Wednesday, August 16, 2017 – edition no. 2867

20 Pages·2017·4.55 MB·English

alibaba deal deemed pledge to change imf forecasts faster

lawful The legislature ended chinese growth
Following public controversy, with Raimundo do The International Monetary
the government stresses that Rosário promissing Fund increased its estimate for
the Alibaba partnership is to change the public China’s average annual growth
legal housing regulations rate through 2020

P2 P3 AL PLENARY P10
WED.16
Aug 2017
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Founder & Publisher Kowie Geldenhuys editor-in-ChieF Paulo Coutinho www.macaudailytimes.com.mo
“ THE TIMES THEY ARE A-CHANGIN’ ”
WORLD BRIEFS CoURTS
o
ot Ho’s wife and former
h
p
p
a
North Korea-UKraiNe associates found guilty
The head of Ukraine’s top
rocket-making company
yesterday rejected claims
that its technologies might
have been shipped to North
Korea, helping the pariah
nation achieve a quantum
P7
leap in its missile program.
KB Yuzhnoye chief
Alexander Degtyarev voiced
DoRINA LINDeMANN, WINeMAKeR
confidence that employees
haven’t been leaking
‘I think the market is
know-how to Pyongyang,
according to remarks
published by the online site
Strana.ua. While denying
overloaded in Macau’
any illicit technology
transfers from the plant

in the city of Dnipro, P4-5 INTERVIEW
Degtyarev conceded the
possibility that the plant’s
products could have been
copied. More on p12
o
ot
h
p
p
a
ChiNa-US President
Donald Trump has signed
an executive action that
asks his trade office
to explore a possible
investigation into China
for the alleged theft of
American technology
and intellectual property.
The president said as he
signed the memo at the
White House, “This is just
the beginning.” More on p11
iNdoNeSia Police say
they’ve arrested five
suspected Islamic militants
and seized chemicals that
were to be used for attacks
on several locations,
including the presidential
palace. The militants
arrested in Bandung
yesterday are from Jemaah
Anshorut Daulah, a network
of Indonesian extremist
groups that pledges
allegiance to Islamic State
group leader Abu Bakr
al-Baghdadi. Among those
arrested were a couple
that was deported from
Hong Kong on suspicion of
spreading radical ideology.
More on backpage
16.08.2017 wed
MACAU

2 澳聞 www.macaudailytimes.com.mo
Gov’t says partnership with Alibaba
was done in accordance with law
FollowINg a contro- o ba Cloud is a widely-recognized and big data platform is an ad-
ot
versy sparked by the New ph service provider in the Asia-Pa- vanced technology. Therefore,
p
Macau Association (ANM) in a cific region,” the statement no- after comprehensive conside-
relation to the government’s ted. ration, Alibaba would be the
partnership with the mainland The government said it will overall responsible,” Lai told
technology-led giant Alibaba have ownership of the entire the press, as cited in a TDM re-
Group, the government stres- facility, its equipment, systems, port.
sed that the partnership – via platforms, algorithms, and – in Although the region’s privacy
direct contract awarding – was particular – of any data col- watchdog is backing the project
done in accordance with exis- lected and stored in the cloud and has vowed to ensure the
ting legislation. computing data center. safety of residents’ personal
In a statement issued by the “Alibaba Group will only pro- data, some residents who at-
Government Information Bu- vide technical support, without tended the forum doubted the
reau yesterday, the govern- having access to any govern- advantages of the partnership.
ment insisted that the absence ment data, which is to be sto- “It sets the direction of coo-
of a tendering exercise was in red in Macau and not be trans- peration between the SAR Go-
conformity with existing regu- ferred overseas,” the statement vernment and Alibaba, as well
lations, as the project is consi- added. as the implementation of the
dered to be beneficial to Macau. In a TDM Forum held on Sun- actual projects in the areas of
The statement recalled that day, a member of the Construc- focus, which would be applied
after publishing the Five-Year tion of World Tourism and Lei- and approved independently,”
Development Plan, the gover- sure Centre, Lai U Meng defen- the commission member ex-
Chinese business magnate, founder and executive chairman of the e-commerce
nment initiated a research and ded Alibaba Group, noting that plained.
Alibaba Group, Jack Ma
analysis process regarding di- it has a proven track record of Further, the government’s
gitalization development, while providing the innovative tech- statement emphasized that the-
searching for the best possible tal of MOP500 million to foster cs derived from data obtained nologies that are needed for re is no need to change its exis-
candidate among eligible com- the development of the city’s by smart city technology. The this project. ting systems as Alibaba’s cloud
panies in the market to provide information technology sector. group also recalled Alibaba’s “It includes the articulation, platform and big data manage-
support services to implement According to preliminary esti- business issues with an express integration, maintenance, and ment systems are compatible
this policy. mates, the SAR is set to allocate courier where data exchange it’s complex. Cloud computing with different systems. LV
After more than six months about MOP200 million in the contracts were violated.
of discussions and exchanges, next two years to implement In response the government
the government decided to sign related projects. defended its move, noting that
agreement with alibaba stirs doubts
a Framework Agreement with Last week, the ANM called Alibaba Cloud – a unit of Aliba-
Alibaba Group, which was con- for the government to halt its ba Group – has strong big data
ducted on August 4. cooperation with the technolo- processing capabilities, citing THE PRESIDENT of a local con- ing the agreement. He said that
The budget for each specific gy giant, fearing that a gover- its experience in technology sumer association, Cheang Chong the government at the beginning
project to be developed under nment monopoly on big data -based governance. Fai, expressed doubts over the gov- of its discussion with Alibaba,
the Framework Agreement will and cloud technologies would “Macau pays great attention ernment’s transparency regarding should have reported to the public.
the agreement the MSAR govern- He also noted that, until now, the
be supported by the govern- imperil liberal democracy. to information security, regio-
ment has signed with Alibaba. In government has not publicized
ment’s budget for each respec- The association demanded nal security and data security,
Cheang’s opinion, the government related information regarding the
tive fiscal year. that the government take steps as these are understood to be
should have compared Alibaba agreement, and that such behavior
In the 2017 fiscal year budget, to ensure that residents re- key issues relating to national
with other companies before sign- is escaping the public’s attention.
the government allocated a to- main informed of any statisti- security. In this regard, Aliba-
eDUCATIoN
UM holds orientation day welcoming 1,700 students
THE University of Ma- so they can address the hope that the students will ding students.
cau (UM) held the challenges of the 21st cen- be considerate of others Classes for the new aca-
orientation and convo- tury. and make contributions to demic year will begin on
cation yesterday for the He encouraged the stu- society. August 21.
