whole society, said Geng Xiaonan, president of Beijing Sky Saga Film and TV Culture Media. She was commenting on the common practice in the industry, where players turn to copyrighted materials for inspiration. “Among the 20 highest-grossing movies in China, 14 of them are intellectual property-adapted films,” said Geng, citing data from 2015. She said the focus in making IP-adapted films is no longer on the story itself, but more on celebrity actors, world-class director teams and even special effects to draw audience attention. But buying hit IP does not guarantee a successful adaptation. According to Chinese movie website Douban, Midnight Food Store, the Chinese-language adaptation of popular Japanese series Midnight Diner, scores only 2.8 points in public ratings. In the words of China’s film and television industry, IP refers mainly to those novels and games that have potential to be adapted into blockbuster movies and TV series. “There is a still a huge disparity between a popular IP and a blockbuster film. The industry has been focusing too much on finding the big IP that is eye-catching,” said Geng. “Some people even say the script looks more like a business plan or a financing report,” she said, adding that one cannot fully blame investors or producers for that as it is only natural to follow the market trend. It is time for the industry to cool down on the craze on big IPs, and return to the essence of film and TV production — which is to offer better stories, directings and acting performances for the audience, Geng urged. Meanwhile, she said Hong Kong will continue to have a role to play in the development of the Chinese mainland’s film and TV industry in the years to come. Working together, they can improve the whole industry. “Even though Hong Kong’s film industry is not as vibrant as it was before, it never lacks great stories and great teams.” It has been seen in recent years that IP-adapted TV series like Empresses in the Palace and the detective drama Day and Night are now popular with overseas audiences. “We still need to focus on the core value of filmmaking and TV production. It has to go along with mainstream social values.” It still has a long way to go, she said. “But, during this process of pursuing perfection, the ‘imperfect’ films that we made are even more meaningful as they show our endless efforts toward making this industry better.” kelly@chinadailyapac.com
2017-12-08Products for intellectual property adaptation cannot be rushed, and only those created with real dedication would have a lasting impact, said Tony Gao Wentao, EntGroup partner and general manager of East China — a leading independent company specializing in data analysis for the entertainment industry. The past two years have seen negative reviews for some IP films or TV series, giving the IP adaptation industry a bad reputation. They were considered shoddy adaptations, churned out within three to four months without meticulous research into the target market, he reckoned. “It can’t be hurried. To produce excellent works, you must put your heart in it,” Gao maintained, adding that excellent IP adaptations should have compelling storylines and convey positive energy that the audience can identify with. A large proportion of IP films and TV series are based on best-selling original novels that offer basic ingredients for the adaptations. Statistics show that 54.1 percent of films last year were adapted from novels with 81.6 percent of box-office bits being novel adaptations, according to Gao. As for TV series, 89.7 percent were adapted from novels and they took up 82 percent of the top most downloaded entries. Successful novel-based IP adaptations include Eternal Love, Princess Agents and The First Half of My Life. The source literature with an established fan base helps sell the film or TV series, which is seen as an advantage for IP adaptations, said Gao. “But, good source material can’t guarantee a good IP adaptation which entails an appealing script, skilled actors and actresses and sophisticated production,” he argued. It really tests the capabilities of screenwriters who have to reconstruct the storyline to fit film standards and cater to a wide range of audience, not only the young demographics, said Gao. Citing the film Eternal Love as an example, he said it was considered a commercial flop following the success of the namesake TV series. The main reasons for its loss included a flawed script and an ill-judged cast selection. He noted that film and TV series adaptations are different in many ways, including the target audience. The TV series version of Eternal Love is aimed at young females, while its film version should be tailored to people of all ages. The audience’s ability concerning aesthetic evaluation and appreciation has always been improving, said Gao, and they seek films and TV products with substantial content and values. Tiny Times film series, adapted from a best-seller of the same name, was undoubtedly a sweeping success, flaunting beautiful costumes and scenes. But such superficial adaptations could lose their allure in future and could hardly make a lasting impact, argued Gao. Its success could be transient. There have been a series of waves of successful original TV dramas this year, such as In the Name of People, the Advisors Alliance and Nothing Gold Can Stay. They were carefully produced, which took two to three years, with well curated scripts, commented Gao, stressing that dedication makes for quality IP adaptations. He urged Hong Kong to collaborate with film producers on the Chinese mainland, citing Legal Mavericks, a co-production between iQiyi, a mainland online video platform, and a Hong Kong filmmaking company. “Hong Kong has a wealth of film and TV classics that provide good raw materials for mainland film producers to remake. The city that used to be Asia’s movie hub has rich experience in film production and has produced top-notch filmmakers, so it will contribute a lot to co-productions.” jenny@chinadailyhk.com
2017-12-08Online-novel-turned films are expected to gain fresh momentum and traction in future, with intellectual property becoming the latest buzzword in the movie industry, IP adaptation pundits predicted on Thursday. Literature, animation, music and video games have emerged as powerful sources of inspiration for films in China and around the world, and the cash generated by such adaptations is likely to grow, panelists told a forum at the China Daily Asia Leadership Roundtable themed “the Trend of Film Adaptation” on Thursday. The forum, co-organized by China Daily Asia Pacific and the Hong Kong Trade Development Council, brought together prominent film producers, investors and top-tier industry stakeholders. It was held as part of the Business of IP Asia Forum. “We see further successes of IP movies and they have a very strong ability to make money. Although the number of IP movies is not that big, their contributions to the box office have been far bigger than those of other movies,” said Ma Zhongjun, president and chairman of Ciwen Media — a leading Beijing-based entertainment media company. IP adaptations are big money makers. Last year, about half of the movies that made more than 100 million yuan (US$15 million) at the box office in China were IP adaptations. Together, they made up slightly more than a third of box-office revenues last year. A case in point is the film Once Upon a Time, a popular IP adaptation from a fantasy romantic online novel. It raked in 530 million yuan at the box office this summer. The film is based on one of the best-selling fantasy novels Three Lives Three Worlds, Ten Miles of Peach Blossoms. The original story was viewed more than 500 million times online. Chinese filmmakers’ appetite for IP has been growing and much of their interest in online literature, in particular, has increased. Online literature is regarded as sitting on the very top of the upstream of the entire pan-entertainment industry chain and the main reason for this is the large number of readers, together with their tremendous consumption power. After all, it makes sense to develop products based on what’s popular with audiences. “A majority of online literature readers are those who were born after 1995. Different from the older generation who read online content just to kill time, the post-1995 readers read because they love what they read and enjoy the social activity in the community that emerged from online literature reading and, more importantly, they are willing to pay for the content they like,” said Tony Gao, EntGroup partner and general-manager of East China, a company that provides information and intelligence concerning the entertainment industry in China. Luo Li, vice-president of China Literature — the online publishing unit of web entertainment leader Tencent Holdings — said the favor and interest in the capital market of online literature IP have grown stronger. China Literature produces the very contents that filmmakers look for to adapt them into films. “In 2006, we sold our fantasy series Ghost Blows Out The Light for 400,000 yuan. That was an amazing figure already as we gave the deal a big celebration when it was signed,” Luo recalled. That deal, worth the equivalent of US$60,000, was very big for its time, but peanuts compared to the more than US$60 million that another