Foreign-backed banks approved to underwrite local bonds
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Foreign-funded banks can underwrite local government bonds, said deputy finance minister Liu Kun in a ministry workshop on September 29, as reported by Securities Daily. The move is intended to diversify bond management and help restructure national and local debt.
HPV vaccine pulled from US wins China approval
Cervarix, a vaccine against certain types of the human papillomavirus (HPV) that can cause cancer, has won approval for sale in China despite it being pulled from the US market in mid August this year, reported Caixin on Wednesday. The drug is made by GlaxoSmithKline.
NDRC, PBOC to handle bank deleveraging reform
National Development Reform Commission, the People’s Bank of China and other departments will set up a new system for managing debt reform at financial institutions, such as the debt-to-equity pilot project at commercial banks, reported National Economic Daily on Thursday. Follows guidelines on deleveraging issued by State Council on October 10.
Regions beat nation in GDP growth
A total of 22 regions reported higher GDP growth than the 6.7% recorded for all of China in the first nine months, China News reported. Chongqing and Guizhou racked up 10.7% and 10.5% respectively. Hebei (6.8%), Shandong (7.5%), Henan (8.1%), Ningxia (8.0%). Beijing and Shanghai matched the nation’s growth at 6.7%.
Three regulators to monitor state-owned firms
Three regulators will be set up to monitor the country’s assets and state-owned enterprises, reported Yicai. They will fall under umbrella of the State-owned Assets Supervision and Administration Commission of the State Council.
Credit ratings unified under PBOC
Rules and management of the credit rating industry will fall under the People’s Bank of China, reported Caixin. PBOC will direct the National Development and Reform Commission and China Securities Regulatory Commission in managing the industry.
Nationwide study on pollution sources planned
Nationwide, comprehensive study on sources of pollution will start in 2017, according to government memo released Wednesday. Last such investigation was in 2007.