Subject: China IMP/EXP News (CN940701)

From: [email-masked] (Cheng Wang)
Date: Fri, 1 Jul 94 02:21:24 CDT

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    		    JULY 01  1994     (CN940701)

CONTENTS                                                          LINES

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EDITOR'S NOTES: .............................................. 28 lines

TRADE  COUNCIL  AIMS TO BOOST SINO-US TIES FOCUS WILL BE CENTRED ON
SMALLER ENTERPRISES .......................................... 50 lines

U.S. APPAREL FIRM SCALES CHINA'S WALL OF TRADE BARRIERS ..... 143 lines

CHINA CARD .................................................. 145 lines

CHINA - FOREIGN INVESTMENT REGULATIONS ...................... 165 lines

CHINA - NEW INDUSTRIAL INVESTMENT POLICY  .................... 49 lines

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                  TOPIC: HOW TO INVEST IN CHINA
               NEXT WEEK: JOINT VENTURES IN CHINA 
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EDITOR'S NOTES: .............................................. 28 lines

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IMPORTANT NOTICES:
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TRADE  COUNCIL  AIMS TO BOOST SINO-US TIES FOCUS WILL BE CENTRED ON
SMALLER ENTERPRISES ........................................... 50 lines

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by FOO CHOY PENG     June 18 1994 South China Morning Post, Business
News, p 3

	A PROGRAMME to build bridges between small and medium-sized
Chinese and  American  enterprises  is being worked out by the
Sino- American Trade Development Council (SATDC).
     ''Chinese  entrepreneurs know there are plenty of opportunities in
the US  and the small and medium American companies do not know
how to go about exploring the opportunities in China. We hope to help
them build bridges,'' said Robert Goodman, chairman of SATDC.
     For  a  start,  the  non-profit  body  is  finalising  plans to
send a delegation  of  100 Chinese entrepreneurs to the US in
September, the first time such a trip has been organised by a
non-government body.
     Mr  Goodman  said  the delegation would comprise three separate
groups from  Beijing,  Shanghai and other provinces. Tentative
plans will see them visiting California, Colorado, Wyoming, Texas and
Washington DC.
     ''Essentially,  the  trip  is  two-pronged.  We would like to help
the Chinese to buy from and sell to the US,'' Mr Goodman said.
     And  to  help  cement the ties established during the trip, SATDC
will organise  a three-day conference in November in Beijing for
small companies from  the  US  to  see  at  first  hand  the economic
progress and business opportunities in China.
     Mr  Goodman said: ''The small guys in the US feel that China is so
big that  they  just  have  no idea on how to go about identifying
the business opportunities.  So,  this  conference is a good chance for
them to find out what is in store for them.''
     He  added  that  if  response to the two events was enthusiastic,
they would be held regularly.
     Mr  Goodman  predicted  that bilateral trade between the two
countries would  rise to US$30 billion this year and would double
within three years, creating ample opportunities for both US and
Chinese companies.
     To  beat  the  drum  for  trade and investment opportunities, a
senior delegation  led  by Minister for Foreign Trade and Economic
Co-operation Wu Yi visited the US about two months ago.
     China  has  an annual trade surplus of nearly $23 billion with the
US, which is a bone of contention in bilateral ties.  CAPTION:
Martin Chan Building bridges . . . Robert Goodman of the Sino-US Trade
Development Council wants to bring together Chinese entrepreneurs and
small US companies which do not know how to explore opportunities in
China.

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U.S. APPAREL FIRM SCALES CHINA'S WALL OF TRADE BARRIERS ......... 143 lines

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DATE: June 24, 1994  22:32 E.T.  WORD COUNT: 971

By Robin Bulman, The Journal of Commerce Knight-Ridder/Tribune Business
News

    NEW YORK--June 24--As experienced hands in the apparel business,
Viola Stasio Troop and Reggie Morton have learned to expect
trouble.

  That's why even they marvel at what appears to have been their smooth
landing  in  China,  a  market  better  known for red tape and
interminable delays than easy accessibility.

  In the span of a few months, the two women, both executive vice
presidents with Global Licensing Co., the New York licensor for
McGregor sports and casual clothing, found a joint-venture partner with
clout and cinched  a  deal  that  should  put McGregor clothing in
Chinese department stores this fall.

  If all goes as planned, McGregor apparel will be the first
foreign-brand garments to be manufactured in China exclusively for
sale in the domestic market.