property fetched more recently. Changing market trend “In comparison, we just sold another sought-after IP for more than 40 million yuan. This is how the IP market has changed in the past decade,” he said. China Literature was created after a merger between Tencent Literature and Shanghai-based Shanda Cloudary. The company operates an online book marketplace. In September, Tencent Pictures and China Literature announced a plan to produce 11 films and TV series adaptations, including some of the best-selling books on the online reading website, covering fantasy, history, sports, martial arts and other genres. The online publishing and e-book company’s initial public offering in Hong Kong this month was oversubscribed more than 50 times, highlighting the general level of interest in it. The company raised about HK$8.33 billion. Investors’ craze for China Literature’s shares partly reflected the huge potential of IP. Meanwhile, video games have shown the genre that they may become the next cash cow for movie adaptation. Warcraft: The Beginning — a film adaptation based on the hugely popular multiplayer game World of Warcraft — proved to be a massive hit in China, with a first-day box-office take of 304 million yuan. It eventually earned 1.47 billion yuan. The success was partly accredited to the popularity of video games in the country. Statistics show that in the first six months of this year, sales of competitive gaming products hit US$5.4 billion in the Chinese market, up 43 percent year-on-year, according to Beijing-based video game research firm CNG. A telling example is that some 40,000 fans watched the finals of the 2017 League of Legends World Championship at Beijing’s “Bird’s Nest” National Stadium and nearly 100 million Chinese watched the game online. The number is about five times the population of Beijing. “Movies based on video games have largely diversified the sector. The loyalty of the game players and the maturity of the IP reduce the risk of the adaptation, providing a guarantee to the investors to some extent,” said Ma. “In future, with the rapid development of innovative technologies, VR for example, the adaptation of video games will become easier and convenient. It will become an accelerator of the film industry’s growth,” he said. China Literature recently signed lucrative deals with local video streaming sites seeking to adapt its hit manga series Fights Break Spheres and The King’s Avatar. But, compared to developed markets, film adaptations are still in their infancy in the country, and there will be a long and rugged path ahead. Criticisms of shoddy films wrecking the original content have always been vocal and some of the adaptations have done poorly at the Chinese box office. Big disappointment L.O.R.D: Legend of Ravaging Dynasties, which screened last summer, was a big budget disappointment. The animated fantasy, starring the country’s best-earning actress Fan Bingbing and famous K-pop singer Kris Wu, and directed by China’s richest writer Guo Jingming, flopped. It netted only 350 million yuan on the mainland amid poor reviews. “With the original content being widely spread and well liked, the movie based on it will cause large attention. It is a double-edged sword. If you do a cheesy job, you will get a lot of, and larger than ever, bad reviews,” said Geng Xiaonan, president of Beijing Sky Saga Film and TV Culture Media, a Chinese TV and film production company. At the end of the day, the question that industry players need to ask themselves, as they invest in films, is: How to recognize good IP and turn a good IP into a good movie? “A lot of industry players mark 2015 as the first year of IP movies. However, after only two years, we already see signals of it turning weak and a chaotic market,” said Geng. “The problem is that some industry players have lost direction on their way to chasing after so-called super IPs, with a lot of attention and large numbers of fans.” As Geng sees it, the trend of IP selling at exorbitant prices for movie adaptation is not healthy. “We, sometimes, forget a basic thing, which is whether the content of the IP is a fit for movie production,” he said. “Not all content, which may be a huge hit in its own format like literature or music or video games, can make a good movie. Beyond everything, movies and those (formats) are different media.” Both the industry and the audience expect more adaptations that tell meaningful and attractive stories in a professional way. And Geng, for one, has high hopes pinned on Youth, the latest film by director Feng Xiaogang that will screen on Dec 15. The film has been adapted from the book Fang Hua by novelist Yan Geling.
2017-12-08Hong Kong is well placed as the springboard for the Chinese mainland’s booming intellectual property adaptation industry, reckons Luo Li, a prominent online-writer-turned-vice-head of the country’s largest online publishing company. Luo, vice-president of China Literature, also known as Yuewen Group, made the remarks in an interview with China Daily on Thursday on the sidelines of a roundtable on IP adaptation co-organized by China Daily and the Hong Kong Trade Development Council. Intellectual property specifically refers to the adaptation of online fiction with significant readership into films, television series, cartoons and online games. With 77 percent of its income deriving from online reading last year, Luo said, China Literature will focus on IP adaptation and position Hong Kong as the springboard for penetration into the Asia-Pacific market in future. China Literature — the online publishing arm of mainland tech titan Tencent Holdings — raised US$1.1 billion through an initial public offering when it went public on the Hong Kong bourse last month. Luo said China Literature’s products will no longer target a specific market, but cater to all markets where Chinese culture is popular. “And, Hong Kong is the best place for us to start going global.” He said Hong Kong is an international city where East meets West. The city’s openness is the advantage that many people elsewhere place great value in, while some local people may ignore it, he said. Yuewen Group — an online bookstore with 10 million e-books and 600 million registered readers — is being seen as a lucrative emerging business with the prevalence of popular IP adaptation gaining huge viewership online in and outside China. China Literature is trying to engage more readers and consumers with diverse backgrounds. “Extending the business in Hong Kong where people are familiar with both Eastern and Western culture will be a good start for establishing our international fan base,” Luo said. China Literature is discussing cooperation on IP adaptation with writers in Hong Kong. Classical literature or comics, such as Jin Yong’s wuxia novels and Ma Wing-shing’s much-loved work Fung Wan, are on top of the company’s list. The company is also exploring new works in the SAR’s online community. “As long as the work has the potential for diverse IP adaptation, we’re open to any sort of cooperation,” Luo said. He urged Hong Kong’s online novel writers to consider the overall interests of the majority of the people and promote Chinese culture as the core of their work. Only in this way can Hong Kong’s online literature win the hearts of the Chinese-speaking community and restore the vitality of its literature and related industry, he said. Luo said he saw a niche interest among Hong Kong online writers who only produce work that cater to a small group of people in the city. Some of the expressions and contents are hard for people outside the cultural sphere to understand. As the city’s online novel industry is shrinking, writers and publishers must find good sources that are suitable for IP adaptation, and develop popular entertainment products to cater to the entire Chinese-speaking community in Asia and the world, Luo said. dara@chinadailyhk.com
2017-12-08Dec 7, 2017, Hong Kong: In collaboration with the Business of IP Asia Forum, China Daily held a panel discussion themed “The Trend of Film Adaptation” from 16:30 to 18:00 at the Hong Kong Convention and Exhibition Centre on Thursday, Dec 7, 2017. China Daily is delighted to have four distinguished speakers at the forum. They are Mr. Tony GAO, Business Partner and General Manager of East China, EntGroup; Ms. GENG Xiaonan, President of Beijing Sky Saga Film & TV Culture Media Co. Ltd.; Mr. LUO Li, Vice-President of China Literature; and Mr. MA Zhongjun, Chairman and President of Ciwen Media Co. Ltd. Mr. Tony GAO said that IP adaptation products can’t be rushed, only those made with heartfelt dedication could ace the game. Ms. GENG Xiaonan said that the only value of IP is the fact that the original art piece has tested by the market, which gives it a strong market base. However, there is still a long way before we turn readers and game players into film and TV audience. That’s what we have neglected as we focus too much on topics like the incubation of IP. Mr. LUO Li said that normally online writers finish their long-literary pieces in two to three years, while the world views their works create and the commercial interest of their IP adaptations bring will never end. The outstanding work suitable for IP adaptations must have its potentials in all kinds of entertainment products, such as TV series, movies, games