China-ASEAN Monitor: Southeast Asia accounted for half of top 10 destinations by transaction volume for Golden Week Chinese tourists

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Economy, Investment and Trade

 

Southeast Asia accounted for half of top 10 destinations by transaction volume for Golden Week Chinese tourists
(9 October 2019) Southeast Asian stores accounted for half of the top 10 destinations by transaction volume during Alibaba’s Golden Week campaign which started on October 1 in conjunction with China’s National Day. According to e-wallet provider Alipay, the top markets from Southeast Asia for Chinese tourists were Thailand (2nd), Malaysia (4th), Singapore (6th), the Philippines (7th) and Cambodia (9th). The Chinese payment app also noted that the transaction volume on its app in the Philippines grew 26 times year-on-year, while transactions in Laos grew by 4.5 times on the year.
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Jewellery traders in Myanmar face competition from illegal traders on WeChat
(11 October 2019) Myanmar brick-and-mortar gem and jade businesses have been experiencing a sharp decline in sales at official gem markets due to the rise of e-commerce. According to an industry spokesperson, this is because Chinese jewellery shoppers now prefer to shop on WeChat where they are able to purchase goods at prices that are “almost impossible” to compete with. These WeChat jewellery traders are able to provide such prices as they are illegal operators who do not pay taxes and whose goods do not go through official inspections.
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Cambodian PM urges Chinese investors to keep investing amid potential EU EBA removal
(9 October 2019) Cambodian Prime Minister Hun Sen in a Facebook post urged Chinese investors to continue investing in the country despite the possibility that the European Union may suspend the country’s preferential access to the bloc’s market under its Everything But Arms (EBA) scheme. Hun Sen’s statement was made following a meeting with Chinese business representatives, during which he noted that trade between the countries was projected to reach US$10 billion by 2022. According to a local news outlet, China has reassured Cambodia of their help should the EBA be withdrawn. In 2018, Cambodia exported US$5.3 billion worth of products to the EU.
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Cambodia attracts US$7.9 billion in investment from China during 2016-19
(11 October 2019) Cambodia has received around US$7.9 billion in Chinese investments from 2016 to August 2019, according to the Council for the Development of Cambodia. According to the council, investment from China accounts for 35% of the total US$22.5 billion in investments inflows received during the period. With this, China remains Cambodia’s top source of foreign investment, ahead of Japan and Vietnam in second and third place respectively.
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China opens market to three more Vietnamese aquatic products
(14 October 2019) Chinese customs have added three more species of Vietnamese aquatic products that can be brought into the country. The three aquatic products are different species of clams. With this, Vietnam is now able to export 48 types of aquatic products to China for food processing purposes, as well as 36 ornamental species and one species for breeding. Exports of Vietnamese seafood to China grew 14.19% year-on-year from January to September 2019 totalling US$831.81 million, accounting for 3.2% of the country’s total seafood exports during the period. The expansion of the Vietnamese export market came after Chinese customs evaluated Vietnam’s seafood control system.
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