2017/2018 academic year dents to strive to acquire At the ceremony, UM To help freshmen adjust
to welcome more than knowledge in their acade- presented 11 kinds of to their life on campus,
1,700 freshmen. mic pursuits by taking full scholarships to 162 ou- UM is holding a series of
Rector Wei Zhao gave advantage of the teaching tstanding students, in- orientation activities, in-
the first lecture at the uni- and research facilities cluding students on the cluding general briefing
versity, encouraging stu- available to them. Rector’s Honour List. This sessions, orientation ses-
dents to make the most of As cited in a press release year UM awarded a total sions organised by the
the “great buildings and issued by UM, the rector of MOP4 million in over various faculties and re-
great professors” at UM also reminded the studen- 70 kinds of scholarships sidential colleges, in ad-
to acquire “great knowle- ts to be valuable members and academic prizes to dition to information ses-
dge and great character” of society, and expressed more than 400 outstan- sions and parties.
www.macaudailytimes.com.mo direCtor aNd editor-iN-Chief_Paulo Coutinho [email protected] a MaCaU tiMeS PUbliCatioNS tld PUbliCatioN
MaNagiNg editor_Paulo Barbosa [email protected]
+ 4 Million page views CoNtribUtiNg editorS_Eric Sautedé, Leanda Lee, Severo Portela adMiNiStrator aNd Chief exeCUtive offiCer
Kowie Geldenhuys [email protected]
PER MONTH NewSrooM aNd CoNtribUtorS_Albano Martins, Annabel Jackson, Daniel Beitler, Emilie Tran, Grace Yu, SeCretary Juliana Cheang [email protected]
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wed 16.08.2017
th Anniversary MACAU

macau’s leading newspaper 澳聞 3
AL PLeNARY MOP foreign
exchange rate
Original method of public
decreases
housing allocation to be restored The Monetary Authority of
Macao announced yesterday
that the trade-weighted
exchange rate index for the
pataca dropped 0.84 points
Renato Marques month-to-month and 0.73
points year-on-year to 105.7 in
THE Legislative Assem- July. This movement suggests
that overall, the exchange rate
bly (AL) gathered yes-
of the pataca declined against
terday to discuss the
the currencies of Macau’s
proposal presented by
major trading partners. The
lawmaker Au Kam San. In deba-
preliminary estimate of Macau
te was the request for a change
SAR’s foreign exchange reserves
on the current system used by
amounted to MOP157.9 billion
the government to allocate pu-
at the end of July. The reserves
blic housing to households.
reduced by 0.8 percent from
Under scrutiny was the fact
the revised value of MOP159.2
that the current system is based
billion for the previous month
on three different ordination while the region’s foreign
groups and a lucky draw pro- exchange reserves at the end of
cess, which is considered unfair July 2017 represented 11 times
by many sectors of the society. the currency in circulation of
The lawmaker requested the pataca.
government return to the prior
point-based system in which Chan calls for
applicants were ranked accor-
ding to their household, assets, real names
income and special attention is
in mobile
given to households with elderly
or handicapped people at their
registration
duty.
Following the words of Au was
lawmaker Mak Soi Kun who was Lawmaker Chan Meng Kam
quick to add, “We have to take in Arnaldo Santos and Raimundo do Rosário (right) suggested that the government
good note the people with more should establish a policy to
needs. The lucky draw seems to ments right from the moment of on the need to establish a per- Vice president Lam Heong prevent people from using
unknown mobile numbers.
be fair but in fact isn’t, it’s just application so we can accelerate manent system or a fixed time Sang remarked that the current
Chan’s suggestion took into
a matter of luck. The ranking by the process,” Santos said. for the tenders to happen, an system has a “big flaw” as “we
consideration the tactics used
points is the most fair one.” Ng Kuok Cheong questioned idea that Rosário refuted by can’t know what kind of appli-
in phone scams. He believes
Such debate of the proposal the timing, asking when the go- explaining that it would be im- cations have more urgency” no-
that the government can collect
and related comments received vernment will introduce the new possible to keep a “stable offer” ting that the decision to imple-
information on phone scams
an immediate response from the rules and if such a decision is of housing units, which is an ment the ranking lists is a mat-
through technology, and then
Secretary for Transport and Pu- still dependent on a public con- essential condition for such a ter of “political opinion” within
use computer settings from
blic Works, Raimundo do Rosá- sultation. system. the government.
Macau’s telecommunication
rio: “We also agree with the by The lawmaker noted, “whate- The secretary also advanced The Secretary tried to cool
operators to disable the phone
points method so I don’t think ver the system we will use, we that according to his estimated down the debate around the
scammers accounts, as well as
that we have a problem here,” he will still have a problem as the figures for the upcoming years, details of what the new system to establish an alarm system
said. “We already said that we demand tops by far the supply,” “we will have on Area A and E would be like, noting that such to prevent phone scams. Chan
would revise the law and when he said. [of the new landfills] more than an amendment to the law would also made an inquiry asking the
we do that we will have this in 90,000 housing units both in have to be discussed at the AL government about the required
note.” public and private market whi- in the coming legislature. The processes for launching a real
Lawmaker Ella Lei addressed ch will raise the total to about most advanced project, he said, name registration policy.
the plenary to add that a poin- I will not open 314,000 housing units. I believe is Avenida Wai Long, which is
ts-based system should take this offer will be sufficient for expected to occur 2019. Lam Woman
a tender to 200
into account the “duration of the upcoming future needs.” also noted that over the next 2
residence in Macau,” as a way to housing units As for schedules, the secre- years Macau will see an increase cheated out of
prevent public housing resour- tary noted that only when the- of 13,000 housing units to the
MOP10m by
ces ending up in the hands of only, this makes re is a preliminary project will market (3,000 public houses
“new immigrants,” an idea whi- it be possible to know exactly and 10,000 in the private sec-
phone scam
no sense at all.