and comics. If the work gains its popularity in a sole product market, it will not be very profitable in the long term. Mr. MA Zhongjun said that China’s film industry is undergoing a development process similar to that of the Hollywood many years ago, but in a quicker pace. Within ten years of time, more than half of the films shown in the cinema will be based on existing novels or IP (Intellectual Property), like the current US, Popular films and TV series, including “Wu Kong”, “Eternal Love” and “Ruyi’s Royal Love in the Palace”, which had been adapted from online literature, have been popular among movie goers this year, while the successful initial public offerings of new economy stocks like China Literature and IReader Technology could prove the value of the online literature market. By June 2017, the total number of online literature market users had surged to 352 million. Together with the “Warcraft: The Beginning” adaptation released last year, a cool RMB1.47 billion was poured into the industry. And, along with the increase in the number of subscribers for Chinese internet animation, the video game genre is expected to continue to grow. About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2017-12-07The Guangdong-Hong Kong-Macao Bay Area is already one of the most significant epicenters of economic output in the world, with enormous manufacturing capacity, rapidly growing financial centers and a huge talent pool. Leveraging the different strengths of the cluster of 11 cities in the bay area is key to achieving the region’s overall prosperity, panelists told a China Daily Asia Leadership Roundtable on “Guangdong-Hong Kong-Macao Bay Area: Prospects for Hong Kong”, which was held as part of the 11th Asian Financial Forum in Hong Kong on Tuesday. The bay area covers more than 56,000 square kilometers — larger than both the Greater Tokyo Area and the San Francisco Bay Area. It has a population of 67 million people spread across nine cities and two special administrative regions. With 1 percent of China’s land area, it recorded a GDP of US$1.3 trillion last year — 13 percent of the country’s total. “The bay area is a national level strategy but different from other strategies, such as the Belt and Road Initiative,” said Zhang Yuge, director at the Center for Hong Kong and Macao Studies of Shenzhen-based think tank China Development Institute. “It still has room for growth in terms of GDP per capita, tertiary industry ratio, the number of top global enterprises, as well as the cultivation of innovation in comparison with other developed bay areas worldwide.” “The biggest, most important and most urgent problem to solve is the free flow of key elements in the bay area,” he said. Solving these issues will be key to Hong Kong reaping the most benefits from the area’s growth. And, the key elements at play — the ones that need to move most freely — are talent and capital. Attracting more capital to the area is an important challenge that must be addressed quickly, said Zhang. “SMEs (small and medium-sized enterprises) in China have a lot of challenges when it comes to borrowing money from external sources,” said Susie Cheung, founder member and co-convenor of the Asia-Pacific Structured Finance Association. “Securitization is not the only means, but it’s an effective means to bring in capital.” “For the enterprises in the bay area, the infrastructure projects need to attract revenue from institutional investors. We need to build up a pipeline of well-prepared bankable projects,” she said. In this push to attract more capital and talent, Hong Kong could play a critical role in being the undisputed financial leader in the region. “Hong Kong is a world-class financial center. Among the 11 cities involved in this initiative, Hong Kong stands out in terms of its capabilities in the financing arena, in equity financing and debt financing,” said Jing Ulrich, managing director and vice-chairman of Asia Pacific at JPMorgan Chase. “Hong Kong can really become a leading financier for southern Chinese companies.” Ulrich noted that more than half of the companies listed on the Hong Kong stock market at present are of mainland background. The mainland’s exposure to debt financing has also been increasing, accounting for over 30 percent of the total assets of Hong Kong-based banks. A super-connected city On top of being a leader in finance, Hong Kong is super-connected, has advanced and reliable technology with good ICT (information and communications technology) infrastructure, and also is home to many world-class accounting and legal professionals. “Hong Kong can become an important knowledge hub, not just a financing center in the bay area,” said Ulrich. Besides Hong Kong, Shenzhen’s rapid development has impressed the world. The city’s GDP has surpassed that of Hong Kong and Guangzhou. “There’s some healthy competition as well among the bay area cities,” Ulrich added. “Hong Kong needs to work harder to avoid being marginalized. Ginger Cheng, managing director and head of large and mid-cap corporates, institutional banking group, at DBS Bank (China) Ltd, told the forum: “This is an area where we’ve already seen rapid development in the past 20 years leveraging China’s open-door policy. This is the most market-driven area in all of China.” “It’s evidenced by how the privately-owned enterprises in the region developed in the past year and have become global players,” she said. Cheng thinks that a market-oriented culture is an asset for the bay area, and Hong Kong could tap into that. “Hong Kong is already a leader in providing products and services to large companies via an equity capital market and offshore bond offering,” she added. This year alone, the total bond issuance of mainland corporates reached a historical high of US$168 billion — almost doubled that of US$88 billion in 2016. “Hong Kong probably needs to think of more innovative financing products and solutions for SMEs in China, as well as startups,” said Cheng. Hong Kong Exchanges and Clearing — the city’s stock market operator — has already made some progress by moving toward allowing biotech and healthcare companies without profit track records to be listed in the local stock market. “Hong Kong took up half of the imports of the bay area in the past three years, and the bay area took up about 60 to 70 percent of the total imports of China. This is a huge asset,” said HNA Innovation Finance Group’s Chief Innovation Officer, Ding Lei. “The ratios for export are relatively lower but increasing.” “With such a huge imports and exports size, there’s still a lot of space for development based on commodities, warehousing and logistics that are related to the real economy,” said Ding. A challenge, however, will be fostering innovation, particularly in Hong Kong. “I see a lot of new talents and capital flowing into Shenzhen or Zhuhai very quickly. It’s easy to find human resources in these cities, but the policy is a bit tighter in Hong Kong for the financial industry,” said Ding. “Although the Hong Kong government is trying to push innovation in the city, there’s not much support.” Strengths and weaknesses Hong Kong does have a lot of strength that places it in a good position to attract talents and innovation. But, it also has weaknesses. “Hong Kong’s No 1 weakness is its high cost,” said Ulrich. “Doing business in Hong Kong is very expensive. To attract the necessary talents into Hong Kong, the government can do more by offering attractive prices for entrepreneurs and startups.” Ulrich further pointed out that improving education in Hong Kong is another way to enlarge the local talent pool. “There needs to be a more effective coordination mechanism for the 11 cities,” she said. “We have three different currencies, three different customs, different immigration policies and different divisions of government. The central government can help coordinate the efforts in the bay area to make the movement of professionals much more expedient.” “The integration of employment can be achieved by improving the commuter system of the metropolitan area and the custom clearance policy,” said Zhang. Ding also said mainland conglomerate HNA will expand its operations in the bay area as it offers great opportunities for bulk commodities trading, warehousing and logistics. The financial arm of HNA, which has diversified interests in aviation, tourism and real estate, was launched in Hong Kong in March this year, principally engaged in commodity trade, financial investment and consumer finance which, Ding believes, has huge potential and can play a key part in promoting internationalization of the yuan. In less than one year since its launch, HNA Innovation Finance Group has sealed two deals. In March, it entered into an agreement to acquire a 51-per cent equity interest in Swiss commodities trader Glencore’s oil products storage and logistics business for US$775 million. It also agreed to acquire Singaporean logistics firm CWT in a US$1-billion takeover late last year. The group is still looking for other merger-and-acquisition opportunities in areas linked to its core business, Ding said. Such acquisition plans are in line with the nation’s strategy, he said, and the group wants to use its strengths to participate in the Belt and Road Initiative, the bay area development and renminbi internationalization.
