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BlackRock recently announced the view that emerging stock markets such as China which have underperformed till early this year, are set to take off in the second half of 2012 thanks to the strong economic growth, slowing inflation, less volatility, and cheaper valuation.

 

According to PBOC (the People’s Bank of China), driven by the proliferation of online banking in China, in 2011 the total online payment transaction value reached 700 trillion RMB, with a 33% growth rate.

On June 16th, 2012, China Telecom, one of three mobile network operations in China, announced that its total mobile payment transaction value in 2012 researched 17 billion RMB, already exceeding the total amount of last year.

Recently Taiwan's Financial Supervisory Commission, the main financial regulator, said it had approved applications submitted by Bank of China and Bank of Communications to establish branches in Taipei. The banks will only be allowed to engage in limited business in the country, e.g. can only accept deposits higher than NT$3 million (US$100,350), only provide corporate loans. Further, the banks will need to receive approval from Taiwan's central bank if they wish to engage in f/x.

According to China’s Credit Card Report of 2011, the total number of credit card reached 290 million and the total value of consumption by credit card was 4.1 trillion RMB in 2011, accounting for 22.6% of China’s total retail sales of consumer goods. In recent years, credit card consumption has experienced rapid growth benefiting increased consumer consumption as well as improvements in convenience and security.

According to China’s State Administration of Foreign Exchange, as of May 2012, the number of Qualified Foreign Institution Investors reached 141, and the total investment quota of QFII reached 26 billion USD. The latest news from China’s securities authorities showed that the QFII investment quota would be increased to 80 billion USD.  

According to China’s State Administration of Foreign Exchange, as of April 2012, the total QDII investment quota reached 76.4 billion USD, and the number of Qualified Domestic Institution Investors reached 98. The institutions consist of fund management companies, insurance companies, commercial banks, securities companies and trusts. Among them, fund companies' quota represented 56.1% of the total quota, reaching 42.9 billion USD. Insurance companies accounted for 26.3% or 20.1 billion USD, commercial banks were 12.4% and 9.5 billion USD. Securities companies could invest 2.2 billion USD, the proportion was 2.9%. The proportion of trust company was the minimum about 2.3%, reached 1.8 billion USD. From the above, we can see Funds and insurances held the dominant position in the total quota.  

The RQFII (RMB Qualified Foreign Institutional Investor) program, launched in December 2011, allows qualified investors to invest yuan-based funds raised in Hong Kong in the mainland securities market within a permitted quota. According to China’s State Administration of Foreign Exchange (SAFE), as of the end of January 2012, there are 21 financial institutions that have received RQFII qualification and the total quota reached 20 billion RMB. Among them, funds companies and securities companies each accounted for 50%. The latest news from China’s securities regulators indicates that the RQFII investment quota will be further increased to 50 billion RMB in the future, and that the authorities would further enlarge the pilot area and the number of qualified investors.

According to the National Bureau of Statistics, China’s total retail sales of consumer goods reached 18 trillion RMB and the number of online Shopping users reached 194 million. At the same time, in 2011, China’s Online Shopping Market reached 773.6 billion RMB, with a year-on-year growth of 55.3%. The transaction value of China’s Online Shopping Market contributed 4.3% to the total retail sales of consumer goods, continuing to grow in importance to the overall retail sales market.

According to the latest China’s Payment Report from People’s Bank of China, up to 2012 Q1, the total number of bank card in circulation grew 5.2% quarterly to 3.1 billion, reaching about 2 bank cards per person. Among them, the total number of credit cards reached 290 million, an increase of 1.8% from end of 2011Q4.

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