ch was also mentioned by Au. the number of housing units, at tor), which according to Rosário
Rosário then explained that which point it will be possible to will “relieve some of the pressu-
he always agreed with the idea RAIMUNDo Do RoSáRIo open the tender to receive appli- re.” A local woman aged around
of a regime based on points and cations. Melinda Chan suggested that 40 years was cheated out of
that this was not implemented In reply, Rosário remarked that Au Kam San expressed dissa- instead of the expiration of the MOP10 million by a male con
artist who was claiming to be
earlier because he “faced a pro- as he had mentioned during his tisfaction with Rosário’s expla- ranking lists after each tender,
a British engineer. The victim
blem” when he took office. “At previous visit to the AL early this nations. He said that the new the government could adopt ru-
met the criminal through
that time that was a tender alrea- month, “I will not open a tender system (without a permanent les that require the applicants to
Facebook, and began a dating
dy open and there were 40,000 to 200 housing units only, this ranking list) is indeed a “fake update their applications.
relationship entirely based
candidates for about 1,000 hou- makes no sense at all. We have points system” noting that to In a laconic way, Rosário rea-
on their interactions via the
ses,” he said. “We opted for this to do big things not small.” He keep the list would “help the re- ffirmed his opinions and noted
internet. In June of last year,
regime because it was faster. It added that “first we need to maining candidates to unders- that he would not promise so-
the engineer told the woman
was a matter of time limitation.” review the law of affordable tand more clearly when they mething that he knew he would
that he would transfer USD15
Adding to Rosário’s explana- housing, first of the affordable would finally get a house.” not be able to fulfill due to pres-
million to her as funds for their
tion, the president of the Hou- renting and then of the afforda- The IH president explained sure from the lawmakers.
future life together. However,
sing Bureau (IH) Arnaldo San- ble acquisition,” explaining that that such an idea had been dis- Finishing the debate, Cheung he said that the money had to
tos warned that although it is “the one of affordable renting carded since, “keeping a ranking Lup Kwan suggested the gover- be transferred to both mainland
widely agreed upon, the points is already on going” and noting list for a long period of time, it’s nment to “do studies” and to and Thailand accounts and
system is a “slow process that that “during the upcoming Poli- complicated and that can cause “resort to the civic associations told the woman that she would
can take from 6 to 9 months to cy Address (LAG) for 2018 I will many issues at the time of the in order to obtain real and con- first need to transfer USD1.46
conclude.” have already more precise infor- final attribution since the appli- crete data about the real needs million to said accounts. The
“We will try our best that the mation that I will reveal.” cants at that time might not be [for public housing quantity and woman did so, and her family
candidates can present all docu- Several lawmakers insisted eligible anymore.” typology].” revealed the fraud later.
16.08.2017 wed
MACAU th Anniversary

4 澳聞 www.macaudailytimes.com.mo
Paulo Barbosa DoRINA LINDeMANN
Q&A
WINeMAKeR
LocaTED in Montemor-o-
Novo, Portugal, Quinta da
Plansel cellar was created in 1997 ‘I think the market is overloaded in Macau’
by Dorina Lindemann. Gradua-
ted as a winemaker from the
University of Geisenheim, Linde-
mann became interested in Por-
tugal through the influence of her sa 2001, the first man, winemaker tes, adding on to the fruitiness
o
father, Hans-Jörg Böhn. rb Carlos Ramos joined. He was and the berries. The pH, acidity
a
Quinta da Plansel produces only o b very young but very nice and [a] and alcohol always is in a perfect
l
Portuguese wine varieties. This au kind man. He is still with the performance [arrangement]. For
p
year, the 75-hectare winery is ex- company, a very good partner- me, you can easily make a mono-
pected to produce 500,000 liters. ship. Most of the people [in the variety with Touriga Nacional. I
Interviewed by the Times during company] are women. I still have have other two varieties I really
a promotional visit to Macau, Lin- 20 women working in the field. love: Touriga Franca and Tinta
demann praises the Portuguese Barroca, which make very frui-
wine varieties and explains that MDT – Is your wine made ty, dark, cherry, elegant wine[s].
the company’s focus is on quality, only with Portuguese wine Touriga Franca gives a lot of color
rather than quantity. grape varieties? and tannins and dark fruit, a little
Dl – This is our second spe- bit like Shiraz. I can easily make
Macau Daily Times (MDT) cialty. I’m just working with Por- monovarieties from that. These
– You studied viticulture in tuguese wine varieties. The most are the three main varieties I’m
germany and later you esta- important brand we have is Plan- focusing on.
Dorina Lindemann pictured during her visit to Macau
blished yourself in Portugal. sel. The name comes from ‘planta
How did that happen? seleccionada’ [selected plant], so MDT – You mentioned
Dorina lindemann (Dl) – ght a piece of land 100 kilometers and a nursery where he produ- I’m only using the plants we have that around 50 years ago
When my daddy was 18 years old, east of Lisbon in a beautiful old ced wine plants for those, who selected. Nowadays we have 75 the Portuguese wine was not
he had the fantastic idea to buy a town named Montemor-o-No- are nowadays my competitors. hectares, but five hectares are still good. There was a massive
boat together with three students vo. Around 40 years ago there When I arrived, I worked a bit in from the base, where we have the development and it is now
and to travel around the world. was nothing there, it was a poor the nursery and I started to make older original plants. becoming famous interna-
He got stuck in front of Lisbon, country site. He began a fantas- my own wines at the University tionally. why do you think
where the boat capsized. I think tic project with the University of of Évora. They had some vessels that happened? There was
my father stayed there for two or Geisenheim in order to find out and they gave them to me and I no sophistication in the wine
three months– it was impossible how many native varieties exist could work there and start to get I try to focus production before?
to go out because they lost their in Portugal. It was my father who my first experiences. In 1997, we Dl – There was no section in
on producing
passports. I don’t know what discovered that the most hidden started to make the first wine in the vineyards. They had someti-
happened to him, but it was so- varieties were still in the dark. It Quinta da Plansel and we started mes 20 different varieties in one
high quality
mething strange. He fell in love was him, together with a , named to build up the winery. The wi- vineyard and they were harves-
with Portugal, which changed his Colaço from the University of nery wasn’t built at once, it was level wine and ted at the same time. You cannot
mentality and he didn’t want to go Évora, who marked the plants to step by step. Every time I had a li- harvest different varieties at the
back home. The idea stayed in his observed them over [many] years ttle bit [of] money, I built up new I want to show same time. Each variety has a
head: ‘One day I’m going to live in and discovered that Portugal has stuff or bought more vessels. My maturation [that becomes] ready
the people the
Portugal’. I think he passed that got more than 380 native varie- winery started very small, produ- in a different time. They had no
to me: the passion for Portugal. ties. On the world stage, Portugal cing 20,000 liters of wine, which control at [over the] vineyards. In
passion of our
My father went to Portugal, he fi- comes in second following Italy, grew over the years. By the time I the last 10 to 15 years, with young
nished studying there, he married which has 800 native varieties. started in 1997, my husband sent company. people coming [to the industry],
my mom luckily – now I’m here, It is really amazing. From the two men to work with me but it it is has changed. You look first to
I got two children and a brother 380 varieties, he selected 150 was impossible… macho men in the field and to the vineyards and
– and when he reached 40 [years and brought them to Alentejo. the Alentejo. At that time it was MDT – what is it that’s so then you look at the winery. It is
of age], he sold everything in Ger- We made microvinification from usual for women to be having a special about these Portu- important to know your fields.