2018-01-1716 Jan 2018, Hong Kong: Co-organized by Asian Financial Forum and China Daily, a co-branded session on “Guangdong-HK-Macao Greater Bay Area: Prospects for Hong Kong” held from 09:45-10:45 on Jan 16, 2018. This marks the 7th consecutive year that China Daily has been positioned as Media Partner for this most influential industry event. China Daily is delighted to have five distinguished speakers: Ms. Ginger CHENG, Managing Director, Head, Large and Mid-cap Corporates, Institutional Banking Group, DBS Bank (China) Limited; Ms. Susie CHEUNG, Founder Member and Co-Convenor, Asia-Pacific Structured Finance Association; Mr. DING Lei, Chief Innovation Officer, HNA Innovation Finance Group; Ms. Jing ULRICH, Managing Director and Vice Chairman of Asia Pacific, JP Morgan Chase & Co.; and Mr. ZHANG Yuge, Director, Center for Hong Kong and Macao Studies, China Development Institute. Ms. Ginger CHENG said that Hong Kong needs to think about how we can catch the flow of capital, the flow of talents and the flow goods. Then use the Great Bay Area initiative as a stepping-stone to further develop Hong Kong. In terms of financing services, now the policy is not very encouraging for innovations. That is what Hong Kong needs to catch up a little bit. Ms. Susie CHEUNG said that small and medium-sized enterprises on Chinese mainland have faced quite a lot of challenges when comes to borrowing money, meanwhile, large infrastructure projects are also encountered with difficulties of fund raising. Many of them are tapping into the capital market through securitization, Hong Kong, as an international financial hub with its professionals, should provide help and support for these SMEs and infrastructure projects to raise fund, particularly for those in the Guangdong-Hong Kong- Macao Greater Bay Area and those that related to the “Belt and Road” initiative. Mr. DING Lei said that if we look at the import and export for the past three years, Hong Kong takes half of the import in Bay Area, and the bay area import accounts for 60 to 70 percent of total imports in China. Given the sheer size of exports and imports, there are much room we can tapped into based on commodity trading, warehousing and logistics, which are most related to the real economy. Ms. Jing ULRICH said that as mainland is challenging Unite States in many areas now in terms of technology innovation, cloud computing and AI. Greater bay area can plays to its strengthen by becoming a key technology hub in this new initiative called digital belt and road. Mr. ZHANG Yuge said that the Guangdong-Hong Kong- Macao Greater Bay Area is central government’s policy arrangement to allow Hong Kong and Macao better exploring the market in Guangdong province. Chinese mainland markets are still partially limited from Hong Kong services industry, and the Bay Area is the special policy arrangement that lift these limitations. With the Hong Kong-Zhuhai-Macao Bridge due to start carrying traffic in early 2018, the Pearl River Delta region will move towards a balanced and integrated development, elevating the Greater Bay Area economy to a new level, and with the development of the Greater Bay Area increasingly becoming the focus of attention. The report of the 19th National Congress of the Communist Party of China (CPC) emphasized the need to support the integration of Hong Kong and Macao into the country’s overall development, and has given greater confidence to the development of Hong Kong and Macao. As the Greater Bay Area evolves and powers the country’s economy through a new platform for financial cooperation, Hong Kong is working to position as a “Finance-Plus-Innovation” hub. The Greater Bay Area has given enormous opportunities for Hong Kong, which is poised to benefit from the bright future arising from the bay area’s development. The seminar explored how Hong Kong’s financial sector can leverage on the opportunities that the Greater Bay Area offers to achieve greater regional integration and faster growth. Industry gurus shared their thoughts and first-hand experience on the hot topic with more than 200 delegates. About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2018-01-162018年1月16日,香港:中國日報今日在香港舉行題為「粵港澳大灣區:香港的發展機遇」的亞洲領袖圓桌論壇專題研討會,探討香港金融業如何把握「粵港澳大灣區」帶來的發展機遇,實現區域一體化及加快經濟增長。本次研討會是中國日報第七次與亞洲金融論壇合作,吸引逾200名政、商、學界領軍人物參加。 星展銀行(中國)有限公司企業及機構銀行部董事總經理兼中國區大型及中型企業主管鄭思禎、亞太結構融資公會聯席召集人及創會成員張秀芬、海航創新金融集團創新總裁丁磊、摩根大通董事總經理兼亞太地區副主席李晶、中國(深圳)綜合開發研究院港澳經濟社會研究中心主任張玉閣受邀擔任本次研討會演講嘉賓。 鄭思禎表示,香港需要思考如何通過資本流通、人才流通和貨物流通,在「粵港澳大灣區」戰略中得到進一步發展。她認為,香港應該在金融服務創新領域迎頭趕上。 張秀芬表示,中國的中小企業面臨著融資困難的情況,不少企業已通過證券化途徑從資本市場融資。而香港作為國際金融中心,擁有大量專業人才,理應為這些企業和相關項目提供融資上服務,尤其是針對「粵港澳大灣區」以及「一帶一路」建設的相關項目。 丁磊表示,在過去的三年裡,香港占有「大灣區」一半的進口量,而「大灣區」的出口量在全國的占比為60%至70%。如此大體量的進出口貿易,給香港的大宗商品貿易、物流倉儲等都帶來很多商機。 李晶表示,目前中國內地科技創新、雲計算、人工智能等方面都可與美國比肩,「大灣區」應該充分利用這些優勢打造「科技灣區」,這也與「數字一帶一路」理念相契合。 張玉閣認為,将「粵港澳大灣區」與紐約、舊金山、倫敦的灣區相比較,「粵港澳大灣區」在人口、本地生產總值以及其占全國的比重上都是頗具規模,「粵港澳大灣區」絕對稱得上是世界級灣區。他表示,「粵港澳大灣區」已經上升到國家層面,由中央政府統籌協調,區內各城市共同推動區域發展,這些優勢與要素為「大灣區」的長遠規劃和發展都起到重要的作用。 當前,「粵港澳大灣區」的發展愈發成為各界關注的焦點。中國共產黨十九大報告強調,要支持港澳融入國家發展大局,這為港澳發展指明了方向。隨著港珠澳大橋通車在即,珠三角東西區域將走向平衡、融合發展,「大灣區」經濟將邁向新臺階。 中國日報社擁有報紙、網站、移動用戶端、臉譜、推特、微博、微信、電子報等十餘種媒介平臺,全媒體用戶總數累計約7200萬;期均發行量超過90萬份,其中海外60萬份;網站日均訪問量(PV)超過5200萬,全球移動用戶端用戶達700萬;在海外,通過每月發行500餘萬份海外供版的《中國觀察報》(China Watch),直達美、歐、亞主流讀者群。 「中國日報亞洲領袖圓桌論壇」旨在搭建一個由亞洲國家和地區政、商、學界領袖和社會精英參與的高端對話交流平臺,圍繞亞洲地區經濟、商業、貿易和社會發展等具有戰略影響的重要議題展開討論並分享見解,以增進中國與世界的交流和理解。(完) 媒體垂詢: 洪夢求 小姐 電話:(852) 3465 5427 電郵:melody@chinadailyhk.com
2018-01-16The latest China Daily Asia Leadership Roundtable event — the Belt and Road Networking Reception — united a diverse group of attendees, perhaps reflective of the namesake initiative’s broad ripple effect. “As we all know too well, this is a time of huge uncertainties...Should one opt for openness or isolation, cooperation or confrontation?” said Zhou Li, editorial board member of the China Daily Group and publisher and editor-in-chief of China Daily Asia Pacific. China believes in creating a shared future for mankind and President Xi Jinping’s 2013 Belt and Road Initiative is a huge step in that direction, he said. Consul general at the consulate general of the Islamic Republic of Pakistan, Abdul Qadir Memon, highlighted the connection aspect of the initiative. “The Belt and Road Initiative is more than just about building infrastructure, but also realizing President Xi’s vision of economic cooperation for all participating countries to realize their full potential,” Memon said. “It’s a catalyst for bringing about more people and people interaction.” The event, held in the Oasis room of the Renaissance Hong Kong Harbour View Hotel, saw consul generals in Hong Kong, CEOs and around 200 C-level senior executives from Fortune Global 500 and China 500 companies, think tanks, academics and media practitioners from public and private sectors across Asia come together under the umbrella of the ambitious Chinese initiative. Initiative impact As revealed by China’s Foreign Minister Wang Yi at the opening of the Symposium on International Developments and China’s Diplomacy 2017 earlier this month, China has signed Belt and Road cooperation agreements with 80 countries and organizations, conducted institutionalized cooperation on industrial capacity with more than 30 nations, and built 75 overseas economic and trade cooperation zones in 24 countries under the initiative’s framework. Wang also said Chinese businesses have invested over $50 billion and created nearly 200,000 local jobs in countries along the Belt and Road route. It’s one thing reading about the initiative’s impressive facts and ever growing figures, it’s another hearing about how it has changed the region. Chief Secretary for Administration of the Government of Hong Kong Special Administrative Region, Matthew Cheung Kin-chung, spoke of how another major initiative — the Greater Bay Area initiative — feeds into the Belt and