  "Our project was to take our brand and create what we have created in
Europe and Japan," Ms. Morton said. "This is not an export program."

  McGregor clothing is produced in Europe and Japan under a licensing
agreement. But when McGregor began looking at the Chinese market, Ms.
Troop said it quickly became clear that licensing the name was not in
the best interests of the U.S. name holder.

  "There's really no protection of intellectual property in China,"
Ms.  Morton said.

Ms. Troop put it more diplomatically: "We realized that licensing our
intellectual property -- our trademark -- would not be as effective in
the Chinese market. That's why we went the joint-venture route."

  With an initial commitment of $500,000, Global Licensing established
a 50-50 joint venture with Yizheng Chemical Fibre Co., China's
biggest polyester manufacturing concern.

  While many foreign firms report that finding a Chinese partner and
securing  the  necessary  government  approvals  is a daunting process,
the Global Licensing executives said their deal was begun and finished
in about five months.

  "The right consultant is the key to this," Ms. Troop said. "We
happened to be very fortunate to have found a Chinese individual who
knew textiles and petrochemicals."

  They also were very fortunate in being able to deal with high-ranking
people in China's textile industry virtually from the beginning.

  "We started at the top," Ms. Troop said. "You can't go any higher.
These  people run China's apparel business. We learned everything we
needed to know from people who really knew what they were talking
about."

  Yizheng will contribute personnel and manufacturing facilities to the
joint venture, while Global Licensing will provide technical
garment-making assistance in such areas as color, design and styling.

  "The Chinese have the ability to produce any type of fabric," Ms.
Morton said. "It's the styling that they need from us."

  Because washing machines and dry cleaners are not yet common in
China, McGregor apparel will be mainly polyester, which was another
reason why linking up with a petrochemical concern made sense.

  Most Chinese consumers are unfamiliar with Western brand names, she
said.  Well-known Western labels are available in China, Ms. Morton
said, but at prices far beyond what the typical Chinese consumer can
afford.

  "We want to give them a 'look,' " Ms. Morton said. "Setting up a
joint venture  will  keep  it  affordable. The Chinese will be able to
buy within their means a coordinated 'look.' "

  She said she expects an enthusiastic reception for McGregor apparel
in China.

  "It's almost like when Americans found malls," Ms. Morton said.

The new joint-venture has been set up at Yizheng's corporate
headquarters in  Jiansu  province,  which  Ms.  Troop  described as the
heart of China's textile industry.

  And for now, McGregor will focus on the Jiansu region.

"This is a pilot program," Ms. Troop said. "It will be this province
this fall. We don't intend to do this in a haphazard way."

  If all goes well, made-in-China McGregor apparel will be available
throughout China in a matter of years, the executives said.

  "Our goal is to establish a highly profitable joint venture," Ms.
Troop said. "That's what both parties are looking for. We expect to the
leader in men's, women's and children's sportswear in China."

  Still, they recognize that they have been lucky so far -- luckier
than most  foreign  firms.  They willingly concede that their luck
could fly out the window when they return to China later this month to
check on their first factory samples.

  "Coming from the apparel business, we anticipate that whatever can go
wrong will go wrong," Ms. Morton said with a laugh. "Come back and see
us in September and we'll let you know how things are going."

  Stay tuned.

    CHINESE ARE "READY AND EAGER TO DO BUSINESS,' LICENSOR SAYS:

  So, you want to do business in China?

Viola Stasio Troop and Reggie Morton of Global Licensing Co. have
some tips for you to get the deal done right.

  Find a good consultant to help you. The consultant should either be
Chinese  or  should  have lived there for 10-15 years. Even more
important:  The consultant must be well-connected with the people in
China who make things happen. "The point is to make sure that the
people you're working with can do what they say they can do," Ms.
Morton said.

  Be prepared. "There are no ceremonial teas in China," Ms. Troop
said.  "The Chinese are ready and eager to do business." One of the
reasons Global Licensing's project was successfully signed, they said,
was because the two executives  were  prepared to give their potential
partner a clear overview of what they wanted to do.

  Do your homework in advance. ''You have to understand how China
works," Ms. Morton said. "I think too many people go over there with
no understanding of the way things are done."

  Don't expect everything to go smoothly. Global Licensing's path into
China has been smooth so far, but both women said they know problems
will arise.