many and decided to follow his each of these varieties for over 10 coffee or be at a bar, the menta- guese wine varieties? If you observe what happened
heart and go back to Portugal. years. At that time, I always came lity was a bit difficult. Sometimes Dl – Portugal has got 380 va- in Portugal, lot of the vineyards
and visited him during summer in the center of Portugal, women rieties. Some of them are really have been taken over and re-
MDT – Your family was al- and I loved his work. I loved the were eating in the kitchen and the special, but [with] most of them plant[ed] with new vineyards
ready involved in the wine grapes and loved the vineyards. men in the living room, who wou- you have to plant them together and new varieties. I just feel sorry
business back in germany? It was my passion, I was young ld be served by the women. We to make a good wine. But we for the Lisbon and Tejo region,
Dl – Yes, an import for wines. and wanted to be a winemaker. still find that in Portugal. At that [Portugal] have some special va- because many immigrant varie-
He [Hans-Jörg Böhn] tried to Everybody was always: ‘You are a time I decided not to work with riety, I believe it could be like a ties are coming in. There is a lot
always import Portuguese wines, winemaker? It is impossible. You men anymore. I had experience pilot variety for the whole wor- of Cabernet Sauvignon, Merlot
but it was impossible at that time, are female, there are no female working with some women in the ld. The number one [variety] at and Chardonnay. They are plan-
the wine was undrinkable. It was winemakers.’ It was in the hand field, one of them spoke a little bit the moment is Touriga Nacio- ting the international varieties,
horrible, with too much acidity or of men at that time, even in Ger- of German, because she had lived nal, because it is adaptable to because they think it is better
just color and no fruitiness. It was many. there. She and another one star- all regions worldwide. There’s in marketing and sales. That is
impossible to import Portuguese ted to work with me in the winery. only one other variety that can an absolute mistake in my opi-
wines. He said: ‘I have to resear- MDT – You mentioned that adapt as well, Cabernet Sauvig- nion. We should focus more on
ch, I have to make something else Quinta da Plansel was set up MDT – How large was the non, which is well known all over the native varieties, because we
for Portugal.’ Before he went the- as a “women power” com- staff when you began? the world because you plant it really have good ones. There are
re, he studied [winemaking] for pany. How so? Dl – We were a staff of only in Africa and in America and it varieties that are just good for the
four semesters at the University Dl – I finished university and three persons in the beginning, always makes good wine. Touriga north of Portugal, like Baga, but
of Geisenheim. In 1975, exactly only after that I went back to Por- [producing] 20,000 liters and Nacional always makes [a] very we have varieties that can work
after the revolution, my father tugal in 1993. My father already we did everything by oursel- interesting and different kind of all over Portugal and make really
moved over to Portugal. He bou- had his company established ves, except the picking. Only in red wine, with some floral no- great and special wines.
wed 16.08.2017
th Anniversary MACAU

macau’s leading newspaper 澳聞 5
‘I think the market is overloaded in Macau’
MDT – Do you think the monovarieties –and we focus on
Portuguese wines will get the native Portuguese varieties.
more varied and internatio-
nally recognized? MDT – The property also
Dl – I do. We can’t forget that hosts an eco-tourism project,
in Portugal Aragonês is a domi- with wine tasting sessions
nant variety. Aragonês is similar to and lodging. Is that an expan-
Tempranillo, which is a very good ding business?
grape variety. Those varieties have Dl – It is new. It’s something we
50 more synonyms and are plan- need for Portugal. Nowadays the
ted all over the world. So Tem- people, especially the European
pranillo and Aragonês is the most people are increasingly coming to
planted variety all over the world, Spain and Portugal because of the
Dorina Lindemann (center) with her daughters
much more than Cabernet Sauvig- crisis. Last year, we had 17 million
non. In Portugal, the first variety at touristic visitors in Portugal. Peo-
the moment is Aragonês, second is ple are not just coming to enjoy the in Alentejo, you find that many have this family estate. We are
Touriga Franca and third is Touri- seaside, they are really interested wineries were built up in the last not really aligned, if we find
It is not
ga Nacional. about culture and wines and olive 10 years just with subsidies. And something very special, we do
oil.. The sales from wining estates we are talking about big wineries, a special blend and we name it
possible to
MDT – Two thirds of Quinta in Portugal have been increasing with 100 hectares. From one day with my name, or with whoever
da Plansel wine production extremely in the last two years. to the next, we had wineries pro- produce a had the idea. Probably we are
is exported. which are the People come there [to wineries] ducing 5,000 bottles. They had no going to have a new red special
main markets? to buy and also take wine home. time to build up a brand or create bottle of wine wine named after Luísa [one of
Dl – It has to do with my his- This is quite interesting for us. We a marketing strategy. They just Lindemann’s daughters] using
and sell it for
tory. I’m native German and I made the decision two years ago got the money from the European Alicante Bouschet together with
think I’m a little bit the ambas- to build up a new tasting room, Union and they built up enormous Touriga Franca. Probably this
eUR1.50
sador for Portugal in Europe. I which is not ready yet. We created wineries. What are they going to will be the news for next year,
do a lot of seminars, wine tasting space for people to taste the wines do with such amount of wine [they because the wine needs time, it
and I’m also teaching in the Uni- in nearby a garden and next to the produce]? Build up a new brand? percent of the Port Wine market. is not ready yet. But that wine
versity of Geisenheim, where I do swimming pool. We are trying to It is quite difficult, you need a lot They bought several companies. looks great and I believe we will
lessons about Portugal. I’m really push that, because there are a lot of years for that. What [will] they Other company, Sogrape, is buying do something very interesting
trying to bring the Portuguese of people passing by and buying do? They send the wine to Macau, a lot of wine in the Alentejo and there.
