China produces record 3.01 million cars in November
The most important and market-moving stories from the Chinese-language media
China produced a record high 3.01 million cars in November, a 17.75% increase from last year, Caixin reported Monday evening citing the China Association of Automobile Manufacturers. Tax breaks and increased money supply boosted sales.
Funds to tackle smog misused
Local governments have misused and misappropriated funds for smog prevention, including spending the money on building maintenance without approval, Xinhua news agency reported Monday evening, citing the finance ministry.
Regulator calls in insurance companies
The China Insurance Regulatory Commission has called an emergency meeting with insurance companies on Tuesday afternoon, Yicai reported. This follows a crackdown this month on insurance funds used to invest in equities, which on December 9 caused the biggest one-day drop in Shanghai stocks since June. No other details of the meeting provided.
M&A “highly encouraged”
Mergers and acquisitions are “highly encouraged,” said Jiang Yang, Deputy Director of China’s Securities Regulatory Commission in a meeting with listed companies on Monday, reported Caixin. Jiang said the right M&As can improve the quality of listed corporations.
Baoneng plans Hong Kong financial services unit
Baoneng Group and Yinsheng Capital will open a financial services unit in Hong Kong to handle asset management, wealth management, global securities, financial planning and others, Caixin reported.
Zhuhai city restricts housing loans
Zhuhai city will stop issuing mortgage loans to people who already own two properties as part of efforts to curb speculation, sina.com reported Monday citing a city notice.
Amendment of Securities Law delayed
Amendments to the Securities Law are not expected to be reviewed by China’s Standing Committee of the National People’s Congress this year, stcn.com reported on Monday. The amendments had been expected to have a so-called second reading in December.
NDRC to remove, lower property registration fees
The National Development and Reform Commission is removing or lowering 16 different types of property registration fees, reported Xinhua news agency on Monday evening. They cover public housing rental, residential and commercial real estate, and others.