Fortune China 500 list goes public
The Asia Times editorial picks of important economics, policy and market-moving stories from Chinese-language media
Sinopec, China National Petroleum Corporation and China State Construction Engineering Corporation ranked as the top three enterprises respectively on the list of top 2017 Fortune China 500 companies, Sina Finance reported. Revenue from Sinopec and China National Petroleum accounted for one tenth of the total 33.54 trillion yuan (US$4.99 trillion) revenue of the 500 listed companies, which increased 9% year on year. See full story.
Foreign investment dips to US$49.2 billion
Foreign Direct Investment (FDI) hit 331.1 billion yuan in the first half of 2017, a sharp 42.9% year on year decrease, Yicai reported. Qian Keming, vice minister of the Ministry of Commerce, said that “irrational” FDI faced restrictions as regulations motivated enterprises back into the real economy.
Second Ring Road land parcels released in Beijing
Five parcels of land for either residential or commercial use in the Dongcheng District of Beijing will go up for public bid today, Sina Finance reported. It’s the first land supply located within the Second Ring Road in the past five years. A top sales price of 93,521 yuan per square meter for residential buildings was set as the limit, while home prices in the neighborhood have already hit 130,000 yuan per square meter.
Li tells telecoms to cut charges, boost data flow
Premier Li Keqiang called for a decrease in charges and an upgrade in speed for data flow in a meeting with China Mobile, China Unicom and China Telecom, the Paper reported. The three state-owned telecommunications giants recently announced they will remove domestic long-distance and roaming charges from September 1 onward.
GDP growth rate of 21 provinces tops average
The GDP growth rate of China’s 21 provinces outperformed the country’s average in the first half of 2017, Yicai reported. Tibet took the lead with a 10.8 measure, while Chongqing and Guizhou followed with 10.5 and 10.4, respectively, it said.
Search engine Sogou plans US IPO
Sogou, China’s second largest mobile search engine, has filed documents for a possible initial public offering in the United States, Caixin reported. Sogou’s revenue reached US$211 million in Q2, a 20% increase compared with figures last year, it said.
Oil industry challenged by age of electric cars
The proportion of oil energy consumption used in China’s transportation sector is expected to see declines starting in 2030, due to the rise of electric vehicles, Yicai reported, citing a report by the China Petroleum and Economic Technology Research Institute. Currently at 90% of consumption, oil remains the main energy source in the sector, but that number is expected to drop to 77% by 2050, the report added.
Hong Kong’s second-hand property index on the rise
Hong Kong’s second-hand private residential property index rose to 336.1 in July this year, 21.6% higher than July 2016, Caixin reported, citing data from the Rating and Valuation Department. The index, which measures the price of residential properties over time, has been rising for 15 months, the report added.