varieties to Germany and Swit- wine. There are many internatio- to Angola, to Brazil, to all these Lisbon areas, and is growing enor-
zerland. That’s [priority] number nal visitors such as a lot of people old colonies. A lot of cheap wine mously. We are talking about 400 MDT – How does this Ma-
one for me. Nowadays I’m selling from Canada, Brazil, as well as a went to those places, overloading million bottles of wine. The smaller cau partnership with ade-
about 150,000 wine bottles just lot of Germans, Danish and Dutch everything and losing a little bit brands have to build up a persona- ga Royale work?
to small wine shops and retai- visitors. It’s good for the visibility, [of] the standard. If you look back, lity and make something special. Dl – I think Haigan [director
lers. So, it is never going to the which is very important: people eight to 10 years ago, it was normal Like [us,] we focus on the family of Adega Royale] tries more to
supermarket. The second market have to find you, they have to see that you had very expensive and and we try to put our family into work with the good restauran-
for me is Switzerland and I’m you. My idea is not to make a shop, high quality wines here in Macau. the label, so that the people see the ts, hotels and not with the wine
everywhere a little bit in Europe. but I want people to see a little Nowadays people go to the super- family relation. shops. Because if you put the
Outside [Europe], I’m very glad more of what we are doing. market and they have MOP30 wi- wines in wine shops, the restau-
to have Haigan [Wong, director nes… So, I think my competitors MDT– at Quinta da Plan- rants are not going to buy them.
of Adega Royale], I think we work MDT – In Macau there is a are all losing money. It is not possi- sel, you try to introduce new Especially in Hong Kong I see
quite well in Hong Kong and Ma- large offering of Portugue- ble to produce a bottle of wine and types of grapes and mixes. that if the wine is in the shop,
cau and I have a very good partner se wines, many of which are sell it for EUR1.50 – that’s what what are the results? the restaurants are not going to
in Taiwan. On the other side of available in supermarkets. most people are doing. At that Dl – Yes, and that is why we touch it.
the world, I’m working quite well Do you see Macau as a plat- price you don’t pay for the bottle,
with Canada and Brazil. I also form for Portuguese wines? cork and the work in your field. It
have an importer to Angola, but Dl – Not anymore. I think the is really ridiculous what’s going on
challenging chinese market
I’m not focusing there because market is overloaded in Macau. at the moment, and they are des-
all the Portuguese people are fo- This is an old Portuguese colony troying the market. That is not the
cusing in Angola and the compe- and if you look at Portugal’s eco- way I want to go. I’m not going to FooD aND wine distributor Adega wine, because it is too mass produced.
tition is so high at the moment… nomy and the building up of wi- produce more, I think 5,000 bo- Royale is distributing Quinta da Plan- You can feel what is the aim of the
The price is dropping down and neries… It’s crazy what happened. ttles is already a lot. sel in Macau. The company’s director wine,” he said. Regarding mainland
that is not where I want to go. I I think it was okay for Portugal to Haigan Wong told the Times that China, with which Adega Royale also
Dorina Lindemann’s wine is distribut- works, Wong says that Quinta de
try to focus on high quality level come to the European Union in MDT– Do you think these
ed in the region for restaurants, hotels Plansel doesn’t have enough stock for
wine and I want to show the peo- 1986, but the European Union did big producers may swallow
and private clients. “Everyone is very the sheer size of the Chinese market.
ple the passion of our company. a lot of mistakes. They sent enor- the small ones?
enthusiastic about the wine, because According to Wong, the Chinese
I see that my daughters want to mous amounts of money to Portu- Dl – What I’m a little bit frigh-
it is a single variety and it is more market is challenging: “We are selling
come into the company too, so I gal and it wasn’t really controlled. tened [of] is that the big ones are
special, you can taste the region and some of the cheaper Portuguese wines
think it is very important to stay A lot of people from the banks absorbing the medium and small
the hard work that she [Lindemann] to China. But at the end of the day it’s
as a family and do something were very clever because they cou- ones. So I think the future in wine-
has put into it. We can feel the heart hit and miss. Sometimes it goes very
special. To show the people that ld fill out all these documents to making will be very big companies.
and soul that you sometimes lose on a well and then something changes.”
we have something special – the get subsidies. Suddenly, especially Look at Symington, which holds 70
16.08.2017 wed
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wed 16.08.2017
th Anniversary MACAU

macau’s leading newspaper 澳聞 7
Draw today for CoURTS
Ho Chio Meng’s wife and
election teams’
airtime on TV
brother found guilty
THE Electoral Affairs tes and the final slot will be
Commission for the Le- one minute. For the Portu-
gislative Assembly Election guese-language television THE sentences of nine
is conducting a draw today channel, there will be eight defendants related to the
to determine the order in slots for each team, where case of the region’s former
which candidate teams will the first seven sessions will top prosecutor, Ho Chio
be able to use television also last two minutes and Meng, were read yesterday at the
and radio airtime on local the final slot will last one Court of the First Instance. Six de-
news broadcaster TDM for minute. fendants were found guilty. Three
the purposes of campaig- As for radio channels, the- others were found innocent.
ning. re will be a total of 33 one- The trial started on February 17
The commission will also minute airtime slots per of this year. Four of the defen-
conduct a draw to determi- election team for the Chi- dants, including Ho Chio Meng’s
ne the order in which teams nese-language radio and older brother, Ho Chio Shun, Ho
will be allowed to use the 21 one-minute slots for the Chio Meng’s brother-in-law Lei
designated public venues Portuguese-language radio. Kuan Pun, previous consultant at
for their respective promo- According to the executi- the Prosecution Office (MP) Wang
tional activities. ve order, the final airtime Xiandi, and Alex Lam, who was
An executive order was slots for both television and one of the employees of the shell
published in the Official Ga- radio channels will be broa- companies established by Ho Chio
zette on Monday specifying dcasted on September 15, Meng, never showed up at any
the rules for airing election the last day of the two-week previous trial sessions.
publicity on television and campaign period. Ho’s older brother was sentenced
radio channels operated by There are 25 teams with a to 13 years in jail, Lei Kuan Pun The crimes for which they were for Fu, had her three years and six
TDM. total of 192 candidates con- was sentenced to 12 years, and bu- included their involvement in ille- months jail term suspended.