Road. He highlighted how related infrastructure, like the Hong Kong-Zhuhai-Macao Bridge, the Guangzhou-Shenzhen-Hong Kong Express Rail Link, and the Hong Kong-Shenzhen Boundary Crossing Point, will open up opportunities by facilitating flow between the SAR and the mainland. “Hong Kong should seize the opportunities provided by the Belt and Road through the Greater Bay Area,” Cheung said. Tengku Dato’ Sirajuzzaman bin Tengku Mohamed Ariffin, consul general at the Consulate General of Malaysia in the Hong Kong SAR, told China Daily the initiative has been instrumental in getting ASEAN (Association of Southeast Asian Nations) infrastructure projects off the ground and running. “The initiative has blown some extra wind in the sails for projects like the high speed rail from Singapore to Kunming, particularly in the areas of funding and expertise” he said. He added that Malaysia could and wants to play a role in connecting 15 Islamic countries along the Belt and Road through Islamic finance and halal food. Even far flung allies chimed in with their say. “New Zealand was the first Western country to sign a Belt and Road agreement,” said David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong. He believes that New Zealand, although far away from the immediate geographic circle, will a play a role in the Belt and Road, particularly with regard to the food supply chain in the countries involved in the project. Nicholas de Loisy, president of Supply Chain Management Outsource, says the Belt and Road has been particularly helpful in opening up big project opportunities for corporations. His Hong Kong-based logistics company counts two big projects related to the initiative under its own belt. Media magic Media magic The role of media outlets like China Daily Asia Weekly, which celebrated its seventh anniversary at the event, was also spoken highly of in terms of promoting the initiative. “The media has been very important in spotlighting our efforts in the race to build infrastructure,” said Sirajuzzaman. “Media coverage highlights important considerations for these projects,” he added. One such example would be the recent China Daily Red Letter Project, which was a live stream on Facebook that brought viewers into road congestion at its worst in seven Asian metropolises. “In an increasingly-digitalized media age, we brought the issue of traffic congestion into the consideration of over 10,000 viewers through that experimental live stream project,” said Zhou. The four-and-a-half-hour long broadcast also attracted input from viewers across the region, who were probably also stuck in traffic as they tuned in. “What China Daily hopes is to provide a platform for such dialogue, especially as the Belt and Road grows,” Zhou added. Speech from Zhou Li, publisher of China Daily Asia Pacific Honorable Chief Secretary for Administration Mr Matthew Cheung, honorable consuls-general, distinguished guests, ladies and gentlemen: Good evening! Thank you all for joining us today. The coming of the New Year brings a time for renewal of old friendships and forging new ones. It’s also a time to embrace the spirit of universal goodwill. As we all know too well, this is a time of huge uncertainties. In politics, economics, at the corporate level, in matters of forging business ties — as indeed in our relationships with each other — we are often faced with the big question mark. Should one opt for openness or isolation, cooperation or confrontation? The choices we make now will determine the lives we and the younger generations are going to lead in the future. China’s stance is clear in this respect. It was evident at the 19th National Congress of the Communist Party of China in October. China believes it is essential to advance peace, development and cooperation between countries, foster a new inclusive form of international relations and build a community with the goal of creating a shared future for mankind. The Belt and Road Initiative, launched by President Xi Jinping in 2013, is a huge step forward in that direction. President Xi conceived of an economic model that supports much of the world’s shared desire for accelerated development. This might sound a bit idealistic but I do believe it’s possible to achieve by pooling together our resources and fostering a culture of pursuing shared benefits through collaboration. And there are already instances of the initiative translating into action with real benefits delivered. Naturally, Hong Kong, with all its talent, expertise, locational advantages and supernetwork across the world, is already a vital link in this international community. We expect to hear more on this from our esteemed Chief Secretary for Administration a moment later. China Daily also has a role in this ambitious enterprise to bring the world closer. Our job is to help add clarity to the understanding of what might look like bumps along the road. We look to find common ground and bring these to the attention of our readers. Our publication, China Daily Asia Weekly, now in its seventh year, is already reaching beyond the borders, having become the most widely distributed regional publication in Asia. Meanwhile, all of us at China Daily Asia Pacific are gearing up to take on the challenges of an increasingly digitalized media age. Last week, in cooperation with our Asia News Network partners, we got right out into the traffic in seven of Asia’s most congested cities, during the morning rush hour. The live-streaming, hosted from our Hong Kong studio, and featuring expert analysis, drew tens of thousands of viewers over four hours. Efforts such as these are directed at finding solutions to make our lives a little easier. And one of the ways of doing that is to try and build understanding and trust through dialogue. As China reaches out to the rest of the world, we are happy to provide a platform to foster such dialogues. Today we’re not just offering our hands to you but in fact we’re ready to welcome you with open arms. This is the spirit with which we greet you today. You have honored us greatly by your presence here. Let’s get to know each other. Enjoy yourselves. Happy New Year! Well-developed infrastructure is a critical factor that enables Hong Kong to capture the opportunities arising from the Belt and Road Initiative in the Greater Bay Area development and sustain our economic growth and strength. It will also enhance Hong Kong’s connectivity with the mainland by boosting exchanges between Hong Kong and major mainland cities that will create complementary advantages. Hong Kong is often described as having the best of both worlds under the “one country, two systems” principle. Under “one country”, we receive preferential treatment and investment facilitation. Under “two systems”, we are able to maintain our way of life and the rule of law here. That’s why Hong Kong has all along played an important role in linking the mainland with other parts of the world, as well as serving as the gateway for overseas businesses entering the mainland and Asia. The Belt and Road Initiative will create an environment for the region to realize its true economic and trade potential and usher in a new era of progress and development. By developing the land and maritime linkages, the Belt and Road Initiative will be a catalyst to help bring more people-to-people interaction which, we believe, is essential for global peace and stability. Pakistan and China have a very special relationship, with both counties working together for regional economic development, peace and stability. The China-ASEAN (Association of Southeast Asian Nations) Free Trade Agreement was followed by the Hong Kong-ASEAN Free Trade Agreement, which was signed during the recent ASEAN Summit in Manila. This is testimony to the fruitful bilateral relations between Hong Kong and Malaysia.