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CHINA CARD .................................................... 145 lines
  Saavy investors offer advice on how to invest in China

============================================================================
Forbes   June 20, 1994   p. 188 By Richard Phalon

     FEW  WESTERNERS  play the Asian markets as cannily as Mark Mobius,
58, the  Hong Kong-based manager who runs the $280 million China
World Fund and more   than   $4.5   billion  in  other  emerging
markets  money  for  the Franklin/Templeton Group.
     Barnstorming  the  assembly  lines  and computerized spray-paint
shops cropping  up  in  neocapitalist  enclaves like Xiamen,
Mobius is bullish as ever  on China - but only for the long term. For
the last several months he has been easing out of the boiler shop
markets of Shanghai and Shenzhen. He has  cut  back  his  holdings  of
'B' shares (a class of stock open only to foreigners)  to about 14% of
assets and is at well above 17% in cash. 'Very high for a country
fund,' concedes Mobius.
     But  while  the  experienced  Mobius holds steady on issues like
China First Pencil Co. and Shanghai Forever Bicycle, other
foreigners are rushing in.  Some  of  them  are  paying rich premiums
for a closed-end ticket into markets Mobius now views with jaundice.
     The  volatility in Shanghai and Shenzhen is a classic
demonstration of what  happens  to  primitive  markets  when big
money explodes into limited supply. The two markets have been open to
foreigners for only two years. In anticipation  of  the  opening,
more  than 30 publicly owned China-related funds in New York, London
and Hong Kong raised better than $1.5 billion for a  foray  into  the
'B' share markets, whose total capitalization even now stands at no
more than $2 billion.
     There  were  only  so many places the money could go. With the
Chinese government  in  effect  running  a  tightly  controlled
new offerings mill, foreigners  have been permitted to become minority
'B' shareholders in only some  46  of the total 230 issues (140
Shanghai, 90 Shenzhen) listed on the exchanges.
     The  inevitable  correction  is still going on. Chinese investors,
who had  few  other  outlets  for one of the world's highest
savings rates, are hurting worse. A shares on average are down about
30% so far this year; 'B' shares are off around 40%; and Hong Kong is
down about 20%.
     Precipitating   factors:   25%  inflation  that  doesn't  seem
to  be responding  to  the  central  bank's  brakes and anxiety
over the political impact  of  the  divergence between prosperous
coastal enterprise zones and the impoverished remainder of the
country.

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CHINA - FOREIGN INVESTMENT REGULATIONS ........................ 165 lines

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27 JUN 94    AMEMBASSY BEIJING

CHINA ISSUES REGULATIONS TO COUNTER OVER-VALUATION OF FOREIGN ASSETS

1.  SUMMARY.  china's state administration of import and export
commodity inspection and the ministry of finance recently promulgated
the administrative procedures for the appraisal of assets invested by
foreign businesses, which went into effect may 1.  these procedures are
intended to ensure the proper valuation of assets such as technology
and equipment that foreign investors contribute as part of their
investment in joint ventures and wholly foreign-owned enterprises
(fir's).

2.  these new rules aim to prevent overvaluation of contributed assets,
through which certain foreign investors have claimed a disproportionate
equity share in (and profits from) fir's.  chinese press reports
announcing the new procedures state that some foreigners have been
taking advantage of chinese businessmen's lack of knowledge of the
world market by injecting outdated or overvalued equipment and
technology.  the procedures represent another element in the current
trend to strengthen control over foreign investment in china, and
complement recent legislation seeking to better administer the
valuation and disposition of state assets being contributed to joint
ventures.  end summary.

BACKGROUND 
---------- 

3.  china's foreign investment legislation requires non- cash assets
contributed to foreign-invested enterprises (fie's) to be valued and
certified.  as of 1991, the commodity inspection authorities began to
undertake this task on a consistent basis.  these authorities are the
state administration for import and export commodity inspection (saci)
and its various branches and affiliates throughout china and overseas.

4.  recent press reports of local investigations indicate that
under-inspection and overvaluation of foreign- invested assets is a
widespread problem.  for example, in guangdong province in 1993, over
70 percent of newly established fie's received investment in kind
(physical assets) as part of the foreign equity investment, but less
than one percent underwent inspection.  among some 64 appraisals, the
guangdong inspection authorities discovered overvaluation of 19.6
percent.