The executive order sta- testing for the direct elec- sinessman Wong Kuok Wai was gal operations within shell com- The other three defendants in-
tes that each election team tion for the Legislative As- sentenced to 14 years. panies and taking MPs contracts cluded Lai Kin Ian, the Director of
will have a total of 12 air- sembly and six teams with Another businessman, Mak Im without ever providing services to public Prosecution of the Prosecu-
time slots on TDM’s Chi- 15 candidates contesting Tai, was sentenced to jail for 12 MP. tor General Office, Chan Ka Fai,
nese-language television for the indirect election. years. The four defendants will not Consultant Wang Xiandi was a former department head at the
channel, in which the first The election will be held on become eligible for probation at sentenced to six years in jail. Prosecutor General Office, and the
11 slots will last two minu- September 17. any point during their sentences. Ho Chio Meng’s wife, Chao Sio aforementioned Alex Lam.
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16.08.2017 wed
BUSINESS th Anniversary

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Air Berlin files for Euro-Pound parity
call chimes as Morgan
insolvency as Etihad
Stanley Joins HSBC
pulls funding plug
Anooja Debnath half way there and we believe
in it,” he said.
WHaT once seemed a Bloom first made his pari-
highly unlikely call on ty call a year ago, when the
Richard Weiss, Tom Lavell rg euro-sterling is gaining mo- euro was around 83 pence.
e
mb mentum, with two of the wor- HSBC predicts the euro and
o
AIR Berlin Plc filed for in- o ld’s leading banks predicting the pound ending this year at
l
b
solvency after leading sha- that Europe’s shared currency $1.20, which are both “strong
reholder Etihad Airways PJSC will attain and even go beyond views,” he said.
withdrew its financial support, parity with the pound for the Euro-sterling was little
marking the second failure of a first time. changed at 0.9085 as of 9:20
major European airline in four Morgan Stanley sees the pair a.m. in London yesterday, ha-
months after the Persian Gulf at 1.02 by the end of March, ving reached 0.9119 on Aug.
carrier pulled the plug on fun- which represents a 12 percent 11, its strongest level since
ding Italy’s Alitalia SpA in May. gain for the euro from current October. The pair reached a
While Air Berlin said in a sta- levels, while HSBC Holdings record 0.9803 in December
tement Monday that it will con- Plc is sticking to its forecast 2008.
tinue flying with the help of go- that the euro will trade one- Since France elected pro
vernment loans, the filing puts for-one against the pound -European leader Emmanuel
thousands of German jobs at by year-end. Standard Bank Macron in May, risks of the
risk weeks before German Chan- strategist Steve Barrow said currency bloc fragmenting
cellor Angela Merkel stands for Niki Luftfahrt GmbH and Leisu- “it’s not a huge leap of faith to have diminished. In addition,
Air Berlin has
re-election. Deutsche Lufthansa re Cargo GmbH units. suggest we could get up to the euro-region economic data
AG said it may buy parts of its The discount carrier already parity area.” It would be “foo- are showing signs of impro-
racked more
main national rival. has links to Lufthansa, once its lhardy” to rule out the pros- vement. In contrast, Brexit
Air Berlin has racked more than than USD3.2 arch-rival, following an agree- pect of the euro reaching the negotiations are far from
2.7 billion euros (USD3.2 billion) ment to lease out part of its fleet one-pound mark, according clear and that’s weighing on
of losses in a little over six years billion of losses to Europe’s third-biggest airline to Rabobank International’s the pound. That’s the main
and has net debt of 1.2 billion eu- group. Plans to merge Niki with senior currency analyst Jane concern for Standard Bank’s
in a little over
ros. Etihad bought a 29 percent TUI AG’s German unit in a fur- Foley. Barrow.
stake in 2012 as part of a plan to six years ther restructuring of Air Berlin The euro has surged more It all “depends a lot of how
feed more passengers through its fell apart in June after Etihad than 6 percent against the the Brexit negotiations go,”
Abu Dhabi hub by building a ne- said no agreement had been rea- pound this year amid spe- he said. “On euro-sterling
twork of minority investments, ment with Lufthansa, remain ched on the joint venture propo- culation that the European previously we thought the 90-
a strategy that it’s now unrave- important and it is ready to as- sal. Central Bank will announce a 92 area might be the peak, but
ling after itself suffering losses of sist in finding a “commercially Rome-based Alitalia began tapering of bond purchases by obviously now I no longer do.”
$1.87 billion in 2016. viable” solution for Air Berlin, bankruptcy proceedings for autumn. By contrast, the pou- While Morgan Stanley’s pa-
“Etihad has notified Air Berlin according to an emailed release. the second time in a decade on nd is being held down by un- rity call is partly due to a bul-
of the fact that it will not provide Lufthansa and another uniden- May 2 after workers rejected a 2 certainty surrounding Brexit lish-euro outlook, the U.K.
any further financial support,” tified airline are “far advanced” billion-euro refinancing plan in- negotiations. currency is “likely to weaken
the German carrier said in its with plans for a partial rescue and volving 1,600 job losses. Etihad’s “In euro-sterling we’ve had in its own right, driven by
statement, adding that the move a deal could be finalized in co- then-chief James Hogan said at a very strong conviction and weak economic performance,
has led it to conclude that the- ming weeks, Air Berlin and Ger- the time that his company wasn’t it’s one of the biggest forecas- low real yields and increasing
re is “no longer a positive con- many’s economic ministry said prepared to carry on in inves- ts I ever remember making political risks,” Hans Redeker,
tinuation prognosis.” Etihad’s in separate statements. The go- ting without the support of all on a major currency,” David head of foreign-exchange
two board representatives have vernment is supporting the pro- stakeholders. Bloom, HSBC’s London-ba- strategy, wrote in a client note
resigned. cess by providing a 150-million Hogan has since left the Gulf sed global head of currency dated Aug. 10.
