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Don’t just look at current account but the sum of current and capital account

In Jan, the figure of China’s import and export is far beyond expection. Export increase by 7.9% increase YoY calculated by USD, and 15.2% increase if calculated by RMB. Import also increased dramatically, with 16.7% by USD and 25.2% by RMB. My advice is from now on to look at the combined values of both current account and capital accounts, roughly speaking trade and capital investment balances.

EU overestimates its negotiating power vis a vis China

“I welcomed President Xi Jinping’s commitment in fighting against protectionism,” EU Trade Commissioner Cecilia Malmstrom said at a seminar on China’s reform agenda, organized by Business Europe in Brussels. I think the EU representatives don’t seem to fully understand that China does not intend to deal with Europe as a block, rather it prefers to do bilateral deals with individual countries, of course within the limits of what EU regulation allows since trade policy lives in Brussels and not in the European individual countries.

Draghi discute di Europa, ma non mi convince

Oggi commento, paragrafo dopo paragrafo, il discorso di Draghi tenuto in Slovenia.Il Predidente della BCE, ammette che, ad oggi, la zona Euro non soddisfa le condizioni per avere una moneta comune. Tuttavia lo potrebbe diventare se 1) nessuno stato commettesse errori di politica economica; 2) se si facessero riforme strutturali; 3) se ci fosse maggior rigore nei deficit e 4) se si arrivasse ad un unione finanziaria. La differenza tra chi sostiene l’Euro e chi no si risolve quindi nella fiducia o meno che tali quattro punti si realizzino in tempi brevi.

Xi Switzerland: EU needs to be careful

President Xi Jinping arrived in Switzerland on Sunday for his first state visit to the country and his first meeting of the World Economic Forum, a major annual gathering of global political and corporate leaders. This is the second time in a few weeks that China takes steps to build closer relationship with European non-EU members. After re-establishing links with Norway a few days ago, this week we should pay attention to Xi announcement with Switzerland.

China and Norway friends again: impact on EU?

China and Norway decided on Dec 19, 2016, to normalize relations after six years of freeze. It is not going to make Mr. Juncker very happy. It shows that countries can liaise with China on equal terms regardless of their size. In a way this makes the argument for “a stronger united Europe” less strong. Having said that, one should also not read too much into it, as EU political crisis surely is not the result of China getting in the way.

Florence and Ningbo: 10 years of friendship

Celebrations of the 10th Anniversary of the Michelangelo’s David (replica) in Ningbo, prepared by Foreign Affairs Office of Ningbo Municipal Government, was held on 21, October 2016. The Deputy Mayor of Florence, Giovanni Bettarini, the deputy Mayor of Ningbo, Mr. Zhang Minhua, honorary citizen of Ningbo, Mr. Mario Razzanelli and Mr. Yu Danhua participated in the activity. The bronze statue of David is located in front of the Ningbo Grand Theater. It stands for the friendship between Ningbo and Florence and it has witnessed the economic trade and cultural exchanges between two cities in the past 10 years. Thanks for the great job carried out by Mr. Mario Razzanelli and Mr. Yu Danhua, David’s statue can still be admired in Ningbo. Mario and Danhua have shown to all of us that when two parties sit down with a common objective, anything can be achieved. The government of Florence city, represented by Giovanni Bettarini, can be proud of this cooperation that will open new opportunities for deeper cooperation
Geraci also attended as special representative of the Italian consulate in Shanghai. He mentioned that even when dealing with economic and financial issues, knowledge of each other culture is the key to the success of the business relationship. Knowing your partner’s culture will help you offer them the products that they want, that they appreciate. Florence is the world capital of fashion and Italian fashion hits well with Chinese consumers because Italian fashion design combines tradition with innovation, music to the ears of Chinese middle and upper class. “David is a bridge between Italy and China, a bridge that will stay here for the centuries to come”, concluded Mario

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