5.  the move to tighten up control of foreign investment appraisal
parallels recent actions to impose strict valuation measures with
respect to state enterprise assets injected into fie's.  the chinese
press reported, for example, that only 2,900 out of 10,000 state-owned
firms that set up joint ventures with foreign partners in 1992 had
their assets appraised.

SCOPE OF APPLICATION 
------------------- 

6.  the administrative procedures for the appraisal of assets invested
by foreign businesses, effective may 1, 1994, apply to the assets
invested by any overseas firms, businesses, other economic entities or
individuals in foreign-invested enterprises (fies), or in compensation
trade arrangements in china, or assets bought outside of china by
agents of fie's.

APPRAISAL AND INSPECTION 
------------------------ 

7.  the saci is in charge of the appraisal of foreign assets invested
in china.  the saic and its local import and export commodities
inspection bureaus, which are to create property appraisal offices and
other joint assets assessment ventures (appraisal agents), are in
charge of the appraisal of assets invested by foreign business people
and related financial affairs in their own localities.

8.  the ministry of finance, local financial departments and approved
accounting firms will be responsible for arranging the inspection of
the assets, after the appraisal agents have assessed the assets and
issued an appraisal offices issue an appraisal certificate.

CRITERIA FOR APPRAISAL VALUATION OF FOREIGN ASSETS

9.  the appraisal of assets is based on such categories as quality and
quantity, value and loss.

--  in the category of quality and quantity, the appraisal involves
titles, model numbers, quality, quantity, specifications, trademark,
extent of wear, release dates, producing country, and manufacturer of
the assets.

--  the category of value consists of appraising the current prices of
the assets invested.

--  the category of loss involves charges for settlement, appraise
cause, extent, and salvage value of losses of assets invested caused by
natural disasters and accidents.

PROCEDURES FOR APPRAISAL 
------------------------

10.  the appraisal should be carried out according to the following
procedures.

--  the applicant submits an application for the appraisal; the
application form should consist of an outline of the object, target and
request of the appraisal.

--  at the same time, the applicant submits appropriate documents and
data on inventory of the property, customs declaration, contract,
invoices, insurance policy, maintenance expenses, equipment and
technology.

--  the appraisal agent makes an initial examination of the data and
accepts the application.

--  the appraisal personnel draw up a plan for the appraisal.

--  the certificates and data provided by the applicant are examined
and checked, and a survey made 80th at home and abroad.

--  an on-the-spot examination may be conducted, checking and
appraising the items one by one.

--  a suitable appraisal method is selected.

--  an appraisal certificate is issued.

11.  there are three primary appraisal methods that may be used to
determine the actual current condition, the extent of wear, functional
index, technical parameters, profitability, and replacement of the
assets concerned, although the ministry of finance and the saic can
stipulate other methods of approval:

--  the market method: the value of the assets will be based on the
current market price of like or similar products.

--  the cost method:  the value of the assets will 8e based on the cost
of replacing a brand-new asset, less the accumulated depreciation of
the asset.

--  the income method:  the value of the assets will be calculated
according to current value of the assets and appraised according to the
reasonable expected profitability of the assets and appropriate
discount ra t e.

12.  when the application is received, the appraising agent will order
the assets to be temporarily sealed in order to preserve their current
conditions for appraisal.  an application for re-appraisal can be made
to the commodity inspection bureau that issued the report, or to a
higher-level commodity inspection bureau, including the saic.  these
procedures can be found in the re-inspection procedures for import and
export commodities.

13.  an appraisal fee will be assessed according to relevant state
regulations.  valuation of foreign assets

14.  information or data provided to the appraisal agent is not to be
revealed to a third party, except when otherwise stipulated by law.
any forgery of documents issued by the saic or other appraisal agent is
to be punished according to the relevant provisions of the regulations
for the implementation of the commodity inspection law.

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CHINA - NEW INDUSTRIAL INVESTMENT POLICY  ........................ 49 lines

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27 MAY 94 AMEMBASSY BEIJING

CHINA FORMULATING INDUSTRIAL POLICY FOR FOREIGN INVESTMENT

1.  SUMMARY.  during a meeting with a joint department of
commerce/private sector-led insurance mission to china, assistant
minister long yongtu of the ministry of foreign trade and economic
cooperation (moftec) described a new "industrial policy" to orient and
better utilize foreign investment in china.  under this policy, various
sectors are categorized as prohibited, restricted and encouraged.  the
policy also emphasizes investment in leading industries and high
technology.