Etihad said that it withdrew -euro bridging loan through its company, which last month also strategy said in an interview Still, the number of analysts
funding after Air Berlin’s opera- Kreditanstalt fuer Wiederaufbau announced that it was exiting last week. That’s “a 20 per- calling for parity in the pair is re-
tions deteriorated at an “unpre- promotional bank. another so-called Equity Allian- cent move and that’s quite latively small. Of the 62 partici-
cedented pace” in recent mon- Air Berlin submitted the in- ce partner with the sale of a stake something. It’s very unusual pants in a Bloomberg currency
ths. The state-owned Mideast solvency filing in a local Berlin in Swiss regional carrier Darwin that we make such, what was survey, only HSBC and Morgan
carrier’s links to Germany, whi- court, though it said it won’t seek to Slovenia’s Adria Airways. at that time, an outrageous Stanley see the pair at or above
ch include a code-share agree- bankruptcy protection for the Bloomberg forecast” but “we are roughly 1.00 by mid-2018.Bloomberg
corporate bits
accorhotels launches seoul dragon city Featuring four distinct Ac- michelin guide street food festival Humble hawker turned Miche-
corHotels brands ranging to debut at studio city lin-acclaimed chef, Chan Hon
from luxury to economy, Meng, will be flying in to cook
Seoul Dragon City will cater at Studio City alongside fellow
to every demographic, ac- Singaporean Wayne Liew from
cording to a press release Keng Eng Kee, the popular street
issued by the company. food stall known for its fusion of
The Grand Mercure Am- Hainanese cuisine with Malay-
bassador Seoul Yongsan is sian-home-style food. Japan’s
designed for families and takoyaki eatery Kougaryu Hon-
long-stay guests, while No- ten will be coming to serve Bib
votel Suites Ambassador Gourmand-awarded takoyaki in
Seoul Yongsan is an ideal three different flavors.
for long-stay business and In addition, three of Studio
leisure guests. The Michelin guide for Hong se from the event organizers, City’s signature restaurants in-
The statement added that Kong Macau will organize its first dishes will be available at value- cluding one-Michelin-starred
Novotel Ambassador Seoul ever Michelin guide street food for-money prices, with small pla- restaurant Pearl Dragon, and Mi-
Yongsan will appeal to bu- festival at Studio City Macau this tes starting from MOP40. chelin-recommended restaurants
siness and leisure guests, October. Moreover, eateries from Sin- Shanghai Magic and Bi Ying,
Korea’s first ‘lifestyle hotel ballrooms. while ibis Styles Ambassa- The event will present chefs gapore and Japan will be co- will also be showcasing creative
-plex’ Seoul Dragon City will Four full floors of enter- dor Seoul Yongsan features from Michelin-starred restauran- ming to Macau for the first time. delicacies specially made for the
open on October 1, featuring tainment in a Sky Bridge 591 rooms, making it the ts and Michelin-recommended Among them will be the world’s festival.
four AccorHotels brands, suspended between two ideal choice for business eateries across Asia who will be first-ever street food stall to be The gourmet festival is free ad-
1,700 rooms, 11 restaurants of the towers will also be and leisure groups, as well serving their street food creations awarded a Michelin star, Hong mission and will be held at Studio
and bars, 17 meeting rooms, featured elements of the as frequent individual tra- and signature delicacies. Kong Soya Sauce Chicken Rice City’s Macau Gourmet Walk from
and two multi-function grand property. vellers. According to a press relea- and Noodle from Singapore. 12pm to 8pm from October 5 to 8.
wed 16.08.2017
FORUM
published in partnership with macauhub.com.mo 中葡論壇 9
g Standard & Poor’s downgrades
r
e
b
m
o
o
l
b Angola’s credit rating to B-
STaNDaRD & Poor’s (S&P) reign reserves can help reduce ua
h
MozAMBIqUe downgraded Angola’s long- the high current account defi- xin
term credit rating in domestic cit without being significantly
State power company or foreign currency from “B” to affected.
“B-“, but maintained a stable The Angolan government
plans to light up the outlook, according to the latest announced last week that it
statement from the agency. intends to reissue debt in the
S&P backed up its decision form of Eurobonds under a
whole country by 2030
with the dynamics of Angola’s presidential order authorizing
fiscal revenue, which remains the finance minister to place
MozaMbIQuE’S state- province of Zambézia, recalled lower than originally forecast, up to 2 billion euros in order
owned electricity com- that Mozambique has abun- as well as the size of sovereign to “improve the composition of
pany Electricidade de Moçam- dant natural resources that debt servicing commitments in the portfolio of external debt. ”
bique (EdM) intends to light have yet to be explored, and addition to the weakness of the Angola first issued Euro-
up the whole country by 2030, that electricity is needed to country’s banking sector. bonds in November 2015,
a project expected to cost over allow projects that make use Angola’s debt servicing com- raising USD1.5 billion throu-
USD16 billion, chairman Ma- of these resources to move mitments have grown by more gh a syndicate of banks led by
teus Magala said recently. forward. than expected, an increase US-based Goldman Sachs In-
The project is part of a “sus- The chairman of EdM re- that is due to the government ternational, which included
tainable development strategy, ferred to planned or ongoing taking on both internal and Germany’s Deutsche Bank
which is intended to provide power generation projects, in- external loans to cover the fall and China’s ICBC Internatio-
electricity to around 300,000 cluding the construction of the in tax revenue, due to the con- nal. MDT/Macauhub Angola’s President Jose Eduardo dos Santos
families per year,” said the Mphanda Nkuwa and Cabora tinued drop in the price of oil,
chairman of EdM, quoted by Bassa Norte dams and thermal the country’s main export pro- president to retain hold on power
daily newspaper Folha de Ma- power plants in Bengo, Moa- duct.
puto. tize, Moamba, Kuvaninga and Standard & Poor’s said in its
This year EdM plans to con- Ressano Garcia. credit rating assessment that JoSE EDuaRDo dos Santos is MPLA, the party that has ruled
set to maintain control from behind the southern African nation since
clude the project to provide “Realistically, I think the the value of debt servicing cou-
the scenes when he steps down its independence from Portugal
electricity to new districts in Mphanda Nkuwa dam will ld represent about 15 percent
as Angola’s president next month in 1975. And, this month the gov-
the provinces of Zambézia and be ready around 2019, with of tax revenues this year, up
after almost four decades in office. ernment pushed a law through
Tete, created under the new electricity produced there from 7 percent in 2015.
Dos Santos will until at least 2018 parliament that may enable his
administrative division. for both domestic consump- Angola’s economic outlook
still be leader of the Movement appointees to remain in charge of
Magala, who spoke on Sun- tion and export,” Magala remains stable, according to
for the Liberation of Angola, or the security services.
day at a meeting in the central said. MDT/Macauhub the agency, as the country’s fo-

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16.08.2017 wed
CHINA th Anniversary

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Top US military officer notes drills mainly aimed at dealing
with humanitarian disasters.
They’ve also tried to improve
mutual trust through agreemen-
‘difficult issues’ with China
ts on dealing with unexpected
encounters at sea.
Despite those, China deeply
resents the presence of the U.S.