2017-12-21Dec 20, 2017 Hong Kong: China Daily Asia Leadership Roundtable held a Belt and Road Networking Reception from 17:15-20:00 on December 20. Mr. Matthew CHEUNG Kin-chung, GBM, GBS, JP, Chief Secretary for Administration, Government of the Hong Kong Special Administrative Region; TENGKU Dato' Sirajuzzaman, Consul-General, Consulate General of Malaysia in the HKSAR & Macau SAR; Mr. Abdul Qadir MEMON, Consul-General, Consulate-General of the Islamic Republic of Pakistan in the HKSAR & Macau SAR; Consul-Generals from more than 27 countries, as well as more than 200 delegates attended the reception. Mr. Matthew CHEUNG Kin-chung said that, well developed infrastructure is a critical factor that enabling Hong Kong to capture opportunities arising from the “Belt and Rad” initiative in the Bay Area development to sustain our economic growth and strength. Enhancing Hong Kong’s connectivity with the mainland through boosting exchanges between Hong Kong and major mainland cities to forge development of complementary advantages. TENGKU Dato' Sirajuzzaman said that, China-ASEAN (Association of Southeast Asian Nations) Free Trade Agreement was followed by Hong Kong-ASEAN Free Trade Agreement, which was just signed during the recent ASEAN Summit in Manila. This is a testimony to the fruitful bilateral relations between Hong Kong and Malaysia. Mr. Abdul Qadir MEMON said that, “Belt and Road” initiative will create an enabling environment for the region to realize its true economic and trade potential and usher into a new era of progress and development. By developing the land and maritime linkages, the belt and road initiative will be a catalyst to help bring more people to people interaction which we believe is essential for global peace and stability. Pakistan and China have a very special relationship where both countries are working together for regional, economic development, peace and stability. In his report to the recent 19th National Congress of the Communist Party of China, President Xi Jinping referred to the Belt and Road Initiative five times as a magnificent blueprint for boosting the economic development of all the countries and regions involved. The Belt and Road Initiative is not just about trade and investment but also cultural exchanges. A source at the Ministry of Commerce of the People’s Republic of China has said that, over the past four years, economic and trade cooperation among the Belt and Road countries and regions has been further strengthened for mutual benefit in various fields, and the degree of cooperation has been continuously enhanced. “Made in China” products , the use of Chinese skills and technology in the construction sector and Chinese services have been popular among more countries along the Belt and Road route, while more and more products, services, technologies and capital from these countries have flowed into China. According to an official from the Ministry of Culture of the People’s Republic of China, the Chinese mainland has, to date, signed more than 300 cooperation agreements and plans for cultural exchanges with the participating nations, and has established multilateral cultural cooperation mechanisms with East European and Arab countries, plus member states of the Association of Southeast Asian Nations (ASEAN). About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2017-12-20中國日報香港12月20日電:中國日報今天在香港舉辦「駐港總領事暨商界代表交流會」,探討香港如何在「一帶一路」和「粵港澳大灣區」建設中發揮獨特優勢,進一步深化合作等前景。香港特區政府政務司司長張建宗發表主題演講,來自27國駐港領事,以及香港政商學界逾200名嘉賓出席。 巴基斯坦駐港澳總領事阿巴杜•卡迪爾•梅蒙、馬來西亞駐港澳總領事登姑拿督希拉祖紮曼作為駐港總領事的代表致辭。 張建宗司長在主題演講中表示,良好的基建設施讓香港能夠抓住「一帶一路」和「粵港澳大灣區」建設中的機遇,也使得香港可以實現經濟的持續發展。通過刺激香港與內地各城市之間的互聯互通,相信兩地必定可以實現優勢互補。 他認為,在「一國兩制」框架下,香港將長期享有兼並中西的優勢:在「一國」方面,香港特區享有中央政府給予的優惠政策和投資便利;在「兩制」安排下,香港的法制與生活方式得以保留。因此,香港始終扮演著連接中國內地與世界的重要角色,並成為海外企業和資本進入內地市場的關鍵門戶。 巴基斯坦駐港澳總領事阿巴杜•卡迪爾•梅蒙在致辭中說,習近平主席提出的「一帶一路」倡議已經獲得包括巴基斯坦在內的眾多國家積極響應,這一倡議並不僅僅關乎道路、橋梁等基礎設施建設,更是習主席為沿線國家經貿合作創造雙贏局面的美好願景與路線圖。 「通過加強陸路與海路連同,『一帶一路』將成為各國人民互動往來的催化劑,這對世界和平穩定至關重要,」他說。 梅蒙總領事呼籲香港企業家到巴基斯坦投資、經商、生產,並參與到「一帶一路」在當地的建設中。 馬來西亞駐港澳總領事登姑拿督希拉祖紮曼注意到,中國政府正在著力打造「粵港澳大灣區」,港珠澳大橋即將通車,各條高鐵線路也正在鋪開,這些基礎設施建設項目都顯示出中國的雄心壯志。馬來西亞非常樂於與中國在有關領域進行合作。 他表示,香港特區政府與東盟今年簽署了自由貿易協定以及相關投資協定,中國與馬來西亞的商貿往來也日益頻繁,這都是中國內地和香港與東盟經貿合作碩果累累的最好證明。 中國日報社編委兼亞太分社社長周立表示,今年10月召開的中國共產黨第十九次全國代表大會,表明了中國應對這個動蕩的時代各種挑戰的鮮明立場,那就是高舉和平、發展、合作、共贏旗幟,推動構建新型國際關系,從而推動構建人類命運共同體。 周立表示,中國日報願意在促進「一帶一路」沿線國家交流中扮演更重要的角色,這也是舉辦本次交流會的初衷。中國日報樂於為有關各方提供溝通的平臺,因為只有對話與互動才能促進理解與包容。 「只要我們加強合作,整合資源,以共同利益為目標,『一帶一路』願景就可以實現,」他說,「事實表明,這一重大倡議已經開始開花結果。」 活動現場,中國日報向各國駐港領事、參會嘉賓等贈送了英文版《習近平談治國理政》(第二卷),反響熱烈。 活動介紹了中國日報進行「全球首次通過手機和社交平臺實況連線直播亞洲七大城市早高峰」的情況。 交流會上還舉行了祝酒儀式,慶祝中國日報亞洲版創刊七周年。 五年來,「一帶一路」建設穩步推進,相關沿線國家積極參與,多個重大合作基建項目已經開始實施。中國日報主辦此次交流會,旨在為各國駐港領事館、香港各商會、行業協會、學者以及社會各界領軍力量,架起交流信息與探討合作的橋梁,共同開創「一帶一路」國際合作美好未來,攜手推進經貿與文化交流,期化美好願景為現實,實現更廣範圍以及更高水平的合作共贏。 中國日報社擁有報紙、網站、移動用戶端、臉譜、推特、微博、微信、電子報等十餘種媒介平臺,全媒體用戶總數累計約7200萬;期均發行量超過90萬份,其中海外60萬份;網站日均訪問量(PV)超過5200萬,全球移動用戶端用戶達700萬;在海外,通過每月發行500餘萬份海外供版的《中國觀察報》(China Watch),直達美國《華爾街日報》和《華盛頓郵報》、英國《每日電訊報》、法國《費加羅報》、泰國《民族報》、俄羅斯《俄羅斯報》、日本《每日新聞》等美、歐、亞主流讀者群。 「中國日報亞洲領袖圓桌論壇」致力於為亞洲國家和地區的政、商、學界領袖和社會精英搭建對話和交流的平臺,圍繞亞洲地區經濟、商業、社會發展等具有戰略影響的重要議題展開討論,以增進中國與世界各國的交流和理解。(完) 媒體垂詢: 洪夢求 小姐 電話:(852) 3465 5427 電郵:melody@chinadailyhk.com
2017-12-20Within 10 years’ time, more than half of the films shown in the rapid developing Chinese market will be based on existing novels or intellectual property, like what is happening in Hollywood now, according to Ma Zhongjun, chairman and president of Ciwen Media, a Beijing-based Chinese broadcaster. At the same time, the film production company will no longer rely too heavily on star power to promote films, and will gradually focus on playwriting, production and issuing in a process to cement the industry’s entire value. “Currently, the value of the industry can only be seen from famous movie stars, but as the market continues to develop, the industry, as a whole, will show its value,” he said. “Although IP is becoming more and more important for the film industry, the movie industry is more than IP.” Besides adaptation, Ma emphasized that original screen writing is absolutely necessary but, to be frank, it will be harder and harder to nurture a new IP for film production companies. The competition among film production companies in future will depend on a company’s ability to repackage the original contents for other sectors, such as turning online novels into films and games. But, on the other hand, the successful adaptation of novels also depends on the original contents and the authors’ popularity among movie fans, so it’s a win-win situation. The market’s reliance on film stars has resulted in skyrocketing salaries for top film stars in China, as the country’s annual box office has exploded from barely US$200 million a decade ago to a projected US$6.8 billion this year. In January, a commentary published in Party-owned newspaper People’s Daily criticized some film stars for commanding sky-high salaries without commensurate talent. China’s film, television and radio sectors issued guidelines in September to cap actors’ wages at 40 percent of a production’s total budget. With the film industry becoming more mature on the Chinese mainland, Ma believes that Chinese culture will exert greater influence on the world stage. “China is the world’s second-largest economy, but the influence of Chinese culture cannot match the status of its economy. In future, with China having a bigger say globally, I think Chinese films and stories will have much greater influence on the global market.” Statistics from the State Administration of Press, Publication, Radio, Film and Television show that China has so far translated more than 1,600 domestic movies and television productions into 36 languages, including English, French, Russian, Spanish, Arabic and Portuguese, and they are being aired in more than 100 countries. Last year, China’s exports of TV series raked in 510 million yuan (US$77.2 million), accounting for 68 percent of the total earnings from exported television contents, according to the SARFT. cherrylin@chinadailyhk.com
2017-12-08The film and television industry should pay more attention to the storylines and the value it conveys to the whole society, said Geng Xiaonan, president of Beijing Sky Saga Film and TV Culture Media. She was commenting on the common practice in the industry, where players turn to copyrighted materials for inspiration. “Among the 20 highest-grossing movies in China, 14 of them are intellectual property-adapted films,” said Geng, citing data from 2015. She said the focus in making IP-adapted films is no longer on the story itself, but more on celebrity actors, world-class director teams and even special effects to draw audience attention. But buying hit IP does not guarantee a successful adaptation. According to Chinese movie website Douban, Midnight Food Store, the Chinese-language adaptation of popular Japanese series Midnight Diner, scores only 2.8 points in public ratings. In the words of China’s film and television industry, IP refers mainly to those novels and games that have potential to be adapted into blockbuster movies and TV series. “There is a still a huge disparity between a popular IP and a blockbuster film. The industry has been focusing too much on finding the big IP that is eye-catching,” said Geng. “Some people even say the script looks more like a business plan or a financing report,” she said, adding that one cannot fully blame investors or producers for that as it is only natural to follow the market trend. It is time for the industry to cool down on the craze on big IPs, and return to the essence of film and TV production — which is to offer better stories, directings and acting performances for the audience, Geng urged. Meanwhile, she said Hong Kong will continue to have a role to play in the development of the Chinese mainland’s film and TV industry in the years to come. Working together, they can improve the whole industry. “Even though Hong Kong’s film industry is not as vibrant as it was before, it never lacks great stories and great teams.” It has been seen in recent years that IP-adapted TV series like Empresses in the Palace and the detective drama Day and Night are now popular with overseas audiences. “We still need to focus on the core value of filmmaking and TV production. It has to go along with mainstream social values.” It still has a long way to go, she said. “But, during this process of pursuing perfection, the ‘imperfect’ films that we made are even more meaningful as they show our endless efforts toward making this industry better.” kelly@chinadailyapac.com
