Healthcare industry set for shakeup, new investment
The most important and market-moving stories from the Chinese-language media
Healthy China 2030 plan to expand healthcare industries to more than 8 trillion yuan by 2020 and 16 trillion yuan by 2030, Xinhua and Shanghai Securities Journal reported, citing State Council. Services targeted include elderly care, medical instrument, biomedical engineering, medical big data, fitness and sports, and food safety.
Alibaba, Tencent agree to tackle ‘fake ratings’ of products
Alibaba, Tencent and other major e-commerce companies have agreed on an evaluation system for their products to try and stop inflated customer ratings of items on their sites, Sina finance said Wednesday. The pact comes ahead of November 11, known as Double 11, one of the biggest shopping days in the country.
Pension fund manager list to be announced
A list of companies approved to manage pension funds will be released soon, said Human and Resources Ministry spokeman Li Zhong on Tuesday The Paper reported. No specifics given. New approved funds may total 400 billion yuan, according to Huatai Securities in the report.
Hong Kong to simplify stock account openings to attract China capital
Hong Kong will allow mainland Chinese to use electronic signatures to verify identification and open accounts to trade Hong Kong stocks online, cfi.net reported, citing the Securities & Futures Commission of Hong Kong. Move sets stage for start of Shenzhen-Hong Kong Stock Connect program.
Banks start use of Macro Prudential System in third quarter
Some banks in the third quarter started using the so-called Macro Prudential System that aims to reduce financing risk, the 21st Century Business Herald reported. The PBOC uses the system to monitor banks’ capital adequacy ratios and it was expanded from loans to credit products in December.