THE top U.S. military officer o Navy in the South China Sea,
ot
told his Chinese counterpart ph which Beijing claims virtually in
p
yesterday that the U.S. and Chi- a its entirety.
na have “many difficult issues”
to work through, during a visit The U.S.
that comes amid tensions over
North Korea’s missile program, delegation
Taiwan and China’s claims in
will be flying
the South China Sea.
Marine Corps Gen. Joseph
to Shenyang
Dunford, the chairman of the
Joint Chiefs of Staff, made the today to
remarks at the opening of a mee-
ting with Fang Fenghui, chief of observe an
the People’s Liberation Army’s
exercise staged
joint staff department.
U.S. officials say Dunford’s vi- by the PLA’s
sit aims to create a mechanism
for improving communication Northern
between the sides, especially on
Theater
sensitive issues such as North
Korea. Dunford and Fang sig-
Command
ned an agreement committing
the sides to that goal, with the
details to be discussed during
talks in Washington in Novem- Last week, China expressed its
ber. Joint Chiefs Chairman Gen. Joseph Dunford reviews a Chinese honor guard during a welcome ceremony at the Bayi Building in “strong dissatisfaction” with the
Fang said Dunford’s visit was Beijing, yesterday U.S. over the Navy’s latest free-
a key part of efforts to expand dom of navigation operation in
dialogue between the U.S. and on areas of disagreement, wi- some progress over the next few tual trust and understanding. which a warship sailed past one
China as agreed by President thout citing any specific exam- days.” While the sides agreed several of China’s man-made islands.
Donald Trump and his Chinese ples. This is the highest-level mee- years ago to establish a hotli- Dunford is visiting South Ko-
counterpart, Xi Jinping, when “I think here, we have to be ting between the two countries’ ne between the Pentagon and rea, Japan and China after a
they met earlier this year. honest — we have many, many militaries since Trump and Xi China’s defense ministry, that week in which Trump said he
To that end, China has arran- difficult issues where we don’t met in Florida in April. mechanism has never gone was ready to unleash “fire and
ged a series of important mee- necessarily share the same pers- The U.S. delegation will be into operation. U.S. officials say fury” if North Korea continued
tings and visits to help Dunford pective,” Dunford said. flying to the northeastern city they’ve attempted to use it, but to threaten the U.S.
“know more about our military, “I know we share one thing: of Shenyang today to observe an that the Chinese side has never In a phone call with Trump on
(boost) our cooperation and bui- We share a commitment to exercise staged by the People’s answered their requests. Saturday, Chinese President Xi
ld up our friendship,” Fang said. work through these difficult Liberation Army’s Northern The Chinese and U.S. milita- said all sides should avoid rhe-
Dunford responded that the issues,” he added, saying that Theater Command. Fang cited ries have joined in naval exer- toric or action that would wor-
U.S. considered the meetings with the guidance of political the event as being among the cises off the coast of Hawaii sen tensions on the Korean Pe-
important to making progress leaders “we are going to make measures aimed at building mu- and other limited multinational ninsula. AP
IMF forecasts faster Chinese targets, it said. than is consistent with
With the spotlight on China’s medium-term
trade tensions as U.S. fundamentals. The yuan
growth as rising debt adds to risks
President Donald Trump remains broadly in line
mulls a probe of how Chi- with fundamentals, the
na handles intellectual report said.
property, the IMF report For more sustainab-
THE International has been pushing finan- Lending to the priva- tor deleveraging and cre- had some positive news le growth, China must
Monetary Fund in- cial regulators to address te sector rose 16 percent dit growth and corporate for Beijing. boost consumption and
creased its estimate for excessive borrowing at in 2016, twice the pace debt are both increasing China’s current account reduce its high savings
China’s average annual state enterprises and has of nominal GDP growth, more slowly, the IMF surplus, seen by many rate in part by spending
growth rate through said their indebtedness and since 2008 has ri- said. Progress also has economists as a better more on health care and
2020, while warning that is “the priority of priori- sen about 80 percentage been made on reducing measure than the mer- pensions, the IMF said.
it would come at the cost ties.” But ending the ad- points to about 175 per- excess industrial capa- chandise trade surplus, At 46 percent of GDP,
of rising debt that increa- diction to debt requires cent of output, the fund city, strengthening local fell almost 1 percentage China’s national savings
ses medium-term risks to measures that include said. Such large increases government borrowing point to 1.7 percent of rate is more than doub-
growth. allowing companies to in other countries have policies, and addressing GDP last year on stronger le the global average, it
China’s economy will fail and sweeping shifts been associated with financial sector risks, it domestic demand, the said.
expand at an average in the way capital is allo- sharp growth slowdowns said. IMF said. It’s forecast to China also needs to in-
pace of 6.4 percent an- cated that policy makers and often financial crises, Expansion is expected fall to 1.4 percent of GDP crease productivity, whi-
nually from 2017 throu- have yet to fully embrace. it said. IMF staff estima- to remain unchanged this this year. ch can be done by better
gh 2020, compared with “Given strong growth ted that a healthier pace year at 6.7 percent owing The narrower surplus use of resources being
a 6 percent estimate a momentum, now is the of credit growth would to momentum from last was driven by a sharp allocated to unprofitab-
year earlier, the IMF said time to intensify these have kept real GDP grow- year’s stimulus, the IMF recovery in imports and le “zombie” companies,
in its Article IV review. deleveraging efforts,” the th around 5.5 percent said. Inflation also is seen continued strength in overcapacity industries
Household, corporate IMF said. “Reform pro- from 2012 to 2016, rather unchanged from a year tourism outflows, the and state-owned enter-
and government debt will gress needs to accelerate than 7.25 percent. earlier at 2 percent this IMF said. It added that prises, the report said.
increase to almost 300 to secure medium-term China is transitioning to year, it said. The future data limitations suggest It estimated that better
percent of gross domes- stability and address the more sustainable growth, objective should be for tourism imports may be allocation could increase
tic product by 2022 from risk that the current tra- as reforms are advancing policy makers to focus overstated by half a per- the contribution of pro-
242 percent last year, jectory of the economy widely, policy makers more on the quality and centage point of GDP and ductivity to growth by 1
fund staff estimated. could eventually lead to a have taken initial steps sustainability of growth said the surplus is still percentage point over the
President Xi Jinping sharp adjustment.” to facilitate private-sec- and less on quantitative “moderately stronger” long term. Bloomberg