2017-12-08Products for intellectual property adaptation cannot be rushed, and only those created with real dedication would have a lasting impact, said Tony Gao Wentao, EntGroup partner and general manager of East China — a leading independent company specializing in data analysis for the entertainment industry. The past two years have seen negative reviews for some IP films or TV series, giving the IP adaptation industry a bad reputation. They were considered shoddy adaptations, churned out within three to four months without meticulous research into the target market, he reckoned. “It can’t be hurried. To produce excellent works, you must put your heart in it,” Gao maintained, adding that excellent IP adaptations should have compelling storylines and convey positive energy that the audience can identify with. A large proportion of IP films and TV series are based on best-selling original novels that offer basic ingredients for the adaptations. Statistics show that 54.1 percent of films last year were adapted from novels with 81.6 percent of box-office bits being novel adaptations, according to Gao. As for TV series, 89.7 percent were adapted from novels and they took up 82 percent of the top most downloaded entries. Successful novel-based IP adaptations include Eternal Love, Princess Agents and The First Half of My Life. The source literature with an established fan base helps sell the film or TV series, which is seen as an advantage for IP adaptations, said Gao. “But, good source material can’t guarantee a good IP adaptation which entails an appealing script, skilled actors and actresses and sophisticated production,” he argued. It really tests the capabilities of screenwriters who have to reconstruct the storyline to fit film standards and cater to a wide range of audience, not only the young demographics, said Gao. Citing the film Eternal Love as an example, he said it was considered a commercial flop following the success of the namesake TV series. The main reasons for its loss included a flawed script and an ill-judged cast selection. He noted that film and TV series adaptations are different in many ways, including the target audience. The TV series version of Eternal Love is aimed at young females, while its film version should be tailored to people of all ages. The audience’s ability concerning aesthetic evaluation and appreciation has always been improving, said Gao, and they seek films and TV products with substantial content and values. Tiny Times film series, adapted from a best-seller of the same name, was undoubtedly a sweeping success, flaunting beautiful costumes and scenes. But such superficial adaptations could lose their allure in future and could hardly make a lasting impact, argued Gao. Its success could be transient. There have been a series of waves of successful original TV dramas this year, such as In the Name of People, the Advisors Alliance and Nothing Gold Can Stay. They were carefully produced, which took two to three years, with well curated scripts, commented Gao, stressing that dedication makes for quality IP adaptations. He urged Hong Kong to collaborate with film producers on the Chinese mainland, citing Legal Mavericks, a co-production between iQiyi, a mainland online video platform, and a Hong Kong filmmaking company. “Hong Kong has a wealth of film and TV classics that provide good raw materials for mainland film producers to remake. The city that used to be Asia’s movie hub has rich experience in film production and has produced top-notch filmmakers, so it will contribute a lot to co-productions.” jenny@chinadailyhk.com
2017-12-08Online-novel-turned films are expected to gain fresh momentum and traction in future, with intellectual property becoming the latest buzzword in the movie industry, IP adaptation pundits predicted on Thursday. Literature, animation, music and video games have emerged as powerful sources of inspiration for films in China and around the world, and the cash generated by such adaptations is likely to grow, panelists told a forum at the China Daily Asia Leadership Roundtable themed “the Trend of Film Adaptation” on Thursday. The forum, co-organized by China Daily Asia Pacific and the Hong Kong Trade Development Council, brought together prominent film producers, investors and top-tier industry stakeholders. It was held as part of the Business of IP Asia Forum. “We see further successes of IP movies and they have a very strong ability to make money. Although the number of IP movies is not that big, their contributions to the box office have been far bigger than those of other movies,” said Ma Zhongjun, president and chairman of Ciwen Media — a leading Beijing-based entertainment media company. IP adaptations are big money makers. Last year, about half of the movies that made more than 100 million yuan (US$15 million) at the box office in China were IP adaptations. Together, they made up slightly more than a third of box-office revenues last year. A case in point is the film Once Upon a Time, a popular IP adaptation from a fantasy romantic online novel. It raked in 530 million yuan at the box office this summer. The film is based on one of the best-selling fantasy novels Three Lives Three Worlds, Ten Miles of Peach Blossoms. The original story was viewed more than 500 million times online. Chinese filmmakers’ appetite for IP has been growing and much of their interest in online literature, in particular, has increased. Online literature is regarded as sitting on the very top of the upstream of the entire pan-entertainment industry chain and the main reason for this is the large number of readers, together with their tremendous consumption power. After all, it makes sense to develop products based on what’s popular with audiences. “A majority of online literature readers are those who were born after 1995. Different from the older generation who read online content just to kill time, the post-1995 readers read because they love what they read and enjoy the social activity in the community that emerged from online literature reading and, more importantly, they are willing to pay for the content they like,” said Tony Gao, EntGroup partner and general-manager of East China, a company that provides information and intelligence concerning the entertainment industry in China. Luo Li, vice-president of China Literature — the online publishing unit of web entertainment leader Tencent Holdings — said the favor and interest in the capital market of online literature IP have grown stronger. China Literature produces the very contents that filmmakers look for to adapt them into films. “In 2006, we sold our fantasy series Ghost Blows Out The Light for 400,000 yuan. That was an amazing figure already as we gave the deal a big celebration when it was signed,” Luo recalled. That deal, worth the equivalent of US$60,000, was very big for its time, but peanuts compared to the more than US$60 million that another property fetched more recently. Changing market trend “In comparison, we just sold another sought-after IP for more than 40 million yuan. This is how the IP market has changed in the past decade,” he said. China Literature was created after a merger between Tencent Literature and Shanghai-based Shanda Cloudary. The company operates an online book marketplace. In September, Tencent Pictures and China Literature announced a plan to produce 11 films and TV series adaptations, including some of the best-selling books on the online reading website, covering fantasy, history, sports, martial arts and other genres. The online publishing and e-book company’s initial public offering in Hong Kong this month was oversubscribed more than 50 times, highlighting the general level of interest in it. The company raised about HK$8.33 billion. Investors’ craze for China Literature’s shares partly reflected the huge potential of IP. Meanwhile, video games have shown the genre that they may become the next cash cow for movie adaptation. Warcraft: The Beginning — a film adaptation based on the hugely popular multiplayer game World of Warcraft — proved to be a massive hit in China, with a first-day box-office take of 304 million yuan. It eventually earned 1.47 billion yuan. The success was partly accredited to the popularity of video games in the country. Statistics show that in the first six months of this year, sales of competitive gaming products