2.  moftec says this policy is still being worked out in the state
planning commission and other fora.  the general outlines have been
discussed at recent seminars on foreign investment in china, both
within and without china.  end summary.

THE GOOD, THE BAD AND THE UGLY 
------------------------------

3.  during a meeting may 24 with a high-level delegation of american
insurance companies co-led by the international insurance council of
the u.s. and commerce deputy assistant secretary jude kearney, moftec
assistant minister long yongtu described an emerging policy on a more
effective and directed utilization of foreign investment that was
discussed at a recent conference on foreign investment work.  this
policy will emphasize investment in leading industries and high
technology sectors, such as machinery, electronics, petrochemicals and
related raw materials industries.  it will also stress infrastructure
development -- in agriculture, energy, transport and communications.

4.  under the new "industrial policy" (chanye zhengsi), china will
compile a so-called "positive list" of encouraged (guli) investments,
largely involving introduction of high technology and the technical
development of leading and basic industries.  in order to accelerate
technology transfer under this policy, long said china will provide
certain incentives, including greater access to the domestic chinese
market.

5.  on the so-called "negative list" of prohibited (jinzhi) sectors
will be investment in central controlling/command systems in areas like
telecommunications, aviation, transport (specifically mentioning
railways) and ports.  (comment:  investment in other than "command
systems" in these sectors seems to be permissible, however.  moftec and
the civil aviation administration of china announced may 26, for
example, that foreigners will be allowed to acquire shares in chinese
airline companies or set up joint ventures with chinese partners, as
well as participate in a variety of ground facilities.  foreign
investment will reportedly be restricted to 35 percent of the equity,
with foreign voting rights of not more than 25 percent.)

6.  a third list will cover restricted (xianzhi) sectors, including
banking, foreign trade, mining and industries involving monopolies like
insurance.  these will be liberalized gradually.  while noting that
china's long- term interests will be served by opening up all sectors
of its economy, long commented that the general level of the services
sector in china is low and it lacks a comprehensive legal basis, so
this sector can only be opened gradually, following the principle of
"balance."

DETAILS ON TECHNOLOGY ENCOURAGEMENT 
-----------------------------------

7.  an official from the state economic and trade commission recently
discussed the proposed policy to encourage foreign investment in the
technical renovation of medium and large state enterprises at a
conference in hong kong, reported in moftec's daily newspaper,
international business (guoji shangbao).  under consideration is the
adoption of incentives in the areas of loans, finance and tax, foreign
exchange and import and export controls.

8.  areas requiring technical renovation through foreign investment
mentioned by the etc official include old power plants, railways and
ports, segments of the machinery industry, electronics, construction
(including cement), steel, non-ferrous metals, and chemicals.

POLICY NOT YET FINALIZED 
------------------------

9.  moftec officials claim this new industrial policy is not yet
finalized and reduced to a written form that can be issued publicly.
they report that other players like the state planning commission are
taking the lead in this policy development.

10.  post will follow up and try to obtain documentation on the details
of this new policy as soon as they are available.

COMMENT 
-------

11.  china has, since the inception of its "open-door" policy in late
1978, articulated preferred sectors for foreign investment, favoring
through various tax and other incentives export-oriented and
advanced-technology projects.  however, china has legislated an
industrial policy for foreign investment of the type now being
discussed only for wholly foreign-owned enterprises (wfoe's), and the
list of sectors involved is different.

12.  under the implementing regulations for the law on wholly
foreign-owned enterprises, wfoe's are prohibited from investing in
newspapers, publishing, broadcasting or film; domestic commerce,
foreign trade or insurance; post and telecommunications' and other
industries prohibited by the chinese government.  wfoe investment is
restricted (subject to special moftec approval) in public utilities,
transportation, real estate, trust investment and leasing.

13.  the discussion of a new industrial policy to establish new
guidelines on what the chinese refer to as the "orientation" of foreign
investment appears to be part of a general reassessment and tightening
up of controls on foreign investment in china.  while china's leaders
have recently noted the overall favorable contribution to china's
economy made by foreign investment, recent pronouncements and
regulations have stressed the need to better administer the process
both centrally and locally.  another example of this trend are new
regulations on strict valuation of the non-cash contributions to joint
ventures by foreign partners, to avoid overvaluation, and the strict
valuation of state assets contributed to joint ventures, to avoid
undervaluation.

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