hit US$5.4 billion in the Chinese market, up 43 percent year-on-year, according to Beijing-based video game research firm CNG. A telling example is that some 40,000 fans watched the finals of the 2017 League of Legends World Championship at Beijing’s “Bird’s Nest” National Stadium and nearly 100 million Chinese watched the game online. The number is about five times the population of Beijing. “Movies based on video games have largely diversified the sector. The loyalty of the game players and the maturity of the IP reduce the risk of the adaptation, providing a guarantee to the investors to some extent,” said Ma. “In future, with the rapid development of innovative technologies, VR for example, the adaptation of video games will become easier and convenient. It will become an accelerator of the film industry’s growth,” he said. China Literature recently signed lucrative deals with local video streaming sites seeking to adapt its hit manga series Fights Break Spheres and The King’s Avatar. But, compared to developed markets, film adaptations are still in their infancy in the country, and there will be a long and rugged path ahead. Criticisms of shoddy films wrecking the original content have always been vocal and some of the adaptations have done poorly at the Chinese box office. Big disappointment L.O.R.D: Legend of Ravaging Dynasties, which screened last summer, was a big budget disappointment. The animated fantasy, starring the country’s best-earning actress Fan Bingbing and famous K-pop singer Kris Wu, and directed by China’s richest writer Guo Jingming, flopped. It netted only 350 million yuan on the mainland amid poor reviews. “With the original content being widely spread and well liked, the movie based on it will cause large attention. It is a double-edged sword. If you do a cheesy job, you will get a lot of, and larger than ever, bad reviews,” said Geng Xiaonan, president of Beijing Sky Saga Film and TV Culture Media, a Chinese TV and film production company. At the end of the day, the question that industry players need to ask themselves, as they invest in films, is: How to recognize good IP and turn a good IP into a good movie? “A lot of industry players mark 2015 as the first year of IP movies. However, after only two years, we already see signals of it turning weak and a chaotic market,” said Geng. “The problem is that some industry players have lost direction on their way to chasing after so-called super IPs, with a lot of attention and large numbers of fans.” As Geng sees it, the trend of IP selling at exorbitant prices for movie adaptation is not healthy. “We, sometimes, forget a basic thing, which is whether the content of the IP is a fit for movie production,” he said. “Not all content, which may be a huge hit in its own format like literature or music or video games, can make a good movie. Beyond everything, movies and those (formats) are different media.” Both the industry and the audience expect more adaptations that tell meaningful and attractive stories in a professional way. And Geng, for one, has high hopes pinned on Youth, the latest film by director Feng Xiaogang that will screen on Dec 15. The film has been adapted from the book Fang Hua by novelist Yan Geling.
2017-12-08Hong Kong is well placed as the springboard for the Chinese mainland’s booming intellectual property adaptation industry, reckons Luo Li, a prominent online-writer-turned-vice-head of the country’s largest online publishing company. Luo, vice-president of China Literature, also known as Yuewen Group, made the remarks in an interview with China Daily on Thursday on the sidelines of a roundtable on IP adaptation co-organized by China Daily and the Hong Kong Trade Development Council. Intellectual property specifically refers to the adaptation of online fiction with significant readership into films, television series, cartoons and online games. With 77 percent of its income deriving from online reading last year, Luo said, China Literature will focus on IP adaptation and position Hong Kong as the springboard for penetration into the Asia-Pacific market in future. China Literature — the online publishing arm of mainland tech titan Tencent Holdings — raised US$1.1 billion through an initial public offering when it went public on the Hong Kong bourse last month. Luo said China Literature’s products will no longer target a specific market, but cater to all markets where Chinese culture is popular. “And, Hong Kong is the best place for us to start going global.” He said Hong Kong is an international city where East meets West. The city’s openness is the advantage that many people elsewhere place great value in, while some local people may ignore it, he said. Yuewen Group — an online bookstore with 10 million e-books and 600 million registered readers — is being seen as a lucrative emerging business with the prevalence of popular IP adaptation gaining huge viewership online in and outside China. China Literature is trying to engage more readers and consumers with diverse backgrounds. “Extending the business in Hong Kong where people are familiar with both Eastern and Western culture will be a good start for establishing our international fan base,” Luo said. China Literature is discussing cooperation on IP adaptation with writers in Hong Kong. Classical literature or comics, such as Jin Yong’s wuxia novels and Ma Wing-shing’s much-loved work Fung Wan, are on top of the company’s list. The company is also exploring new works in the SAR’s online community. “As long as the work has the potential for diverse IP adaptation, we’re open to any sort of cooperation,” Luo said. He urged Hong Kong’s online novel writers to consider the overall interests of the majority of the people and promote Chinese culture as the core of their work. Only in this way can Hong Kong’s online literature win the hearts of the Chinese-speaking community and restore the vitality of its literature and related industry, he said. Luo said he saw a niche interest among Hong Kong online writers who only produce work that cater to a small group of people in the city. Some of the expressions and contents are hard for people outside the cultural sphere to understand. As the city’s online novel industry is shrinking, writers and publishers must find good sources that are suitable for IP adaptation, and develop popular entertainment products to cater to the entire Chinese-speaking community in Asia and the world, Luo said. dara@chinadailyhk.com
2017-12-08Dec 7, 2017, Hong Kong: In collaboration with the Business of IP Asia Forum, China Daily held a panel discussion themed “The Trend of Film Adaptation” from 16:30 to 18:00 at the Hong Kong Convention and Exhibition Centre on Thursday, Dec 7, 2017. China Daily is delighted to have four distinguished speakers at the forum. They are Mr. Tony GAO, Business Partner and General Manager of East China, EntGroup; Ms. GENG Xiaonan, President of Beijing Sky Saga Film & TV Culture Media Co. Ltd.; Mr. LUO Li, Vice-President of China Literature; and Mr. MA Zhongjun, Chairman and President of Ciwen Media Co. Ltd. Mr. Tony GAO said that IP adaptation products can’t be rushed, only those made with heartfelt dedication could ace the game. Ms. GENG Xiaonan said that the only value of IP is the fact that the original art piece has tested by the market, which gives it a strong market base. However, there is still a long way before we turn readers and game players into film and TV audience. That’s what we have neglected as we focus too much on topics like the incubation of IP. Mr. LUO Li said that normally online writers finish their long-literary pieces in two to three years, while the world views their works create and the commercial interest of their IP adaptations bring will never end. The outstanding work suitable for IP adaptations must have its potentials in all kinds of entertainment products, such as TV series, movies, games and comics. If the work gains its popularity in a sole product market, it will not be very profitable in the long term. Mr. MA Zhongjun said that China’s film industry is undergoing a development process similar to that of the Hollywood many years ago, but in a quicker pace. Within ten years of time, more than half of the films shown in the cinema will be based on existing novels or IP (Intellectual Property), like the current US, Popular films and TV series, including “Wu Kong”, “Eternal Love” and “Ruyi’s Royal Love in the Palace”, which had been adapted from online literature, have been popular among movie goers this year, while the successful initial public offerings of new economy stocks like China Literature and IReader Technology could prove the value of the online literature market. By June 2017, the total number of online literature market users had surged to 352 million. Together with the “Warcraft: The Beginning” adaptation released last year, a cool RMB1.47 billion was poured into the industry. And, along with the increase in the number of subscribers for Chinese internet animation, the video game genre is expected to continue to grow. About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia providing platforms for focused dialogue, issue investigation, and possible collective action on strategic issues relating to economic, business and social development in Asia. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia. Media Contact: Ms. Melody Hong Tel: (852) 3465 5427 Email: melody@chinadailyhk.com
2017-12-07